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250829.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, August 29, 2025, Vol. 29, No. 240 Headlines 469 NE 35TH: Carol Fox of GlassRatner Named Subchapter V Trustee ADS GROUP: Stellus Capital Marks $12.8MM 1L Loan at 19% Off ADVANCED BARRIER: Stellus Capital Marks $1.5MM1L Loan at 84% Off ADVANCED BARRIER: Stellus Capital Marks $2.6MM 1L Loan at 84% Off ADVANCED BARRIER: Stellus Capital Virtually Writes Off $16.8MM Loan ALL AMERICAN: Affiliate to Sell Aircraft to Shiloh International ALL PHASE: Linda Leali Named Subchapter V Trustee ALMITAS LATINAS: Seeks Subchapter V Bankruptcy in Texas AMERICAN MACHINERY: Seeks Chapter 11 Bankruptcy in Texas ANTIGONE SKOULAS: Unsecureds to Split $63K via Quarterly Payments APOLLO CONSTRUCTION: Ruediger Mueller Named Subchapter V Trustee APPLIED COMPOSITES: Blue Owl Marks $41.4M 1L Loan at 45% Off APPLOGIC NETWORKS: S&P Assigns 'CCC+' ICR, Outlook Stable ARTISAN FOODIE: Court Extends Cash Collateral Access to Sept. 25 ATLANTICUS HOLDINGS: Fitch Rates $400MM Unsec. Notes Due 2030 'B' AXE HANDLE: Leona Mogavero Named Subchapter V Trustee BALANCE LIFE: Kimberly Ross Clayson Named Subchapter V Trustee BALANCE LIFE: Voluntary Chapter 11 Case Summary BEST CHEER: Unsecureds to Get Share of Income for 3 Years BLOOMIN' BRANDS: Moody's Alters Outlook on 'Ba3' CFR to Negative BOTTOMS UP GENTLEMEN'S: Seeks Subchapter V Bankruptcy in Maryland BOUNDLESS BROADBAND: Chiesa & Rosner Law File Rule 2019 Statement BOUNDLESS BROADBAND: Court Approves Bid Procedures BOXLIGHT CORP: New Board Appointments Address Nasdaq Compliance C&M MANUFACTURING: Voluntary Chapter 11 Case Summary CACHCOPA LLC: Case Summary & 20 Largest Unsecured Creditors CACHCOPA LLC: Michael Markham Named Subchapter V Trustee CAPSTONE GREEN: Acquires Cal Microturbine in $10M Self-Funded Deal CAPSTONE GREEN: All Four Proposals Approved at Annual Meeting CAR TOYS: Gets Interim OK to Use Cash Collateral CAR TOYS: To Sell 35 Stores in Chapter 11 CARDIFF LEXINGTON: Prior Financials Unreliable Over Cash Flow Error CARRIAGE SERVICES: Moody's Alters Outlook on 'B2' CFR to Positive CHEMOURS COMPANY: Moody's Alters Outlook on 'Ba3' CFR to Negative CHESTNUT OAK DRIVE: Seeks Subchapter V Bankruptcy in Florida CHEZ JOEY: Seeks Subchapter V Bankruptcy in Maryland CITY BREWING: Lenders Take Control As Part of Restructuring Deal CITY BREWING: Revamps Board as Lenders Take Ownership CLAIRE'S HOLDINGS: Claims to Get Paid from Distributable Proceeds CM CUSTOM: Unsecureds Will Get 100% Dividend in Plan COAL NEW HAVEN: Updates Restructuring Plan Disclosures COLLECTIVE INVESTMENT: Lawrence Katz Named Subchapter V Trustee COMPLEMAR PARTNERS: Case Summary & 20 Largest Unsecured Creditors CONAIR HOLDINGS: Blue Owl Capital Marks $161.6M 2L Loan at 25% Off CONAIR HOLDINGS: Blue Owl Marks $12.4M 1L Loan at 27% Off CONNECTWISE HOLDINGS: Fitch Affirms B+ LongTerm IDR, Outlook Stable COOKSON'S TRANSMISSION: Files Emergency Bid to Use Cash Collateral COOKSON'S TRANSMISSION: Scott Seidel Named Subchapter V Trustee COOLSYS INC: Blue Owl Capital Marks $11.8M 1L Loan at 18% Off CRC INSURANCE: Fitch Affirms & Then Withdraws 'B' LongTerm IDR CRESCENT ENERGY: Fitch Alters Outlook on 'BB-' IDR to Positive CUBIC CORP: Fitch Cuts IDR to 'RD', Subsequently Upgrades to 'CCC+' DALLAS SCHOOL: Moody's Downgrades Issuer & GOULT Ratings to Ba2 DARKPULSE INC: Raises Authorized Common Shares to 30 Billion DAYTON HOTELS 2: Seeks Cash Collateral Access DIOCESE OF BUFFALO: Abuse Settlement Reaches $272MM DIVISION 2: Gets OK to Use Cash Collateral Until Jan. 31 DOUBLE S SIGNS: Case Summary & 11 Unsecured Creditors DOUBLE S SIGNS: Gets Interim OK to Use Cash Collateral DREAM FINDERS: Fitch Affirms 'BB-' LongTerm IDR, Outlook Positive EDGE INDUSTRIAL: S&P Affirms 'BB' LT Rating on 2017B Revenue Bond EH REAL ESTATE: Stellus Capital Marks $1.8M 1L Loan at 81% Off EH REAL ESTATE: Stellus Capital Marks $650,000 1L Loan at 82% Off ELETSON HOLDINGS: Court Nixes Reed's Sanctions Bid in Doc Fight ELEVATE TEXTILES: Moody's Lowers CFR to Caa2 & PDR to Caa2-PD ELITE DESIGNS: Seeks Subchapter V Bankruptcy in California ENERGY FOCUS: Appoints Sophia Shee to Board of Directors ENNIS I-45: Court Extends Cash Collateral Access to Sept. 30 ENTECCO FILTER: Court Extends Cash Collateral Access to Oct. 17 EPHESIANS 320: Case Summary & One Unsecured Creditor EPHESIANS 320: Case Summary & One Unsecured Creditor EVANGELICAL HOMES: Fitch Affirms 'B-' Rating on $29.8MM Bonds EXTREME PROFITS: Unsecureds Will Get 87.5% of Claims over 5 Years FAIRFIELD SENTRY: 2nd Cir. Affirms Dismissal of Certain Claims FALCON RECLAMATION: Seeks Chapter 11 Bankruptcy FERADYNE OUTDOORS: Blue Owl Marks $77.4M 1L Loan at 18% Off FIRST QUANTUM: Fitch Rates New 7.25% USD1-Billion Notes 'B' FLINK SE: TriplePoint Marks $14.3MM Loan at 26% Off FORUM BRANDS: TriplePoint Venture Marks $2.3MM Loan at 15% Off FRUBANA INC: TriplePoint Venture Marks $2.9MM Loan at 62% Off FRUBANA INC: TriplePoint Venture Marks $8MM Loan at 62% Off GENESIS HEALTHCARE: Gets Court OK to Name Affiliate as Lead Bidder GILLETTE ENTERPRISES: Unsecureds Will Get 97.83% over 5 Years GIULIANI CATTLE: Unsecureds to Get Share of Income for 36 Months GLOBAL CHOICE: Paul Levine of Emery Named Subchapter V Trustee GREENWAVE TECHNOLOGY: All Nine Proposals Approved at Annual Meeting GROOMORE INC: Unsecureds Will Get 11.5% of Claims over 3 Years GUITAR CENTER: S&P Ups ICR to 'CCC+' Following Distressed Exchange GULF SYNERGY: Case Summary & 20 Largest Unsecured Creditors HANDLOS FINISHING: Seeks to Extend Plan Exclusivity to December 19 HIELO DEL CIELO: Section 341(a) Meeting of Creditors on Sept. 26 HILTON GRAND: Fitch Lowers LongTerm IDR to 'BB-', Outlook Stable HOMEBANC MORTGAGE: US Trustee Asks Court to Reopen Ch. 7 Case HONOR STUDIOS: Frances Smith Named Subchapter V Trustee HOPEMAN BROTHERS: Plan Exclusivity Period Extended to Oct. 24 HR NORTH: To Sell Lutz Property to Brightsky Residential for $9.3MM HUMPER EQUIPMENT: Seeks to Sell De Minimis Assets IVY T. NGO: Court OKs $20,574.50 Retainer for Wadsworth Garber IVY T. NGO: Wins Bid to Employ Wadsworth Garber Warner as Counsel J.R. WATKINS: Stellus Capital Marks $1.8MM 1L Loan at 79% Off J.R. WATKINS: Stellus Capital Marks $11.7MM 1L Loan at 79% Off JACKSONVILLE MOVING: Case Summary & Three Unsecured Creditors JACKSONVILLE MOVING: Jerrett McConnell Named Subchapter V Trustee JAF LTD: Matthew Brash of Newpoint Named Subchapter V Trustee JAGUAR HEALTH: Extends Lucid's Role as ATM Manager Through Dec. 31 JT MASONRY: Seeks to Use $250,000 in Cash Collateral Until Sept. 27 K&D's SANTA CRUZ: Seeks to Use Cash Collateral KASAI HOLDINGS: Class 3A Unsecured Claims to Get 53% in 60 Months KAYA HOLDINGS: Posts $2.58 Million Loss on $10K Sales in Q2 L.D. LYTLE: Gets Final OK to Use Cash Collateral LAMUMBA INC: Case Summary & Three Unsecured Creditors LASEN INC: Seeks $292,000 DIP Loan From Insider LEFEVER MATTSON: US Trustee Amends Notice of Committee Appointment LIGADO NETWORKS: Plan Exclusivity Period Extended to November 3 LION RIBBON: To Sell Non-Liquidating Assets to American Greetings LUMINARY ROLI: TriplePoint Venture Marks $35.4MM Loan at 79% Off MA MICRO: TriplePoint Venture Marks $1.3MM Loan at 71% Off MA MICRO: TriplePoint Venture Marks $4.1MM Loan at 79% Off MAKO FORESTRY: Court Extends Cash Collateral Access to Sept. 9 MARIN SOFTWARE: Unable to File 10-Q Amid Chapter 11 Proceedings MCGRAW-HILL EDUCATION: Moody's Alters Outlook on 'B2' CFR to Pos. MEDICAL PROPERTIES: Inks $500M Equity Distribution Agreement MEG ENERGY: Fitch Puts 'BB-' LongTerm IDR on Watch Positive MERIDIANLINK INC: Fitch Puts 'BB-' LongTerm IDR on Watch Negative METROPOLITAN COLLEGE: Plans to Sell Manhattan Campus to Pay Debt MIND CANDY: TriplePoint Venture Marks $1.5MM Loan at 61% Off MIND CANDY: TriplePoint Venture Marks $1.6MM Loan at 61% Off MIND CANDY: TriplePoint Venture Marks $24.6MM Loan at 61% Off MODIVCARE INC: Moody's Cuts CFR to Ca & Alters Outlook to Stable MODIVCARE INC: Stocks Dip After Chapter 11 Bankruptcy Filing MORNINGSTAR SENIOR: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable MY STORE-TURTLE: Mary Sieling Named Subchapter V Trustee NAKDCOM ONE: TriplePoint Venture Marks $6.6MM Loan at 16% Off NANOVIBRONIX INC: CFO's Salary Set at $300,000 in Amended Agreement NANOVIBRONIX INC: Replaces Zwick with Ernst & Young as Auditor NB MOUNTAIN: Seeks Chapter 11 Bankruptcy in Virginia NBA AUTOMOTIVE: Case Summary & 14 Unsecured Creditors NELSON DEVELOPMENTS: Voluntary Chapter 11 Case Summary NEW FORTRESS: Extends ULCA Maturity, Converts to Committed Facility NOVA CLASSICAL: S&P Assigns 'BB+' LT Rating on 2025 Revenue Bonds NVTN LLC: PhenixFIN Corp. Marks $17.5MM 1L Loan at 16% Off OAK CREEK WOOD: Case Summary & 20 Largest Unsecured Creditors OAKLAND VILLAGE: Gets Extension to Access Cash Collateral ODYSSEY MARINE: Investors Convert $6.66M of Notes into 6.06M Shares OFFSHORE SAILING: Creditors to Get Proceeds From Liquidation ONE TABLE RESTAURANT: Creditors to Get Proceeds From Liquidation PAINT INTERMEDIATE: Moody's Alters Outlook on 'B2' CFR to Negative PATCO INC: Voluntary Chapter 11 Case Summary PEPPERMILL LIMITED: Amends Plan to Include Will Belton Unsec. Claim PERATON CORP: Blue Owl Capital Marks $60.3M 2L Loan at 31% Off PG&E CORPORATION: Wins Bid to Dismiss Gelsey Adversary Case PIPELINE CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors PLASTIC SUPPLIERS: Files Amendment to Disclosure Statement POLAROID CORP: Court Narrows Claims in Fujifilm IP Lawsuit POWER STOP: PhenixFIN Corp. Marks $8.9MM 1L Loan at 25% Off PPS PROPERTY: Plainfield Property Sale to RWP 8-10 Sandford OK'd PROFRAC HOLDING: Raises $72.8M Through Class A Share Offering PROJECT 1920: TriplePoint Venture Marks $1.9MM Loan at 78% Off PROJECT 1920: TriplePoint Venture Marks $2.1MM Loan at 78% Off PROJECT RUBY: Moody's Affirms 'B3' CFR, Outlook Remains Stable PROSPECT MEDICAL: Unsecureds to Get GUC Trust & Net Proceeds QT HAU: Court Extends Cash Collateral Access to Sept. 30 QUICK COMMERCE: TriplePoint Marks $1.1MM Loan at 20% Off QUICK COMMERCE: TriplePoint Marks $11.6MM Loan at 20% Off RED ROCK: Claims to be Paid from Disposable Income REGIONS PROPERTY: Unsecureds Will Get 71% of Claims over 60 Months RESILIENT MINING: Seeks Chapter 11 Bankruptcy in West Virginia RHODIUM ENCORE: Founders Press for D&O Coverage in Chapter 11 RMKD LIQUORS: Gets Final OK to Use Cash Collateral RS BORGES: Jerrett McConnell Named Subchapter V Trustee RUNITONETIME LLC: Gets Court Nod for $46MM Financing, Sept. Auction SAMMY G'S: Seeks Subchapter V Bankruptcy in Texas SAMMY G'S: Tom Howley of Howley Law Named Subchapter V Trustee SAVAGE X: TriplePoint Venture Marks $2M Loan at 15% Off SAVAGE X: TriplePoint Venture Marks $3.7MM Loan at 15% Off SELUX DIAGNOSTICS: Oxford Finance Places Assets for Sale SERENITY TENDER: Michael Carmel Named Subchapter V Trustee SERVICE MINDS: Stellus Capital Marks $5.3MM 1L Loan at 38% Off SHERLAND & FARRINGTON: Case Summary & 20 Top Unsecured Creditors SITIO ROYALTIES: Moody's Withdraws 'B1' CFR on Debt Redemption SOUTHERN GOURMET: Seeks Cash Collateral Access SRX HEALTH: Adesh Vora Resigns from Board Amid CCAA Proceedings SRX HEALTH: Needs Additional Time to Finalize Quarterly Report STAR PUMP: Amends BOM Bank Secured Claim Pay Details STAT EMERGENCY: Court Tosses Mouranie v. Cheatem Adversary Case STATE OF FLUX: Gets Final OK to Use Cash Collateral SYNAPSE FINANCIAL: TriplePoint Marks $732,000 Loan at 92% Off TINY FROG: Unsecureds to Split $175K via Quarterly Payments TODD CREEK: Court Okays Retainer for Allen Vellone Wolf Helfrich TODD CREEK: Professional Interim Advance Payment Procedures Okayed TODD CREEK: Wins Bid to Employ Orten Cavanagh as Special Counsel TOGETHER GOOD: Files Emergency Bid to Use Cash Collateral TOWER GROUP: WMD Obtains Summary Judgment for TruPS Holders TROYZ TOWING: Jerrett McConnell Named Subchapter V Trustee TRUE BLUE: Must Pay $3,000 Retainer to Subchapter V Trustee TRUE LOUNGE: Mark Politan Named Subchapter V Trustee TRY TROUT: Case Summary & 14 Unsecured Creditors TURNER OAKWOOD: Public Sale of Raleigh Property OK'd UNITI GROUP: Fitch Assigns 'B-' LongTerm IDR, Outlook Stable UNIVERSAL NORTH: A.M. Best Keeps 'bb' ICR on Review Negative VENTURE GLOBAL: Moody's Alters Outlook on 'Ba1' Rating to Positive VERINT SYSTEMS: S&P Places 'BB' ICR on CreditWatch Negative VICTORIA'S KITCHEN: Voluntary Chapter 11 Case Summary VILLAGES HEALTH: Morses Accused of Siphoning Millions WATERBRIDGE MIDSTREAM: NDB Transaction No Impact on Moody's B2 CFR WELLPATH HOLDINGS: Court Orders Burton to Address Certain Claims WINDMILL POINT: Gets Extension to Access Cash Collateral WYNN RESORTS: Macau Unit Raises $1B Thru Senior Notes Due 2034 ZEN JV: Unsecureds to Get Share of GUC Recovery Pool ZOHAR FUNDS: Auto Supplier Seeks $39MM Clawback from Tilton ZOOZ POWER: Sets Extraordinary Shareholders Meeting for Sept. 19 [] Judge Isgur Slams Judicial Committee's View on Judge Shopping [] Wineries and Distillers Turn to Private Credit for Funding [^] BOOK REVIEW: Black Monday - The Stock Market Catastrophe ********* 469 NE 35TH: Carol Fox of GlassRatner Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for 469 NE 35th Street, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About 469 NE 35th Street 469 NE 35th Street, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19946) on August 26, 2025, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Mindy A. Mora presides over the case. ADS GROUP: Stellus Capital Marks $12.8MM 1L Loan at 19% Off ----------------------------------------------------------- Stellus Capital Investment Corporation has marked its $12,851,659 loan extended to ADS Group Opco, LLC to market at $10,345,585 or 81% of the outstanding amount, according to Stellus' Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Stellus is a participant in a First Lien Term Loan to ADS Group Opco, LLC. The loan accrues interest at a rate of 5% per annum. The loan matures on December 31, 2027. Stellus was formed as a Maryland corporation on May 18, 2012 and is an externally managed, closed-end, non-diversified investment management company. The Company formed Stellus Capital SBIC, LP, a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. Stellus is led by Robert T. Ladd as Chief Executive Officer and W. Todd Huskinson as Chief Financial Officer. The Company can be reach through: Robert T. Ladd 4400 Post Oak Parkway, Suite 2200 Houston, Tx 77027 Telephone: (713) 292-5400 About ADS Group Opco, LLC ADS Group Opco, LLC is the UK trade association representing the aerospace, defence, security, and space industries, focused on promoting growth, innovation, and prosperity for these vital sectors through policy influence and member support. ADVANCED BARRIER: Stellus Capital Marks $1.5MM1L Loan at 84% Off ---------------------------------------------------------------- Stellus Capital Investment Corporation has marked its $1,558,434 loan extended to Advanced Barrier Extrusions, LLC to market at $54,545 or 16% of the outstanding amount, according to Stellus' Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Stellus is a participant in a First Lien Revolver Loan to Advanced Barrier Extrusions, LLC. The loan accrues interest at a rate of 9.5% per annum. The loan matures on November 30, 2026. Stellus was formed as a Maryland corporation on May 18, 2012 and is an externally managed, closed-end, non-diversified investment management company. The Company formed Stellus Capital SBIC, LP, a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. Stellus is led by Robert T. Ladd as Chief Executive Officer and W. Todd Huskinson as Chief Financial Officer. The Company can be reach through: Robert T. Ladd 4400 Post Oak Parkway, Suite 2200 Houston, Tx 77027 Telephone: (713) 292-5400 About Advanced Barrier Extrusions, LLC Advanced Barrier Extrusions, LLC designs and manufactures plastics film and sheet. ADVANCED BARRIER: Stellus Capital Marks $2.6MM 1L Loan at 84% Off ----------------------------------------------------------------- Stellus Capital Investment Corporation has marked its $2,607,637 loan extended to Advanced Barrier Extrusions, LLC to market at $91,267 or 16% of the outstanding amount, according to Stellus' Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Stellus is a participant in a First Lien Loan A to Advanced Barrier Extrusions, LLC. The loan accrues interest at a rate of 9.5% per annum. The loan matures on November 30, 2026. Stellus was formed as a Maryland corporation on May 18, 2012 and is an externally managed, closed-end, non-diversified investment management company. The Company formed Stellus Capital SBIC, LP, a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. Stellus is led by Robert T. Ladd as Chief Executive Officer and W. Todd Huskinson as Chief Financial Officer. The Company can be reach through: Robert T. Ladd 4400 Post Oak Parkway, Suite 2200 Houston, Tx 77027 Telephone: (713) 292-5400 About Advanced Barrier Extrusions, LLC Advanced Barrier Extrusions, LLC designs and manufactures plastics film and sheet. ADVANCED BARRIER: Stellus Capital Virtually Writes Off $16.8MM Loan ------------------------------------------------------------------- Stellus Capital Investment Corporation has marked its $16,843,750 loan extended to Advanced Barrier Extrusions, LLC to market at $589,530 or 4% of the outstanding amount, according to Stellus' Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Stellus is a participant in a First Lien Loan to Advanced Barrier Extrusions, LLC. The loan accrues interest at a rate of 9.5% per annum. The loan matures on November 30, 2026. Stellus was formed as a Maryland corporation on May 18, 2012 and is an externally managed, closed-end, non-diversified investment management company. The Company formed Stellus Capital SBIC, LP, a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. Stellus is led by Robert T. Ladd as Chief Executive Officer and W. Todd Huskinson as Chief Financial Officer. The Company can be reach through: Robert T. Ladd 4400 Post Oak Parkway, Suite 2200 Houston, Tx 77027 Telephone: (713) 292-5400 About Advanced Barrier Extrusions, LLC Advanced Barrier Extrusions, LLC designs and manufactures plastics film and sheet. ALL AMERICAN: Affiliate to Sell Aircraft to Shiloh International ---------------------------------------------------------------- All American Holdings and its affiliates, along with Applicable Debtor, Gulfview Aviation LLC, seek to sell Aircraft, free and clear of liens, claims, interests, and encumbrances. The Applicable Debtor wants to sell the Aircraft: Canadair Ltd, CL-600-2B16, Challenger 601-3AER. The sole asset of Gulfview is the Aircraft, which is subject to Seacoast National Bank's first perfected lien. Seacoast alleges it is owed in excess of $1,000,000 by the Debtors. However, Seacoast consents to the sale in full satisfaction of its claims and the lien against the Aircraft subject to it receiving payment within the time frame set forth in the Motion. On August 19, 2025, the Court entered an order granting Seacoast stay relief to sell and liquidate the Aircraft and to apply such proceeds to its claim. However, the Stay Order was without prejudice to the Debtor to attempt to sell the Aircraft. In connection with its continued reorganization efforts, the Debtor has decided to sell the Aircraft to Shiloh International, Inc. for $850,000.00. The Purchaser is an arm’s length, good faith purchaser and intends to close the purchase and sale transaction timely. Seacoast has agreed to release their lien against the Aircraft and accept $800,000 in full satisfaction of its debt as to Gulfview, provided that the sale closes and sale proceeds are received by Seacoast on or before September 12, 2025. In the event that the sale closes and Seacoast receives funds on or before September 3, 2025, Seacoast will release its lien and accept in full satisfaction of its debt for $790,000 as to Gulfview. Therefore, the sale will result in a carve out of funds for the Debtor. The Debtor respectfully requests the entry of an order approving the sale of the Aircraft to the Purchaser for the Purchase Price free and clear of all liens, claims, and encumbrances, with the liens to attach to the proceeds. About All American Holdings LLC All American Holdings LLC is a limited liability company. All American Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02066) on April 1, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Harry E. Riedel, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. ALL PHASE: Linda Leali Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for All Phase Solutions, LLC. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About All Phase Solutions All Phase Solutions, LLC, a company based in Boca Raton, Florida, provides nonresidential building construction services, including commercial and institutional projects. All Phase Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19745) on August 22, 2025, with $1,083,216 in assets and $2,370,464 in liabilities. Saleh Rabah, president of All Phase Solutions, signed the petition. Judge Mindy A Mora presides over the case. Aaron Wernick, Esq., at Wernick Law, PLLC represents the Debtor as bankruptcy counsel. ALMITAS LATINAS: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------- On August 19, 2025, Almitas Latinas, LLC has entered Subchapter V Chapter 11 proceedings in the Southern District of Texas. The company disclosed $100,001–$500,000 in assets and $500,001–$1 million in liabilities, with a creditor count below 50. Court documents show funds will be available for unsecured creditors. About Almitas Latinas Almitas Latinas LLC is a Houston-based company. Almitas Latinas LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-34816) on August 19, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jeffrey P. Norman presides over the case. Reese W. Baker, Esq., at Baker & Associates represents the Debtor as legal counsel. AMERICAN MACHINERY: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------------- On August 20, 2025, American Machinery Group LLC filed for Chapter 11 bankruptcy protection in the Eastern District of Texas. The Carrollton-based company reported assets and liabilities each between $1 million and $10 million, with fewer than 50 creditors. The filing indicates funds will be available for distribution to unsecured creditors. About American Machinery Group LLC American Machinery Group LLC, also operates under the name American Wranger Products LLC, is a Texas-based manufacturing company operating in the machinery sector. American Machinery Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42411) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by David Lufkin, Esq. ANTIGONE SKOULAS: Unsecureds to Split $63K via Quarterly Payments ----------------------------------------------------------------- Antigone Skoulas D.D.S., Inc. submitted an Amended Plan of Reorganization for Small Business under Subchapter V dated August 19, 2025. The Debtor's financial projections show that the Debtor will have projected disposable income of $63,000.00. The Debtor expects to fund the full payments required under the Plan within 36 months after the Plan is confirmed. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 77.94 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. All allowed non priority non-disputed general unsecured claims shall receive a pro-rata share of a fund totaling $63,000.00, created by Debtor's payment of $5,250.00 per quarter for a period of twelve quarters, starting in the subsequent quarter following the Effective Date, due on the 15th day of the first month of each quarter. Pro-rata shall mean the entire amount of the fund divided by the entire amount owed to creditors with allowed claims in Class 3. The allowed unsecured claims total $1,131,911.03. This Class is impaired. Class 3 consists of Equity security holders of the Debtor. The holders of equity (shares) interest in the Debtor will not receive any distributions under the Plan. However, this Plan does not cancel any shares of the Debtor, all shareholders shall retain their shares, and all shareholders shall retain any and all legal, equitable, and contractual rights provided for in all agreements with the Debtor under applicable non-bankruptcy law. After confirmation of the Plan, the Debtor will continue business as a cosmetic dental veneer practice and the Debtor will also maintain possession, custody, and control of all essential assets for continuation of normal business operations. As set forth in Exhibit A, as of June 30, 2025, the Debtor has available cash on hand of $139,585.02 that will be used to make all payments due on the Effective Date, which are currently estimated to be $36,800.00. Further, to the extent necessary, counsel for the Debtor (Meyer Law Group, LLP) will agree to accept payment of its allowed administrative claim (estimated at $25,000.00) over the term of the Plan to ensure feasibility on the Effective Date. The Debtor projects to receive net revenue of at least $101,250.00 on a monthly basis. From this net revenue, the Debtor is projected to have sufficient monthly cash to fund quarterly distributions ($5,250.00) to general unsecured creditors in Class 3. Further, in the unlikely event that the Debtor experiences a shortfall in any given month, the Debtor anticipates having sufficient cash reserves (either from available cash on hand or receipt of accounts receivable) to ensure that all payments to Class 3 are made in a timely manner, or the Debtor's sole shareholder and officer (Antigone Skoulas) will personally advance funds to the Debtor to make all required payments under the terms of the Plan. A full-text copy of the Amended Plan dated August 19, 2025 is available at https://urlcurt.com/u?l=3Tatuo from PacerMonitor.com at no charge. Counsel to the Debtor: Brent D. Meyer, Esq. Meyer Law Group LLP 268 Bush Street #3639 San Francisco, CA 94104 Tel: (415) 765-1588 Fax: (415) 762-5277 Email: brent@meyerllp.com About Antigone Skoulas D.D.S. Inc. Antigone Skoulas D.D.S. Inc. is a dental practice in San Francisco specializing in cosmetic and restorative dentistry, offering services like implant restorations, Invisalign, dentures, and TMJ treatment. With a focus on advanced digital technology and artistic expertise, the practice provides compassionate care and exceptional results to help patients achieve their best smiles. Antigone filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 25-30100) on February 9, 2025, listing total assets of $133,991 and total liabilities of $1,568,196. Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by Brent D. Meyer, Esq., at Meyer Law Group, LLP. APOLLO CONSTRUCTION: Ruediger Mueller Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Apollo Construction & Engineering Services, Inc. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Apollo Construction & Engineering 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 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06058) on August 25, 2025, with $1,135,031 in assets and $1,931,003 in liabilities. Ahmed Zahran, vice president of Apollo, signed the petition. Judge Catherine Peek McEwen presides over the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as legal counsel. APPLIED COMPOSITES: Blue Owl Marks $41.4M 1L Loan at 45% Off ------------------------------------------------------------ Blue Owl Capital Corporation has marked its $41,432,000 loan extended to Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) to market at $22,788,000 or 55% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC). The loan accrues interest at a rate of .53% per annum. The loan matures on July 2027. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) Applied Composites Holdings, LLC (fka AC&A Enterprises Holdings, LLC) is a leading provider of complex composite components, assemblies, engineering, and tooling to the aerospace, defense, and space systems markets. Vertically integrated with six strategic locations, it has widespread capabilities to serve expanding industry needs in many high-growth aerospace and defense platforms. APPLOGIC NETWORKS: S&P Assigns 'CCC+' ICR, Outlook Stable --------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating (50%-70%; rounded estimate: 50%) to AppLogic Networks OpCo I LLC's $131 million exit term loan. S&P said, "The stable outlook reflects AppLogic's notably reduced debt burden and our expectation that the company will begin to grow its revenue from the non-exiting customer base in fiscal 2026. We anticipate AppLogic will increase its EBITDA margin to the high-20% area and achieve positive free operating cash flow (FOCF) generation in fiscal 2026." AppLogic Networks OpCo I LLC is a newly formed entity emerging from the bankruptcy proceedings of Sandvine Corp. The company received court approval for restructuring in Feb. 2025 and completed it in March. As part of the restructuring, AppLogic reduced its debt burden by 70% to about $130 million. While the restructuring provided AppLogic with some financial flexibility, the company has a limited cushion to withstand underperformance given its significantly reduced scale and ongoing cash burn resulting from its exit from non-democratic countries. Exiting nondemocratic countries reduce AppLogic's size but mitigate risk. The company was placed on the U.S. Department of Commerce's Entity List in 2024 surrounding sales of technology to the government of Egypt, where it was used for mass web monitoring and censorship. The implications of this listing were immediate and substantial, leading to a disruption in demand from existing customers and hurting the company's overall business. In response, AppLogic strengthened its internal controls and made a strategic decision to completely withdraw from nondemocratic countries. This decision resulted in the company's exit from about 24 countries throughout fiscal 2024. S&P said, "While we view the exits as a positive step in mitigating the risk of product misuse, it also significantly reduced its scale and total addressable market (TAM). The deliberate narrowing of its geographic focus inherently limits the potential customer pool and revenue opportunities available to AppLogic. "The company's revenue declined about 30% in fiscal 2024, and we expect the revenue headwinds from the transition to persist in fiscal 2025 and fiscal 2026. This expected decline is primarily due to AppLogic's gradual transition; it will continue to provide services to customers from the exited nondemocratic countries until the end of fiscal 2025 to manage the transition and minimize disruption for customers operating within those markets. "We anticipate its existing customers will gradually resume spending after a prolonged pause driven by uncertainties related to the Entity List and the company's restructuring. Additionally, we expect AppLogic's strategic focus on expanding its presence within the enterprise sector to provide some support to overall demand. Consequently, we anticipate organic revenue growth in the high single-digit percentage range from its non-exiting customer base (excluding the impact of customer exit from non-democratic countries) in fiscal 2026. "However, factoring in the impact of exit from non-democratic countries, we project overall revenue will decline in the low-20% area for fiscal 2025 and the mid-teens percent area for fiscal 2026, decreasing scale 50%-60% from fiscal 2023 levels." AppLogic's reduced debt burden provides it with some financial flexibility, but it has limited capacity to absorb underperformance. As part of the restructuring, the company reduced its debt burden by about 70% to about $130 million (as of March 3, 2025) from nearly $463 million. S&P said, "We believe lower debt in the capital structure and the payment-in-kind (PIK) interest option provide the company with some financial flexibility. We expect its leverage will be 5x-6x over the next 12-18 months." S&P said, "However, we expect the company will burn cash in fiscal 2025, mainly because of one-time cost related to restructuring and the transition. We currently forecast the company to return to a modest positive FOCF in the fiscal 2026." However, there is potential risk that demand doesn't improve as expected due to possible reputational damage from the recent bankruptcy and the company's inclusion on the Entity List. AppLogic has adequate liquidity, with a cash balance of about $31 million as of March 30, 2025. However, given the absence of a revolver and S&P's expectation for a cash burn in fiscal 2025, the company has a limited cushion to bear financial underperformance. AppLogic operates in a very small and highly fragmented market. While serving a niche segment, the company faces competition from established, large-scale network infrastructure providers--including Samsung, Cisco, and Ericsson--as well as numerous smaller, specialized vendors. AppLogic's lower scale may constrain its ability to maintain sufficient investment in research and development (R&D) to keep pace with technological advancements and execute its expansion strategy within the enterprise market. Larger competitors have both greater total R&D scale and greater financial resources, which may enable them to develop more competitive integrated portfolio offerings, enhancing their competitive position relative to AppLogic. S&P said, "The stable outlook reflects AppLogic's notably reduced debt burden and our expectation that the company will begin to grow its revenue from the non-exiting customer base in fiscal 2026. We anticipate AppLogic will increase its EBITDA margin to the high-20% area and achieve positive FOCF generation in fiscal 2026." S&P could lower the rating if AppLogic experiences operational challenges arising from its business turnaround such that: -- Revenue growth stalls or declines on a sustained basis. -- It sustains negative S&P Global Ratings-adjusted FOCF with limited prospects for improvement. -- Liquidity deteriorates such that S&P believes AppLogic may not meet its near-term cash commitments. S&P could raise its ratings on AppLogic if the company demonstrates the following: -- Revenue growth turnaround is sustained such that the company's scale increases materially; and -- Sustained EBITDA margins in the high-20% area; and -- The company maintains adequate liquidity through consistently positive FOCF. ARTISAN FOODIE: Court Extends Cash Collateral Access to Sept. 25 ---------------------------------------------------------------- Artisan Foodie Group, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the recent hearing, the court authorized the Debtor's interim use of cash collateral until September 25. Since its Chapter 11 filing, the Debtor has received court authorization to use cash collateral to fund operations through a series of interim orders. These interim orders granted secured creditor DFCU Financial a post-petition lien on cash collateral as adequate protection and ordered the Debtor to keep its property insured as adequate protection. DFCU Financial may claim a security interest in all assets, including accounts by virtue of its UCC-1 financing statement filed on November 3, 2022. The financing statement identifies an interest in collateral as cash or accounts. DFCU Financial is represented by: Angelina E. Lim, Esq. Johnson, Pope, Bokor, Ruppel & Burns, LLP 400 North Ashley Drive, Suite 3100 Tampa, FL 33602 Telephone: 813-225-2500 Facsimile: 813-223-7118 AngelinaL@jpfirm.com About Artisan Foodie Group Artisan Foodie Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00506) on January 27, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Judge Roberta Colton oversees the case. The Debtor is represented by Katelyn M. Vinson, Esq., at Jennis Morse. ATLANTICUS HOLDINGS: Fitch Rates $400MM Unsec. Notes Due 2030 'B' ----------------------------------------------------------------- Fitch Ratings has assigned a final rating of 'B' with a Recovery Rating of 'RR4' to Atlanticus Holdings Corporation's (Atlanticus) $400 million 9.750% senior unsecured notes maturing in September 2030. Proceeds from the issuance will be used to repay amounts outstanding under recourse warehouse facilities, to repay partially or fully the senior unsecured notes 2026, and for general corporate purposes, including to fund future portfolio acquisitions. The assignment of the final ratings follows the receipt of documents conforming to information already received. The final ratings are the same as the expected ratings assigned on Aug. 12, 2025. Key Rating Drivers Financial Profile Supports the Rating: Atlanticus' rating is supported by its experienced management team, adequate funding flexibility and liquidity, consistent profitability, and appropriate leverage for the portfolio's risk profile. Modest Franchise, Risk Profile Constrain Rating: Atlanticus' ratings are constrained by its modest franchise, high portfolio delinquencies and net charge-offs, and monoline second-look business model, which has an elevated risk profile given the high subprime exposure. Asset Quality Stabilizing, but Losses Elevated: Asset performance has improved in recent quarters, with 30+ day delinquencies of 13.7% at 1H25, down from 16.6% at YE 2024 and a peak of 20.1% at YE 2022. Credit performance weakened notably in 2022-2023, prompting Atlanticus to tighten underwriting standards and strengthen its portfolio mix. Net charge-offs declined to 21.4% in 1H25 (annualized) from 26.4% in 2023, driven by the higher credit quality of recent originations. Fitch believes the company's customer base, which is already challenged by high inflation, will be particularly vulnerable to economic stresses such as rising unemployment. Solid Profitability: Profitability, measured as pre-tax return on average assets (ROAA), was 4.7% in 1H25 (annualized) compared with 4.6% in 2024 and 5.1% in 2023. Fitch expects profitability to grow modestly with stronger risk-adjusted yields in the near term, as Atlanticus tightened its underwriting and repriced its portfolio in 2023-2024. Profitability remains highly sensitive to consumer credit performance given the business model. Appropriate Leverage: Fitch views Atlanticus' leverage (debt/tangible equity) as appropriate for the risk profile of its portfolio. Pro forma for the $400 million unsecured debt issuance settled today, leverage was 5.9x at 1H25 — up from 5.5x prior to the issuance and in line with 5.8x at YE 2024. Fitch expects leverage to decline modestly through retained earnings in the near term. As of March 31, 2025, Atlanticus had $40 million of series A preferred stock outstanding, which Fitch treats as debt due to its mandatory redemption feature. The company also had $83 million of series B preferred stock outstanding, which Fitch afforded 50% equity credit due to the cumulative nature of the dividends, the fact that the shares are perpetual, the lack of required redemption in cash following a change of control, and the lack of material covenants or events of default. Stable Outlook: The Stable Outlook reflects Fitch's expectation that Atlanticus' leverage, earnings and credit performance will remain relatively stable, and that the unsecured funding mix will be sustained above 15% of total debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained deterioration in credit performance, including delinquencies sustained above 20% and net charge-offs above 25%; - Sustained increase in leverage above 7x; - Sustained decrease in the unsecured funding mix below 10%; - Sustained decline in return on average assets below 3%; - Material increases in the risk profile of the portfolio, as evidenced by greater concentrations in lower credit quality borrowers or general purpose card receivables; - Inability to access committed or term funding, or material shortening of funding maturity profile; - The imposition of new and more onerous regulations that negatively impact Atlanticus' ability to execute its business strategy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained reduction in leverage below 5x; - Improvement to the business profile through increased market share, expansion into new geographies, or further product and retail partnership diversification which would strengthen Atlanticus' franchise and competitive position; - Sustained increase in the proportion of unsecured debt above 20% of total debt; - Continued maintenance of net charge-offs through credit cycles. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt rating is equalized with the Long-Term IDR, reflecting Fitch's expectation of average recovery prospects in a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt rating is primarily sensitive to changes in the Long-Term IDR, the funding mix, and availability of unencumbered assets to support recovery prospects in a stressed scenario. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Portfolio risk (negative), Revenue diversification (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Risk profile and business model (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): Business model/funding market convention (negative). Date of Relevant Committee Aug. 7, 2025 ESG Considerations Atlanticus Holdings Corporation has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Atlanticus Holdings Corporation senior unsecured LT B New Rating RR4 B(EXP) AXE HANDLE: Leona Mogavero Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for Axe Handle, LLC. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About Axe Handle Axe Handle, LLC owns a property located at 4610 Axe Handle Road in Quakertown, Pennsylvania, with an estimated value of $1 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13292) on August 19, 2025, with $1,198,392 in assets and $412,706 in liabilities. Shawn Touhill, in his capacity as manager, signed the petition. Judge Ashely M. Chan presides over the case. Jeffrey Kurtzman, Esq., at Kurtzman | Steady, LLC represents the Debtor as legal counsel. BALANCE LIFE: Kimberly Ross Clayson Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Kimberly Ross Clayson, Esq., as Subchapter V trustee for Balance Life Better Enhancement Corporation. Ms. Clayson, an attorney at Taft Stettinius & Hollister, LLP, will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clayson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kimberly Ross Clayson, Esq. Taft Stettinius & Hollister, LLP 27777 Franklin Rd., Ste. 2500 Southfield, MI 48034 Phone: (248) 727.1635 Email: kclayson@taftlaw.com 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. BALANCE LIFE: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Balance Life Better Enhancement Corporation 9760 Woodward Ave Detroit MI 48202 Chapter 11 Petition Date: August 26, 2025 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 25-48617 Debtor's Counsel: Christopher S. Sinclair SINCLAIR LAW 35560 Grand River Avenue Farmington Hills MI 48335 Tel: 313-434-8486 Email: clsinclair@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Raphael Williams Jr. as authorized representative of the Debtor. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/25H4OBA/Balance_Life_Better_Enhancement__miebke-25-48617__0001.0.pdf?mcid=tGE4TAMA BEST CHEER: Unsecureds to Get Share of Income for 3 Years --------------------------------------------------------- Best Cheer Stone, Inc. filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated August 18, 2025. The Debtor is a California corporation that was formed in 2005. Debtor is in the business of importing and wholesaling natural and engineered stone and ready-to-assemble (RTA) cabinets for commercial and residential building projects. The Debtor is based in Anaheim, California, and has three wholesale stores operating from leased premises within California. Debtor's primary store is located at 3190 E. Miraloma Ave Anaheim, CA 92806-1906. Its two satellite stores are located at 7267 Coldwater Canyon Ave., North Hollywood, CA 91605 and 8515 Miramar Place, Suite A, San Diego, CA 92121. Debtor intends to assume its real property leases for its three business locations. The Plan Proponent's financial projections show that the Debtor will have projected disposable income (of $2,456,069, with which the Debtor will use to pay all Allowed Claims and administrative and priority claims entitled to distribution under the Plan. The final Plan payment is expected to be paid during the fourth quarter of 2028. The Debtor's business is subject to seasonality, with demand peaking during the spring and summer months, and waning during the winter holidays and during inclement weather. Debtor markets its goods and services to contractors and other qualified trade personnel, and has a reputation for its breadth of products and exceptional service and responsiveness to its clients' needs. Debtor anticipates promoting and possibly discounting its existing inventory during 2026 in order to preserve cash to fund the initial Plan payments. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations including cash flow derived by future operations. Class 5 constitutes all remaining non-priority claimants who do not fall within the parameters of Class 4 claims. In full and complete satisfaction of their Allowed Claims and interest, commencing one hundred eighty days after the Effective Date, holders of Class 5 Claims shall receive biannually their pro rata share of Debtor's Projected Disposable Income estimated at $25,000 annually (averaged), with such payments occurring within the first 3 years from the effective date of the Plan. Class 5 is impaired. Class 6 consists of Equity security holders of the Debtor. Class 6 is unimpaired. The holder of the Class 6 claim shall retain its interest they held in the Debtor in the Reorganized Debtor. The Debtor shall remain in business. Yanlin Xu will remain the President and Chief Executive Officer of the Reorganized Debtor and her compensation shall remain consistent with her compensation during this case. Upon the effective date of the Plan, Chung Iun Ko and Saulin Li will continue to serve as the Reorganized Debtor's Directors during the time Debtor is performing under the Plan, although Debtor reserves the right to name additional directors. All outstanding Equity Interests in Debtor will be retained. On the effective date, all actions contemplated by the Plan will be deemed authorized and approved in all respects, and the Reorganized Debtor shall be authorized and directed to implement the provisions of the Plan, and any other agreements, documents, and instruments contemplated by the Plan, in the name of and on behalf of the Reorganized Debtor. All of the property and rights of the estate of Debtor will remain in the Debtor's bankruptcy estate, free and clear of claims, liens, rights of creditors and holders of Equity Interests. The Plan will be funded and creditors treated by the Plan with revenues from operations conducted by the Reorganized Debtor during the life of the Plan as well as from any cash the Debtor has on the effective date. A full-text copy of the Plan of Reorganization dated August 18, 2025 is available at https://urlcurt.com/u?l=RjcQPv from PacerMonitor.com at no charge. Counsel to the Debtor: Robert P. Goe, Esq. Goe Forsythe & Hodges LLP 17701 Cowen, Lobby D, Suite 210 Irvine, CA 92614 Tel: (949) 796-2460 Fax: (949) 955-9437 Email: rgoe@goeforlaw.com About Best Cheer Stone Inc. Best Cheer Stone Inc. supplies natural and engineered stone products, including granite, marble, and quartzite, for residential and commercial use. Headquartered in Anaheim, California, the Company operates a vertically integrated business with global quarries and manufacturing facilities. Established in 1994, it also offers prefabricated countertops, cabinets, and related home improvement materials. Best Cheer Stone Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal.Case No. 25-11344) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtors are represented by Robert P. Goe, Esq. at GOE FORSYTHE & HODGES LLP. BLOOMIN' BRANDS: Moody's Alters Outlook on 'Ba3' CFR to Negative ---------------------------------------------------------------- Moody's Ratings changed Bloomin' Brands, Inc.'s (Bloomin' Brands) outlook to negative from stable and affirmed its existing ratings, including its corporate family rating at Ba3, probability of default rating at Ba3-PD, backed senior secured revolving credit facility at Ba2, and its senior unsecured global notes at B2. The speculative grade liquidity rating (SGL) was downgraded to SGL-2 from SGL-1. The outlook change to negative reflects Bloomin' Brands' weakened operating performance and credit metrics and risk that the difficult consumer environment will pressure its ability to implement its strategy to materially improve its profitability over the near-to-intermediate term. Negative comparable restaurant sales declines at Outback Steakhouse, its largest brand, have continued reflecting its underperformance to industry peers. Bloomin' Brands' profitability has also deteriorated, due to de-leveraging of lower sales and ongoing commodity, labor and insurance inflation. Although the company repaid debt using proceeds from the first installment payment from the sale of 67% of its Brazil operation, credit metrics, particularly interest coverage metrics are weak for its rating. As of June 29, 2025, Moody's-adjusted EBIT to interest declined to approximately 1.7x while debt/EBITDA was a more moderate 4.4x. The downgrade to SGL-2 reflects that while the company's earnings and cash flow generation have weakened from historical levels, Moody's still expects good liquidity over the next 12-18 months, with a return to positive annual free cash flow and ample excess revolver availability to support seasonal needs. Liquidity is also supported by ample cushion under its total net leverage ratio covenant, and longer dated maturity profile. RATINGS RATIONALE Bloomin' Brands' Ba3 CFR benefits from the high level of brand awareness of its four brands, large and diversified asset base with 1,479 restaurants spread across the US and about 24% located internationally, and good liquidity. However, Bloomin' Brands' credit profile is challenged by recent underperformance led by declining same store sales and traffic, and market share loss, particularly at Outback Steakhouse, its largest brand. The company has also undergone significant management changes over the past year, and is yet to fully implement strategies to improve business performance. The difficult consumer spending environment and ongoing cost inflation could pressure the company's ability to improve over the near-to-intermediate term. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded if operating trends do not improve, including continued weakness in same store sales, operating margins or interest coverage. Any deterioration in liquidity, including continued negative free cash flow, or more aggressive financial strategies could also result in a downgrade. Specific metrics include Moody's-adjusted debt to EBITDA rising above 4.75x or EBIT to interest is below 2.0x on a sustained basis. While unlikely over the next 12-18 months, ratings could be upgraded if the company demonstrates the ability to navigate the challenging consumer spending environment while growing customer traffic and materially improving credit metrics, including Moody's-adjusted debt to EBITDA sustained below 4.0x and EBIT coverage of interest over 2.75x. A higher rating would also require maintaining at least good liquidity and a balanced financial policy. Bloomin' Brands, Inc. owns and operates a diversified base of casual dining concepts which include Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse and Wine Bar. Revenue exceeded $3.9 billion for the latest twelve month period ended June 29, 2025. The principal methodology used in these ratings was Restaurants published in August 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. BOTTOMS UP GENTLEMEN'S: Seeks Subchapter V Bankruptcy in Maryland ----------------------------------------------------------------- Bottoms Up Gentlemen's Club LLC filed for Chapter 11 bankruptcy protection in the District of Maryland on August 21, 2025. The filing cites major financial strains, including a $185,068.56 judgment owed to Jaclyn Prasch, $60,000 in unpaid commercial rent to Baltimore and Ohio LLC, and multiple pending employment lawsuits. Proceeding under Subchapter V as a small business debtor, the company reported assets under $50,000 against liabilities between $100,001 and $500,000. With fewer than 49 creditors and stated that funds will be available to unsecured creditors after administrative expenses. About Bottoms Up Gentlemen's Club LLC Bottoms Up Gentlemen's Club LLC is an adult entertainment venue operating in downtown Baltimore. Bottoms Up Gentlemen's Club LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17671) on August 21, 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 Law Office of Thomas J. Maronick Jr, LLC. BOUNDLESS BROADBAND: Chiesa & Rosner Law File Rule 2019 Statement ----------------------------------------------------------------- The law firms of Chiesa Shahinian & Giantomasi PC ("CSG") and The Rosner Law Group LLC filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Boundless Broadband, LLC and affiliates, the firms represent: 1. United States Fire Insurance Company ("U.S. Fire"), which, as of the Petition Date, executed approximately $49,621,486.00 in surety bonds (inclusive of reductions to the penal sums thereof), with respect to which certain Debtor(s) are principal(s) and/or indemnitor(s) by virtue of having executed written indemnity agreement(s) in favor of U.S. Fire; 2. The Hanover Insurance Company which, as of the Petition Date, executed approximately $29,726,999.29 in surety bonds (inclusive of reductions to the penal sums thereof), with respect to which certain Debtor(s) are principal(s) and/or indemnitor(s) by virtue of having executed written indemnity agreement(s) in favor of Hanover; 3. Everest Reinsurance Company, which, as of the Petition Date, executed approximately $4,178,250.00 in surety bonds (inclusive of reductions to the penal sums thereof), with respect to which certain Debtor(s) are principal(s) and/or indemnitor(s) by virtue of having executed written indemnity agreement(s) in favor of Everest; and 4. Aspen American Insurance Company, which, as of the Petition Date, executed approximately $6,479,490.00 in surety bonds (inclusive of reductions to the penal sums thereof), with respect to which certain Debtor(s) are principal(s) and/or indemnitor(s) by virtue of having executed written indemnity agreement(s) in favor of Aspen. None of U.S. Fire, Hanover, Everest, or Aspen has any "disclosable economic interests" other than as disclosed. Other than as disclosed herein, neither CSG nor Rosner represent nor claim to represent any entity with respect to the Debtors' cases, and do not hold any claim against or interest in the Debtors or their estates. The law firms can be reached at: Frederick B. Rosner, Esq. THE ROSNER LAW GROUP LLC 824 N. Market Street, Suite 810 Wilmington, DE 19801 (302) 777-1111 Email: rosner@teamrosner.com And Scott A. Zuber, Esq. CHIESA SHAHINIAN & GIANTOMASI PC 105 Eisenhower Parkway Roseland, NJ 07068 (973) 530-2046 Email: szuber@csglaw.com About Boundless Broadband, LLC Boundless Broadband, LLC and two of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-10948) on May 29, 2025. In its petition, Boundless Broadband disclosed up to $50,000 million in both estimated assets and liabilities. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors tapped Saul Ewing LLC and Verrill Dana LLP as counsel and Alastar Partners, LLC as restructuring advisor. The Debtors' claims and noticing agent is Omni Agent Solutions, Inc. BOUNDLESS BROADBAND: Court Approves Bid Procedures -------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved the bidding procedures for the sale of substantially all of the assets of Boundless Broadband LLC and its debtor-affiliates free and clear of all liens, claims, interests, and encumbrances. The Debtors entered into an asset purchase agreement with Selectronics Corporation, Parent Company of Waitsfield-Fayston Telephone Co., Inc. dba Waitsfield Telecom and dba Champlain Valley Telecom ("WCVT") on July 31, 2025. the deadline to submit offer for the Debtors' assets is Sept. 5, 2025, and followed by an auction set for Sept. 11, 2025, at 10:00 a.m. (prevailing Eastern Time). The Court will conduct a hearing to consider the proposed sale on Sept. 24, 2025, at 10:00, a.m. (prevailing Eastern Time). The deadline to object to the sale to the successful bidder is Sept. 17, 2025. Copies of the bid procedures order, the bid procedures and other pleadings are available at https://tinyurl.com/3nccf635. About Boundless Broadband, LLC Boundless Broadband, LLC and two of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-10948) on May 29, 2025. In its petition, Boundless Broadband disclosed up to $50,000 million in both estimated assets and liabilities. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors tapped Saul Ewing LLC and Verrill Dana LLP as counsel and Alastar Partners, LLC as restructuring advisor. The Debtors' claims and noticing agent is Omni Agent Solutions, Inc. BOXLIGHT CORP: New Board Appointments Address Nasdaq Compliance --------------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective August 9, 2025, the Board of Directors elected Carine Clark and Peter Fittin to serve as directors of the Company, with an initial term expiring at the Company's 2026 annual meeting of shareholders, or until their respective successors have been duly elected and qualified. The Board has determined that each of Ms. Clark and Mr. Fittin qualifies as an independent director under the Nasdaq listing standards. The Board expects to appoint Ms. Clark and Mr. Fittin to one or more Board committees at a later date. In addition, on August 14, 2025, the Board elected James Mark Elliott, a former non-executive director of the Company, to serve as a non-executive director of the Company, effective immediately, with an initial term expiring at the Company's 2026 annual meeting of shareholders, or until his successor has been duly elected and qualified. As previously reported, Mr. Elliott resigned from the Board on June 16, 2025, in an effort to help the Company begin to address its non-compliance with Nasdaq's majority-independent board requirement. There are no family relationships between Ms. Clark, Mr. Fittin, or Mr. Elliott, and any other director or executive officer of the Company. There are no transactions to which the Company was or is a participant and in which Ms. Clark or Mr. Fittin has a direct or indirect material interest required to be disclosed under Item 404(a) of Regulation S-K. Transactions with Mr. Elliot required to be disclosed under Item 404(a) of Regulation S-K were disclosed in the Company's definitive proxy statement filed with the Securities and Exchange Commission on June 17, 2025. Ms. Clark, Mr. Fittin, and Mr. Elliott will also participate in the compensation arrangements established by the Company for non-employee directors of the Company, as described in the 2025 Proxy Statement. With these changes, the Company believes it has now regained compliance with Nasdaq's majority-independent board requirement. As previously reported in the Company's Current Report on Form 8-K filed on June 4, 2025, R. Wayne Jackson resigned as a director of the Company on May 23, 2025. Mr. Jackson's resignation resulted in the Company not being in compliance with Nasdaq Rule 5605(b)(1), which requires that a majority of the Board must be comprised of independent directors as defined in Nasdaq listing standards. Pursuant to Nasdaq Rule 5605(b)(1)(A), the Company has 180 days from the date of Mr. Jackson's resignation, or until November 19, 2025, to cure this noncompliance. In addition, as previously reported in the Company's Current Report on Form 8-K filed on June 12, 2025, Charles P. Amos resigned as a director of the Company on June 6, 2025. Due to Mr. Amos' resignation, regaining compliance with Nasdaq's majority-independent board requirement required additional action beyond replacing Mr. Jackson with a suitable successor. Accordingly, as previously reported in the Company's Current Report on Form 8-K filed on June 23, 2025, James Mark Elliott resigned as a non-executive director of the Board on June 16, 2025, in an effort to help the Company begin to address its non-compliance with Nasdaq Rule 5605(b)(1). However, as previously reported, the Company is also not in compliance with Nasdaq Rule 5605(c)(2)(A), which requires, among other things, that audit committees have at least three members and that at least one member have past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in the individual's financial sophistication. Pursuant to Nasdaq Rule 5605(c)(4)(B), the Company has until November 19, 2025 to cure noncompliance with Nasdaq Rule 5605(c)(2)(A). There can be no assurance that the Company will be able to obtain compliance with Nasdaq Rule 5605(c)(2)(A) within the prescribed timeframe. In addition, as previously reported, the Company did not satisfy the continued listing requirements under Nasdaq Listing Rule 5550(b) for the Nasdaq Capital Market. Rule 5550(b) requires that a listed company must satisfy one of the following three standards: (1) stockholders' equity of at least $2.5 million; (2) market value of listed securities of at least $35 million; or (3) net income from continuing operations of $0.5 million in the most recently completed fiscal year or in two of the three most recently completed fiscal years. In its Annual Report on Form 10-K for the year ended December 31, 2024, the Company reported: (i) stockholders' equity (deficit) of ($12.9) million at December 31, 2024, and (ii) net losses of $28.3 million and $39.2 million for the years ended December 31, 2024, and 2023, respectively. In addition, based on the consolidated closing bid price of the Company's Class A Common Stock on the Nasdaq Capital Market on April 4, 2025 of $1.27, the market value of the Company's listed securities was $2.8 million as of such date. The Company submitted a compliance plan to Nasdaq within 45 days of the date of the notification with available options to resolve the deficiency and regain compliance. The Company's compliance plan was accepted on June 20, 2025, and the Company was granted until October 6, 2025 to evidence compliance. There can be no assurance that the Company will be able to obtain compliance with Rule 5550(b) within the prescribed timeframe. If the Company's Class A Common Stock is delisted from the Nasdaq Capital Market, it could have a material adverse effect on the market price and liquidity of the Class A Common Stock and could materially impair the Company's ability to raise equity capital. About Boxlight Corporation Boxlight Corporation, based in Duluth, Georgia, is a technology company that develops, sells, and services interactive solutions primarily for the global education market, as well as for corporate and government sectors. The Company offers a range of products, including interactive and non-interactive flat-panel displays, LED video walls, media players, classroom audio systems, cameras, and STEM solutions like 3D printing and robotics. These products are integrated into a classroom software suite for learning, assessment, and collaboration. Boxlight also provides professional training services to U.S. educational customers. In its report dated Mar. 28, 2025, the Company's auditor, Forvis Mazars, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, highlighting that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. As of Dec. 31, 2024, Boxlight Corporation had $115.31 million in total assets, $99.69 million in total liabilities, and a total stockholders' deficit of $12.90 million. C&M MANUFACTURING: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: C&M Manufacturing, LLC 1045 Lee Charles St. Franklin, LA 70538 Business Description: C&M Manufacturing, LLC is a Louisiana-based company that produces equipment and components for the oil and gas industry. Chapter 11 Petition Date: August 27, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-50759 Judge: Hon. John W Kolwe Debtor's Counsel: Louis M. Phillips, Esq. KELLY HART & PITRE 301 Main Street Suite 1600 Baton Rouge, LA 70801-1916 Tel: 225-381-9643 Fax: 225-336-9763 Email: louis.phillips@kellyhart.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by Michael Fesi, Sr. as manager. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T3ULKEY/CM_Manufacturing_LLC__lawbke-25-50759__0001.0.pdf?mcid=tGE4TAMA CACHCOPA LLC: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Cachcopa LLC d/b/a The Barrett Group 354 Nicholas Blvd. North Fort Myers, FL 33903 Business Description: Cachcopa LLC, doing business as The Barrett Group, provides executive career coaching and personalized career management services in the United States, assisting clients in career transitions, compensation negotiations, and job placement. The firm works with a diverse range of clients, helping them target opportunities aligned with their professional objectives and has supported placements at companies including Amazon, Google, Pfizer, and Salesforce. Its services are delivered through a team of experienced consultants offering customized guidance in career planning, competitive positioning, and professional advancement. Chapter 11 Petition Date: August 26, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-01657 Judge: Hon. Caryl E Delano Debtor's Counsel: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (954) 765-3166 Email: chad@cvhlawgroup.com Total Assets: $196,726 Total Liabilities: $1,454,884 The petition was signed by Stacy Ballinger as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6EKBOCI/Cachcopa_LLC__flmbke-25-01657__0001.0.pdf?mcid=tGE4TAMA CACHCOPA LLC: Michael Markham Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Cachcopa, LLC. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About Cachcopa LLC Cachcopa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01657) on August 26, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Caryl E. Delano presides over the case. Chad T. Van Horn, Esq., at Van Horn Law Group PA represents the Debtor as bankruptcy counsel. CAPSTONE GREEN: Acquires Cal Microturbine in $10M Self-Funded Deal ------------------------------------------------------------------ Capstone Green Energy Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 13, 2025, the Company entered into the Consent to Cal Micro Acquisition and Second Amendment to the Note Purchase Agreement, dated December 7, 2023, by and among Capstone Green Energy LLC, a Delaware limited liability company (the "Buyer"), the Company and Capstone Turbine Financial Services, LLC, a Delaware limited liability company, as guarantors, Goldman Sachs Specialty Lending Group, L.P., a Delaware limited partnership, as collateral agent for the Purchasers from time to time party thereto and Capstone Distributor Support Services Corporation, a Delaware corporation, as Purchaser. The Consent and Second Amendment provides for the Collateral Agent and Purchaser's consent to the Cal Micro Acquisition, subject to Cal Microturbine, LLC (the "Target") becoming a guarantor under the Note Purchase Agreement on the Closing Date. It also includes certain clarifying amendments related to the acquisition. On August 13, 2025, the Buyer entered into an Equity Purchase Agreement with Cal Micro Holdco, Inc., a California corporation (the "Seller"), the Indirect Sellers party thereto, pursuant to which, on the Closing Date, among other things, Buyer acquired all of the outstanding membership interests of the Target, a Delaware limited liability company, from Seller free and clear of any liens. The Target is an authorized distributor of Buyer's products and specializes in providing equipment, parts and service for Buyer's systems throughout the state of California. Under the terms of the Purchase Agreement, the total consideration to be paid by Buyer to Seller is $10,000,000, plus the right to certain contingent post-closing payments. An amount equal to $6,000,000, less seller transaction expenses, is payable from Buyer to Seller at closing. $4,000,000 of the Base Amount is to be paid from Buyer to Seller via 24 monthly installment payments from January 2026 through December 2027. As a condition to closing, the Target's bank account will contain no less than $7,250,000, all of which will remain in the Target's bank account for the benefit of the Buyer from and after closing, without adjustment to the Base Amount. Buyer will also be the beneficiary of the Target's projected positive net working capital position at closing, without adjustment to the Base Amount. 100% of the Consideration is expected to be fully self-funded using the Target's available cash at closing and committed future cash flows. In addition to the Base Amount, Seller is entitled to receive certain post-closing payments contingent upon Buyer's or the Target's receipt of cash for specified pre-closing purchase orders and transactions, in each case if such cash is actually received by Buyer or the Target, as applicable, on or before March 7, 2026. The amounts payable to Seller in connection with such pre-closing purchase orders and transactions are computed as a percentage (15% or 10%, as applicable, depending on the purchase order or transaction) of such cash actually collected. The Buyer may offset any valid indemnification claims against amounts otherwise due to Seller as post-closing installment and contingent payments. In connection with, and as a condition to, closing the Cal Micro Acquisition, pending disputes between the parties have been resolved, including entry into full releases of current claims among the parties (the "Releases"). The Purchase Agreement and the Releases require certain parties to the Purchase Agreement to dismiss the previously disclosed arbitration proceedings in which the Target and its affiliates claimed that the Buyer and its affiliates breached the distribution agreement between the parties and committed fraud and the Buyer and its affiliates counterclaimed, alleging various violations of the distribution agreement, as previously disclosed in the Company's filings with the Securities and Exchange Commission. In providing the Releases, the parties release one another from any claims or liabilities in respect of such arbitration proceedings. The Seller Parties and Buyer each make comprehensive representations and warranties about their authority to enter into the transaction, their organizational standing, and other matters. The Seller Parties provide additional assurances about the Target's business operations, contracts, real property leases, financial statements, taxes, intellectual property, and employment matters. Certain representations and warranties are identified as "Fundamental Representations," which remain in effect for a longer survival period. The Purchase Agreement also contains customary covenants including restrictive covenants, pursuant to which each Seller Party undertakes not to compete with Buyer or the Target's business for a period of three years after the Closing Date. The Seller Parties are also prohibited from soliciting employees, customers, or suppliers of the Target during that same period. Additional confidentiality and non-disparagement obligations also apply, limiting the Seller Parties' ability to disclose or use certain information obtained through the Target. The Purchase Agreement includes indemnification provisions whereby the Seller Parties agree to indemnify Buyer for: (i) breaches of any representations, warranties, (ii) failing to perform covenants, (iii) unpaid indebtedness and transaction expenses, (iv) pre-closing taxes, and (v) other items as more particularly set forth in the Purchase Agreement. Buyer, in turn, agrees to indemnify the Seller Parties for: (i) breaches of any representations, warranties and (ii) failing to perform covenants. Non-fundamental representations survive for 18 months post-closing, while fundamental representations survive until 30 days following the applicable statute of limitations. A monetary threshold of $50,000 applies for breaches of non-fundamental representations before indemnification obligations arise, and there are specified caps on the indemnifying parties' liability except in cases of fraud or intentional misrepresentation. The foregoing description of the Purchase Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and is qualified in its entirety by, the full text of the Purchase Agreement, a copy of which is available at https://tinyurl.com/34zuyanx The Purchase Agreement has been filed as an exhibit hereto to provide investors and security holders with information regarding its terms and is not intended to provide any factual information about the Target. The representations, warranties and covenants set forth in the Purchase Agreement were made solely between the parties to the Purchase Agreement and may be subject to important qualifications and limitations agreed to by the parties in connection with negotiating its terms, including being qualified by confidential disclosures exchanged between the parties in connection with the execution of the Purchase Agreement. Moreover, the representations and warranties may be subject to a contractual standard of materiality that may be different from what may be viewed as material to investors or security holders or may have been used for the purpose of allocating risk between the parties to the Purchase Agreement rather than establishing matters as facts. Information concerning the subject matter of the representations and warranties may change after the date of the Purchase Agreement, which subsequent information may or may not be fully reflected in Buyer's or any of its affiliates' public disclosures. For the foregoing reasons, no person should rely on the warranties as statements of factual information at the time they were made or otherwise. About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $72.8 million in total assets, $80.9 million in total liabilities, and $22 million in total stockholders' deficiency. CAPSTONE GREEN: All Four Proposals Approved at Annual Meeting ------------------------------------------------------------- Capstone Green Energy Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 12, 2025, the Company held its 2025 annual meeting of stockholders. At the close of business on June 13, 2025, the record date for the Annual Meeting, 18,839,849 shares of the Company's voting common stock, par value $0.001 per share, were issued and outstanding, and each holder of the Company's Common Stock as of the Record Date was entitled to one vote for each share of Common Stock held by such stockholder on that date. Holders of the Company's non-voting common stock, par value $0.001 per share, were not entitled to notice of, or to vote at, the Annual Meeting. At the Annual Meeting, stockholders entitled to a total of 12,356,615 votes, or approximately 65.58% of the voting power of all outstanding shares of capital stock of the Company entitled to vote at the Annual Meeting, were present or represented by proxy, constituting a quorum. Proposal 1: The election of the following individuals to the Company's board of directors as Class I and Class II directors to serve until the Company's 2027 (in the case of the Class I director) and 2028 (in the case of the Class I directors) annual meeting of stockholders or until their respective successor has been elected and qualified. * Robert F. Beard was elected as a Class I director of the Company to serve until the Company's 2027 annual meetings of stockholders or until the election and qualification of his successor in office, subject to his earlier death, resignation, retirement, disqualification or removal. * Each of Robert C. Flexon, Robert F. Powelson and Denise M. Wilson was re-elected as a Class II director of the Company to serve until the Company's 2028 annual meeting of stockholders or until the election and qualification of his or her successor in office, subject to his or her earlier death, resignation, retirement, disqualification or removal. Proposal 2: A non-binding advisory vote on the compensation of the Company's named executive officers. * The stockholders approved, on a non-binding advisory basis, the compensation of the Company's named executive officers. Proposal 3: Approval of an amendment to the Capstone Green Energy Holdings, Inc. 2023 Equity Incentive Plan to increase the number of shares available for issuance under the Equity Incentive Plan by 1,000,000. * The stockholders voted to approve the proposed amendment to the Capstone Green Energy Holdings, Inc. 2023 Equity Incentive Plan. Proposal 4: Ratification of the appointment of CBIZ CPAs PC as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2026. * The stockholders voted to ratify the appointment of CBIZ CPAs PC as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2026. The final voting results of each proposal are set forth in the Company's Report on 8-K dated August 14, 2025, accessible at https://tinyurl.com/9d7heyt2 About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $72.8 million in total assets, $80.9 million in total liabilities, and $22 million in total stockholders' deficiency. CAR TOYS: Gets Interim OK to Use Cash Collateral ------------------------------------------------ Car Toys, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The interim order authorized the Debtor to use cash collateral from August 22 to September 9 to fund operations in accordance with its budget, subject to a 15% variance. The Debtor was also authorized to pay the fee carveout from the cash collateral. As adequate protection, Daniel Brettler, a senior secured lender and debtor-in-possession lender, was granted replacement liens on and security interests in all assets acquired by the Debtor after the petition date equal to the decrease, if any, in the value of his interest in the pre-bankruptcy collateral. To the extent such protection is insufficient, the lender will receive an allowed claim under Section 507(b) of the Bankruptcy Code, with priority over every other claim and administrative expense but subordinate to the fee carveout. The Debtor's authority to use cash collateral terminates on September 9 or upon occurrence of certain events including dismissal or conversion of its Chapter 11 case; appointment or election of a trustee, examiner or any other similar entity with expanded powers beyond investigatory alone; entry of an order that stays, modifies, or reverses the interim order; and entry of an order granting relief from the automatic stay, allowing a third party to proceed against any pre-bankruptcy collateral or cash collateral. The Debtor's request to obtain debtor-in-possession financing of up to $500,000 will be considered at the final hearing set for September 9. The interim cash collateral order is available at https://is.gd/fQUH6S About Car Toys Inc. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288-TWD) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. Daniel Brettler, as senior secured lender and DIP lender, is represented by: Nathan T. Riordan, Esq. Wenokur Riordan PLLC 600 Stewart Street Seattle, WA 98101 Phone: (206) 903-0401 Fax: (206) 209-4141 nate@wrlawgroup.com -- and -- Alan J. Wenokur, Esq. Wenokur Riordan PLLC Phone: (206) 682-6224 Fax: (206) 826-9009 alan@wrlawgroup.com CAR TOYS: To Sell 35 Stores in Chapter 11 ----------------------------------------- Marissa Solon of 9News reports that Car Toys, which operates 47 stores across four states, disclosed in its Chapter 11 bankruptcy filing that it plans to sell most of its locations to long-time employees and local competitors. According to the company, 35 stores will be sold while the rest will close. In Colorado, six stores will be sold and three will close, including the Broadway location in Denver. Drive-In Autosound, a local competitor, will acquire the Colorado Springs North store. The retailer, which has reported losses for three consecutive years due to changing consumer demand, said the restructuring plan is aimed at preserving jobs and maintaining service in key markets. Car Toys also announced that it will stop honoring gift cards and Groupons after October 18, 2025, though individual buyers of Car Toys-branded stores may choose to accept them under their own policies. 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. CARDIFF LEXINGTON: Prior Financials Unreliable Over Cash Flow Error ------------------------------------------------------------------- Cardiff Lexington Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 12, 2025, the Audit Committee of the Board of Directors, after consultation with management, GBQ Partners, LLC, the Company's independent registered public accounting firm, and the Company's former independent registered public accounting firm, concluded that the Company's previously issued financial statements listed below should no longer be relied upon because of errors related solely to the classification of non-cash interest expense in the consolidated statements of cash flows. The Affected Reports are: * Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2024, originally filed on May 10, 2024; * Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2024, originally filed on August 14, 2024; * Quarterly Reports on Form 10-Q for the fiscal quarters ended September 30, 2024, originally filed on November 6, 2024; * Annual Report on Form 10-K for the fiscal year ended December 31, 2024, originally filed on March 14, 2025; and * Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, originally filed on May 9, 2025. During the period ended June 30, 2025, as part of the Company's ongoing enhancements efforts to internal controls over financial reporting, a detailed review of its interest expense related to cash flow classification was performed. As a result, management identified that certain accrual-based, non-cash interest expenses related to the Company's line of credit had been inappropriately classified within financing activities rather than within operating activities in the consolidated statements of cash flows for each of the Affected Reports. The errors were presentation-only in nature and had no impact on total cash, cash equivalents, or restricted cash as presented on the consolidated balance sheets for any affected period. There was also no impact on the consolidated statements of operations, consolidated statements of changes in stockholders' equity (deficiency), or earnings (loss) per share metrics for any affected period. Additionally, the errors did not affect compliance with debt covenants or other contractual obligations, nor did they alter management's previously disclosed conclusions regarding the effectiveness of the Company's internal control over financial reporting. The Company will file as soon as practicable the following amendments to correct the presentation errors: * Form 10-Q/A (Amendment No. 2) for the quarter ended March 31, 2024; * Form 10-Q/A (Amendment No. 2) for the quarter ended June 30, 2024; * Form 10-Q/A (Amendment No. 1) for the quarter ended September 30, 2024; * Form 10-K/A (Amendment No. 1) for the fiscal year ended December 31, 2024; and * Form 10-Q/A (Amendment No. 1) for the quarter ended March 31, 2025 Each amendment will reclassify: (a) non-cash interest expense from "net proceeds (repayments) under line of credit" within financing activities to "adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities" within operating activities; and, where applicable, (b) credit loss expense from selling, general and administrative expenses to a reduction of revenue. The Audit Committee had discussed the matters disclosed in this filing with GBQ, the Company's independent registered public accounting firm, and the Company's former independent registered public accounting firm. About Cardiff Lexington Headquartered in Las Vegas, Nevada, Cardiff Lexington Corporation is an acquisition holding company focused on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for its stockholders. Specifically, the Company has and will continue to look at a diverse variety of acquisitions in the healthcare sector in terms of growth stages and capital structures and it intends to focus its portfolio of subsidiaries approximately as follows: 80% will be targeted to established profitable niche small to mid-sized healthcare companies and 20% will be targeted to second stage startups in healthcare and related financial services (emerging businesses with a strong organic growth plan that is materially cash generative). Columbus, Ohio-based GBQ Partners, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 14, 2025, citing that the Company has experienced recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $23.93 million in total assets, $16.32 million in total liabilities, $4.92 million in total mezzanine equity, and $2.69 million in total stockholders' equity. As of Jun. 30, 2024, the Company had $26.51 million in total assets, $20.54 million in total liabilities, $5.22 million in total mezzanine equity, and $753,604 in total stockholders' equity. CARRIAGE SERVICES: Moody's Alters Outlook on 'B2' CFR to Positive ----------------------------------------------------------------- Moody's Ratings affirmed Carriage Services, Inc. (Carriage) B2 Corporate Family Rating and B2-PD Probability of Default Rating. Moody's also affirmed the company's B3 senior unsecured rating. The Speculative Grade Liquidity rating (SGL) is upgraded to SGL-2 from SGL-3. Moody's also revised the outlook to positive from stable. Carriage is a provider of funeral and cemetery services and merchandise in the US. The outlook revision from stable to positive reflects Carriage's improving operating performance and credit metrics, including free cash flow and liquidity. Moody's expects Carriage to maintain modest revenue growth and debt/EBITDA around 4x or lower, supported by a solid EBITDA margin of about 30%, along with further reduction of the revolver balance. Additionally, Moody's anticipates free cash flow to debt will be in the mid to high single-digit percentage range and that the company's M&A strategy will be mostly driven by free cash flow utilization rather than additional debt. RATINGS RATIONALE The B2 CFR reflects Carriage's small scale and moderately high leverage, operating within the mature, fragmented and competitive deathcare industry, with both larger and smaller competitors that could create pricing pressure or limit revenue growth. As of June 30, 2025, Carriage generated $408 million in revenue with debt/EBITDA of 4.3x. Ongoing secular trends toward the increasing use of cremation services, which often generate lower revenue than traditional burial, also weigh on financial performance and could hinder revenue and profit growth. Additionally, given the company's public commitment to resuming M&A activity, the pace of debt reduction could be slower than anticipated if Carriage issues incremental debt to fund transactions, weakening the credit profile. However, Moody's expects the company will mostly use free cash flow to fund M&A, which supports Moody's positive outlook. The company's ratings benefit from its position as the second-largest player in the stable death care industry, along with solid profitability and a good liquidity profile. Moody's anticipates Carriage will maintain an EBITDA margin above 30%, interest coverage near 4x, and free cash flow to debt in the mid to high single-digit percentage range over the next 12 to 18 months. The value of certain Carriage assets, including diverse owned and controlled properties and a backlog of pre-sold contracts, likely exceeds select liabilities, such as the costs of fulfilling pre-need services and its debt obligation. Moody's expects that steady demand from the aging baby boomer population will lead to revenue growth in the low single-digit percentage range. This growth will be driven mainly by acquisitions, pre-need cemetery production growth and price increase initiatives, offset by lower funeral service sales and a normalization of at-need demand to pre-pandemic levels. All financial metrics cited are calculated based on Moody's standard adjustments. The SGL-2 rating reflects Carriage's good liquidity profile supported by Moody's expectations of at least $50-60 million free cash flow in 2026. However, Moody's do not expect Carriage to maintain large cash balances as evidenced by the less than $2 million cash held as of June 30, 2025. Liquidity is supported by around $135 million availability under its $250 million revolver expiring July 2029 (unrated). Financial covenants include a maximum total leverage ratio of 5.0x and a minimum fixed charge coverage ratio of 1.2x. As of June 30, 2025, the bank covenant total leverage ratio was 4.2x, providing a modest covenant cushion. The amended credit agreement restricts Carriage from making further acquisitions if total leverage exceeds 4.5x. Moody's expects Carriage to remain compliant with its financial leverage covenant and to finance upcoming M&A through cash flow, divestiture proceeds, and potential use of the revolver. The B3 rating on the $400 million senior unsecured notes due May 2029 is one notch below the B2 CFR, reflecting its junior position in the capital structure relative to the company's secured debt. This includes a $250 million revolving credit facility (unrated) expiring July 2029. The positive outlook reflects Moody's expectations that Carriage may maintain its debt/EBITDA around 4.0x or lower by sustaining an EBITDA margin above 30% and reducing the outstanding revolver over the next 12 to 18 months. The outlook anticipates low single-digit revenue growth driven by price increases and acquisitions, as well as maintaining a good liquidity profile, with free cash flow-to-debt around the mid to high single-digit percentage range, and a good cushion under the financial leverage covenant. The outlook could be revised from positive to stable if business performance weakens or financial policies become more aggressive. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's anticipates sustained organic revenue and profit rate growth. Expectations that Carriage would sustain financial leverage below 5.5x, an improvement in the liquidity profile and balanced financial policies, and free cash flow to debt would approach 8%, while also maintaining a comfortable cushion under the covenant total leverage ratio. The positive outlook indicates that the ratings are unlikely to be downgraded in the near term. However, over the longer term, the ratings could be downgraded if Moody's expects revenue or margins to sustainably decline, indicating a weakening competitive position, financial policies become more aggressive, such that financial leverage will be sustained above 6.5x, or liquidity deteriorates, including an increased likelihood of a covenant breach. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Carriage's B2 rating is two notches below the projected scorecard-indicated outcome of Ba3. This difference reflects the company's small scale, very limited organic growth in a mature market, and a tight cushion under its financial leverage covenant ratio, which was amended due to aggressive financial policies. Carriage Services, Inc. (NYSE: CSV), headquartered in Houston, TX, provides funeral and cemetery services and merchandise in the US. As of June 30, 2024, Carriage operated 159 funeral homes in 25 states and 28 cemeteries in 10 states across the US. Moody's expects Carriage will generate about $430 million revenue in 2026. CHEMOURS COMPANY: Moody's Alters Outlook on 'Ba3' CFR to Negative ----------------------------------------------------------------- Moody's Ratings affirmed The Chemours Company's ("Chemours") Ba3 Corporate Family Rating, the Ba3-PD probability of default rating, the Ba1 ratings on its senior secured bank credit facilities, including term loans and revolvers, and the B1 ratings on its senior unsecured notes. Additionally, Moody's changed the outlook to negative from stable due to continuing weak financial performance and weak credit metrics. Although its Thermal & Specialty Solutions business continues to perform well, the TiO2 business remains mired in a cyclical trough preventing the recovery of credit metrics and limiting free cash flow. "The recent settlement with the State of New Jersey over PFAS liabilities was only a modest credit negative due to continuing support from DuPont and Corteva," stated John Rogers, Moody's Ratings Senior Vice President and lead analyst on Chemours. RATINGS RATIONALE Chemours' Ba3 CFR reflects the company's substantial size, leading market positions in each of its three business segments and proprietary technologies that normally enable the company to generate strong profit margins. These strengths are offset by the cyclicality of it titanium dioxide (TiO2) business and substantial litigation risk stemming from per- and polyfluoroalkyl substances ("PFAS"). The company is a defendant in a large number of actions filed by states, municipalities, environmental regulators, businesses and private plaintiffs. These products have been used and sold by the company and its predecessors for more than 70 years. Settlements to date have been manageable with the support of DuPont de Nemours, Inc. (DuPont; Baa1 negative) and EIDP, Inc. (A3 stable; dba Corteva, Inc. or Corteva). However, cash outflows for settlements and environmental remediation are significant and the reduced profitability continues to constrain its financial flexibility. A substantial number of lawsuits remain in the multi-district litigation ("MDL") in South Carolina and the number of lawsuits outside of the MDL are increasing, primarily due to opt-outs from a prior settlement. The negative outlook reflects continuing weak credit metrics and the expectation for limited free cash flow due to industry conditions. Without a material improvement in profitability, potential debt reduction will be constrained and credit metris will remain weak. While management has taken actions to reduce costs and lowered the dividend by 65% earlier this year, these actions by themselves will not return credit metrics to levels that adequately support the rating over the next 12-18 months. The company's Thermal & Specialized Solutions business continues to perform well as regulatory changes continue to increase demand for hydrofluoro-olefin (HFO) refrigerants in the US and Europe. Chemours is one of only two major producers of HFO refrigerants, which have a negligible impact on global warming compared to traditional HFC refrigerants. This business now generates the majority of the company's EBITDA. The company's Titanium Technologies business (the main product is TiO2) is in a cyclical trough due to global overcapacity and the downturn in demand from the building and construction markets. Capacity added in China, along with the downturn in Chinese domestic demand, have caused exports from China to increase significantly. In the second quarter of 2025, prices continued to decline. LTM profitability for this business is at the lowest level since it became a public company in 2015. However, industry publications have indicated that over 700 thousand tons of old and less efficient capacity in China has been shut down since the start of 2023, much of this capacity was in China. However, this has not yet resulted in an increase in prices. The company's Advanced Performance Materials business is also in a downturn due to reduced demand from industrial end markets. This segment improved modestly in 2Q25 due to increased sales into high-value applications and the shutdown of a lower margin product line. With regard to PFAS legal and environmental liabilities, Chemours and two of its predecessor companies have agreed to jointly pay the first $4 billion in liabilities. This agreement signed in 2021, reduces Chemours cash costs by 50%. To date, these three companies have agreed to cover roughly $2.6 billion of liabilities under this agreement. The recent $875 million settlement with the State of New Jersey is included in that figure. Under that settlement, Chemours would be obligated to pay $137.5 million in the first two years followed by 23 years of smaller payments. Concurrent with the settlement, DuPont and Corteva agreed to pay the first $150 million of Chemours cash liabilities in this settlement, in exchange for $150 million of Chemours' future insurance recoveries. This along with restricted cash currently held in escrow is expected to fund the company's settlement obligations through 2030. Moody's believes that DuPont and Corteva will continue to support Chemours with any large PFAS settlements in the future, even above the $4 billion agreement, as these companies would not want Chemours to become distressed and declare bankruptcy. A bankruptcy court could force DuPont and Corteva to assume these liabilities directly. As part of the New Jersey settlement, Chemours will have to provide a guarantee of payment (letter of credit, surety bond or other acceptable mechanism) for an amount equal to the estimated remediation costs at three of its facilities in New Jersey. If the estimated remediation costs remain at the low end of the range, this requirement can be easily managed with the company's existing facility. However, if the estimated remediation costs increase substantially, the company may need to set up another facility to manage this requirement. As of June 30, 2025, LTM credit metrics are very weak for the rating with Debt/EBITDA of over 5.5x and Retained Cash Flow/Debt of less than 5%. Metrics have been weaker than Moody's downgrade triggers for more than one year, but Moody's were expecting some improvement in TiO2 margins, which has not materialized. Even with management's actions to reduce costs and lower the dividend, without an improvement in TiO2 margins, it will be challenging for the company to return credit metrics to levels that fully support the rating over the next 12-18 months. LIQUIDITY Chemours' SGL-2 rating indicates good liquidity due to roughly $500 million of cash and access to roughly $950 million in revolver availability subsequent to the May 2025 amendment. The company also has access to a $165 million accounts receivable facility, which is fully utilized. The revolver has a maximum secured Net Debt/EBITDA ratio of 2.75x stepping down to 2.5x at 2Q26, and finally to 2.0x at 4Q26. Chemours is expected to be in compliance with this covenant over the next 12-18 months. The company has a $1 billion revolver with $220 million maturing in October 2026 and $780 million maturing in May 2030; however all of the commitments have a springing maturity that is 91 days prior to the next term loan or unsecured notes maturity. The company's next maturity is in May 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would consider a downgrade, if (i) PFAS litigation and settlement related costs were rise above $4.0 billion in the next 12-18 months; (ii) there were to be any concern that DuPont and Corteva would not continue to support the company in covering future PFAS related costs; (iii) cash balances and liquidity were to deteriorate significantly; or (iv) Debt/EBITDA was expected to exceed 4.0x and Retained Cash Flow/Debt was expected to be below 10% on a sustained basis. An upgrade is highly unlikely due to the company's current financial performance. However, an upgrade would be considered when there is better clarity on the potential timing and scale of PFAS litigation related settlements and remediation liabilities, as this is an evolving situation. COMPANY PROFILE The Chemours Company, headquartered in Wilmington, Delaware, is a leading global producer of performance chemicals through three primary segments: Titanium Technologies, Thermal & Specialized Solutions and Advanced Performance Materials. Revenues for the last twelve months ended June 30, 2025 were roughly $5.9 billion. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CHESTNUT OAK DRIVE: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------ On August 20, 2025, Chestnut Oak Drive North LLC filed Chapter 11 protection in the Middle District of Florida . According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Chestnut Oak Drive North LLC Chestnut Oak Drive North LLC is a single asset real estate company based in Jacksonville, Florida. Chestnut Oak Drive North LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02861) on August 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jacob A. Brown handles the case. CHEZ JOEY: Seeks Subchapter V Bankruptcy in Maryland ---------------------------------------------------- On August 21, 2025, Chez Joey LLC sought Chapter 11 protection in the District of Maryland, electing to proceed under Subchapter V as a small business debtor. The company disclosed assets under $50,000 with debts between $500,001 and $1 million, spread among 1–49 creditors. Significant liabilities include $478,000 tied to pending lawsuits and judgments, $207,688 in federal taxes owed to the IRS, $167,373 in state tax obligations to Maryland’s Comptroller, and $46,333 in commercial lease arrears. About Chez Joey LLC Chez Joey LLC is a Baltimore-based nightlife establishment located at 415 E. Baltimore Street. Chez Joey LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17669) on August 21, 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 Law Office of Thomas J. Maronick Jr, LLC. CITY BREWING: Lenders Take Control As Part of Restructuring Deal ---------------------------------------------------------------- James Crombie of Bloomberg News reports that lenders have assumed control of City Brewing Co. as part of a restructuring agreement designed to cut debt and strengthen liquidity. The beverage maker—known for producing White Claw and Pabst Blue Ribbon—had previously explored out-of-court solutions with creditors. Leadership changes accompanied the deal, with Executive Chairman David Taylor exiting and CEO Ross Sannes remaining at the helm alongside a reconstituted board, the report states. About City Brewing Co. LLC City Brewing Company, LLC operates as a brewery company. The Company manufactures beverages by contract, including beer, malts, teas, soft drinks, energy drinks, and other new age beverages. City Brewing serves customers in the United States. CITY BREWING: Revamps Board as Lenders Take Ownership ----------------------------------------------------- City Brewing Company, LLC, one of the largest independent co-manufacturers of beer, flavored malt, ready-to-drink, and non-alcoholic beverages in the United States, on Aug. 27 announced the successful completion of a fully consensual transaction with a highly supportive group of its financial partners. The Transaction meaningfully strengthens City Brewing's financial foundation by significantly reducing the Company's debt, enhancing liquidity, and positioning the Company for sustainable growth and long-term operational stability. As part of the Transaction, City Brewing ownership has transferred to a group of the Company's existing lenders. The Company's new ownership group is confident in City Brewing's go-forward strategy, growth potential, and ability to build on its legacy as a premier beverage producer. "As we transition to new ownership, I look forward to working closely with our new partners to steward City Brewing into its next chapter," said Ross Sannes, Chief Executive Officer. "With a stronger financial position and clear strategic vision, we are well-positioned to continue serving as the go-to producer in the beverage manufacturing space while pursuing sustainable growth in the years ahead. I am thankful for the dedication of our team, the support of our financial partners, and the continued trust of our customers, all of which have brought us to this milestone." Additionally, David Taylor has stepped down from his position as Executive Chairman of City Brewing. Mr. Taylor will continue to support the business in the near-term to facilitate a seamless transition. The Company's remaining executive team, led by Mr. Sannes, will continue to lead the business alongside a new Board of Directors, ensuring continuity for its teams, customers, and partners. "Dave has been an instrumental member of the City Brewing team, and we are deeply grateful for his leadership," continued Mr. Sannes. "We will build upon Dave's many contributions as we continue to strengthen our position as an industry leader in beverage manufacturing." In connection with this announcement, City Brewing is also welcoming new members to its Board of Directors, who bring significant expertise across the beverage and co-manufacturing industries and will partner with management to advance the Company's strategic objectives. Joining Sannes on the Board, subject to completion of standard background checks, are the following members: David J. Colo: With decades of experience in the food and beverage industry, Colo has served as President and CEO of both MGP Ingredients and SunOpta, respectively, and was in senior leadership roles at companies such as Diamond Foods, ConAgra Foods, and Nestlé-Purina. Derek Hopkins: Hopkins has spent more than 30 years at the highest levels of the beverage industry across the US, Canada, and Europe. Hopkins most recently served as President, US Refreshment Beverages at Keurig Dr. Pepper (KDP), and has held senior roles at Bacardi, The Coca-Cola Company, AB InBev, and Guinness Diageo. He also served as the Vice Chairman of the American Beverage Association. George Parke: Parke is a founder of law firm Bosshard Parke and an accomplished lawyer, business executive, and real estate developer. He previously served as the Chairman of the Board and Chief Executive Officer of City Brewing from 2007 to 2021, overseeing, alongside an incredible team of managers and colleagues, a period of significant expansion and success for the business. Michael Wartell, CFA: Wartell is President of Bluerose Associates and has served as a member of the City Brewing board since 2024. Mr. Wartell brings a strong track record of working with management teams to create value as an independent director for both public and private corporations. Advisors Sullivan & Cromwell LLP served as legal advisor, Evercore served as investment banker, FTI served as financial advisor, and C Street Advisory Group served as strategic communications advisor to City Brewing. Gibson, Dunn & Crutcher LLP served as legal advisors and Perella Weinberg Partners served as investment banker to an ad hoc group of term lenders. Freshfields LLP served as legal advisor and BRG served as financial advisor to an ad hoc group of revolving lenders. About City Brewing & Beverage City Brewing & Beverage is the premier full-service co-manufacturer in the United States, providing co-packing solutions to top beverage brands across Hard Seltzer, Traditional Flavored Malt Beverages (FMB), Beer, Spirit-Based Ready-to-Drink (RTD), and premium non-alcoholic categories. Operating state-of-the-art facilities in La Crosse, WI; Memphis, TN; Latrobe, PA; and Irwindale, CA, City Brewing has served as the go-to producer for companies seeking scale, quality, and innovation for over 25 years. CLAIRE'S HOLDINGS: Claims to Get Paid from Distributable Proceeds ----------------------------------------------------------------- Claire's Holdings LLC and affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for the Joint Chapter 11 Plan dated August 19, 2025. Claire's is a global brand powerhouse for self-expression, creating exclusive, curated, and fun fashionable jewelry and accessories. Claire's is also a go-to establishment for ear piercing, having pierced over 100 million ears since 1978. In the months leading to the Petition Date, the Debtors launched a dual-track marketing process to solicit bids for (a) all or part of the Debtors' business operations as a going-concern or (b) a full-chain liquidation either on a fee-for-service or equity basis. Pursuant to this process, the Debtors contacted over 160 potential buyers, executed over 60 confidentiality agreements, and conducted nine management presentations. The Debtors executed a fee-for-service agency agreement (the "Agency Agreement") with Hilco Merchant Resources, LLC on July 24, 2025, to liquidate all or a portion of the United States and U.S. territory stores in the event a going concern transaction is not achievable. On August 8, 2025, the Court entered the Interim Order (I) Authorizing the Debtors to Assume the Agency Agreement, (II) Authorizing and Approving the Conduct of Store Closing Sales, with Such Sales to Be Free and Clear of All Liens, Claims, and Encumbrances, (III) Modifying Customer Programs at the Closing Stores, and (IV) Granting Related Relief (the "Interim Store Closing Order") and the Debtors commenced a full chain liquidation process for all of their brick-and-mortar stores. Importantly, the Debtors maintained the flexibility under the Agency Agreement, subject to the consent of their lenders, to stop the liquidation sales in the event that an actionable going-concern transaction materialized. During the initial weeks of the chapter 11 cases, the Debtors continued to work with potential purchasers to solidify one or more of the non-binding letters of intent into binding commitments to purchase some or all of the Debtors' assets. These efforts were successful. On August 18, 2025, the Debtors and AWS Claire's, LLC, (the "Purchaser"), an entity owned by a buyer group led by Ames Watson, LLC, entered into the Asset Purchase Agreement, pursuant to which the Purchaser will acquire certain assets as set forth in the Asset Purchase Agreement (the "Going-Concern Assets"), including: (i) certain leases for retail locations and distribution centers, (ii) all inventory and other tangible personalty and/or improvements to real property, associated with no less than 795 (and potentially as many as 975) of the Debtors retail locations and distribution centers (the "Go-Forward Stores"), (iii) the Debtors' intellectual property assets, and (iv) certain other assets and assumed liabilities, as described in the Asset Purchase Agreement (the "Sale Transaction"). The Purchaser agreed to provide postpetition financing, in addition to certain relief and concessions provided by the Prepetition Secured Parties, to provide the Debtors with necessary liquidity to bridge to close of the Sale Transaction. On August 16, 2025, the Debtors exercised their right to stop liquidation sales at approximately 950 stores to facilitate the execution of the Sale Transaction. After running an extensive, months-long prepetition marketing process, the Asset Purchase Agreement represents best and the only viable offer for the Going-Concern Assets. The Debtors believe that the purchase consideration is the best available for the Going-Concern Assets, and the Debtors have not received a higher or otherwise better offer for the Going-Concern Assets. Importantly, the Sale Transaction will preserve thousands of jobs, provide continued business to hundreds of the Debtors' vendors and landlords, and will allow the Claire's brand to remain a prominent retailer for teens, tweens, and young girls around the world. Class 6 consists of General Unsecured Claims. On the Effective Date, each General Unsecured Claim shall be discharged and released, and each Holder of a General Unsecured Claim shall not receive or retain any distribution, property, or other value on account of such General Unsecured Claim. Equity Interests in Claire's shall be cancelled, released, and extinguished as of the Effective Date, and will be of no further force or effect, and Holders of Equity Interests in Claire's will not receive any distribution on account of such Interests. On or after the Effective Date, the Debtors, the Wind-Down Debtors, or the Plan Administrator, as applicable, shall fund the Plan Distributions with the Distributable Proceeds on account of Allowed Claims in accordance with the Waterfall Recovery. The Distributable Proceeds shall be allocated and paid to the Holders of Claims, other than Allowed Professional Fee Claims, as applicable, until paid in full, in each case, on a Pro Rata basis, and subject in all respects to the terms of the Interim DIP Order, except as otherwise agreed to by such Holders of Claims or Interests. On or before the Effective Date, the Debtors, the Wind-Down Debtors, or Plan Administrator, as applicable, shall take all actions as may be necessary or appropriate to effectuate the Wind Down Transactions, including the steps set forth in the Wind-Down Transactions Memorandum, and any transaction described in, approved by, contemplated by, or necessary to effectuate the Wind Down Transactions that are consistent with and pursuant to the terms and conditions of the Plan. A full-text copy of the Disclosure Statement dated August 19, 2025 is available at https://urlcurt.com/u?l=2P3Mno from Omni Agent Solutions, Inc., claims agent. Proposed Co-Counsel to the Debtors: Joshua A. Sussberg, P.C. Allyson B. Smith, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: joshua.sussberg@kirkland.com allyson.smith@kirkland.com AND Alexandra F. Schwarzman, P.C. Robert A. Jacobson, Esq. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: alexandra.schwarzman@kirkland.com rob.jacobson@kirkland.com Proposed Co-Counsel to the Debtors: Zachary I. Shapiro, Esq. Daniel J. DeFranceschi, Esq. Paul N. Heath, Esq. Clint M. Carlisle, Esq. Colin A. Meehan, Esq. RICHARDS, LAYRON & FINGER, P.A. One Rodney Square 920 N. King Street Wilmington Delaware 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 Email: shapiro@rlf.com defranceschi@rlf.com heath@rlf.com carlisle@rlf.com meehan@rlf.com About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com -and- L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com) CM CUSTOM: Unsecureds Will Get 100% Dividend in Plan ---------------------------------------------------- CM Custom Siding, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Arkansas a Combined Small Business Plan of Reorganization and Disclosure Statement date August 20, 2025. The Debtor is a siding business located in Malvern, Arkansas. Chad Morehead is the owner and sole/managing member of the Debtor. Debtor-in-Possession was organized on February 23, 2018, and Articles of Organization were filed with the Arkansas Secretary of State. The Company installs siding on new construction homes in central Arkansas. Debtor-in-Possession believes that its continued business operations will be sufficient to pay the value of the collateral to secured creditors and pay a 100% distribution to unsecured creditors. Chad Morehead is the sole owner of the membership interest in the Debtor. This Plan proposes to pay creditors of the Debtor-in-Possession from income it derives from its business, contracting with individuals and businesses within the state to install siding and gutters in new construction homes. The case was filed on May 2, 2025, and the cash disbursements consist of payments to creditors (specifically in the months prior to the date of filing) scheduled herein, and there is sufficient income and cash flow for debtor to pay $4200.00 per month, the amount required for specified class/creditor payments (Secured Claims) during the 60 months of the Plan, priority claims, and allowed general, non-priority unsecured claims of the Debtor. The Plan provides a 100% payout to the unsecured creditors with allowed claims. The Debtor believes that it can demonstrate that a consensual confirmation of its proposed 60-month Plan is in the best interests of its creditors, and thereby encourages its creditors to vote to accept the proposed 60-month Plan. Class 3 consists of Allowed General Non-Priority Unsecured Creditors. This class consists solely of Debtor's general unsecured, nonpriority claims and will include any amounts of secured claims that exceed the value of the collateral securing the claim. Debtor estimates that total net disposable income available under the Plan will generate a dividend pool available for unsecured creditors is 100.00%. This Class is impaired. Class 4 consists of Equity Interest Holder of the Debtor: Chad Morehead. The sole equity interest holder, Chad Morehead shall retain his full equity interest in the reorganized Debtor. Upon Confirmation, Debtor-in-Possession shall be charged with administration of the case. Payments to creditors will be made from the proceeds as described above. Debtor-in-Possession may maintain bank accounts under the confirmed Plan in the ordinary course of business. Debtor-in-Possession may also pay ordinary and necessary expenses of the administration of the Plan in due course. A full-text copy of the Combined Plan and Disclosure Statement dated August 20, 2025 is available at https://urlcurt.com/u?l=997auH from PacerMonitor.com at no charge. Counsel to the Debtor: Vanessa Cash Adams, Esq. AR Law Partners, PLLC 415 N. McKinley Street, Suite 830 Little Rock, AR 72205 Telephone: (501) 710-6500 Facsimile: (501) 710-6336 Email: vanessa@arlawpartners.com About CM Custom Siding CM Custom Siding LLC is a construction company based in Traskwood, Arkansas. CM Custom Siding LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-11515) on May 2, 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 Bianca M. Rucker handles the case. The Debtor is represented by Vanessa Cash Adams, Esq. at AR Law Partners, PLLC. COAL NEW HAVEN: Updates Restructuring Plan Disclosures ------------------------------------------------------ Coal New Haven LLC submitted a Second Amended Disclosure Statement in connection with the Third Amended Chapter 11 plan of reorganization dated August 20, 2025. The Debtor is the owner of the commercial property located at 915 Ella T. Grasso Boulevard, New Haven, Connecticut (the "Property"), and sought Chapter 11 relief after signing a Restructuring Support Agreement ("RSA") with a group of outside financial investors (referred to as the "New Investor Group") who succeeded to the management control of the Debtor just prior to bankruptcy. The goal of the RSA is to use the Chapter 11 to revitalize and reopen the substance abuse and detoxification facility (the "Facility") located at the Property, previously operated by a non debtor affiliate known as NR Connecticut LLC (the "Op Co") under a classic "Prop Co – Op Co" business framework. To implement the Amended Plan, the New Investor Group, together with its operating partner, Empower Recovery Investors LP and its subsidiary, Emend Health Company (CT) LLC (hereinafter, Emend together with the New Investor Group, are collectively referred to as the "Plan Funder"), shall promptly proceed with the filing of a new application in Connecticut to obtain a Certificate of Need ("CON") and new operating license for the Facility. By virtue of Arba's support of the Amended Plan, Promises Behavioral Health LLC ("Promises") which previously entered into a pre-petition contract with the Receiver has withdrawn its application for a CON and Promises' sale contract is no longer effective. Indeed, the Receiver has surrendered possession of the Property to the Debtor. As noted, under the RSA, Mitch Kahn, a member of the New Investor Group, was appointed financial manager of the Debtor. The U.S. Trustee expressed concerns about the Debtor being managed by the New Investor Group in light of the Plan provisions for the transfer of title to the Property to the New Investor Group. Accordingly, it was agreed that the Debtor would retain an outside independent manager as Chief Restructuring Officer ("CRO"). An application for the retention of Ephraim Diamond, principal of Arbel Capital Advisors LLC, as the CRO was approved by Order dated July 25, 2025. Mr. Diamond is responsible for administering the DIP Loan, preserving and securing the Debtor's property following surrender by the Receiver, and assisting in the confirmation process as an estate representative through the Effective Date of the Amended Plan. Like in the prior iteration of the Plan, the Debtor is classifying all other claims against the Debtor as being unsecured, which primarily includes Stonehenge Capital Fund Connecticut IV, LLC. Allowed Class 2 Unsecured Claims shall be paid and receive a pro rata dividend based upon distribution of the General Creditor Reserve in full satisfaction, release and discharge of their Allowed Claims against the Debtor. Class 3 consists of the Equity Interests in the Debtor. No payments shall be made on account of equity interests in the Debtor. Upon the Effective Date and after the Closing, the Equity Interests shall be deemed canceled, whereupon the Debtor shall be dissolved. While Class 3 equity interests are impaired under the Amended Plan as insiders, they are not entitled to vote on the Amended Plan. The Plan Funder shall contribute all funds necessary to pay all required distributions hereunder after the License Condition is satisfied and the Amended Plan becomes effective. The Plan Funder shall use all commercially reasonable efforts to file and prosecute its application for a CON and new operating license at the Plan Funder's sole cost and expense. The Plan Funder shall provide monthly reports to Arba and other creditors regarding the status of the application for a CON and new operating license. The Plan Funder shall be eligible to obtain an extension of the one-year period to meet the License Condition upon the written consent of Arba, such consent not to be unreasonably withheld, so long as the Plan Funder is proceeding in good faith and has complied with all requirements of the Connecticut Office of Policy and Management and the Connecticut Department of Health in connection therewith. The application process has already started and is proceeding to meet the timeline of the License Condition. A full-text copy of the Second Amended Disclosure Statement dated August 20, 2025 is available at https://urlcurt.com/u?l=Sd6QOa from PacerMonitor.com at no charge. Counsel for the Debtor: Kevin J. Nash, Esq. Goldberg Weprin Finkel Goldstein LLP 125 Park Ave., Floor 12 New York, NY 10017 Telephone: (212) 221-5700 About Coal New Haven Coal New Haven LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-45425) on Dec. 31, 2024. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Jil Mazer-Marino handles the case. Kevin J. Nash, of Goldberg Weprin Finkel Goldstein LLP, is serving as the Debtor's counsel. COLLECTIVE INVESTMENT: Lawrence Katz Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Lawrence Katz of Hirschler Fleischer, PC as Subchapter V Trustee for Collective Investment Holdings 5, LLC. Mr. Katz will be paid an hourly fee of $665 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Katz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lawrence A. Katz Hirschler Fleischer, PC 1676 International Drive, Suite 1350 Tysons, VA 22102 Email: lkatz@hirschlerlaw.com About Collective Investment Holdings Collective Investment Holdings 5, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11741) on August 24, 2025, listing between $500,001 and $1 million in assets and between $100,001 and $500,000 in liabilities. Judge Brian F. Kenney presides over the case. Martin C. Conway, Esq., at Conway Law Group, PC represents the Debtor as bankruptcy counsel. COMPLEMAR PARTNERS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Complemar Partners, Inc. 500 Lee Road Suite 200 Rochester, NY 14606 Business Description: Complemar Partners, Inc. provides fulfillment, co-packing and kitting, and returns management services, leveraging technology and integrated solutions to support supply chain operations. Headquartered in Rochester, New York, the Company operates over 400,000 square feet of warehouse space, handling more than 680 million items annually and serving over 1,000 customers across more than 30 countries. It serves clients in e-commerce, health and beauty, subscription boxes, telecom, and wine and spirits industries. Chapter 11 Petition Date: August 28, 2025 Court: United States Bankruptcy Court Western District of New York Case No.: 25-20610 Judge: Hon. Warren, USBJ Debtor's Counsel: Sara C. Temes, Esq. BOND, SCHOENECK & KING, PLLC One Lincoln Center Syracuse, NY 13202 Tel: (315) 218-8000 Email: stemes@bsk.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million David Van Rossum signed the petition in his capacity as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SVT7CZI/Complemar_Partners_Inc__nywbke-25-20610__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 500 Lee Road, LLC Arrears Under $1,545,543 1010 Lee Road Lease Rochester, NY 14606 2. American Express Credit Card $49,748 World Financial Center Debt 200 Vesey Street New York, NY 10285 3. Atwork Franchise, Inc. Trade Debt $74,067 144 Metro Park #4 Rochester, NY 14623 4. Buckeye BCI Koch Trade Debt $30,294 (Rochester) c/o Buckeye Corrugated, Inc. 797 Old Dutch Road Victor, NY 14564 5. Chubb Group Insurance Co. Insurance $33,472 1133 Avenue of the Americas Premiums New York, NY 10036 6. Corporate Service Company Services $73,996 251 Little Falls Drive Provided Wilmington, DE 19808-1674 7. Endicia Services Provided $145,800 323 N Mathilda Avenue Sunnyvale, CA 94085 8. Express Employment Services Provided $80,757 3400 Monroe Avenue Unit 9 Rochester, NY 14618 9. Federal Express - Pittsburgh Services Provided $98,733 3620 Hacks Cross Road Memphis, TN 38125-8800 10. First Citizens Bank $31,251 21146 Network Place Chicago, IL 60673-1211 11. Globaltranz Enterprises, Inc. Trade Debt $29,402 7350 N Dobson Road Floris, IA 52560 12. Harter, Secrest & Emery Services Provided $393,905 1600 Bausch & Lomb Place Rochester, NY 14604 13. Jamestown Container, Inc. Trade Debt $241,507 14 deming Drive Falconer, NY 14733 14. Maguire Properties Arrears Under $51,000 146 Halstead Street Box 21 Former Lease Rochester, NY 14610 15. Regents Capital $30,566 105 14th Avenue Suite 300 Seattle, WA 98122 16. Robert Half $35,950 12400 Collections Center Drive Chicago, IL 60693 17. Securitas Technology Trade Debt $69,075 Corporation 3800 Tabs Drive Uniontown, OH 44668-5000 18. Stamps.com $34,400 1990 E Grand Avenue El Segundo, CA 90245 19. Uline Trade Debt $62,299 12575 Uline Drive Pleasant Prairie, WI 53158 20. VWR Trade Debt $83,854 International/Avantor 100 Matsonford Road Building 1, Suite 200 Radnor, PA 19087-8660 CONAIR HOLDINGS: Blue Owl Capital Marks $161.6M 2L Loan at 25% Off ------------------------------------------------------------------ Blue Owl Capital Corporation has marked its $161,616,000 loan extended to Conair Holdings LLC to market at $120,808,000 or 75% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a Second Lien Senior Secured Loan to Conair Holdings LLC. The loan accrues interest at a rate of 7.50% per annum. The loan matures on May 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Conair Holdings LLC Conair Corporation is an American company based in Stamford, Connecticut which sells small appliances, personal care products, and health and beauty products. CONAIR HOLDINGS: Blue Owl Marks $12.4M 1L Loan at 27% Off --------------------------------------------------------- Blue Owl Capital Corporation has marked its $12,474,000 loan extended to Conair Holdings LLC to market at $9,065,000 or 73% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to Conair Holdings LLC. The loan accrues interest at a rate of 3.75% per annum. The loan matures on May 2028. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Conair Holdings LLC Conair Corporation is an American company based in Stamford, Connecticut which sells small appliances, personal care products, and health and beauty products. CONNECTWISE HOLDINGS: Fitch Affirms B+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of ConnectWise Holdings, LLC and ConnectWise, LLC (dba ConnectWise) at 'B+'. The Rating Outlook is Stable. Fitch has also affirmed ConnectWise's secured revolving credit facility (RCF) and first lien secured term loan at 'BB+' with a Recovery Rating of 'RR1'. ConnectWise, LLC is the issuer of debt. The ratings are supported by ConnectWise's industry-leading software solutions for Managed Service Providers (MSPs) and Technology Service Providers (TSPs). Fitch expects the company to prioritize tuck-in acquisitions over deleveraging as part of its growth strategy and expects Fitch-adjusted leverage to remain over 4.0x in the near term despite FCF generation projected for the company. Key Rating Drivers Moderate Financial Leverage: Fitch estimates Fitch-adjusted leverage to be around 5.2x in 2025 with capacity to delever over the rating horizon supported by strong FCF generation. However, due to the private equity ownership that is likely to prioritize ROE, Fitch believes accelerated debt repayment is unlikely. Fitch expects excess capital to be used for acquisitions to accelerate growth or for dividends to equity owners with financial leverage remaining moderate. Industry Expansion Supports Growth: ConnectWise's end-markets are small- and medium-sized businesses (SMBs) that lack IT resources and look to MSPs and TSPs to provide technology solutions. Fitch expects the managed services market to grow in the low teens supported by increasing dependence of businesses on technology for all aspects of operations. In addition, the migration to cloud services and hybrid IT services further increases complexity in management of IT resources that creates further incremental demand. Fitch believes these factors serve as underlying demand growth drivers for managed services resulting in greater demand for ConnectWise's products. High Recurring Revenues, Revenue Retention: Recurring revenue represents over 95% of total revenue, while net retention rate has been sustained near 100%. These attributes provide significant visibility on future revenue streams and profitability. Diversified Customer Base with SMB Exposure: ConnectWise serves over 45,000 customers globally. No single customer represented over 1% of annual recurring revenue (ARR). End-markets are a diverse cross-section of industries even though ConnectWise's customers are concentrated in MSPs and TSPs. ConnectWise is indirectly exposed to the SMB market segment through the MSPs and TSPs as SMBs lack sophisticated IT resources to manage the increasingly complex IT environment and leverage services provided by MSPs and TSPs. Cross-Selling Opportunities: ConnectWise's software ARR growth has outpaced customer growth, demonstrating growth in revenue per customer. This is due to its broad product portfolio and its ability to increase product penetration into the existing customer base. Fitch believes this benefits ConnectWise in addition to supporting revenue growth through greater customer retention as the products become more integrated with the customers' operations. M&A Central to Growth Strategy: The company is active in M&As as a strategy to expand its product offerings and geographic footprint. Since 2015, ConnectWise has acquired Screen Connect, HTG, ITBoost, BrightGauge, Continuum, Service Leadership, Perch Security, Stratozen, SmileBack,Wise-Sync. In 2024, ConnectWise completed the acquisitions of Axcient and SkyKick, expanding its product suite to include backup and disaster recovery solutions. Peer Analysis ConnectWise is a top-tier player in the fragmented niche market of mission-critical software solutions that supports the MSPs and TSPs. The products facilitate its customers' ongoing operations in Business Management, Security Management, and Unified Management, serving the SMB end-markets. Fitch views ConnectWise's credit profile as broadly comparable to other sponsor-owned U.S. software issuers within the 'B' rating category, characterized by high recurring revenue, robust margins, and elevated leverage. Peers include Cloud Software Group (B+/Stable), Capstone Borrower, Inc. (B+/Stable), and Qlik Parent, Inc. (B/Stable). Cloud Software Group (B+/Stable) exhibits a similar highly recurring subscription base and demonstrates an improving credit profile, supported by EBITDA growth and disciplined cost management. Fitch expects (CFO-capex)/debt to remain in the mid- to high single digits, with gross leverage trending toward 5x over the rating horizon. Capstone Borrower, Inc. (B+/Stable) displays comparable scale and leverage characteristics. Qlik Parent, Inc. (B/Stable) benefits from high recurring revenue, with EBITDA leverage projected to remain above 5.5x through 2027. Key Assumptions - Organic revenue growth flat in 2025 and in high single digits after that; - EBITDA margins in the low-30s in 2025 reflect top line pressures; margins subsequently rise to a stable level in the mid-30s; - Capex intensity 4.0% of revenue; - Debt repayment limited to mandatory amortization; - Aggregate acquisitions of $450 million through rating horizon. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes that ConnectWise would be reorganized as a going concern in bankruptcy rather than liquidated. - Fitch has assumed a 10% administrative claim. Going-Concern Approach - In the event of a bankruptcy reorganization, Fitch assumes that ConnectWise would continue to execute on its cost reduction plan as part of the reorganization plan. In estimating a distressed enterprise valuation (EV) for ConnectWise, Fitch assumes a combination of customer churn and margin compression on lower revenue scale in a distressed scenario to result in about 15% decline from 2026 estimated revenue with a stressed margin of low-30s leading to a going-concern EBITDA about 10% lower than 2025 pro forma adjusted EBITDA. - Fitch assumes an adjusted distressed EV of $1.59 billion using about $252 million in going-concern EBITDA. - Fitch assumes that ConnectWise will receive a going-concern recovery multiple of 7.0x. The estimate considers several factors, including the highly recurring nature of the revenue, the high customer retention, the secular growth drivers for the sector, the company's strong FCF generation and the competitive dynamics. The EV multiple is supported by the following. - The historical bankruptcy case study exits multiples for technology peer companies ranged from 2.6x to 10.8x. - Of these companies, five were in the software sector: Allen Systems Group, Inc (8.4x), Avaya, Inc. (2023: 7.5x, 2017: 8.1x), Aspect Software Parent, Inc. (5.5x), Sungard Availability Services Capital, Inc. (4.6x) and Riverbed Technology Software (.3x). - The highly recurring nature of ConnectWise's revenue and the mission-critical nature of the product support the high-end of the range. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch Adjusted EBITDA leverage sustained above 5.5x; - (CFO - capex)/debt ratio sustained below 7.5%; - Organic revenue growth sustained near 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch adjusted EBITDA leverage sustained below 4.0x; - (CFO - capex)/debt ratio sustained near 10%; - Organic revenue growth sustained above the high single digits. Liquidity and Debt Structure Fitch projects ConnectWise's liquidity to remain adequate, supported by consistent FCF generation, a cash balance of approximately $300 million, and access to a $70 million undrawn revolver as of end-March 2025. Fitch forecasts Fitch defined FCF margins in the mid- to high teens through 2028, underpinned by Fitch adjusted EBITDA margin in the low to mid-30% range. ConnectWise's capital structure includes $1.448 billion of secured first-lien debt maturing in 2028 and a $70 million undrawn revolver with extended maturity to 2027. Due to the company's highly recurring revenue profile and solid liquidity position, Fitch expects ConnectWise to meet its debt service requirements. Issuer Profile ConnectWise is a provider of software solutions for IT MSPs and TSPs encompassing the full scope of business activities including Business Management, Security Management, and Unified Management. ConnectWise software platform used by more than 45,000 customers. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- ConnectWise, LLC LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ ConnectWise Holdings, LLC LT IDR B+ Affirmed B+ COOKSON'S TRANSMISSION: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------------ Cookson's Transmission City, Inc. asks the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use cash collateral and provide adequate protection. The Debtor proposes to use the cash collateral exclusively in accordance with a submitted budget to cover essential operating expenses, protect property, and sustain business continuity. In exchange for the use of cash collateral, the Debtor offers adequate protection to secured lenders in the form of replacement liens on post-petition accounts, receivables, and assets derived from pre-petition collateral. These liens will retain the same priority and extent as they held before the bankruptcy but will remain subordinate to court-approved carve-outs for professional fees and Subchapter V trustee compensation. The Debtor's main secured creditor is the U.S. Small Business Administration, which holds a first-priority lien on nearly all of the Debtor's personal property, including accounts, receivables, inventory, and proceeds. This lien stems from an economic injury disaster loan issued on July 2, 2021, in the original amount of $446,300, bearing interest at 3.75% and maturing in 2051. Additional parties, including The Fundworks, LLC, may hold junior liens but the Debtor believes these are either unsecured or undersecured. As of the bankruptcy filing on August 22, the Debtor holds assets including approximately $18,000 in cash, $18,000 in unpaid credit card receipts, $30,000 in receivables, $78,000 in vehicles, and equipment valued at over $383,000, among other assets. A copy of the motion is available at https://urlcurt.com/u?l=rMRsNx from PacerMonitor.com. About Cookson's Transmission City Inc. Cookson's Transmission City, Inc. provides automotive repair services with a focus on transmission diagnostics, maintenance, and rebuilding, and also offers related services including tune-ups, air conditioning repair, and alternator replacement. The Company has operated in Duncanville, Texas since 1978, serving individual car owners and local customers in the Dallas-Fort Worth area. Cookson's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33212) on August 22, 2025, listing $1,063,188 in total assets and $880,770 in total liabilities. Joey Carbon, president of Cookson's, signed the petition. Judge Michelle V. Larson oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP, represents the Debtor as legal counsel. COOKSON'S TRANSMISSION: Scott Seidel Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for Cookson's Transmission City, Inc. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About Cookson's Transmission City Inc. Cookson's Transmission City, Inc. provides automotive repair services with a focus on transmission diagnostics, maintenance, and rebuilding, and also offers related services including tune-ups, air conditioning repair, and alternator replacement. The Company has operated in Duncanville, Texas since 1978, serving individual car owners and local customers in the Dallas, Fort Worth area. Cookson's Transmission City sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33212) on August 22, 2025. In its petition, the Debtor reported total assets of $1,063,188 and total liabilities of $880,770 as of June 27, 2025. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP. COOLSYS INC: Blue Owl Capital Marks $11.8M 1L Loan at 18% Off ------------------------------------------------------------- Blue Owl Capital Corporation has marked its $11,862,000 loan extended to CoolSys, Inc. to market at $9,764,000 or 82% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to CoolSys, Inc. The loan accrues interest at a rate of 4.75% per annum. The loan matures on August 2028. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About CoolSys, Inc. CoolSys, Inc. provides HVAC building products. The Company offers refrigeration and HVAC solutions to retail, commercial, and industrial segments. CRC INSURANCE: Fitch Affirms & Then Withdraws 'B' LongTerm IDR -------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) for CRC Insurance Group, LLC and CRC Platform Midco, L.P. at 'B'. The Rating Outlook is Stable. The ratings impact more than $6.0 billion of debt outstanding, pro forma for a recently announced and pending incremental term loan raise to finance M&A activity. Following the ratings affirmation, Fitch has withdrawn the IDRs and issue-level ratings due to commercial reasons. Fitch will therefore no longer provide ratings nor analytical coverage. Key Rating Drivers High Leverage, Weak Coverage: CRC was spun off from Truist Financial Corporation (NYSE: TFC; A/Stable) and acquired by private equity firms Stone Point Capital and Clayton, Dubilier & Rice, among others. CRC has relatively weak credit metrics, with projected EBITDA leverage of 7.0x or higher over the next few years. Reported gross leverage is lower at 6.8x, pro forma as of June 2025. EBITDA interest coverage is also low and expected to be near 2.0x in the next few years. This is among the low-end of Fitch-rated industry peers and limits operating flexibility at the current rating. Stable Competitive Position: CRC is well positioned in the fragmented U.S. broker industry. Although smaller than major global leaders, CRC has greater scale than many domestic brokers. Fitch projects the company's total revenue could approach $3 billion or more within the next few years, and anticipates Fitch-defined EBITDA margins in the mid-30% range in the next few years. CRC's businesses include the largest U.S. insurance wholesaler (CRC Specialty brand), one of the largest managing general agents' platforms (AmRisc and Starwind) and a leading independent commercial title agent (Kensington Vanguard). Aggressive M&A Strategy: Since separating from TFC in 2024, CRC has completed several divestitures and acquisitions that have evolved its business. In 2H24, it divested McGriff Insurance Services, LLC for $7.75 billion and sold smaller life insurance operations. CRC plans to acquire several companies in 2025 for more than $1 billion combined. The Atrium Underwriting Group Limited (Atrium) acquisition may boost EBITDA by roughly 5% versus the current run-rate and further expand CRC into high-margin, specialty insurance operations. Fitch expects CRC to remain acquisitive and invest in M&A over the next several years. Healthy Organic Growth: CRC's historical growth has supported its credit profile but has slowed recently. Fitch partly attributes this to weaker property and casualty (P&C) trends in recent quarters, similar to patterns among other public insurance brokers in 1H25. Further slowing in P&C pricing and organic growth poses some risks. However, CRC's high client retention and ongoing expansion through producer recruitment should drive revenue growth over time. Diversified Revenue Profile: CRC's ratings benefit from some diversification, but wholesale P&C brokerage accounts for over half of total revenue. CRC provides wholesale P&C brokerage, underwriting and employee benefits solutions. Most of its business is in the U.S., though recent M&A and producer recruitment have broadened its regional exposure over the past few years, with some concentration in the southeastern U.S. CRC has limited concentration in terms of carriers and clients. Stable Industry: CRC operates a predictable business model in an industry that has performed well across economic cycles. The insurance brokerage sector remained stable during the 2008 to 2009 financial crisis and the 2020 pandemic, with major insurance brokers seeing only low- to mid-single-digit organic revenue declines from 2008 to 2010. Fitch attributes this stability to the essential nature of insurance and benefits services, and the brokerage business model's adjustable cost structure. Healthy Cash Flows: Fitch projects mid- to high-single-digit free cash flow (FCF) margins as a percentage of revenue in the coming years, which are relatively healthy and support the credit profile. CRC's cash generation is negatively impacted by meaningful cash interest expense, given high leverage. Like industry peers that Fitch reviews, CRC has relatively low capital expenditures and working capital needs. This allows the company to deploy excess cash flow toward organic and acquisitive growth opportunities. Peer Analysis CRC competes in a fragmented insurance brokerage and benefits services landscape, including local and regional companies, national agents and large multinational brokers. Fitch rates several comparable companies in the insurance brokerage and business services industries in terms of scale, operating profile and business model. The 'B' IDR reflects CRC's strong historic growth profile, solid profitability and resilience of its business model and the industry in which it competes. This is offset by high EBITDA leverage and relatively weak interest coverage. CRC is one of the largest U.S. insurance brokers, with pro forma revenue of approximately $2.5 billion as of June 2025. However, it remains relatively small and has higher financial leverage compared to larger global brokers such as Willis Towers Watson PLC (BBB+/Stable), Aon Global Holdings plc (BBB+/Stable), Marsh & McLennan Companies, Inc. (A-/Stable) and Arthur J. Gallagher & Co. (BBB+/Stable). CRC also has weaker credit metrics than U.S.-centric brokers, including Brown & Brown, Inc (BBB/Stable), which has materially larger scale, and Ryan Specialty Holdings, Inc. (Ryan Specialty; BB+/Stable). Ryan Specialty operates with relatively similar revenue and earnings scale to CRC. Relative to Canadian insurance broker Navacord Intermediate Holdings, Inc. (B/Stable), CRC is much larger but similarly highly leveraged and operates with low EBITDA interest coverage. Key Assumptions - Organic revenue growth estimated in the mid-single digit range over the ratings horizon. Incremental revenue assumed from new M&A. - EBITDA margins are projected to expand modestly in the next few years, benefiting from higher-margin M&A, cost savings and some operating leverage on revenue growth; - Cash taxes and working capital projected to be a relatively modest use of cash flow in the next few years; - Fitch assumes continued M&A over the ratings horizon, with additional cash outflows also related to purchase and integration costs; - Secured overnight financing rate declines to the high-3% range over the ratings horizon. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from RR1 to RR6) and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV), (ii) estimating creditor claims, and (iii) distribution of value. Fitch assumes CRC would emerge from a default scenario under the going concern approach. Key assumptions used in the recovery analysis are as follows: - Fitch estimates a going concern EBITDA of approximately $675 million, or below the company's current run-rate EBITDA. This lower level of EBITDA considers competitive and/or company-specific pressures that hurt earnings in the future while also considering that its M&A strategy could lead to a much higher EBITDA base before any risk of bankruptcy; - Fitch assumes a 6.5x emergence EV/EBITDA multiple, which is validated by historic public company trading multiples, industry M&A and past reorganization multiples Fitch has seen across various industries; - Fully drawn revolving credit facility at time of bankruptcy; - 10% administrative claims. RATING SENSITIVITIES Rating sensitivities are not applicable as the ratings have been withdrawn. Liquidity and Debt Structure CRC's liquidity is adequate and should enable growth investments while providing sufficient downside protection for the rating. On a pro forma basis, including the recently announced incremental first-lien term loan issuance and Atrium acquisition, the company has sufficient cash on its balance sheet. Liquidity is further supported by stable and positive cash generation in the business and more than $1.0 billion of availability on its first-lien senior secured revolver. Fitch projects FCF to remain positive over the forecast period, although one-time expenses and higher interest expense will constrain the cash flow generation. As of June 2025 (pro forma for the pending incremental term loan issuance), the company's capital structure consisted of $5.2 billion of first-lien, senior secured debt and $1.0 billion of second-lien term loans. Its first-lien senior secured debt as of June 2025, pro forma for the incremental term loan to finance M&A, included an approximately $1.2 billion revolver, $2.2 billion of term loans maturing in 2031 and $3.0 billion of senior secured notes. Fitch expects CRC will continue to rely on debt issuances and internal cash generation in the future to finance M&A. Issuer Profile CRC Insurance Group, LLC (formerly TIH Insurance Holdings, LLC) is a diversified U.S. insurance distribution firm with wholesale specialty P&C insurance brokerage and managing general agent (MGA) operations. CRC separated from Truist Financial Corporation in May 2024 and was founded in 1982. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- CRC Platform Midco, L.P. LT IDR B Affirmed B LT IDR WD Withdrawn CRC Insurance Group, LLC LT IDR B Affirmed B LT IDR WD Withdrawn senior secured LT B+ Affirmed RR3 B+ senior secured LT WD Withdrawn Senior Secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ Senior Secured 2nd Lien LT WD Withdrawn CRESCENT ENERGY: Fitch Alters Outlook on 'BB-' IDR to Positive -------------------------------------------------------------- Fitch Ratings has affirmed Crescent Energy Company's and Crescent Energy Finance LLC's (Crescent) Long-Term Issuer Default Ratings (IDRs) at 'BB-'. The Rating Outlook was revised to Positive from Stable. Fitch has affirmed Crescent's first lien secured reserve-based loan facility (RBL) at 'BB+' with a Recovery Rating of 'RR1' and its senior unsecured notes at 'BB-'/'RR4'. The Outlook follows Crescent's agreement to acquire Vital Energy in an all-stock deal valued at about $3.1 billion, including Vital's $2.3 billion debt. This will improve Crescent's production and cash flow, with combined output rising to about 400,000 barrels of oil equivalent per day (kboe/d), up from Crescent's approximately 260 kboe/d. The Outlook reflects Crescent's plan to reduce debt through divestiture proceeds and FCF, and transition some of Vital's assets to a lower-capex business model. Future rating actions will depend on Crescent's ability to manage Vital's drilling inventory and sustain positive FCF at midcycle prices. Key Rating Drivers Acquisition Enhances Scale: Crescent has historically grown mainly through acquisitions The announced $3.1 billion all-stock acquisition of Permian pure-play Vital Energy should improve Crescent's business profile by adding scale to the company's operations. Crescent expects to finalize the deal in 4Q25. Vital will contribute roughly 285,000 net acres in the Permian, with acreage primarily in Howard, Glasscock, Reagan, and Reeves counties. The acquisition adds approximately 130 kboe/d, boosting Crescent's pro forma size by around one-third to almost 400 kboe/d. The acquisition should provide a modest boost to Crescent's liquids mix (65% of production vs. 60% at 2Q25) primarily through higher natural gas liquids share. The acquisition may slightly increase Crescent's average netback, although Vital's longer-term netback could decline due to lower drilling intensity and fewer new wells. Inventory Quality Uncertainty: Fitch views Vital's acreage as having weaker inventory quality in the Permian compared to peers. Vital has historically had an outsized exposure to wells with higher breakeven price. Fitch believes Vital's best locations were in Howard County, which have been largely drilled. Vital has recently been focused on other counties in the Delaware and Midland basins. Debt Increases, Leverage Edges Up: Crescent's Fitch-calculated EBITDA leverage will increase to 1.7x from 1.6x at midcycle oil and gas prices, which is below its negative rating sensitivity. Crescent intends to reduce leverage after the acquisition, supported by the announced $1 billion divestment program. The company expects to complete the divestment program within 12 months. Crescent will continue to target 1.0x leverage, with a maximum of 1.5x after acquisitions. Prudent management of debt will be one of the factors that drive Crescent's rating. Decline Rate to Increase: Crescent estimates a decline rate of approximately 25%. After the Vital acquisition, the decline rate will increase initially as Vital's 2024YE oil production decline rate was 42% and total decline rate was 36%. Crescent estimates that Vital's decline rate materially decreased as of end June 2025. Crescent plans to lower the combined decline rate back to 25% after it curtails Vital's drilling program. Older wells have lower decline rates than recently developed wells but result in relatively higher operating expenses. Fitch believes netbacks will be more sensitive in a downcycle given the higher operating cost structure. Extensive Hedge Program: Crescent has lower operating netbacks than oil-focused shale peers due to the presence of mid-life assets and large a proportion of natural gas and natural gas liquids in its portfolio. This leads to increased sensitivity to oil and gas price downswings. Crescent's hedging program, which is more robust than those of many other comparable upstream companies, offsets these downswings. Crescent's hedging intensity is above-average relative to peers. As of August 2025, Crescent will have roughly 50% of oil and 60% of natural gas hedged for 2026 pro forma for Vital's acquisition. Peer Analysis Crescent reported an average production of 263 kboe/d (41% oil) in 2Q25. This is higher than operators such as: SM Energy Company (BB/Stable; 209 kboe/d; 55% oil), which benefits from the strong economics of its Permian Basin weighted asset base; Permian-based Matador Resources Company (BB/Stable; 209 kboe/d; 59% oil); and Baytex Energy Corp. (BB-/Stable; 148 kboe/d before royalties; 71% oil). Crescent's production was significantly ahead of MEG Energy Corp. (BB-/Rating Watch Positive; 100% oil) and Vermilion Energy Inc. (BB-/Negative; 136 kboe/d before royalties; 28% oil). Crescent has a history of low leverage though-the-cycle. Fitch believes this will continue, with EBITDA midcycle leverage of 1.7x. This is slightly above the midcycle leverage for most of its peers. In 2Q25, Crescent generated an unhedged cash netback of $16.5/boe. This falls materially below the peer group due to the significant presence of more mature assets and natural gas production in Crescent's portfolio. To compensate for its higher-cost profile, Crescent hedges more than its peers. Key Assumptions - West Texas Intermediate (WTI) prices of $65/bbl in 2025, $60/bbl in 2026-2027, and $57/bbl at midcycle; - Henry Hub prices of $3.60/ mcf in 2025, $3.50/mcf in 2026, $3.00/mcf in 2027 and $2.75/mcf at midcycle; - Production near 260 kboe/d in 2025, 395kboe/d in 2026 assuming the acquisition of Vital, and fluctuating around 375 kboe/d from 2027 and beyond; - Capex at $950 million to $1,000 million in 2025, and roughly $1.5billion per annum in 2026-2029; - Vital's Acquisition closes in 4Q25. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Midcycle EBITDA above 2.0x; - Deterioration in liquidity, including sustained high revolver utilization and an inability to generate positive FCF; - The Outlook may be revised to Stable if Crescent fails to reduce debt and manage Vital's drilling inventory after the acquisition. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Completion of Vital's acquisition coupled with debt reduction that leads to midcycle EBITDA leverage below 2.0x; - Improvement in netbacks relative to peers. Liquidity and Debt Structure As of June 30, 2025, Crescent had $3 million of cash on hand and $1.65 billion available under its $2.0 billion RBL. The RBL expires in 2029 with a springing maturity in November 2027. The facility's borrowing base is $2.6 billion. Crescent's other debt consisted of unsecured notes maturing in 2028, 2032, 2033, and 2034. The company's total debt was $3.4 billion as of June 30, 2025. In 2Q25, the new bond issuance partially repaid around $66 million outstanding from the RBL and tendered $500 million outstanding from the 2028 notes in July. Fitch expects Crescent to assume Vital's unsecured notes and repay Vital's credit facility balance with a drawdown on its RBL. The earliest maturity date of Vital's notes is 2029. Fitch projects the company's liquidity will be supported by positive FCF generation, based on its oil and gas price assumptions. Fitch expects Crescent to maintain its $2.0 billion RBL post close of the Vital Energy acquisition. Issuer Profile Crescent is a public oil and gas company that produces about 260 kboe/d (41% oil). Around 75% of its production comes from the Eagle Ford area. The remainder comes from Uinta basin, Wyoming conventional assets, and smaller U.S. onshore positions. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Crescent Energy Company LT IDR BB- Affirmed BB- Crescent Energy Finance LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ senior unsecured LT BB- Affirmed RR4 BB- CUBIC CORP: Fitch Cuts IDR to 'RD', Subsequently Upgrades to 'CCC+' ------------------------------------------------------------------- Fitch Ratings has downgraded Cubic Corporation's and Atlas CC Acquisition Corp's Long-Term Issuer Default Ratings (IDRs) to 'RD' (Restricted Default) from 'CCC-' and removed them from Rating Watch Negative (RWN). Fitch has also downgraded Atlas's legacy senior secured instruments to 'CCC-' with a Recovery Rating of 'RR2' from 'CCC+'/'RR2'. These actions follow the company's execution of an exchange transaction on July 25, 2025, which meets the conditions for a distressed debt exchange (DDE) as per Fitch's "Corporate Rating Criteria." Fitch has subsequently reassessed and upgraded the IDRs to 'CCC+' and assigned ratings of 'B+'/'RR1' to the company's first lien first-out revolving credit facility, 'CCC+'/'RR4' to its first lien second-out term loan B, term loan C, and exchanged 2L term loan, and 'CCC-'/'RR6' on its third-out term loan. The 'CCC-'/'RR2' ratings on Atlas' legacy senior secured instruments have been withdrawn as they have been extinguished as part of the exchange transaction/debt refinancing. Key Rating Drivers Rating Rationale: The 'CCC+' IDRs reflect Cubic's repeated underperformance, its sub-1.5x EBITDA interest coverage, and persistent execution risk. The ratings also consider the company's improved liquidity position and diminished refinancing risk following the exchange transaction, providing a path for Cubic to execute on its contracts, improve profitability and reduce leverage ahead of its 2029 maturities. Fitch projects EBITDA leverage to decline to around 11.5x in 2026 and approach 10x in 2027, from over 14x in 2025. Fitch projects EBITDA interest coverage to improve to 1.5x in 2026 and 1.7x in 2027, from 0.8x in 2025. The 'CCC+' IDRs also reflect Fitch's expectation that Cubic will expand EBITDA margins to 10.5%-11.0% in 2025 and 12%-14% in 2026 as its largest transportation systems (CTS) programs surpass the development phase and enter the O&M stage in the next several quarters. However, continued inability to generate or preserve liquidity would heighten credit risk. Exchange Alleviates Liquidity, Refinancing Risks: Fitch views the exchange transaction as a DDE as there was a material reduction in terms and Fitch believes it was done to avoid an eventual probable default. The transaction included a $170 million cash equity injection from the sponsors and the exchange of existing debt instruments into a new superpriority structure, extending maturities to 2029. The transaction enhances Cubic's financial flexibility by providing over $275 million in liquidity and reducing annual cash interest by $66 million. The transaction also results in a $300 million reduction in Fitch-calculated gross debt, though the introduction of payment-in-kind (PIK) will slow deleveraging. Fitch views Cubic's post-transaction cash flow profile as improved due to lower cash interest and amortization payments despite Fitch's projection of negative free cash flow in 2025. Following the transaction, Fitch estimates Cubic to have about $54 million of unrestricted cash on hand and $138 million of revolver availability. Fitch expects margin improvement and less negative FCF in FY 2026 as major projects mature beyond initial development stages. The ratings could be pressured if EBITDA margins fail to materially improve and FCF remains meaningfully negative beyond FY 2025, diminishing liquidity and heightening medium-term refinancing risk. De-Risking Hinges on Execution: Fitch anticipates that operations will demonstrate de-risking as major CTS programs transition into regular operation. This shift is expected to facilitate more stable profitability; however, successful execution remains crucial. Modest incremental contributions are expected from recent and future contract wins in CTS and Cubic's defense segment, alongside incremental cost savings. Fitch expects improvement to come from revenue growth, margin improvement and debt reduction as FCF turns positive in FY 2027. Revenue Visibility: Cubic has moderate revenue visibility, which Fitch believes supports its rating. Many of its transportation and defense contracts are multiyear and sole-sourced, with less than 5% of variable revenue based on transportation traffic volume. This provides stability to the company's business profile while certain indefinite delivery, indefinite quantity contracts can lead to additional upside. Innovative and Diversified Portfolio: Cubic has a diversified and complex product portfolio, which supports its credit profile. The company innovates through R&D to provide unique offerings backed by intellectual property. In some cases, Cubic partners with customers to become embedded in the decision loop and better meet customers' objectives. In addition, a high percentage of the company's portfolio comprises sole-sourced contracts lasting several years, which creates an inherent barrier to entry for potential competitors. Demand Tailwinds: Fitch believes several factors could contribute to top-line growth above its forecasts. Cubic's CTS segment should benefit from the macro trend of urbanization and the increased use and scope of mass transit. Further digitization of those systems, coupled with the implementation of Internet of Things technologies and support from infrastructure spending at state and federal levels, will benefit Cubic. The company's defense portfolio should capture increased spending on data-driven training and communication platforms. Peer Analysis Cubic's current credit metrics are considerably weaker compared to peers in the 'B' rating category within the aerospace and defense sector and more in line with Peraton Inc. (CCC+/Negative). Fitch projects Cubic's cash flow and profitability could align with higher-rated companies if it successfully transitions major transportation contracts to the O&M phase and executes on its planned cost saving measures. Cubic's product portfolio is strong and well-diversified by contract and customer, with a high degree of revenue visibility and long-dated contracts. These factors partially offset the company's weaker leverage. Key Assumptions - Revenue grows 5%-6% in 2025 and 7%-9% in 2026 as major CTS programs transition to O&M, along with modest contributions from recent wins; - EBITDA margins improve to around 11% in fiscal 2025 and 12%-14% in fiscal 2026 as the company continues to execute on cost saving initiatives; - Capex spending of 2.0%-2.5% of revenues over the forecast period; - FCF of negative $150 million-$200 million in fiscal 2025 due to weak margin performance and significant one-time costs. FCF of negative $25 million-$50million in fiscal 2026; - Preferred shares are not considered debt; - Non-recourse debt obligations related to joint ventures and variable interest entities (VIEs) are included in Fitch's calculations for debt and leverage. Recovery Analysis The recovery analysis assumes that Cubic would be considered a going concern (GC) in a hypothetical bankruptcy and the company would be reorganized rather than liquidated. A 10% administrative claim is assumed in the recovery analysis. Fitch assumes that Cubic will receive a GC recovery multiple of 7.0x EBITDA in this scenario. This multiple is toward the upper range of recovery multiples assigned to companies in the aerospace and defense sector. Fitch's recovery assumptions are based on Cubic's moderate and improving cash flow and margins, long-dated and highly visible contracts, strong intellectual property and technology portfolio. Fitch also considered the company's contract diversification in determining a higher recovery multiple. Fitch has revised its GC EBITDA assumption downward due to the company's continued underperformance. The revised assumption envisions a downside scenario where bankruptcy results from underperformance on existing contracts, and low contract renewal rates coupled with modest contract losses due to reputational damage or heightened competition. Fitch's bankruptcy case includes a scenario in which the company may fail to recover lost EBITDA through new contract awards upon emergence. Most defaulters in the aerospace and defense sector analyzed by Fitch in recent bankruptcy case studies were significantly smaller in scale, had less diversified product lines or customer bases and operated with highly leveraged capital structures. In its recovery analyses, Fitch assumes a fully drawn first lien revolver, as credit revolvers are typically utilized when companies are under distress. Fitch assumes that in a hypothetical bankruptcy scenario, the company's $138 million first lien second-out letter of credit (LC) facility would be fully drawn and the $325 million first lien first-out LC facility would be partially drawn reflecting its projection that half of the facility's capacity would be utilized for projects in a distress scenario, with all utilized amounts fully drawn. Fitch assumes approximately $0.4 billion of first-out claims, $1.7 billion of second-out claims, and $0.2 billion of third-out claims. Fitch's analysis leads to ratings of 'B+' with a Recovery Rating of 'RR1' on the company's first lien first-out revolving credit facility, ratings of 'CCC+'/'RR4' on its first lien second-out term loan B, term loan C and exchanged 2L term loan, and a rating of 'CCC-'/'RR6' on its third-out term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Reduced financial flexibility, including revolver availability falling below 50%; - Continued underperformance leading to inability to make progress in transitioning major transportation projects to the O&M phase in the next six to 12 months; - EBITDA interest coverage sustained below 1.25x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful derisking of major transportation contracts to the O&M phase, driving improved profitability; - Demonstrated ability to improve liquidity and preserve financial flexibility, including neutral to positive FCF generation; - (CFO-capex)/debt ratio sustained above 2.0%; - EBITDA interest coverage sustained above 1.75x. Liquidity and Debt Structure As of March 31, 2025, Cubic had about $40 million of unrestricted cash on the balance sheet and $155 million of borrowings outstanding under the existing $225 million RCF. Post-transaction, Fitch estimates cash to be about $54 million and revolver availability of $138 million (around $87 million outstanding). The introduction of PIK interest on certain instruments will improve the company's EBITDA interest coverage but is expected to slow deleveraging. Following the exchange transaction, the company does not have any meaningful debt maturities until May 2029, when all its first-out and second-out debt matures. Issuer Profile Cubic Corporation is a technology-driven, market-leading provider of integrated solutions that increase situational awareness for transportation, defense C4ISR and training customers worldwide to decrease urban congestion and improve military effectiveness and operational readiness. Summary of Financial Adjustments Fitch considers cash related to VIEs and cash segregated as collateral for LCs to be restricted. This includes the $138 million tied to the company's cash-secured first lien second-out LC facility. Fitch does not consider the company's preferred equity debt as it was not issued by the rated entities. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Atlas CC Acquisition Corp. LT IDR RD Downgrade CCC- LT IDR CCC+ Upgrade senior secured LT B+ New Rating RR1 senior secured LT CCC+ New Rating RR4 senior secured LT CCC- New Rating RR6 senior secured LT CCC- Downgrade RR2 CCC+ senior secured LT WD Withdrawn Cubic Corporation LT IDR RD Downgrade CCC- LT IDR CCC+ Upgrade DALLAS SCHOOL: Moody's Downgrades Issuer & GOULT Ratings to Ba2 --------------------------------------------------------------- Moody's Ratings has downgraded Dallas School District, PA's issuer, general obligation unlimited tax (GOULT) and general obligation limited tax (GOLT) ratings to Ba2 from Baa2. At the end of fiscal 2023, the district had approximately $62.4 million in debt outstanding. The downgrade to Ba2 reflects the district's materially weakened liquidity and negative reserve position and deteriorating financial trajectory based on unaudited results. RATINGS RATIONALE The Ba2 issuer rating reflects the district's materially weakened financial position and structurally imbalanced financial operations that culminated in a negative fund balance of -4% at the end of fiscal 2023. Moreover, unaudited results indicate a sizable operating deficit occurred in fiscal 2024 - bringing available fund balance to -12% of revenue. The district's financial pressure has been driven by higher-than-anticipated cost increases and an unwillingness to increase its property tax levy. The district's dwindling cash position has necessitated escalating cashflow borrowing in fiscal 2025 and fiscal 2026. While the district increased its property tax millage in fiscal 2025 (for the first time in five years), fund balance will remain very weak through fiscal 2026. The rating also reflects the district's moderate leverage that is equivalent to 268% of revenue, though the district plans on relying on a scoop-and-toss refunding for financial flexibility in fiscal 2026. Favorably, resident income levels are above average at 125% of the national level and full value per capita (property wealth) is solid. Governance is a material driver of the rating action. The district's budgeting for expenditures has been inadequate over the last three years, which has led to a rapid decline in reserves and liquidity and reliance on one-time maneuvers to maintain operating flexibility. The lack of distinction between the district's issuer rating and the Ba2 rating on the district's GOULT and GOLT debt is based on the district's general obligation full faith and credit pledge. RATING OUTLOOK Moody's do not assign outlooks to local government credits with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Restoration of structurally balanced financial operations -- Maintenance of positive available fund balance (greater than 0%) FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Failure to implement refinancing plan that provides expected liquidity improvement -- Any draws on reserves or liquidity beyond fiscal 2024 -- Growth in leverage to over 300% of revenue -- Deterioration of median household income to below 100% of national level -- Acceleration of declining enrollment trend PROFILE Dallas School District, PA is located in Luzerne County, approximately 10 miles northwest of Wilkes-Barre. In 2025, the district served 2,428 K-12 students through one primary school, one intermediate school, one middle school and one high school. METHODOLOGY The principal methodology used in these ratings was US K-12 Public School Districts published in July 2024. DARKPULSE INC: Raises Authorized Common Shares to 30 Billion ------------------------------------------------------------ DarkPulse, Inc. disclosed in a Form 8-K dated August 14, 2025, filed with the U.S. Securities and Exchange Commission that pursuant to the authorization and approval previously provided by the stockholders, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Delaware to increase its authorized shares of Common Stock, $0.0001 par value per share, from 20,000,000,000 shares to 30,000,000,000 shares, which filing became effective on August 14, 2025. A copy of the Amendment is available at https://tinyurl.com/5n8tzjz6 About DarkPulse Inc. Houston, Texas-based DarkPulse, Inc. is a technology-security company incorporated in 1989 as Klever Marketing, Inc. Its wholly-owned subsidiary, DarkPulse Technologies Inc., originally started as a technology spinout from the University of New Brunswick, Fredericton, Canada. The Company's security and monitoring systems will initially be delivered in applications for border security, pipelines, the oil and gas industry, and mine safety. Current uses of fiber optic distributed sensor technology have been limited to quasi-static, long-term structural health monitoring due to the time required to obtain the data and its poor precision. The Company's patented BOTDA dark-pulse sensor technology allows for the monitoring of highly dynamic environments due to its greater resolution and accuracy. Lagos, Nigeria-based Boladale Lawal & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company suffered an accumulated deficit of $(71,259,677), net loss of $(3,893,859) and a negative working capital of $(17,160,706). The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to execute its plans and continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $2,788,299 in total assets, $19,785,133 in total liabilities, and total stockholders' deficit of $16,996,834. DAYTON HOTELS 2: Seeks Cash Collateral Access --------------------------------------------- Dayton Hotels 2, LLC asks the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, at Columbus, for authority to use cash collateral and provide adequate protection. The Debtor, which owns and operates the Days Inn by Wyndham Dayton Airport in Englewood, Ohio, filed for Chapter 11 on June 20, with the intention of reorganizing its debts while continuing operations. The business is solely owned and managed by Abhijit Vasani through InnViteOpco, Inc. The Debtor had previously received court approval to use cash collateral on an interim basis through September 30, under certain conditions, including monthly adequate protection payments of $12,000 to the secured lender, RSS WFCM2019-C50 – OH WG2, LLC (successor to UBS AG). The Debtor has complied with all obligations under those interim orders. Now, the Debtor seeks to extend its authority to use cash collateral through December 30, as outlined in a revised budget. This extension is necessary to maintain business operations, pay expenses, and fund the administration of the Debtor's Chapter 11 case. Notably, the revised budget also includes a $5,000 reimbursement to Mr. Vasani, who personally covered a franchise application fee to maintain the Days Inn branding, which the lender refused to fund. The Debtor emphasizes the urgency of continuing to use cash collateral, arguing that without it, the Debtor would have to cease operations, resulting in job losses and a rapid decline in the value of its assets. While the secured lender has not yet consented to the continued use of cash collateral and its objection remains pending, the Debtor is actively working with the lender to resolve the matter and hopes to avoid an emergency hearing. To protect the interests of the secured lender, the Debtor proposes to continue making the monthly $12,000 payments, limit the use of funds to the revised budget, and re-grant pre-petition security interests solely on the pre-petition collateral. A copy of the motion is available at https://urlcurt.com/u?l=lpgScA from PacerMonitor.com. About Dayton Hotels 2, LLC Dayton Hotels 2, LLC operates a hotel under the Days Inn by Wyndham brand near Dayton International Airport. It manages lodging services at 20 Rockridge Road in Englewood, Ohio, offering accommodations and amenities for both business and leisure travelers. Dayton Hotels 2 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-52719) on June 20, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. InnVite Opco, Inc., the sole member of the Debtor, signed the petition. Judge Mina Nami Khorrami oversees the case. Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represent the Debtor as bankruptcy counsel. RSS WFCM2019-C50 - OH WG2, LLC, as secured lender, is represented by: Tami Hart Kirby, Esq. Walter Reynolds, Esq. Porter Wright Morris & Arthur LLP One South Main Street, Suite 1600 Dayton, OH 45402-2028 Telephone: (937) 449-6721 Facsimile: (937) 449-6820 tkirby@porterwright.com wreynolds@porterwright.com DIOCESE OF BUFFALO: Abuse Settlement Reaches $272MM --------------------------------------------------- Sean Mickey and Charlie Specht of 2WGRZ report that the two insurers for the Diocese of Buffalo have agreed to contribute $122.5 million toward resolving more than 900 sexual abuse claims in U.S. Bankruptcy Court. The settlement, disclosed in papers filed Wednesday, August 27, 2025, by Judge Carl Bucki, adds to the $150 million the diocese previously committed, bringing the total settlement amount to $272.5 million. According to court filings, Continental Insurance Company will provide $85 million of the settlement and Wausau Insurance will contribute $37.5 million. Attorneys for abuse survivors welcomed the new contributions, calling them a meaningful step forward in the long-running case. "These settlements are a testament to survivors who refuse to stay silent until the diocese is held accountable," said attorney Stacey Benson of Jeff Anderson & Associates. The diocese first reached a $150 million settlement in April with survivors, marking the second-largest deal by a Catholic diocese in New York, following a $300 million settlement on Long Island. That agreement also included child-protection protocols and the public release of information regarding abusive clergy and other church personnel, the report states. Judge Bucki had previously ordered the diocese to submit a bankruptcy exit plan by Sept. 1. Following the additional insurance settlements, diocesan lawyers requested more time to finalize their plan and pursue possible further recoveries. The judge granted an extension, giving the diocese until October 1, 2025, to file its reorganization plan. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is the diocese's counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP are its special litigation counsel; and Phoenix Management Services, LLC is its financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DIVISION 2: Gets OK to Use Cash Collateral Until Jan. 31 -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota authorized Division 2 Trucking Company to use cash collateral through January 31, 2026. The court authorized the Debtor to use cash collateral for ordinary business and administrative expenses consistent with its budget, unless otherwise authorized by court order. The Debtor projects total disbursements of $1,940,545 for the six-month period. As adequate protection, creditors with interests in the cash collateral will be granted replacement liens on post-petition inventory, accounts, equipment, and intangibles. The replacement liens do not apply to any Chapter 5 claims. The Debtor must maintain insurance on assets. The Debtor's authority to use cash collateral ends if it defaults and the default is not cured within seven business days. About Division 2 Trucking Company Division 2 Trucking Company operates as an intrastate trucking carrier based in Minnesota. It primarily provides hauling services for construction materials and aggregates within the state. Division 2 Trucking Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-32182) on July 16, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Katherine A. Constantine oversees the case. Joel D. Nesset, Esq., at Cozen O'Connor, represents the Debtor as legal counsel. DOUBLE S SIGNS: Case Summary & 11 Unsecured Creditors ----------------------------------------------------- Debtor: Double S Signs, LLC Hightech Signs 3502 New Boston Rd Texarkana, TX 75501 Business Description: Double S Signs, LLC, doing business as Hightech Signs, designs, fabricates, and installs custom signage for commercial and institutional clients in the Texarkana, Texas area. The Company produces LED signs, digital graphics, vinyl signs, and banners, and also offers full-service project management from design through installation. It is certified by the International Sign Association and the Texas Sign Association, operates as a UL-listed sign fabricator, and partners with Vista Systems to distribute its signage products. Chapter 11 Petition Date: August 25, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-50110 Debtor's Counsel: Robert C. Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com Total Assets: $556,314 Total Debts: $1,188,090 The petition was signed by Jared Russell Sparks as president. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H5WFI6A/Double_S_Signs_LLC__txebke-25-50110__0001.0.pdf?mcid=tGE4TAMA DOUBLE S SIGNS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Double S Signs, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Texas, Texarkana Division, to use cash collateral. At the hearing held on August 28, the court granted the Debtor's bid to use cash collateral on an interim basis and set a final hearing on September 25. The Debtor generates revenue through its commercial sign manufacturing and installation business, which requires ongoing access to cash collateral to cover operational expenses, including payroll and supply purchases. Without access to these funds, the Debtor warns that it would be forced to cease operations, causing irreparable harm and compromising its ability to reorganize. To manage its finances post-petition, Double S Signs will deposit all revenues into a newly opened debtor-in-possession account, pending court approval or creditor consent for the use of those funds. A UCC search conducted by the Debtor reveals that the following entities hold alleged secured positions via blanket liens (covering accounts receivable, inventory, and equipment): 1. Regions Bank – UCC Filing No. 23-0035833582 (08/15/2023) 2. Simmons Bank – UCC Filing No. 24-0032863482 (05/20/2024) 3. Simmons Bank – UCC Filing No. 24-0033011266 (05/21/2024) The Debtor proposes to grant these entities replacement liens equal in extent and priority to their pre-petition positions on post-petition assets and proceeds as adequate protection for the use of their alleged cash collateral. The Debtor also reserves the right to further investigate the nature and validity of these liens before the final cash collateral hearing and may negotiate additional protections if necessary. A copy of the motion is available at https://urlcurt.com/u?l=Qvmgmn from PacerMonitor.com. About Double S Signs, LLC Double S Signs, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-50110) on August 25, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Jared Russell Sparks, president of Double S Signs, signed the petition. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. DREAM FINDERS: Fitch Affirms 'BB-' LongTerm IDR, Outlook Positive ----------------------------------------------------------------- Fitch Ratings has affirmed Dream Finders Homes, Inc.'s (DFH) ratings, including its Long-Term Issuer Default Rating (IDR) at 'BB-'. Additionally, Fitch has affirmed DFH's senior unsecured notes and revolving credit facility at 'BB-' with a Recovery Rating of 'RR4' and its convertible preferred stock at 'B'/'RR6'. The Rating Outlook is Positive. DFH's 'BB-' IDR reflects its modest leverage, land-light strategy, and expectations of positive cash flow from operations (CFO) during most periods in a housing cycle. The ratings also reflect the company's limited, although improving, geographic and product diversification, historically aggressive growth strategy, and concentrated ownership structure. The Positive Outlook reflects DFH's increased scale and improving diversification, while maintaining modest leverage levels despite margin contraction. Fitch may consider upgrading DFH's IDR if it continues to maintain modest leverage, while remaining disciplined with its capital allocation priorities. Key Rating Drivers Improving Diversification: DFH continues to improve its geographic diversification, entering the Atlanta, GA market and further expanding in Greenville, SC through its acquisition of Liberty Communities and Green River Builders in January 2025 and May 2025, respectively. Additionally, it expanded organically into Tampa, FL and Phoenix, AZ last year, where Fitch expects DFH to grow its market share in these new markets. DFH operates 271 communities across 10 states, but maintains significant revenue concentration in Florida and Texas, which exposes the company to regional economic downturns. The company mainly targets entry-level and first-time move-up homebuyers, it also offers homes for second time move-up and the active adult segment, providing some product diversification. Modest Leverage: Net debt to capitalization (excluding $50 million of cash classified as not readily available for working capital and convertible preferred stock treated as debt) increased from 37% at YE 2023 to 43% as of YE 2024. Fitch expects this ratio to increase to around 47% at YE 2025, before declining to below 45% by YE 2026, below the positive sensitivity of 50% for the 'BB-' IDR. EBITDA leverage was 3.2x for the LTM period ending June 30, 2025, and Fitch anticipates it will remain between 3.0x and 3.5x over the next few years, which is low relative to the IDR and within the positive sensitivity of EBITDA leverage below 3.5x. This expectation is supported by forecasts that the EBITDA margin will remain between 9.5% and 10.5% during this period. Increased Scale and Strategic Growth: DFH has grown significantly since 2009 and has substantial scale as the 14th largest U.S. homebuilder, achieved through both organic expansion and targeted acquisitions that align with the company's land-light strategy. Fitch expects DFH to continue pursuing selective acquisitions and internal growth opportunities to enter new markets or strengthen its presence in existing markets. These strategies are expected to support revenue growth and geographic diversification. Fitch anticipates a low-single-digit percentage increase in revenue this year and a mid-single-digit percentage increase in 2026. Land-Light Strategy: DFH operates an asset-light lot acquisition strategy, primarily through finished-lot option contracts and land bank option contracts. The company owns a one-year supply of lots, with 30% of these in backlog, and controls an additional 6.0 years of land through option contracts. Fitch views DFH's land strategy positively, as it minimizes capital outlays and provides the flexibility to renegotiate or abandon unfavorable contracts during downturns, helping to preserve gross margins. During housing downturns, write-downs and impairments should primarily be limited to the forfeiture of option deposits. Improving Cash Flow Generation: Fitch expects inventory investment including higher speculative activity and greenfield expansion into new markets to continue, but at a slower pace. Cash flow from operations (CFO) is projected to turn positive in 2025 and 2026, reaching low single digits percentages, compared to negative 6.4% in 2024. Fitch expects DFH's land-light strategy to support positive CFO during most periods of the housing cycle, with stronger cash flow generation during housing downturns. However, CFO is likely to be lower than larger investment-grade homebuilders, as ongoing inventory investments to support growth will temper overall cash flow performance. Margins Normalizing to Historical Levels: Fitch expects EBITDA margins to settle between 9.5% and 10.5% in 2025 and 2026, lower than the 12.3% reported in 2024 due to elevated incentives, higher land costs, and increased selling, general and administrative (SG&A) expenses from a higher community count and ongoing expansion. DFH's more aggressive speculative strategy in a subdued demand environment will likely result in relatively lower EBITDA margins. Industry margins are expected to return to levels similar to pre-pandemic levels, and margins below current expectations could prompt an Outlook revision. Financial Flexibility for Growth: DFH has sufficient liquidity through cash, revolver availability and CFO to sustain its operations and support its growth. However, Fitch views the company's financial flexibility as a limiting factor, due to its reliance on its revolving credit facility, which had $222.5 million of availability as of June 30, 2025 and matures in August 2028. Ownership Structure: DFH is a public company with concentrated ownership. Patrick Zalupski, DFH's founder, president, CEO and chairman, exerts significant influence over the company, given the approximately 84% combined voting power of DFH's class A and B common stock. The company has been disciplined with its capital allocation strategy to date, as evidenced by its modest share repurchase activity. Peer Analysis DFH's closest peer is M.D.C. Holdings, Inc. (MDC; BBB-/Stable). DFH is the 14th largest U.S. homebuilder, delivering 8,583 homes in 2024, while MDC, ranked 11th largest, delivered 9,598 homes during the same period. MDC and DFH have meaningful exposure to entry-level markets and cater to the first and second move-up buyers. DFH's net debt to capitalization is higher than MDC's, but it has lower EBITDA leverage and slightly higher EBITDA margins. DFH employs a more conservative land-light strategy, with a significantly lower owned-lot position compared to MDC. Among public homebuilders in Fitch's coverage, DFH has the highest net debt to capitalization ratio, reflecting its relatively recent start in 2009 and a less established equity base Fitch expects DFH to generate more consistent CFO than MDC over the long term. MDC is more geographically diversified and has a long track record of maintaining a conservative posture through housing cycles and has financial flexibility comparable to investment-grade peers. Key Assumptions - Homebuilding revenues increases low single digits in 2025 and mid-single digits in 2026; - EBITDA margins of 9.5%-10.5% in 2025 and 2026; - CFO between $25 million and $75 million in both 2025 and 2026; - Net debt to capitalization ratio of 45%-50% in 2025 and 40%-45%in 2026; - EBITDA leverage of 3.0x-3.5x in 2025 and 2026; - (CFO-capex)/debt in the low-single digits percentages in 2025 and 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Net debt to capitalization is sustained above 60%; - EBITDA leverage consistently above 4.0x; - (CFO-capex)/debt sustained below 5%; - EBITDA interest coverage ratio falls below 2.5x; - Deterioration in the company's liquidity profile, including consistently negative CFO and limited availability under its revolving credit facility. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - The company further enhances its geographic diversification and local market leadership positions; - Net debt to capitalization is sustained below 50%; - EBITDA leverage consistently below 3.5x; - (CFO-capex)/debt sustained above 7.5%. Liquidity and Debt Structure DFH has sufficient liquidity, with $210.3 million of cash as of June 30, 2025, and $222.5 million of borrowing availability under its $1.36 billion revolving credit facility. In August 2025, the company amended the credit facility increasing the commitment to $1.475 billion and extending the maturity dates, with $235 million due in June 2027 and the remaining $1.24 billion maturing in August 2028. The company's unsecured notes also mature in August 2028. Fitch expects the company to generate neutral to slightly positive FCF in 2025 and 2026, enabling it to maintain its liquidity position while managing inventory. Fitch treats $148.5 million of convertible preferred stock as debt as per its Corporate Hybrids Criteria. Holders of the company's convertible preferred stock can convert these securities into Class A common stock after the fifth anniversary of its issuance (Sept. 1, 2026). Additionally, the company has the option to call these securities during the fourth year (i.e., after the third anniversary) following their issuance. Issuer Profile Dream Finders Homes, Inc. is the 14th largest U.S. homebuilder, operating 271 active communities in 10 states. It offers a range of single-family homes, focusing on entry-level and first-time move-up homebuyers, while also providing offerings for second move-up and active adult buyers. Summary of Financial Adjustments Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and interest expense included in the cost of sales and to exclude impairment charges, land option abandonment costs and other non-recurring items. Fitch also excludes the EBITDA and debt of DFH's financial services (FS) operations, as this subsidiary's only major debt, four mortgage warehouse facilities, are non-recourse to DFH. The FS subsidiary generally sells the mortgage it originates and the related servicing rights to third-party purchasers shortly after origination. However, as part of its captive finance adjustment, Fitch assumes a capital structure for the FS operation that is sufficiently robust for that entity to support its debt without reliance on the corporate entity. Fitch applies a hypothetical capital injection from the corporate entity to achieve a target capital structure (1.0x debt to equity) indicative of a self-sustaining credit profile for DFH's FS operations. Consequently, Fitch reduced DFH's homebuilding unrestricted cash by $127.5 million during the forecast period to account for this hypothetical capital injection, while shareholders' equity is assumed to be unaffected. Fitch reviews historical CFO on a consolidated basis and estimates CFO excluding the FS operations. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Dream Finders Homes, Inc. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- preferred LT B Affirmed RR6 B EDGE INDUSTRIAL: S&P Affirms 'BB' LT Rating on 2017B Revenue Bond ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term rating on the Economic Development Growth Engine (EDGE) Industrial Development Board of the City of Memphis and Shelby County, Tenn.'s series 2017B taxable tax revenue bonds, issued for the Graceland Development Project. The outlook is stable. S&P said, "In our view, given pledged revenue's dependence on tourism-related activity in a niche market, we view the project as carrying elevated social risks relative to the broad tax-backed obligations secured by taxes on hotel and tourist activity. These pressures were evident during the COVID-19 pandemic. We view environmental and governance risks as neutral within our analysis." The stable outlook reflects the healthy cushion of coverage at over 2x average DSC, which could sustain a decline in revenues, as is characteristic of the revenue base, while maintaining coverage above 1x. Should monthly surcharge collections decline, leading to pledged revenue stress and coverage falling to less than 1x, S&P could consider lowering the rating. A higher rating would require a longer track record of stable coverage levels, diversification and growth of activity at Graceland, and a longer period without default on the 2017A and C bonds or a draw on reserve funds. EH REAL ESTATE: Stellus Capital Marks $1.8M 1L Loan at 81% Off -------------------------------------------------------------- Stellus Capital Investment Corporation has marked its $1,882,226 loan extended to EH Real Estate Services, LLC to market at $348,212 or 19% of the outstanding amount, according to Stellus' Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Stellus is a participant in a First Lien Term Loan A-1 to EH Real Estate Services, LLC. The loan accrues interest at a rate of 15% per annum. The loan matures on September 3, 2026. Stellus was formed as a Maryland corporation on May 18, 2012 and is an externally managed, closed-end, non-diversified investment management company. The Company formed Stellus Capital SBIC, LP, a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. Stellus is led by Robert T. Ladd as Chief Executive Officer and W. Todd Huskinson as Chief Financial Officer. The Company can be reach through: Robert T. Ladd 4400 Post Oak Parkway, Suite 2200 Houston, Tx 77027 Telephone: (713) 292-5400 About EH Real Estate Services, LLC EH Real Estate Services, LLC is an operator of a real estate firm headquartered in Skokie, Illinois. The company offers residential property brokerage, title and settlements, and property and casualty insurance brokerage services to home buyers and sellers. EH REAL ESTATE: Stellus Capital Marks $650,000 1L Loan at 82% Off ----------------------------------------------------------------- Stellus Capital Investment Corporation has marked its $650,943 loan extended to EH Real Estate Services, LLC to market at $120,424 or 18% of the outstanding amount, according to Stellus' Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Stellus is a participant in a First Lien Term Loan A-2 to EH Real Estate Services, LLC. The loan accrues interest at a rate of 15% per annum. The loan matures on September 3, 2026. Stellus was formed as a Maryland corporation on May 18, 2012 and is an externally managed, closed-end, non-diversified investment management company. The Company formed Stellus Capital SBIC, LP, a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. Stellus is led by Robert T. Ladd as Chief Executive Officer and W. Todd Huskinson as Chief Financial Officer. The Company can be reach through: Robert T. Ladd 4400 Post Oak Parkway, Suite 2200 Houston, Tx 77027 Telephone: (713) 292-5400 About EH Real Estate Services, LLC EH Real Estate Services, LLC is an operator of a real estate firm headquartered in Skokie, Illinois. The company offers residential property brokerage, title and settlements, and property and casualty insurance brokerage services to home buyers and sellers. ELETSON HOLDINGS: Court Nixes Reed's Sanctions Bid in Doc Fight --------------------------------------------------------------- Joyce Hanson of Law360 Bankruptcy Authority reports that the new owner of international shipper Eletson has been ordered by a New York judge to hand over records requested by competitor Levona, which is challenging a $102 million arbitration award it alleges was fraudulent. The judge further ruled that Reed Smith LLP's bid for sanctions was unfounded, the report states. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ELEVATE TEXTILES: Moody's Lowers CFR to Caa2 & PDR to Caa2-PD ------------------------------------------------------------- Moody's Ratings downgraded Elevate Textiles, Inc.'s corporate family rating to Caa2 from Caa1 and probability of default rating to Caa2-PD from Caa1-PD. Concurrently, Moody's affirmed the company's B3 backed senior secured first-out term loan rating and Caa3 backed senior secured last-out term loan rating. The outlook was changed to stable from negative. The downgrade reflects the lack of meaningful improvement in Elevate's year-to-date 2025 earnings, reflecting conservative inventory orders because of tariff uncertainty and cautious consumer discretionary spending in the US. Moody's expects leverage to remain high and free cash flow to remain weak in 2025 and 2026 absent a significant earnings recovery, despite the benefit of a partial pay-in-kind capital structure. Cash flow deficits would pose a risk to Elevate's ability to address its 2027 debt maturities in a timely and economical manner. The affirmation of the term loan ratings reflects Moody's assessments of recovery rates. RATINGS RATIONALE Elevate's Caa2 CFR is constrained by the company's high leverage, negative free cash flow, and 2027 debt maturities. For the LTM ended June 30, 2025, Moody's-adjusted debt/EBITDA was 6.4x and EBITA/interest expense was 0.9x. Moody's expects credit metrics to improve but remain weak over the next 12-18 months, driven by modestly higher earnings reflecting the benefits of operational initiatives. However, assuming limited earnings growth, negative working capital and excluding the benefit of a one-time payment related to a facility relocation in 2026, free cash flow is projected to remain negative. The credit profile is also limited by Elevate's operations in the competitive and capital intensive textile manufacturing sector. In addition, while the company is working to rationalize its production and distribution facility footprint, it still has operational inefficiencies and some deferred capital investment needs. The rating also incorporates governance factors, including Elevate's operational challenges, ongoing underperformance relative to expectations, and ownership by former lenders following the 2023 debt restructuring. The rating is supported by the company's foreign cash balances and availability under the US revolver and foreign short-term working capital facilities, which provide adequate liquidity over the next 12-18 months. The credit profile also benefits from Elevate's solid market position in the fragmented global threads manufacturing market, as well as its geographic and product diversification and long-term key customer relationships. The stable outlook reflects Moody's expectations for adequate liquidity over the next 12-18 months, including lack of debt maturities until June 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company's earnings or liquidity deteriorate, including greater than projected cash flow deficits or constrained revolver availability resulting in a higher likelihood of default or lower expected recovery rates. The ratings could be upgraded if earnings strongly recover, leading to an increased probability of a timely and economical debt refinancing. Headquartered in Charlotte, North Carolina, Elevate Textiles, Inc. is a global textiles and threads manufacturer serving diverse end markets, including apparel, denim, military, fire, auto and industrials. The company is owned by its former lenders following the 2023 restructuring. Revenue for the twelve months ended June 30, 2025 was about $1.1 billion. The principal methodology used in these ratings was Manufacturing published in September 2021. The company's scorecard-indicated outcome using the rating factors cited in Moody's Ratings Methodology for the Manufacturing industry is B3, two notches above the actual Caa2 corporate family rating. The differential reflects the company's negative free cash flow and debt maturities. ELITE DESIGNS: Seeks Subchapter V Bankruptcy in California ---------------------------------------------------------- On August 20, 2025, Anaheim-based Elite Designs and Remodeling Inc. has sought Chapter 11 protection in the Central District of California under Subchapter V for small business debtors. The petition identifies multiple construction defect claims totaling roughly $167,849, led by a $126,349 claim from Joseph Cisneros. Additional obligations include a secured claim to Alo Capital Group LLC ($93,687) and vehicle loans from Ally Financial and Ford Motor Credit. Assets are reported at less than $50,000 against liabilities of $100,001 to $500,000, with no expected distributions for unsecured creditors after administrative costs. About Elite Designs and Remodeling Inc. Elite Designs and Remodeling Inc. is a residential construction and home renovation company based in Anaheim, California. The company provides home remodeling, renovation, and design services primarily in Orange County, specializing in residential building construction projects. Elite Designs and Remodeling Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12315) on August 20, 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 Mark D. Houle handles the case. The Debtor is represented by Anerio Ventura Altman, Esq. at Golden Goodrich, LLP. ENERGY FOCUS: Appoints Sophia Shee to Board of Directors -------------------------------------------------------- Energy Focus, Inc., disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 8, 2025, the Board of Directors appointed Sophia Shee as a director of the Company, effective immediately. Ms. Shee brings over four years of experience in the renewable energy and manufacturing sectors. She has held various positions of increasing responsibility at the Company. From June 2019 to April 2021, Ms. Shee served as a Business Analyst, during which time she achieved a 50% cost savings on the Company's CRM by managing a database migration from Salesforce to HubSpot. Subsequently, as a Special Projects Manager from April 2021 to August 2023, she negotiated an over 95% significant reduction in a subscription expense. Most recently, Ms. Shee served as Accounts Receivable & Board Secretary from August 2023 to March 2024, where she reduced accounts receivable aging balances by 71% within 90 days, and collaborated with the management team to ensure compliance with governance standards and regulatory requirements. Ms. Shee has held no position in the Company since March 2024, and returned this month exclusively to serve on the Board of Directors without taking on any additional positions. Ms. Shee holds a Master of Global Management from the Thunderbird School of Global Management and a Bachelor of Business Administration from Simon Fraser University. She is a certified Project Management Professional (PMP), Certified Scrum Master (CSM), and Salesforce Certified Administrator (SCA). Ms. Shee has not been appointed to any committees of the Board at this time and will participate in the Company's standard director compensation program, which consists of an annual cash retainer of $2,000. There are no arrangements or understandings between Ms. Shee and any other person pursuant to which she was selected as a director. Furthermore, there are no related person transactions involving Ms. Shee that are subject to disclosure under Item 404(a) of Regulation S-K. About Energy Focus Solon, Ohio-based Energy Focus -- http://www.energyfocus.com-- engages primarily in the design, development, manufacturing, marketing, and sale of energy-efficient lighting systems and controls. The Company develops, markets, and sells high-quality light-emitting diode ("LED") lighting and controls products in the commercial market and military maritime market. Columbus, Ohio-based GBQ Partners, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 25, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 25, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $4.8 million in total assets, $2 million in total liabilities, and $2.8 million in total stockholders' equity. ENNIS I-45: Court Extends Cash Collateral Access to Sept. 30 ------------------------------------------------------------ Ennis I-45 11 ACRE, LLC received a one-month extension from the U.S. Bankruptcy Court for the Northern District of Texas to use its secured creditors' cash collateral. The sixth interim order authorized the Debtor to use up to $40,813.23 in cash collateral for the period from September 1 to 30 to pay the expenses set forth in its budget. As adequate protection for the Debtor's use of their cash collateral, Real Estate Holdings, LLC and Bay Point Capital Partners II, LP will receive replacement liens on property currently owned or to be acquired by the Debtor, excluding Chapter 5 causes of action. The replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens, subject to the fee carveout. In case of any diminution in the value of their collateral, the secured creditors will be granted an allowed superpriority administrative expense claim against the Debtor's estate. The next hearing is scheduled for September 23. Objections are due by September 18. About Ennis I-45 11 Acre Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. Kyung S. Lee, Esq., at Shannon and Lee, LLP is the Debtor's legal counsel. Real Estate Holdings, LLC, as secured creditor, is represented by: Marc W. Taubenfeld, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Suite 4000 Dallas TX 75201 Telephone: (214) 855-7523 Facsimile: (214) 855-7585 mtaubenfeld@munsch.com Bay Point Capital Partners II, LP, as secured creditor, is represented by: Jeff P. Prostok, Esq. Emily S. Chou, Esq. J. Blake Glatstein, Esq. Vartabedian Hester & Haynes, LLP 301 Commerce St., Suite 3635 Fort Worth, TX 76102 Telephone: (817)214-4990 Facsimile: (214)817) 214-4988 Jeff.prostok@vhh.law Emily.chou@vhh.law Blake.glatstein@vhh.law ENTECCO FILTER: Court Extends Cash Collateral Access to Oct. 17 --------------------------------------------------------------- Entecco Filter Technology, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of North Carolina, Winston-Salem Division to use the cash collateral of PNC Bank, National Association. The court's 11th interim order authorized the Debtor to use cash collateral until October 17 based on its four-week budget projection. During this interim period, the Debtor can use up to 110% of any line item in the budget. PNC has a lien on certain assets of the Debtor based on a $125,000 loan extended under a revolving line of credit issued in July 2023. As protection for PNC's interest in the cash collateral, the court granted the bank a lien on the Debtor's post-petition assets to the same extent as its pre-bankruptcy lien. In case of any default or unauthorized use of funds, PNC can request immediate relief, including termination of the Debtor's ability to use cash collateral. The next hearing is scheduled for October 15. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/mFme0 from PacerMonitor.com. About Entecco Filter Technology Entecco Filter Technology, Inc., is a Delaware-based environmental technology company, specializing in air purification systems and filter products used in various industries. Entecco filed Chapter 11 petition (Bankr. M.D.N.C. Case No. 24-50707) on September 19, 2024, listing between $1 million and $10 million in both assets and liabilities. James David Edgerton, president and chief executive officer, signed the petition. Judge Lena M. James oversees the case. The Debtor is represented by James C. Lanik, Esq., at Waldrep Wall Babcock & Bailey, PLLC. Secured creditor PNC Bank, N.A. is represented by: Brian D. Darer, Esq. Parker Poe Adams & Bernstein, LLP 301 Fayetteville Street, Suite 1400 Raleigh, NC 27602 Telephone: (919) 828-0564 briandarer@parkerpoe.com EPHESIANS 320: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Ephesians 320 Partner, LLC 15059 W. Colfax Ave Golden, CO 80401 Business Description: Ephesians 320 Partner, LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: August 28, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-15543 Judge: Hon. Thomas B McNamara Debtor's Counsel: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 Email: klr@kutnerlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sean Keating as managing member. The Debtor identified Dale M. Long, CPA, PC, located at 15842 W. 59th Ave, Golden, CO 80403, as its only unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BGIKORI/Ephesians_320_Partner_LLC__cobke-25-15543__0001.0.pdf?mcid=tGE4TAMA EPHESIANS 320: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Ephesians 320 Partner, LLC 15059 W. Colfax Ave Golden, CO 80401 Business Description: Ephesians 320 Partner, LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: August 28, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-15543 Judge: Hon. Thomas B McNamara Debtor's Counsel: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 E-mail: klr@kutnerlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sean Keating as managing member. The Debtor identified Dale M. Long, CPA, PC, located at 15842 W. 59th Ave, Golden, CO 80403, as its only unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BGIKORI/Ephesians_320_Partner_LLC__cobke-25-15543__0001.0.pdf?mcid=tGE4TAMA EVANGELICAL HOMES: Fitch Affirms 'B-' Rating on $29.8MM Bonds ------------------------------------------------------------- Fitch Ratings has affirmed the 'B-' rating on approximately $29.8 million of series 2013 revenue bonds issued by the Michigan Strategic Fund and the Economic Development Corporation of the city of Saline, MI on behalf of the Evangelical Homes of Michigan Obligated Group (EHM OG, d/b/a EHM Senior Solutions). Fitch has also affirmed EHM's Issuer Default Rating (IDR) at 'B-'. The Rating Outlook remains Negative. Entity/Debt Rating Prior ----------- ------ ----- Evangelical Homes of Michigan (MI) LT IDR B- Affirmed B- Evangelical Homes of Michigan (MI) /General Revenues/1 LT LT B- Affirmed B- The affirmation of the 'B-' rating reflects continued operating pressure as EHM's new senior leadership team embarks on a transformation plan designed to restore long-term financial viability through more rigorous financial planning, enhanced board engagement, and measurable outcomes. Initial steps in the strategic plan have already been executed, including adjustments to legacy financials, restating the 2025 budget to align with newly defined strategic initiatives, and the writing down of overstated receivables. These should allow the new leadership to focus on rebalancing operations through revenue initiatives and operating efficiencies. One-time revenue sources from employee retention credits (ERC) and the anticipated sale of a property in October 2025 will provide some cushion as EHM implements further steps in the strategic plan and emerges from a challenging post-pandemic operating environment. Occupancy has generally recovered, but remains soft for the skilled nursing facility (SNF). Although operating losses continue to narrow as occupancy levels recover, expense pressure remains. Improved cash flow does not yet offset EHM's high debt burden, reflected in the low 'B' category rating. Fitch expects less volatile operations, but at levels consistent with the weak operating risk assessment, Cash flow should marginally cover expenses, including debt service, with limited ability to replenish the balance sheet, particularly during periods of stress. Fitch also expects EHM's debt service obligations to become more manageable beginning in fiscal year 2028, following full repayment of a 10-year bank term loan. EHM's obligate group's (OG) reported an annual debt service coverage ratio of 0.94x and a days cash on hand ratio of 57.2, based on fiscal 2025 ended April 30 and calculated by management per bond documents. Both ratios fall below the required levels of 1.2x and 75 days for the second consecutive year. ERC funds received to date bring EHM just over the 75-day threshold for the days cash covenant. EHM's financial profile remains weak, with unrestricted cash and investments of $6.58 million, or $11.7 million proforma including ERC and property sale funds, relative to adjusted debt of about $37 million, which includes a pension obligation. Fitch expects leverage metrics to remain weak with very little financial cushion remaining. While progress has been made to restore balanced operations, and enhanced financial rigor should result in incremental improvement, the Outlook remains Negative as there is some execution risk in restoring adequate cash flow to cover debt and reinvest in the operations. SECURITY The bonds are secured by a pledge of unrestricted receivables of the Obligated Group, a mortgage on the revenue-generating property and structures on the three campuses, and two separate debt service reserve funds. KEY RATING DRIVERS Revenue Defensibility - 'bb' Occupancy Levels Recovering EHM operates in a favorable market area around Saline, MI and the broader Washtenaw County, but faced occupancy challenges that began with the pandemic. Occupancy levels are steadily returning due to enhanced marketing efforts. Average independent living (IL) occupancy reached 95% for fiscal 2025 (ending April 30), up from 73% in fiscal 2023. Assisted living (AL) occupancy averaged 95% in fiscal 2025 and reached 98% at year end, while skilled nursing and memory care averaged about 75%. Management focused on reducing staffing vacancies by updating wages and bonus structures, resulting in lower vacancies and turnover. These positive occupancy trends have continued into fiscal 2026. EHM operates the only full-service rental life plan community (LPC) in Washtenaw County. Competition stems primarily from two standalone IL unit (ILU)/ALU facilities and three SNFs. The competitive landscape has remained generally unchanged over the last several years. Demographic indicators in Washtenaw County, which includes Ann Arbor, are favorable with above average population growth and income levels. The real estate market in the county is strong, although, as a rental community EHM is somewhat insulated from real estate trends. Operating Risk - 'bb' Continued Operating Improvement Needed to Comfortably Cover Debt Service EHM operates a SNF, a rehabilitation center, and a rental contract retirement community. EHM also offers life care contracts through its LifeChoices program for community residents who live in their own homes, providing individual with home-based services as needed. Existing life care contracts approximate just under 3% of net revenues. EHM's new leadership team is in the middle of a 90-day plan focused on financial stabilization and operational improvement, with phased actions including audit completion, departmental accountability, and enhanced strategic planning. Key priorities are improving collections, reducing aged receivables, achieving cost savings, and restoring covenant compliance, alongside reinvestment in infrastructure and care delivery. EHM's operating assessment of 'bb' reflects thin historical operating performance. Operations have been volatile but have improved fiscal 2025 with the rebounding occupancy. Operating cost flexibility is weak with an operating ratio of 101%, net operating margin (NOM) of 2% and NOM adjusted of 4% in fiscal 2025, compared to the five-year averages of 105%, (.6%) and .3%, respectively (on a consolidated basis). Marginal fiscal 2025 improvement was driven by volume rebound, key rate increases, enhanced marketing efforts and labor efficiencies. Fitch expects continued marginal improvement through improved collections, stable work force and other operating efficiencies. EHM OG is in breach of the debt service coverage covenant (calculating 0.94x compared to the 1.2x test) and the days cash on hand covenant (with 57.2 days compared to the 75-day test) for the second consecutive year in fiscal 2025. Capex have been relatively light averaging under 40% of depreciation over the past five years. The average age of plant was 18.7 years as of fiscal 2025. Fitch anticipates very moderate capital spending in the near term as EHM works to restore the balance sheet. High Medicaid levels at the SNF significantly contribute to operating revenues and present an asymmetric risk in the operating risk assessment. Skilled nursing revenues typically account for about 50% of total resident service revenues, with Medicaid representing about 45% of SNF revenues. EHM's capital-related metrics are mixed. Series 2013 MADS as a percentage of revenue is manageable at 7.3% in fiscal 2025. However, constrained cash flow has weakened the OG's ability to service debt comfortably. Consolidated debt-to-net available measured 13x in fiscal 2025, reflecting the weak assessment. EHM has an underfunded defined benefit (DB) pension plan, with a funded status below 20%. The underfunded status, about $6.3 million at FYE 2025, combined with high debt, constrains financial flexibility. Financial Profile - 'b and below' High Debt Load EHM carries a high debt load, with about $30.7 million in long-term debt and a pension obligation of about $6.3 million (capped at 80%), resulting in adjusted debt of about $37.0 million. Cash to adjusted debt has eroded in recent years and is at about 24% FYE 2025, providing limited financial flexibility. Anticipated ERC funds of about $1.9 million ($1.6 million just received), FEMA funds of $0.5 million and the sale of the Sara Fischer property (possibly netting $1 million in Oct. 2025), should help restore liquidity and enhance financial flexibility, bringing cash to adjusted debt to around 37%. Fitch expects cash to adjusted debt to stabilize just below 30% in the medium term, despite pent-up spending needs. No new debt is planned. EHMs liquidity profile presents asymmetric risk, with days cash on hand of 57.2 days in fiscal 2025 (as calculated by management for the OG). Liquidity will improve with the receipt of ERC/FEMA funds and the sale of the Sara Fischer property, which combined will net about $5.1 million (with $1.6 million already received). Fitch believes that EHM's financial flexibility can absorb limited operating pressure at the current rating level. EHM's key leverage metrics steadily improve as occupancy rebounds, remaining consistent with the 'b' financial profile assessment through Fitch's stress case scenario that assumes a portfolio stress followed by recovery. Asymmetric Additional Risk Considerations No asymmetric risk considerations were applied to this rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Unrestricted cash and investments deteriorate to where capital-related metrics and cash to adjusted debt no longer supports the current rating; - Operations fail to improve to the degree that coverage covenants are met and the balance sheet begins to recover. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained operating improvement with debt service coverage remaining over 1.2x. - Significant improvement in leverage position with cash to adjusted debt sustained at 25% or higher. - The Negative Outlook may be resolved when covenant compliance is achieved. PROFILE EHM operates a SNF, a rehabilitation center (the Redies Center), and a rental contract retirement community (Brecon Village), all in Saline, MI. Additional operations include home care and home support, senior housing, hospice care and memory support services in southeastern Michigan. EHM Senior Solutions (the consolidated system of which EHM OG is the primary member) also includes non-obligated entities, namely LifeChoice Solutions, providing at home life care. EHM's consolidated operating revenue measured about $33.8 million in FY25 (April 30 YE). Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from DIVER by Solve. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. EXTREME PROFITS: Unsecureds Will Get 87.5% of Claims over 5 Years ----------------------------------------------------------------- Extreme Profits, Inc., a Florida corporation, d/b/a X-Stream Power Washing filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization for Small Business dated August 19, 2025. Extreme is a Florida corporation formed on June 11, 2012. The Debtor has provided commercial cleaning services for restaurants, businesses, and some residential properties. The Debtor's affiliate, X-Stream Millennium, Inc., a Florida corporation (hereinafter "Millennium"), was formed on April 1, 2022, to provide maintenance services such as plumbing, electrical, and structural repairs. Extreme and Millennium are both solely owned by Mr. Lubos Scepka, who is also the registered agent, sole officer, and sole director of both companies. This Plan of Reorganization proposes to pay creditors of the Debtor from future operations of the Debtor, and its affiliate, Millennium, whose combined operations will be transferred to Enterprises Key West, Inc., a Florida corporation ("EEKW"). This Plan provides for: full payment of priority claims; 6 classes of secured claims; 1 class of non-priority unsecured clams; and 1 class of equity security holders. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 87.5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. The maximum amount of general unsecured claims is approximately $800,000. It is anticipated that the final allowed claims will be substantially lower. Payments of $120,000 for 5 years will yield a distribution of 87.5%. Class 7 consists of General Unsecured Creditors. The following creditors are referred to as general unsecured creditors: American Express National Bank and all related entities referred to as AMEX; Wells Fargo Bank, N.A.; and all claimants listed in Class 6 to the extent those claims are determined to be general unsecured claims. Claims in this Class shall be paid, pro rata, without interest, beginning with the first quarterly payment following full payment of: Priority Claims and secured Claims in Classes 5 and 6. Class 8 consists of Equity Interests of the Debtor. Mr. Lubos Scepka is the sole owner of the Debtor. He shall retain his ownership interests in the Debtor. Mr. Scepka has waived his priority and unsecured claims. This class is unimpaired and not entitled to vote. All of the Debtor's assets and operations will be transferred to a new entity, Extreme Enterprises Key West, Inc., a Florida corporation ("EEKW") formed on March 20, 2025, wholly owned by Lubos Scepka, in consideration of a promissory note payable to the Debtor for the value of all assets transferred, which note will be reduced by the amounts paid by EEKW to the creditors of the Debtor; after payment of the promissory note, EEKW will continue to pay the Debtor's creditors the net profits of the operations of EEKW for the period of 60 months after confirmation of the Plan, or a shorter period if all creditors are paid in full. A full-text copy of the Plan of Reorganization dated August 19, 2025 is available at https://urlcurt.com/u?l=gu8QoY from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin C. Gleason, Esq. FLORIDA BANKRUPTCY GROUP, LLC 4121 N. 31st Ave. Hollywood, FL 33021-2011 Tel: (954) 893-7670 Fax: (954) 252-2540 Email: BankruptcyLawyer@aol.com Email: KGPAECMF@aol.com About Extreme Profits, Inc. d/b/a X-Stream Power Washing Extreme Profits Inc., operating as X-Stream Power Washing and Cleaning Services, is a pressure washing and cleaning company based in Key West, Florida. Extreme Profits Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15709) on May 21, 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 Corali Lopez-Castro handles the case. The Debtors are represented by Kevin C Gleason, Esq. FAIRFIELD SENTRY: 2nd Cir. Affirms Dismissal of Certain Claims -------------------------------------------------------------- Wollmuth Maher & Deutsch LLP, along with the broader defense group, obtained a victory in the United States Court of Appeals for the Second Circuit for its clients Fairfield Investment Fund Ltd., Fairfield GCI Fund, and FIF Advanced, Ltd. The Second Circuit reversed, in part, a series of decisions in the United States Bankruptcy Court for the Southern District of New York and determined that all claims brought against the Fairfield Defendants should be dismissed. In 2008, Bernie Madoff was revealed to be running one of the largest Ponzi schemes in history through his company Bernard L. Madoff Investment Securities. Shortly after Madoff's arrest, feeder funds Fairfield Sentry Ltd., Fairfield Sigma Ltd., and Fairfield Lambda Ltd. were placed into liquidation in the British Virgin Islands. The appointed Liquidators commenced approximately 300 separate actions in the United States to recover payments redeemed from BLMIS through the Funds prior to the collapse of the Ponzi scheme. In total, the Liquidators sought to claw back over $6 billion in redemption payments from the Funds' investors. After more than 15 years of litigation, all claims except one, a claim for constructive trust under BVI common law, were dismissed by the lower courts. When the United States District Court for the Southern District of New York affirmed the Bankruptcy Court's decision permitting the constructive trust claim to proceed in August of 2022, the Fairfield Defendants and the other remaining defendants appealed to the Second Circuit. Simultaneously, the Liquidators filed appeals challenging the lower courts' dismissal of their other BVI statutory and common law claims. On August 5, 2025, the Second Circuit awarded the Fairfield Defendants and other defendants a total victory against the Liquidators. The Second Circuit affirmed the lower courts' dismissal of the BVI statutory and common law claims on the grounds that the safe harbor for securities transactions found in the United States Bankruptcy Code, 11 U.S.C. § 546(e), barred recovery. The Court determined that the safe harbor applied extraterritorially (i.e. to conduct occurring outside of the United States), and thus precluded all of the Liquidators' claims. The Second Circuit appeals are docketed at In re Fairfield Sentry Ltd., Case Nos. 22-2101-bk(L), 23-965(L) (2d Cir.). The Fairfield Defendants' Bankruptcy Court proceedings include Fairfield Sentry Limited, et al. v. ABN AMRO Schweiz AG et al., Adv. Pro. No. 10-03636 (Bankr. S.D.N.Y.). A copy of the Court's Opinion dated August 5, 2025, is available at https://urlcurt.com/u?l=xJV8Ye About WMD Wollmuth Maher & Deutsch LLP -- https://www.wmd-law.com/ -- is a NYC-based litigation, bankruptcy, and corporate boutique providing creative, results-oriented, and cost-effective solutions tailored to the unique needs of particular cases and clients. About Fairfield Sentry Fairfield Sentry Limited is being liquidated under the supervision of the Commercial Division of the High Court of Justice in the British Virgin Islands. It is one of the funds owned by the Fairfield Greenwich Group, an investment firm founded in 1983 in New York. Fairfield Sentry and other Greenwich funds had among the largest exposures to the Bernard L. Madoff fraud. Fairfield Sentry became the subject of a BVI liquidation, and a BVI court appointed Kenneth M. Krys and Greig Mitchell as Liquidators and Foreign Representatives of Fairfield Sentry and Fairfield Sigma under BVI law. The Liquidators then sought recognition of the BVI liquidation as a foreign main proceeding by filing petitions under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 10-13164) on June 14, 2010 in the Southern District of New York. The Bankruptcy Court entered an order granting recognition of the Fairfield Sentry case on July 22, 2010, enabling the Liquidators to use the U.S. Bankruptcy Court to protect and administer Fairfield Sentry's assets in the U.S. FALCON RECLAMATION: Seeks Chapter 11 Bankruptcy ----------------------------------------------- On August 20, 2025, Falcon Reclamation Limited Liability Company, together with ten affiliated entities, filed Chapter 11 petitions. The company disclosed assets of $0–$50,000 and liabilities between $100,001 and $500,000. Significant creditors include the Internal Revenue Service, which claims $22.1 million in unpaid payroll taxes, the West Virginia State Tax Department with $2.6 million owed, and contested obligations to Pocahontas Holdings and Conserv Lending for leases and equipment. About Falcon Reclamation Limited Liability Company Falcon Reclamation Limited Liability Company is a coal mining reclamation business operating in West Virginia and Kentucky. It specializes in environmental restoration and reclamation of mining lands. Falcon Reclamation Limited Liability Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W. Va. Case No. 25-20183) on August 20, 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 J. Zachary Balasko, Esq. at Steptoe and Johnson PLLC. FERADYNE OUTDOORS: Blue Owl Marks $77.4M 1L Loan at 18% Off ----------------------------------------------------------- Blue Owl Capital Corporation has marked its $77,465,000 loan extended to Feradyne Outdoors, LLC to market at $63,521,000 or 82% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a First Lien Senior Secured Loan to Feradyne Outdoors, LLC. The loan accrues interest at a rate of 3.04% per annum. The loan matures on May 2028. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Feradyne Outdoors, LLC FeraDyne is engineering the evolution of lethal technology across all bowhunting categories. FIRST QUANTUM: Fitch Rates New 7.25% USD1-Billion Notes 'B' ----------------------------------------------------------- Fitch Ratings has assigned First Quantum Minerals Ltd.'s (FQM; B/Stable) new 7.25% USD1 billion notes due 2034 a final senior unsecured rating of 'B'. The Recovery Rating is 'RR4'. The notes rank pari passu with FQM's existing senior unsecured notes. Fitch expects gross debt to be broadly unchanged as proceeds are being used to fully redeem the remaining USD750 million 2027 notes and partially repay USD250 million of its 2029 notes. The 'B' rating reflects FQM's operating performance being in line with its expectations, supported by higher copper prices and proactive liquidity management. Fitch forecasts EBITDA gross leverage will remain slightly above 4x for the next three years, providing sufficient headroom against a 5x negative sensitivity. Fitch assumes that FQM's Cobre Panama mine remains under care and maintenance to 2028. It has signed a streaming agreement to support its liquidity, which Fitch treats as non-debt. The rating also incorporates the high-risk operating environment in Zambia (Restricted Default). Key Rating Drivers Prolonged Suspension of Cobre Panama: The Cobre Panama mine remains under preservation and safe management with no production since November 2023. A decision on the future of the mine was not reached after last year's general elections and the timing of the mine restart is still uncertain. Fitch has therefore focused its 2025-2028 forecasts on operations in Zambia. FQM is working to bring the Cobre Panama mining operations back on track through a public relations campaign to improve public perception of the project and remains in dialogue with the government. The company began setting the terms for an environmental audit in January, although the timing and final terms are still pending finalisation from the government. FQM has completed shipping stockpiled copper concentrate and plans to restart its power plant in Panama in 4Q25. It is no longer pursuing two separate international arbitration cases against Panama, while Franco Nevada - a counterparty in FQM's existing streaming agreement - suspended arbitration in June. Improved Leverage: Fitch forecasts EBITDA will average USD1.6 billion in 2025-2028 under its metals and mining price assumptions and without production from Cobre Panama. This is almost half the amount generated when the mine was in operation. Fitch expects EBITDA gross leverage of slightly above 4x for the next three years based on its price assumptions, providing comfortable headroom for the 'B' rating. Fitch excludes the Franco Nevada streaming from debt from 2025 as Fitch does not assume any metal deliveries from the Cobre Panama mine over the next three years. Fitch expects negative free cash flow (FCF) in 2025-2026 due to large capex, including for the Kansanshi S3 project. New Gold Stream: FQM has signed a USD1 billion gold streaming agreement with RGLD Gold AG, a subsidiary of Royal Gold, Inc. Fitch does not add it to debt due to the presence of equity-like features, including the absence of an obligation to deliver gold if mining operations are shut and the lack of security over assets, although FQM and Kansanshi ownership chain provide guarantees. Fitch estimates the stream will amortise at about USD60 million a year at its price assumptions. Fitch does not factor in the minority stake sale in Zambia as its timing remains uncertain and following the completion of the new streaming agreement. Proactive Liquidity Management: FQM has been actively addressing liquidity risks and strengthening its balance sheet since Cobre Panama's operations were suspended. In 2024, it issued USD1.6 billion secured notes for refinancing and placed USD1.1 billion of common shares that it used for bond prepayments. It also signed a USD500 million copper prepayment facility in 2024 and another in 1Q25, along with a USD1 billion note issue in 1Q25. The proceeds from the new streaming agreement will be used for liquidity and to repay around USD560 million of credit facilities. Rated Above Zambia's Country Ceiling: In the absence of output from Cobre Panama, FQM will derive over 95% of its EBITDA from Zambia in 2025, leading us to apply the 'B-' Country Ceiling of Zambia rather than that of Panama. FQM maintains large liquidity headroom with a high share of export proceeds. Cash held abroad and undrawn offshore committed credit lines total USD2.1 billion in 2025 and USD2.3 billion in 2026. This supports hard-currency debt-service coverage of above 1.5x for 2025-2027 and allows us to rate FQM a notch above Zambia's Country Ceiling. Challenging Operating Environment: The forced suspension of Cobre Panama reflects a deterioration in Panama's mining environment. Social and environmental opposition to mining became more vocal in the run-up to elections last year. Further, the government signed a moratorium in November 2023 on new mining projects in the country. Fitch believes the new government may adopt a more constructive approach towards the mining sector. However, as the decision might take time, Fitch sees no certainty on the timeline for the mine's restart. Zambia's Power Challenges: The supply of energy in Zambia has been limited since 1Q24, due to drought reducing hydropower generation. FQM has been importing power from neighboring countries to minimise operational disruptions. Fitch expects that around 40% of FQM's energy will be supplied from abroad in 2025-2026, increasing its cash costs by 4%. Over the longer term, a new solar and wind project in Zambia, together with new hydropower initiatives, should improve the domestic energy supply. Peer Analysis FQM's peers include copper producers Freeport-McMoRan Inc. (BBB/Stable), Hudbay Minerals Inc. (BB-/Stable), Ero Copper Corp. (B/Stable) and Endeavour Mining plc (BB/Stable). Freeport is among the top 10 global producers, with 1.9 million tonnes of copper output in 2024. FQM produced 431,000 tonnes and Ero 41,000 tonnes in 2024, while Hudbay is estimated to have produced 140,000 tonnes. FQM's medium-term cost position is in the higher third quartile, while Freeport's assets are placed at around the 50th percentile on average due to low-cost operations at its Grasberg mine. Freeport benefits from wider diversification across geographies with a more stable operating environment and more sizeable assets with a longer reserve life. Freeport's medium-term EBITDA gross leverage is below 2x. FQM has a stronger business profile than Hudbay, due to its much larger scale and longer reserve life. However, it has a less competitive cost position. Hudbay operates in the lower-risk jurisdictions of Canada and Peru and has some commodity diversification. Fitch expects Hudbay's EBITDA gross leverage to remain below 2.5x. Gold miner Endeavour is smaller than FQM (assuming current scale) but has a better cost position in the second quartile of the global cost curve. Operations are spread across Senegal, Cote d'Ivoire and Burkina Faso, with the latter suffering from a very weak operating environment with many challenges, including security. Endeavour has a conservative financial policy to maintain net debt/EBITDA below 0.5x through the cycle. Ero is much smaller in scale and has a comparable reserve life and cost position on the higher end of the cost curve compared with FQM. Fitch expects Ero's gross leverage to be about 2x in 2025. Key Assumptions - Prices of copper, gold and nickel for 2025-2028 in line with Fitch's price assumptions - Cobre Panama mine not resuming operations during the forecast period given the uncertainty - Full ramp-up of Kansanshi S3 production in 2026, increasing total copper volume sold to 490,000 tonnes from 2027, from 440,000 tonnes in 2025-2026 - Capex in 2025-2027 in line with FQM's guidance and adjusted to Fitch's price assumptions - Franco Nevada streaming agreement excluded from Fitch-adjusted debt over the forecast period - No dividend for 2025-2028 Recovery Analysis The recovery analysis assumes that FQM would be considered a going concern in bankruptcy and that it would be reorganised rather than liquidated. Its going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganisation EBITDA on which Fitch bases the valuation of the company. Fitch assumes a going concern EBITDA of USD1.35 billion under the assumption of protracted operational disruption at Cobre Panama. An enterprise value/EBITDA multiple of 4.5x was used to calculate the post-reorganisation enterprise value, which factors in FQM's scale, growth prospects and exposure to Zambia with a weak mining operating environment. FQM's senior secured revolving credit facility (RCF) is assumed to be fully drawn. Senior secured debt reflected in the recovery waterfall comprises a combined USD1.9 billion RCF and a term loan bank facility. Fitch removed the USD0.9 billion streaming agreement with Franco-Nevada from the waterfall because its going concern EBITDA assumption excludes Cobre Panama. The USD1.35 billion senior secured second-lien notes after refinancing with a share pledge covering the Sentinel and Enterprise assets and benefiting from a guarantee from Kansanshi and other guarantors are reflected as secured in the recovery waterfall. Senior unsecured debt of USD4.2 billion comprises bonds and the copper prepayment facility. FQM Trident Limited's USD425 million term loan is included as senior debt. Fitch excludes immediate maturities from its debt calculation. After deducting 10% for administrative claims and taking into account Fitch's Country-Specific Treatment of Recovery Ratings Criteria, its analysis resulted in a waterfall-generated recovery computation in the 'RR4' band, indicating a 'B' senior secured rating. The Recovery Rating is capped at 'RR4'. Its analysis for FQM's unsecured bonds also resulted in a waterfall-generated recovery computation in the 'RR4' band, indicating a 'B' senior unsecured rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA gross leverage consistently above 5x - Material deterioration in liquidity and increasing refinancing risk - Signs of a deteriorating operating environment in Zambia - Failure to maintain hard-currency debt-service coverage above 1.5x to maintain its rating above Zambia's Country Ceiling Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA gross leverage consistently below 4x - EBITDA interest coverage above 4x - Positive FCF on a sustained basis - Restart of operations at Cobre Panama Liquidity and Debt Structure FQM's liquidity comprised an unrestricted cash balance of USD737 million and an undrawn committed RCF of USD930 million at 30 June 2025, compared with around USD524 million of short-term debt maturities. The new USD1 billion streaming agreement and the new USD1 billion bond issue will support liquidity, extending the next material maturities to 2029. Issuer Profile FQM is a medium-sized miner and global copper company. It produces copper in the form of concentrate, cathode and anode, as well as gold, silver, zinc and nickel. Major assets are located in Zambia and Panama with smaller operations in Spain, Mauritania, Australia, Turkiye and Finland. Summary of Financial Adjustments The Franco Nevada streaming agreement of USD970 million was reclassified from deferred revenue to Fitch-adjusted debt in 2024. Transaction and accretion charges of USD45 million were added back to the Fitch-adjusted debt balance in 2024. The Jiangxi copper prepayment of USD500 million was reclassified from deferred revenue to Fitch-adjusted debt, and USD36 million of interest expenses was added to interest paid in 2024. Date of Relevant Committee 05 August 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations FQM has an ESG Relevance Score of '4' for Exposure to Social Impacts as the forced suspension of operations at Cobre Panama has taken place since November 2023 and Fitch now analyses the company's performance excluding this mine. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- First Quantum Minerals Ltd. senior unsecured LT B New Rating RR4 B(EXP) FLINK SE: TriplePoint Marks $14.3MM Loan at 26% Off --------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $14,351,000 loan extended to Flink SE to market at $10,548,000 or 74% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Flink SE. The loan accrues interest at a rate of 9.75% PIK interest per annum. The loan matures on August 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Flink SE Flink SE is a German on-demand grocery and everyday item delivery service that utilizes a network of "dark stores" and employs e-bike riders to deliver products to customers' doors in minutes, often promising delivery within 10 minutes. FORUM BRANDS: TriplePoint Venture Marks $2.3MM Loan at 15% Off -------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $2,314,000 loan extended to Forum Brands, LLC to market at $1,956,000 or 85% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Forum Brands, LLC. The loan accrues interest at a rate of 12.00% PIK interest per annum. The loan matures on May 1, 2027. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Forum Brands, LLC Forum Brands, LLC is a technology-enabled consumer goods company that acquires and builds independent, category-leading direct-to-consumer (DTC) e-commerce brands. FRUBANA INC: TriplePoint Venture Marks $2.9MM Loan at 62% Off ------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $2,948,000 loan extended to Frubana Inc. to market at $1,134,000 or 38% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Frubana Inc. The loan accrues interest at a rate of 8% per annum. The loan matures on August 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Frubana Inc. Frubana Inc. is a fast growing technology B2B Scale-Up that is revolutionizing the world of agriculture and the restaurant industry. FRUBANA INC: TriplePoint Venture Marks $8MM Loan at 62% Off ----------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $8,000,000 loan extended to Frubana Inc. to market at $3,077,000 or 38% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Frubana Inc. The loan accrues interest at a rate of 8% per annum. The loan matures on October 31, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Frubana Inc. Frubana Inc. is a fast growing technology B2B Scale-Up that is revolutionizing the world of agriculture and the restaurant industry. GENESIS HEALTHCARE: Gets Court OK to Name Affiliate as Lead Bidder ------------------------------------------------------------------ Soma Biswas of The Wall Street Journal reports that a bankruptcy judge granted Genesis Healthcare approval to begin a sale process, designating an affiliate of its controlling owner, nursing home operator Joel Landau, as the lead bidder. The decision came despite objections from attorneys representing more than 300 patients with negligence and personal injury claims, who also challenged Genesis's plan to secure a $30 million loan from two major landlords and the same Landau affiliate, the report states. 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. GILLETTE ENTERPRISES: Unsecureds Will Get 97.83% over 5 Years ------------------------------------------------------------- Gillette Enterprises, LLC d/b/a Elysian Fields filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated August 20, 2025. The Debtor operates a metaphysical retail business, doing business as Elysian Fields that sells books, crystals and other gift items. The Debtor offers unique gifts and offers a curated collection or specialty gifts and books from artisans both from the local Sarasota/Tampa Bay area and outside the area. The Debtor's main storefront is located at 1273 S. Tamiami Trail in Sarasota, Florida ("Tamiami Trail Location"). The Debtor leases its Tamiami Trail Location from JWM Management, Inc. ("JWM"). The Debtor filed this Chapter 11 case in order to restructure the Regions Loans, cure its lease arrearage, and address all other outstanding debts through a confirmed chapter 11 plan. On January 22, 2025, Regions Bank sent the Debtor a notice of covenant default on the Regions Loans. Regions Bank claims that Regions Loan 4649 is in covenant default triggered by the closing of the Debtor's Cooper Creek Location. Regions Bank also claims that Regions Loan 4192 is cross-collateralized with Regions Loan 4649 and is therefore cross defaulted. Regions Loan 4192 is a payable note, whereas Regions Loan 4649 acts as a line of credit. Term loan payments on Loan 4192 start approximately in the Summer of 2025. The Debtor has attempted to negotiate curing the Regions Loans outside of bankruptcy, but ultimately the negotiations have left the Debtor without time to satisfy all outstanding debts with more secured creditors. The Debtor's projected disposable income will, among other things, result in (a) all operating expenses and reserves, (b) payment of all administrative expenses of the chapter 11 case which are currently estimated to be $18,000.00, for all professional fees including the fees of the Debtor's counsel and subchapter V Trustee; (c) payment of priority tax claims, if any; and (d) payment of a percentage of the allowed claims of unsecured creditors once all claims are allowed. Post petition the Debtor has worked on increasing its production and resuming a significant portion of its commercial work. The post-petition levels of production and gross revenue are now in line with the Debtor's historical revenue. The Debtor's financial projections, include the revenue and pay out to the Class 4 claimants or the unsecured creditors. Based on the Debtor's projections, the Class 4 claimants will be paid 97.83% of their allowed claims. The final Plan payment is expected to be paid in the 60th month from confirmation of the Plan which is anticipated to be made in calendar year 2030. This Plan of Reorganization proposes to pay all creditors of the Debtor from projected disposable income derived from business operations. Class 4 consists of all non-priority unsecured claims allowed under Section 502 of the Code. The Debtor estimates that the total amount of the allowed unsecured claims is approximately $722,114.28, which includes the deficiency claims of Classes 1-3, various vendors, and the SBA Hurricane EIDL Loan #27171. The Debtor reserves the right to object to any claim as scheduled or filed once the Debtor completes its claims analysis. Each Holder of an allowed unsecured claim shall receive monthly payments, on a pro rate basis, after the effective date, consistent with the Plan and the projections. In addition, the Debtor's principals will contribute a total of $40,000 over the five-year Plan for allocation to the Class 4 Claims of the general unsecured creditors. The Debtor anticipates that the Class 4 General Unsecured Creditors will be paid 97.83% of their allowed claims. Class 5 consists of the equity interests of the Debtor. All equity interests of the Debtor will be maintained in the same percentage as existed prepetition. The equity interests are as follows: * Fifty-one percent membership interest is owned by Ruta Gillette; and * Forty-nine percent membership interest is owned by Anthony Gillette. Class claimants are retaining their equity interests. In exchange, the Debtor's principals will contribute a total of $40,000 over the five-year Plan for allocation to the Class 4 Claims of the general unsecured creditors. The Plan will be funded from income derived from projected disposable income. A full-text copy of the Subchapter V Plan dated August 20, 2025 is available at https://urlcurt.com/u?l=XjkJNy from PacerMonitor.com at no charge. Counsel to the Debtor: Alberto (Al) F. Gomez, Jr., Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 North Ashley Drive, Ste. 3100, Tampa, FL 33602 Tel: (813) 225-2500 Email: Al@jpfirm.com About Gillette Enterprises Gillette Enterprises LLC operates a metaphysical retail store in Sarasota, Florida, offering books, crystals, and specialty gifts and has been in business since 1992. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:25-bk-03803-CPM) on June 6, 2025. In the petition signed by Anthony Gillette, managing director, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Catherine Peek McEwen oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, is the Debtor's legal counsel. Regions Bank, as secured creditor, is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street Suite 3200 Tampa, FL 33602 drobbins-boehner@burr.com mguerra@burr.com GIULIANI CATTLE: Unsecureds to Get Share of Income for 36 Months ---------------------------------------------------------------- Giuliani Cattle Company filed with the U.S. Bankruptcy Court for the Eastern District of Oklahoma a Plan of Reorganization dated August 18, 2025. The Debtor is a corporation located in Tishomingo, Oklahoma. Debtor filed bankruptcy because the Debtor faced multiple lawsuits filed against it in both state and federal courts in Arkansas. The Debtor's income has now stabilized, and Debtor is now able to meet its obligations. Debtor proposes this plan of reorganization to restructure its debt and exit bankruptcy to continue operating. This Plan of Reorganization proposes to pay Debtor's creditors from the revenue generated by Debtor. Class 4 consists of all allowed general unsecured claims. Class 4 is impaired. The Debtor will pay all of its projected disposable income, if any, over thirty-six months to the general unsecured pool of creditors. If Debtor has monthly disposable income during the thirty-six month period, it will first pay the disposable income to its secured creditors, then once the secured creditors are paid in full, Debtor will pay its disposable income to the unsecured pool of creditors through month thirty-six. Derik Julian is the sole owner of the Debtor. All owners will retain their equity interests in the newly reorganized Debtor. The Debtor will fund the Plan from its operations. A full-text copy of the Plan of Reorganization dated August 18, 2025 is available at https://urlcurt.com/u?l=bHxqTr from PacerMonitor.com at no charge. Attorney for the Debtor: Robert C. Newark, III, Esq. 1019 Waterwood Pkwy, Ste C Edmond, OK 73034 Telephone: (866) 230-7236 Facsimile: (888) 316-3398 e-mail: robert@newarkfirm.com About Giuliani Cattle Company Giuliani Cattle Company is a corporation located in Tishomingo, Oklahoma. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Okla. Case No. 25-80424) on May, 19, 2025. The Debtor hired Robert C. Newark, III as counsel. GLOBAL CHOICE: Paul Levine of Emery Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Paul Levine, Esq., at Emery Greisler, LLC as Subchapter V trustee for Global Choice Ventures, LLC. Mr. Levine will be paid an hourly fee of $470 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Levine declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paul A. Levine, Esq. Emery Greisler, LLC 677 Broadway, 8th Floor Albany, New York 12207 Tel: (518) 433-8800 x313 | Email: plevine@lemerygreisler.com About Global Choice Ventures LLC Global Choice Ventures, LLC operates in the real estate sector under NAICS code 5313. Global Choice Ventures sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30689) on August 22, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and liabilities. The Debtor is represented by Peter A. Orville, Esq., at Orville & McDonald Law, P.C. GREENWAVE TECHNOLOGY: All Nine Proposals Approved at Annual Meeting ------------------------------------------------------------------- Greenwave Technology Solutions, Inc., on August 13, 2025, held its 2025 annual meeting of stockholders, and a quorum for the transaction of business was present in person or represented by proxy. As of July 17, 2025, the record date for the Annual Meeting, 61,169,509 shares of common stock, par value $0.001 per share of the Company and 450,000 shares of Series A-1 Convertible Preferred Stock, par value $0.001 per share were issued and outstanding. Holders of Common Stock and Series A-1 Preferred Stock (on an as converted to Common Stock basis) voted as a single class on each matter presented at the Annual Meeting. The holders of Common Stock and Series A-1 Preferred Stock (on an as converted to Common Stock basis) voted on the following proposals, which are described in more detail in our definitive proxy statement filed with the SEC on July 24, 2025. The voting results reported are final. Proposal 1: Danny Meeks, Lisa Lucas-Burke, and Cheryl Lanthorn were elected to serve as directors at the Annual Meeting until the next annual meeting of the stockholders or until their successors are duly elected and qualified. Proposal 2: To ratify the appointment of RBSM LLP as independent registered public accounting firm for the fiscal year ending December 31, 2025. This proposal was approved. Proposal 3: To hold an advisory non-binding vote on executive compensation. This proposal was approved. Proposal 4: To hold an advisory non-binding vote on the frequency for holding an advisory vote on executive compensation. The stockholders approved a three-year frequency for holding an advisory vote on executive compensation. In accordance with the results, and consistent with the Board of Director's recommendation, the Board determined that future non-binding advisory votes of stockholders to approve the compensation paid to the Company's named executive officers will be submitted triennially to the Company's stockholders until the next non-binding advisory stockholder vote on the frequency of stockholder votes on executive compensation, or until the Board otherwise determines a different frequency for such non-binding votes. Proposal 5: To approve the issuance of up to an aggregate of 28,644,323 shares of Common Stock issuable upon the exercise of warrants to purchase Common Stock in accordance with Listing Rule 5635(d). This proposal was approved. Proposal 6: To approve the issuance of up to 11,346,743 shares of Common Stock issuable upon exercise of certain existing warrants that were amended on January 10, 2025 to, among other things, increase the number of shares of Common Stock issuable upon exercise of such warrants, in accordance with Nasdaq Listing Rule 5635(d). This proposal was approved. Proposal 7: To ratify the terms and approve the issuance of 450,000 shares of the Series A-1 Preferred Stock, pursuant to the Contract of Sale with the Sellers, in each case, an entity affiliated with Danny Meeks, the Company's Chief Executive Officer and Chairman of the Board, pursuant to which the Company agreed to purchase certain Premises (as defined in the Contract of Sale) held by the Sellers. This proposal was approved. Proposal 8: To approve the grant of discretionary authority to the Board of Directors to amend the Certificate of Incorporation to effect one or more consolidations of the issued and outstanding shares of Common Stock, pursuant to which the shares of Common Stock would be combined and reclassified into one share of Common Stock at a ratio within the range from 1-for-2 up to 1-for-150. This proposal was approved. Proposal 9: To approve the adjournment of the Annual Meeting, if necessary or advisable, to solicit additional proxies in favor of the foregoing proposals if there are no sufficient votes to approve the foregoing proposals. This proposal was approved. The final voting results of each proposal are set forth in the Company's Report on 8-K dated August 14, 2025, accessible at https://tinyurl.com/2dk2zka3 About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, VA, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. For detailed financials and updates, visit www.GWAV.com. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $63,087,617 in total assets, $26,132,634 in total liabilities, and a total stockholders' equity of $36,954,983. GROOMORE INC: Unsecureds Will Get 11.5% of Claims over 3 Years -------------------------------------------------------------- GrooMore, Inc. filed with the U.S. Bankruptcy Court for the District of Delaware submitted a Plan of Reorganization under Subchapter V dated August 20, 2025. Groomore is a software application (the "App") in the pet industry, which helps pet grooming businesses streamline their business operations. The App assists pet grooming businesses with services like appointment management, client messaging, route optimization for mobile groomers, and payment processing. Groomore was founded in 2020, and the App was launched shortly thereafter by Chunliang Lin (the "Founder"). The Debtor filed this case with the goal of right-sizing its balance sheet and confirming a plan of reorganization that will provide value to its bona fide creditors. Under the Plan, the Debtor will devote its projected Disposable Income over a period of three years towards the payment of Creditors, specifically to Allowed Administrative Claims and Allowed General Unsecured Claims. The Plan will be funded with funds that are not for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor. The Plan also provides for payment of Priority Tax Claims in accordance with the Bankruptcy Code, and projects a distribution on account of Allowed General Unsecured Claims. Allowed Administrative Claims will be paid under the terms of the Plan and the Debtor's Disposable Income projections in accordance with section 1191(e) of the Bankruptcy Code. Furthermore, Holders of Equity Interests will retain their Equity Interests as they existed on the Commencement Date. Class 1 consists of General Unsecured Claims. This Class shall be paid in quarterly pro rata installments from Disposable Income from Q4 2025 through Q4 2028. The allowed unsecured claims total $5,974,171.24. This Class will receive a distribution of 11.5% of their allowed claims. This Class is impaired. All Equity Interests will be Reinstated on the Effective Date. The Plan will be funded by the proceeds realized from the operations of the Debtor. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, all Causes of Action, will revert, subject to any pending liens and claims until discharge. Upon completion of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, all Causes of Action shall be free and clear of all Claims and Equity Interests except as provided in the Plan, to the Debtor. Payments to Creditors provided for in the Plan will be made by the Reorganized Debtor. Chunliang Lin shall remain the CEO and sole member of the Reorganized Debtor’s Board after the Effective Date. A full-text copy of the Subchapter V Plan dated August 20, 2025 is available at https://urlcurt.com/u?l=wpcyVy from PacerMonitor.com at no charge. GrooMore Inc., is represented by: PASHMAN STEIN WALDER HAYDEN, P.C. Joseph C. Barsalona II, Esq. Richard W. Riley, Esq. 824 North Market Street, Suite 800 Wilmington, DE 19801 Telephone: (302) 592-6496 Email: jbarsalona@pashmanstein.com rriley@pashmanstein.com -and- Katherine R. Beilin, Esq. Court Plaza South, East Wing 21 Main Street, Suite 200 Hackensack, NJ 07601 Telephone: (201) 488-8200 Email: kbeilin@pashmanstein.com About GrooMore Inc. GrooMore Inc., a company based in Atlanta, Ga., operates a cloud-based pet grooming software platform providing scheduling, payment processing, and business management solutions for pet grooming businesses. GrooMore sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10018) on January 9, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Joseph C. Barsalona II, Esq., at Pashman Stein Walder Hayden, P.C. represents the Debtor as legal counsel. GUITAR CENTER: S&P Ups ICR to 'CCC+' Following Distressed Exchange ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on musical retailer Guitar Center Inc. to 'CCC+' from 'SD' (selective default). At the same time, S&P raised its issue-level rating on the remainder of the company's senior secured notes to 'CCC-' from 'D' reflecting a recovery rating of '6' (0%-10% recovery; rounded estimate: 0%). The stable outlook reflects S&P's view that the company does not face a near term credit or payment crisis as it implements strategic initiatives to improve performance. Guitar Center completed an exchange of its 8.5% senior secured notes for newly issued first-lien senior secured payment-in-kind (PIK) notes, and portions of Guitar Center Holdco, Inc's series A preferred stock and 12.5% unsecured senior PIK notes (Holdco notes) for a combination of newly issued second- and third-lien senior secured PIK notes. Although the transaction provides the company with time to execute its strategic initiatives, Guitar Center's capital structure remains unsustainable given its high leverage and free operating cash flow (FOCF) deficits amid a difficult consumer environment. The upgrade follows the completion of a distressed exchange, which extended maturities and provided time for Guitar Center to execute its strategic initiatives and improve performance. The company executed an exchange of its 8.5% senior secured notes for newly issued first-lien senior secured PIK notes maturing in January 2029. The newly issued first-lien notes require 8.5% cash interest with a 2.5% PIK interest component, which increases each year. The transaction obtained about 99% approval from senior secured lenders, resulting in $403 thousand of senior secured notes leftover post transaction. S&P expects the remainder of the senior secured notes will be repaid at maturity in January 2026. In addition, the company exchanged portions of Guitar Center Holdco, Inc's Series A preferred stock and Holdco notes for newly issued second- and third-lien PIK notes. The newly issued second- and third-lien notes require 11% PIK interest, which steps up each year through 2028, and mature in August of 2032. S&P said, "We continue to view the company as highly leveraged post transaction. The PIK components of the new debt will ease cash and liquidity concerns in the short term but may jeopardize the sustainability of the capital structure in the long term. Still, we believe the extended maturities will provide the company with some runway to execute its strategic initiatives and improve operations." S&P said, "We expect the company's initiatives will improve its revenue growth and profitability amid a difficult macroeconomic backdrop. Guitar Center's initiatives are centered around its core customers--serious and professional musicians. Initiatives include refining product assortments and displays in its stores, rebalancing its inventory to fit with its core customer, enhancing its digital business, and strengthening its sales culture. Its initiatives have shown progress and led to modest revenue increases in 2024 with improved performance in the guitars category. However, discounting needed to clear undesired inventory weighed on margins during the year. We believe the company has made significant progress rebalancing its inventory and expect improvements in its S&P Global Ratings-adjusted EBITDA margin in 2025 and 2026. That said, we believe lower spending in the industry and pressure on consumer discretionary spending could delay improvements of Guitar Center's performance. "We continue to view Guitar Center's capital structure as unsustainable in the long term, though we believe it will have sufficient time and liquidity to execute on its strategic initiatives and improve performance. Guitar Center reported a FOCF deficit of about $94 million in 2024 primarily due to heavy discounting required to clear undesired inventory. We do not believe heavy discounting will continue in 2025. Our base-case forecast projects positive FOCF for the year stemming from a working capital source of funds. We forecast breakeven to positive FOCF in fiscal 2026 resulting from improvements in gross margin and greater leveraging of selling, general, and administrative (SG&A) costs. "Liquidity consists of the $375 million ABL facility, which had $195 million drawn at the end of the first quarter of 2025. In our view, the company has sufficient liquidity to manage the remainder of the senior secured notes at maturity and implement its strategic initiatives over the next 12 months. Once the remainder of the senior secured notes are repaid, the company's nearest maturity will be its asset-based lending (ABL) facility in 2027, followed by the new first-lien notes maturing in 2029. "The stable outlook reflects our view that the extended maturities from the exchange will provide Guitar Center with time to execute its strategic initiatives and improve its FOCF generation over the next 12 months. Our base-case projects positive FOCF in 2025 and breakeven to positive FOCF in 2026. "We could lower our ratings on Guitar Center if liquidity becomes constrained or we envision a specific default scenario over the subsequent 12 months." This could occur if: -- Its EBITDA margins and EBITDA generation do not meaningfully improve; -- It experiences further pressure on its inventory position leading to significantly more investment into working capital; or -- The company is unable to refinance its ABL facility well ahead of its maturity. S&P could raise its ratings on Guitar Center if S&P believes the company can refinance its capital structure with terms it views as sustainable over the long term. This could occur if: -- The company successfully executes on its strategic initiatives leading to improved S&P Global Ratings-adjusted EBITDA margin; and -- It materially improves its FOCF generation. GULF SYNERGY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Gulf Synergy L.L.C. 1246 Bayou LaCarpe Road Houma, LA 70363 Business Description: Gulf Synergy L.L.C. provides support services for oil and gas operations from its base in Houma, Louisiana, specializing in pipeline construction, maintenance, and related field services. The Company operates at 1246 Bayou LaCarpe Road and is classified within the oilfield services industry. Chapter 11 Petition Date: August 27, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-50761 Debtor's Counsel: Louis M. Phillips, Esq. KELLY HART & PITRE 301 Main Street Suite 1600 Baton Rouge, LA 70801-1916 Tel: 225-381-9643 Fax: 225-336-9763 E-mail: louis.phillips@kellyhart.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Fesi, Sr. as manager. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NZDVDLY/Gulf_Synergy_LLC__lawbke-25-50761__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NSTGU4Y/Gulf_Synergy_LLC__lawbke-25-50761__0001.0.pdf?mcid=tGE4TAMA HANDLOS FINISHING: Seeks to Extend Plan Exclusivity to December 19 ------------------------------------------------------------------ Handlos Finishing, LLC, and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Iowa to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 19, 2025 and February 17, 2026, respectively. The Debtors are continuing to operate their businesses and manage their property as debtors in possession pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code. The Debtors' Chapter 11 cases are jointly administered under the caption of Handlos Finishing, LLC. The Debtors have not yet filed a plan of reorganization. The Debtors' initial time to file a Plan expires on August 21, 2025, and to solicit acceptances expires on October 20, 2025. The Debtors explain that the requested extension of the exclusive periods does not exceed 18 months from the entry of the Petition Date to file the Plan or 20 months from the entry of the Petition Date to solicit acceptances. The Debtors claim that they are continuing to be engaged in good faith settlement negotiations with their creditors, are in the process of selling two truck stops to Casey's Marketing Company, and are in the process of negotiations with other potential lenders and asset purchasers. Due to the size and complexity of the Debtors' business operations, more time is needed to conduct proper due diligence regarding the Debtors' reorganization. Counsel to the Debtor: Jeffrey D. Goetz, Esq. Brennan B. Eddie, Esq. Dickinson, Bradshaw, Fowler & Hagen, P.C. 801 Grand, Suite 3700 Des Moines, IA 50309-8004 Tel: (515) 246-5817 Fax: (515) 246-5808 Email: jgoetz@dickinsonbradshaw.com About Handlos Finishing Handlos Finishing, LLC is part of a family-owned pork producer in Audubon, Iowa, that raises hogs from farrowing through finishing and provides custom manure-handling services. The vertically integrated operation also farms grain and feed crops that support its swine units. Handlos Finishing and nine affiliates filed Chapter 11 petitions (Bankr. S.D. Iowa Lead Case No. 25-00669) on April 23, 2025. In its petition, Handlos Finishing reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the cases. The Debtors are represented by Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen, P.C. HIELO DEL CIELO: Section 341(a) Meeting of Creditors on Sept. 26 ---------------------------------------------------------------- Hielo del Cielo LLC sought Chapter 11 Subchapter V protection in the Northern District of Texas on Aug. 20, 2025. The small business debtor listed assets of $100,001 to $500,000 and liabilities between $500,001 and $1 million. Court filings show the company has fewer than 50 creditors and does not anticipate funds for unsecured creditors once administrative costs are covered. A meeting of creditors under Section 341(a) to be held on September 26, 2025 at 09:30 AM by TELEPHONE. About Hielo del Cielo Hielo del Cielo LLC, also operating as SNO and Summer Sno, 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. HILTON GRAND: Fitch Lowers LongTerm IDR to 'BB-', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of Hilton Grand Vacations, Inc. and Hilton Grand Vacations Borrower LLC (combined, HGV) to 'BB-' from 'BB'. The senior secured revolver and term loans have been affirmed at 'BB+' with a Recovery Rating of 'RR2' while the unsecured senior notes have been downgraded to 'BB-'/'RR4' from 'BB'/'RR4'. The Rating Outlook is Stable. The rating reflects leverage metrics exceeding negative sensitivities due to slow initial returns from the Bluegreen acquisition and increased securitization, which raises adjusted EBITDA leverage when including captive debt. Fitch expects leverage to improve as Bluegreen is fully integrated, but the timeline may be longer than originally expected. The Stable Outlook reflects the expectation of credit improvement following the full integration of the Bluegreen acquisition, the company's strong market position, and positive liquidity. Concerns remain over the timing of the integration and general economic cyclicality. Key Rating Drivers Integration of Bluegreen Acquisition: HGV closed on the Bluegreen acquisition in January 2024. The return on the acquisition has been slower than expected due to integration efforts (including changes in the salesforce) and forces outside of the company's control such as weather-related events and geopolitical issues. Fitch expects results will improve when Bluegreen is fully integrated, although this may be offset given the concern of economic cyclicality. The company did affirm 2025 EBITDA guidance during the second quarter earnings call, but Fitch notes that overall leisure spending appears to be weakening. EBITDA Leverage Increasing: Fitch expects 2025 adjusted EBITDA leverage to be 4.9x, which is well above downgrade rating sensitivities of 3.5x. A portion of the increase is due to the slower than expected benefit from the Bluegreen acquisition. Another factor is the company's desire to utilize more asset securitizations to generate cash for growth and equity repurchases. Fitch adjusts leverage on entities with captive finance subsidiaries to reflect the potential of equity injections from the parent to maintain operations. Impact from Cyclicality: Timeshare companies have generally performed well compared with destination lodging companies given their lower cost appearance. Despite weakness in the lodging sector during 2025, overall timeshare performance has been constant. The industry is not immune to cyclical downturns, although this is somewhat negated by the presence of recurring revenue streams, which includes income from loan financing, resort and club management, and rental activity. Timeshare Loan Loss Rates: Timeshare receivables experienced a default rate of 8.9% in 2021, 6.3% in 2020 and 6.0% during the 2008 global financial crisis. In a default, HGV typically retains ownership of the vacation ownership interests (VOIs), which it can rent or sell to another customer. Loan-loss provisions as a percentage of contract sales were 11.4% in 2019, declined to 8.4% in 2022 and moved up to 13.7% as of June 2025. Fitch is projecting loan-loss provisions in the low to mid-teens over the forecast horizon. Well-Positioned in a Competitive Industry: HGV is a top three timeshare operator based on owner families, which provides economies of scale and facilitates third-party marketing relationships. HGV is well positioned within the high-end spectrum of the timeshare industry and has a diversified portfolio of vacation ownership brands. HGV has exclusive rights to the Hilton name for the timeshare business on a 100-year license and has access to 195 million members in the Hilton Honors program, one of the industry's strongest loyalty programs. Variation from Published Criteria: Fitch's "Corporate Rating Criteria" calls for deconsolidation of HGV's financial services (FS) operations and assumes a hypothetical capital injection to achieve the target standalone capital structure. However, Fitch-adjusted EBITDA in this case incorporates income from the company's FS operations, as cash generated by HGV's wholly owned consumer financing subsidiary is accessible, stable and sustainable. Including this cash flow provides a more accurate picture of HGV's operating position, as it supports HGV's ability to service debt and finance its operations. Peer Analysis HGV's ratings reflect its leading position in the timeshare industry, its strong brand affiliation and network, and its robust liquidity due to limited near-term debt maturities. The discretionary and cyclical nature of timeshare sales balance the ratings. HGV is one of the largest timeshare operators with approximately 720,000 club members in its system. Travel + Leisure Co. (TNL; BB-/Stable) is the largest with 800,000+ owner families, while Marriott Vacations Worldwide (VAC) has approximately 700,000. HGV generates higher EBITDA than VAC and TNL and has a stronger EBITDA-to-FCF conversion rate. HGV's revenue is less diversified than that of TNL and VAC, which own the Resorts Condominium International and Interval International timeshare exchange networks, respectively. The timeshare exchange business is declining, however, as the larger size and scale of the big three timeshare companies negates the need for an owner to exchange into a timeshare outside the issuers' network. Given the strong FCF profile of HGV, Fitch expects cash will accumulate through the forecast years despite an assumption for share buybacks. HGV has historically maintained strong cash and cash equivalents, which provides ample liquidity to fund working-capital requirements. Key Assumptions - Revenue (excluding cost reimbursements) is flat in 2025 and increases by low single digits over the forecast horizon; - EBITDA margins decline to 23% in 2025 and remain at approximately 24% over the forecast horizon; - Base interest rates applicable to the company's outstanding variable debt obligations reflect the SOFR forward curve; - Annual share repurchases of $300 million across the forecast horizon; - No material acquisitions or dispositions are assumed. Recovery Analysis Fitch applied the standard notching criteria for 'BB' rating category issuers and recommends that the senior secured revolver and senior secured term loan B both receive a rating of 'BB+'/'RR2'. The presence of accounts receivable securitization results in an 'RR2' for the senior secured debt. HGV's revolving credit facility is neither an ABL nor super senior to the senior secured term loan. All of HGV's senior secured debt is pari passu. All of HGV's secured debt is secured by perfected first-priority security interests in substantially all the assets of the borrowers, and all present and future direct and indirect subsidiaries. The unsecured notes would receive an average recovery in a distressed scenario and are therefore notched +0 to 'BB-'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustaining above 4.5x; - Severe disruption in the asset-based securities markets such that HGV needs to provide material support to its captive finance subsidiary; - Material decline in profitability, leading to EBITDA margins sustaining around 15%; - Consistently negative FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Greater diversification by business line or scale through material increase in owner families; - EBITDA leverage sustaining below 2.5x; - Evidence of through-the-cycle sustainability in the company's capital-light inventory sources such that it does not materially affect HGV's financial flexibility and operational strategy. Liquidity and Debt Structure At 2Q25, HGV had $269 million in cash and cash equivalents on hand and $794 million of available capacity, net of letters of credit, under its $1.0 billion revolving credit facility. The strength of HGV's liquidity profile is driven by a lack of meaningful near-term debt maturities. HGV also has $323 million of restricted cash. Because HGV relies on the asset-backed securities market to help fund its timeshare customer lending activities, Fitch notes that a significant economic downturn resulting in tightened credit markets could pressure HGV's securitization market access and potentially require it to support its finance subsidiary. This risk is mitigated by the company's $850 million receivable securitization warehouse facility, which had $120 million of available borrowing capacity as of June 30, 2025. Issuer Profile Hilton Grand Vacations, Inc. (NYSE: HGV) is a global timeshare company that develops, sells and manages timeshare resorts under the Hilton Grand Vacations brand. Criteria Variation Yes. Consumer financing income was incorporated into EBITDA calculation, and therefore leverage calculation. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Hilton Grand Vacations Borrower LLC LT IDR BB- Downgrade BB senior unsecured LT BB- Downgrade RR4 BB senior secured LT BB+ Affirmed RR2 BB+ Hilton Grand Vacations Inc. LT IDR BB- Downgrade BB HOMEBANC MORTGAGE: US Trustee Asks Court to Reopen Ch. 7 Case ------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office has asked a Delaware bankruptcy court to reopen HomeBanc Mortgage Corp.’s 2007 bankruptcy case after $232,390 was recovered from bank accounts that were not turned over when the Chapter 7 trustee first demanded them. About HomeBanc Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation -- http://www.homebanc.com/-- was a mortgage banking company focused on originating primarily prime purchase money residential mortgage loans in the Southeast United States. HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors selected the firm Otterbourg, Steindler, Houston and Rosen, P.C. as its counsel. As reported in the Troubled Company Reporter, at July 31, 2008, HomeBanc Mortgage Corporation and subsidiaries had total assets of $16,850,000, total liabilities of $182,525,000, minority interest of $64,000, and stockholders deficit of $165,739,000. HONOR STUDIOS: Frances Smith Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Honor Studios, LLC. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Honor Studios LLC Honor Studios, LLC, also operating as The House of Honor and House of Honor, is a limited liability company. Honor Studios sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43139) on August 22, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC. HOPEMAN BROTHERS: Plan Exclusivity Period Extended to Oct. 24 ------------------------------------------------------------- Judge Keith L. Phillips of the U.S. Bankruptcy Court for the Eastern District of Virginia extended Hopeman Brothers, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to Oct. 24 and Dec. 19, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that the size and complexities of its case alone justifies extending the Exclusivity Periods. Claimants have asserted over 126,000 asbestos-related claims against the Debtor, and, as of the Petition Date, almost 2,700 unresolved asbestos related claims were outstanding. The sheer number of claims the Debtor is attempting to resolve through this case necessarily makes this case large and complex. Moreover, as evidenced by the success of the meditation and the fact that the Debtor and Committee are jointly prosecuting the Plan that is scheduled to be considered by this Court at the Combined Hearing on August 25, the Debtor has made substantial progress since the Petition Date in resolving the issues facing the estate. The Debtor claims that it is not seeking an extension of the Exclusivity Periods as a leverage tactic, and creditors will not be prejudiced by extending the Exclusivity Periods. Namely, the Plan has the overwhelming support of creditors. The Debtor contemplates that following the August 25 Combined hearing, this Court will file a report and recommendation that then will require District Court approval. Accordingly, the Debtor is seeking an extension of the Exclusivity Periods to provide sufficient time for District Court review and approval of the Plan or, if this Court is not willing to recommend approval of the Plan to the District Court, for the Debtor to propose a consensual plan and solicit acceptances of such plan without the deterioration and disruption that might be caused by the filing of competing plans by non-debtor parties. Hopeman Brothers, Inc., is represented by: HUNTON ANDREWS KURTH LLP Joseph P. Rovira, Esq. Catherine A. Rankin, Esq. 600 Travis Street, Suite 4200 Houston, Texas 77002 Telephone: (713) 220-4200 HUNTON ANDREWS KURTH LLP Tyler P. Brown, Esq. Henry P. (Toby) Long, III, Esq. Riverfront Plaza, East Tower 951 East Byrd Street Richmond, Virginia 23219 Telephone: (804) 788-8200 About Hopeman Brothers Inc. During the 1980s, Hopeman Brothers, Inc. transitioned its business away from ship joining and into manufacturing check-out counters used in commercial retail stores such as Walmart. In 2002, Hopeman spun off its cabinet-making business into Cinnabar Solutions, Inc. In 2003, Hopeman sold substantially all of its remaining shipbuilding-related assets to an unrelated party, US Joiner LLC, pursuant to an asset purchase agreement, dated as of December 23, 2003. Since the asset sale in 2003, Hopeman has had no business operations and exists solely to defend and, when appropriate, settle asbestos-related claims. Hopeman Brothers filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 24-32428) on June 30, 2024, with $50 million to $100 million in both assets and liabilities. The Debtor tapped Hunton Andrews Kurth, LLP as bankruptcy counsel; Blank Rome, LLP as special insurance counsel; Courington, Kiefer, Sommers, Marullo & Matherne, LLC as special asbestos counsel; and Stout Risius Ross, LLC as financial advisor. Kurtzman Carson Consultants, LLC is the claims and noticing agent. HR NORTH: To Sell Lutz Property to Brightsky Residential for $9.3MM ------------------------------------------------------------------- Truett Gardner, Independent Manager of HR North Dale Mabry LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell Vacant Commercial Land located on North Dale Mabry Highway in Lutz, Florida, free and clear of liens, claims, interests, and encumbrances. The Office of the United States Trustee appointed Amy Denton Mayer to serve as the Subchapter V Trustee in the case. On February 28, 2022, the Debtor entered into a Debtor-in-Possession Term Loan Credit Agreement with Legalist DIP Fund I, LP, pursuant to which the DIP Lender agreed to extend up to an aggregate principal amount of $2,400,000 to the Debtor in exchange for DIP Liens. The Property constitutes the sole material asset of the Debtor's estate. All the Property constitutes the DIP Lender's Collateral and is subject to the DIP Liens set forth in the DIP Order. The Court has familiarity with the long history of the Debtor's efforts to sell the Property over the three-plus years since the Confirmation Order was entered. The Debtor filed four prior motions to sell the Property, however, none of the transactions previously approved by the Court were consummated. Since confirmation, the Debtor also engaged in numerous discussions with other parties expressing interest in the Property. Potential buyers also became frustrated with the Debtor's manager and declined to move forward. The process bogged down due to significant conflicts over the Debtor's mismanagement of the sale process. Following entry of the Expansion Order, the Subchapter V Trustee appointed the Independent Manager of the Debtor. The Independent Manager was empowered to, inter alia, liquidate all the Debtor's Property. Since his appointment, the Independent Manager, with the input of the DIP Lender, has continued his negotiations with the two above-referenced parties. After engaging in several rounds of good faith and arm’s length negotiations, the Independent Manager, with the consent of the DIP Lender, executed a purchase and sale agreement with Brightsky Residential, LLC. The Buyer will purchase the Property from the Debtor for $9,330,750.00, subject to positive and negative adjustment based on the total number of lots that are entitled for building. The Purchase Price will not be less that $7,503,750. Due to the permitting and regulatory approvals required to close the Sale, the Debtor projects it will take approximately one year for the transaction to be finalized, at which time the Purchase Price will be paid. Entry of the Sale Order is a condition precedent to commencing the first phase of the Buyer's development process, giving rise to further cause for expedited consideration of this Motion. The Debtor has been in default under the DIP Credit Agreement for almost three years. One of the parcels was subject to a foreclosure proceeding earlier this year. There are unpaid property taxes on the Property, which has resulted in the sale of tax certificates. The Debtor has no assets to satisfy the taxes or other obligations relating to the Property or the administration of these cases. The DIP Lender has been funding this case since April. It is obligated to continue funding until the Sale is closed. These costs will reduce the amount of the DIP Lender’s ultimate recovery. The Independent Manager believes that a prompt Sale of the Property represents the best option available to maximize value of the Property, and to reduce the continued accumulation of interest and expenses. Time is of the essence due in large part to the continuing accrual of default interest and other fees and expenses being incurred by the DIP Lender to fund this Chapter 11 Case, all of which will be paid from the proceeds of the Sale of the Property. About HR North Dale Mabry LLC HR North Dale Mabry, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-01958) on April 21, 2021. Claire Clement, manager, signed the petition. In its petition, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Grace E. Robson presides over the case. Johnson Pope Bokor Ruppel & Burns, LLP is the Debtor's legal counsel. HUMPER EQUIPMENT: Seeks to Sell De Minimis Assets ------------------------------------------------- Humper Equipment LLC and its affiliate, RBX, Inc., seek approval from the U.S. Bankruptcy Court for the Western District of Missouri, to sell Property, free and clear of liens, claims, interests, and encumbrances. On May 30, 2025, the Debtor has closed a private sale transaction with the Transportation Equipment Corporation, a Missouri corporation, for substantially all of the Debtor's Assets. The Debtor seeks permission to sell certain property that was excluded from the sale and to establish procedures to sell or transfer certain assets efficiently, including any rights or interests, that are of relatively de minimis value compared to the Debtor's total asset base. The De Minimis Assets include certain tractor and trailer units owned by Debtors but purposefully excluded from the Sale. Debtors expect that most of the De Minimis Transactions will be consummated in the ordinary course of the Debtors' business. Debtors submit that obtaining Court approval of each De Minimis Transaction would be administratively burdensome and costly to the Debtors' states and could eliminate or substantially undermine the economic benefits that would be potentially realized from such transactions. Accordingly, to alleviate the cost and delay of filing a separate motion for each proposed De Minimis Transaction, the Debtors seek approval of the De Minimis Transaction Procedures. Debtors propose to utilize the De Minimis Transaction Procedures to obtain more expeditious and cost-effective review by parties in interest. Debtors believe that the proposed De Minimis Transaction Procedures will conserve the resources of the Court and the Debtors by avoiding the need for numerous motions to approve relatively modest sales or other transfers. In the Debtors' good faith determination, the Asset has a fair market value of less than $250,000 and is proposed to be sold or transferred in a single transaction or in a series of related transactions. Debtors further submit that selling or otherwise transferring De Minimis Assets pursuant to the proposed De Minimis Transaction Procedures represents a reasonable exercise of sound business judgment and is in the best interests of the Debtors' estates. Notably, although the Debtors request authority to sell De Minimis Assets up to $2,500,000 in value without a separate motion, Debtors believe that most, if not all, of the individual transactions will, in fact, be for assets worth substantially less. In light of the size of the Debtors’ estate, the proposed sale price limitations are relatively modest and appropriate. About Humper Equipment Humper Equipment LLC, a company in Strafford, Mo., filed a Chapter 11 petition (Bankr. W.D. Miss. Case No. 24-60818) on December 12 2024, with up to $50,000 in assets and $10 million to $50 million in liabilities. James A. Keltner, sole member of Humper Equipment, signed the petition. Judge Brian T. Fenimore oversees the case. The Debtor is represented by Sharon L. Stolte, Esq. at Sandberg Phoenix & Von Gontard. IVY T. NGO: Court OKs $20,574.50 Retainer for Wadsworth Garber -------------------------------------------------------------- The Honorable Michael E. Romero of the United States Bankruptcy Court for the District of Colorado granted Ivy T. Ngo's motion for approval of the retainer for Wadsworth Garber Warner Conrardy, P.C. as counsel. WGWC's retainer in the amount of $20,574.50 is approved. The Firm may only draw on the retainer subject to further order of the Court. A copy of the Court's Order dated August 25, 2025, is available at https://urlcurt.com/u?l=ZtmGPb from PacerMonitor.com. Ivy Tran Pham Ngo filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 25-14867) on August 1, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by David Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C. IVY T. NGO: Wins Bid to Employ Wadsworth Garber Warner as Counsel ----------------------------------------------------------------- The Honorable Michael E. Romero of the United States Bankruptcy Court for the District of Colorado granted Ivy T. Ngo's application to employ Wadsworth Garber Warner Conrardy, P.C. as counsel. The Court is satisfied that WGWC represents no interest adverse to the Debtor-in-Possession, nor do said attorneys represent any interest adverse to the estate in the matters upon which they are to be engaged, that their appointment is necessary and would be in the best interests of the estate. Pursuant to L.B.R. 2014-1(c), WGWC's employment is effective August 6, 2025, the date the Application was filed. A copy of the Court's Order dated August 25, 2025, is available at https://urlcurt.com/u?l=NTItNm from PacerMonitor.com. Ivy Tran Pham Ngo filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 25-14867) on August 1, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by David Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C. J.R. WATKINS: Stellus Capital Marks $1.8MM 1L Loan at 79% Off ------------------------------------------------------------- Stellus Capital Investment Corporation has marked its $1,814,914 loan extended to J.R. Watkins, LLC to market at $381,132 or 21% of the outstanding amount, according to Stellus' Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Stellus is a participant in a First Lien Term Loan to J.R. Watkins, LLC. The loan accrues interest at a rate of 5% per annum. The loan matures on May 3, 2026. Stellus was formed as a Maryland corporation on May 18, 2012 and is an externally managed, closed-end, non-diversified investment management company. The Company formed Stellus Capital SBIC, LP, a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. Stellus is led by Robert T. Ladd as Chief Executive Officer and W. Todd Huskinson as Chief Financial Officer. The Company can be reach through: Robert T. Ladd 4400 Post Oak Parkway, Suite 2200 Houston, Tx 77027 Telephone: (713) 292-5400 About J.R. Watkins, LLC J.R. Watkins, LLC is a manufacturer of health remedies, baking products, and other household items. J.R. WATKINS: Stellus Capital Marks $11.7MM 1L Loan at 79% Off -------------------------------------------------------------- Stellus Capital Investment Corporation has marked its $11,782,294 loan extended to J.R. Watkins, LLC to market at $2,474,282 or 21% of the outstanding amount, according to Stellus' Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Stellus is a participant in a First Lien Term Loan to J.R. Watkins, LLC. The loan accrues interest at a rate of 5% per annum. The loan matures on May 3, 2026. Stellus was formed as a Maryland corporation on May 18, 2012 and is an externally managed, closed-end, non-diversified investment management company. The Company formed Stellus Capital SBIC, LP, a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. Stellus is led by Robert T. Ladd as Chief Executive Officer and W. Todd Huskinson as Chief Financial Officer. The Company can be reach through: Robert T. Ladd 4400 Post Oak Parkway, Suite 2200 Houston, Tx 77027 Telephone: (713) 292-5400 About J.R. Watkins, LLC J.R. Watkins, LLC is a manufacturer of health remedies, baking products, and other household items. JACKSONVILLE MOVING: Case Summary & Three Unsecured Creditors ------------------------------------------------------------- Debtor: Jacksonville Moving, Inc. d/b/a College Hunks Hauling Junk & Moving 9836 Beach Boulevard Jacksonville, FL 32246 Business Description: Jacksonville Moving, Inc., operating under the name College HUNKS Hauling Junk and Moving, provides moving and junk removal services including local and long-distance moves, packing and unpacking, furniture rearranging, and donation pickups. The Company is based in Jacksonville, Florida, and its team is licensed and insured, serving both residential and commercial clients. Chapter 11 Petition Date: August 26, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02952 Judge: Hon. Jacob A Brown Debtor's Counsel: Michael A. Stavros, Esq. DAVID JENNIS, PA D/B/A JENNIS MORSE 606 East Madison Street Tampa, FL 33602 Tel: (813) 229-2800 Email: ecf@JennisLaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Roth as president. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FVANAAI/Jacksonville_Moving_Inc__flmbke-25-02952__0001.0.pdf?mcid=tGE4TAMA JACKSONVILLE MOVING: Jerrett McConnell Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Jacksonville Moving Inc. Mr. McConnell 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. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 Email: info@mcconnelllawgroup.com 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: Matthew Brash of Newpoint Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for JAF, Ltd. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About JAF Ltd. JAF, Ltd. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13020) on August 25, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Timothy A. Barnes presides over the case. E. Philip Groben, III, Esq. at Gensburg Calandriello & Kanter, P.C. represents the Debtor as legal counsel. JAGUAR HEALTH: Extends Lucid's Role as ATM Manager Through Dec. 31 ------------------------------------------------------------------ Jaguar Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 14, 2025, the Company entered into the "Sixth ATM Amendment" with Ladenburg Thalmann & Co. Inc. and Lucid Capital Markets, LLC to that certain At the Market Offering Agreement, dated December 10, 2021 between the Company and Ladenburg (as amended by those certain amendments on February 2, 2022, May 23, 2024, July 17, 2024, November 13, 2024, February 4, 2025, and by the Sixth ATM Amendment). Pursuant to the Sixth ATM Amendment, the term during which Lucid shall continue to serve as a Manager under the Agreement shall be extended retrospectively from June 30, 2025 to December 31, 2025, unless further extended by the parties to the Agreement. If not otherwise amended or extended, then after December 31, 2025 Ladenburg will be the sole Manager, and Lucid shall no longer be a Manager, under the Agreement. Also on August 14, 2025, the Company filed a supplement with the Securities and Exchange Commission to the Company's prospectus supplement dated May 23, 2024 and the accompanying prospectus, dated May 1, 2024 relating to the Sixth ATM Amendment. The foregoing description of the Sixth ATM Amendment is not complete and is qualified in its entirety by reference to the full text of Sixth ATM Amendment, available at https://tinyurl.com/8k7h72ca About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of Jun. 31, 2025, the Company had $48.3 million in total assets, $41.4 million in total liabilities, and a total stockholders' equity of $6.9 million. JT MASONRY: Seeks to Use $250,000 in Cash Collateral Until Sept. 27 ------------------------------------------------------------------- JT Masonry & Landscaping Inc. 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's bankruptcy petition follows financial struggles, particularly in its landscaping division, which led to dependence on high-interest merchant cash advances. It now seeks court permission to use approximately $250,000 in cash collateral through September 27, in line with a proposed budget, to maintain its business and cover ordinary operating expenses. The Debtor believes that only the U.S. Small Business Administration holds a valid, perfected security interest in its assets and proposes to offer the SBA adequate protection in the form of $5,000 monthly payments and a replacement lien on all pre-petition and post-petition assets and proceeds. This lien would be subordinate only to U.S. Trustee fees, court-approved professional fees, a $10,000 carve-out for a hypothetical Chapter 7 trustee, and proceeds from avoidance actions under the Bankruptcy Code. The Debtor operates a residential and commercial landscaping and masonry company in Long Island, with masonry remaining profitable. It has two SBA loans totaling roughly $1.8 million, taken out in 2020 under the COVID Relief Act. In addition, it has several other alleged secured loans from merchant cash advance lenders. However, the Debtor disputes the validity of those claims, arguing that they are disguised high-interest loans with no perfected security interests and may be subject to legal challenge for being usurious. A copy of the motion is available at https://urlcurt.com/u?l=xE2WEL from PacerMonitor.com. 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-73235) on August 25, 2025. In the petition signed by Alfred Debatto, president, the Debtor disclosed $1,323,311 in assets and $3,721,370 in liabilities. Judge Alan S. Trust oversees the case. Heath S. Berger, Esq., at BFSNG Law Group, LLP, represents the Debtor as bankruptcy counsel. K&D's SANTA CRUZ: Seeks to Use Cash Collateral ---------------------------------------------- K&D's Santa Cruz Tire and Auto, Inc. asks the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, for authority to use cash collateral and provide adequate protection. The Debtor proposes using cash collateral to cover ordinary business expenses, including monthly salaries of $7,000 each for principals Karl and Diane Ryan, and to make adequate protection payments to lienholders. These include $18,008 per month to Live Oak Banking Company and $245 per month to Bridgestone Americas Tire Operations, LLC, along with continued lease payments to Bank of the West (BMO Bank). As adequate protection, all lienholders would receive replacement liens on post-petition receipts and inventory. The Debtor has pre-petition secured obligations to multiple lenders, including Live Oak Banking Company (owed $1.48 million), Funding Metrics, RDM Capital, LLC, Kash Advance, and Select Funding, LLC, which provided high-interest advances that the Debtor argues are disguised loans. Additional secured creditors include Bridgestone, with a security interest in tire inventory, and Bank of the West, securing leased equipment. A court hearing is scheduled for September 4. A copy of the motion is available at https://urlcurt.com/u?l=DC4gdJ from PacerMonitor.com. About K&D's Santa Cruz Tire and Auto K&D's Santa Cruz Tire and Auto, Inc., doing business as Santa Cruz Tire and Auto Care, provides automotive repair and maintenance services including brakes, engine and suspension repair, wheel alignments, smog checks, and air conditioning service. The company also sells and installs tires from brands such as Pirelli and Firestone and offers related services such as towing, financing, and a vehicle shuttle program. It operates from its location in Santa Cruz, California, serving customers in the surrounding area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-51258) on August 15, 2025, with $1,754,537 in assets and $2,350,343 in liabilities. Karl Ryan, CEO, signed the petition. Judge M. Elaine Hammond presides over the case. Lars Fuller, Esq., at The Fuller Law Firm, PC represents the Debtor as bankruptcy counsel. KASAI HOLDINGS: Class 3A Unsecured Claims to Get 53% in 60 Months ----------------------------------------------------------------- Kasai Holdings Three LLC submitted a Second Amended Disclosure Statement describing Amended Plan dated August 21, 2025. Through this reorganization, the Debtor will restructure its liabilities and create terms for an orderly repayment of debt. The Debtor intends to use its postpetition income to fund payments due under the Plan and provide a return to Creditors in excess of what they would receive in a chapter 7 liquidation. The Debtor filed its First Amended Chapter 11 Disclosure Statement. The continued hearing was held on July 31, 2025. At the continued hearing, the Court requested $100,000 of the new value contribution be deposited in a fourth DIP account along with written commitment on the remaining $200,000 prior to approval of the disclosure statement. Further, the Court requested further clarification on the contribution from Kasai Peoria LLC and related financials. In addition, the Court noted some discrepancies on Exhibit A relating to the "Amended Plan Projections/Budget Exhibit." Specifically, the Court noted the double entry relating to sales taxes and the possibility of the net disposable income not accounting properly for the variance proposed in that document. Lastly, Debtor agreed to complete the spreadsheet for distributions in a separate exhibit as requested by the U.S. Trustee. This Second Amended Disclosure Statement addresses those issues. The Debtor's bank balances reflected on operating reports plus pending receivables total approximate $97,000. If Cutchall's adequate protection payments and the prepetition payroll payments are added to that amount, those amounts total approximately $360,000. This number is exclusive of the Subchapter V Trustee's fees of approximately $45,000, the ongoing UST fees, and potential expected distributions from Kasai Peoria LLC. With the future savings on credit card processing fees and insurance (plus miscellaneous changes), Debtor believes its postpetition performance is sufficient to fund the proposed Plan. Further, the First Amended Plan reduces Capybara Capital's monthly payment on their secured claim to $5,000 which Capybara Capital agree to. Likewise, the IRS has agreed to terms on its administrative priority claim [Claim No. 17] in an amount of $3,114/mo. These expenses and savings are incorporated by reference into the Exhibit "A" Projections. With this amendment, the monthly plan payments are expected to be approximately $80,000 in the earlier months and scaling down to approximately $72,000 in later months under the proposed Plan. Debtor's operations plus expected cost savings outlined herein are sufficient to fund the proposed Plan. Class 3-A consists of all Allowed Unsecured Claims against the Debtor for which there are co-debtors. The Debtor shall pay holders of Allowed Class 3-A Claims their pro rata share in the full amount of Allowed Claims through monthly distributions. Class 3-A is 51.2% of the total Class A claims and will receive $430,080 of the guaranteed Class 3 payout plus 51.2% of any preference recoveries. The attached Budget Projections anticipates net income over 60 months of $1,103,755 (Line BO84). Class 3-A will receive the guaranteed amount of $565,122.50 due to new value less administrative expenses. Each creditor in Class 3 will receive a 53.0% payout on their claim, paid monthly. In addition, Class 3 will receive a pro rata share of the proceeds, after administrative expenses, of any preference recovery as described in Section V(D)(6). Class 3-B consists of all Allowed Unsecured Claims against the Debtor that are not entitled to classification in any other Class, with Claims remaining subject to objection and modification through this Plan. Class 3-B is 48.8% of the total Class A claims and will receive $538,632.50 of the guaranteed Class 3 payout plus 48.8% of any net preference recoveries. The attached Budget Projections anticipates net income over 60 months of $1,103,755 (Line BO84). Class 3-A will receive the guaranteed amount of $538,632.50 due to new value less administrative expenses. Each creditor in Class 3 will receive a 53.0% payout on their claim, paid monthly. In addition, Class 3 will receive a pro rata share of the proceeds, after administrative expenses, of any preference recovery as described in Section V(D)(6). Class 4 consists of all Allowed Equity Interests arising by virtue of a member's ownership interest in the Debtor. In exchange for a total new value contribution of $300,000, Class 4 shall retain their Equity Interests in the Debtor to the same extent and validity and upon the same terms as their pre-petition Equity Interest. Class 4 is unimpaired. New value of $300,000 is being contributed by Mike Russello through Vibe Concepts LLC which is owned by Mr. Russello. $100,000 has been deposited in a fourth DIP account with Western Alliance Bank and the remaining $200,000 will be deposited prior to plan confirmation. The Debtor is committing a minimum payout to general unsecured of $1,103,755, which is approximately 53% of general unsecured claim amounts. Unsecured creditors will also receive the net amount, after administrative fees, of any preference recovery against TMV Investments. Debtor anticipates this will be in excess of $100,000. The Debtor's plan will be funded from its Excess Cash Flow on a monthly basis, the new value contribution from equity holders, and any preference recoveries. A full-text copy of the Second Amended Disclosure Statement dated August 21, 2025 is available at https://urlcurt.com/u?l=VaoaLa from PacerMonitor.com at no charge. Counsel to the Debtor: Chris D. Barski, Esq. Barski Law, PLC 9375 E. Shea Blvd., Suite 100 Scottsdale, AZ 85260 Telephone: (602) 441-4700 Email: cbarski@barskilaw.com About Kasai Holdings Three Kasai Holdings Three, LLC owns and operates a restaurant in Scottsdale, Ariz. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06967) on August 22, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Michael F. Russel, manager through Dinnertainment, LLC, signed the petition. Judge Brenda K. Martin presides over the case. Chris D. Barski, Esq., at Barski Law Firm, PLC, is the Debtor's bankruptcy counsel. KAYA HOLDINGS: Posts $2.58 Million Loss on $10K Sales in Q2 ----------------------------------------------------------- Kaya Holdings Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss attributable to the company of $2.58 million on $10,097 in net sales for the quarter ended June 30, 2025, compared with net income attributable to the company of $402,392 on no sales in the same period a year earlier. For the six months ended June 30, 2025, the Company posted a net loss attributable to the company of $4.11 million on $17,149 of net sales, compared with a net loss attributable to the company of $682,600 on no sales in the same period a year ago. According to Kaya Holdings, its net loss was largely due to non-cash changes in derivative liabilities, caused by issuing additional convertible notes and the volatility of its common stock. As of June 30, 2025, it has a working capital deficit of $12,008,394 and relies entirely on raising capital, with no guarantee that its operations will soon generate positive working capital. While management believes it can execute its business plan and secure financing, there is substantial uncertainty about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $254,430 in total assets, $21.54 million in total liabilities, and a total stockholders' deficit of $21.29 million. During the first six months of 2025 the Company's cash position increased by $8,478 to $48,146. Management expects that additional capital, along with projected operating revenues, will be needed to expand operations and reach profitability. The Company plans to obtain this funding through further private equity or debt offerings. However, if it cannot raise capital on reasonable terms, its business, financial condition, cash flows, and results could be materially and negatively impacted. The full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1530746/000190359625000436/kays_10q.htm About Kaya Holdings Kaya Holdings, Inc. operates as a holding company focused on wellness and mental health, with interests in psychedelic treatment clinics, medical and recreational cannabis, and CBD products. The company, through its subsidiaries, runs The Sacred Mushroom Psychedelic Treatment Center in Portland, Oregon, and Fifth Dimension Therapeutics, Inc., which collaborates with pharmaceutical companies on psilocybin-based therapies. Kaya has approximately ten years of experience in vertically integrated legal cannabis operations, producing and distributing a range of products across dispensaries, cultivation, and manufacturing facilities in the U.S. and holds cannabis licenses in Oregon and Greece. In its audit report dated April 29, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company had a net loss from continuing operations, net cash used in operations, and a lack of revenues to-date, which raises substantial doubt about its ability to continue as a going concern. Kaya stated there is no guarantee the Company will achieve commercial viability without obtaining additional financing, the timing and terms of which remain uncertain. L.D. LYTLE: Gets Final OK to Use Cash Collateral ------------------------------------------------ L.D. Lytle, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division to use cash collateral. The Debtor needs access to cash collateral to avoid irreparable harm and continue operations. The court's order authorized the Debtor's final use of cash collateral to pay the expenses set forth in its budget, with a 15% variance allowed per line item and overall. The Debtor projects total monthly operational expenses of $87,868.93. The U.S. Small Business Administration, Texas Capital Bank, Purple Tree Funding, and Global Merchant Cash, Inc. are the secured lenders claiming liens on the Debtor's personal property including accounts. As adequate protection for any diminution in the value of their pre-bankruptcy collateral, the secured lenders will be granted valid, binding, enforceable, and perfected liens co-extensive with their pre-bankruptcy liens on all assets of the Debtor. As additional protection, the Debtor was ordered to maintain insurance on the secured lenders' collateral and pay taxes when due during the pendency of the final order. A copy of the final order is available at https://is.gd/HkWoUf About L.D. Lytle Inc. L.D. Lytle Inc., doing business as Sunshine Kids Academy, operates early childhood education and daycare centers in Texas. It provides childcare services at locations in Ennis, Ferris, and Red Oak. L.D. Lytle sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32454) on June 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Michelle V. Larson handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. Texas Capital Bank, as secured lender, is represented by: Richard G. Dafoe, Esq. Waddell Serafino Geary Rechner Jenevein, PC 1717 Main Street, Suite 2500 Dallas, TX 75201 Telephone: (214) 979-7400 Telecopier: (214) 979-7402 rdafoe@wslawpc.com LAMUMBA INC: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Lamumba Inc. d/b/a Geoffrey's Inner Circle 410 14th Street Oakland, CA 94612 Business Description: Lamumba Inc. owns a four-story commercial property in downtown Oakland with about 25,000 square feet of space, including retail storefronts on the ground level. The second floor is operated as a live jazz and music venue, while the third floor houses a large ballroom and a commercial kitchen. Chapter 11 Petition Date: August 26, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-41554 Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: michael.berger@bankruptcypower.com Total Assets: $12,056,462 Total Liabilities: $4,301,446 The petition was signed by Geoffrey Pete as chief executive officer. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z4RTJ7Y/Lamumba_Inc__canbke-25-41554__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Pacific Gas & Electric Utilities $2,500 Company Attn: Officer PO Box 997300 Sacramento, CA 95899-7300 2. U.S. Small Business Administration $0 c/o Elan S. Levey 300 N. Los Angeles Street Fed. Bldg. R. 7516 Los Angeles, CA 90012 3. Wells Fargo Line of Credit Business Line $18,276 PO Box 51174 of Credit Los Angeles, CA 90051-5474 LASEN INC: Seeks $292,000 DIP Loan From Insider ----------------------------------------------- Lasen, Inc. asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral and obtain debtor-in-possession financing to get through bankruptcy. The DIP loan is structured under a Debtor-in-Possession Loan and Security Agreement with Jeff Farstad, an insider and owner of a related non-debtor affiliate, SkySkopes Holdings, Inc. Despite Mr. Farstad's insider status, the Debtor's management has concluded, based on sound business judgment, that the terms offered are the best and only available financing option. Other lenders, such as Dare Capital, declined to provide post-petition funding given the bankruptcy context. The requested DIP facility is for an interim amount not to exceed $292,000 and is intended to cover immediate operating expenses, including payroll, taxes, insurance, professional fees, and other necessary costs outlined in the Debtor's budget. The Debtor argues that without access to these funds and the ability to use MCA (merchant cash advance) cash collateral, the business will suffer immediate and irreparable harm, threatening its ability to reorganize successfully. The DIP facility is due and payable on the earlier of: (i) the date that is three months after the final order (as such date may be extended in accordance with Section 2.6 of the Agreement), (ii) the closing of a bankruptcy sale; (iii) the effective date of the borrower's Chapter 11 plan; (iv) entry of an order by the court converting the Debtor's Chapter 11 case to a proceeding or proceedings under Chapter 7 of the Bankruptcy Code; (v) entry of a final order by the court dismissing the case; or (vi) the date of termination of the DIP loan commitments and the acceleration of any outstanding extensions of credit under the loan in accordance with the terms of the agreement. Prior to bankruptcy, the Debtor had no undisputed secured debt but it faced multiple MCA creditors who assert liens on its receivables. The validity and priority of these MCA claims remain unadjudicated, and the Debtor explicitly states that this request does not seek to resolve those disputes. However, because the Debtor needs financing, it requests authority to grant priming liens and superpriority claims over these MCA cash collateral interests under 11 U.S.C. sections 364(c) and 364(d), which would place the DIP lender's interests ahead of the MCA creditors' claims if those claims are later found to be valid and perfected. The DIP lender will receive superpriority administrative claims, liens on the Debtor's assets, and adequate protection measures to safeguard its interests, including periodic reporting on the Debtor's financial condition and adherence to the approved budget. These protections are intended to ensure that the lender is secured against any diminution in value of the collateral during the bankruptcy case. The Debtor emphasizes that it has satisfied the legal requirements for obtaining post-petition credit under section 11 U.S.C. section 364 by demonstrating that it cannot obtain unsecured credit, the financing is essential to preserve the estate, and the terms are fair and reasonable under the circumstances. A copy of the motion is available at https://urlcurt.com/u?l=Dx4HTV from PacerMonitor.com. About Lasen Inc. Lasen Inc. develops and operates airborne LiDAR systems for leak detection and pipeline inspections across North America. The Company's proprietary Airborne LiDAR Pipeline Inspection System (ALPIS) identifies methane leaks with high accuracy and efficiency, supporting right-of-way and transmission line monitoring. Founded in 1989, LaSen has inspected over 500,000 miles of pipeline and specializes in remote sensing technologies adapted from U.S. defense applications. Lasen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05316) on June 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Brenda K. Martin handles the case. The Debtors are represented by Randy Nussbaum, Esq. at The Cavanagh Law Firm, P.A. LEFEVER MATTSON: US Trustee Amends Notice of Committee Appointment ------------------------------------------------------------------ Peter Anderson, the U.S. Trustee for Region 17, filed a second amended notice of appointment of unsecured creditors as members of the official committee of unsecured creditors in all of the Chapter 11 cases of LeFever Mattson and its affiliates, including KS Mattson Partners, LP, due to the recent order for relief entered in the involuntary Chapter 11 case of KS Mattson. On July 29, an order was entered in KS Mattson's case in accordance with Rule 1015(b) of the Federal Rules of Bankruptcy Procedure directing the procedural consolidation and joint administration of the companies. As of August 26, the members of the committee are: 1. Lull Family Living Revocable Trust Richard Lull 14 Westport Manhattan Beach, CA 90266 Phone: (310) 617-7883 Email: richard@picolull.com 2. Mullin Family Trust John & Kathleen Mullin 807 Reading Way Vacaville, CA 95687 Phone: (707) 454-9893 Email: dadzboss@sbcglobal.net mullineight@sbcglobal.net 3. Charles Edgar 4. Umbriac & Tubley Family Trust Mae Umbriac & Andrew Tubley 1500 First Street, Suite 200 Napa, CA 94559 Phone: 707-261-7000 Facsimile: (707) 340-7239 Email: ridell@dpf-law.com 5. Walter Schenk 6. Manfred K. Fischer Trust Michaela M. Katari 132 Pheasant Court Alamo, CA 94507 Phone: (925) 788-2559 Email: michaela.kitari@gmail.com 7. Hayes 2004 Family Trust Bryan & Patricia Hayes P.O. Box 75 Mount Herman, CA 95041 Phone: (831) 252-0372 Email: byronehaz1@yahoo.com 8. The Anderson 2001 Revocable Trust Graham & Teresa Anderson 129 Archer Drive Santa Cruz, CA 95060 Phone: (925) 786-0472 Email: graham@sezame.com teresaanderson@outlook.com About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LIGADO NETWORKS: Plan Exclusivity Period Extended to November 3 --------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Ligado Networks LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 3 and December 31, 2025, respectively. As shared by Troubled Company Reporter, based on the relevant factors, there is more than sufficient cause here to approve the requested extension of the Exclusive Periods, including, but not limited to: * These Chapter 11 Cases are Large and Complex. The Debtors are 11 separate entities operating a complex satellite network across the United States and Canada, providing mobile satellite services to government and commercial customers. The Plan will significantly simplify the Debtors' balance sheet eliminating the prepetition debt, emerging with just a single Exit First Lien Facility. These facts alone, and the corresponding complexity of the Debtors' business and corporate structure, warrant extension of the Exclusive Periods. * The Debtors Have Continued to Pay Operating Expenses. The Debtors have continued to pay all of their undisputed postpetition expenses in the ordinary course of business or as otherwise provided by an order of the Court. * Additional Time is Necessary. Although the Debtors have made good progress toward confirmation of the Plan, given the size and complexity of these chapter 11 cases, the Debtors require additional time to ensure they can address any remaining restructuring issues, obtain confirmation of the Plan and implement the Plan in accordance with its terms, in an efficient and organized manner. * An Extension Will Not Prejudice Creditors. The Debtors are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders, all of which have an interest in the Debtors being able to proceed to the confirmation of the Plan. Co-Counsel for the Debtors: Mark D. Collins, Esq. Michael J. Merchant, Esq. Amanda R. Steele, Esq. Emily R. Mathews, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com merchant@rlf.com steele@rlf.com mathews@rlf.com -and- Dennis F. Dunne, Esq. Matthew L. Brod, Esq. Lauren C. Doyle, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 Email: ddunne@milbank.com mbrod@milbank.com ldoyle@milbank.com Andrew M. Leblanc, Esq. MILBANK LLP 1850 K Street, NW, Suite 1100 Washington DC 20006 Telephone: (202) 835-7500 Facsimile: (202) 263-7586 Email: aleblanc@milbank.com About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LION RIBBON: To Sell Non-Liquidating Assets to American Greetings ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas approved the bidding procedures for the sale of non-liquidating assets of Lion Ribbon Texas Corp. and its debtor-affiliates, free and clear of all pledges, liens, security interests, encumbrances, claims, charges, options, and other interests. Deadline to submit offers for the Debtors' asset is Sept. 8, 2025, at 5:00 p.m. (prevailing Central Time). If applicable, an auction will be held on Sept, 11, 2025, at 10:00 a.m. (prevailing Eastern Time) / 9:00 a.m. (prevailing Central Time), at the offices of counsel for the Debtors, Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020 or at such other place and time as the Debtors shall notify all qualified bidders, the consultation parties, and all other parties entitled to attend the auction. A sale hearing is set for Sept. 17, 2025, (at a time to be announced) to approve the sale of the Debtors' assets. Objection to the sale, if any, is Sept. 15 at 5:00 p.m. (prevailing Central Time). The Debtors said they are currently seeking to sell any and all assets associated with the following four (4) business segments ("Non-Liquidating Assets"): a) Sewing: consists of (i) accounts receivable, inventory, and machinery/equipment supporting the production of sewing patterns, (ii) accounts receivable and inventory related to sewing supplies and other ancillaries, and (iii) any related intellectual property including but not limited to brand names, trademarks, website domain names, patents and copyrights; b) Gift: consists of (i) accounts receivable, inventory, and machinery/equipment supporting the production of wrapping paper; (ii) accounts receivable, inventory, and machinery/equipment supporting the production of poly bows; (iii) accounts receivable and inventory related to other items, including, but not limited to, gift bags and boxes, and (iv) any related intellectual property including but not limited to brand names, trademarks, website domain names, patents and copyrights; c) Stationery: consists of accounts receivable and inventory related to calendars, dated products, journals, greeting cards, other stationery, and similar products, and any related intellectual property including but not limited to brand names, trademarks, website domain names, patents and copyrights; and (d) Play: consists of (i) accounts receivable and inventory related to toys, games, arts and crafts kits, and other child-friendly products and novelties and (ii) any related intellectual property including but not limited to brand names, trademarks, website domain names, patents and copyrights. The Court approved the designation of American Greetings Corporation as stalking-horse for the Debtors' assets. Pursuant to the stalking horse asset purchase agreement ("APA"), the Debtors have agreed to (i) pay the Stalking Horse Bidder a break-up fee in an amount equal to $400,000 and (ii) return the Deposit to the Stalking Horse Bidder upon the terms and conditions set forth in the Stalking Horse APA. American Greeting retained as counsel: Jones Day Attn: Benjamin Stulberg, Esq. Christopher Hawley, Esq. 901 Lakeside Avenue Cleveland, Ohio 44114 Email: blstulberg@jonesday.com chawley@jonesday.com To receive access to due diligence materials and to participate in the bidding process, any person or entity who desires (individually or as part of a consortium of interested parties that is contemplating a joint bid) to bid for the Non-Liquidating Assets, must submit to Huron Transaction Advisory LLC, the Debtors' investment banker, an executed confidentiality agreement in form and substance satisfactory to the Debtors: Huron Transaction Advisory LLC Attn: Joe Polancich Mitchener Turnipseed 1166 Avenue of the Americas 3rd Floor New York, New York 10036 Emails: jpolancich@hcg.com mturnipseed@hcg.com Copies of the Motion, the Bidding Procedures Order, and any other documents filed in the Debtors' Chapter 11 Cases can be obtained free of charge (a) on the case website maintained by the Debtors' claims and noticing agent, Kroll Restructuring Administration LLC, https://cases.ra.kroll.com/DGA. About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. LUMINARY ROLI: TriplePoint Venture Marks $35.4MM Loan at 79% Off ---------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $35,492, 000 loan extended to Luminary Roli Limited to market at $7,405,000 or 21% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Luminary Roli Limited. The loan accrues interest at a rate of zero percent per annum. The loan matures on August 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Luminary Roli Limited Luminary Roli Limited is a music technology company. The Company offers hardware, software, sounds, and accessories. Luminary Roli serves customers in the United Kingdom. MA MICRO: TriplePoint Venture Marks $1.3MM Loan at 71% Off ---------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $1,389,000 loan extended to MA Micro Limited to market at $406,000 or 29% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to MA Micro Limited. The loan accrues interest at a rate of zero percent per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About MA Micro Limited MA Micro Limited is engaged in the manufacture of motor vehicles. MA MICRO: TriplePoint Venture Marks $4.1MM Loan at 79% Off ---------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $4,166,000 loan extended to MA Micro Limited to market at $869,000 or 21% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to MA Micro Limited. The loan accrues interest at a rate of zero percent per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About MA Micro Limited MA Micro Limited is engaged in the manufacture of motor vehicles. MAKO FORESTRY: Court Extends Cash Collateral Access to Sept. 9 -------------------------------------------------------------- MAKO Forestry Corporation received another extension from the U.S. Bankruptcy Court for the Southern District of Alabama to use cash collateral. The second interim order extended the Debtor's authority to use cash collateral through September 9 consistent with its budget, subject to a 10% variance. Its cash collateral includes cash, accounts, receivables, and proceeds. The Debtor projects total operational expenses of $67,254 for August; and $67,254 for September. As adequate protection for the Debtor's use of its cash collateral, United Community Bank will be granted a replacement lien on the cash collateral, with the same validity, priority, and extent as its pre-bankruptcy lien. A further hearing is scheduled for September 9. The Debtor owes United Community Bank $1,715,725.62, plus interest based on the $1,825,100 loan it obtained from the secured lender. United Community Bank asserts a security interest in the Debtor's inventory and accounts receivable. United Community Bank, as secured lender, is represented by: Justin B. Little, Esq. Reynolds, Reynolds & Little, LLC P.O. Box 2863 Tuscaloosa, AL 35403-2863 Telephone: (205) 391-0073 Fax: (205) 391-0911 jlittle@rrllaw.com 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 reported estimated assets and liabilities between $1 million and $10 million each. Judge Henry A. Callaway oversees the case. The Debtor is represented by Alexandra K. Garrett, Esq., at Silver Voit Garrett & Watkins. MARIN SOFTWARE: Unable to File 10-Q Amid Chapter 11 Proceedings --------------------------------------------------------------- Marin Software Incorporated filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 by the prescribed filing date or the five-day extension permitted by the rules of the Securities and Exchange Commission. As previously announced, on July 1, 2025, the Company filed a voluntary petition for relief under chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware, thereby commencing a chapter 11 case for the Company. The case number is 25-11263 and the case is styled as In re Marin Software Incorporated. Additional information regarding the Chapter 11 Case is available at www.donlinrecano.com/mrin. The documents and other information on this website are not part of this Form 12b-25 and shall not be incorporated by reference. The Company continues to operate its business as a "debtor in possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code, orders of the Bankruptcy Court, and applicable non-bankruptcy law. During the pendency of the Chapter 11 Case, the Company's management team and other personnel have devoted significant time and attention to materials and workflows required in connection with the Chapter 11 Case. Additionally, the Company has limited financing, accounting and administrative personnel as part of the Company's efforts to minimize operating expenses during the pendency of the Chapter 11 Case. The Company expects to file monthly operating reports with the Bankruptcy Court, and will report the filing of those reports in a Current Report on Form 8-K. In addition, as previously disclosed in a Current Report on Form 8-K filed with the SEC on July 24, 2025, the Company's Board of Directors (the "Board"), on the recommendation of the Audit Committee of the Board, terminated the engagement of Grant Thornton LLP as the Company's independent registered public accounting firm, effective immediately. The Company has not engaged a new independent public accounting firm. Due to the time and attention required by the Chapter 11 Case and the lack of an independent public accounting firm, the Company is unable to timely file its Form 10-Q without unreasonable effort or expense and is unable to estimate when it will be able to complete and file the Form 10-Q. About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reports total assets of $5,656,853 and total debts of $2,767,237. The Debtor's bankruptcy counsel is James E. O'Neill, at PACHULSKI STANG ZIEHL & JONES LLP. The Debtor's Corporate Counsel is FENWICK & WEST LLP. ARMANINO ADVISORY LLC is the Debtor's Financial Advisor. DONLIN, RECANO & COMPANY, LLC is the Debtor's Claims, Noticing & Solicitation Agent and Administrative Advisor. MCGRAW-HILL EDUCATION: Moody's Alters Outlook on 'B2' CFR to Pos. ----------------------------------------------------------------- Moody's Ratings affirmed McGraw-Hill Education, Inc.'s (McGraw) ratings, including the company's Corporate Family Rating at B2, the Probability of Default Rating at B2-PD, the senior secured notes and senior secured first lien bank credit facility ratings at B1 and senior unsecured notes rating at Caa1. Moody's also assigned an SGL-1 speculative grade liquidity rating, indicating very good liquidity. The outlook was changed to positive from stable. McGraw's parent company priced its initial public offering (IPO) of 24.4 million shares at $17 per share in July 2025, resulting in net proceeds of roughly $386 million. Upon the closing of the IPO, the company used all of the net proceeds to pay down a portion of its existing $1.2 billion term loan. The outlook change to positive reflects a modest reduction in leverage to 4.6x from 5.2x (both metrics Moody's adjusted) as of LTM June 2025 following partial debt repayment from IPO proceeds, with further improvements expected from EBITDA growth, mandatory debt amortization and possible discretionary debt payments. McGraw has publicly stated its intention to operate with net leverage of 2.0x-2.5x, as defined by the company's credit agreement (was 3.6x as of LTM June 2025 pro forma for debt repayment from IPO net proceeds). The outlook change to positive also reflects Moody's expectations that as a publicly traded company, McGraw will maintain a disciplined financial policy and increased governance transparency. Governance considerations are a key factor in the rating action. While benefitting from greater financial flexibility through access to the public equity market, McGraw will remain majority controlled by its existing private equity sponsor, Platinum Equity, with 87% of the voting control. The net proceeds from the IPO - $386 million – are relatively small compared to the total debt burden of $3.3 oustanding at the time of the IPO. RATINGS RATIONALE McGraw's B2 CFR reflects the company's high financial leverage, seasonality of cash flow and intense industry competition. Within its large K-12 business, the purchasing cycles of adoption states drive volatility of McGraw's sales volumes (on a billings basis) year to year. Within its higher education segment, earnings growth is tempered by affordability-driven price compression, competition from open educational resources and cyclicality related to higher education enrollment trends. These credit challenges are counterbalanced by McGraw's well recognized brand, good market position, long-standing relationships with education institutions, proprietary content developed through long-term exclusive relationships with leading authors and broad range of product offerings across multiple business segments. Moody's expects that McGraw's progress in expanding its digital offerings supports stronger customer retention, enhances the company's ability to compete during the K-12 adoption cycles and reduces volatility related to plate spending and returns of print products. McGraw's pro forma LTM June 2025 leverage, defined as Moody's adjusted Debt/ EBITDA (excluding the change in deferred revenue) was 4.6x. While an improvement from pre-IPO levels, Moody's views this leverage level as high given the exposure to adoption cycles in its K-12 business and inherent seasonality in the higher education business. Moody's projects Moody's adjusted Debt/EBITDA to remain flattish at around 4.5x through the end of fiscal 2026 because of a lighter K-12 adoption schedule and to decline to just under 4x by the end of fiscal 2027 supported by stronger earnings opportunity in K-12 and further debt reduction as cash balance continues to build. Moody's expects McGraw's to generate free cash flow of at least 5%-10% relative to debt for fiscal 2026 and 2027, as adjusted by us. The B1 ratings on the senior secured bank credit facilities and the senior secured notes benefit from their senior position in the capital structure, resulting in a one-notch uplift from the B2 CFR. Both the senior secured credit facilities and notes are ranked above the $725 million unsecured notes ($639 million outstanding as of June 2025) due August 2029. The unsecured notes are rated Caa1 and are subordinated to the first lien senior secured credit facilities and the $300 million ABL facility (unrated). The ABL revolver has first priority lien on all current asset collateral and second priority lien on fixed asset collateral. Given its pledge on the most liquid assets, Moody's ranked the ABL ahead of all rated secured and unsecured debt instruments in Moody's priority of claim waterfall. Moody's expects that McGraw will have very good liquidity supported by its cash on balance sheet ($247 million at the end of Q2 2025), Moody's expectations of annual free cash flow of about $150 million in fiscal 2026, access to a $300 million ABL facility (roughly $220 million borrowing base) due July 2029 and a $150 million revolver. Around $39 million of the $150 million revolver will mature in July 2026 and the remaining $111 million will mature in August 2029. As of June 30, 2025, the revolver and the ABL revolver were undrawn. Moody's projects that the company's cash on hand, internally generated cash flow and seasonal borrowings against the ABL facility will be sufficient to fund the company's highly seasonal cash flow and the 1% required annual term loan amortization of roughly $13 million, $70 - $90 million in capex and $75 - $100 million in plate spending. There are no material funded maturities until 2028 when the $900 million senior secured notes ($828 million outstanding as of June 30, 2025) come due. McGraw's revolver is governed by a springing net leverage covenant of 6.95x tested at 40% or greater draw, and the ABL facility is subject to a springing minimum fixed charge coverage ratio of 1.0x if adjusted availability falls below certain amount. Moody's do not expect the ABL or revolver covenants to spring over the next 12-18 months. The term loan is covenant-lite. The positive outlook reflects Moody's expectations for further leverage improvement through debt repayment and earnings growth, good liquidity and balanced financial strategies emphasizing leverage reduction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if McGraw demonstrates a disciplined financial policy resulting in Moody's adjusted Debt/EBITDA sustained comfortably below 4x with growing cash balances. Good liquidity with free-cash flow-to-debt (Moody's adjusted) sustained in the high- single-digit percentage range or better, would also be needed for an upgrade. McGraw's ratings could be downgraded if operating performance weakens or an aggressive financial policy lead to Debt/EBITDA sustained above 5.5x or free cash flow to debt declining to the low-single digit percent. 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. McGraw-Hill Education, Inc. is a global provider of educational materials and learning services targeting the higher education, K-12, professional learning and information markets with content, tools and services delivered via digital, print and hybrid offerings. McGraw reported LTM June 2025 GAAP revenue of $2.1 billion. MEDICAL PROPERTIES: Inks $500M Equity Distribution Agreement ------------------------------------------------------------ Medical Properties Trust, Inc., and MPT Operating Partnership, L.P., a Delaware limited partnership through which the Company conducts substantially all of its operations disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 11, 2025, the Company and the Operating Partnership entered into an Equity Distribution Agreement with each of Truist Securities, Inc., Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citizens JMP Securities, LLC, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC, as agents and/or forward sellers, and each of Truist Bank, Bank of America, N.A., Barclays Bank PLC, BNP PARIBAS, Citizens JMP Securities, LLC, Credit Agricole Corporate and Investment Bank, Goldman Sachs & Co. LLC, Mizuho Markets Americas LLC, MUFG Securities EMEA plc, Royal Bank of Canada, The Bank of Nova Scotia and Wells Fargo Bank, National Association, as forward purchasers, relating to the offer and sale of shares of the common stock of the Company, par value $0.001 per share, having an aggregate offering price of up to $500,000,000. Sale of the Shares may be made in privately negotiated transactions, which may include block trades, or transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including, without limitation, sales made directly on the New York Stock Exchange, on any other existing trading market for the Common Stock or to or through a market maker, or otherwise or as may be agreed between the Company and the applicable Agent. The Equity Distribution Agreement contemplates that, in addition to the issuance and sale of the Shares by the Company through the Agents or to the Agents, as principals, the Company may also enter into one or more forward transactions under separate master forward sale confirmations and related supplemental confirmations, with each of the Forward Purchasers. If the Company enters into a forward sale transaction with any Forward Purchaser, it expects that such Forward Purchaser or one of its affiliates will attempt to borrow from third parties and sell, through its related Forward Seller, the number of shares of Common Stock underlying such forward sale transaction in order to hedge such Forward Purchaser's exposure under such forward sale transaction. The Company will not initially receive any proceeds from any sale of shares of Common Stock borrowed by a Forward Seller (or affiliate thereof) and sold through a Forward Seller. The Company expects to fully physically settle each forward sale transaction, if any, on one or more dates specified by the Company on or prior to the maturity date of such forward sale transaction, in which case the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares underlying such forward sale transaction multiplied by the relevant forward sale price per share. However, subject to certain exceptions, the Company may also elect to cash settle or net share settle all or any portion of its obligations under any forward sale transaction. If the Company elects to cash settle any forward sale transaction, it may not receive any proceeds and may owe cash to the applicable Forward Purchaser. If the Company elects to net share settle any forward sale transaction, it will not receive any proceeds and may owe shares of Common Stock to the applicable Forward Purchaser. The Agents will receive from the Company a commission of up to 2.0% of the gross sales price of all Shares sold under the Equity Distribution Agreement. In connection with any forward sale transaction, the Company will pay the applicable Forward Seller a commission, in the form of a reduced initial forward sale price under the related forward sale transaction, at a mutually agreed rate not exceeding 2.0% of the volume-weighted average of the sales prices per share of the borrowed shares of Common Stock sold through such Forward Seller during the applicable forward hedge selling period (subject to certain adjustments). The Company may also sell some or all the Shares to an Agent as principal for its own account at a price agreed upon at the time of sale. The Shares will be issued pursuant to the Company's and the Operating Partnership's shelf registration statement on Form S-3 (Registration Nos. 333-287726 and 333-287726-01), which initially became effective upon filing with the Securities and Exchange Commission on June 2, 2025, and a prospectus supplement, dated August 11, 2025, as the same may be amended or supplemented. About Medical Properties Trust Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world's largest owners of hospital real estate with 402 facilities and approximately 40,000 licensed beds in nine countries and across three continents as of September 30, 2024. MPT's financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company's website at www.medicalpropertiestrust.com For the fiscal year ended December 31, 2024, the Company had $14.3 billion in total assets, $9.5 billion in total liabilities, and a total stockholders' equity of $4.8 billion. As of June 30, 2025, the Company had $15.2 billion in total assets, $10.3 billion in total liabilities, and $4.8 billion in total stockholders' equity. * * * In Feb. 2025 S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Medical Properties Trust Inc. The outlook is negative. At the same time, S&P assigned its 'B-' issue-level rating and '2' recovery rating to the company's new senior secured notes. S&P also affirmed its 'CCC+' issue-level rating on Medical Properties Trust's senior unsecured notes and revised the recovery rating on the notes to '4' from '3'. MEG ENERGY: Fitch Puts 'BB-' LongTerm IDR on Watch Positive ----------------------------------------------------------- Fitch Ratings has placed MEG Energy Corporation's (MEG) 'BB-' Long-Term Issuer Default Rating (IDR) on Rating Watch Positive (RWP). MEG's senior unsecured note due 2029 and rated at 'BB-' with a Recovery Rating of 'RR4' has also been placed on RWP. The RWP follows the announced plan of arrangement under which Cenovus Energy Inc. (Cenovus) rating affirmed at BBB/Stable, to acquire MEG with expected close in Fall 2025 subject to customary regulatory approvals and a MEG shareholder vote. MEG's ratings may potentially be upgraded by multiple notches after the deal completion. Although unlikely, the closing of the transaction and resolution of the RWP could take longer than six months to finalize. Key Rating Drivers Possible Rating Uplift from Cenovus: Fitch expects MEG to strongly benefit from parent-subsidiary linkages with Cenovus (BBB/Stable) if the plan of arrangement closes as proposed. Fitch expects MEG to be closely integrated into Cenovus' operations following the plan of arrangement completion. Scale Enhancing Plan of Arrangement: The proposed Cenovus plan of arrangement of MEG, is expected to close in Fall 2025, values MEG (including assumed debt) at CAD7.9 billion, and is subject to customary regulatory approvals and a MEG shareholder vote. MEG shareholders are to receive CAD$27.25 per share which represents approximately $20.44 in cash and 0.33125 of a Cenovus share, subject to a an arrangement agreement. The Cenovus arrangement agreement represents a mix of 25% equity, with the remaining 75% debt funded. Cenovus projects the proforma company to produce around 900mboepd immediately and creates a line of sight to reach over 1.0 million boepd over the next few years as other organic growth projects come online. The MEG acquisition adds around 1.2 billion boe of proved reserves (1p) and Cenovus is expected to produce long-term run-rate synergies of around CAD400 million per year, including synergies unique to Cenovus due to its adjacent Christina Lake operations. This figure excludes tax synergies. Standalone Higher Distributions: Fitch assumes MEG allocates 100% of FCF towards shareholder returns in the form of share buybacks and a modest base dividend in line with the company's stated capital allocation objectives on a standalone basis. The allocation strategy shifted to 100% of FCF to shareholder returns after achieving the USD600 million net debt target in September 2024. Fitch expects EBITDA leverage to remain below 1.0x through the forecast period based on Fitch's current base case oil and gas price assumptions. Standalone Increased Capex: Fitch believes the successful execution of the increased capex to increase production will spread fixed costs over more barrels resulting in a lower breakeven. While 100% of FCF will go to shareholder distributions, MEG has announced a higher capex program over the next three years. Management expects incremental production capacity improvement up to 135,000 barrels per day (bbl/d) by 2027. Standalone Increased Global Markets Exposure: MEG increased the portion of its production which receives global pricing via a 20,000 bbl/d commitment on TMX pipeline providing access to Western Canada tidewater. This is in addition to its existing 100,000 bbl/d commitment on Flanagan South/ Seaway pipelines which provide access to the U.S. Gulf Coast (USGC). It is expected to tighten WTI-WCS differentials and reduce price volatility throughout North America. Apportionment on the Enbridge mainline which impacts capacity on Flanagan South/ Seaway pipelines is expected to trend lower than historical highs through the forecast, which should allow for a higher realized price. Tighter WCS Differentials: WCS differentials tightened in 2Q25, declining to USD10.27/bbl from a peak of USD21.89 in 4Q23. Quality differences linked to demand for competing sour and heavy grades remain the key driver of the differential. Although TMX added incremental transportation capacity, future incremental pipeline capacity remains uncertain due to Federal environmental regulations, potentially leading to provincial government production quotas similar to 2018, creating additional project deferrals and potentially increased reliance on higher cost rail transportation to move production. Standalone Uncertain Environmental Spending: Fitch will evaluate the credit impact of additional spending on larger projects as details emerge. Canada is a more demanding jurisdiction in terms of climate policy, with carbon tax set to increase to CAD170/tonne by 2030 from CAD80/tonne. Significant uncertainty surrounds long-term spending for the Pathways Alliance, which previously aimed to achieve net zero Scope 1 and 2 emissions for oil sands producers by 2050 through CCUS and other technologies. The passage of Bill C-59 adds uncertainty to the consortium's publicly announced plans. Peer Analysis MEG is a pure-play oil sands producer with 100% of production in Canada. Baytex Energy Corp. (Baytex; BB-/Stable) and Vermilion Energy Inc. (Vermilion; BB-/Watch Negative) are predominately Canadian producers with production of 144 thousand barrels of oil equivalent per day (mboed; 84% liquids) and 103 mboed (40% liquids) respectively. MEG has a higher oil cut and larger proved reserve base about 1.2 billion boe, significantly higher than Baytex's 408 million boe and Vermilion's 279 million boe. MEG faces no near-term financing risk and is not expected to borrow under its CAD600 million revolver. In 1Q25, MEG's netbacks of USD28.9 are higher than its peers' and are 100% heavy-oil exposed. Baytex benefits from a diverse asset base, including Canadian heavy and light oil and the relatively price-advantaged Eagle Ford shale in Texas, leading to a netback of USD15.8/boe for 1Q25. Vermilion gains from exposure to international oil and natural gas indices with netbacks of USD13.5/boe for 1Q25. MEG's low diversification in a single basin exposes it to potentially volatile WTI-WCS price differentials and a lack of vertical integration compared to larger Canadian oil sands operators such as Cenovus (BBB/Stable), Suncor Energy Inc. (BBB+/Stable), and Canadian Natural Resources Limited (BBB+/Stable). However, MEG has substantial proved and probable reserves and can greatly expand capacity if industry conditions are favorable. Compared to U.S. peers, MEG has over 30 years of 1P reserves and a shallower decline rate of 10%-15%, resulting in lower capex to sustain production. This is offset by higher production costs, due to additional steam and processing requirements, resulting in lower cash netbacks. Key Assumptions - This forecast does not assume the proposed plan of arrangement by Cenovus; - Base case WTI oil prices of USD65/bbl in 2025, USD60 in 2026 and 2027, and USD57 thereafter; - Production declines slightly in 2025 due to the major planned turnaround, followed by growth in the low single digits over forecast period; - Capex of CAD635 million in 2025 before moderating to CAD600 million in outer year of the forecast; - The revolver and letter of credit (LOC) facilities are refinanced in 2026; - 100% of FCF allocated to shareholder returns thereafter. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Independent of the Transaction Include - A change in financial policy that weakens expected credit metrics; - Material reduction in liquidity or an inability to access debt capital markets; - Midcycle EBITDA leverage sustained above 3.0x; - Prolonged dislocation in WTI-WCS price differentials. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP upon completion of the contemplated transaction broadly under the proposed terms. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Independent of the Transaction Include - Production growth resulting in average daily Bitumen production sustained above 150,000 bbl/d; - Improving relative cash netbacks through lower and sustainable operating costs; - Improved outlook on realized prices and differentials; - Midcycle EBITDA leverage sustained below 2.0x. Liquidity and Debt Structure MEG had CAD195 million of cash on hand as of June 30, 2025. The credit facility consists of a CAD600 million revolver (undrawn) and a separate CAD600 million LOC facility (CAD233 million in LOC's utilized) with Export Development Canada, both maturing on Oct. 31, 2026. There is no financial maintenance covenant unless the revolver is drawn in excess of 50%, which would trigger a first-lien net debt/EBITDA covenant of 3.5x or less. Fitch characterizes the company's liquidity as strong due to visibility into free cash flow generation and an undrawn revolver through its forecast. On June 30, 2025, a 5.875% senior unsecured note remains outstanding with a balance of CAD817 million which matures in February 2029. Issuer Profile MEG is a Canadian oil sands producer focused on sustainable in situ oil development. Its 2Q25 production was 63,502 boepd. The company owns a 100% interest in over 410 square miles of oil sands leases in Alberta, including a steam-assisted gravity drainage oil sands (SAGD) at the Christina Lake Project. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations MEG has an ESG Relevance Score of '4' for GHG Emissions & Air Quality, reflecting the more stringent regulatory environment for Canadian oil and gas producers regarding emissions. This score also considers the above-average greenhouse gas emissions profile associated with oil sands due to additional extraction and upgrading processes in production. Additionally, it highlights uncertainties around the level of long-term investment to achieve emissions targets. Although MEG has a relatively favorable emissions profile among steam-assisted gravity drainage oil sands peers due to its low steam-to-oil ratio, its promience may make it more likely to be targeted by activists and regulators compared to other producers. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- MEG Energy Corp. LT IDR BB- Rating Watch On BB- senior unsecured LT BB- Rating Watch On RR4 BB- MERIDIANLINK INC: Fitch Puts 'BB-' LongTerm IDR on Watch Negative ----------------------------------------------------------------- Fitch Ratings has placed the 'BB-' Long-Term Issuer Default Ratings of MeridianLink, Inc. and ML California Sub, Inc. (collectively, MeridianLink), and the company's 'BB+' first lien secured term loan and revolving credit facility with a Recovery Rating of 'RR1', on Rating Watch Negative (RWN). This action follows MeridianLink's announcement of a definitive agreement to be acquired by Centerbridge Partners and reflects Fitch's expectations that MeridianLink's EBITDA leverage will increase after the acquisition. Fitch expects to resolve the Rating Watch once the transaction closes. Fitch anticipates full repayment of the existing debt facilities at closing and intends to withdraw the related instrument ratings at that time. MeridianLink's ratings are supported by its high recurring revenue, strong customer retention, pre-transaction low leverage, and solid liquidity from robust free cash flow generation. However, the ratings remain constrained by significant exposure to financial institutions and credit unions, resulting in end-market concentration. Key Rating Drivers Potential Leverage Increase: Following MeridianLink's announced acquisition by Centerbridge, Fitch expects the transaction will be financed with more debt than current levels. MeridianLink has received commitments for approximately $1.36 billion of debt financing to support the buyout, with about $960 million of the debt expected to be drawn at close. This will likely push MeridianLink's EBITDA leverage above Fitch's 4.5x negative sensitivity threshold after the acquisition and may keep it elevated. Consequently, Fitch has placed MeridianLink on RWN. At YE 2024, EBITDA leverage was 4.0x. Absent the acquisition by Centerbridge, Fitch forecasts leverage would remain below this level over the forecast period, assuming no other major debt-funded acquisitions occur. Historically, the company has targeted net leverage below 3.0x, although this calculation method differs from Fitch's definition. This target aligns with other Fitch-rated software peers in the 'BB' rating category. Despite strong FCF generation, Fitch would not expect the company to reduce its leverage significantly. Robust FCF Generation: Fitch expects strong FCF generation, and forecasts FCF margins, absent the Centerbridge acquisition, in the low 20s during the rating horizon, bolstering the company's liquidity. This robust FCF is expected to be driven by EBITDA growth from increased operational leverage and restructuring efforts. End Market Concentration: MeridianLink primarily generates revenue from the financial services sector, making it susceptible to fluctuations in lending activity. This risk is intensified by macroeconomic uncertainty and sector pressures, particularly due to low mortgage volumes and credit tightening by community banks and credit unions. However, this industry concentration risk is mitigated by the company's product diversification and low customer concentration. Resilient Business Model Through Economic Cycle: Fitch believes MeridianLink's products and services provide resilience through economic cycles. In an expansionary environment, MeridianLink can generate sizable returns from volume-based loan applications. During a recession, its focus on collection solutions and deposit accounts enables steady fee generation based on volume. Over the last 20 years, credit union loan activity declined only once, by 1.4% in 2010, per the National Credit Union Administration. High Revenue Retention: As of December 2024, 84% of MeridianLink's revenue was subscription-based, with a net retention rate exceeding 100%. This strong retention highlights the success of the company's land-and-expand strategy, driving customer adoption through cross-selling and up-selling. MeridianLink's business model supports the digital transformation and efficiency of financial institutions. Fitch believes retention rates will remain high, as the company's multiyear contracts offer revenue visibility. Key Category Leader Across Market Segments: MeridianLink is a leader within each market segment it competes in. In consumer lending, it is the leading incumbent against a handful of providers like Bottomline Technologies, Inc., Gro Solutions, Inc., CUDL, and Temenos AG. Management differentiates itself through best-of-breed technology and referrals from its existing client base. In consumer data, the company is the leading incumbent against SharperLending LLC in a fragmented, niche market and is one of seven approved sponsoring credit vendors for Fannie Mae. Continued Ownership Concentration: Fitch views the company's concentrated private equity ownership as an inherent credit risk, with Thoma Bravo holding a 38.04% stake as of the end of December 2024, down from 46.6% at the end of March 2024. Thoma Bravo retains the right to nominate a majority of the board members as long as it beneficially owns at least 30% of the outstanding common stock. Currently, Thoma Bravo employees occupy two of the nine board seats. Peer Analysis MeridianLink's rating benefits from its strong market position in consumer lending, mortgage loans, and data verification, alongside a resilient portfolio that withstands economic cycles. The company's services enhance loan application efficiency and align with automated lending trends, deemed mission-critical by financial institutions, ensuring stable demand. The deep integration of MeridianLink's solutions into customer systems supports high revenue retention. However, Fitch sees the volume-based revenue model as potentially volatile, although the minimum volumes component provides some stability. MeridianLink's peers include Dragon Buyer, Inc. (B+/Stable), as both provide SaaS-based solutions to financial institutions. Fitch estimates Dragon's EBITDA leverage to be in the mid-to-high 4x range, which is higher than that of MeridianLink. Fitch also compares MeridianLink to Quartz AcquireCo, LLC (BB-/Stable) and Waystar Technologies, Inc. (BB/Stable). Like MeridianLink, Fitch estimates EBITDA leverage for both peers to remain below 4x. Despite low leverage expectations, MeridianLink's IDR is constrained by its concentrated exposure to financial services sector. Key Assumptions - Fitch projects revenue increases in the low- to mid-single digits over the forecast horizon; - Fitch forecasts EBITDA margins to be in the high-30s range; - Fitch expects capital intensity to be approximately 3% of revenues throughout the forecast period; - Fitch assumes aggregate tuck-in acquisitions of $150 million to keep its software solutions innovative through 2028; - Fitch estimates aggregate share repurchases of $350 million through 2028; - Annual SOFR rates are assumed to be 4.3% in 2025, and 4.0% for each year from 2026 to 2028. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of EBITDA leverage above 4.5x on a sustained basis; - (CFO-Capex)/Debt sustained below 7.5%; - Operational deterioration such as fewer customer renewals, revenue decline and margin compression. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased market share position, evidenced by significant revenue and EBITDA growth, coupled with greater diversification across end market; - EBITDA Leverage sustained below 3.5x; - (CFO-Capex)/Debt sustained above 10%. Liquidity and Debt Structure Absent the Centerbridge acquisition, given the strong cash generative profile, Fitch believes MeridianLink will have solid liquidity over the rating horizon. The company had $91.08 million of cash on the balance sheet as of June. 30, 2025, as well as full availability on its $50 million revolver due 2026. The company's FCF generation supports liquidity. MeridianLink's debt structure is comprised of an available $50 million first lien RCF due 2026 and $470.4 million remaining on the first lien term loan due 2028. Issuer Profile MeridianLink, Inc., (NYSE: MLNK) is a publicly traded company providing software solutions for banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies in the U.S. As of March 6, 2025, Thoma Bravo owned 37.8% of the company. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations MeridianLink, Inc. has an ESG Relevance Score of '4' for Financial Transparency due to disclosure of a material weakness identified in the company's internal control over financial reporting for the fiscal year ended Dec. 31, 2023, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- MeridianLink, Inc. LT IDR BB- Rating Watch On BB- senior secured LT BB+ Rating Watch On RR1 BB+ ML California Sub, Inc. LT IDR BB- Rating Watch On BB- senior secured LT BB+ Rating Watch On RR1 BB+ METROPOLITAN COLLEGE: Plans to Sell Manhattan Campus to Pay Debt ---------------------------------------------------------------- Amanda Albright and Elizabeth Rembert of Bloomberg News report that the Metropolitan College of New York is planning to sell its Manhattan campus to the City University of New York in a $40 million deal, according to an August 26, 2025 regulatory filing. The report related that proceeds from the sale, after closing costs, will be used to redeem part of the school's roughly $60 million in outstanding debt and cover deferred debt service. The transaction comes as a boost for bondholders, who have seen the college's debt downgraded deep into junk territory by Fitch Ratings. The real estate, located at 40 Rector Street in the Financial District, includes about 100,000 square feet of commercial condo units that CUNY intends to use as classrooms and offices. A letter of intent filed with regulators said the space could temporarily house the Hunter-Bellevue School of Nursing while CUNY builds a new facility that will consolidate three of its programs. A CUNY spokesperson noted that negotiations on the potential purchase remain ongoing. Metropolitan College, which also operates a Bronx campus and had about 480 students in the 2023-24 school year, listed the Manhattan property for sale last year under a forbearance agreement with investors. The sale still requires approval from bondholders, the college's accreditor, and other entities before closing. If completed, the deal would mark a significant step for both CUNY's expansion and bondholders seeking repayment from the financially troubled institution. About Metropolitan College Metropolitan College of New York -- https://www.mcny.edu/ -- formerly Audrey Cohen College, is a private, not-for-profit institution of higher education in New York City. MIND CANDY: TriplePoint Venture Marks $1.5MM Loan at 61% Off ------------------------------------------------------------ TriplePoint Venture Growth BDC Corp. has marked its $1,509,000 loan extended to Mind Candy Limited to market at $594,000 or 39% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Mind Candy Limited. The loan accrues interest at a rate of 9% PIK per annum. The loan matures on December 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Mind Candy Limited Mind Candy Limited is a multi-award-winning company, its apps & books designed to help children relax, focus, and sleep better through imaginative and calming content. MIND CANDY: TriplePoint Venture Marks $1.6MM Loan at 61% Off ------------------------------------------------------------ TriplePoint Venture Growth BDC Corp. has marked its $1,617, 000 loan extended to Mind Candy Limited to market at $636,000 or 39% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Mind Candy Limited. The loan accrues interest at a rate of 9% PIK per annum. The loan matures on December 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Mind Candy Limited Mind Candy Limited is a multi-award-winning company, its apps & books designed to help children relax, focus, and sleep better through imaginative and calming content. MIND CANDY: TriplePoint Venture Marks $24.6MM Loan at 61% Off ------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $24,687, 000 loan extended to Mind Candy Limited to market at $9,563,000 or 39% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Mind Candy Limited. The loan accrues interest at a rate of 12.00% PIK per annum. The loan matures on December 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Mind Candy Limited Mind Candy Limited is a multi-award-winning company, its apps & books designed to help children relax, focus, and sleep better through imaginative and calming content. MODIVCARE INC: Moody's Cuts CFR to Ca & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded ModivCare Inc.'s corporate family rating to Ca from Caa1 and probability of default rating to D-PD from Caa1-PD. At the same time, Moody's downgraded the senior secured bank credit facility rating to Caa3 from B3, the senior secured second lien notes to C from Caa2, and the senior unsecured notes rating to C from Caa3. The speculative grade liquidity (SGL) rating remains at SGL-4. The outlook was revised to stable from negative. These actions follow the August 20th announcement[1] that ModivCare entered into a restructuring support agreement with first lien and second lien lenders and its shareholders and filed voluntary petitions for prearranged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. ModivCare expects to emerge from this process under the majority ownership of a group of existing lenders. Subsequent to the rating action, Moody's will withdraw all of ModivCare's ratings. Governance risk considerations are material to the rating action. Governance risk factors related to financial strategy, risk management, credibility and track record are elevated because the company operates with aggressive financial policies. This is reflected in very high debt levels, resulting in an untenable capital structure. The company entered into a restructuring support agreement ("RSA") with ModivCare's senior secured first lien credit facilities and senior secured second lien debt holders to reduce outstanding indebtedness. The stable outlook reflects Moody's views that the ratings are properly positioned based on expected recoveries. RATINGS RATIONALE ModivCare's Ca CFR reflects the company's high leverage, poor track record of meeting public guidance, and high reliance on Medicaid funding. ModivCare's operating performance has been challenged by the Medicaid redetermination process, which has reduced membership levels and subsequently increased utilization, negatively impacting margins due to the prevalence of shared-risk contracting in the company's revenue mix. Issues achieving outlined cost savings initiatives in a timely fashion also constrain the ratings. The ratings benefit from ModivCare's significant market presence in non-emergency medical transportation (NEMT) and personal care services (PCS), as well as considerable scale with $2.8 billion in annual revenue generation. ModivCare is the nation's largest provider of non-emergency medical transportation programs for state governments and managed care organizations. Within its personal care segment, the company is a leading provider of non-clinical home care services to Medicaid patient populations. Modivcare also provides personal emergency response systems, vitals monitoring and medication management. ModivCare generated approximately $2.8 billion in revenue for the twelve months ended March 31, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. ModivCare's Ca CFR is three notches below the Caa1 scorecard-indicated outcome. The difference reflects the restructuring of the untenable capital structure and diminished recovery prospects. MODIVCARE INC: Stocks Dip After Chapter 11 Bankruptcy Filing ------------------------------------------------------------ investing.com reports that ModivCare Inc. shares dropped 45% in premarket trading Monday, August 25, 2025, after the Denver-based healthcare services company disclosed its Chapter 11 filing and Nasdaq delisting notice. The bankruptcy petition, filed August 20, prompted Nasdaq to begin removing the company's stock from the exchange, with trading set to be suspended on August 28, 2025, according to the report. ModivCare said it will pursue a restructuring backed by a majority of stakeholders aimed at cutting debt and injecting new capital, while ensuring its care services remain fully operational. Separately, Nasdaq cited the company for failing to file its June 30, 2025, quarterly report. ModivCare does not plan to contest the delisting and expects its shares will trade on the OTC Pink Market, though future trading activity remains uncertain. About ModivCare Inc. ModivCare Inc., headquartered in Denver, delivers healthcare logistics and supportive services nationwide. Its offerings include non-emergency medical transportation, in-home personal care, remote patient monitoring, and home health services, primarily for Medicaid and Medicare beneficiaries. Formerly operating as The Providence Service Corporation, the company focuses on improving access to care for vulnerable populations. ModivCare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Kaleb Bailey, Esq. and Timothy Alvin Davidson, II, Esq. at Hunton Andrews Kurth LLP. MORNINGSTAR SENIOR: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Morningstar Senior Living's (MSL) Long-Term Issuer Default Rating (IDR) and rating on series 2019 revenue bonds issued by the Northampton County Industrial Development Authority on behalf of MSL at 'BB'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Morningstar Senior Living (PA) LT IDR BB Affirmed BB Morningstar Senior Living (PA) /General Revenues/1 LT LT BB Affirmed BB The 'BB' rating affirmations reflect Fitch's expected stability of Morningstar's thin financial profile, which is consistent with a below-investment grade rating through Fitch's forward-looking scenario analysis. MSL continues to benefit from strong demand and occupancy across all service lines. The ratings are further supported by Morningstar's soft operating risk profile and core operating metrics, which Fitch expects to stabilize and show gradual improvement as the Heritage Village expansion project is completed and the new independent living units (ILU) generate additional revenues. MSL's rating reflects a financial profile consistent with the middle of the 'BB' rating category in context of its midrange revenue defensibility and weak operating risk assessments. SECURITY The bonds are secured by a pledge of the obligated group's (OG) gross revenues, a first mortgage lien, and a debt service reserve fund for the series 2019 bonds. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Successful Fill of Expansion; Strong Occupancy Morningstar continues to maintain strong occupancy across service lines. Over the last four fiscal years (FYE June 30), ILU occupancy has averaged 91%, assisted living unit (ALU) 89%, skilled nursing facility (SNF) 90%, and memory care (MC) 95%. As of June 30, 2025, ILU occupancy was 92%, ALU 90%, SNF 80%, and MC 96%. Morningstar has numerous competitors, but its high occupancy indicates it can compete with its preferable location, amenities, and incentives. MSL has regular entrance fee and monthly service fee increases and a waitlist of around 80 potential residents, which further supports the midrange revenue defensibility. Morningstar is in the process of finishing Phase 6 of its Heritage Village expansion project, with Phases 1-5 of the ILU project complete and filled. Management reports that all 19 cottages have been pre-sold and expects the project to be complete by the end of 2025. Management reports that 10 of the units have been filled. Average entrance fees on the Phase 5 and 6 ILUs are higher than those for existing units, ranging from about $459,000 to $535,000. Historical success pre-selling the units indicate market acceptance of a higher price point for the new units. Both price points are affordable in comparison to typical home prices of Nazareth, PA. Operating Risk - 'bb' Weak Profitability, Robust Capital Spending Morningstar's contracts mix historically consisted of predominately lifecare (type-A) contracts. In 2017, Morningstar began offering a fee for service (FFS, type-C) contract. Over the past few years the contract mix has shifted towards FFS. The majority of Phase 5 and 6 residents have FFS contracts, which will continue to shift the contract mix away from lifecare contracts, which will relieve MSL from high health care liability associated with type-A contracts. In 2023 Morningstar's operating ratio was high at around 109%, net operating margin (NOM) was negative 1.7%, while NOM-adjusted averaged a much sounder 24.8% (due to entrance fees). This was largely in line with years prior as Morningstar continued with the Heritage Village expansion and faced cost pressures, specifically related to agency labor and health benefits. Core operating metrics improved in FY24, driven by good occupancy across service lines and fill up of some new Heritage Village units. Additionally, management reports a reduction in agency labor and a favorable year of health benefits expense. In FY24 Morningstar had an operating ratio of 99.9%, NOM of 6.4% and NOM-adjusted of 23.2%. Through the first six months of FY25, management reports both revenue and expenses are slightly below budget, largely due to having some personal care and SNF units temporarily offline during the Bethany House personal care unit renovation. Management reports additional success in reducing agency labor through 2Q25. As of June 30, 2025 the obligated group had an operating ratio of 100.9%, NOM of 7.1%, and NOM-adjusted of 11.8%. Management actively invests in maintaining its existing facilities and expanding the Heritage Village campus. Capex has averaged above 200% of depreciation expense over the past several years, resulting in a sound average age of plant of 12.3 years as of FYE 2024. Over the past several years Morningstar has been developing its Heritage Village campus, which is located one mile away from the Moravian Hall Square campus. Phase 1 (19 cottages) was completed in 2018, Phase 2 (27 cottages and townhomes) was completed in 2019, Phase 3 (21 cottages) was completed in 2022, Phase 4 (19 cottages) was completed in 2023. Phases 5 and 6 of the expansion project are being financed with privately placed bank debt to pay for project costs ($37.2 million), and refund the outstanding series 2012 bonds ($21.3 million). Phase 5 (21 cottages and Cooper Center expansion) was complete in 2024 and Phase 6 (19 cottages) is expected to be complete by the end of 2025. Management reports that the project is on time and budget. All Phase 6 units have been pre-sold and 12 units have been filled. Additionally, Morningstar is currently renovating its Bethany House personal care units at Moravian Hall Square. The project is expected to be complete in 2025 and will include remodeled units and add private showers to some units. Following the series 2022 transaction, Morningstar's maximum annual debt service (MADS) on permanent debt was about $5.2 million. Capital-related metrics are somewhat soft, with a MADS to revenue of 14.1% in fiscal 2024 and revenue only MADS coverage of 0.7x in fiscal 2024. History of debt to net available cashflow has hovered near 8x over the last few years. Fitch expects key capital related metrics to improve gradually as the new ILUs generate revenues and cash flow and the associated debt amortizes. Financial Profile - 'bb' Weaker Financial Profile In context of Morningstar's midrange revenue defensibility assessment and weak operating risk assessments, Fitch expects that MSL will maintain a financial profile consistent with the 'bb' assessment despite the prior bank debt issued to fund the ongoing expansion project. As of June 30,2025, Fitch calculates Morningstar had approximately $20.5 million of unrestricted cash and investments (not including cash and cash equivalents held at the foundation, which was $621,000 as of FYE 2024) and $6.3 million in Heritage Village escrow deposits (in July $5.2 million was released to the organization by the Pennsylvania Insurance department). Morningstar's unrestricted cash and investments (excluding the escrow deposits) represented 250 days cash on hand (DCOH) based on Fitch's calculation, which is neutral to the assessment of Morningstar's financial profile. Fitch's forward-looking scenario analysis shows Morningstar incrementally improving operating profitability through expense management and revenue growth from the new expansion. Despite this, Fitch expects Morningstar to maintain key liquidity and leverage metrics consistent with the 'bb' financial profile in the near term. The forward-looking scenario also includes receipt of $3.5 million Employee Retention Credit in 2025. Asymmetric Additional Risk Considerations No asymmetric risk considerations are relevant. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to improve operating metrics, particularly if NOM and NOM-adjusted are sustained below 0% and 15%, respectively; - Deterioration of unrestricted cash and investments such that DCOH is expected to be sustained below 200 days; - Though not expected, softening ILU occupancy to be consistently below 86%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An increase in unrestricted liquidity resulting in cash-to-adjusted debt consistently above 50% even in a stress scenario; - Coverage of pro forma MADS is expected to be consistently above 2x; - Improved profitability metrics with operating ratio consistently below 100% or NOM and NOM-adjusted consistently above 3% and 15%, respectively. PROFILE Morningstar's Moravian Hall Square campus is located in Nazareth, PA, within the Lehigh Valley area, approximately 70 miles north of Philadelphia. The Moravian Hall Square campus has a health and wellness center that maintains a five-star overall rating from the Centers For Medicare & Medicaid Services. Moravian Hall Square sits on approximately 16 acres. Morningstar's Heritage Village campus is located one mile away in Upper Nazareth Township. The total Heritage Village campus when fully built out will include up to 126 ILUs as currently designed. The actual zoning for the Heritage Village campus would allow for up to 167 units. In 2023 Morningstar announced an affiliation with Moravian Manor, PA (IDR, BB+). The scope of the entities strategic alliance is expected to include sharing some senior management positions, finding efficiencies in technology and reduce back-office expenses. Fitch views the affiliation as credit neutral and expects no rating effect due to the obligated groups are expected to remain separate. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. MY STORE-TURTLE: Mary Sieling Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Mary Sieling as Subchapter V trustee for My Store-Turtle River, LLC. Ms. Sieling will be paid an hourly fee of $330 for her services as Subchapter V trustee and an hourly fee of $200 for paralegal time. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Sieling declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mary F. Sieling 150 South Fifth Street, Suite 3125 Minneapolis, MN 55402 Email: mary@mantylaw.com About My Store-Turtle River My Store-Turtle River, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-60512) on August 25, 2025, listing up to $50,000 in assets and liabilities. Judge William J. Fisher presides over the case. Kesha L. Tanabe, Esq., at Vogel Law Firm represents the Debtor as bankruptcy counsel. NAKDCOM ONE: TriplePoint Venture Marks $6.6MM Loan at 16% Off ------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $6,621,000 loan extended to Nakdcom One World AB to market at $5,560,000 or 84% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Nakdcom One World AB. The loan accrues interest at a rate of 8.25% PIK interest per annum. The loan matures on October 31, 2026. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Nakdcom One World AB Nakdcom One World AB, doing business as NA-KD.com, operates as a Swedish fashion company. The Company offers latest trends in clothing, accessories, and beauty products such as dresses, sweaters, shirts, outerwear, trousers, jeans, and shorts including shoes, bags, lingerie, and beauty products, as well as provides delivery services. NA-KD.com serves customers worldwide. NANOVIBRONIX INC: CFO's Salary Set at $300,000 in Amended Agreement ------------------------------------------------------------------- NanoVibronix, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 11, 2025, the Company entered into an amended and restated employment agreement with Stephen Brown, Chief Financial Officer of the Company, which such agreement amends, restates and those certain employment agreements dated September 20, 2024, January 1, 2022, and October 5, 2020. Pursuant to the terms of the Brown Employment Agreement, the Company shall pay Mr. Brown an annual salary of $300,000, less any applicable payroll deductions and tax withholdings. The Brown Employment Agreement shall be at-will and will remain in effect unless terminated by either party in accordance with the terms of the Brown Employment Agreement. Either the Company or Mr. Brown may terminate Mr. Brown's employment with the Company at any time upon 30 days written notice to the other party, subject to the terms of the Brown Employment Agreement. In the event of such termination, the Company shall pay Mr. Brown the Base Salary through the date of termination and other customary accrued and reimbursable expenses. Additionally, in the event the Company terminates Mr. Brown's employment for Cause (as defined in the Brown Employment Agreement) or the Mr. Brown voluntarily resigns for any reason on or before the six-month anniversary of the Brown Effective Date, the Company shall have no further liability or obligation Mr. Brown under the Brown Employment Agreement other than any customary accrued and reimbursable expenses. In the event Mr. Brown's employment is terminated by (x) the Company without Cause following the Brown Effective Date or (y) Mr. Brown due to a resignation for any reason following the six-month anniversary of the Brown Effective Date, subject to certain terms and conditions of the Brown Employment Agreement, the Company shall pay Mr. Brown severance pay in a total amount equal to $180,000. Additionally, pursuant to the Brown Employment Agreement, Mr. Brown may not own over an aggregate of 2% of the outstanding stock of any class of any corporation engaged in a business that directly competes with the business of the Company if such stock is listed on a national securities exchange in the United States. The Brown Employment Agreement also provides for certain customary covenants regarding non-solicitation, non-competition and confidentiality. The foregoing is only a summary of the material terms of the Brown Employment Agreement and does not purport to be complete. The foregoing summary is qualified in its entirety by reference to the complete text of the Brown Employment Agreement, available at https://tinyurl.com/52uvddx3 About NanoVibronix Elmsford, N.Y.-based NanoVibronix, Inc., a Delaware corporation, commenced operations on October 20, 2003, and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home without the assistance of medical professionals. Southfield, Mich.-based Zwick CPA, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, NanoVibronix had $3.6 million in total assets, $3 million in total liabilities, and $627 thousand in total stockholders' equity. As of Jun. 30, 2024, it had $51.5 million in total assets, $11 million in total liabilities, and $40.5 million in total stockholders' equity. NANOVIBRONIX INC: Replaces Zwick with Ernst & Young as Auditor -------------------------------------------------------------- NanoVibronix, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 12, 2025, the Audit Committee of the Board of Directors approved the dismissal of Zwick CPA PLLC as the Company's independent registered public accounting firm, effective as of the same date. The reports of Zwick on the Company's consolidated financial statements for the two most recent fiscal years, ended December 31, 2024, and December 31, 2023, did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope, or accounting principles, except Zwick's report on the consolidated financial statements of the Company as of and for the years ended December 31, 2024, and December 31, 2023, contained an explanatory paragraph stating there was substantial doubt about the Company's ability to continue as a going concern. During the two most recent fiscal years, ended December 31, 2024, and December 31, 2023, and the subsequent interim period through August 12, 2025, there were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) with Zwick on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Zwick, would have caused Zwick to make reference to the subject matter of the disagreements in connection with its reports on the Company's consolidated financial statements for such years. Also during this time, there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K, except that, for the years ended December 31, 2024, and December 31, 2023, and for each of the quarters within the years ended December 31, 2024, and 2023, management identified deficiencies in the Company's design and effectiveness of their internal control over financial reporting that were considered to be material weaknesses. Following Zwick's dismissal, the Committee engaged Kost Forer Gabbay & Kasierer, a member of Ernst & Young Globa as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025, effective immediately. During the fiscal years ended December 31, 2024, and December 31, 2023, and the subsequent interim period through August 13, 2025, neither the Company nor anyone on its behalf has consulted with E&Y regarding: (i) the application of accounting principles to any specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that E&Y concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue, or (ii) any matter that was either the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K, or a "reportable event," as defined in Item 304(a)(1)(v) of Regulation S-K. About NanoVibronix Elmsford, N.Y.-based NanoVibronix, Inc., a Delaware corporation, commenced operations on October 20, 2003, and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home without the assistance of medical professionals. Southfield, Mich.-based Zwick CPA, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, NanoVibronix had $3.6 million in total assets, $3 million in total liabilities, and $627 thousand in total stockholders' equity. As of Jun. 30, 2024, it had $51.5 million in total assets, $11 million in total liabilities, and $40.5 million in total stockholders' equity. NB MOUNTAIN: Seeks Chapter 11 Bankruptcy in Virginia ---------------------------------------------------- On August 19, 2025, NB Mountain Valley, DST sought Chapter 11 protection, disclosing assets and liabilities within the $10 million to $50 million range. Court filings show the company has fewer than 50 creditors and has not yet secured a restructuring support agreement or debtor-in-possession financing. About NB Mountain Valley, DST NB Mountain Valley, DST owns the Mountain Valley Apartments, a student- and professional-oriented residential complex located in Morgantown, West Virginia, near West Virginia University. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.V. Case No. 5:25-bk-00456) on August 19, 2025. In the petition signed by Patrick Nelson, principal, the Debtor disclosed up to $50 million in both assets and liabilities. Stephen L. Thompson, Esq., at Barth & Thompson, represents the Debtor as legal counsel. Fannie Mae, as creditor, is represented by Jeffrey G. Wilhelm, Esq. and Jessica M. Barnes, Esq. at Reed Smith, LLP. NBA AUTOMOTIVE: Case Summary & 14 Unsecured Creditors ----------------------------------------------------- Debtor: NBA Automotive, Inc. d/b/a Nissani Automotive 8 The Green Suite #23114 Dover DE 19901 Business Description: NBA Automotive, Inc., doing business as Nissani Automotive, provides vehicle rental and leasing services in Dover, Delaware, focusing on passenger cars, trucks, and utility trailers without drivers, operating within the automotive equipment rental and leasing industry. Chapter 11 Petition Date: August 27, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-11582 Judge: Hon. Laurie Selber Silverstein Debtor's Counsel: Christopher Loizides, Esq. LOIZIDES, P.A. 1225 King Street Wilmington DE 19801 Tel: (302) 654-0248 Email: loizides@loizides.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Houshang Neyssani as president. A full-text copy of the petition, which includes a list of the Debtor's 14 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D2HZDLQ/NBA_Automotive_Inc__debke-25-11582__0001.0.pdf?mcid=tGE4TAMA NELSON DEVELOPMENTS: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Nelson Developments Inc. 48901 US Highway 93 - PMB 435 Polson, MT 59860 Business Description: Nelson Developments Inc. develops and manages real estate projects in Montana, concentrating on property development and investment activities. Chapter 11 Petition Date: August 27, 2025 Court: United States Bankruptcy Court District of Montana Case No.: 25-90164 Debtor's Counsel: Gary S. Deschenes, Esq. DESCHENES & ASSOCIATES LAW OFFICES PO Box 3466 Great Falls MT 59403-3466 Tel: (406) 761-6112 Email: gsd@dalawmt.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Scott Nelson as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FDKFOKQ/NELSON_DEVELOPMENTS_INC__mtbke-25-90164__0001.0.pdf?mcid=tGE4TAMA NEW FORTRESS: Extends ULCA Maturity, Converts to Committed Facility ------------------------------------------------------------------- New Fortress Energy Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 8, 2025, it entered into the Ninth Amendment to Uncommitted Letter of Credit and Reimbursement Agreement, by and among the Company, as the borrower, the guarantors party thereto, Natixis, New York Branch, and each of the other financial institutions party thereto, as Lenders, which amends that certain Uncommitted Letter of Credit and Reimbursement Agreement, dated as of July 16, 2021 (as amended, restated or otherwise modified from time to time, the "Existing ULCA" and the Existing ULCA as amended by the Ninth Amendment, the "Amended ULCA"), by and among the Company, the guarantors from time to time party thereto, Natixis, New York Branch, as Administrative Agent, Natixis, New York Branch, as ULCA Collateral Agent, Natixis, New York Branch, and each of the other financial institutions party thereto, as Lenders and Issuing Banks. The Ninth Amendment, among other things: (i) changes the facility from uncommitted to committed; (ii) extends the maturity date to November 14, 2025; (iii) adds an asset sale sweep prepayment provision; and (iv) makes certain changes to fees and pricing. In addition, the commitments were reduced to approximately $195,000 and are automatically reduced on October 5, 2025 to approximately $155,000. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. NOVA CLASSICAL: S&P Assigns 'BB+' LT Rating on 2025 Revenue Bonds ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term rating to St. Paul Housing and Redevelopment Authority, Minn.'s anticipated $19 million series 2025 charter school lease revenue and refunding bonds, issued for Nova Classical Academy (NCA). At the same time, S&P Global Ratings affirmed its 'BB+' long-term rating on the authority's existing series 2016 and 2021 bonds, issued for NCA. The outlook is stable. The stable outlook reflects our expectation that over the one-year outlook period, NCA will maintain stable demand trends and continue to generate positive operating results. S&P said, "Following the planned issuance, we expect lease-adjusted maximum annual debt service (MADS) coverage will be softer than historical levels but will remain in line with the rating level. We do not expect NCA will issue additional debt following the series 2025 issuance." S&P said, "We could consider a negative rating action if operating margins or lease-adjusted MADS coverage weaken materially or if there is a notable decline in liquidity to levels that are no longer in line with the rating level. We would also view negatively material weakening in enrollment and demand. "Although unlikely over the one-year outlook period due to a material increase in leverage following the upcoming debt issuance, we could consider a positive rating action over the longer term if NCA strengthens its lease-adjusted MADS coverage and liquidity to levels in line with those of higher-rated peers, while maintaining its demand profile and moderating its debt metrics." NVTN LLC: PhenixFIN Corp. Marks $17.5MM 1L Loan at 16% Off ---------------------------------------------------------- PhenixFIN Corporation has marked its $17,552,420 loan extended to NVTN LLC to market at $14,691,376 or 84% of the outstanding amount, according to PhenixFIN's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. PhenixFIN is a participant in a Senior Secured First Lien Term Loan B to NVTN LLC. The loan accrues interest at a rate of 9.38% per annum. The loan matures on December 31, 2026. PhenixFIN Corporation is an internally-managed non-diversified closed-end management investment company incorporated in Delaware that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company has formed and expects to continue to form certain taxable subsidiaries, which are taxed as corporations for federal income tax purposes. The company's objective is to generate current income and capital appreciation. The management team seeks to achieve this objective primarily through making loans, private equity or other investments in privately-held companies. The Company may also make debt, equity or other investments in publicly-traded companies. PhenixFIN is led by David Lorber as Chief Executive Officer and Ellida McMillan as Chief Financial Officer. The Company can be reach through: David Lorbe PhenixFIN Corporation 445 Park Avenue, 10th Floor, New York, NY 10022 Telephone: (212) 859-0390 About NVTN LLC Nvtn LLC, doing business as Dicks, operates chain of restaurant. The Company offers salads, burgers, sandwiches, entrees, and desserts. Dicks serves customers in the United States. OAK CREEK WOOD: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Oak Creek Wood Products, LLC 190 W Marquette Ave Oak Creek, WI 53154 Business Description: Oak Creek Wood Products, LLC manufactures and supplies wood pallets, skids, crates, and boxes, providing packaging and logistics solutions for industries including commercial, food, agriculture, medical, steel, and manufacturing. Headquartered in Oak Creek, Wisconsin, the company operates additional facilities in Menomonee Falls, WI, Austin, TX, and Leon, Mexico. It is recognized for offering custom wood packaging, pallet management, RFID tracking, heat treatment, and sustainable recycling programs. Chapter 11 Petition Date: August 26, 2025 Court: United States Bankruptcy Court Eastern District of Wisconsin Case No.: 25-24802 Debtor's Counsel: Evan P. Schmit, Esq. KEKRMAN & DUNN 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: 414-277-8200 Email: eschmit@kerkmandunn.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rafael Guerrero as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BPWOA7I/Oak_Creek_Wood_Products_LLC__wiebke-25-24802__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. A Ruttco Pallet $56,212 PO Box 271596 Salt Lake City, UT 84127 2. Ally Global Logistics $41,568 317 Libbey Industrial Parkway Unit B-200 East Weymouth, MA 02189 3. American Express Credit Card $25,127 PO Box 60189 City of Industry, CA 91716-0189 4. American Express CC Ending 12003 $20,685 PO Box 60189 City of Industry, CA 91716-0189 5. American Logistics Inc. $30,075 PO Box 150562 Ogden, UT 84415-0562 6. Caliper Forest $81,859 Products 715 5 Ave. SW #2620 Calgary AB T2P 2X6 Canada 7. Chinook $43,784 601 10th Ave N. Vaushall AB T0K2K0 Canada 8. CJ Lumber & Pallet, Inc. $62,153 903 Groninger St. Suring, WI 54174 9. Discover Credit Card $17,399 PO Box 6103 Carol Stream, IL 60197-6103 10. HD Pallet Company $18,522 PO Box 9288 Memphis, TN 38190 11. Industrial Lumber Sales $768,857 PO Box 1465 Hamilton, MT 59840 12. M&J Financial, Inc. $35,000 2 Northfield Plaza, Suite 320 Northbrook, IL 60062 13. Menomonee Tribal $337,183 Enterprises PO Box 10 Neopit, WI 54150 14. North Shore $20,025 Logistics, Inc. 2424 Progress Ct. Neenah, WI 54956 15. Oxnard Pallet Company $454,130 4524 E Pleasant Valley Rd. Oxnard, CA 9303 16. Pacific NorthWest $63,714 Lumber Ltd. 220-1275 Vanables Street Vancouver BC V6A 2E4 Cananda 17. Payables Credit, Inc. $300,000 401 Congress Avenue, Ste. 1540 Austin, TX 78704-3851 18. Rehrig Pacific Co. $108,209 1801 W Olympic Blvd Pasadena, CA 91199-2524 19. Silvaris Corp $173,915 PO Box 205399 Dallas, TX 75320-5399 20. TJ Forest Products $138,640 PO Box 1908 Nampa, ID 83653-1908 OAKLAND VILLAGE: Gets Extension to Access Cash Collateral --------------------------------------------------------- Oakland Village Associates FL, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando, Division, to use cash collateral. At the hearing held on August 27, the court approved the Debtor's interim use of cash collateral pending a further hearing on October 9. The court's two previous interim orders allowed the Debtor to use its secured creditors' cash collateral for post-petition payroll, Subchapter V trustee payments, and operational expenses set forth in its budget. The interim orders granted secured creditors including Wilmington Trust, Pjeter Lulaj, and Javier DelHoyo replacement liens on post-petition cash collateral, to the same extent and with the same validity and priority as their pre-bankruptcy liens. As additional protection to secured creditors, the Debtor was ordered to keep its property insured. About Oakland Village Associates FL LLC Oakland Village Associates FL LLC is a real estate company based in Orlando, Florida. Oakland Village Associates FL LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02805) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtors are represented by Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP. Wilmington Trust, N.A., as lender, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. Shutts & Bowen, LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 Email: bdennis@shutts.com rreinert@shutts.com ODYSSEY MARINE: Investors Convert $6.66M of Notes into 6.06M Shares ------------------------------------------------------------------- As previously reported, on March 6, 2023, Odyssey Marine Exploration, Inc. entered into a Note and Warrant Purchase Agreement (as amended, the "March 2023 Purchase Agreement") with institutional investors pursuant to which the Company issued convertible promissory notes (as amended, the "March 2023 Notes") in the aggregate principal amount of $14 million and warrants to purchase an aggregate of 3,703,710 shares of the Company's common stock. The Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 8 and 12, 2025, investors converted an aggregate of $6,661,684 of indebtedness under the March 2023 Notes into 6,056,073 shares of the Company's common stock. The issuance and sale of the shares of common stock were exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 thereunder. After giving effect to these issuances, the Company has 45,190,598 shares of common stock outstanding. About Odyssey Marine Odyssey Marine Exploration, Inc. and its subsidiaries are engaged in deep-ocean exploration. Their innovative techniques are currently applied to mineral exploration and other marine survey and contracted services. The corporate headquarters are in Tampa, Florida. Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company incurred a loss from operations of $12 million during the year ended December 31, 2024, and as of that date, the Company's current liabilities exceeded its current assets by $16 million and its total liabilities exceeded its total assets by $79 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. For the fiscal year ended December 31, 2024, the Company had $18.5 million in total assets, $97.6 million in total liabilities, and a total stockholders' deficit of $79.1 million. As of June 30, 2025, the Company had $16.6 million in total assets, $106.8 billion in total liabilities, and a total stockholders' deficit of $90.3 million. OFFSHORE SAILING: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------ Offshore Sailing School, Ltd., Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Liquidating Plan dated August 19, 2025. For years, since the Debtor's inception in 1964, the Debtor operated a world-renowned sailing school, staffed by the highest level sailing instructors. Students travelled from all over the world to take various levels of sailing instruction from the Debtor's schools. Unfortunately, the COVID epidemic and damage caused by Hurricane Ian greatly damaged the Debtor's tangible assets and the Debtor's ability to conduct business. These and other factors have caused the Debtor to seek protection in this chapter 11, subchapter V case. At this time the Debtor has ceased operation and is in the process of liquidating its assets. This Liquidating Plan under subchapter V of chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from liquidation of the Property and other assets. The proceeds of liquidation of the Property shall be distributed in accordance with the following "Waterfall Schedule": * First, to holders of allowed administrative expenses. * Second, to holders of allowed priority claims (including priority tax claims) until paid in full. * Third, pro-rata to holders of allowed general unsecured claims, until paid in full. * Fourth, if there are proceeds remaining, to the Debtor. Class 2 consists of General Unsecured Claims. These claims consist of all non-priority unsecured claims allowed under Section 502 of the Code. These claims will be paid pro-rata from the proceeds of the sale of the Property according to the waterfall schedule until paid in full. The assets of the Debtor shall be liquidated by the sale of the Property and the proceeds will be distributed in accordance with the Waterfall Schedule. A full-text copy of the Liquidating Plan dated August 19, 2025 is available at https://urlcurt.com/u?l=o0rE8c from PacerMonitor.com at no charge. Counsel to the Debtor: Leon A. Williamson, Jr., Esq. Williamson Law Firm 306 South Plant Ave., Suite B Tampa, FL 33606 Telephone: (813) 253-3109 Facsimile: (813) 315-6849 Email: Service@LwilliamsonLaw.com About Offshore Sailing School Offshore Sailing School Ltd. Inc. is a provider of sailing and powerboating instruction in the U.S., offering certification courses in cruising, passage making, and racing. It also conducts team-building sailing activities and organizes flotilla vacations for certified sailors. With over 60 years of experience, the school operates in Florida and the British Virgin Islands under the leadership of Steve and Doris Colgate. Offshore Sailing School Ltd. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00921) on May 21, 2025. In its petition, the Debtor reports total assets as of Feb. 28, 2025 amounting to $611,760 and total liabilities as of Feb. 28, 2025 totaling $2,277,797. The Debtor is represented by Leon Williamson, Esq. at Williamson Law Firm. ONE TABLE RESTAURANT: Creditors to Get Proceeds From Liquidation ---------------------------------------------------------------- One Table Restaurant Brands, LLC and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Plan of Liquidation dated August 21, 2025. The Debtors operated two restaurant brands, Tender Greens, a "farm-to-fork" concept, and Tocaya, a modern Mexican eatery, which are fast casual restaurant chains with thirty-nine restaurants throughout California and Arizona as of the Petition Date. Tender Greens was founded by three chefs in 2006 in Culver City, California on the principle of "Good food for Everyone." Tender Greens provides healthy, fresh, high-quality chef-created meals for a reasonable price, filling an important gap in the restaurant market. Tocaya was founded in Venice Beach California in 2015 and rose to prominence in Los Angeles between 2015-2019 by serving high quality "Healthy Mexican Fare" in a high energy atmosphere. On August 9, 2024, the Debtors filed their Motion for Entry of Orders: (I) (A) Approving Bidding Procedures and Protections in Connection With a Sale of Substantially All of Debtors' Assets Free And Clear Of Liens, Claims, Encumbrances and Interests; (B) Authorizing the Debtors to Designate a Stalking Horse Bid; (C) Scheduling an Auction and Sale Hearing; (D) Approving the Form And Manner of Notice Thereof; and (E) Approving Procedures Related to Assumption and Assignment of Certain Executory Contracts and Leases; (II) (A) Authorizing Sale of Substantially All of Debtors' Assets Pursuant to Successful Bidder(s)’ Asset Purchase Agreement(s), Free and Clear of Liens, Claims, Encumbrances, and Other Interests; and (B) Approving Assumption and Assignment of Certain Executory Contracts and Leases; and (III) Granting Related Relief (the "Sale Motion") seeking to sell substantially all of their assets at auction to the highest bidder. In accordance with the terms of the Bidding Procedures Order, on August 23, 2024 the Debtors filed the Stalking Horse Notice and on September 5, 2024, the Amendment to Stalking Horse Notice (collectively, the "Stalking Horse Notice"). Pursuant to the Stalking Horse Notice, the Debtors sought to designate an affiliate of the DIP Lender, OTRB Corporate, LLC (the "Purchaser"), as the stalking horse bidder for the Debtors' assets. On October 9 and October 24, 2024, the Court entered orders approving the sale (the "Sale Orders"). The Sale Orders authorized, among other things, the Debtors and the Purchaser to close and otherwise consummate the sale of all of the Debtors' assets to the Purchaser (the "Closing"). The Closing occurred effective as of October 29, 2024. Accordingly, on October 31, 2024, the Debtors filed a Notice of Closing of the Sale. The Plan is a liquidating chapter 11 plan. The Plan provides for the proceeds from the Assets already liquidated to be distributed to holders of Allowed Claims in accordance with the terms of the Plan and the priority of claims provisions in the Bankruptcy Code. Specifically, the Debtors have only Cash remaining on hand from the liquidation of their assets and the global resolution by and among various parties that resulted in a Cash payment to the Committee to be used to pay Committee professionals and General Unsecured Creditors. After the Effective Date, the Debtors will make a one-time distribution to holders of Allowed General Unsecured Claims equal to their Pro Rata share of the Distribution Fund. Importantly, BW/OTRB has agreed that in connection with the confirmation of the Plan, it will pay the BW/OTRB Backstopped Claims. Class 3 consists of all General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive, in full satisfaction, release and discharge of and in exchange for such Allowed General Unsecured Claim, its Pro Rata share of the Distribution Fund; provided however, in the event that any such Pro Rata share would result in a Distribution of less than $25.00, than no Distribution will be made on account such Allowed General Unsecured Claim and such Pro Rata share will be reallocated to the other Allowed General Unsecured Claims entitled to receive a Distribution. Class 3 is Impaired under the Plan. Class 4 consists of the shareholders and all Holders of equity in the Debtors. Each Allowed Interest shall be canceled, released, and extinguished, and will be of no further force or effect and no Holder of Allowed Interests shall be entitled to any recovery or Distribution under the Plan on account of such Interests. The Plan will be implemented by the Plan Administrator in a manner consistent with the terms and conditions set forth in this Plan and the Confirmation Order. The Plan will be funded by the Distribution Fund which, as of the Effective Date, should be approximately $115,000. BW/OTRB has agreed to pay the BW/OTRB Backstopped Claims. For the avoidance of doubt, the Distribution Fund cannot be used to pay the BW/OTRB Backstopped Claims. A full-text copy of the Combined Disclosure Statement and Plan dated August 21, 2025 is available at https://urlcurt.com/u?l=vsPvAK from PacerMonitor.com at no charge. Counsel to the Debtors: Thomas J. Francella, Jr., Esq. Raines Feldman Littrell LLP 1200 North Broom Street Wilmington, DE 19806-4204 Tel: (302) 772-5805 Email: tfrancella@raineslaw.com And Alan J. Friedman, Esq. Melissa Davis Lowe, Esq. Max Casal, Esq. SHULMAN BASTIAN FRIEDMAN & BUI LLP 100 Spectrum Center Drive, Suite 600 Irvine, CA 92618 Tel: (949) 340-3400 Fax: (949) 340-3000 Email: afriedman@shulmanbastian.com mlowe@shulmanbastian.com mcasal@shulmanbastian.com About One Table Restaurant Brands One Table Restaurant Brands, LLC is a next generation restaurant platform of best-in-class emerging concepts. The company is based in Los Angeles, Calif. One Table Restaurant Brands and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11553) on July 17, 2024. At the time of the filing, One Table Restaurant Brands reported total assets of up to $50,000 and total liabilities of up to $50 million. The Debtors are represented by Thomas Joseph Francella, Jr., Esq., at Raines Feldman Littrell, LLP. CR3 Partners, LLC as financial advisor. Hilco Corporate Finance, LLC as investment banker. Raines Feldman Littrell LLP as Delaware bankruptcy counsel. PAINT INTERMEDIATE: Moody's Alters Outlook on 'B2' CFR to Negative ------------------------------------------------------------------ Moody's Ratings affirmed Paint Intermediate III, LLC's (dba Wesco) corporate family rating at B2, probability of default rating at B2-PD and backed senior secured bank credit facility at B2. The outlook changed to negative from stable. The negative outlook reflects Moody's expectations that debt-to-EBITDA will remain high as Moody's forecasts revenue to decline in the low single digits in 2025 due to weakness in the collision market. Wesco's margins are expected to be modestly pressured in the near term and interest coverage will remain weak. RATINGS RATIONALE Wesco's B2 CFR reflects the company's moderate scale and high financial leverage. The rating is also supported by Wesco's modest positive free cash flow, geographically diverse operations and its leading position as an independent paint coatings and associated products distributor to the fragmented automotive collision repair market. Moody's expects debt-to-EBITDA to be approximately 6.5x at the end of 2025 and remain high at over 6.0x at the end of 2026. Moody's forecasts the modest leverage improvement in 2026 due to revenue growth in the low mid-single digits, modest EBITDA margin expansion and mandatory debt amortization payments. Moody's do not forecast optional debt repayments as the company will likely continue to make tuck-in acquisitions with available cash. Wesco has demonstrated its ability to integrate large acquisitions as well as tuck-in acquisitions to grow the business. The company serves the automotive aftermarket which continues to face headwinds due to lower collision repairs despite the growing number of vehicles in operation, as well as rising vehicle miles driven. Lower used vehicle values, rising total collision rates and some consumer's preference to avoid automotive insurance claims contribute to the aftermarket weakness. Moody's expects Wesco's liquidity to be adequate and supported by a solid cash position and the unrated $150 million ABL facility, which is expected to be undrawn over the next few quarters. Moody's also expects modest positive free cash flow. The ABL has a springing minimum fixed charge coverage ratio of 1.0x if availability falls below a specific threshold. Moody's do not expect the covenant to be tested. The term loan does not have any financial maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Wesco generates free cash flow on a consistent basis and debt to EBITDA approaches 4.5x. An upgrade could also occur if retained cash flow to debt exceeds 10% and EBITA-to-interest exceeds 2.0x. Maintenance of good liquidity would also be a precursor to a ratings upgrade. The ratings could be downgraded if operating performance deteriorates due to a loss of customers or increased operating expenses as a percentage of net revenues. Specifically, the ratings could be downgraded if debt to EBITDA is expected to be above 6.0x or EBITA-to-interest is below 1.5x. Negative free cash flow on a sustained basis could also result in a rating downgrade. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. Wesco's B2 CFR is three notches above the Caa2 scorecard indicated outcome. The difference reflects Wesco's position in a highly fragmented sector despite the scorecard's heavy weighting of revenue to measure scale. Further, Wesco's significant depreciation and amortization expense resulting from the recent acquisition of the company drives a very low EBIT margin score despite the expectation of modest free cash flow. Paint Intermediate III, LLC (dba Wesco), headquartered in Lynnwood, WA, is a leading distributor of paint, coatings, and related products to the automotive aftermarket refinishing market. Products are distributed from over 220 locations including 20 distribution centers throughout the US and in certain regions in Canada. Paint Intermediate III, LLC is majority owned by private equity firm, BDT & MSD Partners. PATCO INC: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: PATCO Inc. 6037 NW 23rd Street Oklahoma City OK 73127 Business Description: PATCO Inc. is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: August 26, 2025 Court: United States Bankruptcy Court Western District of Oklahoma Case No.: 25-12634 Debtor's Counsel: Timothy McCoy, Esq. MCCOY LAW FIRM INC. 3801 NW 63rd Street 100 Oklahoma City OK 73116 Tel: 405-319-0000 Email: tim@timmccoylawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L74KBFY/PATCO_Inc__okwbke-25-12634__0001.0.pdf?mcid=tGE4TAMA PEPPERMILL LIMITED: Amends Plan to Include Will Belton Unsec. Claim ------------------------------------------------------------------- Peppermill Limited Partnership 1 and Pecan Acres Limited Partnership 1 submitted a First Amended Disclosure Statement describing Plan of Liquidation dated August 21, 2025. The Debtors have been engaged in negotiations to sell the properties with a buyer who is qualified to operate the properties under the restrictions which currently encumber the property regarding rents and qualifications of approved lessees. A motion has been filed with the Court to approve the sale to the Caruso Group, pursuant to signed purchase agreements for a total sum of $8,420,000.00 with the buyer to assume the "soft" mortgage in favor of Louisiana Housing Finance in the amount of $2,621,648.00, resulting in net proceeds to the debtors of approximately $5,798,352.00, less certain expenses of the sale under the terms of the purchase agreements. The hearing on this motion is set for September 4, 2025. The Debtors may have claims against Fannie Mae and/or Grandbridge involving application of hundreds of thousands of dollars in mortgage payments over the past two and a half years, specifically regarding the unaccounted for suspense accounts and force placement of excessive coverage insurance policies for which the lender. Debtors will request that the Bankruptcy Court retain jurisdiction to handle these claims if they are not resolved prior to confirmation. The Debtors expect to have a significant claim against the force placed insurer for a rebate of a portion of $1.2 million in insurance premiums paid in April of 2025. The debtors further have a claim against the lender for obtaining force placed insurance with coverage in excess of the mortgage balances and in excess of the value of the properties, by at least a factor of five. The Debtors' Plan envisions the sale of both apartment complexes with the proceeds from such liquidation to be distributed to creditors in accordance with the Plan. If the Plan being proposed by the Debtors-In-Possession is confirmed, Debtors believe that its secured creditors will be satisfied in full, and that its unsecured creditors will receive a dividend. The Debtor believes that the liquidation of assets under this Plan will enable it to best discharge its obligations to its creditors. Class 1 Claims of non-insider unsecured and trade creditor claimants. * Claims of non-insider unsecured and trade creditor claimants. Class 1 consists of trade creditors of the Debtors which consists of two trade creditors, namely Apex Disaster Specialist which whose Chapter 7 Trustee is owed $271.92 by Peppermill and $983.44 owed to Real Pages by Pecan Acres. This class shall be repaid their claims in full on the first Business Day 30 days after the Effective Date of the Plan for administrative ease. * Unsecured Claims of Will Belton This class consists of the claim of Will Belton whose proof of claim asserts an unsecured claim in the amount of $1,365,297.03 based on allegations that he was improperly removed as a partner, and related claims dealing with potential guarantees of partnership debt. An objection to this claim will be filed prior to confirmation and debtors believe his claims are unfounded. Class 3 consists of the claims of SQ, LLC and Tax Credit Development, LLC, insiders of the Pecan Acres which are owed a total of $517,550.00 for loans and advances to Pecan Acres over the past several years to cover operating losses. SQ, LLC and Tax Credit Development, LLC, insiders of Peppermill are owed a total of $1,432,882.00 for loans and advances to Peppermill over the past several years to cover operating losses. The Debtor will sell the two apartment complexes through a Section 363 sale pursuant to the purchase and sale agreements, after receiving authority from this Court on September 4, 2025, or thereafter if the hearing is continued or rescheduled, with the proceeds deposited in the registry of the Court and then to be distributed to creditors as set forth in the Plan after certain motion practice regarding insurance premium overpayments and insurance premium refunds are resolved. A full-text copy of the First Amended Disclosure Statement dated August 21, 2025 is available at https://urlcurt.com/u?l=jCCP5t from PacerMonitor.com at no charge. About Peppermill Limited Partnership 1 Peppermill Limited Partnership 1 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 25-30282) on March 11, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge John W Kolwe presides over the case. Wade N. Kelly, Esq., at Packard Lapray, represents the Debtor as counsel. PERATON CORP: Blue Owl Capital Marks $60.3M 2L Loan at 31% Off -------------------------------------------------------------- Blue Owl Capital Corporation has marked its $60,393,000 loan extended to Peraton Corp. to market at $41,973,000 or 69% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a Second Lien Senior Secured Loan to Peraton Corp. The loan accrues interest at a rate of 7.75% per annum. The loan matures on February 2029. Blue Owl is a Maryland corporation formed on October 15, 2015. The Company's investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company's investment strategy focuses on primarily originating and making loans to, and making debt and equity investments in, U.S. middle-market companies. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Director, and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Capital Corporation 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Peraton Corp. Peraton Corp. is a leading national security company delivering mission-critical technologies and information technology solutions to protect the U.S. and its allies. PG&E CORPORATION: Wins Bid to Dismiss Gelsey Adversary Case ----------------------------------------------------------- Judge Dennis Montali of the United States Bankruptcy Court for the Northern District of California granted the motions filed by defendants PG&E Corporation and Pacific Gas and Electric Company and defendant Fire Victim Trust, on behalf of Cathy Yanni, Trustee, and other defendants seeking dismissal of the adversary proceeding captioned as ERICA AMARIE GELSEY, Plaintiff, v. PG&E CORPORATION; PACIFIC GAS AND ELECTRIC COMPANY; and FIRE VICTIM TRUST, Defendants, Adversary Proceeding No. 25-03024-DM (Bankr. N.D. Cal.). Debtors filed Chapter 11 on Jan. 29, 2019, primarily in response to a series of wildfires that had occurred in 2015, 2017 and 2018 causing billions of dollars in damage, injuring or killing thousands of persons and entities injured by the Wildfires or holding claims against Debtors under subrogation or other theories. Further, the California legislature in AB 1054, fixed a deadline of June 30, 2020 for Debtors to obtain confirmation of a Chapter 11 plan in order to qualify for future legislative entitlements for dealing with wildfires in the future. That legislation was prospective only and did not provide relief or deal with the Wildfires dealt with in these bankruptcy cases. On June 20, 2020, the court confirmed Debtors' and Shareholder Proponents' Joint Chapter 11 Plan of Reorganization Dated June 19, 2020. The court's Confirmation Order was entered on June 20, 2020. Pursuant to the Plan, the FVT was created to administer, process, settle, resolve, liquidate, satisfy and pay the claims arising out of the Wildfires (other than claims of public entities of those based upon subrogation wildfire claims against Debtors) Gelsey and tens of thousands of others asserting Wildfire Claims were affected by creation of the FVT, as all of their claims were channeled to the FVT for adjudication and resolution, independent of Debtors, who received broad discharges of all liabilities dealt with under the Plan pursuant to 11 U.S.C. Sec. 1141(a). Debtors funded the FVT by "channeling" cash and securities worth approximately $13.5 billion to it. The Wildfire Claims were the subject of a "channeling injunction" that established the FVT as the sole source of recovery for the holders of those Wildfire Claims; they would have no recourse against the discharged Debtors. Those holders were permanently and forever stayed, restrained, and enjoined from taking any action for the purpose of directly or indirectly collecting, recovering, or receiving payments, satisfaction or recovery from any Debtor or Reorganized Debtor. In her Adversary Proceeding Complaint initiating this adversary proceeding on May 22, 2025, Gelsey named as defendants Debtors and the FVT. Gelsey seeks redress in the form of punitive damages for the harm caused to her and her minor child by Defendants' Fire Victim Trust. Her Complaint sets forth eight separate causes of action: Cause of Action 1 – BDO Firm Use In this cause of action, Gelsey contends that the FVT utilized the accounting firm, BDO, described by her as a "known felony firm" to perpetuate fraud and potentially violating numerous laws and regulations. The Court finds the first cause of action must be dismissed as to the FVT. According to the Court, it makes no allegations attributable to Debtors and therefore it must also be dismissed in favor of Debtors. Cause of Action 2 - Wilmington Trustee Duplicative Trustee is a Criminal Entity Gelsey's dissatisfaction regarding FVT's selection of Wilmington Trust is similar. As with the BDO, the second cause of action must be dismissed as to all defendants, the Court holds. Cause of Action 3 - Trustee Violations Unlawful Excess Withholding of Medical Liens This cause of action appears to be a summary of Gelsey's complaints about how some of her claims were not administered in accordance with specific laws and guidelines that the FVT should have followed. According to the Court, all of those allegations pertain to the administration of claims by the FVT that are not within this court's jurisdiction. All of those responsibilities and duties were delegated to the FVT without judicial oversight. The third cause of action must be dismissed as to all defendants, the Court finds. Cause of Action 4 - Defendant Violations of Felony Parole This entire cause of action is quite broad but appears to encompass events attributable to Debtors and focuses on their obligations under California Public Utilities Code Section 451 that continue to victimize those affected by the fires and caused subsequent fires in 2019, 2020 and 2021. To the extent Gelsey is focusing on damages she suffered during the 2017 fire, those claims were subject to the FVT. According to Judge Montali, "To the extent that there are any residual liabilities that arose from fires after the Confirmation Order, the court has no jurisdiction to deal with them. The same is true with her allegations about events in March 2025 regarding a billboard she describes as a tone-deaf company that subjected plaintiff and other fire victims to what can only be considered an insidious slap in the face to fire victims. While the court understands Gelsey's displeasure with that conduct, there is no jurisdiction in this court to afford her any relief. The fourth cause of action must also be dismissed as to all defendants." Cause of Action 5 - Trustees and Fiduciary Victimization of Fire Victims This cause of action faults the FVT for non-compliance with data protection laws and its referral of her to Kroll credit monitoring, a subsidiary of Prime Clerk Kroll. According to the Court, her complaints included in this cause of action largely fall within the immunities protecting the FVT and all of its conduct in connection with the claims administration process. The sixth cause of action must also be dismissed as to all defendants, the Court finds. Cause of Action 7 - E-Sign and Tort Right Violations – Made Whole Releases Gelsey has taken issue with language of one of the two releases that were required from her and other Wildfires claimants as a condition to receiving some or all of the payments they were owed by the FVT. The Court concludes nothing plead or even plausible raises a triable issue of fact that would justify permitting Gelsey to amend her complaint to save this cause of action based upon her alleged inability to sign a release. The seventh cause of action must also be dismissed as to all defendants. Cause of Action 8 - Defendant Not Eligible for Compliance AB 1054 Funds In this cause of action, Gelsey alludes to events that occurred in the District Court a few months prior to confirmation, which originally were to involve an estimation of fire claims for Plan purposes by the District Court. They were later abandoned when the acceptable Plan surfaced. These events occurred well-before the FVT came into existence. She concludes this cause of action by asking why the Bankruptcy Court did not ask fire victims before releasing AB 1054 funds to the defendant. This Court, indeed the entire bankruptcy process, had no role to play in the evolution and implementation of AB 1054. There is no relief available to her under this cause of action. The eighth cause of action must also be dismissed as to all defendants, the Court finds. A copy of the Court's decision dated August 22, 2025, is available at https://urlcurt.com/u?l=cDzFau from PacerMonitor.com. About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, faced extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility faced an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served as PG&E's legal counsel, Lazard as its investment banker and AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Morrison & Foerster LLP served as the Debtors' special regulatory counsel. Munger Tolles & Olson LLP also served as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. * * * PG&E Corporation and Pacific Gas and Electric Co. announced July 1, 2020, that PG&E has emerged from Chapter 11, successfully completing its restructuring process and implementing PG&E's Plan of Reorganization that was confirmed by the United States Bankruptcy Court on June 20, 2020. For the benefit of fire victims, the Plan provided for a Fire Victim Trust, which was funded with an oft-stated value of $13.5 billion, to be half in cash and half in new company PG&E common stock. The $6.75 billion in cash was paid. With respect to the stock consideration, 478 million shares of PG&E stock were delivered to the Fire Victim Trust in accordance with an agreed-to formula under the Plan. PIPELINE CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Pipeline Construction & Maintenance 1246 Bayou LaCarpe Road Houma, LA 70363 Business Description: Pipeline Construction & Maintenance provides pipeline construction, maintenance and integrity, marine, fabrication, civil, and logistics services primarily for the oil and gas industry, operating across multiple locations in Louisiana, Texas, Mississippi, and Alabama. Headquartered in Houma, Louisiana, the Company has been delivering turn-key solutions to industry partners since 1996. Its operations involve providing services aimed at supporting production processes efficiently and managing costs. Chapter 11 Petition Date: August 27, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-50760 Debtor's Counsel: Louis M. Phillips, Esq. KELLY HART & PITRE 301 Main Street Suite 1600 Baton Rouge, LA 70801-1916 Tel: 225-381-9643 Fax: 225-336-9763 Email: louis.phillips@kellyhart.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Michael Fesi, Sr. as director and president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IB2EPYI/Pipeline_Construction__Maintenance__lawbke-25-50760__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 4-Horn Industrial, LLC $70,938 PO Box 649801 Dallas, TX 75264 2. American Express $141,186 PO Box 650448 Dallas, TX 75265-0448 3. Buckhorn Services, LLC $75,350 PO Box 2918 Houma 70361 4. Bully Industrial, LLC $89,300 PO Box 483 Broussard, LA 70518 5. COAST $76,585 PO Box 483 New York, NY 10014 6. De Lage Landen Financial $108,905 Services, Inc. PO Box 41602 Philadelphia, PA 19101-1602 7. Elite Workforce, LLC $138,546 1426 Valhi Blvd Houma, LA 70360 8. Enterprise FM Trust $289,579 PO Box 800089 Kansas city, MO 64180-0089 9. Equipmentshare.Com, Inc $71,757 PO Box 650429 Dallas, TX 75265-0429 10. FROGCO Amphibus Equipment, Inc. $80,700 PO Box 3681 Houma, LA 70361 11. Gaubert Oil Company Inc $138,562 PO Box 310 Thibodaux, LA 70302 12. Mustang Rental Services $123,546 PO Box 4346 Houston, TX 77210-4346 13. National Trench Safety $61,637 PO Box 650396 Dallas, TX 75265-0396 14. Nelson Equipment $86,049 9400 N HWY 146 Baytown, TX 77523 15. Shallow Water Equipment, LLC $376,989 127 Lincoln Lane Thibodaux, LA 70301 16. Southern Specialty And Supply, Inc $186,574 212 Magnolia Street Houma, LA 70360 17. Southland Steel & Reach Rods, LLC $105,328 1913 Coteau Rd Houma, LA 70364 18. Spartan Mat, LLC $186,026 3034 E Baars Ave Gilbert, AZ 85297 19. STRAD USA Inc. $233,970 PO Box 336421 Greely, CO 80633 20. United Rentals $619,680 (North America), Inc PO Box 840514 Dallas, TX 75284-0514 PLASTIC SUPPLIERS: Files Amendment to Disclosure Statement ---------------------------------------------------------- Plastic Suppliers, Inc. and affiliates submitted a First Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated August 20, 2025. As of the Petition Date, $9,101,529 remained outstanding under the Midcap Credit Facility. Upon the Closing of the Sale on February 6, 2025, Midcap, both in its capacity as pre-petition lender as well as DIP Lender, was fully and indefeasibly paid off in the total amount of $9,708,047.04. Attached to this Plan as Schedule 1 is a summary of Claims scheduled and/or filed in the Case ("Claims Schedule"). As set forth, General Unsecured Claims against PSI consists principally of a combination of trade debt and redemption agreements payable to former shareholders arising from various stock buyback agreements entered into prior to the Petition Date (the "Stock Buyback Agreements"). PSI has approximately $5,300,000 in unsecured trade debt; $366,000 of Employee Stock Ownership Plan ("ESOP") distribution and diversification claims ("ESOP Claims"); roughly $1,000,000 in unsecured obligations arising from Stock Buyback Agreements; and employee severance agreement ("Severance Agreements") claims estimated at $1,700,000 ("Severance Claims"). Administrative and Priority Claims are also set forth on Schedule 1. The Unsecured Claims bar date was March 3, 2025. The Governmental Claims bar date is June 20, 2025. As of the date of this Plan, approximately 90 Proofs of Claims have been filed, totaling $10 million in the aggregate. The Debtors reserve all rights, and the rights of the Liquidation Trustee and Liquidation Trust, with respect to objecting to any and all Claims asserted by any party in the Chapter 11 Case, on the terms more fully set forth in this Plan and in accordance with, inter alia, D.N.J. LBR 3007-1. With respect to Sidaplax and SFI, the only unsecured claims existing pre-petition are certain intercompany debts due to PSI. A few Proofs of Claim have been filed against Sidaplax and SFI; however, the Debtors do not believe that Sidaplax or SFI have any liability for such Claims and intend to object to them. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 3 consists of Unsecured Non-Affiliate Claims. All Allowed General Unsecured (NonAffiliate) Claims shall receive a commensurate beneficial interest in the Liquidation Trust, on the Effective Date, on account of and in full satisfaction of, their Allowed Claims. Allowed Claims in this Class will be Liquidation Trust Beneficiaries and receive pro-rata distributions from the Liquidation Trust Assets, after satisfaction of fees, costs, and expenses of the Liquidation Trust, as more fully set forth in the Liquidation Trust Agreement. * Class 4 consists of Unsecured Affiliate Claims. All General Unsecured Affiliate Claims will be cancelled on the Effective Date and shall not receive anything under the Plan. * Class 5 consists of Interest Holders. All Interests in the Debtors will be cancelled on the Effective Date and shall not receive anything under the Plan. The Debtors and Liquidation Trustee shall implement this Plan upon Confirmation and shall take all necessary steps, and perform all necessary acts, to implement and consummate the terms and conditions of the Plan. The Confirmation Order shall contain appropriate provisions, consistent with section 1142 of the Bankruptcy Code, directing the Debtors and Liquidation Trustee, and any other necessary party to execute or deliver or to join in the execution or delivery of any instrument required to effect and implement any provision of this Plan, including any assignment of the Debtors' obligations and/or security documents or transfer of property required by the Plan and to perform any act, including the satisfaction of any Lien, that is necessary for the consummation of the Plan. The Plan is being funded by the Assets. All Assets, excluding the Debtor Cash Reserve, shall be assigned and transferred to the Liquidation Trust on the Effective Date, pursuant to this Plan, the Confirmation Order and the Liquidation Trust Agreement. On the Effective Date, the Liquidation Trust will be established with the primary purpose of liquidating the Liquidation Trust Assets, administering the General Unsecured Claims filed against the Debtors' Estates, and making distributions to holders of Allowed General Unsecured Claims (the "Liquidation Trust Beneficiaries"). The Liquidation Trust Beneficiaries, who will be treated as grantors and deemed owners for federal income tax purposes, will be holders of interests in the Liquidation Trust based on the amount of each such holder's Allowed Unsecured Claim. A full-text copy of the Amended Combined Disclosure Statement and Liquidating Plan dated August 20, 2025 is available at https://urlcurt.com/u?l=2h1nJf from PacerMonitor.com at no charge. The Debtors' Counsel: Stephen M. Packman, Esq. Douglas G. Leney, Esq. ARCHER & GREINER, P.C. 1025 Laurel Oak Road Voorhees, NJ 08043 Tel: (215) 963-3300 Fax: (215) 963-9999 E-mail: spackman@archerlaw.com dleney@archerlaw.com About Plastic Suppliers Inc. Plastic Suppliers Inc., doing business as PSI, Earthfirst Films, and Earthfirst Films by PSI is a global manufacturer of innovative, environmentally friendly thin-gauged, bio-based material using distinctive biopolymers such as Polylactic Acid ("PLA") and Polyhydroxyalkanoates ("PHA"). They also produce petrochemical-based films. They develop highly engineered application-specific solutions for a wide range of companies in the "Consumer Packaged Goods" and industrial markets. The Debtors provide their sustainable film solutions to customers in the Americas, EMEA region, and Asia. The Debtors' primary markets include food and beverage packaging, architecture products, medical equipment, personal care, office, industrial and laminated films for SME digital printers. The Debtors' products are compostable and recyclable and are utilized for, among other things, single purpose bags, mailers, shrink sleeves, window packaging, envelopes, flow wraps, filters, transparent sealants, barrier sealants, print webs, adhesive labels, thermoforming films and laminates. Plastic Suppliers and its affiliates, Specialty Films, Inc. and Sidaplax, Inc., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 24-22549) on December 22, 2024. Michael DuFrayne, president and chief executive officer of Plastic Suppliers, signed the petitions. At the time of the filing, Plastic Suppliers reported $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg Jr. handles the cases. The Debtors are represented by Stephen M. Packman, Esq., and Douglas G. Leney, Esq., at Archer & Greiner, P.C. POLAROID CORP: Court Narrows Claims in Fujifilm IP Lawsuit ---------------------------------------------------------- Judge Naomi Reice Buchwald of the United States District Court for the Southern District of New York granted in part and denied in part Fujifilm North America Corporation and Fujifilm Corporation's motion for summary judgment in the case captioned as FUJIFILM NORTH AMERICA CORPORATION, Plaintiff, - against - PLR IP HOLDINGS, LLC and PLR BRAND SERVICES, LLC, Defendants; PLR IP HOLDINGS, LLC, PLR BRAND SERVICES, LLC, POLAROID FILM B.V., and POLAROID AMERICA CORP. d/b/a POLAROID ORIGINALS, Counterclaim Plaintiffs, - against - FUJIFILM NORTH AMERICA CORPORATION and FUJIFILM CORPORATION, Counterclaim Defendants, Case No. 17-cv-08796-NRB (S.D.N.Y.). In this intellectual property dispute, multiple entities affiliated with the Polaroid brand of cameras, film, and related products assert seven counterclaims sounding primarily in trademark infringement against multiple entities affiliated with the Fujifilm brand. Fujifilm North America Corporation and Fujifilm Corporation now move for summary judgment on the remaining six counterclaims asserted by Polaroid IP B.V., PLR Brand Services, LLC, Polaroid Film B.V., and Polaroid America Corp. Beginning in 1972, Polaroid Corporation, a predecessor to the entities involved in this action, sold a variety of products bearing what Polaroid terms its "Classic Border Logo," or "CBL." Polaroid owns two federal trademark registrations for the CBL. Polaroid Corporation filed for Chapter 11 bankruptcy protection in October 2001. In 2008, Polaroid Corporation announced that it would cease manufacturing instant film products, including its instant film products bearing the CBL. Following this announcement, Impossible B.V., an independent entity based in the Netherlands, acquired Polaroid's last remaining film manufacturing facility, which was located in the Netherlands. In April 2009, in connection with Polaroid's Chapter 11 bankruptcy, various Polaroid entities entered into an Asset Purchase Agreement and Assignment Agreement, pursuant to which PLR IP Holdings, LLC acquired "All Intellectual Property used by Sellers in connection with the operation of the Business, as historically operated by Sellers including, without limitation, all rights to the name 'Polaroid' (and all rights to any other trade names, trademarks and service marks owned by Sellers; and the Intellectual Property filings listed on Schedule 1.1(f)." Following Polaroid's bankruptcy, Impossible and other retailers that partnered with Polaroid continued to sell Polaroid-manufactured and Polaroid-branded film bearing the CBL. Throughout this same period, Polaroid continued to partner with public figures and prominent companies, such as Taylor Swift and Instagram, to license its trademarks and other intellectual property, including the CBL. In or around September 2014, Fujifilm began developing an Instax camera that would use square-shaped film. Fujifilm began to sell this film in the United States in May 2017, using the brand name "Instax Square." On Jan. 13, 2017, Polaroid, via counsel, sent a letter to Fujifilm alleging that its Instax Square film was essentially identical to Polaroid's Classic Border Logo and trade dress, and thereby infringed Polaroid's Intellectual Property. After receipt of this letter, Fujifilm did not make any changes to the format of the Instax Square film or delay its launch. Fujifilm launched its Instax Square camera and film in the United States in May 2017. On Nov. 13, 2017, Fujifilm North America Corporation filed suit against PLR IP Holdings, LLC and PLR Brand Services, LLC, seeking to obtain a declaration that Fujifilm's Instax Square products did not infringe any Polaroid trademark or trade dress rights and did not constitute unfair competition under New York or federal law, and seeking cancellation of Polaroid's trademark registrations for the CBL for non-use and functionality under 15 U.S.C. Sec. 1064. In response to Fujifilm's Complaint, PLR IP Holdings, LLC, PLR Brand Services, LLC, Impossible B.V., and Impossible America Corp., d/b/a Polaroid Originals, filed an Answer with Counterclaims, asserting seven counterclaims against Fujifilm Holdings Corporation, Fujifilm North America Corporation, and Fujifilm Corporation, namely: (1) counterfeiting, in violation of 15 U.S.C. Sec. 1114 (Claim One); (2) federal trademark infringement, in violation of 15 U.S.C. Sec. 1114 (Claim Two); (3) federal unfair competition, in violation of 15 U.S.C. Sec. 1125(a) (Claim Three); (4) state law unfair and deceptive trade practices (Claim Four); (5) common law trademark infringement and unfair competition (Claim Five); (6) federal trademark dilution, in violation of 15 U.S.C. Sec. 1125(c) (Claim Six); and (7) state trademark dilution and injury to business reputation (Claim Seven) Polaroid filed an Amended Answer with Counterclaims less than one week later, on Feb. 1, 2018, asserting the same counterclaims. On June 1, 2018, Fujifilm filed a motion to dismiss Polaroid's counterclaim for counterfeiting on the basis that Polaroid had failed to plausibly allege the required elements of a counterfeiting claim under Section 32 of the Lanham Act, 15 U.S.C. Sec. 1114. This Court granted Fujifilm's motion in part and denied it in part, dismissing Polaroid's counterfeiting claim to the extent it was directed at Fujifilm's product packaging but denying Fujifilm's motion to the extent it alleged that Fujifilm's Instax Square film itself bears a counterfeit mark. Motion for Summary Judgment On Dec. 21, 2023, Fujifilm filed a motion for summary judgment. Polaroid opposed the motion. Fujifilm contends that it is entitled to summary judgment on all Polaroid's remaining counterclaims. Specifically, Fujifilm asserts that: (1) Polaroid's counterclaims predicated on its common-law rights in the CBL fail because: (a) Polaroid abandoned such rights and, even if it did not abandon them, never acquired those rights from Polaroid Corporation; (b) the configuration of the CBL is functional and therefore incapable of trade dress protection; and (c) the CBL did not have secondary meaning when Fujifilm's Instax Square film entered the market in 2017 (2) Polaroid's counterclaims asserted against Fujifilm's promotional materials fail because any depiction of the CBL on such materials constituted a fair use; and (3) Polaroid's counterclaims predicated on actual confusion fail because no reasonable consumer would be likely to confuse Fujifilm's Instax Square film or promotional materials as originating from Polaroid. Polaroid disputes each of Fujifilm's assertions, claiming that genuine disputes of material fact exist with respect to each argument that preclude a finding of summary judgment. Abandonment Fujifilm contends Polaroid abandoned any rights it held in the CBL even before it declared bankruptcy and subsequently executed the Asset Purchase Agreement and Assignment Agreement in 2009. Specifically, Fujifilm asserts that Polaroid's announcement in 2008 that it would decommission its remaining film manufacturing equipment and sell its discontinued film stock constituted an abandonment without intent to resume use in the reasonably foreseeable future. The Court finds the evidence provided by Polaroid, however, is sufficient to raise a genuine issue of material fact regarding whether Polaroid maintained an intent to resume use of the CBL during this period. Polaroid notes that the company's new owner publicly stated following Polaroid Corporation's bankruptcy that it was not going out of business but merely needed time to restructure and that it intended to continue licensing out Polaroid's intellectual property, including its rights in the CBL. Polaroid also asserts that it engaged in extensive licensing of the CBL throughout this period. According to the Court, Polaroid also provides evidence sufficient to demonstrate that it engaged in policing efforts to protect the CBL throughout this period. Polaroid asserts that the fact that it resumed manufacturing analog film bearing the CBL in March 2017 serves as evidence of its prior intent to resume use. In this case, the Court concludes Polaroid has provided evidence sufficient to raise a genuine issue of material fact regarding its intent to keep its mark alive for use in resumed business following its decision to cease manufacturing of film bearing the CBL in 2008. Lack of Assignment of Common Law Rights Fujifilm also contends that Polaroid never transferred its rights in the CBL to the Polaroid counterclaim plaintiff entities pursuant to the Asset Purchase Agreement. While the APA evidenced the parties' intent to convey rights in the future, Fujifilm claims, no transfer covering trade dress rights in the film configuration was ever consummated. The Court finds the language in the Asset Purchase Agreement clearly includes Polaroid's common-law rights in the CBL. The use of this language, when considered together with the assignment of intellectual property rights to PLR IP Holdings, LLC under the Trademark Assignment Agreement and the Acquired IP Agreement, is sufficient to support a reasonable inference that the parties' agreements transferred all intellectual property relevant to this action. Accordingly, Polaroid has sufficiently demonstrated that genuine issues of material fact exist with respect to whether Polaroid transferred its rights in the CBL to the counterclaim plaintiff entities. Fujifilm's motion for summary judgment on Polaroid's counterclaims relevant to this issue is denied, the Court finds. Functionality Polaroid asserts that Fujifilm's position that Polaroid's CBL trade dress is wholly functional is "clearly inconsistent" with Fujifilm's application for a design patent in connection with its own Instax Square film. Fujifilm contends that it did not represent to the PTO that its film was non-functional under trademark law, but only that its film design was sufficiently ornamental under design patent law, which protects inherently functional articles of manufacture. However, the Court agrees with Polaroid that, by seeking a design patent from the PTO, Fujifilm represented that the border for its analog instant film was not primarily functional, but sufficiently ornamental, and the PTO relied on this representation when it issued a design patent. In sum, the Court concludes Polaroid has sufficiently raised genuine issues of material fact regarding whether Fujifilm should be permitted to benefit from the protection of a design patent for its Instax Square film while contending that Polaroid's near-identical design is entirely functional and unworthy of protection. Secondary Meaning Polaroid has raised genuine issues of material fact regarding whether the CBL had acquired secondary meaning at the time that Fujifilm launched its Instax Square film in 2017. Accordingly, the Court declines to grant summary judgment in Fujifilm's favor on this issue. Fair Use Fujifilm asserts that images of Instax Square film on Fujifilm promotional materials are used descriptively, other than as a mark, and in good faith. However, Polaroid has stipulated that it will not assert any claims against Fujifilm based on images of developed instant film shown on packaging for Fujifilm Instax Square film, and, as a result, it does not substantially rebut Fujifilm's fair use defense, contending only that Fujifilm is not entitled to summary judgment on its fair use claim due to its bad faith. While Polaroid has raised genuine issues of material fact regarding Fujifilm's bad faith more generally, it has not done so in the specific context of Fujifilm's promotional materials, which prominently bear Fujifilm's "Fujifilm" and "Instax" marks. Accordingly, summary judgment in favor of Fujifilm on this issue is warranted, the Court finds. Likelihood of Confusion Fujifilm asserts that summary judgment is warranted on all Polaroid's counterclaims alleging confusion, as Polaroid cannot demonstrate a likelihood of initial interest or point-of-sale confusion involving Fujifilm Instax Square film. The Court finds triable issues of fact remain with regard to many of the Polaroid factors, and particularly with respect to actual consumer confusion and Fujifilm's bad faith. Accordingly, summary judgment is not warranted on Polaroid's counterclaims alleging initial interest and point-of-sale confusion with respect to the CBL. In sum, the Court holds Fujifilm's motion for summary judgment is granted in part and denied in part. Specifically, Fujifilm's motion is granted to the extent that Polaroid's counterclaims are directed towards images of developed Instax Square film on Fujifilm's promotional materials. However, its motion for summary judgment on Polaroid's remaining counterclaims is denied. A copy of the Court's Memorandum and Order dated August 25, 2025, is available at https://urlcurt.com/u?l=sQ8z8f from PacerMonitor.com. About Polaroid Corp. Polaroid Corporation -- http://www.polaroid.com/-- makes and sells films, cameras, and other imaging products. Polaroid filed for chapter 11 protection on Oct. 12, 2001 (Bankr. D. Del. Case No. 01-10864) and again on Dec. 18, 2008 (Bankr. D. Minn. Case No. 08-46617). PLR Acquisition LLC, a joint venture composed of Hilco Consumer Capital L.P. and Gordon Brothers Brands LLC, acquired most of Polaroid's assets -- including the Polaroid brand and trademarks -- in May 2009. They paid $87.6 million for the brand. Debtor Polaroid Corp. was renamed to PBE Corp. following the sale. The case was converted to Chapter 7 on Aug. 31, 2009, and John R. Stoebner serves as the Chapter 7 Trustee. The jointly administered Chapter 7 bankruptcy estates are Polaroid Corp., Polaroid Holding Company, Polaroid Consumer Electronics, LLC, Polaroid Capital, LLC, Polaroid Latin America I Corporation, Polaroid Asia Pacific LLC, Polaroid International Holding LLC, Polaroid New Bedford Real Estate, LLC, Polaroid Norwood Real Estate, LLC, and Polaroid Waltham Real Estate, LLC. POWER STOP: PhenixFIN Corp. Marks $8.9MM 1L Loan at 25% Off ----------------------------------------------------------- PhenixFIN Corporation has marked its $8,922,908 loan extended to Power Stop LLC to market at $6,658,720 or 75% of the outstanding amount, according to PhenixFIN's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. PhenixFIN is a participant in a Senior Secured First Lien Term Loan to Power Stop LLC. The loan accrues interest at a rate of 4.25% per annum. The loan matures on January 26, 2029. PhenixFIN Corporation is an internally-managed non-diversified closed-end management investment company incorporated in Delaware that has elected to be regulated as a business development company under the Investment Company Act of 1940. The company has formed and expects to continue to form certain taxable subsidiaries, which are taxed as corporations for federal income tax purposes. The company's objective is to generate current income and capital appreciation. The management team seeks to achieve this objective primarily through making loans, private equity or other investments in privately-held companies. The Company may also make debt, equity or other investments in publicly-traded companies. PhenixFIN is led by David Lorber as Chief Executive Officer and Ellida McMillan as Chief Financial Officer. The Company can be reach through: David Lorbe PhenixFIN Corporation 445 Park Avenue, 10th Floor, New York, NY 10022 Telephone: (212) 859-0390 About Power Stop LLC PowerStop Stop LLC offers affordable performance brake upgrade kits for extreme trucking and towing, sport driving, and commuting. PPS PROPERTY: Plainfield Property Sale to RWP 8-10 Sandford OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey has permitted PPS Property 8-10 Sanford Ave. LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is comprised of land and all the buildings, other improvements and fixtures on the land, all of the Debtor's rights relating to the land, and all personal property, located at 8-10 Sandford Ave., in the city of Plainfield in the County of Union, New Jersey. The Court has authorized the Debtor to sell the Property RWP 8-10 Sandford Ave LLC with the purchase price of $400,000. The proceeds of the sale shall be applied to satisfy the liens on the Property unless the liens are otherwise avoided by court order. The lien of the tax certificate holder, Yanchun Zhang, shall remain on the premises commonly known as 8-10 San Sanford Avenue, Plainfield, New Jersey until the closing proceeds are received and applied by pursuant to the payoff letter from the tax sale certificate holder. The closing date will be on August 30, 2025 for the sale of the Property. The Debtor's counsel fees related to the sale will be paid in such amounts as may be allowed by the Court upon proper fee applications. All real estate taxes and water and sewer fees will be paid at the time of closing. About PPS Property 8-10 Sanford Ave., LLC PPS Property 8-10 Sanford Ave., LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-17193) on July 8, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Vincent F Papalia handles the case. Robert C. Nisenson, Esq. at Robert C. Nisenson, LLC represents the Debtor as counsel. PROFRAC HOLDING: Raises $72.8M Through Class A Share Offering ------------------------------------------------------------- ProFrac Holding Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 12, 2025, the Company entered into an "Underwriting Agreement" with J.P. Morgan Securities LLC and Piper Sandler & Co., pursuant to which the Underwriters agreed to purchase from the Company 18,750,000 shares of the Company's Class A common stock. Pursuant to the Underwriting Agreement, the Company has also granted the Underwriters a 30-day option to purchase up to an additional aggregate 2,812,500 shares of the Company's Class A common stock. The aggregate net proceeds to the Company for the Firm Shares, after underwriting fees and commissions and before expenses, is approximately $72.8 million. The closing of the issuance and sale of the Firm Shares occurred on August 14, 2025. The Offering has been registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3 (Registration No. 333-273453) of the Company, which became effective on August 4, 2023, and the prospectus supplement dated August 12, 2025, filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act. A full-text copy of the Underwriting Agreement is available https://tinyurl.com/2s4k9hk5 About ProFrac Holding ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services including distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac Corp. operates in three business segments: Stimulation Services, Proppant Production and Manufacturing. As of June 30, 2025, the Company had $2.8 billion in total assets, $1.8 billion in total liabilities, and a total stockholders' equity of $952.2 million. * * * In May 2025, S&P Global Ratings lowered its issuer credit rating on Texas based hydraulic fracturing equipment and services provider ProFrac Holding Corp. to 'CCC+' from 'B'. The outlook is negative. PROJECT 1920: TriplePoint Venture Marks $1.9MM Loan at 78% Off -------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $1,927,000 loan extended to Project 1920, Inc. to market at $419,000 or 22% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Project 1920, Inc. The loan accrues interest at a rate of 6.25% PIK interest per annum. The loan matures on March 3, 2025. "Debt is on non-accrual status as of December 31, 2024 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2024 had a total cost and fair value of $38.1 million and $20.6 million, respectively." said the company. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Project 1920, Inc. Project 1920, Inc. appears to be a holding company or investment firm with a focus on consumer luxury brands and innovative product launches, particularly in the health and wellness space. PROJECT 1920: TriplePoint Venture Marks $2.1MM Loan at 78% Off -------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $2,100,000 loan extended to Project 1920, Inc. to market at $456,000 or 22% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Project 1920, Inc. The loan accrues interest at a rate of 5.75% per annum. The loan matures on March 3, 2024. "Debt is on non-accrual status as of December 31, 2024 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2024 had a total cost and fair value of $38.1 million and $20.6 million, respectively." said the company. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Project 1920, Inc. Project 1920, Inc. appears to be a holding company or investment firm with a focus on consumer luxury brands and innovative product launches, particularly in the health and wellness space. PROJECT RUBY: Moody's Affirms 'B3' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings affirmed Project Ruby Ultimate Parent Corp.'s (WellSky) B3 Corporate Family Rating, B3-PD Probability of Default Rating, and B2 ratings on the senior secured first lien bank credit facilities comprised of a revolving credit facility due 2027 and term loans due 2028. The outlook remains stable. RATINGS RATIONALE WellSky's B3 CFR reflects aggressive financial policies characterized by frequent debt-funded acquisitions, ongoing dividend recapitalization, and a substantial debt load that results in high financial leverage. The company's adjusted debt to EBITDA increased to 8.1x as of LTM period ending March 2025 (Q3 FY 2025) pro forma for the term loan add-on transaction from 7.4x prior to the transaction. Based on debt to cash adjusted EBITDA (inclusive of changes in deferred revenue, capitalized software development costs, and adding back stock-based comp) pro forma leverage was 8.8x from 8.1x during the same period. Moody's expects Moody's adjusted leverage to decline to the mid-7x range (high-7x range based on cash adjusted EBITDA) over the next 12-18 months based on Moody's expectations of organic revenue and EBITDA growth in the high single-digit percent absent additional debt-funded transactions. This is supported by continuing growth in payor analytics business line and an ongoing shift in healthcare spending towards home and community-based services which benefits the company's focus on electronic health record (EHR) software for post-acute and non-acute sectors. WellSky benefits from its strong position as an EHR software provider in the niche non-acute care end market. The essential nature of the electronic health record systems and related products once fully integrated into a healthcare provider's operations, results in net retention rates of over 100% and a highly recurring revenue base of about 85%. Moody's expects WellSky to maintain good liquidity over the next 12-18 months supported by a cash balance of $65 million as of March 31, 2025, and an undrawn $110 million revolver. Moody's estimates free cash flow of approximately $50 million (inclusive of about $16 million of estimated dividends and excluding a $200 million one-time dividend paid in August 2025) supported by higher EBITDA and normalization of one time expenses, which is more than sufficient to cover all fixed charges including about $175 million in interest expense and $20 million in term loan amortization. WellSky's revolver has a springing first lien net leverage covenant of 7.5x, which is triggered at 35% revolver utilization. Moody's do not expect utilization of the revolver over the next 12 months, and the company will maintain good cushion under this covenant regardless. The ratings for the individual debt instruments incorporate WellSky's B3-PD PDR and an average expected family recovery rate of 50% at default. The B2 ratings on the senior secured first lien revolver due 2027 and term loans due 2028 are rated one notch above the CFR given the first loss support provided by the unrated senior secured second lien term loan due 2029. WellSky's ESG Credit Impact Score of CIS-4 indicates that the rating is lower than it would have been if ESG risk exposures did not exist and that the negative impact is higher than for issuers scored CIS-3. The score primarily reflects governance risks related to the company's track record of debt funded acquisitions and dividend payouts. The stable outlook reflects Moody's expectations that WellSky will grow its topline by high single-digit percent, reduce Moody's adjusted debt to EBITDA to mid-7x range and generate positive free cash flow over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if WellSky's adjusted debt to EBITDA is sustained below 6.5x and free cash flow to debt is sustained in the mid single-digit percent. The ratings could be downgraded if weaker than projected operating performance or debt-funded acquisitions results in leverage that Moody's expects to be sustained above 8x, liquidity weakens or free cash flow turns negative. Headquartered in Overland Park, Kansas, Project Ruby Ultimate Parent Corp. (dba WellSky) is a provider of healthcare enterprise software and related services, primarily for the post-acute settings. Solutions focus on systems of record for customers and are used to manage care delivery, billing, scheduling, and financial and administrative workflows. The company generated revenue of approximately $838 million as of LTM period ending March 2025 (Q3 FY 2025). WellSky is controlled by private equity firms TPG Capital and Leonard Green & Partners. The principal methodology used in these ratings was Software published in June 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. PROSPECT MEDICAL: Unsecureds to Get GUC Trust & Net Proceeds ------------------------------------------------------------ Prospect Medical Holdings, Inc. and its debtor affiliates submitted a Third Revised Disclosure Statement and Third Revised Joint Chapter 11 Plan dated August 19, 2025. Established as a California-based company in the mid-to-late 1990s, the Debtors (together with their non-Debtor affiliates, the "Company" or "Prospect") are a significant provider of healthcare services, focusing on providing care to underserved communities and providing a comprehensive range of services tailored to their specific communities. As a result of mounting losses in Texas, Prospect shut down its hospitals in San Antonio, Texas, in 2019. Prospect later divested its Texas real estate in 2020. In October 2021, Prospect OldCo NJ, Inc. (f/k/a Prospect EOGH, Inc.) sold the East Orange General Hospital in East Orange, New Jersey, to EOH Acquisition Group, LLC. The 2023 Transaction proved insufficient to effectuate a turnaround of Prospect's businesses. Facing mounting operational losses, litigation expenses, and near-term pension plan contribution payments, among other liabilities, Prospect needed to secure an infusion of liquidity to continue operating as a going concern. Therefore, the Company embarked on the marketing and sale of PhysicianCo in late 2023. After further engagement with the interested purchasers, the Company ultimately received qualified bids from Astrana Health, Inc. and one other party. On July 1, 2025 (the "Closing Date"), the Astrana Sale closed. Pursuant to the AEPA, (a) the equity interests in each of the former PhysicianCo affiliates Prospect Health Plan, Inc., a Knox Keene licensed entity, and FRMC, were transferred to Astrana, along with PhysicianCo joint venture Gateway Medicor-Rancho Cucamonga, Inc. (of which PhysicianCo formerly owned 51%), and (b) all assets, properties, rights, titles and interests of the Prospect Asset Sellers (including HCo Debtor Prospect Provider Group RI, LLC) were sold to Astrana. After calculating all pre-Closing adjustments required under the AEPA and the Side Letter, the adjusted purchase price was approximately $698.5 million. The Debtors intend to sell all or substantially all of their assets pursuant to section 363(f) of the Bankruptcy Code prior to and in connection with confirmation of the Plan. Subsequent to confirmation, the Debtors intend to enter the next phase of these Chapter 11 Cases, which involves the (i) wind-down of the Debtors; and (ii) the liquidation of the Debtors' remaining assets. The Company, in consultation with its Advisors, worked with the Prepetition Term Loan Lenders and MPT in its capacity as Prepetition MPT Noteholder and Holder of Series A-1 Preferred Units (collectively, the "Consenting Stakeholders"), to negotiate and document a restructuring support agreement (the "RSA") and obtain certain commitments prior to the filing of the PCo Debtors' Chapter 11 Cases. On June 30, 2025, after good faith, arm's-length negotiations, the Debtors reached an agreement with the Consenting Stakeholders on the terms of the RSA. Class 8 consists of all General Unsecured Claims, including with respect to the HospitalCo Debtors, the PBGC Unsecured Claim. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim its Pro Rata share of (i) GUC Trust Interests (subject to the terms thereof with respect to the MPT Deficiency Claims) and (ii) the remaining Net Proceeds (if any) after distributions to Class 3, Class 4, and Class 5 (other than Net Proceeds of Assigned Estate Causes of Action, but including the proceeds of or recoveries from any Estate Cause of Action against Yale or any PhysicianCo Causes of Action); provided that (A) any General Unsecured Claim assumed by any Purchaser on a final basis shall be deemed paid in full under the Plan and shall not be entitled to any recovery from the GUC Trust Assets or remaining Net Proceeds (if any) and (B) MPT waives any participation in such remaining Net Proceeds (if any) allocated to the Debtors' Estates pursuant to Tranche 6 of the Recovery Waterfall. Class 8 is Impaired, and Holders of Class 8 General Unsecured Claims are entitled to vote to accept or reject the Plan. All Existing Equity Interests will be cancelled and extinguished, and Holders of Existing Equity Interests shall receive no recovery on account of such Interests. Subject to the provisions of the Plan concerning the Professional Fee Reserve Account and the Wind-Down Budget, the Debtors, the Plan Administrator, or the GUC Trust Trustee (as applicable) shall fund distributions under the Plan from (a) the Net Proceeds, (b) the proceeds of the GUC Trust, (c) the MPT GUC Advance (if applicable), (d) the Backstop Facility (if applicable), (e) the Debtors' Cash on hand, and (f) with respect to Insured Claims, the Insurance Trust. Pursuant to section 1123(b)(2) of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the distributions, releases, and other benefits provided pursuant to the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlement of Claims, Interests, and controversies relating to the contractual, legal, and subordination rights that a Holders of Claims or Interests may have with respect to any Allowed Claim or Interest or any distribution to be made on account of such Allowed Claim or Interest. A full-text copy of the Third Revised Disclosure Statement dated August 19, 2025 is available at https://urlcurt.com/u?l=SwAzfL from Omni Agent Solutions, Inc., claims agent. Counsel to the Debtors: SIDLEY AUSTIN LLP Thomas R. Califano, Esq. Rakhee V. Patel, Esq. Maegan Quejada, Esq. 2021 McKinney Avenue, Suite 2000 Dallas, Texas 75201 Telephone: (214) 981-3300 Facsimile: (214) 981-3400 Email: tom.califano@sidley.com rpatel@sidley.com mquejada@sidley.com SIDLEY AUSTIN LLP William E. Curtin, Esq. Patrick Venter, Esq. Anne G. Wallice, Esq. 787 Seventh Avenue New York, New York 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 Email: wcurtin@sidley.com pventer@sidley.com anne.wallice@sidley.com About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. QT HAU: Court Extends Cash Collateral Access to Sept. 30 -------------------------------------------------------- QT Hau LLC received consent order from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division to use the cash collateral of Open Bank. The court's order extended the Debtor's authority to use cash collateral from August 31 to September 30 to pay the expenses set forth in its budget, which projects total monthly expenses of $29,846.42. As protection for any diminution in the value of its collateral, Open Bank will be granted a first priority security interest in and lien on all property acquired by the Debtor after its bankruptcy filing. This replacement lien does not apply to any Chapter 5 causes of action. As additional protection, the Debtor was ordered to pay Open Bank the sum of $24,456.48 by September 15. The payment, which represents 10.25% contractual non-default interest, will be applied against interest due under the loan. The Debtor's authority to access cash collateral terminates on September 30 or upon occurrence of so-called events of default, whichever comes first. Events of default include the Debtor's failure to comply with the order and cure the default; conversion of the Debtor's Chapter 11 case to one under Chapter 7; appointment of a trustee; and entry of an order vacating or reversing the cash collateral order. The next hearing is scheduled for September 29. The Debtor owes Open Bank $2,975,000 under a promissory note dated December 10, 2021. The debt is secured by a first priority lien on the Debtor’s real property in Baltimore, Maryland. Rents from the property constitute cash collateral. As of May 29, Open Bank claims the following amounts are due under the note: $2,863,198.46 in principal, $477,475.96 in interest, $28,360.02 in late charges, $106,868.72 for advanced real estate taxes, and $1,026.63 in other fees. About QT Hau LLC QT Hau, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). QT Hau sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.) on May 29, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. David Simson Musgrave, Esq., at Gordon Feinblatt, LLC is the Debtor's legal counsel. Open Bank, as secured creditor, is represented by: Owen Hare, Esq. Cohn, Goldberg & Deutsch, LLC 1099 Winterson Road, Suite 301 Linthicum Heights, MD 21090 (410) 296-2550 ohare@cgd-law.com QUICK COMMERCE: TriplePoint Marks $1.1MM Loan at 20% Off -------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $1,110,000 loan extended to Quick Commerce Ltd. to market at $886,000 or 80% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Quick Commerce Ltd. The loan accrues interest at a rate of 6.00% PIK interest per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Quick Commerce Ltd. Quick Commerce Ltd, doing business as Zapp, operates an on demand delivery business. The Company delivers drinks, groceries, snacks, ice cream, pharmacy, baby and pet essentials, and other products. Zapp serves customers in the United Kingdom. QUICK COMMERCE: TriplePoint Marks $11.6MM Loan at 20% Off --------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $11,658,000 loan extended to Quick Commerce Ltd. to market at $9,300,000 or 80% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Capital Growth Loan to Quick Commerce Ltd. The loan accrues interest at a rate of 6.00% PIK interest per annum. The loan matures on December 31, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Quick Commerce Ltd. Quick Commerce Ltd, doing business as Zapp, operates an on demand delivery business. The Company delivers drinks, groceries, snacks, ice cream, pharmacy, baby and pet essentials, and other products. Zapp serves customers in the United Kingdom. RED ROCK: Claims to be Paid from Disposable Income -------------------------------------------------- Red Rock Enterprises of Utah, Inc. filed with the U.S. Bankruptcy Court for the District of Utah a Plan of Reorganization dated August 19, 2025. The Debtor is a holding company which indirectly owns six pet stores located in both Utah and Nevada. The corporate structure is that Yellow Store Enterprises, LLC, a Wyoming limited liability company (defined as Yellow Store) is a wholly owned subsidiary of the Debtor. Previously Yellow Store was also the parent company for five pet stores located in Southern California (The Puppy Store LLC, National City Puppy LLC, The Fancy Puppy LLC, Broadway Puppies Puffs, and Pets Hello Puppies) (the "CA Stores") that have since been voluntarily closed. The CA Stores, along with the Debtor and the Debtor's two principals, David and Veronica Salinas, have been the subject of three lawsuits brought in California (the "CA Lawsuits"). The CA Lawsuits revolve around allegations that the Debtor, the CA Stores, Yellow Store, and Mr. and Ms. Salinas, along with other non-related defendants, have violated California's prohibition on the retail sale of non-rescue dogs, cats, and rabbits in pet stores. The Debtor is unable to continue to operate and handle the continued litigation of the CA Lawsuits. The legal fees, time, money, and energy have had a crippling impact on the Debtor's current pet stores. Broadly speaking, the Debtor's Plan proposes to pay holders of Allowed Claims the "Disposable Income" of Debtor's subsidiary pet stores for a period of three years, which will be distributed to such holders on a pro rata basis as provided in this Plan. The Debtor's projected Plan Payments are projected to be approximately $5,000 per month, to be distributed on a Quarterly Basis. Although the Debtor does not have precise projections, all of the Debtor's Plan Payments will be paid to holders of Class 2 General Unsecured Claims. The Debtor also anticipates that the SBRA Trustee will have an Administrative Expense Claim between $5,000 to $10,000. Class 2 consists of General Unsecured Claims. The holders of Allowed Class 2 Claims shall be paid, pro rata, beginning on the Initial Distribution Date and continuing for each of the subsequent Interim Distribution Dates, to the extent that a full or partial distribution of Cash is available from Plan Payments on such dates, until the earlier that (i) such claims are paid in full, or (ii) the Final Distribution Date. Class 2 is impaired. Class 3 consists of Equity Interests. Each record holder of an Equity Interest in the Debtor shall retain its interest in the Debtor. Subject to the limitations and priorities described in the Plan, the holders of Allowed Class 3 Equity Interests shall receive pro rata distributions, (a) from time to time, but in any event at least on the Initial Distribution Date and the subsequent Interim Distribution Dates, to the extent that a full or partial distribution of Cash is available to the holder of such interest on such dates, and (b) on the Final Distribution Date. On the Effective Date, all assets of the Debtor's estate, including all real and personal property, all Causes of Action, interests, claims, choses in action, and rights under any contracts (executory or otherwise), against any person will re vest and be transferred to the post-Effective Date Debtor. The Debtor will remain in possession of all other assets, including its business and will continue to sell its products through its existing marketing channels while seeking to incrementally increase its sales through a measured growth model that emphasizes profitability. From and after the Effective Date, the Debtor shall exist and continue to exist as a separate legal entity, with all powers in accordance with the laws of the State of Utah and shall be governed by the pre-Petition Date bylaws and corporate governing documents. The Debtor shall have all of the powers of such a legal entity under applicable law and without prejudice to any right to alter or terminate such existence (whether by merger, conversion, dissolution or otherwise) under applicable law. A full-text copy of the Plan of Reorganization dated August 19, 2025 is available at https://urlcurt.com/u?l=XxLvNo from PacerMonitor.com at no charge. Counsel to the Debtor: Brian M. Rothschild, Esq. Darren Neilson, Esq. PARSONS BEHLE & LATIMER 201 South Main Street, Suite 1800 Salt Lake City, Utah 84111 Telephone: 801.532.1234 Facsimile: 801.536.6111 Email: BRothschild@parsonsbehle.com DNeilson@parsonsbehle.com ecf@parsonsbehle.com About Red Rock Enterprises of Utah Red Rock Enterprises of Utah, Inc. is a holding company which indirectly owns six pet stores located in both Utah and Nevada. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-22857) on May 21, 2025, with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge William T. Thurman presides over the case. Darren B. Neilson, Esq. at Parsons Behle & Latimer represents the Debtor as legal counsel. REGIONS PROPERTY: Unsecureds Will Get 71% of Claims over 60 Months ------------------------------------------------------------------ Regions Property Management & Construction Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a First Amended Plan of Reorganization dated August 18, 2025. The Debtor was formed in 2008 and sells building materials, primarily doors, moulding and accessories to consumers. The Debtor filed this bankruptcy when it had an unexpected loss in income and increased expense. The Debtor's principals believed it was a short term decline in sales and decided to obtain merchant service loans ("MCAs") to get through these unexpected difficulties. The market did not recover as quickly as the Debtor's principals hoped. The loan payment requirements of the MCAs impacted the Debtor's ability to operate. The Debtor was not able to afford to make the payments and continue to meet its other obligations. The filing of the bankruptcy was necessary to re-gain control of the finances and pay all creditors. This Plan of Reorganization proposes to pay creditors of the Debtor from the operation of its business. This Plan provides for three classes of secured claims, one class of unsecured priority claims and one class of general unsecured claims. This Plan also provides for the payment of administrative claims. Class 5 consists of general unsecured creditors. The Debtor is paying pre-petition critical vendors the sum of $10,000 per month through December. Beginning in January 2026, the unsecured creditors will share in the pro rata distribution of $8,500.00 per month for 60 months. The unsecured creditors will receive approximately 71% of their claim. This class is impaired. The owners of the Debtor shall retain all property of the state. The Debtor's ability to fully fund the plan and make payments is dependent on the company's future income. A full-text copy of the First Amended Plan dated August 18, 2025 is available at https://urlcurt.com/u?l=lw9J3n from PacerMonitor.com at no charge. Counsel to the Debtor: Brian K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Tel: (561) 478-2500 Fax: (561) 478-3111 Email: briankmcmahon@gmail.com About Regions Property Management & Construction Regions Property Management & Construction, Inc. was formed in 2008 and sells building materials, primarily doors, moulding and accessories to consumers. The Debtor sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14015) on April 12, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Erik P. Kimball oversees the case. The Debtor is represented by Brian K. McMahon, Esq. RESILIENT MINING: Seeks Chapter 11 Bankruptcy in West Virginia -------------------------------------------------------------- Resilient Mining LLC filed for Chapter 11 protection in the Southern District of West Virginia on Aug. 20, 2025. The company listed assets under $50,000 against liabilities ranging from $1 million to $10 million. Its largest creditors include the IRS, owed $22.1 million for payroll taxes, and the West Virginia State Tax Department, owed $2.7 million, along with multiple mining vendors and service providers. About Resilient Mining LLC Resilient Mining LLC is a coal mining company with operations in West Virginia and headquarters in Pikeville, Kentucky. Resilient Mining LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W. Va. Case No. 25-20181) on August 20, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge B Mckay Mignault B Mckay Mignault the case. The Debtor is represented by John Zachary Balask, Esq. of Steptoe & Johnson PLLC. RHODIUM ENCORE: Founders Press for D&O Coverage in Chapter 11 ------------------------------------------------------------- Emlyn Cameron of Law360 reports that the founders of cryptocurrency miner Rhodium are defending their bid to tap the company's directors and officers insurance, arguing that objections from an ad hoc creditor group lack merit because any coverage gaps would chiefly impact the founders and not alter the case outcome. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, the Debtor reports lead debtor's estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RMKD LIQUORS: Gets Final OK to Use Cash Collateral -------------------------------------------------- RMKD Liquors Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The order penned by Judge David Jones authorized the Debtor's final use of cash collateral to pay the expenses set forth in its 30-day budget, with a 10% variance allowed. The Debtor's budget projects total operational expenses of $44,594.30. RMKD Liquors listed $757,773.50 in secured claims from creditors including JPMorgan Chase Bank N.A., the U.S. Small Business Administration, TD Bank N.A., Colony Bank, and American Express Business Line of Creditor. As protection for the use of their cash collateral, secured creditors will be granted replacement liens, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not attach to Chapter 5 avoidance actions. In addition, each of JPMorgan and SBA will receive a monthly payment of $1,000 as additional protection. The Debtor's authorization to use cash collateral will terminate upon dismissal or conversion of its Chapter 11 case; the effective date of a confirmed plan of reorganization; or the entry of a further order reversing, revoking, staying, rescinding or modifying the final order without the consent of secured creditors. About RMKD Liquors Inc. RMKD Liquors Inc. operates a retail liquor store in New York, offering a variety of alcoholic beverages including wine, vodka, whiskey, rum, tequila, and liqueurs. It also sells alcohol-related accessories such as bottle openers, wine bags, and wine keys, and occasionally stocks specialty items like cocktail mixers containing alcohol. RMKD Liquors sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10940) on May 7, 2025. In its petition, the Debtor reported total assets of $127,400 and total liabilities of $1,440,174. Judge David S. Jones handles the case. The Debtor is represented by Jeb Singer, Esq., at J. Singer Law Group, PLLC. RS BORGES: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for RS Borges Investments, LLC. Mr. McConnell 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. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 Email: info@mcconnelllawgroup.com About RS Borges Investments LLC RS Borges Investments, LLC, doing business as Lisbon Portuguese Restaurant, RS Borges Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05366) on August 25, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by J. Andrew Braithwaite, PA. RUNITONETIME LLC: Gets Court Nod for $46MM Financing, Sept. Auction ------------------------------------------------------------------- Ben Zigterman of Law360 reports that Maverick Gaming LLC secured court approval for $46 million in Chapter 11 financing, with a Texas judge also scheduling a September 19, 2025 auction of the company's casinos and other assets. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. SAMMY G'S: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------- On August 20, 2025, Sammy G's District 70 BBQ & Grill sought Chapter 11 protection in the Southern District of Texas, electing to proceed under Subchapter V, which streamlines the process for small business debtors. The filing lists assets of $100,001–$500,000 against liabilities of $50,001–$100,000 and fewer than 50 creditors. About Sammy G's District 70 BBQ & Grill LLC Sammy G's District 70 BBQ & Grill, LLC operates a restaurant in Seabrook, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34839) on August 20, 2025. In the petition signed by Sammy Grizzaffi, owner/managing partner, the Debtor disclosed up to $500,000 in assets and up to $100,000 in liabilities. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. SAMMY G'S: Tom Howley of Howley Law Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for Sammy G's District 70 BBQ & Grill, LLC. Mr. Howley will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About Sammy G's District 70 BBQ & Grill LLC Sammy G's District 70 BBQ & Grill, LLC operates a restaurant in Seabrook, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34839) on August 20, 2025. In the petition signed by Sammy Grizzaffi, owner/managing partner, the Debtor disclosed up to $500,000 in assets and up to $100,000 in liabilities. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. SAVAGE X: TriplePoint Venture Marks $2M Loan at 15% Off ------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $2,000,000 loan extended to Savage X, Inc. to market at $1,703,000 or 85% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Savage X, Inc. The loan accrues interest at a rate of 8.25% per annum. The loan matures on June 26, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Savage X, Inc. Savage X Fenty is a lingerie brand founded by Barbadian singer Rihanna. Along with lingerie, the line features bras, underwear, sleepwear, and loungewear. SAVAGE X: TriplePoint Venture Marks $3.7MM Loan at 15% Off ---------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $3,750,000 loan extended to Savage X, Inc. to market at $3,194,000 or 85% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Savage X, Inc. The loan accrues interest at a rate of 8.25% per annum. The loan matures on June 26, 2028. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Savage X, Inc. Savage X Fenty is a lingerie brand founded by Barbadian singer Rihanna. Along with lingerie, the line features bras, underwear, sleepwear, and loungewear. SELUX DIAGNOSTICS: Oxford Finance Places Assets for Sale -------------------------------------------------------- Oxford Finance LLC ("secured party") places some or all of the assets of Selux Diagnostics Inc. for sale in accordance with the applicable provisions of the Uniform Commercial Code. The sale was being held to enforce the secured party's rights in the sale collateral as a result of the indebtedness of the Debtor to the secured party. The auction was held on Aug. 21, 2025. Further information on the sale, contact Heidi Lipton at Tel: (917) 842-2652 or email: hlipton@rockcreekfa.com. Selux Diagnostics develops precision diagnostics for infectious diseases. SERENITY TENDER: Michael Carmel Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 14 appointed Michael Carmel of Michael Carmel, Ltd. as Subchapter V trustee for Serenity Tender Care Services, LLC. Mr. Carmel will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Carmel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael W. Carmel Michael W. Carmel, Ltd. 80 E. Columbus Ave Phoenix, AZ 85012-4965 Phone: 602-264-4965 Fax: 602-277-0144 Email: michael@mcarmellaw.com About Serenity Tender Care Services Serenity Tender Care Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-07941) on August 22, 2025, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. M. Preston Gardner, Esq., at Davis Miles, PLLC represents the Debtor as legal counsel. SERVICE MINDS: Stellus Capital Marks $5.3MM 1L Loan at 38% Off -------------------------------------------------------------- Stellus Capital Investment Corporation has marked its $5,324,759 loan extended to Service Minds Company, LLC to market at $3,248,103 or 62% of the outstanding amount, according to Stellus' Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Stellus is a participant in a Term Loan to Service Minds Company, LLC. The loan accrues interest at a rate of 12.5% per annum. The loan matures on February 7, 2028. Stellus was formed as a Maryland corporation on May 18, 2012 and is an externally managed, closed-end, non-diversified investment management company. The Company formed Stellus Capital SBIC, LP, a Delaware limited partnership, and its general partner, Stellus Capital SBIC GP, LLC, a Delaware limited liability company, as wholly owned subsidiaries of the Company. Stellus is led by Robert T. Ladd as Chief Executive Officer and W. Todd Huskinson as Chief Financial Officer. The Company can be reach through: Robert T. Ladd 4400 Post Oak Parkway, Suite 2200 Houston, Tx 77027 Telephone: (713) 292-5400 About Service Minds Company, LLC Service Minds, LLC operates as a residential contractor. The Company offers HVAC services along with plumbing, electronic, air conditioning, and heating services. Service Minds serves customers in the United States. SHERLAND & FARRINGTON: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Sherland & Farrington, Inc. 11 Harbor Park Drive Port Washington, NY 11050 Business Description: Sherland & Farrington, Inc. provides commercial flooring services including consultation, design specification, renovation logistics and installation for corporate clients. The Company has operated for more than five decades in the New York area, working with businesses on large-scale flooring projects. It is a founding member of Fuse Alliance, a network of independent flooring contractors. Chapter 11 Petition Date: August 26, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-73272 Judge: Hon. Alan S Trust Debtor's Counsel: Fred S. Kantrow, Esq. THE KANTROW LAW GROUP, PLLC 732 Smithtown Bypass Suite 101 Smithtown, NY 11787 Tel: 516-703-3672 Total Assets: $3,165,506 Total Liabilities: $7,917,185 Dwayne H. Sherland signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RGSGT2I/Sherland__Farrington_Inc__nyebke-25-73272__0001.0.pdf?mcid=tGE4TAMA SITIO ROYALTIES: Moody's Withdraws 'B1' CFR on Debt Redemption -------------------------------------------------------------- Moody's Ratings withdrew all of Sitio Royalties Corp.'s ratings, including the company's B1 Corporate Family Rating and B1-PD Probability of Default Rating. All ratings were previously under review for upgrade. Sitio's SGL-3 Speculative Grade Liquidity (SGL) Rating was also withdrawn. The withdrawals follow the redemption of Sitio's outstanding debt. The outlook is also changed to rating withdrawn from rating under review. Sitio's ratings were placed on review for upgrade on June 3, 2025, following Viper Energy, Inc.'s (Viper, Ba1 stable) announcement to acquire the company in an all-equity transaction. RATINGS RATIONALE The withdrawals follow the full redemption of Sitio's outstanding senior unsecured notes due November 2028. Viper closed its acquisition of Sitio on August 19, 2025. Sitio's ratings have been withdrawn since all of its rated debt is no longer outstanding. Sitio was a publicly listed company engaged in owning oil and gas mineral royalties and overriding royalty interests in the USA. SOUTHERN GOURMET: Seeks Cash Collateral Access ---------------------------------------------- Southern Gourmet Kitchen, LLC asks the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, for authority to use cash collateral and provide adequate protection. The Debtor has no alternative source of liquidity and relies entirely on its post-petition revenues and cash to continue operations. Without access to this cash collateral, the business would immediately shut down. To manage this, the Debtor has submitted a one-month budget outlining the intended use of funds, which includes payroll, lease payments, vendor obligations, utilities, and limited professional fees. The Debtor proposes to provide adequate protection for secured creditors by offering replacement liens on post-petition cash but only to the extent that such funds are used. These liens will not attach to unencumbered assets, proceeds from their sale, Chapter 5 claims, or expenses that could be surcharged under 11 U.S.C. section 506(c). To ensure flexibility, the Debtor requests permission to exceed individual budget line items by up to 10%, or more if the total excess does not surpass 10% of the full budget. The Debtor's bankruptcy was initiated after financial distress caused by a lawsuit from Itria Ventures, LLC, which holds a secured interest in the Debtor's receivables, and aggressive tax collection activities by the Texas Comptroller, including physical seizure of cash from the restaurant. In September 2023, Itria Ventures entered into a Receivables Sales Agreement with the Debtor, purchasing $93,750 in future receivables for $75,000. As of the petition date, Itria claims a balance of $63,844 and has asserted its security interest in all accounts, equipment, and cash, backed by a UCC-1 lien. Itria also contacted third-party platforms such as DoorDash, Stripe, Grubhub, and Toast to demand funds held on behalf of the Debtor. These companies may be holding up to $40,000, which the Debtor believes should be classified as cash collateral once released. Additionally, the Texas Comptroller has filed tax liens totaling over $70,000, and the IRS has asserted a claim of nearly $205,000 for unpaid payroll taxes from 2021 to 2023. The Texas Workforce Commission has also filed a lien for $5,775. A court hearing will be held on September 3. A copy of the motion is available at https://urlcurt.com/u?l=5L2J2o from PacerMonitor.com. About Southern Gourmet Kitchen, LLC Southern Gourmet Kitchen, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 25-41761) on June 19, 2025. In the petition signed by Sparkle A. Carter, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Brenda T. Rhoades oversees the case. Law Office of Robert K. Frisch represents the Debtor as legal counsel. SRX HEALTH: Adesh Vora Resigns from Board Amid CCAA Proceedings --------------------------------------------------------------- SRx Health Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 13, 2025, the Company accepted the voluntary resignation of Adesh Vora from the Company's Board of Directors, effective immediately. Mr. Vora's resignation is the result of SRx Health Solutions (Canada), Inc.'s previously announced proceedings in Canada under the federal Companies' Creditors Arrangement Act. On August 12, 2025, the Company announced that SRx Canada sought and had obtained an Initial Order in Canada under the federal Companies' Creditors Arrangement Act from the Ontario Superior Court of Justice. In connection with the Initial Order, the Court granted, among other relief, a stay of proceedings in favor of SRx Canada, the appointment of Grant Thornton Limited as the monitor of SRx Canada, debtor-in-possession financing, and a sale process. SRx Canada has secured DIP Financing (which includes insider participation). The Dip Financing consists of a credit facility of up to a maximum of $1,750,000 which is expected to be used to finance SRx Canada's working capital needs, including for continued operations and to implement the restructuring contemplated by the CCAA Proceedings. The CCAA Proceedings and DIP Financing will provide SRx Canada with the time and stability required to complete the Sale Process and identify transaction(s) which may include the sale of all or substantially all of the business or assets of SRx Canada. The Company intends to carry on the critical business of SRx Canada throughout the pendency of the CCAA Proceedings. Neither the Company nor the Company's United States subsidiary, Halo, Purely For Pets, Inc., a Delaware corporation, has made any filing under any bankruptcy code or statutory reorganization scheme either in the United States or in Canada. About SRx Health Solutions, Inc. SRx Health Solutions, Inc. formerly known as Better Choice Company Inc., -- https://srxhealth.com/ -- is an integrated Canadian healthcare services provider that operates within the specialty healthcare industry. The SRx network extends across all ten Canadian provinces, making it one of the most accessible providers of comprehensive, integrated, and customized specialty healthcare services in the country. SRx combines years of industry knowledge, technology, and patient-centric focus to create strategies and solutions that consistently exceed client expectations and drive critical patient care initiatives aimed to improve the wellness of Canadians. Tampa, Fla.-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and has an accumulated deficit and may need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15.8 million in total assets, $7.2 million in total liabilities, and a total stockholders' equity of $8.6 million. SRX HEALTH: Needs Additional Time to Finalize Quarterly Report -------------------------------------------------------------- SRx Health Solutions, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the period ended June 30, 2025 by the prescribed due date because it requires additional time to finalize its financial statements to be included in such Form 10-Q. About SRx Health Solutions, Inc. SRx Health Solutions, Inc. formerly known as Better Choice Company Inc., -- https://srxhealth.com/ -- is an integrated Canadian healthcare services provider that operates within the specialty healthcare industry. The SRx network extends across all ten Canadian provinces, making it one of the most accessible providers of comprehensive, integrated, and customized specialty healthcare services in the country. SRx combines years of industry knowledge, technology, and patient-centric focus to create strategies and solutions that consistently exceed client expectations and drive critical patient care initiatives aimed to improve the wellness of Canadians. Tampa, Fla.-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and has an accumulated deficit and may need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15.8 million in total assets, $7.2 million in total liabilities, and a total stockholders' equity of $8.6 million. STAR PUMP: Amends BOM Bank Secured Claim Pay Details ---------------------------------------------------- Star Pump Down Services, LLC, submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated August 20, 2025. The Debtor's Plan is premised upon continuing to operate its business. The Debtor has two lines of business. One consists of leasing out its equipment to third parties. The second consists of directly providing services to customers. The Debtor has limited its business to leasing activities during the Chapter 11 proceeding but intends to resume directly providing services as soon as this is feasible. The Debtor will continue to be owned and managed by Chad Elliott. The Debtor anticipates that revenues will grow from $86,800.00 in August 2025 to $250,000 in July 2031. However, revenues will fluctuate based on the business cycle. Traditionally there is less demand for Debtor's services during December and January each year. The Debtor's projections include a capital reserve and a budget for purchasing new equipment. The Plan proposes to operate its business to generate funds to pay creditors over a five-year period. Class 3 consists of the Allowed Secured Claim of BOM Bank. BOM Bank has filed a proof of claim in the amount of $6,356,806.04. The Bank asserts that it is fully secured. The Debtor's post-petition income has been generated from renting out equipment. As of June 30, 2025, the amount held by the Debtor in its debtor-in possession account was $146,400.00. This constitutes additional collateral of the Bank. At confirmation, it will be necessary to true up the amount of the Bank's collateral based upon the amount of net rents held by the Debtor. Under the Plan, the Class 3 Claim shall retain its liens. The total debt claimed by BOM Bank is $6,356,806.04. The Debtor estimates the value of the collateral securing the BOM Bank to be $3,298,500 plus any net rents held as of the confirmation date. Unless the Bankruptcy Court orders otherwise, the Allowed Secured Claim of BOM Bank is limited to $3,298,500 (as adjusted) pursuant to 11 U.S.C. Section 506(a), and the remaining debt of $3,058,306.04 shall be treated as an Allowed general unsecured claim treated in accordance with Class 6. The Debtor believes that the collateral securing the claim of BOM Bank is worth less than the amount of the claim. As a result, Debtor does not believe that BOM Bank will be entitled to post petition, pre-confirmation interest or fees pursuant to 11 U.S.C. Sec. 506(b). If the Court disagrees with the Debtor's valuation and values BOM Bank's collateral at more than the amount of its debt, the Bank would be entitled to. Interest on the unpaid balance of the Class 3 Claim shall accrue at the rate of Prime + 1% per annum on a floating basis unless determined otherwise by the Court Interest will begin to accrue on the Effective Date. The Wall Street Journal Prime Rate is presently 7.5% so that the initial rate under the plan will be 8.5%. Payments will adjust on the next regular payment date after a change to the Wall Street Journal Prime Rate. The Class 3 Claim shall be satisfied through the following payments: * Monthly payments of thirty-five thousand dollars each during the two-year period after the Effective Date; * Monthly payments of fifty thousand dollars each during the subsequent one-year period; * Monthly payments of sixty-five thousand dollars each during the subsequent three-year period; and * A balloon payment for the remaining balance of the Allowed Secured Claim by the end of such 72-month period. The interest accruing on the Class 3 debt will begin at $28,652.06 under the Debtor's calculations. As a result, the payments for the first two years will begin reducing the debt immediately. Debtor has attached a calculation of application of payments to the debt. Debtor estimates that at the end of eight years, it will need to cover a balloon payment of $1,611,287.89. Like in the prior iteration of the Plan, Class 5 shall consist of the holders of Allowed General Unsecured Claims totaling less than $25,000 who do not timely submit ballots containing an election to be treated as members of Class 6. The allowed unsecured claims total $82,877.64. Members of this Class will be paid 10% of their claim amounts on the effective date. The Debtor estimates that payments to this class will total $8,287.76. Class 6 shall consist of the holders of Allowed General Unsecured Claims who are not members of Class 5. The allowed unsecured claims total $4,219,560.23. Members of Class 6 will receive their pro rata shares of the following payments to be made by the Debtor on account of Class 6 Claims: $10,000 per month during the two-year period after the effective date; followed by $25,000 per month during the subsequent four-year period. Class 6 shall receive total payments in the amount of $1,440,000. This will result in a distribution of approximately 34% without interest. Class 6 is impaired. The Plan will be funded from the revenues generated from the Debtor's future business operations. A full-text copy of the Amended Disclosure Statement dated August 20, 2025 is available at https://urlcurt.com/u?l=7ICyrq from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen Sather, Esq. Barron & Newburger P.C. 7320 N. Mopac Expressway, Ste. 400 Austin, TX 78731 Telephone: (512) 476-9103 Email: ssather@bn-lawyers.com About Star Pump Down Service Star Pump Down Service LLC is dedicated to providing services in the pump down industry. Star Pump Down Service LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11506) on November 29, 2024. In the petition signed by Chad Elliott, president, the Debtor reports total assets of $5,146,614 and total liabilities of $7,061,694. Honorable Bankruptcy Judge Shad Robinson handles the case. Stephen Sather, Esq., at Barron & Newburger PC, serves as the Debtor's counsel. STAT EMERGENCY: Court Tosses Mouranie v. Cheatem Adversary Case --------------------------------------------------------------- Judge Joel D. Applebaum of the United States Bankruptcy Court for the Eastern District of Michigan denied the motion for summary judgment filed by Charles M. Mouranie, Liquidating Trustee of STAT Emergency Medical Services, Inc., in the adversary proceeding captioned as Charles M. Mouranie, Liquidating Trustee, Plaintiff, v. Constance Cheatem, Defendant, Adv. P. No. 25-03014-jda (Bankr. E.D. Mich.). The Court dismisses the complaint. Plaintiff seeks judgment on a two-count Complaint to recover expenses allegedly incurred by STAT in training defendant to be a certified emergency medical technician. On Sept. 22, 2022, defendant, Constance Cheatem, signed an agreement with STAT captioned: American Training Institute-STAT EMS EMT-B Scholarship Program Agreement. The Agreement was signed by Marc Lund, then CEO of STAT and Defendant, identified as Emergency Medical Technician Academy Cadet. Defendant asserts that she fully complied with the terms of the Agreement by finishing her training in November 2022, and timely passing the National Exam in December 2022. In December 2022, Defendant began working as a paid employee at STAT. Defendant further states that, in February 2023, STAT stopped paying her for hours worked. According to Defendant, she did not resign, nor was she terminated from her job. Her employment ended in March 2023, when STAT shut down its EMT operations On July 5, 2023, STAT filed its voluntary chapter 11 (subchapter V) bankruptcy petition. On March 10, 2025, Plaintiff, formerly the Subchapter V Trustee and now the Liquidating Trustee under Debtor's Confirmed Chapter 11 Plan of Liquidation, filed the present two-count Complaint against Defendant. Count I, captioned "Open Account", alleges that Debtor sold goods and services to the Defendant and incurred costs and expenses at the request of Defendant, on account, and upon the promise to pay for the same. Count I seeks to recover of $5,500 pursuant to section 542(b)(Turnover of Property to the Estate). Count II, captioned "Account Stated," alleges that Debtor rendered its Statement of Account to the Defendant and the account has become stated. Because Defendant has refused, failed and neglected to remit said sum to Trustee, the Complaint seeks turnover of the funds as a debt that is property of the estate and is matured, payable on demand or payable on order pursuant to section 542. Defendant asserts that Debtor breached the contract by failing to pay her for hours worked in January and February 2023, as well as committing financial crimes which lead to them being shut down by the State of Michigan. On May 29, 2025, Plaintiff filed the present Motion for Summary Judgment. As a result of the breach, and pursuant to Sec. 542 of the Bankruptcy Code, the Trustee is requesting funds be turned over to the estate pursuant to the Agreement. Plaintiff asserts that the Agreement between STAT and Defendant is valid and enforceable under Michigan law. Having reviewed the applicable Michigan law, the Court disagrees and finds that the Agreement is not enforceable against Defendant. According to the Court, the Agreement in the instant case makes completion of the training course and passage of the EMT certification test non-optional conditions of employment. The plain language of the Agreement conditions employment on successfully completing this training. In short, nothing in the Agreement can reasonably be construed to make completion of training optional for individuals hired as EMTs at STAT. The Court finds because the training covered by the Agreement was not optional but was a condition of employment, Plaintiff may not recover the cost of that training. While the Court recognizes there may be questions of fact surrounding when Defendant's employment with STAT ended, why it ended, and whether Defendant is owed unpaid wages, among others, none of those facts are relevant to the Court's holding that, as a matter of Michigan law, Plaintiff may not pursue from Defendant reimbursement of the tuition expenses allegedly incurred pursuant to the Agreement. A copy of the Court's Opinion dated August 19, 2025, is available at https://urlcurt.com/u?l=k30rva from PacerMonitor.com. About STAT Emergency STAT Emergency Medical Services, Inc. was a full service medical and non-medical specialty transportation logistic business with its headquarters is located at 520 W. Third St. in Flint, Michigan. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-31085) on July 5, 2023, with as much as $50,000 in assets and $1 million to $10 million in liabilities. Charles Mouranie of CMM & Associates has been appointed as Subchapter V trustee. Judge Joel D. Applebaum oversees the case. The Debtor tapped Kim K. Hillary, Esq., at Schafer and Weiner, PLLC as legal counsel and Wesler & Associates, CPA, PC as accountant. STATE OF FLUX: Gets Final OK to Use Cash Collateral --------------------------------------------------- State of Flux, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of California, to use cash collateral. The final order authorized the Debtor to use cash collateral in the ordinary course of business to pay regular monthly expenses including, but not limited to, inventory, employee wages, vendor payments, and rent. As adequate protection, MainStreet Launch and the U.S. Small Business Administration will be granted a replacement lien on all of the Debtor's post-petition assets equal in value to their pre-bankruptcy claims. The replacement liens are automatically perfected and enforceable without further action but remain subject to court review. In addition, MainStreet Launch will receive monthly cash payments of $950. The final order will remain in effect until confirmation of a Chapter 11 plan or conversion or dismissal of the Debtor's bankruptcy case. About State of Flux Inc. State of Flux Inc., formerly doing business as Haze Apparel, is a San Francisco-based retail business likely operating in the apparel industry. State of Flux sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30541) on July 7, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by: Ryan C. Wood, Esq. Law Offices of Ryan C. Wood, Inc. Tel: 650-366-4858 ryan@westcoastbk.com SYNAPSE FINANCIAL: TriplePoint Marks $732,000 Loan at 92% Off ------------------------------------------------------------- TriplePoint Venture Growth BDC Corp. has marked its $732,000 loan extended to Synapse Financial Technologies, Inc. to market at $56,000 or 8% of the outstanding amount, according to TriplePoint's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. TriplePoint is a participant in a Growth Capital Loan to Synapse Financial Technologies, Inc. The loan accrues interest at a rate of 5.75% per annum. The loan matures on July 31, 2025. TriplePoint, a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC's investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. TriplePoint is led by James P. Labe as Chief Executive Officer and Chairman of the Board of Directors and Mike L. Wilhelms as Chief Financial Officer. The Company can be reach through: James P. Labe TriplePoint Venture Growth BDC Corp. 2755 Sand Hill Road, Suite 150, Menlo Park, Ca 94025 Telephone: (650) 854-2090 About Synapse Financial Technologies, Inc. Synapse Financial Technologies was a San Francisco-based banking-as-a-service (BaaS) company that provided API-driven financial products like deposits, lending, and payments. TINY FROG: Unsecureds to Split $175K via Quarterly Payments ----------------------------------------------------------- Tiny Frog, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement describing Plan of Reorganization dated August 21, 2025. The Debtor is an operator of several quick service restaurants in Wake, Harnett, Johnston, and Lee Counties, North Carolina. The Debtor is a North Carolina corporation and operates as "Highway 55 Shakes Burgers & Fries" pursuant to franchise agreements with The Little Mint, Inc., a North Carolina corporation. The Debtor is managed by its sole shareholder and president, Alex Ramos. Mr. Ramos actively manages the operations using virtually no staff. He is experienced in the restaurant business and operated successfully and profitably until recently. The Debtor experienced financial troubles resulting from inflationary input costs and expansion costs when changing its business model from strip centers to free standing restaurants with drive-thru windows. The Debtor filed a petition for relief under Chapter 11 of the Bankruptcy Code on March 25, 2025, and has operated profitably since that time. The Debtor's primary assets consist of restaurant equipment and furnishings utilized in the restaurant operations. The Debtor owns no real estate but rather leases all of its remaining locations. The Debtor's Plan is based on the Debtor's belief that the interests of its creditors will be best served if it is allowed to reorganize and continue to operate. Payments to creditors will be made from the proceeds of Debtor's continued operations. The Class of General Unsecured Claims will receive the sum of $175,000.00, payable in twenty quarterly installments of $8,750.00 each. Holders of claims in this Class will receive a prorata share of each installment. Alex Ramos is the sole shareholder and sole member of this Class. The Plan provides for Mr. Ramos to maintain his equity ownership in the Debtor after confirmation of the Plan. Payments and distributions under the Plan will be funded by net operating income from restaurant operations, as well as proceeds, if any, from the recovery of any claims which the Debtor may have against third parties including but not limited to claims under Chapter 5 of the Bankruptcy Code. A full-text copy of the Disclosure Statement dated August 21, 2025 is available at https://urlcurt.com/u?l=hWZvj4 from PacerMonitor.com at no charge. Counsel to the Debtor: David F. Mills, Esq. Narron Wenzel, P.A. P.O. Box 1567 102 S. Third Street Smithfield, NC 27577 Tel: (919) 934-0049 Fax: (919) 938-1058 Email: dmills@narronwenzel.com About Tiny Frog Inc. Tiny Frog, Inc. operates multiple franchise locations of Hwy 55 Burger Shakes & Fries, a fast-casual dining chain specializing in burgers, shakes, and fries, under franchise agreements with The Little Mint, Inc. Tiny Frog filed Chapter 11 petition (Bankr. E.D.N.C. Case No. 25-01081) on March 25, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Alexis Ramos, president of Tiny Frog, signed the petition. Judge Joseph N. Callaway oversees the case. David F. Mills, Esq., at Narron Wenzel, P.A., is the Debtor's legal counsel. TODD CREEK: Court Okays Retainer for Allen Vellone Wolf Helfrich ---------------------------------------------------------------- The Honorable Kimberley H. Tyson of the United States Bankruptcy Court for the District of Colorado granted Todd Creek Farms Home Owners Association, Inc.'s motion to approve the retainer for Allen Vellone Wolf Helfrich & Factor P.C. As reported by the Troubled Company Reporter on Aug. 4, 2025, Todd Creek Farms Home Owners Association Inc. sought Court approval to hire Allen Vellone Wolf Helfrich & Factor P.C. as general bankruptcy counsel. The firm will provide legal advice concerning the general administration of the Estate, confirmation of any proposed plan of reorganization and disclosure statement approval, contested and adversary matters that arise in this case, investigation and litigation of any avoidance or other action the Estate may have, and other legal services for the Debtor related to or arising out of contested matters in this bankruptcy case. The firm will be paid at these hourly rates: Partners $475 to $725 Associates $350 to $450 Paralegal $195 to $250 The firm has received a $20,636 retainer pre-petition from the Debtor. Jeffrey A. Weinman, Esq., a partner at Allen Vellone Wolf Helfrich & Factor, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey A. Weinman, Esq. Matthew M. Wolf, Esq. Katharine S. Sender, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Phone: (303) 534-4499 Email: JWeinman@allen-vellone.com MWolf@allen-vellone.com KSender@allen-vellone.com A copy of the Court's Order dated August 25, 2025, is available at https://urlcurt.com/u?l=KiL6Db from PacerMonitor.com. About Todd Creek Farms Home Owners Association Inc. Todd Creek Farms Home Owners Association Inc. is a residential community management organization that oversees common areas, enforces covenants, and provides services to homeowners in the Todd Creek Farms development. Todd Creek Farms Home Owners Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14385) on July 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtors are represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. Orten Cavanagh Holmes & Hunt, LLC serves as the Debtors' special counsel. TODD CREEK: Professional Interim Advance Payment Procedures Okayed ------------------------------------------------------------------ The Honorable Kimberley H. Tyson of the United States Bankruptcy Court for the District of Colorado granted Todd Creek Farms Home Owners Association, Inc.'s motion for an order approving interim advance payment procedures for all professionals in its bankruptcy case. The Court finds cause exists for granting the Motion, and the Debtor's cash flow allows it to pay its professionals and other potential administrative priority claimants on a monthly or other specified interim advance basis. Provided the Professional complies with the provisions set forth in this Order, the professional may receive 80% of the fees -- with the remaining 20% referred to as the "Holdback" -- and 100% of the expenses not subject to an unresolved objection, as provided in L.B.R. 2016-2(b)(8)(D). The Professional may seek authorization for payment of the holdback amount as part of a subsequent formal interim fee application. To the extent any fees or expenses are not approved by the Court, they must be offset against the 20% holdback or be disgorged from the professional as appropriate. A copy of the Court's Order dated August 25, 2025, is available at https://urlcurt.com/u?l=P3BK5g from PacerMonitor.com. About Todd Creek Farms Home Owners Association Inc. Todd Creek Farms Home Owners Association Inc. is a residential community management organization that oversees common areas, enforces covenants, and provides services to homeowners in the Todd Creek Farms development. Todd Creek Farms Home Owners Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14385) on July 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtors are represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. Orten Cavanagh Holmes & Hunt, LLC serves as the Debtors' special law counsel. TODD CREEK: Wins Bid to Employ Orten Cavanagh as Special Counsel ---------------------------------------------------------------- The Honorable Kimberley H. Tyson of the United States Bankruptcy Court for the District of Colorado granted Todd Creek Farms Home Owners Association, Inc.'s application to employ Orten Cavanagh Holmes & Hunt, LLC as special counsel pursuant to 11 U.S.C. Sec. 827(e). The Court finds: (a) Orten Cavanagh Holmes & Hunt, LLC neither holds nor represents an interest adverse to the bankruptcy estate or the Debtor with respect to the matters within the scope of retention, as set forth in the Application; and (b) employment of the Firm as special counsel is in the best interest of creditors and the estate. Todd Creek Farms sought Court approval to hire Orten Cavanagh Holmes & Hunt, LLC as special law counsel. The firm will represent the Debtor with respect to general community association law, including assisting the Debtor with its ongoing operations, governance, and enforcement needs. The firm's current hourly rates are: Partner $390 to 450 Associate $340 to 390 Orten Cavanagh Holmes & Hunt is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Jonah G. Hunt, Esq. Orten Cavanagh Holmes & Hunt, LLC 1445 Market Street, Suite 350 Denver, CO 80202 Telephone: (720) 221-9780 Facsimile: (720) 221-9781 A copy of the Court's Order dated August 25, 2025, is available at https://urlcurt.com/u?l=a4tu5b from PacerMonitor.com. About Todd Creek Farms Home Owners Association Inc. Todd Creek Farms Home Owners Association Inc. is a residential community management organization that oversees common areas, enforces covenants, and provides services to homeowners in the Todd Creek Farms development. Todd Creek Farms Home Owners Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14385) on July 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtors are represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. TOGETHER GOOD: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Together Good Deeds IV, LLC asks the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use cash collateral and provide adequate protection. The Debtor, which operates under a labor-intensive, scalable service model, seeks emergency authorization to use cash collateral in order to fund its immediate operating expenses. This includes payroll, employee obligations, vendor payments, taxes, insurance, and other essential business costs. The need for Chapter 11 protection and the use of cash collateral arises from significant liquidity constraints caused by delayed payments from large customers, costly litigation initiated by the Debtor's former president, and an emergency project overrun earlier in the year. Together Good Deeds has several pre-petition financing arrangements. These include a $2.4 million loan from Gulf Coast Bank and Trust Company secured by all assets, along with various financing and factoring agreements with Billd Exchange, Astra Holdings, and Vintree Realty. These agreements are structured either as master contractor agreements or master pay app agreements, some of which may constitute true sales or secured financings—a matter the Debtor does not take a definitive position on at this time, reserving all rights to seek clarification from the court. Importantly, none of the lenders holds a deposit account control agreement or lockbox arrangement, and the Debtor disputes that any lender has a perfected lien on its cash. The Debtor argues that allowing the use of cash collateral is essential to preserving the value of the estate and avoiding irreparable harm to it, its employees, customers, and creditors—including the very lenders asserting a collateral interest. The Debtor offers to provide adequate protection through replacement liens that will only apply to the extent the court ultimately determines that cash was part of a valid, prepetition secured interest. These replacement liens will mirror the priority and extent of any valid prepetition liens, but will not attach to Chapter 5 avoidance actions, third-party perfected liens, or unencumbered property (with limited exceptions). The Debtor also agrees to use the funds in accordance with a pre-approved budget, maintain insurance, and provide monthly reporting to lenders. A copy of the motion is available at https://urlcurt.com/u?l=YDgQ9B from PacerMonitor.com. About Together Good Deeds IV LLC Together Good Deeds IV LLC, based in Texas, provides professional architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Vickie L. Driver, Esq., at Driver Stephenson, PLLC. TOWER GROUP: WMD Obtains Summary Judgment for TruPS Holders ----------------------------------------------------------- Wollmuth Maher & Deutsch LLP obtained a summary judgment victory in the New York Supreme Court, Commercial Division, on behalf of its clients, holders of $228 million in Trust Preferred Securities ("TruPS"), against Defendants who allegedly facilitated and/or participated in wrongdoing that led to nonpayment on the TruPS. The case is Alesco Preferred Funding VIII, Ltd., et al., v. ACP Re, Ltd., et al., Index No. 655881/2017 (NYSCEF 908). The Plaintiffs are holders of Trust Preferred Securities (TruPS) debentures that were issued by the Issuer Defendants between 2003 and 2007. The aggregate principal amount of the TruPS is $228 million, and the TruPS's indenture agreements (the Indentures) require that interest be paid quarterly each year until maturity. Absent a continuing Event of Default, the Issuer Defendants are entitled to defer interest payments for up to twenty consecutive quarterly periods upon notice to the trustees under the Indentures (the Trustees), but any extension cannot continue beyond the final Maturity Date In addition, the Issuer Defendants are required to make a payment of all accumulated interest at the end of the deferral period. Failure to make payment of any interest for more than 30 days past the due date or the court appointment of a receiver, liquidator, or similar official of the Issuer Defendants for any substantial part of the Issuer Defendants' property constitutes an Event of Default. On June 18, 2014 and July 2, 2014, Tower Group provided notice to the Trustees on behalf of the Issuer Defendants that it would start deferring interest payments as they were permitted to do for up to 20 consecutive periods (i.e., for up to five years). On July 27, 2016, Tower Group's insurance company subsidiaries were placed into conservatorship in California, and a conservation order was entered (the Conservatorship). On March 30, 2017, a Liquidation Order was entered in the Conservatorship proceeding. The Trustees then sent the Issuer Defendants notices of default. When the TruPS were not paid and an Event of Default declared, the holders of the TruPS sued. Although representing Plaintiffs, WMD affirmatively moved for summary judgment against certain Defendants for breach of their TruPS repayment obligations, while also moving for dismissal of certain of Defendants' affirmative defenses. For their part, two separate groups of Defendants filed two separate motions for summary judgment, seeking dismissal of all of Plaintiffs' claims and their theories of liability. On July 17 and 18, 2025, Justice Borrok heard oral argument on the summary judgment motions for about a day and a half. Three weeks later, Justice Borrok issued a 56-page decision granting the Firm's clients summary judgment against the issuers of the TruPS in the amount of $228 million in principal and $190.4 million in interest, and instructing the Firm to enter judgment on behalf of its clients. The Court also dismissed certain of Defendants' affirmative defenses, and denied Defendants' motions for summary judgment in all respects. In denying Defendants' motions for summary judgment, Justice Borrok held that certain remaining Defendants' contractual successor liability "is the law of the case" and as such those Defendants "are liable for breach of contract" as well. The litigation will now proceed to trial on Plaintiffs' claims against the directors and officers of certain of the Defendants, and on the claims for successor liability and alter ego against the non-issuer Defendant entities. A copy of the Court's decision dated August 12, 2025, is available at https://urlcurt.com/u?l=FQCbvv About WMD Wollmuth Maher & Deutsch LLP -- https://www.wmd-law.com/ -- is a NYC-based litigation, bankruptcy, and corporate boutique providing creative, results-oriented, and cost-effective solutions tailored to the unique needs of particular cases and clients. TROYZ TOWING: Jerrett McConnell Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Troyz Towing & Storage, Inc. Mr. McConnell 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. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 Email: info@mcconnelllawgroup.com About Troyz Towing & Storage Inc. Troyz Towing & Storage Inc., a company based in Jacksonville, Florida, provides towing, roadside assistance, and vehicle storage services. The Company operates 24/7 and offers light, medium, and heavy-duty towing, flatbed transport, diesel truck repair, and related automotive support. It serves the Jacksonville area through its main facility on Old Kings Road. Troyz Towing & Storage sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02906) on August 23, 2025. In its petition, the Debtor reported total assets of $2,125,617 and total liabilities of $2,043,87. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Rehan N. Khawaja, Esq., at Nassau Bankruptcy Lawyers, P.A. TRUE BLUE: Must Pay $3,000 Retainer to Subchapter V Trustee ----------------------------------------------------------- The Honorable Thomas B. McNamara of the United States Bankruptcy Court for the District of Colorado granted the motion filed by Jonathan M. Dickey, the Subchapter V trustee for True Blue Heating and Air Conditioning, LLC, to approve a post-petition retainer in the bankruptcy case. The Trustee asserts he provided proper notice of his Motion and no objection has been filed. Debtor True Blue Heating and Air Conditioning, LLC is authorized to pay a $3,000 retainer to the Trustee as security towards anticipated fees and expenses to be incurred in the performance of his duties as Subchapter V trustee. Payment(s) shall be made to Jonathan M. Dickey, Trustee, and sent via regular U.S. mail to: Jonathan M. Dickey, Esq., Kutner Brinen Dickey Riley, P.C., 1600 Lincoln Street, Suite 1720; Denver, CO 80264. The Trustee shall hold the Retainer in trust, with any application of the Retainer subject to further Court Order. A copy of the Court's Order dated August 25, 2025, is available at https://urlcurt.com/u?l=En47v3 from PacerMonitor.com. About The Blue Heating and Air Conditioning The Blue Heating and Air Conditioning, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-14585) on July 23, 2025, listing up to $50,000 in assets and between $100,001 to $500,000 in liabilities. Johnny Wilson, Esq., represents the Debtor as legal counsel. TRUE LOUNGE: Mark Politan Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Mark Politan, Esq., at Politan Law, LLC, as Subchapter V trustee for True Lounge, Inc. Mr. Politan will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Politan declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark J. Politan, Esq. Politan Law, LLC 88 East Main Street #502 Mendham, NJ 07945 Cell: (973) 768-6072 mpolitan@politanlaw.com About True Lounge True Lounge, Inc. operates as a restaurant, bar, and lounge at 82-88 Orchard Street, Newark, New Jersey, offering live music, comedy, and entertainment events. It serves as a nightlife venue in the Newark area, hosting both public performances and private events. True Lounge filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-18597) on August 15, 2025, with $2,085,100 in assets and $1,811,117 in liabilities. Catherine Spruill, president of True Lounge, signed the petition. Carol L. Knowlton, Esq., at Gorski & Knowlton, P.C. represents the Debtor as legal counsel. TRY TROUT: Case Summary & 14 Unsecured Creditors ------------------------------------------------ Debtor: Try Trout and Industrial, LLC 11158 and 11189 Church Street Truckee, CA 96161 Business Description: Try Trout and Industrial, LLC develops and manages property in Truckee, California, focusing on parcels located at 11157, 11158, and 11189 Church Street. The Company's projects are part of the Downtown and Railyard Master Plan zones, including the Trout Creek and Industrial Heritage Districts. It operates within the real estate and property development sector, holding ownership of multiple parcels. Chapter 11 Petition Date: August 27, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-24548 Judge: Hon. Christopher D Jaime Debtor's Counsel: William M. Noall, Esq. GARMAN TURNER GORDON LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Tel: 725-777-3000 Email: wnoall@gtg.legal Estimated Assets: $50 million to $100 million Estimated Liabilities: $10 million to $50 million The petition was signed by Randolph F. Lamb, managing member of Lamb Partners, LLC, manager of the Debtor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NSL3RPQ/Try_Trout_and_Industrial_LLC__caebke-25-24548__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 14 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Broadbent Professional $4,000 Attn: Managing Member or Services Bankruptcy Dept 8 West Pacific Ave. Henderson, NV 89015 2. Brodie Group Professional $105,435 Attn: Managing Member or Services Bankruptcy Dept 3033 Cleveland Ave. Ste. 100 Santa Rosa, CA 95403 3. Brucilla Architecture Professional $416,450 Attn: Managing Member of Services Bankruptcy Dept 1061 Dove Street, Ste. 187 Newport Beach, CA 92660 4. Eastern Sierra Judgment $191,000 Attn: Managing Member or Bankruptcy Dept 4515 Towne Drive Reno, NV 89521 5. ERPR, LLC Professional $26,151 dba East River PR Services Attn: Managing Member or Bankruptcy Dept P.O. Box 2758 Truckee, CA 96160 6. Grant Harmon Professional $4,037 1250 Cloud Avenue Services Menlo Park, CA 94025 7. Integra Realty Professional $3,500 590 Menlo Drive, Services Suite 1 Rocklin, CA 95765 8. Keith Dudam Judgment $1,200,000 11665 Summit Club Dr. Unit 102 Las Vegas, NV 89135 9. Light Box Professional $2,375 Attn: Managing Member or Services Bankruptcy Dept P.O. Box 201584 Dallas, TX 75230 10. Marc Szabo Studios Professional $7,000 Attn: Managing Member or Services Bankruptcy Dept 13902 Fiji Wat, #126 Marina Del Rey, CA 90292 11. Melton Design Group Professional $20,636 Attn: Managing Member or Services Bankruptcy Dept 820 Broadway Street Chico, CA 95928 12. Montgomery Pacific Professional $20.69 Corporation Services Attn: Managing Member or Bankruptcy Dept 4120 Douglas Blvd., #306-196 Granite Bay, CA 95746 13. Real Graphic Professional $508 Attn: Managing Member or Services Bankruptcy Dept 11025 Pioneer Trail #103 Truckee, CA 96161 14. Stuart Moore Staub Professional $4,625 Attn: Managing Member or Services Bankruptcy Dept 641 Higuera St. Suite 302 San Luis Obispo CA 93401 TURNER OAKWOOD: Public Sale of Raleigh Property OK'd ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, has allowed Turner Oakwood Properties LLC, to sell Property in a public sale, free and clear of claims, liens, encumbrances, and interests. The Debtor, a limited liability company organized and existing under the laws of the State of North Carolina. The Court has authorized the Debtor to sell the real property and improvements with the physical address of 404 East Edenton Street, Raleigh, North Carolina 27610 at a public sale on September 3, 2025. Any determination the validity, priority, and extent of the liens, encumbrances, claims, rights, and interests of such lienholders and claimants in the Property is reserved and the Debtor, creditors, and any parties-in-interest, shall not be estopped or abridged from challenging the validity of any liens, claims, encumbrances, or other interests in the Property. About Turner Oakwood Properties LLC Turner Oakwood Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 22-02049) on Sept. 12, 2022. In the petition signed by its manager, Augusta Bernadette Turner, the Debtor disclosed up to $1 million in both assets and liabilities. Judge David M. Warren oversees the case. William Kroll, Esq., at Everett Gaskins Hancock, LLP, is the Debtor's counsel. UNITI GROUP: Fitch Assigns 'B-' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has assigned Uniti Group Inc. a Long-Term Issuer Default Rating (IDR) of 'B-'. The Rating Outlook is Stable. Fitch has downgraded Uniti Group LLC and Uniti Fiber Holdings Inc.'s (collectively, Uniti) IDRs to 'B-' from 'B+' with a Stable Outlook, resolving the Rating Watch Negative (RWN). Fitch has also downgraded Windstream Services LLC's (Windstream) IDR to 'B-' from 'B' with a Stable Outlook, resolving the Rating Watch Evolving (RWE). Uniti Group Inc. merged Uniti Group LP with and into Windstream. As a result, all legacy senior secured and senior unsecured indebtedness of Uniti and Windstream are now under a common credit group beneath Windstream Services LLC as borrower and issuer. Fitch has also downgraded Windstream's senior secured debt to 'BB-' with a Recovery Rating of 'RR1' from 'BB+'. Fitch has additionally downgraded Windstream's unsecured ratings to 'CCC+' with a Rating Recovery of 'RR5' from 'B'. Additionally, the super senior revolving credit facility at legacy Windstream Services LLC has had its priority status eliminated and now ranks equally with the other senior secured debt at that entity. The downgrade follows the completion of the combination of Uniti Group Inc. and Windstream Holdings II LLC. Fitch expects the combined company to generate significant operating synergies from the recombination. Fitch expects the continued decline in legacy services and the negative impact of elevated capex over the next four years to result in higher leverage, negative FCF, and reduced interest coverage. Fitch is withdrawing the 'B'/RWE IDR on Windstream Holdings II LLC and the 'B+'/RWN IDR on Uniti Group LP. The withdrawal is due to insufficient information. Key Rating Drivers Windstream Acquisition: On May 3, 2024, Uniti announced its acquisition of Windstream. The merger closed on Aug. 1, 2025. The merger positions the combined company in Tier II and Tier III markets with significant opportunities to increase its fiber build to drive attractive fiber broadband sub growth. Management projects up to $100 million in operating expense and $20 million-$30 million in capex synergies. Fitch expects the merger will provide operating efficiencies as the company brings more combined traffic on net and targets incremental opportunities within the combined network. The combined company aims to reach two million subscribers by the end of 2025 (up from the prior target of about 1.9 million by 2027). Uniti targets an additional 1.5 million homes passed by YE 2029. The company's fiber plant passed 37% of its footprint at YE 2024 and plans to pass approximately 43% by YE 2025. Revenue Pressures Continue: Fitch expects the combined company to experience revenue pressure in the near term, particularly in the Uniti Solutions segment due to declining legacy products-related revenue and effects of competition. This pressure should be offset over time with growth in the consumer fiber business as the company continues to pass additional households with fiber and increases penetration levels as well as emerging opportunities related to AI-driven growth. Elevated Leverage: Fitch expects the PF leverage of the combined company as of YE 2025 to be in the low-6x range. Leverage is expected to remain elevated over the next several years due to revenue and EBITDA pressures from Windstream's legacy revenue and high capex for planned Fiber to the Home deployments. Fitch expects EBITDA/Interest coverage to be weak for the rating over the next several years. Negative FCF: Fitch expects capex needs to result in material cash flow deficits for the next three-plus years due to the elevated capex to fund the FTTH build. Uniti is expected to access the capital markets, including potential ABS funding, to fund expected cash flow shortfalls. However, Fitch expects FCF should start to improve after 2028 as these expenditures decrease and EBITDA shows improvement. Limited Liquidity: Liquidity at June 30, 2025 for standalone Uniti was approximately $740 million, consisting of about $240 million in cash and revolver availability of about $500 million. The $500 million revolving facility matures in September 2027. Liquidity at June 30, 2025 for standalone Windstream was approximately $491 million, consisting of about $163 million in cash and revolver availability of about $328 million. The combined company has no maturities until 2027 when both Uniti and Windstream's revolvers mature, as well as $306.5 million in unsecured notes. The combined company faces a larger maturity wall in 2028 when roughly $2.85bn of secured debt matures. Fitch expects the company will need to raise additional capital to fund the cash flow shortfalls. Parent-Subsidiary Linkage: Windstream Services LLC, Uniti Group LLC, Uniti Fiber Holdings Inc and Uniti Group Inc. have the same IDR because of comprehensive cross-guarantee provisions in long-dated bonds. Peer Analysis Fitch previously evaluated legacy Uniti under its U.S. Equity REITs and REOCs Sector Navigator, but following Uniti's merger with its primary lessee Windstream, Fitch now analyzes Uniti under the Telecommunications Sector Navigator. Uniti is a hybrid company with characteristics of an incumbent operator through its Kinetic business unit (ILEC business) which operates in smaller urban or rural areas of 18 states. They also provide business services through their Uniti Solutions (CLEC). The Fiber Infrastructure businesses provides infrastructure to other communication providers, hyperscalers and wireless towers. Legacy Uniti's network is one of the largest independent fiber providers in the U.S., along with Zayo Group Holdings, Inc. The business models of Uniti and Zayo are unlike the wireline business of communications services providers, including AT&T Inc. (BBB+/Stable), Verizon Communications Inc. (A-/Stable) and Lumen Technologies (CCC+). Uniti and Zayo are infrastructure providers, which may be used by communications service providers to offer retail services including wireless, voice, data and internet. The Windstream acquisition provides access to Windstream's 4.3 million Kinetic households. The combined company will own 237,000 national wholesale fiber route miles, with first mover advantage in Tier II and Tier III markets. In addition, it brings an Enterprise business similar to AT&T, Verizon and Lumen, although significantly smaller Uniti has a similar business profile to both Frontier Communications Parent, Inc. (B+/Rating Watch Positive) and Cincinnati Bell Inc. (B/Stable). Uniti has less exposure to the residential market than Frontier. Consumers account for about one-third of Uniti's revenue but over half of Frontier's. Frontier will have a slightly larger scale than the combined company and operates at slightly lower leverage compared with the combined company's expected leverage of about 6x in 2025. Cincinnati Bell is further along in their fiber transition, having largely completed their Cincinnati build and are 60+% complete with their Hawaii build and have lower leverage. Key Assumptions For the Combined Company - $3.76 billion of pro forma 2025 revenue for the combined Uniti and Windstream; - Pro forma 2025 EBITDA of $1.5 billion; - Revenue expected to decline low single digits in 2026, flat in 2027 before turning to low single digit growth thereafter; - EBITDA margins show general improvement over time as higher margin fiber business becomes a larger portion of the whole; - Combined pro forma capex expected to be $1.25 billion in 2025 and $1.33 billion in 2026; - Preferred equity dividends paid in kind. Recovery Analysis The recovery analysis assumes that Uniti would be considered a going concern in a bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. The recovery analysis reflects new Uniti's standalone credit silo waterfall. The revolvers are assumed to be fully drawn. The going-concern EBITDA estimate reflects Fitch's view of sustainable, post-reorganization EBITDA, upon which Fitch bases the valuation of the company. This leads to a post-reorganization EBITDA estimate of $1335 million. EBITDA pressures could result from increased competitive pressures from cable and fixed wireless access companies as well as slower than expected demand from hyperscalers and other wholesale customers. Post-reorganization valuation uses a 6.0x enterprise value multiple. The multiple reflects the higher asset value of the fiber networks as Uniti continues to build out its network. The multiple is in line with the range for telecom companies published in Fitch's "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" report. The most recent report indicates a median of 5.4x. Other wireline companies, with significant investments in fiber, have traded at enterprise multiples of between 8.5x-14x EBITDA over the last two years. The recovery analysis produces a Recovery Rating of 'RR1' for the secured debt, reflecting strong recovery prospects, and 'RR5' for the senior unsecured debt, reflecting the lower recovery prospects of unsecured debt, given its position in the capital structure. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Larger than expected FCF deficits; combined with reduced access to capital to fund the company's growth; - EBITDA leverage exceeding 7.5x on a sustained basis; - Deterioration in operating profile and market position due to competitive forces; - EBITDA interest coverage sustained below 1.5x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent gains in revenue and EBITDA that provide a clear path towards positive FCF; - EBITDA leverage sustained below 5.5x; - Successful fiber deployment execution, including continued improvement in consumer fiber customer penetration Liquidity and Debt Structure Standalone Uniti had approximately $740 million of liquidity on June 30, 2025, consisting of unrestricted cash of approximately $240 million and revolver availability of $500 million. The $500 million revolving facility matures in September 2027. Subsequent to 2Q25 end, Uniti funded a $371 million payment to Windstream shareholders as part of their merger using cash and revolver availability. Standalone Windstream had approximately $491 million of liquidity on June 30, 2025, consisting of about $163 million in cash and revolver availability of about $328 million. The next maturities for Uniti Group Inc are the revolving credit facilities and 7.5% convertible senior notes due in 2027. Issuer Profile Uniti offers bundled broadband and voice services to consumers primarily in rural areas in 18 states as well as services to Enterprise customers and Wholesale offerings. On Aug. 1, 2025, Uniti completed its re-merger with Windstream. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Fitch does not provide ESG relevance scores for Uniti Fiber Holdings Inc., Uniti Group Inc., Uniti Group LLC, Uniti Group LP, Windstream Holdings II, LLC, Windstream Services, LLC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Uniti Group Inc. LT IDR B- New Rating Uniti Fiber Holdings Inc. LT IDR B- Downgrade B+ senior secured LT BB- Downgrade RR1 BB+ senior unsecured LT CCC+ Downgrade RR5 B Uniti Group LP LT IDR WD Withdrawn B+ Uniti Group LLC LT IDR B- Downgrade B+ senior unsecured LT CCC+ Downgrade RR5 B Windstream Services, LLC LT IDR B- Downgrade B senior secured LT BB- Downgrade RR1 BB+ senior secured LT BB- Downgrade RR1 BB senior secured LT BB- Affirmed RR1 BB- senior unsecured LT CCC+ Downgrade RR5 B Windstream Holdings II, LLC LT IDR WD Withdrawn B UNIVERSAL NORTH: A.M. Best Keeps 'bb' ICR on Review Negative ------------------------------------------------------------ AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb" (Fair) of Universal North America Insurance Company (UNAIC) (Arlington, TX). The Credit Ratings (ratings) reflect UNAIC's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The ratings have been under review with negative implications since October 2023, initially due to a significant decline in policyholder surplus as the result of weather events in that year. Additionally, UNAIC's ratings were downgraded to the current rating levels, with the under review with negative implications status maintained, on Feb. 12, 2025 (see related press release), following the executed stock purchase agreement, effective Jan. 31, 2025, which included the sale of UNAIC's holding company, Universal Insurance Holdings of North America, and an affiliated managing general agent. Management has requested additional time to further develop its business plan and capital management strategy. The ratings will remain under review with negative implications until AM Best can fully assess UNAIC's business plan and prospective capital management strategy under its new ownership structure. The negative implications point to financial-strength uncertainty at the new intermediate holding company, 5B Alliance, LLC, and the ultimate parent, which is an individual entity. VENTURE GLOBAL: Moody's Alters Outlook on 'Ba1' Rating to Positive ------------------------------------------------------------------ Moody's Ratings affirmed the Ba1 rating assigned to Venture Global Calcasieu Pass, LLC's (VGCP) senior secured obligations, including its senior secured notes. The outlook was revised to positive from stable. RATINGS RATIONALE The rating action reflects the recent credit positive tribunal decision from the International Chamber of Commerce, International Court of Arbitration (ICC) in the arbitration proceedings between VGCP and Shell NA LNG LLC (Shell) and Moody's expectations that because of this outcome, remaining arbitration will most likely be resolved with little to no financial impact to VGCP. Seven of VGCP's eight offtakers, including Shell, have filed arbitration proceedings against VGCP over its alleged delay in achieving commercial operation under their respective Sale Purchase Agreement (SPA). Future proceedings are expected to take place throughout the remainder of 2025 with full resolution of all arbitration likely expected in 2026. While each of the remaining arbitration decisions will be handled by separate arbitration judges within the ICC, Moody's believes that the outcome of the Shell arbitration provides an important data point for future arbitration outcomes. According to VGCP, contract damages collectively sought by VGCP's customers are in excess of $1.0 billion. VGCP's credit profile considers the April 15, 2025 declaration of commercial operability under all existing SPAs. As such, VGCP is now operating under the parameters of six separate 20-year foundation SPA's totaling 8.5 MTPA of liquefaction capacity and two separate medium-term SPA's totaling 1.5 MTPA. Contracted fixed payments under the foundation SPAs total approximately $850 million per year (and in excess of $1.0 billion including the medium-term SPA's), which compares favorably to expected operating and financing costs, and are payable regardless of whether the counterparties lifts cargoes. RATING OUTLOOK VGCP's positive outlook incorporates an expectation for favorable outcomes of the remaining arbitration proceedings, continued strong operational and financial performance, including the generation of annual EBITDA of approximately $700 million under existing contractual arrangements. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Further favorable outcomes relating to some of the remaining ongoing arbitration sought by VGCP's long-term customers combined with strong operating performance, a demonstration of a sound natural gas procurement strategy, and incremental debt reduction could trigger upward rating movement. A material negative outcome relating to any of the remaining arbitration hearings or the failure to meet key operating and financial parameters could trigger rating pressure. Venture Global Calcasieu Pass, LLC (VGCP) is primarily engaged in the natural gas liquefaction and export-related businesses, including owning and operating an LNG export facility consisting of 18 midscale, modular liquefaction trains, with an aggregate nameplate capacity of 10.0 MTPA of LNG and permitted liquefaction capacity of 12.4 MTPA. VGCP is majority owned by Venture Global LNG, Inc. (VGLNG: B1 CFR, positive outlook). The principal methodology used in these ratings was Generic Project Finance published in October 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. VERINT SYSTEMS: S&P Places 'BB' ICR on CreditWatch Negative ----------------------------------------------------------- S&P Global Ratings placed all its ratings on customer and workforce engagement software company Verint Systems Inc., including its 'BB' issuer credit rating, on CreditWatch with negative implications. S&P expects to resolve the CreditWatch placement, which could result in multiple-notch downgrade, as more details of the transaction are revealed and approvals are obtained. Verint Systems announced it has entered into a definitive agreement to be acquired by Thoma Bravo L.P. in an all-cash transaction valued at $2 billion. At transaction close, Verint will merge with Calabrio, a Thoma Bravo portfolio company, aiming to consolidate and automate customer experience workflows with an artificial intelligence (AI) platform. The pro forma capital structure for the acquisition and merger is currently unknown. Verint has no room in the current ratings for additional leverage because the company's earnings is negatively affected by business transition initiatives. Verint's leverage would increase further because of transaction-related debt. S&P said, "While the mix of debt and equity is unknown at this time, we expect the transaction would increase leverage with acquisition-related debt to be pushed down to Verint, resulting in a materially weaker credit profile. The company's S&P Global Ratings-adjusted leverage is around 3.5x as of April 30, 2025, which is elevated relative to our ratings downgrade threshold. We also believe there is material risk that the new ownership would prompt more aggressive financial policies compared to Verint's previously publicly stated leverage target of 3x." The proposed transaction increases operational risks because Verint is in a transition period. S&P said, "We think combining Verint with Calabrio at a time when Verint is undergoing a shift in operational strategy to transition the business toward greater software as a service (SaaS) sales and recurring revenue base creates execution risks; this will increase as Verint layers on a new business to integrate. We currently do not have sufficient information on the business plan of the combined companies to determine operational prospects." S&P said, "The CreditWatch negative placement reflects that we would likely lower our ratings on Verint to reflect the potential for increased leverage and business risk. We plan to review the company's prospective capital structure, controlling ownership structure and governance, financial policy, and business outlook. The transaction is subject to approvals by Verint shareholders and receipt of regulatory approvals." VICTORIA'S KITCHEN: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Victoria's Kitchen LLC 2001 E Tulpehocken St Philadelphia, PA 19138 Business Description: Victoria's Kitchen operates as a food service business offering southern-style comfort and soul food dishes, including seafood, lamb, soups, pasta, salads, and desserts. The Company provides takeout, delivery, and catering services in the Philadelphia, Pennsylvania, and Sicklerville, New Jersey areas, and also runs a food truck service. Chapter 11 Petition Date: August 26, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 25-13380 Judge: Hon. Derek J Baker Debtor's Counsel: Michael Assad, Esq. SADEK LAW OFFICES 1500 JFK Blvd. Ste 220 Philadelphia, PA 19102 Tel: (215) 545-0008 Email: michael@sadeklaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million Victoria A. Turner Tyson signed the petition in her capacity as managing member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3CEZJTA/Victorias_Kitchen_LLC__paebke-25-13380__0001.0.pdf?mcid=tGE4TAMA VILLAGES HEALTH: Morses Accused of Siphoning Millions ----------------------------------------------------- Meta Minton of Villages-News reports that The Villages Health's bankruptcy fight has escalated as UnitedHealthcare accuses the Morse family of siphoning millions in distributions before the collapse of the physician group. The report citing a court filing related that UnitedHealthcare alleges that from 2022 to 2024, The Villages Health paid out $183 million -- $64.2 million in tax-related distributions and $118.8 million toward a shareholder credit line -- transactions the insurer calls "disguised equity distributions" to the Morse family. The health system, which serves 55,000 patients and employs 900 people, is asking a bankruptcy judge to approve a $46 million financing package to keep operations running. UnitedHealthcare objects, noting the loan comes from The Villages at steep terms of 12% interest, later lowered to 10% after competing bids emerged. UnitedHealthcare also claims it was blindsided by the bankruptcy, which CEO Bobby Trinh announced in July—one day after receiving a $200,000 retention bonus. The Villages Health has said its bankruptcy is tied to potential Medicare coding errors that could lead to $360 million in government repayment. UnitedHealthcare has also voiced opposition to a planned sale of the business to Humana’s Centerwell, expected to close in October 2025. About The Villages Health System LLC The Villages Health System, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04156) on July 3, 2025. In the petition signed by Neil F. Luria, chief restructuring officer, the Debtor disclosed between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Judge Lori V. Vaughan oversees the case. The Debtor tapped Elizabeth A. Green, Esq., at Baker & Hostetler, LLP as counsel; GBH SOLIC HoldCo, LLC as restructuring advisor; and Evercore Group LLC as investment banker. WATERBRIDGE MIDSTREAM: NDB Transaction No Impact on Moody's B2 CFR ------------------------------------------------------------------ Moody's Ratings considers the planned merger of WaterBridge Midstream Operating LLC (WaterBridge Midstream, B2 negative) and WaterBridge NDB Operating LLC (WaterBridge NDB, B2 stable), to be completed alongside the initial public offering (IPO) of WaterBridge Infrastructure LLC, as a credit-positive development. However, given the inherent market and execution risk related to an IPO transaction, the current B2 Corporate Family Ratings (CFR) and senior secured term loan ratings and rating outlooks of the companies remain unchanged. The revolvers (unrated) are expected to rank pari passu with the term loans. Based on the information disclosed in the Form S-1 filed with the US SEC and Moody's discussions with management, if the companies can successfully execute the merger and IPO, that could lead to potential positive rating actions including a potentially higher CFR for the combined company and higher ratings for the respective term loans. Based on the information available and Moody's current understanding of the planned transactions, Moody's do not see the potential for negative rating action on the term loans or CFRs as a result of these transactions. The anticipated advantages of the proposed merger and IPO include the combined entity having greater operational scale, a more diversified customer base, and broader geographic reach. The IPO proceeds are allocated for redeeming preferred equity, debt reduction, and boosting cash reserves, thereby enhancing liquidity and financial flexibility to support growth and revenue generation. Post-merger, the businesses are expected to have modest leverage. Presently, the standalone credit profiles are constrained by limited liquidity, and for WaterBridge Midstream, high leverage which is the primary driver for its negative outlook. The companies operate crucial midstream infrastructure for managing produced water in oil production, capitalizing on economies of scale to deliver competitive disposal services. Their long-term, fixed-fee contracts mitigate commodity price risks, although produced water volumes rely on capital spending of oil producers. The companies benefit from significant customer-dedicated acreage. While revenue concentration in the Delaware Basin introduces event risks such as shifts in drilling and completion activities, transportation constraints, and weather disruptions, the merger is set to diversify exposure within this highly economic oil-producing region, reducing localized risks. The business will have revenue concentration among top customers, but these include counterparties with strong credit profiles. WaterBridge Midstream, headquartered in Houston, Texas, operates water midstream infrastructure in the Southern Delaware Basin and in the Arkoma Basin. The company is majority owned by investment funds of Five Point Energy LLC (Five Point). WaterBridge NDB, headquartered in Houston, Texas, operates water midstream infrastructure in the Northern Delaware Basin and in the Eagle Ford Basin. The company is majority owned by investment funds of Five Point, while other shareholders include Devon Energy Corporation (Baa2 stable). WELLPATH HOLDINGS: Court Orders Burton to Address Certain Claims ---------------------------------------------------------------- Judge Samuel H. Mays, Jr. of the United States District Court for the Western District of Tennessee ordered Plaintiff Stephon Depaul Burton to address claims against Wellpath Holdings, Inc. in the case captioned as STEPHON DEPAUL BURTON, Plaintiff, v. FLOYD BONNER, JR., ET AL., Defendants, Case No. 2:24-cv-02729-SHM-tmp (W.D. Tenn.). On Sept. 30, 2024, Plaintiff Stephon Depaul Burton filed a Complaint naming Wellpath as a defendant. In consideration of the Confirmation of the Plan of Reorganization under Chapter 11 of the Bankruptcy Code filed by Wellpath Holdings, Inc. in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, it is ordered that within 30 days of the date of this Order, Burton is directed to complete the Declaration attached to this Order and return it to the Court, or to submit an equivalent declaration addressing: a. Whether Burton submitted prior to April 7, 2025, a Proof of Claim to the United States Bankruptcy Court for the Southern District of Texas or to Wellpath's Claims Agent; or b. Whether Burton has submitted prior to July 30, 2025, any of the following to Wellpath, its Claims Agent, or the Bankruptcy Court: i. an objection to or motion for relief from the Automatic Stay; ii. an objection to confirmation of Wellpath's Chapter 11 plan; and/or iii. a ballot or other communication affirmatively expressing an intent to opt out of the Third-Party Release. Alternatively, Burton may submit a notice of voluntary dismissal of any claims against Wellpath alleged in the instant case. To the extent Burton seeks to pursue a claim against Wellpath, he must do so in accordance with the procedures of the United States Bankruptcy Court for the Southern District of Texas, Houston Division. Failure to timely comply with this Order will result in the dismissal of Burton's claims against Wellpath for failure to prosecute under Fed. R. Civ. P. 41. A copy of the Court's Order dated August 14, 2025, is available at https://urlcurt.com/u?l=8xG98i 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. WINDMILL POINT: Gets Extension to Access Cash Collateral -------------------------------------------------------- Windmill Point Apartments DE, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the hearing held on August 27, the court approved the Debtor's interim use of cash collateral pending a further hearing on October 9. The court's two previous interim orders allowed the Debtor to use its secured creditors' cash collateral to fund operations and granted secured creditors including Wilmington Trust, Pjeter Lulaj, and Javier DelHoyo replacement liens on post-petition cash collateral, with the same validity and priority as their pre-bankruptcy liens. The Debtor owns 69 residential units near the University of Central Florida, which are 95% leased. A foreclosure lawsuit was filed by Wilmington Trust due to alleged missed mortgage payments starting in May 2024. The Debtor disputes the default, citing sufficient reserve funds that the lender refused to apply toward payments. About Windmill Point Apartments De Windmill Point Apartments De, LLC is a single-asset real estate debtor under U.S. bankruptcy law, as defined in 11 U.S.C. section 101(51B). Windmill sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02855) on May 13, 2025, listing between $10 million and $50 million in both assets and liabilities. Barry Watson, manager of Windmill, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden and Beaudine LLP, represents the Debtor as legal counsel. Wilmington Trust, N.A., as lender, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. SHUTTS & BOWEN LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 Email: bdennis@shutts.com rreinert@shutts.com WYNN RESORTS: Macau Unit Raises $1B Thru Senior Notes Due 2034 -------------------------------------------------------------- Wynn Resorts, Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 18, 2025 (August 19, 2025 Hong Kong time), Wynn Macau, Limited ("WML"), an indirect subsidiary of the Company with its ordinary shares of common stock listed on The Stock Exchange of Hong Kong Limited (the "HKSE"), completed its Offering of $1 billion aggregate principal amount of 6.750% senior notes due 2034. The Notes were issued pursuant to an indenture, dated as of August 19, 2025 (the "Indenture"), between, WML and Deutsche Bank Trust Company Americas, as trustee. WML expects to receive net proceeds of approximately $989 million from the Offering of the Notes after deducting discounts, commissions and estimated expenses payable by WML and to use the net proceeds for general corporate purposes, including repayment of outstanding indebtedness, such as amounts outstanding under the WM Cayman II Revolver and/or one or more series of existing WML senior notes. The following is a brief description of certain terms and conditions of the Indenture and the Notes. At any time prior to August 15, 2028, WML may use the net cash proceeds from certain equity offerings to redeem up to 35% of the aggregate principal amount of the Notes at a redemption price of 106.750% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any. At any time prior to August 15, 2028, WML may redeem the Notes in whole or in part at a redemption price equal to the greater of (a) 100% of the aggregate principal amount of the Notes to be redeemed, or (b) a make-whole amount as determined by an independent investment banker in accordance with the terms of the Indenture, in either case, plus accrued and unpaid interest. In addition, on or after August 15, 2028, WML may redeem the Notes in whole or in part at a premium decreasing annually from 103.375% of the applicable principal amount to 100.000%, plus accrued and unpaid interest. If WML undergoes a Change of Control (as defined in the Indenture), it must offer to repurchase the Notes at a price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest. In addition, WML may redeem the Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, in response to any change in or amendment to certain tax laws or tax positions. Further, if a holder or beneficial owner of the Notes fails to meet certain requirements imposed by any Gaming Authority (as defined in the Indenture), WML may require the holder or beneficial owner to dispose of or redeem its Notes. Upon the occurrence of (a) any event after which none of WML or any subsidiary of WML has the applicable gaming concessions or authorizations in Macau in substantially the same manner and scope as WML and its subsidiaries are entitled to at the date on which the Notes are issued, for a period of ten consecutive days or more, and such event has a material adverse effect on WML and its subsidiaries, taken as a whole; or (b) the termination or modification of any such concessions or authorizations which has a material adverse effect on WML and its subsidiaries, taken as a whole, each holder of the Notes will have the right to require WML to repurchase all or any part of such holder's Notes at a purchase price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest. The Notes are WML's general unsecured obligations and rank pari passu in right of payment with all of WML's existing and future senior unsecured indebtedness; will rank senior to all of WML's future subordinated indebtedness, if any; will be effectively subordinated to all of WML's future secured indebtedness to the extent of the value of the collateral securing such debt; and will be structurally subordinated to all existing and future obligations of WML's subsidiaries, including the WM Cayman II Revolver. The Notes are not registered under the Securities Act of 1933, as amended, and the Notes are subject to restrictions on transferability and resale. The Indenture contains covenants limiting WML's (and certain of its subsidiaries') ability to, among other things: * merge or consolidate with another company; * transfer or sell all or substantially all of its properties or assets; * and lease all or substantially all of its properties or assets. The terms of the Indenture contain customary events of default, including, but not limited to: * default for 30 days in the payment when due of interest on the Notes; * default in the payment when due of the principal of, or premium, if any, on the Notes; * failure to comply with any payment obligations relating to the repurchase by WML of the Notes upon a change of control; * failure to comply with certain covenants in the Indenture; * certain defaults on certain other indebtedness; * failure to pay judgments against WML or certain subsidiaries that, in the aggregate, exceed $50 million; and certain events of bankruptcy or insolvency. In the case of an event of default arising from certain events of bankruptcy or insolvency, all Notes then outstanding will become due and payable immediately without further action or notice. About Wynn Resorts Ltd. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates hotels and casino resorts. As of December 31, 2024, Wynn Resorts had $12.98 billion in total assets, $13.95 billion in total liabilities, and a total stockholders' deficit of $968.60 million. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts. ZEN JV: Unsecureds to Get Share of GUC Recovery Pool ---------------------------------------------------- Zen JV, LLC and its debtor affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Joint Chapter 11 Plan of Liquidation dated August 19, 2025. Zen JV, LLC is the resulting joint venture formed in the Business Combination, which combined Monster, acquired in 2016 by Randstad Holding NV, with CareerBuilder, a portfolio company majority-owned by funds managed by affiliates of Apollo Global Management, Inc. Zen is the ultimate parent of the Company with 51% of the Class A LLC units of Zen held by Camaro Holdings, LLC, and the remaining 49% held by Randstad MWW Inc. Zen directly and indirectly owns the Company's CareerBuilder entities on one side of the corporate enterprise and the Company's Monster entities on the other side. On July 17, 2025, the Debtors commenced the Auction in accordance with the Bidding Procedures to determine the highest and best bids for the Debtors' Assets. The Auction was held at the New York office of the Debtors' bankruptcy counsel, Latham & Watkins LLP, and also via Zoom. The Auction was attended in person and telephonically by, among others, representatives of the 12 Qualified Bidders and the Consultation Parties. Over the course of the Auction, the Debtors and their advisors engaged in a variety of discussions with potential bidders in an attempt to obtain the highest and best bids for the Debtors' Assets in an effort to maximize value for the benefit of all stakeholders. After consultation with the Consultation Parties and in an exercise of their business judgment, the Debtors determined that (i) the $27.25 million bid from Valnet was the Successful Bid with respect to the MMP Business; (ii) the $13,000,079 million bid from PartnerOne was the Successful Bid with respect to the MGS Business; and (iii) the $28.376 million bid from Bold was the Successful Bid with respect to the Job Board Business. The aggregate value of the Successful Bids yielded a total of $67 million (net of the applicable stalking horse bid protections payable), reflecting an incremental $31.7 million more than the aggregate value of the Stalking Horse Bids. On July 31, 2025, the Sales closed, and the Debtors filed the (i) Notice of Closing of Sale of Job Board Business to Bold Holdings, LLC; (ii) Notice of Closing of Sale of Monster Media Business to Iron Corp US Inc.; and (iii) Notice of Closing of Sale of Monster Government Business to Sherrill Lubinski, LLC And Eti-Net Inc. Class 5 consists of General Unsecured Claims. On the Effective Date, or as soon as reasonably practicable thereafter, except to the extent that a Holder of an Allowed General Unsecured Claim has agreed to less favorable treatment of such Claim, each such Holder shall receive in full satisfaction, settlement, and release of, and in exchange for such Allowed General Unsecured Claim, its Pro Rata share of the GUC Recovery Pool. Class 5 is Impaired. Class 7 consists of the Equity Interests in the Debtors. On the Effective Date, all Equity Interests in each of the Debtors shall be cancelled and released without any distribution or retention of any property on account of such Equity Interests. The GUC Recovery Pool consists of the Committee Professional Fee Savings Amount and the Wind-Down Savings Amount. Any amounts available to a Holder of an Allowed General Unsecured Claim is subject to and limited to (i) the Allowed Professional Fee Claims for Committee Professionals being less than $2,000,000 and/or (ii) the Liquidation Trust Expenses being less than $2,000,000. The foregoing is the sole source of funding for the GUC Recovery Pool. If Allowed Professional Fee Claims for Committee Professionals are less than $2,000,000, then Cash equal to $2,000,000 less the Allowed Professional Fee Claims for Committee Professionals will be allotted to the GUC Recovery Pool. Similarly, if the Liquidation Trust Expenses are less than $2,000,000, then Cash equal to $2,000,000 less the Liquidation Trust Expenses will be allotted to the GUC Recovery Pool. Holders of an Allowed General Unsecured Claim will then receive their Pro Rata share of the GUC Recovery Pool. The initial Liquidation Trustee shall be selected by the Debtors in consultation with the Committee and with the consent of the Prepetition Notes Secured Parties, which consent shall not be unreasonably withheld. The appointment of the Liquidation Trustee shall be approved in the Confirmation Order, and the Liquidation Trustee's duties shall commence as of the Effective Date. The Liquidation Trustee shall not be required to give any bond or surety or other security for the performance of its duties unless otherwise ordered by the Bankruptcy Court. The Liquidation Trust shall be funded with the Liquidation Trust Assets. Notwithstanding any prohibition of assignability under non-bankruptcy law, on the Effective Date and periodically thereafter if additional Liquidation Trust Assets become available, the Debtors shall be deemed, subject to the terms of the Combined Plan and Disclosure Statement and the Liquidation Trust Agreement, to have automatically transferred to the Liquidation Trust all of their right, title, and interest in and to all of the Liquidation Trust Assets in accordance with section 1141 of the Bankruptcy Code. A full-text copy of the Combined Disclosure Statement and Plan dated August 19, 2025 is available at https://urlcurt.com/u?l=3PakjC from Omni Agent Solutions, Inc., claims agent. Co-Counsel for the Debtors: Ray C. Schrock, Esq. Candace M. Arthur, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 906-1200 Facsimile: (212) 751-4864 Email: ray.schrock@lw.com candace.arthur@lw.com - and - Jonathan C. Gordon, Esq. LATHAM & WATKINS LLP 330 North Wabash Avenue, Suite 2800 Chicago, IL 60611 Telephone: (312) 876-7700 Email: jonathan.gordon@lw.com - and - Daniel J. DeFranceschi, Esq. Zachary I. Shapiro, Esq. Huiqi Liu, Esq. Clint M. Carlisle, Esq. Colin A. Meehan, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Email: defranceschi@rlf.com shapiro@rlf.com liu@rlf.com carlisle@rlf.com meehan@rlf.com About Zen JV LLC Zen JV, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11195) on June 24, 2025, listing up to $100 million in assets and up to $500,000 in liabilities. Jeff Furman, chief executive officer of Zen JV, signed the petition. Judge Kate Sickles oversees the case. Zachary I. Shapiro, Esq., at Richards, Layton & Finger, P.A., is the Debtor's legal counsel. JMB Capital Partners Lending, LLC, as DIP lender, is represented by Matthew B. Lunn, Esq., and Robert F. Poppiti, Jr., Esq. of Young Conaway Stargatt & Taylor, LLP, and Robert M. Hirsh, Esq., and James A. Copeland, Esq. of Norton Rose Fulbright US LLP. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Zen JV, LLC and its affiliates. ZOHAR FUNDS: Auto Supplier Seeks $39MM Clawback from Tilton ----------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that an auto parts supplier has urged a Michigan state court to hold Lynn Tilton and other defendants liable for nearly $40 million, alleging they orchestrated an asset transfer to evade a judgment. About the Zohar Funds New York-based Patriarch Partners, LLC, is a private equity firm specializing in acquisition, buyouts, and turnaround investment in distressed American companies and brands. Patriarch Partners was founded by Lynn Tilton in 2000. Lynn Tilton and her affiliates held substantial equity stakes in portfolio companies, which include iconic American manufacturing companies with tens of thousands of employees. The Zohar funds were created to raise money through selling a form of notes called collateralized loan obligations to investors that was then used to extend loans to dozens of distressed mid-size companies, often in connection with the acquisition of those companies out of bankruptcy. Patriarch bought "distressed" companies via funding from a series of collateralized loan obligations (CLOs) marketed through Patriarch via its $2.5 billion "Zohar" funds. Tilton placed the funds into bankruptcy in 2018 in an attempt to keep Patriarch's portfolio from being liquidated by Zohar creditors including bond insurer MBIA, which insured $1 billion worth of Zohar notes. Combined debt of the funds is estimated at $1.7 billion. Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited, Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp. (collectively, the "Zohar Funds"), sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-10512 to 18-10517) on March 11, 2018. In the petition signed by Lynn Tilton, director, the Debtors were estimated to have $1 billion to $10 billion in assets and $500 million to $1 billion in liabilities. Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy counsel. ZOOZ POWER: Sets Extraordinary Shareholders Meeting for Sept. 19 ---------------------------------------------------------------- ZOOZ Power Ltd. provided in a Form 6-K filed with the U.S. Securities and Exchange Commission that a notice to its shareholders of an upcoming extraordinary general meeting of shareholders of the Company. On or about September 4, 2025, the Company intends to commence distributing copies of its proxy statement to its shareholders and to mail to its shareholders of record a proxy statement for an extraordinary general meeting of shareholders of the Company to be held on Friday, September 19, 2025, at 4:00 PM (Israel time) in Israel for the following purposes: 1. To approve: (A) the Subsequent Private Placement (as defined in the proxy statement) and related agreements, transactions and arrangements thereto, forming an integral part thereof, and (B) the amendment of Article 22.1 of the Company's Articles of Association regarding the minimum and maximum number of directors in connection with the Subsequent Private Placement. 2. To approve the issuance in excess of 19.99% of the Company's outstanding Ordinary Shares in connection with the Private Placement (as defined in the proxy statement) at a price per Ordinary Share that is less than the "Minimum Price" under Listing Rule 5635(D) of the Nasdaq Stock Market LLC. A copy of the notice of the extraordinary general meeting of shareholders of the Company, the proxy statement and the proxy card are attached to the Form 6-K as Exhibits 99.1, 99.2 and 99.3, respectively, accessible at https://tinyurl.com/adrc8v6j About ZOOZ Power Headquartered in St. Lod, Israel, ZOOZ is a provider of flywheel-based power boosting and energy management solutions, enabling the widespread deployment of ultra-fast charging infrastructure for electric vehicles (EVs) while overcoming existing grid limitations. ZOOZ pioneers its unique flywheel-based power-boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure. ZOOZ Power's sustainable, power-boosting solutions are built with longevity and the environment in mind, helping its customers and partners accelerate the deployment of fast-charging infrastructure, thus facilitating improved utilization rates, better efficiency, greater flexibility, and faster revenues and profitability growth. ZOOZ is publicly traded on NASDAQ and TASE under the ticker ZOOZ. As of December 31, 2024, the Company had $12.3 million in total assets, $6.1 million in total liabilities, and a total equity of $6.7 million. Jerusalem, Israel-based Kesselman & Kesselman, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 7, 2025, citing that the Company has net losses and has generated negative cash flows from operating activities for the years ended Dec. 31, 2024, 2023 and 2022. These conditions create significant uncertainty regarding the Company's ability to continue as a going concern. [] Judge Isgur Slams Judicial Committee's View on Judge Shopping ---------------------------------------------------------------- Becky Yerak and Alexander Gladstone of The Wall Street Journal report that Houston bankruptcy Judge Marvin Isgur pushed back against new guidance from a committee of the Judicial Conference of the U.S., arguing the recommendations unfairly questioned the integrity of judges in the Southern District of Texas. he committee's directive, aimed at discouraging judge shopping, suggests changes to how bankruptcy cases are assigned, the report related. In an August 21, 2025 memo, the Judicial Conference's Committee on the Administration of the Bankruptcy System advised against designating specific panels or subsets of judges to handle Chapter 11 or Chapter 15 filings. Instead, the committee said, cases should be randomly assigned to promote impartiality and avoid giving debtors the chance to seek out favorable judges. Isgur said the guidance implied criticism of the Southern District's practices, where high-profile corporate bankruptcies are often filed. He maintained that his colleagues acted with integrity and professionalism in handling such matters, and that the recommendations risked undermining confidence in the courts. [] Wineries and Distillers Turn to Private Credit for Funding ------------------------------------------------------------- Ellen Schneider and Olivia Fishlow of Bloomberg Law reports that wineries, distilleries, and alcohol distributors are increasingly relying on private credit as tariffs and shifting drinking habits heighten risks in the industry. Wells Fargo & Co. and Centerbridge Partners have recently extended loans to distributors such as Hand Family Cos. and Southern Crown Partners, while Cooper's Hawk Winery & Restaurants, backed by Ares Management Corp., has explored private credit options to refinance debt, the report related. [^] BOOK REVIEW: Black Monday - The Stock Market Catastrophe ------------------------------------------------------------ Author: Tim Metz Publisher: Beard Books Softcover: 268 pages List Price: $34.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1587982145/internetbankrupt Metz uses his 23-year career as a journalist with the "Wall Street Journal" to good effect in this account of the worst stock-market crash since 1929. Chapters and sections within them begin by noting date and location in the style of newspaper reports--e. g., "October 19, 1987 - New York Stock Exchange, chairman's office, 10:45 A.M."; "August 25, 1987 - Storefront broker's office near Canal Street, 11:30A.M." This has the effect of dramatizing the collapse, events surrounding it, and varied individuals playing key roles in trying to deal with it and affected by it. A hotel in Paris, a roadway leading to the Caracas, Venezuela airport, the White House, and the Chicago Mercantile Exchange are other locations. Like a camera panning from one scene to the next, Metz's style keeps the drama high and the story moving. Even though the generalities of this historic stock-market event are known, one is drawn into Metz's telling by its inside-story perspective and to find out how the main characters act as the event unfolds and how things turn out for them in the end. Two of these main characters are John Phelan, chairman of the New York Stock Exchange at the time, and Donny Stone, an NYSE trading specialist. The book opens with Phelan in his chairman's office in a meeting with the heads of Salomon Brothers, Merrill Lynch, Goldman Sachs, and other top financial and securities firms. They are all extremely concerned about the 235-point stock-market decline of the preceding week. And they have different thoughts on its causes, import, and appropriate responses to it. After seeing the havoc in the stock market of the previous week, Donny Stone cuts short his vacation in Florida to hurry back to New York to take care of his business as best he can in the circumstances which are having repercussions not only at the NYSE, but also in Washington, D. C., across America, and around the world. The long-term crippling consequences that Wall Street's top leaders and high government officials feared the worse were avoided by a combination of enlightened quick remedies, lowering of fears, expertise and professionalism among numerous individuals in positions high and low, and opportunism among many who saw new opportunities in the havoc. While the worst consequences of the sudden, unexpected, chaotic collapse were avoided and normal order and predictability returned to the financial markets before long, "Black Monday" brought essential changes to the NYSE and the business of trading. Most of the public were not aware of these changes as normal operations returned over the following weeks. But they were unmistakable to insiders; and many individuals connected to Wall Street for decades were hurt by the changes. At Metz's paper, the "Wall Street Journal," some staff were let go because of the reduction in advertising and circulation following the crash. But apart from countless individuals who lost their jobs from the dislocations caused by the crash, the business of trading had a sea change. "Black Monday" brought to light the degree to which traders and trading had come to dominate the modern-day stock market. Of course, trading in stocks had always been the NYSE's reason for being. But as the market crash evidenced, trading had taken on a life of its own. Trading calculations, as seen especially in risk arbitrage, had become so sophisticated and easy to execute that market weaknesses being exploited were publicized widely and quickly. Along with this, the volume of stocks traded and the speed with which financial transactions occurred with advanced communications made the market more mercurial and unmanageable than it had ever been. The very image of trading had been changed within the financial community. As William Simon, the former Secretary of the Treasury, noted, when he first entered investment banking, "trading was not a respectable profession." But by the time of the 1987 disaster and even more so in the years after it, "kids out of B-school are dying to get to the trading desk." Trading has become a high-profile, quasi-glamorous subject in the daily financial and business media. And to the graduates of business schools, it is seen as the field where the most money can be made most quickly and easily. Tim Metz captures all of the dimensions and human drama of this watershed event in the history of the New York Stock Exchange. He closes with the Cassandra-like note that instead of trying to control the astonishingly high levels of trading in short periods of time which was a major cause of Black Monday, the NYSE with the guidance and support of the Security Exchange Commission (SEC) increased the capacity for trading. After more than two decades with "The Wall Street Journal," Tim Metz became the head of his own firm in the areas of financial communications and media relations strategy and execution. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***