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250901.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, September 1, 2025, Vol. 29, No. 243 Headlines 1 WORLD: Gets Final OK to Use Cash Collateral 1300 DESERT: Court Extends Cash Collateral Access to Sept. 26 229 ELM ST: Seeks to Hire Offit Kurman as Bankruptcy Counsel 514 THAT WAY: Gets Extension to Access Cash Collateral 729-731 MEEKER: Seeks to Sell NY Properties at Auction 741 INC: Case Summary & 20 Largest Unsecured Creditors 8TH STREET NE: Hires Greysteel Company as Real Estate Broker ADEIA INC: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ADVANCE TRANSIT: Court OKs Darby Township Property Sale ADVANCE TRANSIT: Glenolden Property Sale to Rosati for $156K OK'd ALEON METALS: U.S. Trustee Appoints Creditors' Committee ALFRESCO GROUP: Unsecured Creditors Will Get 0% in Sale Plan AMKOR TECHNOLOGY: S&P Affirms 'BB' ICR, Outlook Positive APOGEE BREWING: Gets Final OK to Use Cash Collateral ARCADIA BIOSCIENCES: Holds 5.08% Stake in Above Food Ingredients ASCENT CLASSICAL: S&P Affirms 'BB' Rating on 2024A/B Revenue Bonds ASSURE AFFORDABLE: To Sell Detroit Property to East Coast for $2MM ATARA BIOTHERAPEUTICS: Panacea Innovation Holds 20% Stake ATLAS CC: Moody's Affirms Caa2 CFR & Rates New First Lien Debt B1 AUTO GLASS: Trustee Taps Burch & Cracchiolo as Special Counsel AUTOMATED TRUCKING: Hires Johnson Pope Bokor as Counsel B.G. STARWOOD: Seeks Chapter 11 Bankruptcy in Pennsylvania BARRACUDA PARENT: Blue Owl Marks $12.7MM 1L Loan at 17% Off BECKHAM JEWELRY: Plan Exclusivity Period Extended to September 26 BETTER IS BETTER: Court OKs Interim Use of Cash Collateral BHAVI HOSPITALITY: Involuntary Chapter 11 Case Summary C&M MANUFACTURING: Seeks Chapter 11 Bankruptcy in Louisiana CAROLINA'S CONTRACTING: Seeks to Extend Plan Exclusivity to Nov. 24 CASELLA WASTE: Bonds Remarketing No Impact on Moody's 'Ba2' CFR CD&R SMOKEY: Moody's Affirms 'B3' CFR & Alters Outlook to Negative CLB TRUCKING: Seeks to Hire Thompson Law Group as Attorney CMB DATA: Files Amendment to Disclosure Statement COLIANT SOLUTIONS: Creditors to Get Proceeds From Liquidation COLLECTIVE INVESTMENT: To Sell Alexandria Property to A. Cleveland COLLECTIVE INVESTMENT: To Sell Unit 302 Property to 5203 Duke St COMPLEMAR PARTNERS: Seeks Chapter 11 Bankruptcy in New York COSMOS HEALTH: Andreas Bovopoulos Holds 4.8% Equity Stake CS-ORED LLC: Seeks to Hire Fuller Law Firm P.C. as Attorney DANGER HART: Seeks Subchapter V Bankruptcy in Florida DESKTOP METAL: Taps Vinson & Elkins as Special Corporate Counsel DIAMOND RENOVATIONS: Behrooz Vida Named Subchapter V Trustee DOOR COUNTY: Unsecureds Will Get 100% Dividend over 3 Years DRIVEN BRANDS: S&P Alters Outlook to Positive, Affirms 'B+' ICR ECHOSTAR CORP: S&P Places 'CCC+' ICR on CreditWatch Positive ELEVATE PFS: S&P Withdraws 'B-' ICR Following Debt Repayment EOS FINCO: Blue Owl Marks $37.6MM 1L Loan at 74% Off EPHESIANS 320: Seeks Chapter 11 Bankruptcy in Colorado EVERGREEN LODGING: Case Summary & 20 Largest Unsecured Creditors EXCELL COMMUNICATIONS: Plan Exclusivity Period Extended to Oct. 11 EXTENSIONS PLUS: Court OKs Deal to Use SBA's Cash Collateral FREE SPEECH: Infowars Wins Pause of State Receiver Appointment FTX TRADING: Creditors Trust Sues Salame to Recover Funds GENESIS HEALTHCARE: Two New Committee Members Appointed GLOBAL TECHNOLOGIES: Ends Engagement of Auditor Olayinka Oyebola GULF SYNERGY: Seeks Chapter 11 Bankruptcy in Louisiana HANDLOS FINISHING: Gets Final OK to Use Cash Collateral HILL TOP: S&P Affirms 'BB-' Rating on Senior Secured Term Loan B IMG HOLDINGS: U.S. Trustee Unable to Appoint Committee INNOVATIVE TECHNOLOGIES: Case Summary & 20 Unsecured Creditors IYA FOODS: Court OKs Sale of Miscellaneous Property JAGUAR HEALTH: Approves All Proposals at 2025 Annual Meeting JLH INC: Case Summary & 20 Largest Unsecured Creditors JM GROVE: Seeks to Hire Vogel & Associates as Accountant KAH HOSPICE: S&P Downgrades ICR to 'B-', Outlook Stable KIPP PHILADELPHIA: S&P Lowers School Revenue Bond Rating to 'BB' KS MATTSON: Hires W Real Estate Sonoma as Real Estate Broker KS MATTSON: Seeks to Hire Compass as Real Estate Broker KS MATTSON: Seeks to Hire Kidder Mathews as Real Estate Broker KS MATTSON: Seeks to Hire Premiere Estates as Real Estate Broker LAMUMBA INC: Section 341(a) Meeting of Creditors on September 22 LEROUX CREEK: Plan Exclusivity Period Extended to August 31 LH PROPERTY: Seeks Approval to Hire Fallon Law as Legal Counsel LITTLE MINT: Plan Exclusivity Period Extended to October 27 MARFA CABINETS: Gets Interim OK to Use Cash Collateral MARIO PURCHASER: Blue Owl Marks $322,000 1L Loan at 16% Off MCPHILLIPS FLYING: Gets Final OK to Use Cash Collateral METROPOLITAN OPERA: Moody's Lowers Debt Rating to B3 MICRON DEVICES: 11th Cir. Vacates Monetary Sanctions v. Co-Founder MISSION POINT: Claims to be Paid from Continued Operation MOUNTAIN VIEW: To Sell Ardmore Mall to United Texas Bank MVP GROUP: Case Summary & 20 Largest Unsecured Creditors MY CITY BUILDERS: Sells RAC Unit to Affiliate Merger LLC for $2.37M NATIONAL DENTEX: Blue Owl Marks $145.9M 1L Loan at 53% Off NATIONAL DENTEX: Blue Owl Marks $20.3M 1L Loan at 53% Off NBA AUTOMOTIVE: Natasha Songonuga Named Subchapter V Trustee NBA AUTOMOTIVE: Seeks Subchapter V Bankruptcy in Delaware NELROY DRUGS: Court Extends Cash Collateral Access to Oct. 22 NELSON DEVELOPMENTS: Section 341 Meeting of Creditors on Sept. 30 NEW REDBIRD: Seeks to Hire Helton Law Firm as Bankruptcy Counsel NEW REDBIRD: Seeks to Hire Michael Joseph Collins as Co-Counsel NORVAX LLC: Blue Owl Marks $6.1MM 1L Loan at 21% Off NOTORIOUS TOPCO: Blue Owl Marks $14.8MM 1L Loan at 29% Off NOTORIOUS TOPCO: Blue Owl Marks $186.4MM 1L Loan at 29% Off OAK CREEK WOOD: Seeks Chapter 11 Bankruptcy in Wisconsin ODYSSEY MARINE: Greywolf Entities Hold 9.98% Equity Stake OLD STONE HOUSE: Seeks Subchapter V Bankruptcy in Nevada OLD STONE: Nathan Smith Named Subchapter V Trustee ORION PORTFOLIO: Seeks to Hire Pomerantz CPA as Accountant PARTNERS PHARMACY: U.S. Trustee Appoints Creditors' Committee PATCO INC: Section 341(a) Meeting of Creditors on September 23 PATCO INC: Stephen Moriarty Named Subchapter V Trustee PAYNE'S ENVIRONMENTAL: Court Terminates Use of Cash Collateral PEAK ACHIEVEMENT: DBRS Assigns 'BB' Issuer Rating, Trend Stable PERASO INC: Mobix Declines NDA in Strategic Review Process PHYSICIAN PARTNERS: Blue Owl Marks $6.4M 1L Loan at 50% Off PINEY POINT: To Sell Houston Properties to HRI Partners for $85MM PINSEEKERS DEFOREST: Seeks to Extend Exclusivity to Jan. 6, 2026 PIPELINE CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Louisiana POTTSVILLE OPERATIONS: Plan Exclusivity Period Extended to Sept. 16 POWER SOLUTIONS: Weichai America Holds 48.7% Stake as of Aug. 15 PS OPERATING: Blue Owl Virtually Writes Off $21.6-Mil. 1L Loan RAISING CANE'S: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable RCB ENTERPRISES: Gets Final OK to Use Cash Collateral RENASCENCE INC: Gets OK to Use Cash Collateral Until Sept. 28 RESHAPE LIFESCIENCES: Closes $2.25M Asset Sale with Biorad RESHAPE LIFESCIENCES: Rebrands as Vyome Holdings After Merger RESTAURANT LIFE: Amends Several Unsecured Claims Pay Details REVA HOSPITALITY: Involuntary Chapter 11 Case Summary SAMYS OC: Seeks to Extend Plan Exclusivity to October 31 SAN MATEO: Hires Martin & Drought PC as Bankruptcy Counsel SHADE STORE: Blue Owl Marks $2.7MM 1L Loan at 20% Off SHARPLINK GAMING: Adds 143,593 ETH via $536.5M Capital Raise SHERLAND & FARRINGTON: Section 341 Creditors' Meeting on Sept. 26 SMOKY QUARTZ: Seeks Chapter 11 Bankruptcy in West Virginia SOUTHERN EXPRESS: Court Extends Cash Collateral Access to Sept. 23 SPIRIT AIRLINES: Execs Get Bonuses in Co.'s 2nd Chapter 11 Filing SPIRIT AVIATION: Case Summary & 30 Largest Unsecured Creditors ST VINCENT HOME: Jerrett McConnell Named Subchapter V Trustee STRUCTURE ACE: Case Summary & 20 Largest Unsecured Creditors SUNNOVA ENERGY: Reaches Settlement to Transfer Thousands of Systems TEKNATOOL USA: Gets Extension to Access Cash Collateral TERRA LAKE: Court Extends Cash Collateral Access to Sept. 30 TIBERTI COMPANY: Case Summary & Four Unsecured Creditors TNR HOLDINGS: Case Summary & One Unsecured Creditor TOP MOBILITY: Gets Interim OK to Use Cash Collateral Until Nov. 6 TRANSOCEAN LTD: Subsidiary Closes $39.7M Bond Swap for 13.9M Shares TRIPLE T & CO: Court OKs Interim Use of Cash Collateral TRIPLETT FUNERAL: To Sell Funeral Home Biz to Worthington Funeral TRONOX HOLDINGS: S&P Cuts ICR to 'B' on Weakened 2025 Expectations TRY TROUT: Seeks Chapter 11 Bankruptcy in California TWENTY EIGHT: Gets OK to Use Cash Collateral Until Oct. 31 UTZ QUALITY: Moody's Alters Outlook on 'B2' CFR to Negative VERINT SYSTEMS: Moody's Puts 'Ba2' CFR Under Review for Downgrade VERMONT AUS: Blue Owl Marks $2.5M 1L Loan at 35% Off VIASAT INC: SVP James Dodd Set to Retire Effective November 1 VICTORIA'S KITCHEN: Holly Miller Named Subchapter V Trustee VIVAKOR INC: New Sept. 5 Record Date for Adapti Share Dividen WALKER EDISON: Blue Owl Virtually Writes Off $68.5MM 1L Loan WALKER EDISON: Case Summary & 30 Largest Unsecured Creditors WATERBRIDGE MIDSTREAM: Fitch Puts 'B' LongTerm IDR on Watch Pos. WATERBRIDGE NDB: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable WEABER INC: Gets Extension to Access Cash Collateral WISECARE LLC: To Sell Millersville Property to Innovative Urgent YELLOW CORP: Chipman Brown Represents Clients ********* 1 WORLD: Gets Final OK to Use Cash Collateral --------------------------------------------- 1 World Globes & Maps, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral for post-petition operating expenses. The final order authorized the Debtor to use cash collateral from August 1 through October 31 according to its approved budget. The Debtor may exceed monthly line-item payments by up to 5% of the budgeted amount. As adequate protection for the Debtor's use of its cash collateral, HomeStreet Bank will be granted replacement liens on the Debtor's post-petition cash, accounts receivable, inventory and the proceeds thereof. The replacement liens will have the same validity, priority and extent as the secured creditor's pre-bankruptcy liens. In addition, the Debtor must remit $500 monthly to Geoffrey Groshong's trust account for payment of administrative fees, starting on September 5 and until plan confirmation. The Debtor's right to use cash collateral terminates on October 31 or upon appointment of a Chapter 11 trustee or examiner; conversion or dismissal of the Debtor's Chapter 11 case; confirmation of the Debtor's bankruptcy plan; or the entry of an order staying, modifying or reversing the final order, whichever comes first. The total collateral securing HomeStreet Bank's lien includes cash collateral and business assets valued at approximately $76,239. A secondary secured creditor, the U.S. Small Business Administration, holds a junior lien, with no value in the collateral and will be treated as unsecured in the bankruptcy plan. About 1 World Globes & Maps LLC 1 World Globes & Maps, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12145) on July 31, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Paul Norrell, managing member, signed the petition. Judge Timothy W. Dore oversees the case. Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as bankruptcy counsel. 1300 DESERT: Court Extends Cash Collateral Access to Sept. 26 ------------------------------------------------------------- 1300 Desert Willow Road, LLC received second interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The second interim order authorized the Debtor to use cash collateral through September 26 in accordance with its budget, with a 10% variance on a cumulative basis, or upon further written consent of Romspen Investment, LP or further order of the court. Romspen is the Debtor's only secured creditor, originally lending $20 million but now claiming over $26 million is owed. As adequate protection for any diminution in the value of its collateral, Romspen was granted replacement liens on all post-petition assets of the Debtor and the proceeds thereof, to the same extent, validity and priority that existed on the petition date. The replacement liens are subject to U.S. Trustee fees, any Clerk's filing fees, and the fees and commissions of a hypothetical Chapter 7 trustee of up to $10,000. The replacement liens do not apply to any Chapter 5 causes of action. As additional protection, Romspen will be granted an allowed superpriority administrative expense claim. The Debtor's authority to use cash collateral terminates upon occurrence of certain events including dismissal or conversion of its Chapter 11 case, appointment of a trustee, or any breach or default by the Debtor of the interim order, that is not cured. The final hearing is scheduled for September 26. The Debtor owns a 595,530-square-foot commercial property located at 1300 Desert Willow Road in Los Lunas, New Mexico, which is valued at approximately $50 million. Currently, about 50% of the space is vacant, and the Debtor is actively working to lease the unoccupied areas to double its revenue. In addition, the Debtor has a pre-bankruptcy bank balance of approximately $97,000 and has since opened a debtor-in-possession account at UMB Bank to handle post-petition funds. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/KK8oK from PacerMonitor.com. About 1300 Desert Willow Road 1300 Desert Willow Road, LLC owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. 1300 Desert Willow Road sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Philip Bentley oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. Romspen Investment LP, as lender, is represented by: Brigid K. Ndege, Esq. Bryan Cave Leighton Paisner, LLP 161 North Clark Street, Suite 4300 Chicago, Illinois 60601 Telephone: (312) 602-5000 Facsimile: (312) 602-5050 brigid.ndege@bclplaw.com 229 ELM ST: Seeks to Hire Offit Kurman as Bankruptcy Counsel ------------------------------------------------------------ 229 Elm St NW LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Offit Kurman, P.A. as its bankruptcy counsel. The firm will render these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) prepare on behalf of the Debtor all necessary legal papers; (c) assist in analyses and representation with respect to lawsuits to which the Debtor is or may be a party; (d) negotiate, prepare, file and seek confirmation of a plan of reorganization; (e) represent the Debtor at all hearings, meetings of creditors and other proceedings; and (f) perform all other legal services for the Debtor which may be necessary to serve its best interests and its bankruptcy estate in this proceeding. The firm's hourly rates are as follows: Frances C. Wilburn, Esq. $580 Augustus T. Curtis, Esq. $550 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $20,000, plus the $1,738 filing fee. Frances Wilburn, a principal at Offit Kurman, 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: Frances C. Wilburn, Esq. Augustus T. Curtis, Esq. Offit Kurman, PA 7501 Wisonsin Avenue, Suite 1000W Bethesda, MA 20814 Telephone: (240) 507-1723 Facsimile: (240) 507-1735 Email: fwilburn@offitkurman.com Email: augie.curtis@offitkurman.com About 229 Elm St NW LLC 229 Elm St NW LLC is a real estate holding company that appears to own or manage property at 229 Elm Street NW in Washington, DC. The company is managed by Christos Retzos, who also owns 100% of the entity. 229 Elm St NW LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00185) on May 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtors are represented by Frances C Wilburn, Esq. at Offit Kurman. 514 THAT WAY: Gets Extension to Access Cash Collateral ------------------------------------------------------ 514 That Way, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use the cash collateral of their secured lender. The fifth interim order authorized the Debtors to use the cash collateral of Federal Home Loan Mortgage Corporation, also known as Freddie Mac, to pay expenses in accordance with their budget. As protection for any diminution in value of its interest in the collateral, Freddie Mac will be granted replacement liens on all property acquired by the Debtors before or after the petition date, with the same validity, priority and extent as its pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. In addition, Freddie Mac will be granted a superpriority claim if the replacement liens prove to be inadequate. As further protection, the lender will receive a cash payment equal to the amount by which the Debtors' remaining cash balance at the end of the prior calendar month exceeded the following: $40,000 for 514 That Way; $20,000 for Latitude DENG, LLC; and $20,000 for Terrain DENG, LLC. The Debtors' authority to use cash collateral will end upon occurrence of so-called termination events including the dismissal or conversion of their Chapter 11 cases; the appointment of a trustee; or entry of an order modifying or vacating the interim order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/KI36D from PacerMonitor.com. About 514 That Way 514 That Way, LLC owns Edgewater Apartments located at 514 That Way, Lake Jackson, Texas. 514 That Way and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90013) on February 24, 2025. At the time of the filing, 514 That Way reported between $10 million and $50 million in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. Melissa A. Haselden, Esq., and Elyse M. Farrow, Esq., at Haselden Farrow, PLLC, represent the Debtors as legal counsel. Freddie Mac, as lender, is represented by: Michael P. Cooley, Esq. Tristan Sierra, Esq. Reed Smith LLP 2850 N. Harwood Street, Suite 1500 Dallas, TX 75201 Tel: 469.680.4200 Fax: 469.680.4299 mpcooley@reedsmith.com tsierra@reedsmith.com 729-731 MEEKER: Seeks to Sell NY Properties at Auction ------------------------------------------------------ 729-731 Meeker Group LLC and its affiliates, 80 NY Ave LLC, 81 Stocklhom Group LLC, Gold Management Realty LLC, 346 Grand LLC, and 467 Central Avenue LLC, seek approval from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Properties at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors' Properties are located at : 729-731 Meeker Avenue, Brooklyn, New York 11222; 80 New York Ave, Brooklyn, NY 11216; 81-83 Stocklhom Street, Brooklyn, NY 11221; 169 Troutman Street, Brooklyn, New York 11222; 346 Grand Street, Brooklyn, NY 11211; and 467 Central Ave, Brooklyn, NY 11221. Meeker is a limited liability company that owns the real property known as and located at 729-731 Meeker Avenue, Brooklyn, New York. NY is a limited liability company that owns the real property known as and located at 80 New York Ave, Brooklyn, NY 11216. Stocklhom is a limited liability company that owns the real property known as and located at 81-83 Stocklhom Street, Brooklyn, NY 11221. Gold is a limited liability company that owns the real property known as and located at 169 Troutman Street, Brooklyn, New York 11222. Grand is a limited liability company that owns the real property known as and located at located at 346 Grand Street, Brooklyn, NY 11211. Central is a limited liability company that owns the real property known as and located at 467 Central Ave, Brooklyn, NY 11221. Wells Fargo Bank, National Association, as Trustee for the benefit of the holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019- CF3 is the holder of a first mortgage against the Properties. The Debtors propose a bidding procedure to establish procedure for conducting the Sale process and to make the highest or best offer. The proposed Bidding Procedures provide for an initial overbid in the amount of $25,000.00. The successful purchaser must close title to the Properties on a date that is no later than 45 calendar days after the entry of a final and non-appealable order approving the sale of the Properties to the Successful Bidder. The successful buyer for the Properties will be the party or parties who tender the highest or best bid, which presents the best opportunity to maximize the value of the Properties for the benefit of the Debtors’ estate and their creditors. Any party that is interested in bidding on the Properties must provide the Debtors’ attorney with a minimum deposit of 10% of the price offered. The Deposit must be in the form of a bank check, or wire transfer, made payable to "Shafferman & Feldman LLP Escrow" and be delivered to the Auctioneer in accordance with the deadlines set forth in the Bidding Procedures. Subject to approval, the Auction shall be conducted telephonically or by videoconference on September 17, 2025 at 2:30 p.m, or such other adjourned date posted on the website maintained by a broker to be selected by the Debtors and approved by order of the Bankruptcy Court. The Auction will be governed by the Bidding Procedures approved by the Court. The Debtors and Secured Creditor reserve the right to change the date, time and location of the Auction after it has been scheduled, and provided that appropriate notice is given to creditors and interested parties. The Debtors' obligation to pay a commission to the Broker as described above shall be the subject of a separate application to be heard by the Court upon appropriate notice. The Debtors understand Wells Fargo supports the auction sale of the Properties. The Debtors is also seeking to sell the Properties, "As Is" "Where Is" without any representations or warranties of any kind. The Debtors submit that the Sale of the Properties, as outlined herein, to the person or entity making the highest or best offer for the Properties, is and will be an exercise of sound business judgment, is in the best interests of the Debtors' estates, and their creditors, and should be approved in all respects. About 729-731 Meeker Group LLC 729-731 Meeker Group LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). 729-731 Meeker Group LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-42846) on July 9, 2024. In the petition signed by Mitchell Steiman, vice president of restructuring, 729-731 Meeker Group disclosed between $1 million and $10 million in both assets and liabilities. The Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtors tapped Joel M. Shafferman, Esq., at Shafferman & Feldman LLP as counsel and FIA Capital Partners LLC as restructuring advisor. 741 INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Debtor: 741, Inc. d/b/a Wisdom Rides of America 3758 County Road 23.7 Merino, CO 80741 Business Description: 741, Inc., doing business as Wisdom Rides of America, manufactures and designs amusement rides from its base in Merino, Colorado. The Company produces attractions such as roller coasters, family rides, and thrill rides, and also provides refurbishment, parts, and maintenance services. Its products serve amusement parks, traveling carnivals, and family entertainment centers across the United States and internationally. Chapter 11 Petition Date: August 28, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-15550 Judge: Hon. Thomas B. McNamara Debtor's Counsel: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 Email: jmd@kutnerlaw.com Total Assets: $1,425,326 Total Liabilities: $6,760,662 Jared Davis signed the petition in his capacity as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/62V6I5Q/741_Inc__cobke-25-15550__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6QLJ6QY/741_Inc__cobke-25-15550__0001.0.pdf?mcid=tGE4TAMA 8TH STREET NE: Hires Greysteel Company as Real Estate Broker ------------------------------------------------------------ 8th Street NE Partners LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Greysteel Company, LLC as its broker. The broker will market and sell the Debtor's property located at 4017, 4021, 4025 8th Street, NE Washington, DC 20017. The Debtor has agreed to pay a commission to the broker of 4.5 percent of the sales price for the property. Herb Schwat, a managing director at Greysteel Company, 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 broker can be reached through: Herb Schwat Greysteel Company, LLC 1038 Quarrier St, Suite 670 Charleston, WV 25301 Tel: (202) 618-3419 Email: hschwat@greysteel.com About 8th Street NE Partners LLC 8th Street NE Partners LLC is a single-asset real estate firm that owns a connected building spanning 4017, 4021, and 4025 8th Street NE in Washington, D.C. 8th Street NE Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00299) on July 29, 2025. In its petition, the Debtor reports total assets of $2,669,993 and total liabilities of $100,000. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Augustus T. Curtis, Esq. at OFFIT KURMAN, P.A. ADEIA INC: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings affirmed Adeia Inc.'s (Adeia) Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and Ba3 rating on the backed senior secured first lien term loan due 2028. Additionally, the Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-1. The outlook remains stable. "Although Adeia's Moody's adjusted financial leverage is expected to decline to below 2x in the next 12-18 months resulting from mandatory amortization and excess cash flow sweep, the company's credit profile is constrained by its small scale and exposure to secular pressures in the traditional Pay-TV business." said Alison Chisuhl Jung, a Moody's VP-Senior Analyst. RATINGS RATIONALE The Ba3 CFR reflects Adeia's small revenue scale with notable customer concentration and narrow business focus on intellectual property (IP) licensing. Additionally, the company's exposure to traditional Pay-TV licensing on the media side exposes it to declines in subscribers, which can also impact its recurring revenue base. Adeia's IP assets of approximately 13,000 patents create a recurring revenue base of $340 million as of last twelve months ended June 30, 2025. Revenue can fluctuate due to upfront fees on its semiconductor sales as well as delayed renewals due to negotiations and/or litigation. Adeia also benefits from multiyear agreements averaging five years, covering about 90% of the revenue. Strong EBITDA margins in the mid to high 50% range result in strong free cash flow generation, with FCF to debt expected to be in the 20%-30% range. Moody's expects revenue to expand in the range of 3%-4% over the next 12-18 months based on new deals in both media and semiconductor IP businesses. The company has been paying down debt under its excess cash flow provision, which should result in a decline in Moody's adjusted debt to EBITDA to below 2x over the next 12-18 months. The Speculative Grade Liquidity Rating (SGL) of SGL-1 reflects Adeia's very good liquidity, which is supported by consistent free cash flow generation and a large cash balance of $116 million including markable securities as of June 2025. Moody's expects that the company will generate FCF of at least $120 million over the next 12-18 months. These sources of cash will provide sufficient coverage for basic cash needs, including the mandatory 1% amortization per quarter on the term loan equivalent to $24 million per annum, annual interest expense of approximately $40 million, minimal capital investments of $12-$13 million including Moody's assumptions of small acquisitions, and working capital needs. Although Adeia does not have a revolving credit facility, Moody's don't expect the company to need a back-up facility with cash ranging between $70 million to $90 million in the near term, plus about $30 million of marketable securities. The ratings for the individual debt instrument in the capital structure incorporate Adeia's Ba3-PD PDR and an average expected family recovery rate of 50% at default. The Ba3 rating on the senior secured term loan, which is in line with the CFR, reflects the single class debt structure, covenant-lite loan terms, with only a modest cushion of loss support provided by unsecured claims in the capital structure. The debt benefits from collateral, comprised of a first lien on all assets. Adeia's ESG Credit Impact Score of CIS-3 indicates that there is limited impact on the current rating, with potential for greater negative impact overtime. The score primarily reflects governance and social risks related to financial strategy and human capital risk. The stable outlook reflects Moody's expectations that revenues will increase modestly over the next 12 to 18 months. Moody's expects that profitability will remain strong over the period, with Moody's adjusted EBITDA margin in the mid to high 50% and annual FCF generation of about $120 million. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Adeia sustains recurring licensing revenues above $500 million annually and reduces debt such that Moody's adjusted free cash flow to debt is sustained above 50%. The ratings could be downgraded if Adeia's recurring revenues decline to less than $325 million annually and financial policy becomes more aggressive such that Moody's adjusted free cash flow to debt is sustained at less than 20%. Adeia Inc. (Adeia) based in San Jose, California, licenses intellectual property related to content discovery, digital video recording, video-on-demand, and multi-screen functionality. Adeia also develops and licenses technologies and intellectual property used in semiconductor chip manufacturing and image processing for consumer electronics as well as audio technology. The company has an IP portfolio of about 13,000 media and semiconductor patent assets with revenue of $379 million as of as of LTM period ending June 2025. 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. ADVANCE TRANSIT: Court OKs Darby Township Property Sale ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern Division of Pennsylvania, has approved Advance Transit Mix Inc. to sell ATM Plant Property, free and clear of liens, claims, interests, and encumbrances. The Debtor was a ready-mix concrete Pennsylvania corporation with an initial registered office address of 613 Oak Lane and a principal place of business address of 607 Oak Lane and Quarry Street in Glenolden, Pennsylvania 19036. The Debtor is also the owner of several parcels of real property. The Court has authorized the Debtor to sell the Property to A. Marinelli & Sons Inc. or its corporate nominee for the purchase price of $3,615,000. The Debtor is permitted to distribute the proceeds of the sale at the closing and immediately after closing, the Debtor will maintain any remaining net proceeds in its TD bank debtor-in-possession bank account ending -5239. The advertised prices are the highest and best offers that the Debtor is seeking and will constitute a purchase in good faith and for fair value. The Debtor is authorized and directed to executive, deliver, perform under, consummate and implement the sale, together with all additional instruments and documents that may be reasonable necessary to desirable to implement the Order. The Purchaser is not a successor to Debtor or otherwise liable for any liability or claim against the Debtor. The failure to specifically include any particular provision of the Purchase Agreement shall not diminish or impair the effectiveness of such provision, it being the intent of the Court that the Purchase Agreement be authorized in its entirety. About Advance Transit Mix Inc. Advance Transit Mix Inc. supplies ready-mixed concrete for construction projects in Glenolden, Pennsylvania. The Company operates a fleet of trucks for intrastate transport and serves clients across the region. Advance Transit Mix Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12082) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Patricia M Mayer handles the case. The Debtors are represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI AND ASTIN. ADVANCE TRANSIT: Glenolden Property Sale to Rosati for $156K OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern Division of Pennsylvania, has approved Advance Transit Mix Inc. to sell ATM Plant Property, free and clear of liens, claims, interests, and encumbrances. The Debtor was a ready-mix concrete Pennsylvania corporation with an initial registered office address of 613 Oak Lane and a principal place of business address of 607 Oak Lane and Quarry Street in Glenolden, Pennsylvania 19036. The Debtor is also the owner of several parcels of real property. Dante J. Panichi Jr., principal of the Debtor, died intestate. The Court has authorized the Debtor to sell the real property located at 525 and 529 West Oak Lane in Glenolden, Pennsylvania 19036 to Rosati Inc. for the sum of $156,000. The Debtor is permitted to distribute the proceeds of the sale at the closing. The Debtor will maintain any remaining net proceeds in its TD bank debtor-in-possession bank account ending -5239, subject to further distribution through a chapter 11 plan. The advertised prices are the highest and best offers that the Debtor is seeking and will continue a purchase in good faith and for fair value. The Debtor is authorized and directed to execute, deliver, perform under, consummate and implement the sale. The Purchaser is not a successor to Debtor or otherwise liable for any liability or claim against the Debtor. About Advance Transit Mix Inc. Advance Transit Mix Inc. supplies ready-mixed concrete for construction projects in Glenolden, Pennsylvania. The Company operates a fleet of trucks for intrastate transport and serves clients across the region. Advance Transit Mix Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12082) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Patricia M Mayer handles the case. The Debtors are represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI AND ASTIN. ALEON METALS: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Aleon Metals, LLC and its affiliates. The committee members are: 1. Hoover Ferguson/Hoover Circular Solutions 4935 Timber Creek Drive Houston, TX 77017 Representative: Preston Davis, CFO Preston.Davis@hooversolutions.com 2. CCKX, LLC d/b/a Flo-Bin Rentals 9116 Lambright Road Houston, TX 77075 832-224-9073 Representative: Henk de Zwart henk.dezwart@flobin.com 3. Cenovus Energy Inc. c/o Cenovus U.S. Corporation 5550 Blazer Pkwy, Ste. 200 Dublin, OH 43017 Representative: Sherri Dahl Sherri.dahl@cenovus.com 4. Reagent Chemical and Research LLC 115 U.S. Highway 202 Ringoes, NJ 08511 Representative: Frank Wohletz fwohletz@reagentchemical.com 5. Dacon Corporation 1300 Underwood Dr. Deer Park TX 77536 Representative: Jake Jowers jake.jowers@dashiell.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Aleon Metals LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. UMB Bank, National Association, as DIP agent, is represented by: Christopher M. Odell, Esq. Arnold & Porter Kaye Scholer, LLP 700 Louisiana Street, Suite 4000 Houston, TX 77002-2755 Telephone: (713) 576-2400 Facsimile: (713) 576-2499 Email: christopher.odell@arnoldporter.com -and- Michael D. Messersmith, Esq. Sarah Gryll, Esq. Owen Haney, Esq. Marjorie Carter, Esq. Arnold & Porter Kaye Scholer, LLP 70 West Madison Street, Suite 4200 Chicago, IL 60602-4231 Telephone: (312) 583-2300 Facsimile: (312) 583-2360 michael.messersmith@arnoldporter.com sarah.gryll@arnoldporter.com owen.haney@arnoldporter.com marjorie.carter@arnoldporter.com ALFRESCO GROUP: Unsecured Creditors Will Get 0% in Sale Plan ------------------------------------------------------------ Alfresco Group, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Oklahoma a Plan of Reorganization for Small Business dated August 21, 2025. The Debtor is an Oklahoma Limited Liability Corporation which was established in 2016. Its members are Antoine Harris and Matthew Griffin. The Debtor's only major asset is 22 acres of commercial land consisting of multiple tracts in Tulsa County, OK, including multifamily and hotel development parcels. (the "Property"). The Property is divided into three separate, vacant tracts of real estate which are intended to be separately commercially developed. The Debtor became delinquent in its mortgage payments and BOF Holdings I, LLC filed a foreclosure in Tulsa County District Court, Case No. CJ-2024-390 (the "Foreclosure"). On May 23, 2023, Debtor filed this bankruptcy case. The automatic stay provisions of Section 362 of the Bankruptcy Code halted the Foreclosure. This is a liquidation plan. In order to maximize recovery to all creditors, Debtor will liquidate all of its properties by private sale. Class 3 consists of Unsecured Claims. Class 3 creditors will be paid proportionately from the pool of unsecured creditors, which include Arvest Bank and Class 1 claimants who filed secured claims which are relegated to unsecured status. Class 3 nonpriority unsecured claims will be paid from funds remaining after all disbursements have been made to all other creditors provided for in this Plan (including administrative claims) on a pro rata basis. The actual payback to Class 3 claimants may vary and could be less than projections depending on the total nonpriority unsecured claims actually filed and allowed. Projected payback (but not guaranteed) to Class 3 claimants is 0%. The allowed unsecured claims total $2,113,197.58. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. No equity will be retained. The plan will be implemented as required under Section 1123(a)(5) of the Code with the Debtor: * retaining all property of the estate, * Paying the Valuation Amount and * the payment of unsecured claims, if any. * The Debtor will make all payments directly. They will not be made by the Subchapter V Trustee. * Property will be authorized to be sold by court order. Debtor is authorized and directed to seek the sale of real estate under Section 363 of the Bankruptcy Code at within 60 months of confirmation of this plan. A full-text copy of the Plan of Reorganization dated August 21, 2025 is available at https://urlcurt.com/u?l=d2YVdt from PacerMonitor.com at no charge. Counsel to the Debtor: Ron D. Brown, Esq. Brown Law Firm, P.C. 1609 E. 4th St. Tulsa, OK 74120 Telephone: (918) 585-9500 Facsimile: (866) 552-4874 Email: ron@ronbrownlaw.com About Alfresco Group LLC Alfresco Group LLC owns 22 acres of commercial land in Tulsa County, Oklahoma, comprising multiple tracts designated for multifamily and hotel development. The parcels, located in Tulsa, have a combined assessed value of $564,300. Alfresco Group LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-10708) on May 23, 2025. In its petition, the Debtor reports total assets of $564,300 and total liabilities of $3,246,900. Honorable Bankruptcy Judge Paul R. Thomas handles the case. The Debtors are represented by Ron Brown, Esq. at BROWN LAW FIRM PC. AMKOR TECHNOLOGY: S&P Affirms 'BB' ICR, Outlook Positive -------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on outsourced semiconductor assembly and test (OSAT) provider Amkor Technology Inc. The positive outlook reflects our expectation that, while the company's FOCF will decline on its weaker EBITDA margins and increased capex, its stable OSAT demand will be sufficient to offset the weaker FOCF and enable it to maintain leverage of less than 0.5x in 2025. If Amkor maintains leverage below the 1.5x area and increases its annual FOCF generation capacity to $150 million over the next 12 months, we could consider raising our ratings. Amkor has benefitted from stable OSAT demand, which S&P anticipates will lead to low leverage over the next year. S&P said, "However, we expect the company's free operating cash flow (FOCF) generation will decrease in 2025 due to lower EBITDA margins and elevated capital expenditure (capex). We also believe potential tariff-related headwinds could weaken its financial performance. "We expect Amkor will generate weaker-than-expected FOCF in 2025, due to its lower EBITDA margins and elevated capex. We previously expected the company would improve its FOCF generation to historical levels in 2025. However, Amkor has experienced weakening profitability over the past few quarters, which--along with its increased capex spending--leads us to believe its FOCF will decline in 2025. For example, the company experienced compression with the ramp up of its Vietnam facility that are weighing on its gross margins. In addition, it is facing issues in Japan due to underutilization, which is hampering its profitability. Amkor is also experiencing a shift in its sales mix toward its lower-margin products, which is weakening its overall margin profile. Due to those headwinds, we expect the company's EBTIDA margins will decline to the low-17% area in 2025." Amkor has also maintained an increased capex investment cycle in 2025 as it invests in advanced technology in the U.S., South Korea, and Portugal to support future growth opportunities. S&P said, "We expect the company will increase its capex to about $850 million in 2025, which is up more than $100 million relative to the previous year. We also expect Amkor's working capital will be a modest use of cash in 2025, which is a reversal from the large cash inflow it experienced in 2024, as it uses working capital to support its customers' programs. Due to the company's flat EBITDA generation, increased capex, and modest negative working capital usage, we expect it will generate about $70 million of FOCF in 2025. We would require Amkor to improve its FOCF generation before considering an upgrade." S&P said, "We expect Amkor will maintain leverage of below 2x in 2025, supported by its conservative financial policy and stable demand for its OSAT solutions. The company has sustained a stable financial policy over the past year, including by avoiding debt-funded acquisitions and only using its FOCF generation for shareholder returns. We expect Amkor will maintain its stable financial policy, given that it is already one of the largest OSAT providers and the only one based in the U.S., which limits its acquisition appetite. Due to its increased cash position (supported by its improved FOCF generation over the past few years), which we net against its debt, the company's debt level is low. Although Amkor added debt to its capital structure in the second quarter of 2025, it will repay some higher-interest debt and keep the majority of the cash on its balance sheet such that its leverage remains unchanged. "After multiple years of revenue declines, we expect Amkor will benefit from a recovery in OSAT demand in 2025. The company experienced strong demand in its Communications segment in the second quarter of 2025 as it won back a socket that it lost from a large customer in the previous model. Amkor is also seeing good demand in its Computing segment, given this business' importance to its AI and cloud customers. We expect the company will benefit from improved demand in its Advanced Computing and Communications segments such that it increases its revenue by between 3% and 5% while maintaining leverage of less than 0.5x in 2025. "We believe tariffs could be a potential headwind for Amkor over the next year. The company is exposed to the volatile markets for goods such as smartphones, autos, consumer electronics, and more, in which price increases stemming from tariffs can weaken end-customer demand. Amkor, like many other technology hardware companies, could also experience hard to predict swings in its order trends due to tariff-related demand weakness. While the company has yet to report any tariff-related impacts, such as weakening or pull forward demand, we believe it faces the potential for greater headwinds from direct or indirect tariff issues. "However, we believe that Amkor has ways to mitigate potential tariff issues. For example, the company does not ship many products directly to the U.S., which would enable it to offset some tariff-related issues. Amkor also has a global manufacturing footprint spread across around many countries in Asia, which will likely enable to help its customers manage their potential tariff exposures. Amkor's facility under construction in Arizona could unlock opportunities to serve customers seeking domestic manufacturing capabilities, including Apple as part of its American Manufacturing Program. We believe the company will likely maintain leverage of less than 0.5x in 2025, despite the potentially tougher macroeconomic environment and tariff-related headwinds, which will provide it with a significant cushion relative to our 2.0x downside trigger. "The positive outlook reflects our expectation that, while the company's FOCF will decline on its weaker EBITDA margins and increased capex, its stable OSAT demand will be sufficient to offset the weaker FOCF and enable it to maintain leverage of less than 0.5x in 2025. If Amkor maintains leverage below the 1.5x area and increases its annual FOCF generation capacity to $150 million over the next 12 months, we could consider raising our ratings. "We would consider revising our outlook on Amkor to stable if it sustains leverage of more than 2.0x or generates FOCF of less than $150 million due to weak end-customer demand or increased investment costs. This could also occur if management employs a more-aggressive financial policy, including through increased acquisitions or shareholder returns, or its OSAT demand declines amid a tougher macroeconomic environment or tariff-related headwinds. "We could consider upgrading Amkor if it sustains leverage of less than 1.5x, supported by its conservative financial policy and a recovery in its FOCF generation to an average of at least $150 million over multiple years. This could occur if the company increases its revenue as expected in 2026, because the demand for its OSAT services recovers, and expands its EBITDA margins on an improvement in its utilization." APOGEE BREWING: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division granted Apogee Brewing final approval to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral through December 2 in accordance with its 180-day budget, subject to a 5% variance. Cash collateral must be maintained in a debtor-in-possession account and used only for authorized post-petition expenses. As adequate protection, secured creditors including Stellar Bank, the U.S. Small Business Administration, Capital Certified Development Corp., and EADO Investments, LP will be granted replacement liens on the cash collateral. In addition, the secured creditors will continue to receive cash payments until confirmation of the Debtor's Chapter 11 plan of reorganization or until the occurrence of an event of default unless it is waived by the secured creditors. The Debtor's authority to use cash collateral will be terminated early if its Chapter 11 case is dismissed or converted to one under Chapter 7; the Debtor materially defaults on the order or deviates from the budget beyond the allowed variance without curing within seven business days; or the Debtor ceases business operations. If a default occurs, the secured creditors have the right to immediately revoke consent for cash collateral use and seek expedited relief from the automatic stay with 72 hours' notice of hearing. About Apogee Brewing, LLC Apogee Brewing, LLC operates a craft brewery and taproom in Houston, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34497) on August 4, 2025. In the petition signed by Michael Duckworth, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Stacey Barnes, Esq., at Kearney, McWilliams & Davis, PLLC, represents the Debtor as legal counsel. ARCADIA BIOSCIENCES: Holds 5.08% Stake in Above Food Ingredients ---------------------------------------------------------------- Arcadia Biosciences, Inc. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of August 12, 2025, it beneficially owns 2,738,574 shares of common stock of Above Food Ingredients Inc., representing 5.08% of the company's outstanding common stock. The percentage is based on 51,191,848 shares of common stock outstanding as of May 2, 2025, as reported by Above Food Ingredients Inc., plus the 2,738,574 shares owned by Arcadia. Above Food Ingredients Inc. may be reached at 2305 Victoria Avenue Suite 001 Regina, Saskatchewan S4P 0S7 Canada Tel: (306) 779-2268 Arcadia Biosciences, Inc. may be reached through: Thomas J. Schaefer, CEO 5950 Sherry Lane, Suite 215 Dallas, TX 75225 Tel: 530-756-7077 A full-text copy of Arcadia Biosciences' SEC report is available at: https://tinyurl.com/dj896482 About Arcadia Biosciences Inc. Headquartered in Dallas, TX, Arcadia Biosciences Inc. is a producer and marketer of innovative, plant-based health and wellness products. Since its inception in 2002, it has worked on creating next-generation wellness products, particularly by enhancing wheat with unique nutritional profiles, including increased fiber, improved protein quality, fewer calories, reduced gluten, and extended shelf stability. Their portfolio also includes Zola Coconut Water, a hydrating beverage that is Non-GMO, low in calories, and rich in electrolytes. The Company collaborates with food manufacturers to create healthier wheat-based products. In its report dated March 25, 2025, the Company's auditor, Deloitte & Touche LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's accumulated deficit, recurring net losses, and net cash used in operations raise substantial doubt about the Company's ability to continue as a going concern. Additionally, the auditor noted that the Company's resources would not be sufficient to meet its anticipated cash requirements. As of Dec. 31, 2024, the Company had total assets of $13.52 million, total liabilities of $7.29 million, and total stockholders' equity of $6.22 million. As of Jun. 30, 2024, the Company had total assets of $7.79 million, total liabilities of $3.26 million, and total stockholders' equity of $4.53 million. ASCENT CLASSICAL: S&P Affirms 'BB' Rating on 2024A/B Revenue Bonds ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' long-term rating on the Colorado Educational and Cultural Facilities Authority's series 2024A and 2024B (taxable) charter school revenue bonds, issued for Ascent Classical Academy Charter Schools Inc. (ACACS). The outlook is stable. S&P said, "The stable outlook reflects our expectation that over the one-year outlook period enrollment will continue to grow, as projected, and other demand metrics will remain healthy. We also expect general continuity with the management and governance structure of the organization, surplus operating performance in fiscal years 2025 and 2026, and a generally stable liquidity position. No additional debt is expected over the near term. "We could consider a negative rating action if the network fails to meet operating, coverage, or liquidity projections. In addition, we could consider a negative rating action if enrollment or demand metrics weaken, or the school takes on additional debt. "We view a positive rating action over the near term as unlikely given the school's very highly leveraged debt profile. Over time, we could consider a positive rating action if enrollment growth continues as expected, if operating performance remains healthy, and there is continued improvement in maximum annual debt service coverage, along with continued organizational maturity." ASSURE AFFORDABLE: To Sell Detroit Property to East Coast for $2MM ------------------------------------------------------------------ Assure Affordable Homes, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan Southern Division, Detroit, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Real Estate Holding Company that typically flips commercial and residential real estate. The Debtor is a property holding company, holding, and, managing, property at 16571-25 Schaefer, Detroit, MI 48235; 18401- 18511 Joy Rd., Detroit, MI 48228; 2203 E. McNichols, Detroit, MI 48212; and, 14471 Livernois, Detroit, MI 48238 (collectively Properties, individually, Schaefer, Joy, McNichols, and, Livernois, respectively). To-wit, Schaefer and Joy are multi-unit, multi-building, apartment complexes. They were purchased for, more or less, investment purposes, and are both "under contract," for sale (pre-petition). However, both Schaefer and Joy were purchased by Debtor, on land contract. Each land contract had a balloon, and each balloon came and went. Each land contract had forfeiture actions filed and each of those forfeiture actions resulted in consent judgments of forfeiture, each with extended redemption periods ending the Petition Date. The Debtor hires Thomas A. Duke as a broker. The Debtor and East Coast Servicing LLC signed a Purchase Agreement for the Property with the price of $2,050,000. East Coast is not an affiliate of the Debtor and neither it nor any of its owners are related to or currently hold claims against the Debtor. The Debtor hereby requests authority to sell the Property free and clear of liens, claims, and encumbrances to East Coast. The Debtor further requests that it be authorized to pay to Thomas A. Duke a split broker fee – one amount pre-closing, and one amount post-closing, capping Broker's compensation. After clearing all liens, $337,544.28 would be liquid and/or able to be paid to other parties. Outside of known, recorded liens, $68,015.00 (more or less) is owed the SBA by all assets lien, and their lien attaches to the proceeds of this sale. Alta Construction Equipment, LLC's claim also attaches to the proceeds of such sale in the amount of $50,384.97. The sale's cash not only clears recorded liens, but, also all asset or notice liens. The terms of the sale of the Property that the Debtor has reached with East Coast were proposed and negotiated in good faith, the consideration proposed to be paid is adequate and reasonable under the circumstances and the Debtor has provided adequate notice of sale. About Assure Affordable Homes, Inc. Assure Affordable Homes Inc. specializes in third-party real estate management and provides professional property appraisal services. Assure Affordable Homes Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47953) on August 7, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mark A. Randon handles the case. The Debtor is represented by Alexander J. Berry-Santoro, Esq. at MAXWELL DUNN PLC. ATARA BIOTHERAPEUTICS: Panacea Innovation Holds 20% Stake --------------------------------------------------------- Panacea Innovation Limited and its related funds -- Panacea Venture Healthcare Fund II, L.P., Panacea Venture Healthcare Fund II GP Company, Ltd., Panacea Opportunity Fund I, L.P., Panacea Opportunity Fund I GP Company, Ltd., and James Huang -- disclosed in a Schedule 13D (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of August 15, 2025, they beneficially own 1,712,900 shares of Atara Biotherapeutics, Inc.'s common stock (CUSIP: 046513107). This ownership includes 1,405,000 shares of common stock held directly by Panacea Venture Healthcare Fund II, L.P. and 307,900 warrants to purchase common stock held by Panacea Opportunity Fund I, L.P. The warrants are immediately exercisable and do not expire; however, due to a limitation, the reporting persons may not exercise any warrants if it would result in owning more than 19.99% of the company's outstanding common stock. Based on 7,023,032 shares of common stock outstanding as of August 6, 2025, the reporting persons' holdings represent approximately 20.0% of the outstanding class. Panacea Innovation Limited and its related funds may be reached through: James Huang Founding Managing Partner Panacea Venture No. 5, Lane 1350, Fuxing Middle Road Xuhui District, Shanghai, F4, 200031 Phone: (86-21) 6176-1101 A full-text copy of Panacea Innovation Limited's SEC report is available at: https://tinyurl.com/ekbhtvuj About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 7, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recurring losses from operations raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Atara Biotherapeutics had $109.1 million in total assets, $206.4 million in total liabilities, and a total stockholders' deficit of $97.28 million. ATLAS CC: Moody's Affirms Caa2 CFR & Rates New First Lien Debt B1 ----------------------------------------------------------------- Moody's Ratings has affirmed Atlas CC Acquisition Corp's ("Cubic") Caa2 corporate family rating and Caa2-PD probability of default rating following the company's recapitalization. Moody's assigned B1 ratings to the new senior secured first lien revolving credit facility (first out) and new $325 million senior secured first lien L/C facility (first out). Moody's also assigned Caa2 ratings to the new $1.4 billion senior secured first lien term loan B (second out), new $203 million senior secured first lien term loan C (second out), new $138 million senior secured first lien, cash secured L/C facility (second out), and new $85 million senior secured first lien term loan (second out). Lastly, Moody's assigned a Ca rating to the new $164 million senior secured first lien term loan (third out). The outlook is stable. The affirmation of the Caa2 CFR reflects that the benefits of the July 2025 recapitalization (lowering near-term refinancing risk, reducing total debt, and ability to PIK $34 million in annual interest expense) will be more than offset by various credit challenges. These challenges include Cubic's very high leverage and weak earnings quality, in addition to Moody's expectations for negative free cash flow over the next 12-18 months. RATINGS RATIONALE Cubic's Caa2 CFR is constrained by its very high leverage and history of deeply negative free cash flow. Cubic has underperformed versus Moody's expectations for an extended period and its transportation business has demonstrated particular weakness. In the company's transportation segment, programs in five large cities have required significantly more time and expense than originally budgeted for to reach profitability. The company remains burdened by unfavorable legacy contracts which provide insufficient milestone payments and feature onerous terms which allow clients to make changes to projects that are underway. The rating is supported by Cubic's good market position in transit fare management. The stable outlook reflects Moody's views that Cubic's business will stabilize as the burdens of legacy contracts begin to fade. The recent capital investment from the sponsors should help bolster liquidity in short-term. Notwithstanding Moody's views that the company will operate with weak liquidity over the next 12-18 months, the July 2025 recapitalization will temporarily alleviate short-term liquidity concerns and provide a modest runway for Cubic to tackle ongoing problems in its business. The refinancing took several measures to bolster liquidity, including the injection of $125 million in new common equity from the sponsors and the release of $150 million of restricted cash. The financial covenant which applies to the revolver, the first-out net leverage ratio, will not constrain revolver access in the short-term until it becomes effective on December 31, 2027. In addition, all debt maturities will be pushed back until 2029. There is less debt in the capital structure as both the $288 million Term Loan C and the $325mm 2nd lien Term Loan were exchanged at a discount. Free cash flow will be materially less burdened by interest expense as a portion of interest payments will be deferred until certain loans mature. Moody's expects Cubic's cash flow problems to improve given the aforementioned improvements in the capital structure. At the closing of the transaction in late July 2025, liquidity was improved given the cash flow enhancing measures and the expected strong inflow of cash expected during the final quarter of fiscal year 2025. However, Moody's do not believe Cubic's future cash generation will be sufficiently supportive of the current capital structure over an extended period. Overall, Moody's views liquidity as weak given the headwinds the company is facing. Lenders can expect more transparency from Cubic as it fights to turnaround its business. The new credit agreement includes a provision for substantially more reporting beginning in the period ended September 30, 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains breakeven free cash flow and FFO/interest approaches 1.0x. The ratings could be downgraded if liquidity remains weak or the probability for a distressed exchange increases. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Atlas CC Acquisition Corp serves transportation, defense command, control, communication, computers, intelligence, surveillance and reconnaissance (C4ISR), and defense training customers globally. Cubic sells integrated payment and information systems, expeditionary communications, cloud-based computing and intelligence delivery, as well as training and readiness solutions. Revenue for the 12 months ended March 31, 2025 was $1.3 billion. The company is majority-owned by entities of Veritas Capital. AUTO GLASS: Trustee Taps Burch & Cracchiolo as Special Counsel -------------------------------------------------------------- Dawn Maguire, the Subchapter V trustee of Auto Glass 2020 LLC, seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Burch & Cracchiolo, P.C. as special counsel. The counsel will prosecute the Debtor's Chapter 11 Plan obtaining a non-appealable Confirmation Order (which also includes evaluating, approving, objecting, and litigating all claims issues). The firm's hourly rates are: Alan A. Meda $625 Tracy Dunham $200 Alan Meda, Esq., a partner at Burch & Cracchiolo, P.C., assured the court that the firm does not represent or hold any interest adverse to the Debtor, the creditors, the Trustee or to the estate. The firm can be reached through: Alan A. Meda, Esq. Burch & Cracchiolo, P.C. 1850 N. Central Avenue, Suite 1700 Phoenix, AZ 85004 Phone: (602) 274-7611 Email: ameda@bcattorneys.com About Auto Glass 2020 Auto Glass 2020, LLC is a windshield replacement and window tinting company operating out of two locations located on the east and west side of metropolitan Phoenix, Ariz. Auto Glass 2020 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-00374) on January 16, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Kristy LeSueur, manager, signed the petition. Judge Madeleine C. Wanslee oversees the case. The Debtor is represented by: Alan A. Meda, Esq. Burch & Cracchiolo, P.A. 1850 N. Central Ave., Suite 1700 Phoenix, AZ 85004 Telephone: (602) 274-7611 Email: ameda@bcattorneys.com AUTOMATED TRUCKING: Hires Johnson Pope Bokor as Counsel ------------------------------------------------------- Automated Trucking, LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Johnson, Pope, Bokor, Ruppel, & Burns, LLP, as counsel. The firm will render these services: a. give the Debtor legal advice with respect to their duties and obligations as Debtor in Possession or "DIP"; b. take necessary steps to analyze and pursue any avoidance actions, if in the best interest of the estate; c. prepare on behalf of the Debtor the necessary motions, notices, pleadings, petitions, answers, orders, reports and other legal papers required in this Chapter 11 case; d. assist the Debtor in taking all legally appropriate steps to effectuate compliance with the Bankruptcy Code; and e. perform all other legal services for the Debtor which may be necessary including closings of sales of the Debtor's real property assets. The firm will be paid at $500 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Johnson Pope received a pre-petition retainer in the amount of $50,300. Alberto (Al) F. Gomez, Jr., Esq., a partner at Johnson Pope Bokor Ruppel & Burns, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: 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 Automated Trucking, LLC Automated Trucking LLC provides managed trucking services, allowing investors to lease trucks while the Company handles operations including driver management, maintenance, insurance, and dispatch. It is based in Lakeland, Florida. Automated Trucking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03886) on June 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtors are represented by Alberto ("Al") F. Gomez, Jr., Esq. at JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP. B.G. STARWOOD: Seeks Chapter 11 Bankruptcy in Pennsylvania ---------------------------------------------------------- On August 27, 2025, B.G. Starwood Lounge Inc. filed Chapter 11 protection in the Western District of Pennsylvania. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About B.G. Starwood Lounge Inc. B.G. Starwood Lounge Inc., operating as Starwood Rib and Steakhouse in New Castle, Pennsylvania, is a steakhouse and rib specialty establishment with lounge services. B.G. Starwood Lounge Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22242) on August 27, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by John Patrick Lacher, Esq. at The Lynch Law Group LlC. BARRACUDA PARENT: Blue Owl Marks $12.7MM 1L Loan at 17% Off ----------------------------------------------------------- Blue Owl Capital Corporation has marked its $12,732,000 loan extended to Barracuda Parent, LLC to market at $10,533,000 or 83% 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 Barracuda Parent, LLC. The loan accrues interest at a rate of 4.50% per annum. The loan matures on August 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 Barracuda Parent, LLC Barracuda Parent, LLC is the ultimate parent entity of Barracuda Networks, a company providing comprehensive, cloud-first security solutions for email, application, network, and data protection to businesses worldwide. BECKHAM JEWELRY: Plan Exclusivity Period Extended to September 26 ----------------------------------------------------------------- Judge Jamie A. Wilson of the U.S. Bankruptcy Court for the Southern District of Mississippi extended Beckham Jewelry, LLC's exclusive periods to file a plan of reorganization to September 26, 2025. As shared by Troubled Company Reporter, Pursuant to Section 1121(b) of the Bankruptcy Code the debtor is required to file a plan not later than 90 days after the order for relief unless extended by the Court. The current deadline for filing the plan is August 12, 2025. The Debtor explains that this motion is not intended to cause undue delay in this proceeding, and granting the Debtor additional time to file a Plan will not prejudice any party in interest. About Beckham Jewelry LLC Beckham Jewelry, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-01234) on May 14, 2025. In the petition signed by Brian Lee Beckham, member, the Debtor disclosed up to $10 million in assets and up to $500,000 in liabilities. Judge Jamie A. Wilson oversees the case. The Debtor is represented by: Thomas Carl Rollins, Jr., Esq. The Rollins Law Firm, PLLC Tel: 601-500-5533 Email: trollins@therollinsfirm.com BETTER IS BETTER: Court OKs Interim Use of Cash Collateral ---------------------------------------------------------- Better is Better, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral to fund operations. The court authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its budget pending further order. The Debtor must operate within 10% of the budget. The pre-bankruptcy liens of any creditor holding an interest in cash collateral will continue post-petition, however, such liens must not exceed their value as of the commencement of the Chapter 11 case. Replacement liens will be granted solely to the extent of any diminution in the lenders' interests in the pre-bankruptcy collateral. The post-petition collateral specifically excludes Chapter 5 causes of action and the proceeds thereof, and recoveries from any claims under Section 506(c) of the Bankruptcy Code. The final hearing is scheduled for September 25. Currently, there are four active UCC Financing Statements filed in Pennsylvania that may pertain to the Debtor's cash collateral. However, each of these statements was filed by service agents namely Corporation Service Company and CT Corporation System without identifying the actual creditor. As a result, it is unclear which creditor, if any, holds a first lien on the Debtor's assets. About Better is Better, LLC Better is Better, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22163) on August 19, 2025. In the petition signed by Joel Phifer, member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., represents the Debtor as legal counsel. BHAVI HOSPITALITY: Involuntary Chapter 11 Case Summary ------------------------------------------------------ Alleged Debtor: Bhavi Hospitality LLC Holiday Inn Express Forney 110 E US Highway 80 Forney TX 75126 Business Description: Bhavi Hospitality LLC operates the Holiday Inn Express & Suites in Forney, Texas, a four-story hotel property with amenities including a business center, fitness facilities, a pool, and meeting space. It serves business and leisure travelers in the Dallas–Fort Worth metro area. Involuntary Chapter 11 Petition Date: August 29, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-33329 Petitioners' Counsel: John Ivie, Esq. COLVEN, TRAN & MEREDITH, P.C. 1401 Burnham Dr. Plano, TX 75093 Tel:(469) 209-8310 Email: john@colvenandtran.com A full-text copy of the Involuntary Petition petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/PHY6LHQ/Bhavi_Hospitality_LLC__txnbke-25-33329__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Atmiya Holdings, LLC Business Loan $634,000 900 W. Bethany Dr., Ste. 260 Allen, TX 75013 Ghanshyam Chodvadiya Business Loan $64,038 490 Hilltop Dr. Murphy TX 75094 Mackey Industries, Inc. Labor and $24,280 503 South 7th Street Materials Marlow OK 73055 C&M MANUFACTURING: Seeks Chapter 11 Bankruptcy in Louisiana ----------------------------------------------------------- On August 27, 2025, C&M Manufacturing LLC filed Chapter 11 protection in the Western District of Louisiana. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About C&M Manufacturing LLC C&M Manufacturing LLC is a Louisiana-based company that produces equipment and components for the oil and gas industry. C&M Manufacturing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50759) on August 27, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by Louis M. Phillips, Esq. at KELLY HART & PITRE. CAROLINA'S CONTRACTING: Seeks to Extend Plan Exclusivity to Nov. 24 ------------------------------------------------------------------- Carolina's Contracting LLC asked the U.S. Bankruptcy Court for the Middle District of North Carolina to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 24, 2025 and January 23, 2026, respectively. The Debtor filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code on April 28, 2025 (the "Petition Date"). The Debtor is a South Carolina Limited Liability Company whose main assets are located in Davidson, North Carolina. The Debtor explains that good cause exists to extend for 90 days both the 120 and 180 Exclusivity Period deadlines, for reason which include, but are not limited to: * This case has a complex amount of Purchase Money Security Interest ("PMSI") claims, involving numerous items of construction equipment. The debtor in determining the best option for restructuring its affairs has been required to decide which items of equipment should be retained, sold, returned to secured creditors or to keep and restructure the applicable secured debt. This decision is complex since the debtor must also decide whether unencumbered equipment can perform any necessary work, so as to allow the return of similar secured equipment. It is in the best interest of creditors for this "contract bidding process" to become clearer prior to making the critical "equipment need" decisions. * The Debtor is reviewing a least two restructuring opportunities. One would be an internal restructuring of debt and the continuation of the business. A second potential option involves a joint operation with a similar but separate company. It is contemplated such operation would be conducted through a newly formed entity. It appears the combination can not only do what each company is currently performing, but can generate higher profits by attracting even more work as a single operating entity. * Active and complex, but yet unfinished beneficial negotiations, are taking place with many of the PMSI creditors. The requested extension is necessary to allow for these beneficial negotiations to be completed. About Carolina's Contracting Carolina's Contracting LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reported total assets of $31,405,291 and total liabilities of $25,942,522. Judge Lena M. James oversees the case. The Debtor is represented by: Dirk W. Siegmund, Esq. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP Tel: (336) 274-4658 Email: dws@iveymcclellan.com CASELLA WASTE: Bonds Remarketing No Impact on Moody's 'Ba2' CFR --------------------------------------------------------------- Moody's Ratings said Casella Waste Systems, Inc.'s announced remarketing of $40 million senior unsecured Solid Waste Revenue Bonds Series 2020 R-1 ("Series 2020 R-1 bonds") of the New York State Environmental Facilities Corporation does not affect any of Casella's ratings, including the Ba2 corporate family rating and B1 senior unsecured rating, and stable outlook. The Series 2020 R-1 bonds are obligations of Casella and guaranteed by all of its operating subsidiaries on a senior unsecured basis. The company plans to redeem $2.5 million of the Series 2020 R-1 bonds in conjunction with the remarketing. If executed, Moody's expects the remarketing to result in a modest increase in Casella's interest cost and lower its adjusted EBIT/interest expense, which approximated 1.2x for the twelve months ended June 30, 2025. The higher interest expense is manageable considering Casella's good liquidity, including consistent positive free cash flow and ample availability on the company's $700 million revolving credit facility. Casella Waste Systems, Inc. is a solid waste management company primarily focused in the Northeast US region (Vermont, New Hampshire, New York, Massachusetts, Maine, Pennsylvania and Connecticut). The company also has operations in New Jersey, Delaware and Maryland. Services include collection, transfer, disposal and recycling services. Revenue for the twelve months ended June 30, 2025, was approximately $1.7 billion. CD&R SMOKEY: Moody's Affirms 'B3' CFR & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Ratings changed CD&R Smokey Buyer, Inc.'s (PetSafe) outlook to negative from stable. At the same time, Moody's affirmed PetSafe's ratings, including its B3 Corporate Family Rating, B3-PD Probability of Default Rating, and B3 rating on the senior secured first lien notes due 2029. The negative outlook reflects PetSafe's weaker credit metrics resulting from ongoing revenue declines and lower profitability, which Moody's expects will continue to constrain free cash flow amid a challenging operating environment. PetSafe's weaker operating performance persists amid lower consumer demand and heightened competitive pressures in the ecommerce channel. The cumulative effects of high inflation and a weaker economic outlook have led to reduced discretionary spending by consumers, which continues to dampen demand for the company's pet products. Additionally, the influx of new competitors in the ecommerce space is placing further pressure on PetSafe's sales in this key channel. As a result, the company continues to be under pressure in 2025 with the first half of 2025 seeing revenue declining by about 10% year-over-year. The revenue decline had a more pronounced impact on profitability during the same period, and PetSafe's debt/EBITDA leverage increased to 9.0x as of the last 12-month (LTM) period 2Q-2025. The ratings affirmation reflects that despite the weaker metrics, PetSafe will maintain good liquidity supported by its cash balance of $25.4 million and availability of $96.8 million its $150 million ABL revolver as of June 30, 2025. The lack of near-term debt maturities and good ABL revolver availability provides the company good financial flexibility to navigate the challenging operating environment and affords the company time to execute its growth and profitability improvement initiatives and return to growth. RATINGS RATIONALE PetSafe's B3 CFR broadly reflects its high financial leverage with debt/EBITDA at 9.0x as of the LTM June 2025, its relatively small scale with LTM revenue of around $497.3 million, and its customer concentration. The company has a narrow product focus in the discretionary pet products category and is exposed to cyclical consumer discretionary spending. PetSafe's business faces weaker consumer demand and increasing competitive pressures in the ecommerce channel. Moody's expects demand headwinds for PetSafe's products to persist over the next 12 months, and for financial leverage to remain elevated. Governance factors primarily relate to the concentrated decision making and aggressive financial strategy under private equity ownership including operating with high leverage and debt-financed acquisitions. PetSafe has a good market position and brand recognition in the relatively stable pet products industry, supported by its large assortment of innovative product offerings. The company has moderate geographic and channel diversification, and some barriers to entry including intellectual property ownership. PetSafe's historically good EBITDA margin supported good free cash flow generation but has deteriorated from peak demand in recent years due to the ongoing revenue declines. The pet population and pet spending, particularly in dogs and cats has increased from the coronavirus pandemic levels, and Moody's expects this will help moderate the pressure on revenue from reductions in consumer discretionary spending. The company's good liquidity reflects its $25.4 million cash balance good availability on its $150 million ABL revolving facility as of 2Q-2025, which provides financial flexibility to fund business and cash flow seasonality. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates a track record of consistent organic revenue growth alongside EBITDA margin expansion towards historically healthy levels, and debt/EBITDA is sustained below 6.0x. A ratings upgrade will also require good liquidity highlighted by sustainably improved free cash flow relative to debt, good revolver availability at all times, and financial policies that support credit metrics at the above levels. The ratings could be downgraded if the company is unable to stabilize its revenue and EBITDA margin due to factors such as continued pressure on consumer spending, market share losses, or higher costs, or if free cash flow on an annual basis is modest or negative. The ratings could also be downgraded if EBITDA-CAPEX/interest is sustained below 1.25x, liquidity deteriorates for any reason, including higher reliance on revolver borrowings, or if the company completes a large debt-financed acquisition or shareholder distribution that further increases leverage. CD&R Smokey Buyer, Inc. (PetSafe), headquartered in Knoxville, Tennessee, is a designer and distributor of pet health and safety products for dogs and cats. The company sells its pet products through five brands, including PetSafe, Invisible Fence, SportDOG, Premier Pet, and Kurgo, and across several categories including electronic containment and training, waste management, pet doors, and other various pet products such as water & feed, toy & behavior products. PetSafe generated about $497.3 million of revenue as of the 12-month period (LTM) ended June 30, 2025 period. Clayton, Dubilier & Rice (CD&R) acquired the company in a leveraged buyout in 2020. The principal methodology used in these ratings was Consumer Durables published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CLB TRUCKING: Seeks to Hire Thompson Law Group as Attorney ---------------------------------------------------------- CLB Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Thompson Law Group as its attorneys. The firm will provide these services: (a) give legal advice with respect to the Debtor's powers and duties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare all necessary legal papers in connection with the administration of the Debtor's estate; (d) perform any and all other legal services for the Debtor in connection with its Chapter 11 case; and (e) perform such legal services as the Debtor may request with respect to any matter appropriate in assisting its effort to reorganize. The firm will be paid at these hourly rates: Attorney $350 Paralegals $90 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer of $10,000 from the Debtor. Brian Thompson, Esq., an attorney at Thompson Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian C. Thompson, Esq. Thompson Law Group, PC 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 Email: bthompson@thompsonattorney.com About CLB Trucking Inc. CLB Trucking, Inc., based in Greensburg, Pennsylvania, provides interstate trucking services specializing in the transport of metals, coal, asphalt, and dry bulk commodities. The Company operates a fleet of trucks and trailers to serve industrial clients in the region and beyond. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22144) on August 15, 2025. In the petition signed by Traci L. Peters, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brian C. Thompson, Esq., at Thompson Law Group, P.C., represents the Debtor as bankruptcy counsel. CMB DATA: Files Amendment to Disclosure Statement ------------------------------------------------- CMB Data Entry Services, LLC d/b/a Axion Data Services, submitted an Amended Disclosure Statement to accompany Amended Plan dated August 21, 2025. The Debtor's Chapter 11 Plan will be funded through the ongoing revenue of the Debtor's date entry business. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 4 consists of General Unsecured Creditors. The General Unsecured Creditors of the Debtor will receive approximately 1% of their Allowed Claims pursuant to the Plan. Class 4 is impaired by the Plan. The allowed unsecured claims total $1,541,550.00. * Class 5 consists of Equity Security Holders. The equity security holders will not change as result of the Plan and Alan Bandell will continue to own 100% of the Debtor. Class 5 is not impaired by the Plan. All Plan payments to general unsecured creditors will be made from the ongoing revenue of the Debtor's business from normal business operations. Under the Plan, Secured Creditors will receive 100% of their allowed claims at interest and General Unsecured Creditors will receive approximately 1% of their allowed claims. In a liquidation, secured creditors would likely receive less than their entire claim and General Unsecured Creditors absolutely nothing. Consequently, all creditors fare as well or better in the Plan. The revenue and expenses of the Debtor while in the reorganization proceeding based on the Monthly Operating Reports filed by the Debtor: Month Revenue Expenses Net ----- ------- -------- --- January 2025 $26,017.00 $18,094.00 $7,923.00 February 2025 $24,835.00 $29,399.00 ($4,564.00) March 2025 $29,027.00 $30,547.00 ($1,520.00) April 2025 $75,338.08 $61,072.10 $14,265.98 May 2025 $27,273.37 $42,103.21 ($14,829.84) June 2025 $21,375.80 $22,502.26 ($1,126.46) July 2025 $23,418.87 $25,238.72 ($1,819.85) Average $32,469.30 $32,708.04 ($238.74) The projections have been updated by the Debtor since the initial Chapter 11 Plan was filed in this matter and include a $1,000.00 average per month reduction in owner's draw. The initial Disclosure Statement filed indicated that the owner's draw would average $4,300.00 per month and this Amended Disclosure Statement reduces that to an average of $3,300.00 per month. A full-text copy of the Amended Disclosure Statement dated August 21, 2025 is available at https://urlcurt.com/u?l=E0WEhe from PacerMonitor.com at no charge. CMB Data Entry Services, LLC is represented by: Christopher M. Frye, Esq. Steidl & Steinberg, P.C. Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Telephone: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About CMB Data Entry Services CMB Data Entry Services, LLC, doing business as Axion Data Services, is a limited liability company in Bethel Park, Pa. CMB filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 24-23131) on Dec. 27, 2024. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge John C. Melaragno oversees the case. The Debtor is represented by Christopher M. Frye, Esq., at Steidl & Steinberg. COLIANT SOLUTIONS: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------- CoLiant Solutions Inc. filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Reorganization dated August 22, 2025. Prior to the Petition Date, Debtor provided safety and security solutions for retailers and construction sites across the country by installing security systems and fire alarm systems across the country and also provides security monitoring services (the "Business"). The Debtor has two shareholders - Ken Stallings ("Mr. Stallings") who owns forty-nine percent (and Contessa Stallings ("Mrs. Stallings") who owns fifty-one percent of the Equity Interests in Debtor. Mr. Stallings is the president, and Mrs. Stallings is the chief executive officer. Mr. and Mrs. Stallings are referred to collectively as the "Stallings." Since 2007, Debtor's cash flow was controlled through Advance Financial Corporation ("AFC") loaning against Debtor's accounts receivable. At this point, the Stallings tried to obtain refinance their personal residence to provide funding to Debtor. They were unable to do so because they had guaranteed all of Debtor's secured debt and the MCA debt which is approximately $6,000,000. The Stallings then looked for investors which proved unfruitful. The only remaining option was to search for someone in the same sector who would purchase the Stallings' Equity Interests to allow Debtor to continue operating its Business as a reorganized debtor. After having discussions with many potential parties, OnView Integrated Solutions and Keystone (collectively, the "Buyers") worked with the Stallings on a stock purchase agreement that would allow for confirmation of a plan of reorganization. The Stock Purchase Agreement term sheet was executed on June 26, 2025 and filed in the Adversary Proceeding on that same date at Docket Number 14. The final fully executed Stock Purchase Agreement is attached hereto and incorporated herein by reference as Exhibit A (the "Stock Purchase Agreement"). The entire proceeds from the sale of the Stallings Equity Interests will be used to fund the Plan. The Stallings are not receiving any payment from the sale to Buyers and are not retaining any Equity Interests in Reorganized Debtor. The Stallings are selling their stock in Debtor to Buyers for $2,951,000.00 (the "Purchase Proceeds") as detailed in the Stock Purchase Agreement. The Purchase Proceeds will pass through the Stallings to Reorganized Debtor to fund Distributions under the Plan. The Stallings shall not retain any of the Purchase Proceeds. Reorganized Debtor will issue new shares of stock to Buyers. Buyers will operate Reorganized Debtor. The Class 3 consists of the General Unsecured Vendor Creditors Allowed Claims that will be receive their Pro Rata Share over twenty-four quarters of the Stock Purchase Proceeds in the amount of $1,198,000, beginning on the last day of the first quarter following the Effective Date. The Debtor estimates, but does not warrant, that the Unsecured Vendor Claims total approximately $7,653,560.11. Class 3 is Impaired and is entitled to vote on the Plan. Class 4 consists of the Allowed Unsecured Claim of NewTek. NewTek filed Proof of Claim 65 that bifurcates its claim, a $1,000,000 secured claim and a $1,678,503.35 unsecured claim. The NewTek debt is guaranteed by the Stallings. This debt also is secured by a first in priority security interest in and to a building owned by CoLiant Properties, LLC (the "Building"). NewTek's secured claim will be paid in full at the closing of the sale of the Building. NewTek's remaining unsecured claim will receive a one-time payment of $10,000 on the Effective Date of the Plan which shall be paid by the Stallings to satisfy their guaranty obligation to NewTek. This one-time payment also satisfies in full NewTek's Unsecured Claim and secured Claim against Debtor. Class 4 is Impaired. Class 5 consists of the Unsecured Claims of River Capital Partners and True Business Funding. These creditors are the MCAs who purportedly purchased Debtor's accounts receivable in December 2024 and January 2025, respectively. At the time of these purchases, Debtor's account receivables were wholly encumbered by AFC's security interest dating from 2005, the SBA's purported security interest dating from 2020, and the purported NewTek security interest dating from 2023. There were no accounts receivable to purchase from Debtor at the time the MCAs paid money to Debtor. As a result, the Class 5 Claims are unsecured. The MCAs shall not receive any monetary distribution under the Plan. They will receive a credit against the amount of the preference payments each of them owes Debtor. River Capital Partners received $84,000.00 in preference payments. Its Pro Rata Share of a Class 3 Distribution is estimated to be $45,422.00. River Capital Partners' preference exposure is $38,578.00. True Business Funding received $589,594.32 in preference payments. Its Pro Rata Share of a Class 3 Distribution is estimated to be $172,180.00. True Business Funding's preference exposure is $417,414.00. On the Effective Date of the Plan, OnView and Keystone will be the sole owners of Debtor. They shall own all the Equity Interests in the Reorganized Debtor. As consideration for this ownership interest, OnView and Keystone will purchase the Stallings Equity Interests in Debtor for the sum of $2,781,000 and these Purchase Proceeds shall fund the Plan and Distributions to Class 1 and Class 3, Postpetition Furloughed Unpaid Accrued Wages, and postpetition payables. The liquidation of all personal property used in Debtor's operations would be used to satisfy the AFC Allowed Secured Claim and the SBA Allowed Secured Claim. The liquidation value of these assets is less than $1,100,000 and the secured claims total more than $1,900,000. The Priority Tax Claims total more than $336,000. Under this Plan, with the Purchase Proceeds, the Reorganized Debtor is paying in full AFC and Administrative Claims of Postpetition Furloughed Unpaid Accrued Wages and postpetition unpaid vendors and also paying the General Unsecured Vendor Creditors an estimated 15% of their Allowed Claims over a six-year period, depending on the aggregate amount of Allowed General Unsecured Vendor Creditor Claims. The Allowed Unsecured Claim of NewTek will receive $10,000 paid by the Stallings and the MCAs' Allowed Unsecured Claims will receive a credit for their Distribution which limits their preference exposure. All Allowed Priority Tax Claims will be paid in full over a five-year period. The Distributions contemplated by this Plan shall be made from the Purchase Proceeds paid by the Buyers, OnView and Keystone, under the terms of the Stock Purchase Agreement and from Reorganized Debtor's income. A full-text copy of the Disclosure Statement dated August 22, 2025 is available at https://urlcurt.com/u?l=dYFzEk from PacerMonitor.com at no charge. Counsel to the Debtor: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 Email: wrountree@rlkglaw.com About CoLiant Solutions Inc CoLiant Solutions Inc. offers safety and security services to retailers and construction sites nationwide by installing security and fire alarm systems. Wal-Mart is the Debtor's largest client, accounting for 50% of its business. Other customers include construction contractors, food and beverage retailers like Duncan Brands, and department stores like Dillard's. The Debtor has physical office locations in Springfield, Illinois, Bentonville, Arkansas, Modesto, California, and Buford, Georgia. CoLiant filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-51509) on February 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. The Debtor is represented by William Rountree, Esq., at Rountree Leitman Klein & Geer, LLC. COLLECTIVE INVESTMENT: To Sell Alexandria Property to A. Cleveland ------------------------------------------------------------------ Collective Investment Holdings 5, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, to sell Property located at 1 Canterbury SQ, Unit 101, Alexandria, VA 22304, free and clear of liens, claims, interests, and encumbrances. The Debtor is a limited liability company organized under the laws of Virginia. Its principal assets are two pieces of real property, one being the real property located at 1 Canterbury Sq, Unit 101, Alexandria, VA 22304, which is a residential condominium unit. On August 13, 2025, the Debtor entered into a Residential Sales Contract with Alfred M. Cleveland Jr. (Buyer) for the sale of the Property for a purchase price of $289,990.00. The Contract was ratified on or about August 13, 2025, based on signatures dated August 13, 2025. The Debtor believes the sale represents the highest and best offer for the Property, obtained through arm's-length negotiations. The Purchase Price is fair and reasonable, reflecting current market conditions for similar properties in Alexandria, Virginia. The Property is subject to a deed of trust in favor of Mortgage Funding 04 LLC in the approximate amount of $220,000.00. About Collective Investment Holdings 5 LLC 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. COLLECTIVE INVESTMENT: To Sell Unit 302 Property to 5203 Duke St ---------------------------------------------------------------- Collective Investment Holdings 5, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, to sell Property located at 5203 Duke St, Apt 302, Alexandria, VA 22304, free and clear of liens, claims, interests, and encumbrances. The Debtor is a limited liability company organized under the laws of Virginia. Its principal assets are two pieces of real property, one being the real property located at 1 Canterbury Sq, Unit 101, Alexandria, VA 22304, which is a residential condominium unit. On August 8, 2025, the Debtor entered into a Residential Sales Contract with 5203 Duke St LLC (Buyer) for the sale of the Property for a purchase price of $221,000.00. The Contract was ratified on or about August 10, 2025, based on signatures dated August 9, 2025 (Seller, John Gordon) and August 10, 2025 (Buyer, Cheryl Napper). The Debtor believes the sale represents the highest and best offer for the Property, obtained through arm's-length negotiations. The Purchase Price is fair and reasonable, reflecting current market conditions for similar properties in Alexandria, Virginia. The Property is subject to a deed of trust in favor of Lima One Capital, LLC in the approximate amount of $215,150.00 About Collective Investment Holdings 5 LLC 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: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------------- On August 28, 2025, Complemar Partners Inc. filed Chapter 11 protection in the Western District of New York. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Complemar Partners Inc. 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. Complemar Partners Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-20610) on August 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Warren, USBJ handles the case. The Debtor is represented by Sara C. Temes, Esq. at BOND, SCHOENECK & KING, PLLC. COSMOS HEALTH: Andreas Bovopoulos Holds 4.8% Equity Stake --------------------------------------------------------- Andreas Bovopoulos disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of August 13, 2025, he beneficially owns 1,453,044 shares of Cosmos Health Inc.'s common stock (CUSIP: 221413206), representing approximately 4.8% of the class. He has sole voting power and sole dispositive power over all of these shares. Andreas Bovopoulos may be reached at: Individual Investor 15413 Lone Hill Road Los Gatos, CA 95032 About Cosmos Health Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. As of Dec. 31, 2024, Cosmos Health had $54,311,892 in total assets, $29,778,963 in total liabilities, and a total stockholders' equity of $24,532,929. New York, N.Y.-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. CS-ORED LLC: Seeks to Hire Fuller Law Firm P.C. as Attorney ----------------------------------------------------------- CS-ORED LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire The Fuller Law Firm, P.C. as attorneys. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the case; (c) take all necessary action to protect and preserve the Debtor's estate; (d) prepare on behalf of the Debtor all legal papers; (e) negotiate and prepare on the Debtor's behalf a plan for reorganization, disclosure statement, and all related agreements and documents and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (f) advise the Debtor in connection with the possible sale or any possible re-finance of its assets; (g) appear before the court and the U.S. Trustee and protect the interest of the Debtor's estate before such courts and the U.S. Trustee; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with its Chapter 11 case. The firm will be paid at these rates: Lars T. Fuller, Attorney $505 per hour Joyce Lau, Attorney $475 per hour The firm received a retainer of $25,000 in addition to the filing fee of $1,738. In addition, the firm will seek reimbursement for expenses incurred. Lars Fuller, Esq., an attorney at The Fuller Law Firm, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lars T. Fuller, Esq. THE FULLER LAW FIRM, PC 60 No. Keeble Ave. San Jose, CA 95126 Telephone: (408) 295-5595 Facsimile: (408) 295-9852 Email: admin@fullerlawfirm.net About CS-ORED LLC CS-ORED LLC is a real estate holding company based in Oakdale, California, that owns a portfolio of eight residential properties located on Tiffani Court, Tiffani Way, Robin Court, and Old Stockton Road. The properties are in varying stages of construction, with some completed and others still under development. As of July 17, 2025, the portfolio had a completed appraised value of $5.41 million. CS-ORED LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51204) on August 6, 2025. In its petition, the Debtor reports total assets of $5,410,000 and total liabilities of $3,832,140. Honorable Bankruptcy Judge M Elaine Hammond handles the case. The Debtor is represented by Lars Fuller, Esq. at THE FULLER LAW FIRM PC. DANGER HART: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------- On August 27, 2025, Danger Hart Hospitality LLC filed Chapter 11 protection in the Northern 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 Danger Hart Hospitality LLC Danger Hart Hospitality LLC is a hospitality company operating multiple bars and pubs under various brand names including Fire Betty's, Duke's & Dotties (in both Tallahassee and Athens), and Finnegan's Wake Irish Pub, that specializes in operating drinking establishments focused on alcoholic beverage service. Danger Hart Hospitality LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40409) on August 27, 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 Michael Howard Moody, Esq. at Michael H. Moody Law P.A. DESKTOP METAL: Taps Vinson & Elkins as Special Corporate Counsel ---------------------------------------------------------------- Desktop Metal, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Vinson & Elkins LLP as special corporate counsel. The firm will render these services: (a) continue to provide general corporate advice, to the extent requested by the Debtors; (b) continue providing advice on employee, employment benefit, ERISA, and WARN Act matters, to the extent requested by the Debtors; and (c) continue to assist with other matters, to the extent requested by the Debtors and not otherwise duplicative of services provided by the Debtors' primary bankruptcy counsel. The firm's current hourly rates for matters related to the Debtors range from $910 to $2,250 per hour for attorneys and approximately $615 per hour for paraprofessionals and other timekeepers. The firm received a total retainer in the amount of $3,729,911.11. The firm provides the following statements in response to the request for additional information set forth in Part D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Vinson & Elkins's billing rates and financial terms for the prepetition engagement are described above. The material financial terms of Vinson & Elkins's prepetition engagement have not changed. Question: Have the Debtors approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Vinson & Elkins is only performing specific tasks as and when requested by the Debtors. David Meyer, Esq., a partner at Vinson & Elkins, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David S. Meyer, Esq. Vinson & Elkins LLP 1114 Avenue of the Americas, 32nd Floor New York, NY 10036 Tel: (212) 237-0000 Fax: (212) 237-0100 About Desktop Metal Inc. Desktop Metal designs and markets 3D printing systems. ExOne's business primarily consisted of manufacturing and selling 3D printing machines and printing products to specification for its customers for both direct and indirect applications. ExOne offered its pre-production collaboration and print products for customers through its network of ExOne Adoption Centers and supplied the associated materials, including consumables and replacements parts, and other services, including training and technical support, necessary for purchasers of its 3D printing machines to print products. Desktop Metal and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90268) on July 28, 2025, listing under up to $50,000 in both assets and liabilities. The case is jointly administered in Case No. 25-90268. Judge Christopher M. Lopez oversees the case. Benjamin Lawrence Wallen at Pachulski Stang Ziehl & Jones LLP serves as the Debtors' counsel. On August 6, 2025, the Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Munsch Hardt Kopf & Harr, PC as counsel and Province LLC as financial advisor. DIAMOND RENOVATIONS: Behrooz Vida Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for Diamond Renovations, Inc. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About Diamond Renovations Inc. Diamond Renovations, Inc. provides residential and commercial roofing and remodeling services in the Dallas Fort Worth area. It specializes in roof replacements, repairs, exterior carpentry, and painting. Diamond Renovations Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-42386) on June 30, 2025. In its petition, the Debtor reported total assets of $482,406 and total liabilities of $1,061,209. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Clayton L. Everett, Esq., at Norred Law, PLLC. DOOR COUNTY: Unsecureds Will Get 100% Dividend over 3 Years ----------------------------------------------------------- Door County Environmental Energy LLC submitted a Third Amended Disclosure Statement for Third Amended Plan of Reorganization dated August 22, 2025. Under the Plan, all creditors and interest holders with allowed claims and interests will receive distributions of 100% of their allowed claims and interests, including general unsecured creditors. By contrast, were the Debtor to be liquidated, it is likely that the Debtor's senior secured creditors would receive all of the available net proceeds for distribution, comprising only an estimated 20% of their allowed claims, and no proceeds would be available to make distributions to unsecured creditors or interest holders. Class 3 consists of the general unsecured claims of Nacelle in the amount of approximately $1.6 million, Foxland, in the amount of approximately $500,000, and trade debt of approximately $100,000 (or approximately $2.2 million in the aggregate, the final amounts to be agreed or otherwise determined by the Court). These Claims are unimpaired and deemed to vote to accept the Plan. These Claims shall be paid a 100% dividend, on a pro rata basis, with a per annum interest rate of 7.5%, in monthly payments in the aggregate estimated amount of $68,433.80, over three years, with the first payment due on the first day of the month that begins after the Effective Date, and each monthly payment due on the first day of the same month thereafter, until paid in full. Class 4 consists of Equity Interest Holders of the Debtor. Holders of Equity Security Interests are parties who hold an ownership interest in the Debtor (i.e., the Debtor's owners). For example, in a corporation or a limited liability company, entities or individuals holding stock or membership interests would be considered to be holders of equity interests. All equity interest holders of the Debtor shall receive new equity interests in the reorganized Debtor equivalent to the interests they held in the Debtor at the Petition Date, and are unimpaired and presumed conclusively to have accepted the Plan, in accordance with Bankruptcy Code Section 1126(f). To effectuate the proposed Plan, DCEE shall continue its operations. DCEE will utilize profits, revenues, and income from its operations, and cash on hand on the Effective Date to fund the proposed Plan. Avoidance Actions. The hearing at which the Court will consider confirmation of the Plan will take place on October 16, 2025 at 10:00 a.m., at the United States Bankruptcy Court for the Eastern District of Wisconsin, Courtroom 133, 517 East Wisconsin Avenue, Milwaukee, WI 53202, the Honorable Beth E. Hanan presiding. Objections to confirmation of the Plan must be filed with the Court and served upon the Debtor's Counsel and the Office of the United States Trustee, and all other creditors and/or interested parties who have filed notices of appearances and requests for special notice by October 1, 2025. A full-text copy of the Third Amended Disclosure Statement dated August 22, 2025 is available at https://urlcurt.com/u?l=otnsZo from PacerMonitor.com at no charge. Counsel to the Debtor: Claire Ann Richman, Esq. Michael P. Richman, Esq. Eliza M. Reyes, Esq. RICHMAN & RICHMAN LLC 122 W. Washington Avenue, Suite 850 Madison, WI 53703-2732 Tel: (608) 630-8990 Fax: (608) 630-8991 Email: MRichman@RandR.law CRichman@RandR.law EReyes@RandR.law About Door County Environmental Energy Door County Environmental Energy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-26772) on Dec. 19, 2024. In the petition filed by Chris A. Lenzendorf, as authorized signatory of Door County Environmental Energy LLC, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Beth E. Hanan oversees the case. The Debtor is represented by Claire Ann Richman, Esq. at RICHMAN & RICHMAN LLC. German American State Bank, as lender, is represented by: Sara C. McNamara, Esq. REINHART BOERNER VAN DEUREN S.C. 1000 North Water Street, Suite 1700 Milwaukee, WI 53202 Tel: (414) 298-1000 Email: smcnamara@reinhartlaw.com DRIVEN BRANDS: S&P Alters Outlook to Positive, Affirms 'B+' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' rating to North Carolina-based Driven Brands Holdings LLC's revolving credit facility maturing in 2030, with a '1' recovery rating, and withdrew the term loan rating after the repayment. The positive outlook reflects S&P's view that it could upgrade its rating on Driven Brands if continuing operations improve and it expects S&P Global Ratings-adjusted leverage comfortably below 5x. Driven Brands's has reduced its debt including the repayment of its term loan along with a decrease in revolver borrowings. The debt reduction is line with the company's strategy to reduce leverage over time, and S&P now expects S&P Global Ratings-adjusted leverage in the high-4x area by the end of 2026. S&P said, "The positive outlook reflects our view that we could upgrade our rating on Driven Brands if its performance continues to improve over the next 12-18 months and we expect S&P Global Ratings-adjusted leverage comfortably below 5x. The positive outlook stems from our expectations for continued sales and EBITDA expansion, which helps support free operating cash flow (FOCF), modest debt repayment, and lower leverage. We project a 6% increase in 2025 sales, or about a 10% decline in sales on a reported basis when accounting for the sale of the U.S. car wash operations, which closed in April. We also project an 8% increase in 2026 sales. Its Take 5 segment will drive most of the sale expansion, with a projected expansion of more than 11% in 2025 and 13% in 2026. We also anticipate the company's diversified sourcing strategy and pricing power, supported by the nondiscretionary, low-frequency nature of its services, will enable it to manage the risks of an uncertain economy and high inflation. Moreover, the company has demonstrated efforts to reduce risks. The divestiture of the U.S. car wash business reduces complexity, and the use of proceeds to reduce debt illustrates management's public commitment to lower leverage." Driven Brands' financial policy and deleveraging track record are key to potential rating upside. The company has made significant progress in reducing leverage, with a decrease of more than $500 million in reported debt since the end of 2023. Additionally, the lower lease obligations associated with the U.S. car wash divestiture reduce financial risk. This includes S&P Global Ratings-adjusted leverage in the mid- to high-5x area for the trailing 12 months ended June 30, 2025, compared with 6.6x in the year-ago period. The company's commitment to deleverage its balance sheet appears evident in the use of FOCF to repay debt. Additionally, the July 2025 sale of the seller note receivable for $113 million provides it with additional financial flexibility, contributing to Driven Brands' debt repayment. S&P does not expect meaningful shareholder friendly actions such as debt-funded dividends or share repurchases for the foreseeable future. S&P said, "We expect Driven Brands' revenue to expand from continuing operations this year and next year despite lower sales with the sale of the U.S. car wash. The Take 5 segment will drive growth, with strong same-store sales and a continued focus on expanding service offerings. At the same time, the segment's differentiated fluid service system will contribute to this positive trend. Take 5's business model remains resilient because of its needs-based services, which will help offset uneven consumer sentiment. We hold this view because customers will need to maintain their vehicles as driving miles are expected to increase. Furthermore, Driven Brands' international car wash segment will likely generate good performance, with expected same-store sales expansion of 19%, demonstrating the potential for continued growth in international markets. The trends in these two segments will help offset modestly lower 2025 performance at the franchised operations, primarily auto body and paint services. The franchised segment will likely weaken in 2025 because of lower industry traffic as consumers defer some repair services. Still, the highly franchised model modestly insulates Driven from these trends, and we expect a low-single-digit percent decrease in segment sales this year, followed by a 2% expansion next year. The expansion in same-store sales across the segments in addition to new stores will help lead to an 8% increase in sales next year. "We anticipate S&P Global Rating-adjusted EBITDA margins of about 26% over the next two years, supported by a high penetration of franchised operations and cost management that offsets store investments and other growth investments. In addition to this structural efficiency, Driven Brands' ability to maintain these margins will be significantly influenced by ongoing operational cost controls. We expect that strategic management of expenses, combined with the inherent leverage provided by the franchise model, will allow the company to effectively absorb incremental costs associated with expansion and new service offerings. As a result, we project its operating costs to increase at a rate lower than revenue growth, contributing positively to the overall margin profile. At the same time, our margin projections assume increased costs associated with store and other investments." Driven Brands will likely use its FOCF generation to repay revolver borrowings and increase balance sheet cash, supporting liquidity. Reported FOCF is expected to be about $129 million in 2025, improving to $153 million in 2026. This will provide the company with a cushion against potential economic headwinds and support its deleveraging goals. Moreover, S&P expects capital expenditures (capex) of about $200 million annually over the next two years, primarily focused on store development, technology improvements, and other strategic investments. This capex is lower than in years past, including nearly $289 million in 2024 and almost $600 million in 2023. Driven Brands maintains a 5% market share in the highly fragmented automotive services market. The company operates as one of the largest independent providers of automotive services in the U.S. and Canada, a position that supports sales growth and profitability. Driven Brands' portfolio of brands, including Meineke, Maaco, Take 5, and others, has contributed to overall sales growth and operational diversification while providing growth opportunities. The company's geographic diversification is also a strength, mitigating regional performance variations and seasonal volatility. Furthermore, S&P anticipates Driven Brands will benefit from factors such as an aging car parc, increasing vehicle miles traveled, and the growing complexity of vehicles. Moreover, the company has managed to sustain continuing growth in 2025 despite a challenging environment. This, along with the company's significant penetration of franchise operations, leads S&P to maintain its positive comparable ratings analysis modifier. The positive outlook reflects S&P's view that it could upgrade its rating on Driven Brands if it maintains S&P Global Ratings-adjusted leverage comfortably below 5x, supported by an expansion in continuing sales and EBITDA and modest debt reduction. S&P could revise its outlook back to stable if it expects Driven Brands to sustain leverage at or above 5x. This could happen if: -- Operating performance deteriorates such that continuing sales fail to expand and margins decline materially; or -- Driven Brands adopts a more aggressive financial policy including debt-funded acquisitions, growth initiatives, or shareholder returns. S&P could raise its ratings on Driven Brands if it meets or exceeds its base-case forecast and we expect leverage to remain comfortably below 5x, supported by a more conservative financial policy. This would likely coincide with: -- Continuing solid operating performance driving increased EBITDA and FOCF generation; and -- The company utilizing FOCF to reduce its debt balance. ECHOSTAR CORP: S&P Places 'CCC+' ICR on CreditWatch Positive ------------------------------------------------------------ S&P Global Ratings placed its 'CCC+' issuer credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. On Aug. 26, 2025, AT&T Corp. announced its plans to acquire about 50MHz of low- and mid-band spectrum from Echostar Corp. for a total transaction value of $23 billion. The transaction will materially improve Echostar's liquidity position and ease its ability to cover large upcoming debt maturities. The CreditWatch placement follows AT&T's announcement that it will acquire 50MHz of spectrum from Echostar, for a purchase price of approximately $23 billion. The $23 billion sale price represents about a $9.5 billion premium over the carrying value of Echostar's 600MHz and 3.5GHz spectrum assets. The transaction will materially improve Echostar's liquidity position, creating a path to repay or more easily refinance the large block of upcoming maturities, including about $6.2 billion of debt coming due in 2026 and $3.5 billion due in 2027. Proceeds from the transaction could also support any potential operational deficits over the next several years. Credit metric improvement hinges on use of proceeds, which is uncertain. The company has indicated that the $3.5 billion 11.75% due 2027 of 600MHz spectrum-backed notes issued by Dish Network will be repaid in full. It has also indicated that the roughly $7.5 billion intercompany loan between Dish Network and Dish DBS will be repaid in full. However, Dish DBS previously reassigned receivable rights to a wholly-owned subsidiary of Echostar Corp with respect to the $4.7 billion Tranche A, effectively placing this value out of the reach of creditors. The remaining $2.8 billion Tranche B proceeds will be directed to Dish DBS Corp. There is a path toward a more sustainable capital structure if proceeds are deployed largely for debt reduction. However, if the majority of proceeds are used for shareholder returns, leverage will likely remain elevated at double-digit levels while FOCF could remain negative. Using S&P's existing operating assumptions (which carry significant uncertainty around EBITDA and capex) and assuming about $6.3 billion to debt reduction would still result in meaningful FOCF deficits until 2029 when FOCF could approach break-even levels. Therefore, issuer credit rating upside is dependent on significant debt reduction and associated reduction in interest expense. The sale of spectrum assets indicates significant progress in resolving the FCC's spectrum utilization concerns. On May 9, 2025, the Federal Communications Commission (FCC) sent a letter to Echostar indicating it was beginning a review of Echostar's compliance with certain federal obligations to provide 5G service in the United States. The letter and public notices introduce the possibility of reversing prior FCC grants of authority to Echostar. Echostar responded to the letter on May 27, 2025, and indicated that the uncertainty over its spectrum rights has effectively frozen its ability to make decisions regarding its wireless business, including continued network buildout. S&P said, "We believe this transaction satisfies the FCC's goal of putting spectrum to use quickly and the company has indicated it continues to evaluate strategic options for its remaining spectrum portfolio in partnership with the U.S. government and wireless industry participants. We believe this could include further spectrum sales." Along with the sale to AT&T, the two companies also agreed to expand their existing network service agreement. Under the new network service agreement Boost Mobile will operate as a hybrid mobile network operator utilizing its own existing network as well as AT&T's network. ELEVATE PFS: S&P Withdraws 'B-' ICR Following Debt Repayment ------------------------------------------------------------ S&P Global Ratings withdrew its 'B-' issuer credit rating on revenue cycle services provider Elevate PFS Parent Holdings Inc. at the issuer's request. At the time of the withdrawal, S&P's outlook on the company was stable. At the same time, S&P discontinued its 'B-' issue-level rating and '3' recovery rating on Elevate's first-lien credit facility (comprising a revolving credit facility and term loan) following the full repayment of its outstanding rated debt. EOS FINCO: Blue Owl Marks $37.6MM 1L Loan at 74% Off ---------------------------------------------------- Blue Owl Capital Corporation has marked its $37,657,000 loan extended to EOS Finco S.A.R.L to market at $9,787,000 or 26% 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 EOS Finco S.A.R.L. The loan accrues interest at a rate of 6% PIK per annum. The loan matures on October 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 EOS Finco S.A.R.L EOS Finco S.A.R.L. is a Luxembourg-based specialized investment company that holds, manages, and disposes of interests in various entities, focusing on financial services and investments. EPHESIANS 320: Seeks Chapter 11 Bankruptcy in Colorado ------------------------------------------------------ On August 28, 2025, Ephesians 320 Partner LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Ephesians 320 Partner LLC Ephesians 320 Partner LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Ephesians 320 Partner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15543) on August 28, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Keri L. Riley, Esq. at KUTNER BRINEN DICKEY RILEY. EVERGREEN LODGING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Evergreen Lodging, LLC 15059 W. Colfax Ave. Golden, CO 80401 Business Description: Evergreen Lodging LLC, owned by Sean and Susi Keating, is a Colorado-based hospitality company that operates lodging facilities and manages a 155-room Days Inn lodging facility in Golden under a 2020 franchise agreement. Chapter 11 Petition Date: August 28, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-15542 Judge: Hon. Joseph G. Rosania Jr 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: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sean Keating as managing member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2TATMNQ/Evergreen_Lodging_LLC__cobke-25-15542__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2JT7MGQ/Evergreen_Lodging_LLC__cobke-25-15542__0001.0.pdf?mcid=tGE4TAMA EXCELL COMMUNICATIONS: Plan Exclusivity Period Extended to Oct. 11 ------------------------------------------------------------------ Judge Louis A. Scarcella of the U.S. Bankruptcy Court for the Eastern District of New York extended Excell Communications, Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 11 and December 10, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that they continue to consolidate their business operations. The Debtors already have rejected certain leases and executory contracts, and anticipate filing one or more additional motions to reject certain non residential real property leases. Accordingly, given the complexity of the issues presented in this case, the Debtors have demonstrated good faith progress towards reorganization and reasonable prospects for filing a viable Plan. The Debtors remain current with their post-Petition Date obligations as they come due. The Debtors submit that cause exists to grant the proposed extension of the Exclusivity Period. The Debtors believe that it is essential and therefore beneficial to the estates and their creditors that the Debtors be afforded the time necessary in an environment where the Debtors are not distracted with the concomitant threat of competing plans, unproductive confrontations and the increasing administrative costs associated therewith. Finally, the Debtors believe that the proposed extension of the Exclusivity Period will not prejudice creditors of the Debtors' estates or other parties-in-interest. Counsel to the Debtors: Michael Amato, Esq. FORCHELLI DEEGAN TERRANA LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 E-mail: mamato@forchellilaw.com About Excell Communications Excell Communications, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71444) on April 14, 2025. Judge Louis A Scarcella presides over the case. Michael S Amato, at Ruskin Moscou Faltisckek PC, is the Debtor's counsel. EXTENSIONS PLUS: Court OKs Deal to Use SBA's Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, approved a stipulation allowing Extensions Plus, Inc. to use the cash collateral of the U.S. Small Business Administration through September 23. Under the agreement, the Debtor is permitted to use SBA's collateral in exchange for adequate protection in the form of regular monthly loan payment of $2,505 and replacement liens. The stipulation covers the period from June 23 to September 23. The use of SBA's cash collateral will allow the Debtor to continue its operations while it reorganizes. Without access to this cash, the Debtor may not be able to meet basic operating expenses, jeopardizing its efforts to restructure. SBA filed a proof of claim in the Debtor's Chapter 11 case, which includes its loan agreement, security agreement, and perfected UCC-1 financing statement that establishes its secured interest in the Debtor's assets. About Extensions Plus Inc. Extensions Plus, Inc. designs and supplies high-quality women's hairpieces and wigs, including custom and ready-made styles made from real Indian human hair. It serves clients globally and domestically, including those experiencing hair loss and celebrities seeking premium hair extensions. Founded in 1988, Extensions Plus operates out of its headquarters in Tarzana, California. Extensions Plus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11102) on June 23, 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 Victoria S. Kaufman handles the case. The Debtor is represented by: Peter T. Steinberg, Esq. Steinberg Nutter And Brent Tel: 818-876-8535 Email: mr.aloha@sbcglobal.net FREE SPEECH: Infowars Wins Pause of State Receiver Appointment -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Infowars, the media company founded by Alex Jones, secured temporary relief from a Texas state court receivership order. The ruling delays the takeover of the company's assets by a court-appointed administrator. The Third District Court of Appeals in Texas issued the pause on Thursday, August 28, 2025, according to the report. The stay applies to an August 13 order that authorized a receiver to seize and sell the property of Free Speech Systems LLC, Infowars' parent. The appeals court acted one day after the company filed an emergency petition. Free Speech argued that the receivership order was procedurally defective and violated the authority of a bankruptcy court already handling Jones' personal Chapter 7 case, according to Bloomberg Law. Judge Maya Guerra Gamble had appointed Gregory S. Milligan of Harney Partners to oversee the receivership. Her order came at the urging of families of Sandy Hook shooting victims, who have been pressing to collect more than $1 billion in judgments against Jones. Those families, who say Jones fueled harm by falsely calling the 2012 tragedy a hoax, now face a September 15 deadline to respond to Free Speech's appeal. Their collection efforts have spanned state and federal courts, the report states. Meanwhile, Jones' bankruptcy cases continue to complicate enforcement. Free Speech Systems' Chapter 11 bankruptcy was dismissed last year, though Judge Christopher Lopez gave the Chapter 7 trustee in Jones' personal case control over its assets and accounts. Lopez has previously denied attempts to liquidate Infowars' assets, including a proposal to sell them to The Onion. Free Speech is represented by Jordan & Ortiz PC and Broocks Law Firm PLLC, while the Sandy Hook families are represented by Koskoff Koskoff & Bieder PC and Cain & Skarnulis PLLC. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FTX TRADING: Creditors Trust Sues Salame to Recover Funds --------------------------------------------------------- Randi Love of Bloomberg Law reports thatFTX Trading Ltd.'s creditors' trust has brought new claims against former executive Ryan Salame, targeting alleged fraudulent transfers tied to a Maryland property and questionable bank transactions. According to the report, the trust said in a Delaware bankruptcy court filing Thursday, August 28, 2025, that Salame and his wife, Michelle Bond, altered their deed in February to hinder creditor recovery. Salame was previously sued in November 2024 over about $99 million in alleged fraudulent transfers. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GENESIS HEALTHCARE: Two New Committee Members Appointed ------------------------------------------------------- The U.S. Trustee for Region 6 appointed Michael Bubman of BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC and Peter Gudaitis of Aculabs, Inc., as additional members of the official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee is now composed of: 1. Debra F. Constantine Individually and as Administratrix of the Estate of Mary E. Miller c/o Joshua H. Meyeroff, Esq. Morris James LLP 500 Delaware, Ave. Ste. 1500 Wilmington, DE 19801 jmeyerhoff@morrisjames.com 2. Tanya Turner Class Representative c/o Misty M. Lauby Lauby, Mankin & Lauby LLP 5198 Arlington Ave, PMB 5132 Riverside, CA 92504 misty@lmlfirm.com 3. Mark Adkins Durable Power of Attorney for Juanita Spurlock c/o Steven R. Broadwater, Jr. Stewart Bell, PLLC 30 Capitol St. P.O. Box 1723 Charleston, WV 25326 srbroadwater@belllaw.com 4. Ignacio Garcia Individually and as Personal Representative of Estate of Frances Lupasita Serna c/o David Adams Parnall and Adams Law, LLC 2116 Vista Oeste NW, Suite 403 Albuquerque, NM 87120 david@parnalladams.com 5. Joshua Perlin Vice President and Chief Financial Officer Omnicare, LLC 6285 West Galveston St. #3 Chandler, AZ 85226 joshua.perlin@omnicare.com 6. Silvana Stankus Executive Director New England Healthcare Employees Pension Fund 77 Huyshope Avenue, 2nd Floor Hartford, CT 06106 sstankus@1199nefunds.org 7. Peter Nenstiel Senior Vice President Financial Services Healthcare Services Group, Inc. 3220 Tillman Drive, Suite 300 Bensalem, PA 19020 pnenstiel@hcgcorp.com 8. Paul Runice Vice President of United Group Change Healthcare Operations, LLC Change Healthcare Technologies, LLC 9900 Bren Rd. E. Minnetonka, MN 55343 paul_runice@uhg.com 9. Brian Chambers Director of Credit and Collections Sysco Corporation 1390 Enclave Parkway Houston, TX 77077 brian.chambers@sysco.com 10. Michael Bubman BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC 16133 Ventura Blvd., Suite 1175 Encino, CA 91436 mbubman@mbn.law 11. Peter Gudaitis President Aculabs, Inc. 2 Kennedy Blvd. East Brunswick, NJ 08816 pgudaitis@aculabs.com About Genesis Healthcare Genesis Healthcare, Inc. (OTC Expert Market: GENN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 200 skilled nursing centers and senior living communities in 17 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,500 locations in 43 states and the District of Columbia. On July 9, 2025, Genesis Healthcare, Inc. and 298 of its affiliates and subsidiaries each filed voluntary petitions in Dallas, Texas, seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80185). The Debtors listed at least $1 billion in assets and liabilities as of the bankruptcy filing. As of the Petition Date, the Debtors had secured debt of $708.5 million and unsecured obligations totaling $1.568 billion. The Debtors tapped McDermott Will & Emery LLP as bankruptcy counsel, and Jefferies, LLC, as investment banker. Ankura Consulting Group, LLC, provides the services of senior managing directors Russell A. Perry and Louis E. Robichaux IV as CRO of the Debtors. Epiq Corporate Restructuring, LLC, is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Counsel to Welltower: John T. Cox III, Esq. Gibson, Dunn & Crutcher LLP 2001 Ross Avenue, Suite 2100 Dallas, TX 75201 tcox@gibsondunn.com - and - Jeffrey C. Krause, Esq. Michael G. Farag, Esq. Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 jkrause@gibsondunn.com mfarag@gibsondunn.com Counsel to Omega: Robert J. Lemons, Esq. Goodwin Proctor LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 rlemons@goodwinlaw.com - and - Leighton Aiken, Esq. Ferguson Braswell Fraser Kubasta PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 laiken@fbfk.law Counsel to the Debtors' Prepetition ABL Secured Parties: Kenneth J. Ottaviano, Esq. Blank Rome LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 ken.ottaviano@blankrome.com Counsel to the Debtors' DIP Lenders: James Muenker, Esq. DLA Piper LLP 1900 N. Pearl St., Suite 2200 Dallas, TX 75201 james.muenker@us.dlapiper.com GLOBAL TECHNOLOGIES: Ends Engagement of Auditor Olayinka Oyebola ---------------------------------------------------------------- Global Technologies, Ltd., disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 15, 2025, the Company ended the engagement of Olayinka Oyebola & Co. as GTLL's independent registered public accounting firm. The decision to end the engagement of Olayinka Oyebola & Co. was approved by unanimous written consent of the Company's board of directors on the same date. The reports of Olayinka on the Company's consolidated financial statements for the year ended June 30, 2024, did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that such reports on the Company's consolidated financial statements contained an explanatory paragraph in respect to the substantial doubt about its ability to continue as a going concern. During the Company's most recent fiscal year ended June 30, 2025, and the subsequent interim period through the date of this Current Report, (a) there have been no disagreements with Olayinka whether or not resolved, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Olayinka, would have caused Olayinka to make reference to the subject matter of the disagreement in connection with its reports; (b) no such disagreement was discussed with our board of directors as a whole; and (d) there have been no "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K. Currently, the Company is in the process of evaluating and engaging a new independent registered public accounting firm that is duly registered with the PCAOB and in good standing with the SEC. About Global Technologies Headquartered in Parsippany, NJ, Global Technologies, Ltd -- http://www.globaltechnologiesltd.info/-- is a multi-operational company with a strong desire to drive transformative innovation and sustainable growth across the technology and service sectors, empowering businesses and communities through advanced, scalable solutions that enhance connectivity, efficiency, and environmental stewardship. The Company envisions a future where technology seamlessly integrates into every aspect of life, improving the quality of life and the health of the planet. The Company's vision is to lead the industries it serves with groundbreaking initiatives that set new standards in innovation, customer experience, and corporate responsibility, thereby creating enduring value for all shareholders. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's former auditor, issued a "going concern" qualification in its report dated Sept. 20, 2024, citing that the Company suffered an accumulated deficit of $(166,666,296), and a negative working capital of $(6,304,772). These matters raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2025, the Company had $4.91 million in total assets against $4.09 million in total liabilities. GULF SYNERGY: Seeks Chapter 11 Bankruptcy in Louisiana ------------------------------------------------------ On August 27, 2025, Gulf Synergy LLC filed Chapter 11 protection in the Western District of Louisiana. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About Gulf Synergy LLC Gulf Synergy LLC 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. Gulf Synergy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50761) on August 27, 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 Louis M. Phillips, Esq. at KELLY HART & PITRE. HANDLOS FINISHING: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Iowa approved a stipulation allowing Handlos Finishing, LLC and its affiliates to use the cash collateral of secured creditors on a final basis. The stipulation authorizes the Debtor to use the cash collateral of Farm Credit Services of America, PCA, and Farm Credit Services of America, FLCA for ordinary post-petition business expenses, subject to a rolling 13-week budget. This authorization will continue until confirmation of the Debtors' Chapter 11 plan or dismissal of their bankruptcy cases. The cash collateral, which includes proceeds and revenues generated from the Debtors' operations, is encumbered by the secured creditors' valid, perfected liens. These creditors are owed approximately $70.5 million. As adequate protection, the secured creditors were granted first priority lien on and security interest in the Debtors' post-petition collateral, subject to the fee carveout and superior liens on the collateral held by other creditors. In case of any diminution in the value of their interests, the secured creditors will be granted a superpriority claim, subject and subordinate only to the fee carveout. As further protection, the Debtors will make interest-only monthly payments to the secured creditors in an amount equal to 6.5% of the outstanding balance as of the petition date. 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 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00669) on April 23, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. The Debtor is represented by Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen, P.C. HILL TOP: S&P Affirms 'BB-' Rating on Senior Secured Term Loan B ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating with a '2' recovery rating on Hill Top Energy Center LLC's (Hill Top) $470 million senior secured term loan B (TLB). Hill Top will raise a $30 million fungible tack-on to its existing $440 million TLB in light of the higher recently cleared capacity price. Hill Top will use the proceeds to pay for transaction expenses and a sponsor distribution. There are no changes to the existing executed financing documents. S&P said, "Based on our view of industry factors and market-driven variables, such as power demand and the pace and magnitude of the retirement of uneconomical units, as well as commodity and capacity pricing, we forecast a minimum debt service coverage ratio (DSCR) of 1.41x and a median DSCR of 1.72x (including the post-refinancing period). "The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in a default scenario. "The stable outlook reflects our expectation of high availability and dispatch, as well as spark spreads in the high teens over the next few years. Based on these assumptions, we project a total TLB balance of about $210 million at maturity in 2032." Hill Top is a 620 megawatt combined-cycle natural gas-fired power plant in Green County, Pa., in the Regional Transmission Organization (RTO) sub-region of Pennsylvania-New Jersey-Maryland Interconnection (PJM). The plant, which commenced operations in July 2021, benefits from stable long-term energy margins underpinned by a gas netback agreement. The project is 100% owned by Ardian. The additional debt will slightly depress DSCRs, with higher cleared capacity prices partially offsetting the impact. The additional $30 million of debt will increase debt service and debt outstanding at maturity, therefore reducing DSCRs throughout the asset life, with the impact partially offset by higher cleared capacity prices for the 2026-2027 auction. The recent capacity price was cleared at $329.17 per megawatt-day (/MW-day), higher than the current $269.92/MW-day. S&P said, "We expect such an increase in capacity price will improve the cash flow available for debt service and increase cash sweeps toward TLB paydown. During the GNA phase, we forecast a minimum DSCR of 1.80x and a median DSCR of 2.67x. This results in an operations phase stand-alone credit profile (SACP) of 'bb-'. For the post-refinancing period, we model a fully amortizing TLB due 2046, although the sponsor could choose different refinancing alternatives. Given our assumptions, we project a minimum DSCR of 1.41x and a median DSCR of 1.68x during the post-GNA phase, also resulting in an operations phase SACP of 'bb-'." S&P said, "The stable outlook reflects our expectation that Hill Top would generate at least a minimum DSCR of 1.41x through the project's life, which includes the post-refinancing period (2033-2046). Based on our review of the current market environment, we project a TLB balance of about $210 million at maturity in 2032." S&P would take a negative rating action if Hill Top is unable to sustain a minimum DSCR of 1.35x. This could occur if: -- Hill Top realizes weaker spark spreads or lower PJM capacity prices; -- Unplanned outages significantly affect plant operations; -- Economic factors cause the power plants to dispatch significantly less than our base-case expectation; or -- Debt paydown is substantially lower than S&P expects, leading to higher-than-expected debt balance at maturity. S&P said, "Although unlikely, we could raise the rating if we expect the project will maintain a minimum base-case DSCR above 1.8x in all years, including the post-refinancing period; and we believe operational and financial risks associated with a single-asset plant will be adequately mitigated with sufficient performance track record. "We would expect such outcomes to materialize only via significant improvement in spark spreads and uncleared capacity prices in PJM's RTO zone, and if the project can continue to procure inexpensive fuel, while realizing robust capacity factors, alongside prudent asset management." IMG HOLDINGS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of IMG Holdings, Inc. About IMG Holdings Inc. IMG Holdings, Inc. creates, licenses and sells fragrances under a portfolio of classic and contemporary perfume brands. Founded in Barcelona, Spain in 1932 and later relocating operations to the United States, the Company develops its fragrance oils domestically and sources packaging components from China, with products sold through its own website, major retailers such as Walmart and Amazon, and other distribution channels. Its brand portfolio includes Tabu, Chantilly, English Leather, and Love's Baby Soft, among other long-established perfume lines. IMG Holdings Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11500) on August 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtors are represented by William E. Chipman, Jr., Esq., David W. Carickhoff, Esq., Mark D. Olivere, Esq., Aaron J. Bach, Esq., and Alison R. Maser, Esq. at Chipman Brown Cicero & Cole, LLP. The Debtors' noticing, claims and balloting agent is Stretto, Inc. INNOVATIVE TECHNOLOGIES: Case Summary & 20 Unsecured Creditors -------------------------------------------------------------- Debtor: The Innovative Technologies Group & Co., Ltd. 8017 Dorsey Run Road Suite H Jessup MD 20794 Business Description: Innovative Technologies Group & Co., Ltd. (ITG), based in Jessup, Maryland, designs, manufactures, and deploys analytical instruments, primarily using near-infrared (NIR) and electro-optical technologies, for global customers. Established in 1997, the Company develops solutions across electrical, mechanical, optical, software, and firmware engineering disciplines, serving both OEM and direct markets. ITG also operates proprietary product lines and business units, providing full turnkey development, sales, and service of its instruments. Chapter 11 Petition Date: August 29, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-18000 Debtor's Counsel: Jeffrey M. Orenstein, Esq. WOLFF & ORENSTEIN LLC 15245 Shady Grove Road Suite 465 - North Rockville MD 20850-4231 Tel: 301-250-7232 Email: jorenstein@wolawgroup.com Total Assets: $3,744,482 Total Liabilities: $11,900,961 The petition was signed by Robert Wilt as chairman and director. 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/HO7OF6A/The_Innovative_Technologies_Group__mdbke-25-18000__0001.0.pdf?mcid=tGE4TAMA IYA FOODS: Court OKs Sale of Miscellaneous Property --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, has approved Iya Foods Inc. to sell Miscellaneous Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is in the final stages of liquidating its assets as part of its strategy to emerge from this bankruptcy case. The Debtor closed on the sale of a substantial portion of its manufacturing assets to J&J Snack Foods. J&J is removing the property it owns from the Debtor's location in Naperville, Illinois. The Debtor's remaining Assets can be found at: https://urlcurt.com/u?l=ypPpgK The Court has authorized the Debtor to sell Remaining Assets. The Debtor can contact parties that previously expressed an interest in acquiring the Debtor's assets, and any other entities the Debtor believes may be interested in acquiring the Remaining Assets. To the extent the Debtor receives an offer to acquire some, or all, of the Remaining Assets, and the Debtor concludes, in the exercise of its reasonable business judgment, that the Offer is sensible and provides a fair value for the subject property, the Debtor will both submit the Offer to Village Bank & Trust and the SBA and file a notice on the Bankruptcy Court docket advising parties in interest of the Offer. If no party in interest transmits an objection to the Offer within 3 business days after the Offer has been filed on the Court’s docket, the Debtor shall be authorized to consummate the transaction with the Proposed Purchaser and provide them with a bill of sale transferring the subject assets free and clear of liens, claims and encumbrances; If an objection to the Offer is transmitted, and the Debtor still wishes to proceed with the transaction, the Debtor will attempt to resolve the objection by contacting the party that has transmitted the objection and if a notice withdrawing the objection is transmitted or filed, the Debtor may then proceed to consummate the sale. The Debtor is authorized to take such actions as are reasonably necessary to consummate the transactions contemplated by the Remaining Asset Motion, without further order of the Court. The sale of the Remaining Assets shall vest the purchaser with title free and clear of all liens, claims and interest, with such liens claims and interests attaching to the applicable proceeds with the same validity, priority, and effect as they had against the assets immediately prior to the sale. About Iya Foods Inc. Iya Foods Inc. is a company that specializes in producing and offering African superfoods. Its products are plant-based, gluten-free, non-GMO, kosher, and free from preservatives, additives, or artificial ingredients. The company focuses on creating nutritious and delicious ingredients that can be used in a variety of recipes, making them accessible to people with dietary preferences or restrictions, such as those following vegan or gluten-free diets. Iya Foods filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00341) on January 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Deborah L. Thorne handles the case. The Debtor is represented by Justin R. Storer, Esq., at the Law Office of William J. Factor. Village Bank and Trust, N.A., a secured creditor, is represented by Andrew H. Eres, Esq., at Dickinson Wright PLLC, in Chicago, Illinois. JAGUAR HEALTH: Approves All Proposals at 2025 Annual Meeting ------------------------------------------------------------ Jaguar Health, Inc., disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 19, 2025, it held its 2025 Annual Meeting of Stockholders of the Company. Seven proposals were submitted to and approved by the Company's stockholders. The proposals are described in detail in the Company's proxy statement. Final results for the votes regarding each proposal: 1. Proposal to elect three Class I directors to the Company's board of directors to hold office for a three-year term until the annual meeting of stockholders in 2028 and until their respective successors are elected and qualified. a. James J. Bochnowski * For: 359,092 * Withheld: 21,757 * Broker Non-Votes: 425,060 b. Lisa A. Conte * For: 357,147 * Withheld: 23,702 * Broker Non-Votes: 425,060 c. Jonathan B. Siegel * For: 361,236 * Withheld: 19,613 * Broker Non-Votes: 425,060 2. Proposal to ratify the appointment of RBSM LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025 was approved by the stockholders by the following vote: * For: 778,506 * Against: 13,484 * Abstained: 13,919 * Broker Non-Votes: 0 3. Proposal to approve an amendment and restatement of the Company's 2014 Stock Incentive Plan (the "2014 Plan") to increase the number of shares of Common Stock authorized for issuance under the 2014 Plan by 307,670 shares and extend the remaining term of the 2014 Plan to ten years, was approved by the stockholders by the following vote: * For: 322,980 * Against: 50,775 * Abstained: 7,094 * Broker Non-Votes: 425,060 4. Proposal to approve, for purposes of Nasdaq Listing Rule 5635(d) ("Rule 5635(d)"), the issuance of shares of Common Stock issuable upon exchange of shares of the Series L Perpetual Preferred Stock, par value $0.0001 per share (the "Series L Preferred Stock") issued to certain accredited investors, was approved by the stockholders by the following vote: * For: 321,407 * Against: 44,749 * Abstained: 14,693 * Broker Non-Votes: 425,060 5. Proposal to approve, for purposes of Nasdaq Rule 5635(d), the issuance of shares of Common Stock issuable upon exchange of shares of the Series M Perpetual Preferred Stock, par value $0.0001 per share (the "Series M Preferred Stock") issued to certain accredited investors, was approved by the stockholders by the following vote: * For: 321,358 * Against: 43,522 * Abstained: 15,969 * Broker Non-Votes: 425,060 6. Proposal to approve, for purposes of Nasdaq Listing Rules 5635(c) and 5635(d), the issuance of up to an aggregate of 1,409,732 shares of Common Stock upon conversion of certain of the 6% convertible promissory notes and exercise of related warrants to purchase shares of Common Stock issued by the Company pursuant to the note exchange and warrant purchase agreements, dated June 24, 2025, between the Company and the purchasers named therein, was approved by the stockholders by the following vote: * For: 330,741 * Against: 42,897 * Abstained: 7,211 * Broker Non-Votes: 425,060 7. Proposal to approve a proposal to grant discretionary authority for the Company to adjourn the Annual Meeting, if necessary, to solicit additional proxies in the event that there are not sufficient votes at the time of the Annual Meeting to approve proposals 3, 4, 5 and 6, was approved by the stockholders by the following vote: * For: 335,349 * Against: 37,164 * Abstained: 8,336 * Broker Non-Votes: 425,060 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 June 31, 2025, the Company had $48.3 million in total assets against $41.4 million in total liabilities. JLH INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Debtor: JLH, Inc. 500 Lee Road Suite 200 Rochester, NY 14606 Business Description: JLH, Inc., located in Rochester, New York, provides fulfillment and logistics services including packaging, kitting, warehousing, and returns management, operating under the brand Complemar Partners, Inc. The Company serves clients across various industries, leveraging over 70 years of experience in supply chain and fulfillment solutions. Chapter 11 Petition Date: August 28, 2025 Court: United States Bankruptcy Court Western District of New York Case No.: 25-20612 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 E-mail: stemes@bsk.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by David Van Rossum as chief executive officer. 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/XRS5W7I/JLH_Inc__nywbke-25-20612__0001.0.pdf?mcid=tGE4TAMA JM GROVE: Seeks to Hire Vogel & Associates as Accountant -------------------------------------------------------- JM Grove, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Vogel & Associates as accountant. The firm will prepare its federal and state corporate income tax returns, for preparation and compilation of financial and accounting, bookkeeping, and consulting services as requested. Dale Vogel, president at Vogel & Associates, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Dale Vogel Vogel & Associates, Inc. PO Box 652 Clinton, MO 64735 About JM Grove, LLC JM Grove, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20111) on February 4, 2025, listing between $50,001 and $100,000 in assets and between $100,001 and $500,000 in liabilities. Jordan Grove, a member of JM Grove, signed the petition. Judge Dale L. Somers oversees the case. Colin Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. KAH HOSPICE: S&P Downgrades ICR to 'B-', Outlook Stable ------------------------------------------------------- S&P Global Ratings lowered S&P's issuer credit rating on KAH Hospice Co. Inc.'s (dba Gentiva) to 'B-' from 'B'. S&P's outlook is stable. S&P said, "We also lowered our issue-level ratings on its first-lien term loan and revolver to 'B-' from 'B'. The '3' recovery rating is unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery prospects in the event of a default. At the same time, we lowered our rating on the company's second-lien term loan to 'CCC' from 'CCC+'. The '6' recovery rating is unchanged, indicating our expectation for negligible (0%-10%; rounded estimate: 0%) recovery. "The stable outlook reflects our expectation that Gentiva's investments in the business will lead to volume improvements and Gentiva will benefit from a stable reimbursement environment. We also expect it will maintain adequate liquidity. We expect it will take a few years until the anticipated business improvement will result in meaningful cash flow. "Gentiva, a provider of hospice and home health services, continues to underperform our expectations for profitability and cash flow, and we believe challenges will continue to pressure results in 2025 and 2026. Hence, we lowered our forecast for 2025 and 2026. "We expect stable revenues with persistent pressure on profitability through 2025. We viewed the sale of Gentiva's personal care business in December 2024 as a credit positive because the transaction improved margins, with the proceeds used to repay debt. Gentiva's revenue growth (excluding personal care) was nearly flat in the first half of 2025, below our prior expectations, due to declines in average daily census (ADC) and average length of stay (ALOS) in its hospice segment." Additionally, S&P Global Ratings-adjusted EBITDA margins in the first half were flat at about 15%. Headwinds include ongoing integration challenges as Gentiva spent 2024 focused on resolving staffing issues at Heartland and improving referral sources with a stronger sales team. Heartland also required more than anticipated intervention regarding area operations and sales leadership, vendor management, and adequate staffing. To address these issues, Gentiva has focused on enhancing referral relationships, increasing staffing, and investing in growth enhancing projects aimed at boosting volumes. Additionally, it has closed or consolidated several unprofitable hospice locations and implemented headcount reductions to mitigate margin declines. The company is also closing most its unprofitable home health locations. S&P said, "We project steady annual revenue improvement of 3%-3.5%, supported by the company's investments in sales and marketing, low-single-digit percentage rate increases, favorable demographic trends from an aging population, and improving patient volumes, partially offset by recent branch closures. However, we anticipate these investments will cause a near-term decline in adjusted EBITDA margins to about 16% in 2025, from 16.5% in 2024, before improving to 16.5%-17% in 2026." An FOCF to debt deficit of about 1% in 2025 will turn positive in 2026. S&P said, "We anticipate this year's free operating cash flow (FOCF) will be hurt by higher interest expense due to increased revolver usage, weaker profitability, and working capital outflow. We expect the company's cost control measures and growth initiatives will improve cash flow in 2026. We anticipate S&P Global Ratings-adjusted leverage will remain 7x-8x in 2025 and 2026, above our previous expectation of 6x-7x." Government payer concentration makes Gentiva vulnerable to reimbursement risk. Although hospice services are cost efficient for government payers and desired by many eligible patients, S&P views the potential for adverse changes as a key risk. Gentiva's reliance on government payers (95% Medicare, 1% Medicaid, 4% commercial/other) and the government's ability to unilaterally reduce reimbursement stems from chronic budget pressures and a more volatile reimbursement environment. Still, reimbursement rates have been favorable recently with the Centers for Medicare and Medicaid Services (CMS) increasing Medicare reimbursement 3.1% in fiscal 2024, 2.9% in fiscal 2025, and 2.6% in fiscal 2026 (ending Sept. 30, 2026). S&P said, "The stable outlook reflects our expectation that Gentiva's investments in the business will lead to volume improvements and the company will benefit from a stable reimbursement environment. We also expect it will maintain adequate liquidity. Still, we expect it will take a few years until the business improvements lead to meaningful cash flow. "We could lower our rating if we believe Gentiva's liquidity position deteriorates, indicated by continued cash flow deficits and revolver draws from ongoing integration challenges, weakening volume trends, or margins deteriorating. This leaves Gentiva unable to cover its fixed costs, including scheduled debt amortization, leading us to assess the capital structure as unsustainable. "Although unlikely in the next 12-18 months, we could raise our rating on Gentiva if revenues and profitability improve such that it sustains reported FOCF above 3%. We believe Gentiva's cost implementation plan and ability to increase volumes via referrals will be key factors in generating sustainable cash flow." KIPP PHILADELPHIA: S&P Lowers School Revenue Bond Rating to 'BB' ---------------------------------------------------------------- S&P Global Ratings lowered its rating on the Philadelphia Authority for Industrial Development's revenue bonds, issued for KIPP Philadelphia Charter School (KPCS), to 'BB' from 'BB+'. The outlook is stable. S&P said, "The lower rating reflects our view that, despite stabilization in financial performance and a rebound in liquidity since our last review, issues surrounding academic performance, which have translated into uncertainty with two of the network's charters, including the obligated schools, represent a heightened risk with charter standing, which is not consistent with that of higher-rated peers. "The rating reflects our opinion of the operational risk the network faces due to uncertainty with two of the network's charters, which we view as an elevated governance structure risk, as charter schools rely on a charter to operate. Although management initially expected five-year renewals for each, and the SDP Charter School Office recommended five-year renewals for each, the SDP's board recently voted for non-renewal of the KNPCS charter, which we understand is due to the charter school's academic achievement results; and management now expects a one-year renewal for KPCS; however, conditions of the charter are currently being negotiated. We believe the abrupt change in circumstances and expectations with the charter renewals reflects some level of unpredictability with the network's charter standing and a risk that is material to our overall view of a school's charter standing and credit fundamentals. We consider the network's environmental and social factors as neutral in our credit rating analysis." Environmental, social, and governance (ESG) credit factors for this change in credit rating: -- Governance structure S&P said, "The stable outlook reflects our expectation that the network's overall enrollment and demand profile will remain stable, as all network schools are expected to continue to enroll students and management estimates full enrollment for fall 2025; we also expect funding will continue “as usual” for the near term, regardless of recent charter issues, with near-breakeven operating performance, and a stable liquidity position. In addition, we believe the risk of additional non-renewal is outside of the one-year outlook period, because the next renewal decision for KPCS is expected in June 2027. "We could consider a negative rating action if there are additional unexpected developments with the standing of the network's charters, leading to heightened uncertainty surrounding the school's ability to operate over the near and long term. In addition, we could consider a downgrade if enrollment doesn't remain stable, leading to sustained weakness in financial performance, with an unexpected drop in liquidity to levels no longer commensurate with the rating, or if the network issues material additional debt or takes on significant leases, pressuring metrics notably from current levels. "Although unlikely over the near term, we could consider a positive rating action with a successful full-term renewal of the obligated school charter, improvements in academic performance, all while the network maintains overall stability with enrollment, financial performance, and liquidity." KS MATTSON: Hires W Real Estate Sonoma as Real Estate Broker ------------------------------------------------------------ KS Mattson Partners, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ W Real Estate - Sonoma as real estate broker. W Real Estate - Sonoma will serve as a real estate broker to list for sale and market the properties owned by the Debtor, located at: a. 1014 1st St. W, Sonoma, Sonoma, CA; b. 1549 E Napa St, Sonoma, Sonoma, CA; c. 230 E Napa St, Sonoma, Sonoma, CA; d. 23105 Millerick Road, Sonoma, Sonoma, CA; e. 3003 Castle Rd, Sonoma, Sonoma, CA; f. 3200 Castle Rd, Sonoma, Sonoma, CA; g. 405 London Way, Agua Caliente, Sonoma, CA; h. 856 4th St E, Sonoma, Sonoma, CA; and i. 969 Rachael Rd, Sonoma, Sonoma, CA. The firm's commission will be calculated as follows: Commission to Commission to Seller's Agent Buyer's Agent Sale price is 1.15 percent 1.5 percent (Commercial) less than or equal 2.0 percent (Land) to $8 million 2.0 percent (Residential) 1.5 percent (Mixed Use Comm) Sale price exceeds $8 million 1 percent 1.5 percent (all types) As disclosed in a court filing, W Real Estate - Sonoma is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Savannah Wellander W Real Estate - Sonoma 539 Broadway Suite B Sonoma, CA 95476 Office: (707) 501-5406 Email: savannah@wrealestate.net About Lefever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50 percent 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. KS MATTSON: Seeks to Hire Compass as Real Estate Broker ------------------------------------------------------- KS Mattson Partners, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Compass as real estate broker. Compass will market and sell the Debtor's properties located at: a. 1014 1st St. W, Sonoma, Sonoma, CA; b. 1549 E Napa St, Sonoma, Sonoma, CA; c. 230 E Napa St, Sonoma, Sonoma, CA; d. 23105 Millerick Road, Sonoma, Sonoma, CA; e. 3003 Castle Rd, Sonoma, Sonoma, CA; f. 3200 Castle Rd, Sonoma, Sonoma, CA; g. 405 London Way, Agua Caliente, Sonoma, CA; h. 856 4th St E, Sonoma, Sonoma, CA; and i. 969 Rachael Rd, Sonoma, Sonoma, CA. The firm's commission will be calculated at these rates: Commission to Commission to Seller's Agent Buyer's Agent Sale price is 1.15 percent 1.5 percent (Commercial) less than or equal 2.0 percent (Land) to $8 million 2.0 percent (Residential) 1.5 percent (Mixed Use Comm) Sale price exceeds $8 million 1 percent 1.5 percent (all types) As disclosed in a court filing, Compass is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeff Lokey Compass 135 West Napa Street, Suite 200 Sonoma, CA 95476 Tel: (559) 647-1195 About Lefever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50 percent 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. KS MATTSON: Seeks to Hire Kidder Mathews as Real Estate Broker -------------------------------------------------------------- KS Mattson Partners, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Kidder Mathews as real estate broker. Kidder will serve as a real estate broker to list for sale and market the properties owned by the Debtor, located at: a. 18275 Sonoma Highway, Boyes Hot Springs, Sonoma, CA; b. 18285 Hwy 12, El Verano, Sonoma, CA; c. Arroyo Rd, Boyes Hot Springs, Sonoma, CA; d. 320 Arroyo Rd, Boyes Hot Springs, Sonoma, CA; and e. 22 Boyes Blvd, Boyes Hot Springs, Sonoma, CA. Kidder's commission will be calculated as follows: Commission to Commission to Seller's Agent Buyer's Agent Sale price is 2.50 percent 1.5 percent (Commercial) less than or equal 2.0 percent (Land) to $8 million 2.0 percent (Residential) 1.5 percent (Mixed Use Comm) Sale price exceeds $8 million 2 percent 1.5 percent (all types) Peter Beauchamp, senior vice president of Kidder Mathews, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Beauchamp Kidder Mathews 5927 Priestly Dr, Suite 101 Carlsbad, CA 92008 Telephone: (949) 557-5010 Email: peter.beauchamp@kidder.com About Lefever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50 percent 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. KS MATTSON: Seeks to Hire Premiere Estates as Real Estate Broker ---------------------------------------------------------------- KS Mattson Partners, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Premiere Estates Auction Company as real estate broker. Premiere Estates will serve as a real estate broker to list for sale and market the properties owned by the Debtor, located at: a. 62 Farragut Ave. B, Piedmont, Alameda, CA; b. 415 Pacific Ave, Piedmont, Alameda, CA; c. 904 Highway 121, Sonoma, Sonoma, CA; d. 443 Casabonne Lane, Sonoma, Sonoma, CA; and e. 2500 Castle St, Sonoma, Sonoma, CA. The firm's commission will be calculated as follows: Commission to Commission to Seller's Agent Buyer's Agent Sale price is 2.50 percent 1.5 percent (Commercial) less than or equal 2.0 percent (Land) to $8 million 2.0 percent (Residential) 1.5 percent (Mixed Use Comm) Sale price exceeds $8 million 2 percent 1.5 percent (all types) As disclosed in a court filing, Premiere Estates is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Todd Wohl Premiere Estates Auction Company Phone: 877 337 8283 Email: Info@PremiereEstates.com About Lefever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50 percent 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. LAMUMBA INC: Section 341(a) Meeting of Creditors on September 22 ---------------------------------------------------------------- On August 26, 2025, Lamumba Inc. filed Chapter 11 protection in the Northern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 22, 2025 at 01:00 PM via UST Teleconference Oakland, Call in number: 1-888-330-1716 Passcode: 8324431. About Lamumba Inc. Lamumba Inc. -- geoffreyslive.com -- doing business as Geoffrey's Inner Circle, is an entertainment venue and nightclub located in Oakland, California that offers live music, events, and dining experiences. Lamumba Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41554) on August 26, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Michael Jay Berger, Esq. at Law Offices Of Michael Jay Berger. LEROUX CREEK: Plan Exclusivity Period Extended to August 31 ----------------------------------------------------------- Judge Michael E. Romero of the U.S. Bankruptcy Court for the District of Colorado extended Leroux Creek Food Corporation and Edward Stuart Tuft's exclusive periods to file a plan to August 31, 2025. As shared by Troubled Company Reporter, the Debtors commenced their Chapter 11 bankruptcy proceeding due to environmental issues that impacted Leroux's profitability and litigation with its largest secured creditor American AGCredit, FLCA and American AGCredit, PCA ("AGCredit"), which caused financial and cash flow problems. Since the Petition Date, as anticipated, orchard growth and production has begun to increase and Debtors have been in discussions with AGCredit to reach a resolution. The Debtors claim that they require additional time to finalize its agreement with AgCredit and incorporate such terms into the Plan of Reorganization. The Debtors anticipate that the Leroux and Tuft plans will be closely related due to the relationship between the Debtors. Leroux Creek Food Corp., LLC is represented by: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. Bailey C. Pompea, 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 KSender@allen-vellone.com BPompea@allen-vellone.com Edward Stuart Tuft is represented by: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Phone: (303) 832-2400 Email: jmd@kutnerlaw.com About Leroux Creek Food Corporation Leroux Creek Food Corporation, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15015) on August 27, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Edward Tuft as president. Judge Michael E Romero presides over the case. Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C., is the Debtor's counsel. LH PROPERTY: Seeks Approval to Hire Fallon Law as Legal Counsel --------------------------------------------------------------- LH Property Group LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Fallon Law PC as counsel. The firm's services include: a. preparing pleadings, schedules and statements of financial affairs, adversary proceedings and applications incidental to administering the estate; b. developing the relationship and status of debtor-in-possession and handling of claims of creditors in these proceedings, all in the best interests of the Debtor, creditors and other interested parties; c. advising the debtor-in-possession of its rights, duties and obligations as a debtor-in-possession; d. performing legal services incidental and necessary to the day-to-day operation of the Debtor including, but not limited to, institution and prosecution of necessary legal proceedings, debt restructuring, general business, corporate and legal advice, and assistance necessary to the proper preservation and administration of the estate; e. preparing pleadings, schedules and statements of financial affairs, adversary proceedings and applications incidental to administering the estate; f. taking any and all necessary actions incident to the proper preservation and administration of the Debtor and to the conduct of its business; g. preparing a plan of reorganization and disclosure statement; and h. providing post-confirmation legal services in connection with implementation of the plan. Brad Fallon, Esq., the primary attorney in this representation, will be billed at his hourly rate of $350. The firm received a retainer of $5,000 from the Debtor's owner, Lashawnna Holder. Mr. Fallon disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brad Fallon, Esq. Fallon Law PC 1201 W. Peachtree St. NW, Suite 2625 Atlanta, GA 30309 Telephone: (404) 849-2199 Facsimile: (470) 994-0579 Email: brad@fallonbusinesslaw.com About LH Property Group LLC LH Property Group LLC is a Georgia-based company likely involved in real estate or property management. LH Property Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58793) on August 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Brad Fallon, Esq. at Fallon Law PC represents the Debtor as counsel. LITTLE MINT: Plan Exclusivity Period Extended to October 27 ----------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina extended The Little Mint, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 27 and December 26, 2025, respectively. As shared by Troubled Company Reporter, the Debtor requests that the period in which it has the exclusive right to file a Plan of Reorganization under Section 1121(b) of the Bankruptcy Code and the acceptance period under Section 1121(c)(3) of the Bankruptcy each be extended for a period of approximately sixty days. The Debtor explains that an extension of the exclusivity and acceptance periods will allow the company time to continue to make progress in negotiations with its many creditors. Accordingly, cause exists to extend the exclusivity and acceptance periods. The Debtor claims that an order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the Estate and all parties in interest. The Little Mint Inc. is represented by: Rebecca Redwine Grow, Esq. Jason L. Hendren, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone PLLC 4600 Marriott Drive Suite 150 Raleigh, NC 27612 Telephone: (919) 420-7867 Facsimile: (919) 420-0475 Email: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalone.com About The Little Mint Inc. The Little Mint Inc., doing business as Hwy 55 Burgers Shakes & Fries, owns multiple Hwy 55 Burgers, Shakes & Fries restaurants. The Little Mint Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04510) on Dec. 31, 2024. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Joseph N. Callaway presides over the case. Rebecca F. Redwine, Esq. of HENDREN, REDWINE & MALONE, PLLC represents the Debtor as counsel. MARFA CABINETS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Marfa Cabinets, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court's order authorized the Debtor's interim use of cash collateral until September 3 to pay operating expenses in accordance with its budget, subject to a 10% variance. As adequate protection, secured creditors will be granted post-petition replacement liens on all cash collateral and other post-petition property of the Debtor, with the same extent, validity, and priority as their pre-bankruptcy liens. The secured creditors are Millennium Bank, National Funding, Syndicate Group USA, Knightsbridge Funding, Seamless Funding, Eminent Funding, Liberty Funding. The next hearing is scheduled for September 3. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/S1H6q from PacerMonitor.com. About Marfa Cabinets LLC Marfa Cabinets LLC, formerly Marfa Cabinets, Inc., is a Chicago-based manufacturer of high-end kitchen cabinets and bathroom vanities that combines modern and traditional design elements to produce custom residential cabinetry. The Company operates a manufacturing facility in Illinois where an in-house team of designers and craftsmen produce cabinets and vanities using European-sourced materials from Italy and Spain and equipment imported from Europe. Marfa Cabinets operates in the household furniture and kitchen cabinet manufacturing sector, supplying custom, made-in-USA cabinetry for premium residential projects. Marfa Cabinets LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-12238) on August 11, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by Gregory K. Stern, Esq., at Gregory K. Stern, P.C. MARIO PURCHASER: Blue Owl Marks $322,000 1L Loan at 16% Off ----------------------------------------------------------- Blue Owl Capital Corporation has marked its $322,000 loan extended to Mario Purchaser, LLC (dba Len the Plumber) to market at $269,000 or 84% 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 Revolving Loan to Mario Purchaser, LLC (dba Len the Plumber). The loan accrues interest at a rate of 5.75% per annum. The loan matures on April 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 Mario Purchaser, LLC (dba Len the Plumber) Mario Purchaser, LLC, doing business as Len the Plumber, operates as a plumbing contractor. The Company offers general plumbing, drain, sewer, heating services, air conditioning, indoor air quality, and other services. Len the Plumber serves customers in the United States. MCPHILLIPS FLYING: Gets Final OK to Use Cash Collateral ------------------------------------------------------- McPhillips Flying Service, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Michigan authority to use the cash collateral of its secured creditors. The final order authorized the Debtor to use the cash collateral of Charlevoix State Bank and the U.S. Small Business Administration to pay ordinary and necessary operating expenses. These expenses do not include payments of pre-bankruptcy rent, payments to cure any pre-bankruptcy obligations of the Debtor, and administrative expense claims approved pursuant to Section 503(b)(9) of the Bankruptcy Code, unless otherwise ordered by the court. As adequate protection for the Debtor's use of their cash collateral, the secured creditors will be granted replacement liens on and security interests in all post-petition assets acquired by the Debtor that are similar to their pre-bankruptcy collateral. In addition, SBA will receive $4,737 per month while Charlevoix State Bank will receive $14,733.93 per month for three separate loans as further protection. Events of default include the dismissal or conversion of the Debtor's Chapter 11 case; appointment of a trustee (other than the Subchapter V trustee) or examiner; termination of the Debtor's authority to conduct business; the Debtor's misrepresentation of any information contained in the reports provided to the U.S. trustee and secured creditors; failure to file a plan of reorganization within 90 days of the petition date; the Debtor's failure to pay its post-petition liabilities in full; and violation by the Debtor of the final order. About McPhillips Flying Service Inc. McPhillips Flying Service, Inc., doing business as Welke Aviation and operating as Island Airways, provides regional air transportation services. Based in Charlevoix, Michigan, the company offers passenger and cargo flights connecting mainland Michigan to Beaver Island and surrounding areas. McPhillips Flying Service filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02011) on July 15, 2025. In its petition, the Debtor reported total assets of $2,335,506 and total liabilities of $2,483,706. Honorable Bankruptcy Judge James W. Boyd handles the case. A. Todd Almassian, Esq., at Keller & Almassian, PLC is the Debtor's legal counsel. Charlevoix State Bank, as secured creditor, is represented by: Susan Jill Rice, Esq. 412 S. Union Street Traverse City, MI 49684 Phone: (231) 346-5405 Fax: (231) 941-9679 jrice@nmichlaw.com METROPOLITAN OPERA: Moody's Lowers Debt Rating to B3 ---------------------------------------------------- Moody's Ratings has downgraded the Metropolitan Opera Association's (NY) debt rating to B3 from B1. It has also revised the outlook to negative from stable. As of July 30, 2024 total debt outstanding was $183 million. The downgrade to B3 with a negative outlook from B1 reflects persistent and increasing deterioration in the operating performance with large structural imbalances expected to endure over the next several years. The resultant reliance on reserves to plug budget gaps has depleted spendable cash and investments. The downgrade also reflects minimal liquidity to address any potential volatility in operations, including full reliance on a bank line. RATINGS RATIONALE The Metropolitan Opera Association, NY's B3 rating incorporates its large structural deficit, reliance on endowment draws and fundraising, limited liquidity, heavy reliance on a line of credit for operations, and exposure to bank agreements maturing in October 2026. To cover deficits, the board authorized $70 million in endowment draws over fiscal 2023 and fiscal 2024 and an additional up to $50 million endowment borrowing was authorized for fiscal 2025, intended to be repaid that year. These draws will reduce future support to budgetary operations as regular draws decline in line with lower reserves. Fiscal 2025 operating deficits are expected to exceed fiscal 2024 levels (14.2%), pressuring reserves and liquidity. To remain attractive to donors and patrons, programs remain relatively high cost and exposure to human capital risks remain elevated, both headwinds to sufficient cost reductions. Despite management's pursuit of additional revenue opportunities and cost savings, the budget gap will persist without a major influx of funds or significant expense cuts. The rating also incorporates the Opera's renowned global brand and considerable scope for a cultural nonprofit with around $300 million in operating revenue in fiscal 2024 and reserves of about $260 million estimated for fiscal 2025. Favorably, exceptionally strong donor support for operations is credit positive but is subject to volatility. RATING OUTLOOK The negative outlook incorporates an increasing reliance on additional sources of revenues and fundraising for operations. These remain uncertain which could potentially lead to further substantial erosion in cash and investments in fiscal 2025 and fiscal 2026 FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Material gains in unrestricted liquidity with significantly reduced reliance on operating line -- Growth of total wealth including rebuilding of spendable cash and investments through substantial rise in fundraising including repaying amounts drawn from endowment -- Consistent strengthened operating performance with improved debt service coverage from core operations FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Additional extraordinary draws on the endowment or further erosion of financial reserves -- Any easing in donor support, which is critical to support operations and wealth -- Fiscal 2025 results that show significant deterioration beyond expectations -- Inability to implement budgetary measures to increase revenues or decrease expenses sufficiently to return to a financially sustainable business model -- Any signs that line of credit coming due October 2026 will not be further extended PROFILE The Metropolitan Opera is one of the largest cultural organizations in the US with fiscal 2024 operating revenue at around $292 million. The Met was founded in 1883 and moved to its current home in 1966 as it became part of Lincoln Center. Its opera house, with 3,786 seats, is owned by Lincoln Center for the Performing Arts (LCPA). A long term Constituency Agreement defines the Met's relationship with LCPA, including its use of the hall. If the Met exercises its remaining optional renewal period, which is likely, the agreement will run through 2066. METHODOLOGY The principal methodology used in this rating was Nonprofit Organizations (Other Than Healthcare and Higher Education) published in August 2024. MICRON DEVICES: 11th Cir. Vacates Monetary Sanctions v. Co-Founder ------------------------------------------------------------------ In the appeal styled LAURA PERRYMAN, Plaintiff-Appellant, versus TAREK KIEM, KENNEDY LEWIS INVESTMENT MANAGEMENT LLC, Defendants-Appellees, KL ACQUISITION CORPORATION, Defendant, MARCIA T. DUNN, Interested Party-Appellee No. 24-11215 (11th Cir.), Judges Robin S. Rosenbaum, Robert J. Luck and Nancy G. Abudu of the United States Court of Appeals for the Eleventh Circuit vacate the monetary sanctions against Laura Perryman. The matter is remanded for further proceedings. Laura Perryman was the co-founder and majority shareholder of Micron Devices, LLC. Perryman appeals the the United States District Court for the Southern District of Florida's order affirming the bankruptcy court's grant of monetary sanctions against her. In 2020, Micron filed a voluntary petition for bankruptcy under chapter 11, subchapter V, of the bankruptcy code. Perryman signed the petition on behalf of Micron. A few months into the bankruptcy proceeding, the bankruptcy court entered a show cause order as to why Micron should not be removed as the debtor in possession. The bankruptcy court noted that there were serious concerns regarding the corporate governance of the debtor, disputes as to who was in charge of the debtor, and concerns regarding alleged interference by the co-founder/majority shareholder and about the majority shareholder taking action ultra vires. After a hearing, the bankruptcy court removed Micron as the debtor in possession and expanded the powers of Tarek Kiem, the bankruptcy trustee. The bankruptcy trustee negotiated a settlement agreement with Micron's creditors, Kennedy Lewis Investment Management and Stimwave Technologies, Inc. After a two-day evidentiary hearing, the bankruptcy court approved the settlement agreement. The bankruptcy trustee then filed a motion for sanctions under 28 U.S.C. section 1927 against Perryman. Kennedy joined the motion. The trustee alleged that Perryman had made "numerous frivolous filings" in the bankruptcy proceeding and unnecessarily caused the estate to incur substantial administrative professional fees. Perryman -- who is not an attorney -- filed a pro se response to the sanctions motion. The bankruptcy court granted the sanctions motion. It found that -- despite numerous warnings -- Perryman made 13 filings that were frivolous, untimely, asserted facts not before the court, attempted to relitigate issues already decided, and/or improperly sought relief on behalf of third parties. It determined that Perryman had acted in bad faith, and imposed monetary sanctions under section 1927 for the "excess costs, expenses, and attorney's fees reasonably incurred" because of her conduct. The bankruptcy court ordered Perryman to pay $5,165 to Kennedy and $3,990 to the debtor's estate. It also ordered Perryman to seek leave before filing any more pro se motions. Perryman appealed the bankruptcy court's sanctions order to the district court. She argued that the bankruptcy court erred by: (1) finding that she had acted in bad faith, (2) awarding section 1927 sanctions against her as a non-attorney pro se litigant, and (3) imposing the filing restriction. The district court affirmed the bankruptcy court's order. It concluded that the bankruptcy court did not err in its determination of bad faith or its imposition of the filing restriction. And the district court ruled that the bankruptcy court did not err by imposing section 1927 sanctions on Perryman. Perryman timely appealed. The panel holds, "Because section 1927 cannot support sanctions against a non-attorney pro se litigant, the bankruptcy court abused its discretion. We vacate the monetary sanctions and remand for further proceedings. Of course, nothing prevents the bankruptcy court from imposing monetary sanctions based on its inherent authority on remand." A copy of the Court's Opinion dated August 26, 2025, is available at https://urlcurt.com/u?l=a5nLlp About Micron Devices, LLC Micron Devices, LLC is a Miami Beach, Fla.-based company that manufactures medical equipment and supplies. Micron Devices filed a voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-23359) on Dec. 7, 2020, disclosing total assets of $2,520,764 and total liabilities of $6,254,656. Laura Perryman, manager, signed the petition. Judge Laurel M. Isicoff oversees the case. Michael Gulisano, Esq., at Gulisano Law, PLLC serves as the Debtor's legal counsel. Tarek Kirk Kiem is the Subchapter V trustee appointed in the Debtor's Chapter 11 case. The trustee tapped Furr Cohen, P.A. as legal counsel and Cimo Mazer Mark, PLLC as special counsel. MISSION POINT: Claims to be Paid from Continued Operation --------------------------------------------------------- Mission Point of Detroit LLC filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Combined Plan of Reorganization and Disclosure Statement dated August 22, 2025. The Debtor operates a skilled nursing and physical rehabilitation Facility located in Detroit, Michigan. The Facility and Real Property are leased by Debtor from Landlord. The Facility, the Real Property, and substantially all Debtor's assets are subject to a first position mortgage, security interest and lien in favor of Huntington Bank securing the Huntington Bank Claim, in the amount, as of the Petition Date, of $6,889,241.47 (subject to reduction due to adequate protection payments and collections by Huntington Bank against co-debtors and guarantors after the Petition Date). The Debtor proposes to pay Class II General Unsecured Creditors in full. Payments will commence sixty days after payment in full to Huntington Bank. If the Real Property Sale closes as anticipated, these payments will begin approximately 120 days after the Plan Confirmation and will continue on a quarterly basis for three years. At the latest, payments will commence 26 months after the Plan's Effective Date. The Debtor includes five years of projections to cover the entirety of the potential payment period, although the actual payment period may be only three years if the Real Property Sale timely closes. To the extent any sale of the Real Property results in net proceeds in excess of the Huntington Bank Claim, the excess proceeds will be turned over to Debtor as consideration for Debtor's release of its option rights, and Debtor will hold the proceeds in trust to be paid as part of the distribution to Class II General Unsecured Creditors. Class II consists of all Allowed General Unsecured Claims against Debtor, including all Subrogation and Contribution Claims, if any. Reorganized Debtor shall make 12 equal quarterly distributions on account of Allowed Class II Claims calculated to pay all Class II Claims in full with the twelfth such distribution. All Annual Distributions shall be distributed to Holders of Allowed Unsecured Claims on a Pro Rata basis. The distributions set forth in Section 3.2.1 shall commence on the earlier of (i) sixty days after Huntington Bank's Allowed Class I Claim has been paid in full, or (ii) the second anniversary of the Effective Date. The second distribution shall be due on the first business day of the third month after the first distribution was made, with each subsequent distribution due on the first business day of every third month thereafter. Upon Confirmation of the Plan, MPMS Detroit Acquisition, LLC agrees to subordinate timing of payment of its Claim to payment of other General Unsecure Creditors. If Debtor defaults on its obligations under this Plan to Huntington Bank and such default is not timely cured, this agreement shall become null and void and the Claim of MPMS Detroit Acquisition, LLC shall not be subordinated. This Class is Impaired. Class III consists of the Claims of Interests of Debtor. The Holders of Allowed Interests of this Class will retain their Interests in the Reorganized Debtor in the same percentages as held in Debtor. The Holders of Allowed Interests shall not be entitled to any distributions or payments on account of their Interests until all Class I and Class II Claims have been satisfied in full. Upon the Effective Date, Debtor will become the Reorganized Debtor. Notwithstanding anything to the contrary in this Plan, the Reorganized Debtor shall continue operating Debtor's business, shall collect all revenues and income, and shall distribute such revenues and income as provided under the terms of this Plan. During the Payment Period, the Reorganized Debtor shall retain H. Roger Mali as its Manager and shall continue use New Center Management Services, LLC ("New Center") as its management company. Reorganized Debtor shall continue compensating New Center by paying New Center 5% of Debtor's gross revenues as required by Debtor's pre-petition management agreement with New Center. New Center shall be responsible for compensating Mr. Mali for his services. The Reorganized Debtor may retain other employees, including Insiders, at commercially reasonable rates of compensation as more fully described in the Disclosure Statement, consistent with Debtor's prepetition business practices. A full-text copy of the Combined Plan and Disclosure Statement dated August 22, 2025 is available at https://urlcurt.com/u?l=BQoT13 from PacerMonitor.com at no charge. The Debtor's Counsel: Ryan Heilman, Esq. HEILMAN LAW PLLC 40900 Woodward Ave., Suite 100 Bloomfield Hills, MI 48304-5122 Tel: 248-835-4745 E-mail: ryan@heilmanlaw.com About Mission Point of Detroit Mission Point of Detroit, LLC, is a skilled nursing and rehabilitation facility located in Detroit, Mich. It operates under the Mission Point Healthcare Services network, which manages post-acute care centers across the state. The facility provides short-term rehabilitation, long-term care, and specialized nursing services. Mission Point of Detroit sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43883) on April 16, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Maria L. Oxholm handles the case. Ryan Heilman, Esq., at Heilman Law, PLLC is the Debtor's bankruptcy counsel. The Huntington National Bank, as secured creditor, is represented by: Douglas C. Bernstein, Esq. Plunkett Cooney 38505 Woodward Avenue, Suite 100 Bloomfield Hills, MI 48304 Telephone: (248) 901-4091 E-mail: dbernstein@plunkettcooney.com Deborah L. Fish is the patient care ombudsman appointed in the Debtor's case. MOUNTAIN VIEW: To Sell Ardmore Mall to United Texas Bank -------------------------------------------------------- Mountain View Midstar, LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Commercial Real Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a limited liability company formed on August 12, 2005, under the laws of the State of Oklahoma. The Debtor owns and operates a shopping center, located at 1211 N. Commerce, Ardmore, Oklahoma 73401, commonly known as the "Mountain View Mall" or "Mountain View Shopping Center" or "Shops at Ardmore" At the Ardmore Mall, the Debtor leases retail space to many well-known retail chains, including Ulta Salon, Cosmetics & Fragrances, Inc., Staples, Inc., GNC General Nutrition Corporation, Hobby Lobby as well as non-retails users such as Armed Forces Recruiting and The United States Government. Ardmore, Oklahoma is also considered a gateway to densely populated cities, including Norman and Oklahoma City, Oklahoma, in Oklahoma. The Debtor's principal place of business in Hurst, Texas, where the management company that runs all of the Debtor’s operations is located. The Debtor's bankruptcy filing was necessitated by several factors. In recent years, larger retail chains, like Big Lots and GNC, who have operated at the Ardmore Mall have either filed bankruptcy, gone out of business or vacated the Mall. The Debtor has tried to line up replacement tenants, including the government of the State of Oklahoma, but, to date, it has been unsuccessful. Operating expenses, like insurance, have also increased four times at the Mall. Moreover, the Debtor has witnessed an evolving market trend where retailers are leaving indoor malls for open air power centers. Thus, the Debtor has experienced a significant shortfall in revenue from the operations at the Ardmore Mall in recent years. This shortfall in revenue has caused the Debtor to generate insufficient funds to meet its debt servicing obligations to United Texas Bank (UTB), which asserts a first priority lien on the property comprising the Mall. On July 11, 2025, the UTB filed a lawsuit in Oklahoma to foreclose on the Mall and appoint a receiver. On the same date, UTB filed a collection lawsuit in Texas to collect on its prepetition debt. The lawsuits have expedited the necessity for the bankruptcy filing. The Debtor’s only choice is to sell the Ardmore Mall, in order to pay its outstanding debts. In this respect, with notice to UTB, the Debtor has currently listed the Mall with the national brokerage firm of Marcus & Millichamp Real Estate Investment Services, Inc., since approximately April 2025, since approximately April 2025. The original listing price was $13.6 million, but was subsequently adjusted downward to $12 million. Thus far, the Debtor has received six offers for the Ardmore Mall, but no offer has been over $11 million. On July 22, 2025, True Equity Group Investment Company submitted the fifth a letter of intent to purchase the Ardmore Mall for $10,800,000 in cash within 30 days. The Buyer has strongly indicated that it prefers to close the sale even sooner. Shortly after the True Equity offer was provided to the Debtor, UTB expressed its interest to purchase the Mall for the same price, but without any closing costs to the Debtor. Among other things, UTB is also prepared to close on the sale immediately. Considering that UTB has a secured claim secured by the Mall in excess than $15 million, the Debtor has elected to sell the Mall to UTB to reduce the secured debt owed to UTB. The Debtor and UTB have entered into a sale agreement. The Sale Agreement provides for, among other things, the sale of the Ardmore Mall to UTB for a $10.8 million dollar credit bid by UTB. The Debtor will assume all of its current tenant leases at the Ardmore Mall and assign them to UTB as part of the sale. The Debtor further submits that any lien, claim, interest, or encumbrance will be adequately protected by attachment to the net proceeds of the proposed sale, in the same order of priority as existed prior to the Sale Hearing, and all parties’ rights to object to such proposed sale are preserved. The Debtor requests that the proposed sale of the Ardmore Mall be free and clear of all liens, claims, interests, and encumbrances, with such liens, claims, and encumbrances to attach to the proceeds of the proposed sale. About Mountain View Midstar LLC Joseph Mountain View Midstar LLC is a real estate company that leases nonresidential properties, including land and other commercial parcels not classified under traditional building categories. The Company operates in Hurst, Texas, and is associated with the Mountain View Mall and Shops at Ardmore. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42648) on July 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Joseph Acosta, Esq. at CONDON TOBIN. United Texas Bank, as lender, is represented by Jason M. Rudd, Esq., Scott D. Lawrence, Esq., Ethan A. Minshull, Esq., Catherine A. Curtis, Esq., and Meghan D. Young, Esq., at Wick Phillips Gould & Martin, LLP, in Dallas, Texas. MVP GROUP: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: MVP Group, LLC 3560 NW 56th Street Fort Lauderdale, FL 33309 Business Description: MVP Group, LLC manufactures and distributes commercial foodservice equipment across North America and international markets. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. Chapter 11 Petition Date: August 29, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-20199 Judge: Hon. Scott M Grossman Debtor's Counsel: Michael D. Seese, Esq. SEESE, P.A. 101 N.E. 3rd Avenue Suite 1500 Fort Lauderdale, FL 33301 Tel: 954-745-5897 Email: mseese@seeselaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Michael Bromberg as manager. 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/6KZEU4Q/MVP_Group_LLC__flsbke-25-20199__0001.0.pdf?mcid=tGE4TAMA MY CITY BUILDERS: Sells RAC Unit to Affiliate Merger LLC for $2.37M ------------------------------------------------------------------- My City Builders, Inc., disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on July 8, 2025, the Company entered into a Share Purchase Agreement with, RAC Merger, LLC (the "Merger LLC"). The Merger LLC is owned by the following shareholders, officers and directors of the Company or its wholly owned subsidiary, RAC Real Estate Acquisition Corp.: * Yolanda Goodell – shareholder, interim chief executive officer and director of the Company, vice president and director of RAC. * Francis Pettilloni – shareholder, interim chief financial officer and director of the Company, chief operating officer and director or RAC. * Frank Gillen – shareholder of the Company and president and director of RAC. * Jose Maria Eduardo Gonzales Romero – shareholder, former chief executive officer and director of the Company. As a result of the Agreement, the Merger LLC purchased 1,000 shares of RAC's common stock from the Company (which constitute 100% of the issued and outstanding shares of RAC) in exchange for consideration in the amount of $2,374,896.00. The consideration is to be distributed pro rata to the Company's shareholders. However, since the Merger LLC is made up of the Affiliates who own 98.5% of the current issued and outstanding common stock of the Company, in lieu of the any distribution to the Affiliates, the Affiliates portion of the distribution in the amount of $2,339,272.56 is satisfied by the assignment of the Shares to the Merger LLC and the remainder of the distribution in the amount of $35,623.44, paid by the Merger LLC, will be distributed pro rata to the remaining Company shareholders. Further, as a result of the sale of the stock of the Company's wholly owned operating company, RAC is now wholly owned by Merger LLC. The Company sold the Shares to the Merger LLC pursuant to section 4(a)(1) of the Securities Act of 1933, as Amended, resale of securities exception. The Company has held the Shares for over 2 years and is not engaged in a distribution of securities and is not an underwriter as defined in Section 2(a)(11) of the Securities Act. Following the sale, the Company is no longer an operating company and would be considered a "shell company" as the term is defined in Rule 12b-2 under the Exchange Act. About My City Builders, Inc. Headquartered in Miami, Fla., My City Builders, Inc., through its subsidiary, plans to focus on real estate transactions, in which it will buy and develop real estate for sale or rent of low-income housing. The Company plans to invest in three sectors of this market by (i) buying, refurbishing, and selling traditional foreclosures, (ii) buying, developing and renting "Land Banks" that have an average pool of homes or lots in excess of 100 in one location, and (iii) buying, refurbishing or developing and selling homes made available by the government through HECM pools. Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Oct. 29, 2024, citing that Company has negative operating cashflow and is in need of additional capital to grow its operations so that it can become profitable. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of Jan. 31, 2025, the Company had $3,984,400 in total assets, $1,259,504 in total liabilities, and total stockholders' equity of $2,724,896. NATIONAL DENTEX: Blue Owl Marks $145.9M 1L Loan at 53% Off ---------------------------------------------------------- Blue Owl Capital Corporation has marked its $145,902,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC) to market at $68,516,000 or 47% 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 National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 12% PIK per annum. The loan matures on April 2026. 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 National Dentex Labs LLC (fka Barracuda Dental LLC) National Dentex Labs LLC is a nationwide network of dental laboratories working closely with dentists to provide high-quality dental restorations and appliances. NATIONAL DENTEX: Blue Owl Marks $20.3M 1L Loan at 53% Off --------------------------------------------------------- Blue Owl Capital Corporation has marked its $20,342,000 loan extended to National Dentex Labs LLC (fka Barracuda Dental LLC) to market at $9,561,000 or 47% 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 Delayed Draw Term Loan to National Dentex Labs LLC (fka Barracuda Dental LLC). The loan accrues interest at a rate of 12% PIK per annum. The loan matures on April 2026. 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 National Dentex Labs LLC (fka Barracuda Dental LLC) National Dentex Labs LLC is a nationwide network of dental laboratories working closely with dentists to provide high-quality dental restorations and appliances. NBA AUTOMOTIVE: Natasha Songonuga Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Natasha Songonuga, Esq., at VTrustee, LLC as Subchapter V trustee for NBA Automotive, Inc. Ms. Songonuga will be paid an hourly fee of $450 for her services as Subchapter V trustee and an hourly fee of $230 for paralegal services. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Songonuga declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Natasha Songonuga, Esq. VTrustee LLC PO Box 841 Wilmington, DE 19899 Email: Nsongonuga@VTrusteellc.com About NBA Automotive NBA Automotive, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11582) on August 27, 2025, listing between $1 million and $10 million in assets and liabilities. Christopher Dean Loizides, Esq., at Loizides, P.A. represents the Debtor as legal counsel. NBA AUTOMOTIVE: Seeks Subchapter V Bankruptcy in Delaware --------------------------------------------------------- On August 27, 2025, NBA Automotive Inc. filed Chapter 11 protection in the District of Delaware. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About NBA Automotive Inc. 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. NBA Automotive Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11582) on August 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Christopher Loizides, Esq. at LOIZIDES, P.A. NELROY DRUGS: Court Extends Cash Collateral Access to Oct. 22 ------------------------------------------------------------- Nelroy Drugs, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. The court's second interim order authorized the Debtor to use cash collateral through October 22 to pay the expenses set forth in its budget, subject to a 10% variance. Cardinal Health 110, LLC, successor-in-interest to Cardinal Health, Inc., will continue to receive monthly payments of $1,000 as adequate protection. These payments started last month. As additional protection for any diminution in the value of its collateral, the secured creditor will receive a replacement lien on assets constituting its pre-bankruptcy collateral. This replacement lien does not apply to any avoidance claims. In case the replacement lien proves inadequate, Cardinal Health will receive a superpriority administrative claim under Section 507(b), subject to a fee carveout. Other secured creditors including the U.S. Small Business Administration, Credibly of Arizona, LLC., and Healthsource Distributors, LLC will also receive replacement liens but no interim payments. The final hearing is scheduled for September 9. Cardinal Health 110, LLC, as secured creditor, is represented by: Scott A. Zuber, Esq. Chiesa Shahinian & Giantomasi PC 105 Eisenhower Parkway Roseland, NJ 07068 Telephone: (973) 530-2046 Fax: (973) 325-1501 szuber@csglaw.com About Nelroy Drugs Inc. Nelroy Drugs, Inc. is a retail pharmacy located in Jamaica, New York. Nelroy Drugs sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-42745) on June 5, 2025. The petition was signed by Aliance R Nelson as president. Judge Nancy Hershey Lord oversees the case. The Debtor is represented by Richard S. Feinsilver, Esq. NELSON DEVELOPMENTS: Section 341 Meeting of Creditors on Sept. 30 ----------------------------------------------------------------- On August 27, 2025, Nelson Developments Inc. filed Chapter 11 protection in the District of Montana. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 30, 2025 at 09:30 AM via Telephonic Meeting. About Nelson Developments Inc. Nelson Developments Inc. develops and manages real estate projects in Montana, concentrating on property development and investment activities. Nelson Developments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 25-90164) on August 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Gary S. Deschenes, Esq. at DESCHENES & ASSOCIATES LAW OFFICES. NEW REDBIRD: Seeks to Hire Helton Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- New Redbird Business Group LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to employ Joe D. Byars Jr. and Helton Law Firm as counsel. The firm's services include: (a) advising the Debtor, its management and officers of its rights, powers, and duties as debtors in possession; (b) counseling the Debtor management and officers on issues involving operations, potential sales of assets, and possible financing options; (c) negotiating documents, preparing pleadings, and representing the Debtor at hearings related to those matters; (d) taking all necessary actions to protect and preserve the Debtor's estate, including prosecuting certain litigation on Debtor's behalf, investigating claims of the Debtor, defending the Debtor, if necessary, in actions, litigation, hearings or motions commenced against the Debtor, negotiating disputes in which the Debtor is involved, and preparing objections to claims filed against the estate; (e) preparing on behalf of the Debtor all necessary motions, applications, answers, pleadings, orders, reports, and papers in administration of the estates or in furtherance of the Debtor's business operations, or as required to preserve the Debtor's assets, and as otherwise requested by the Debtor's management; (f) negotiating and drafting documents relating to debtor in possession financing and/or use of cash collateral, if any, and attend any hearings on such matters, prepare discovery and respond to discovery served on the Debtor, respond to creditor inquiries and information requests, assist with preparation of Schedules, Statements of Financial Affairs, Monthly Operating Reports, attendance at the Initial Debtor Interview and the Section 341 creditors' meeting and representation in connection with meetings, discussions and negotiations with creditors, as well as any committee appointed by the United States Trustee; (g) counseling the Debtor in connection with the Debtors' restructurings in this case; (h) drafting, negotiating, and pursuing confirmation on behalf of the Debtor's plan of reorganization, the related disclosure statement, and any revisions, amendments, and supplements relating to the foregoing documents, and all related transaction documents, and other ancillary documents and materials; and (i) performing all other necessary legal services in connection with these cases and any other bankruptcy-related representation that the Debtor's may require. Mr. Byars's hourly rate is $325 per hour. Joe D. Byars Jr., Esq., a partner at Helton Law Office, 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: Joe D. Byars Jr., Esq. HELTON LAW FIRM 9125 S. Toledo Ave. Tulsa OK 74137 Phone: (918) 928-7104 Email: joe@heltonlawfirm.com About New Redbird Business Group LLC New Redbird Business Group LLC is a holding company that owns and manages interests in cannabis-related operations in Oklahoma. Its portfolio includes Redbird Bioscience, which provides consulting services, and RB RealtyCo, which owns the real estate used in the business. The Company's affiliated entities are involved in medical marijuana cultivation, processing, and retail sales. New Redbird Business Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Okla. Case No. 25-80714) on August 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Paul R. Thomas handles the case. The Debtor is represented by Joe Byars, Esq. at HELTON LAW FIRM. NEW REDBIRD: Seeks to Hire Michael Joseph Collins as Co-Counsel --------------------------------------------------------------- New Redbird Business Group LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to employ Michael Joseph Collins as co-counsel. The firm's services include: (a) advising the Debtor, its management and officers of its rights, powers, and duties as debtors in possession; (b) counseling the Debtor management and officers on issues involving operations, potential sales of assets, and possible financing options; (c) negotiating documents, preparing pleadings, and representing the Debtor at hearings related to those matters; (d) taking all necessary actions to protect and preserve the Debtor's estate; (e) preparing on behalf of the Debtor all necessary motions, applications, answers, pleadings, orders, reports, and papers in administration of the estates or in furtherance of the Debtor's business operations, or as required to preserve the Debtor's assets, and as otherwise requested by the Debtor's management; (f) negotiating and drafting documents relating to debtor in possession financing and/or use of cash collateral, if any, and attend any hearings on such matters, prepare discovery and respond to discovery served on the Debtor, respond to creditor inquiries and information requests, assist with preparation of Schedules, Statements of Financial Affairs, Monthly Operating Reports, attendance at the Initial Debtor Interview and the Section 341 creditors' meeting and representation in connection with meetings, discussions and negotiations with creditors, as well as any committee appointed by the United States Trustee; (g) counseling the Debtor in connection with the Debtors' restructurings in this case; (h) drafting, negotiating, and pursuing confirmation on behalf of the Debtor's plan of reorganization, the related disclosure statement, and any revisions, amendments, and supplements relating to the foregoing documents, and all related transaction documents, and other ancillary documents and materials; and (i) performing all other necessary legal services in connection with these cases and any other bankruptcy-related representation that the Debtor's may require. Mr. Collins's hourly rate is $325 per hour. Mr. Collins assured the court that he is a "disinterested person," as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Micheal J. Collins, Esq. 15221 Berry Trl. Dallas, TX 75248 Phone: (214) 226-0695 Email: mjcollins0701@gmail.com About New Redbird Business Group LLC New Redbird Business Group LLC is a holding company that owns and manages interests in cannabis-related operations in Oklahoma. Its portfolio includes Redbird Bioscience, which provides consulting services, and RB RealtyCo, which owns the real estate used in the business. The Company's affiliated entities are involved in medical marijuana cultivation, processing, and retail sales. New Redbird Business Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Okla. Case No. 25-80714) on August 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Paul R. Thomas handles the case. The Debtor is represented by Joe Byars, Esq. at HELTON LAW FIRM. NORVAX LLC: Blue Owl Marks $6.1MM 1L Loan at 21% Off ---------------------------------------------------- Blue Owl Capital Corporation has marked its $6,198,000 loan extended to Norvax, LLC (dba GoHealth) to market at $4,896,000 or 79% 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 Revolving Loan to Norvax, LLC (dba GoHealth). The loan accrues interest at a rate of 6.50% per annum. The loan matures on September 2025. 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 Norvax, LLC (dba GoHealth) Norvax, LLC is a subsidiary of GoHealth, Inc., a technology-focused health insurance marketplace providing software solutions for agents to facilitate health plan enrollments in the United States. NOTORIOUS TOPCO: Blue Owl Marks $14.8MM 1L Loan at 29% Off ---------------------------------------------------------- Blue Owl Capital Corporation has marked its $14,859,000 loan extended to Notorious Topco, LLC (dba Beauty Industry Group) to market at $10,476,000 or 71% 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 Revolving Loan to Notorious Topco, LLC (dba Beauty Industry Group). The loan accrues interest at a rate of 6.75% per annum. The loan matures on May 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 Notorious Topco, LLC (dba Beauty Industry Group) Notorious Topco, LLC, doing business as Beauty Industry Group, provides beauty products. The Company offers hair extensions, cosmetic, and ancillary beauty products. Notorious Topco serves customers worldwide. NOTORIOUS TOPCO: Blue Owl Marks $186.4MM 1L Loan at 29% Off ----------------------------------------------------------- Blue Owl Capital Corporation has marked its $186,452,000 loan extended to Notorious Topco, LLC (dba Beauty Industry Group) to market at $131,449,000 or 71% 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 Notorious Topco, LLC (dba Beauty Industry Group). The loan accrues interest at a rate of 4.75% per annum. The loan matures on November 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 Notorious Topco, LLC (dba Beauty Industry Group) Notorious Topco, LLC, doing business as Beauty Industry Group, provides beauty products. The Company offers hair extensions, cosmetic, and ancillary beauty products. Notorious Topco serves customers worldwide. OAK CREEK WOOD: Seeks Chapter 11 Bankruptcy in Wisconsin -------------------------------------------------------- On August 26, 2025, Oak Creek Wood Products LLC filed Chapter 11 protection in the Eastern District of Wisconsin. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Oak Creek Wood Products LLC Oak Creek Wood Products LLC is a wood product manufacturing company. Oak Creek Wood Products LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-24802) on August 26, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million The Debtor is represented by Evan P. Schmit, Esq. at Kerkman & Dunn. ODYSSEY MARINE: Greywolf Entities Hold 9.98% Equity Stake --------------------------------------------------------- Greywolf Capital Management LP and its affiliates -- Greywolf Opportunities Master Fund II LP, Greywolf Advisors LLC, Greywolf GP LLC, and Jonathan Savitz -- disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of August 12, 2025, they beneficially own an aggregate of 4,542,471 shares of Odyssey Marine Exploration Inc.'s common stock (CUSIP: 676118201). This beneficial ownership includes 342,391 shares issuable upon the exercise of currently exercisable warrants held by Greywolf Capital Management LP. In total, these holdings represent approximately 9.98% of the company's outstanding common stock, based on 45,532,990 shares outstanding as of August 12, 2025, as reported by the issuer. Greywolf Capital and its affiliated reporting persons may be reached through: Jonathan Savitz Senior Managing Member 4 Manhattanville Road, Suite 201 Purchase, NY 10577 Tel: 914-251-8200 A full-text copy of the SEC report is available at: https://tinyurl.com/3ezvm9v6 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. As of June 30, 2025, the Company had $16.6 million in total assets, $106.8 million in total liabilities, and a total stockholders' deficit of $90.3 million. OLD STONE HOUSE: Seeks Subchapter V Bankruptcy in Nevada -------------------------------------------------------- On August 27, 2025, Old Stone House Gift & Garden LLC filed Chapter 11 protection in the District of Nevada. According to court filing, the Debtor reports $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Old Stone House Gift & Garden LLC Old Stone House Gift & Garden LLC is a specialty retail business selling gifts and garden supplies in Reno, Nevada. Old Stone House Gift & Garden LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50787) on August 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The Debtor is represented by Stephe R. Harris, Esq. at Harris Law Practice LLC. OLD STONE: Nathan Smith Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Old Stone House Gift & Garden, LLC. Mr. Smith, a partner at Malcolm & Cisneros, 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. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Old Stone House Gift & Garden Old Stone House Gift & Garden, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50787) on August 27, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Hilary L. Barnes presides over the case. Stephen R. Harris, Esq., at Harris Law Practice, LLC represents the Debtor as bankruptcy counsel. ORION PORTFOLIO: Seeks to Hire Pomerantz CPA as Accountant ---------------------------------------------------------- Orion Portfolio Management LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Jeff Pomerantz, CPA as accountant. The accountant will prepare the Debtor's tax returns and assist in accounting services. The accountant's standard billing rate is $1,000 for preparing the books and updating the tax returns. The accountant is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and as required by Section 327(a) of the Bankruptcy Code and will hold no interest adverse to the Debtor and the bankruptcy estate, according to court filings. The accountant can be reached through: Jeff Pomerantz CPA 1635 Sadlers Wells Dr Herndon, VA 20170 Phone: (703) 707-9239 Email: jeffpomerantz@hotmail.com About Orion Portfolio Management LLC Orion Portfolio Management LLC is a single asset real estate company that owns and manages property at 714-714 Armandale Street in Pittsburgh, Pennsylvania. Orion Portfolio Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21767) on July 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtors are represented by Brian C. Thompson, Esq. at Thompson Law Group, PC. PARTNERS PHARMACY: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Partners Pharmacy Services, LLC. The committee members are: 1. McKesson Corp 6555 N. State Hwy 121 Irving, TX 75039 Attention: Benjamin Hill (469) 516-5817 benjamin.hill@mckesson.com 2. StatimRx, LLC 11270 W. Park Place, Ste. 625 Milwaukee, WI 53224 Attention: Neil Bansal (262) 923-2131 nbansal@spshealth.com 3. RemedyRepack, Inc. 625 Kolter Drive, Suite 4 Indiana, PA 15701 Attention: Gerald O’Brien (800) 882-6337, x1208 gobrien@diamondpharmacy.com 4. Medline Industries LP 3 Lakes Drive Northfield, IL 60093 Attention: Shane Reed (847) 505-6935 sreed@medline.com 5. Omnicell, Inc. 4220 North Freeway Fort Worth, TX 76137 Attention: Jonelle Harris (724) 741-6716 Jonelle.harris@omnicell.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Partners Pharmacy Services LLC Partners Pharmacy Services, LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Partners Pharmacy Services and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-34698) on August 13, 2025. In the petition signed by Ronald M. Winters, chief restructuring officer, Partners Pharmacy Services disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Christopher M. Lopez oversees the case. The Debtors are represented by Pillsbury Winthrop Shaw Pittman, LLP. They also tapped SSG Capital Advisors, LLC as investment banker, Gibbons Advisors, LLC as financial advisor, and Kroll Restructuring Administration, LLC as notice, claims, and balloting agent and administrative advisor. CS One, LLC, as DIP lender, is represented by: Michael P. Ridulfo, Esq. Kane Russell Coleman Logan, PC 5151 San Felipe Street, Suite 800 Houston, TX 77056 Telephone: (713) 425-7442 mridulfo@krcl.com -- and -- Mark C. Taylor, Esq. Kane Russell Coleman Logan, PC 401 Congress Avenue, Suite 2100 Austin, TX 78701 Telephone: (512) 487-6560 Mtaylor@krcl.com -- and -- Andrew K. Glenn, Esq. Malak S. Doss, Esq. Glenn Agre Bergman & Fuentes, LLP 1185 Avenue of the Americas 22nd Floor New York, NY 10036 Telephone: (212) 970-1600 aglenn@glennagre.com mdoss@glennagre.com PATCO INC: Section 341(a) Meeting of Creditors on September 23 -------------------------------------------------------------- On August 26, 2025, PATCO Inc. filed Chapter 11 protection in the Western District of Oklahoma. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 23, 2025 at 01:30 PM telephonically with the following call in number 888-330-1716 and passcode 2164492. About PATCO Inc. PATCO Inc. is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). PATCO Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12634) on August 26, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. The Debtor is represented by Timothy McCoy, Esq. at MCCOY LAW FIRM INC. PATCO INC: Stephen Moriarty Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 14 appointed Stephen Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., as Subchapter V trustee for PATCO Inc. Mr. Moriarty will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Moriarty declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen J. Moriarty, Esq. Fellers, Snider, Blankenship, Bailey & Tippens, P.C. 100 N. Broadway, Suite 1700 Oklahoma City, OK 73102 Telephone: (405) 232-0621 Facsimile: (405) 232-9659 Email: smoriarty@fellerssnider.com About PATCO Inc. PATCO Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12634) on August 26, 2025, listing between $1 million and $10 million in assets and up to $50,000 in liabilities. Timothy D. McCoy, Esq., at Mccoy Law Firm represents the Debtor as bankruptcy counsel. PAYNE'S ENVIRONMENTAL: Court Terminates Use of Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida granted Newtek Small Business Finance, LLC's motion to terminate Payne's Environmental Services, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral under the interim orders previously issued by the bankruptcy court was revoked and terminated effective immediately upon entry of the order. About Payne's Environmental Payne's Environmental Services, LLC offers a variety of tree services to residential and commercial customers. It offers tree trimming, tree removal, and stump grinding and removal services. The company is based in Tampa, Fla. Payne's filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code Bankr. M.D. Fla. Case No. 23-04522) on Oct. 11, 2023, with $4,294,839 in assets and $4,785,378 in liabilities. Terry Payne, manager, signed the petition. Judge Roberta A. Colton oversees the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. represents the Debtor as legal counsel. PEAK ACHIEVEMENT: DBRS Assigns 'BB' Issuer Rating, Trend Stable --------------------------------------------------------------- DBRS Limited (Morningstar DBRS) assigned an Issuer Rating of BB to Peak Achievement Athletics Inc. (Peak or the Company) and a provisional credit rating of (P) BB (low) to the Company's proposed Senior Unsecured Notes (the Notes), both with Stable trends. The Recovery Rating on the proposed Notes is RR5. KEY CREDIT RATING CONSIDERATIONS The credit ratings reflect the Company's strong brands and solid market position in the global hockey equipment market, leadership in product innovation, and diversification of operations by distribution channel and customer. The credit ratings also consider Peak's limited product and supplier diversification, and its exposure to macroeconomic cycles. Furthermore, the credit ratings are constrained by the Company's small size and scale in the highly competitive global sports equipment industry. Peak intends to issue Notes of up to $250 million, the proceeds of which will be used to partially repay the Company's Senior Secured Term Loan (the Term Loan). At the time of the issuance, the Notes will be guaranteed by the Company's subsidiaries that are borrowers or guarantors under its Senior Secured Credit Facilities (which comprise the Term Loan and Senior Secured Revolving Credit Facilities (the Revolving Credit Facility)). The Notes will (1) rank senior in right of payment to Peak's and its guarantors' future subordinated indebtedness; (2) rank equally in right of payment with the Company's and its guarantors' existing and future senior indebtedness; (3) be effectively subordinated to any of Peak's and its guarantors' existing and future secured debt, including indebtedness under the Senior Secured Credit Facilities; and (4) be structurally subordinated to the existing and future liabilities of each of Peak's non-guarantor subsidiaries. At the time of the issuance, Morningstar DBRS understands that the non-guarantor subsidiaries will have no debt and their contribution to EBITDA is immaterial. The Recovery Rating of RR5 on the proposed Notes assumes that the Company's Revolving Credit Facility will be fully drawn. Furthermore, the Recovery Rating reflects the first-lien position of Peak's borrowings under its Senior Secured Credit Facilities. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action should Peak's business risk profile, and in particular its size and scale, meaningfully strengthen, combined with a commensurate improvement in key credit metrics. Conversely, Morningstar DBRS could take a negative credit rating action should key credit metrics deteriorate to a level no longer considered appropriate for the current BB credit rating category (i.e., debt-to-EBITDA increases toward 4.5 times (x), along with a corresponding decline in the Company's other key credit metrics) because of weaker-than-expected operating performance and/or more aggressive financial management. Furthermore, Morningstar DBRS notes that a weaker-than-expected operating performance for a sustained period resulting in a more permanent shift in the Company's business risk profile could also result in the requirement to maintain stronger key credit metrics to support the same credit rating EARNINGS OUTLOOK Morningstar DBRS forecasts year-over-year (YOY) revenue growth in the high single-digit range in the fiscal year ending March 31, 2026 (F2026), attributable to inflation-driven price increases and the contributions of new product launches to price and volume growth, which should more than offset an unfavourable product mix. Furthermore, Morningstar DBRS anticipates that the Company will pass through tariff-related product cost increases, which should also contribute to topline growth in F2026, and believes that such pricing actions will not materially pressure Peak's volumes. Looking ahead to F2027 and F2028, Morningstar DBRS projects YOY revenue growth in the mid single-digit range in each year, driven by volume growth. Volumes should benefit from expanded offerings within existing product categories, new product launches, and new team contracts. The topline should also benefit from inflation-driven pricing actions. EBITDA margins are expected to improve by between 80 basis points and 100 basis points in F2026 compared with F2025 because of pricing actions, which Morningstar DBRS anticipates should more than offset the effect of tariffs on the cost of the Company's product offerings, combined with the benefit from cost-saving and efficiency-improving initiatives. Consequently, Morningstar DBRS forecasts EBITDA to grow YOY in the low-teen range in F2026. Morningstar DBRS expects Peak to accrue for a management equity incentive from F2027, which could pressure the Company's EBITDA margins in F2027 and F2028. Consequently, Morningstar DBRS forecasts EBITDA to moderate below F2026 levels in F2027. Morningstar DBRS projects EBITDA to subsequently recover and grow modestly above the F2026 levels in F2028. FINANCIAL OUTLOOK Morningstar DBRS believes that Peak will generate a free cash flow (FCF) (after dividends but before changes in working capital and principal lease payments) surplus in each of F2026, F2027, and F2028. These projections are based on Morningstar DBRS' expectations that (1) operating cash flow will trend in line with earnings, (2) capital expenditure will remain relatively flat on previous years, and (3) Peak will not make distributions to shareholders during this time. Consistent with past practice, Morningstar DBRS believes that the Company will apply its FCF (after changes in working capital and principal lease payments) toward mandatory debt repayment and to shore up its liquidity position. Consequently, Morningstar DBRS forecasts debt-to-EBITDA to improve to 3.0x in F2026 from 3.9x in F2025. Debt-to-EBITDA is forecast to stabilize in F2027 at the F2026 level and subsequently to improve to less than 3.0x in F2028. CREDIT RATING RATIONALE -- Comprehensive Business Risk Assessment (CBRA): BBL The CBRA reflects Peak's strong brands and solid market position in the global hockey equipment market, leadership in product innovation, and diversification of operations by distribution channel and customer. The CBRA also considers the Company's limited product and supplier diversification, and its exposure to macroeconomic cycles. The CBRA is constrained by and has been adjusted for Peak being a niche player in the highly competitive global sports equipment industry, with a product offering that is concentrated to hockey equipment. -- Comprehensive Financial Risk Assessment (CFRA): BBBL Peak's BBBL CFRA reflects Morningstar DBRS' expectation that debt-to-EBITDA will improve to 3.0x in F2026 from 3.9x in F2025, stabilize at the F2026 level in F2027, and subsequently improve to less than 3.0x in F2028. -- Intrinsic Assessment (IA): BB The IA is based on Peak's CBRA and CFRA. Considering peer comparisons, among other factors, Morningstar DBRS places the IA within the middle of the IA range. -- Additional Considerations: None There were no additional considerations that had a positive or negative effect on Peak's credit ratings. -- Recovery Rating: RR5 The Recovery Rating of RR5 on the proposed Notes assumes that the Company's Revolving Credit Facility will be fully drawn. Furthermore, the Recovery Rating reflects the first-lien position of Peak's borrowings under its Senior Secured Credit Facilities. Notes: All figures are in Canadian dollars unless otherwise noted. PERASO INC: Mobix Declines NDA in Strategic Review Process ---------------------------------------------------------- Peraso Inc., a pioneer in mmWave wireless technology solutions, today provided an update on its ongoing review of strategic alternatives, including the unsolicited non-binding proposal from Mobix Labs, Inc., which was previously disclosed by Peraso on June 27, 2025. On July 11, 2025, the Company announced that its Board of Directors had authorized an exploration of strategic alternatives, including a merger, sale of assets or other similar transaction, all intended to maximize stockholder value and further its business operations, and that the Company had retained Craig-Hallum Capital Group LLC as its financial advisor to assist with the exploration process. The Board and its advisors have been engaging with potential counterparties and funding sources as part of this strategic review. Consistent with customary practice, the Company invited interested parties, including Mobix, to participate in the process on the condition that each party execute a standard confidentiality agreement, which includes provisions designed to protect the integrity of the process. Following the Company's invitation to participate in its ongoing strategic review process on customary terms, Mobix declined to enter into the Company's standard confidentiality agreement and indicated that it would not agree to receive material non-public information. Mobix also requested direct engagement with the Board and stated that it would consider all alternatives available to present its value proposition directly to Peraso's stockholders, consistent with applicable law. The Company continues to believe that its process must be conducted in a manner that ensures all interested parties are treated fairly and consistently, and that confidential information is appropriately safeguarded. The Company believes that maintaining a level playing field for all interested parties, subject to appropriate confidentiality protections, is essential to preserving stockholder value. In potential transactions involving stock consideration, such as Mobix's proposal, a confidentiality agreement also enables the Company to receive material non-public information about the bidder, which may be relevant in evaluating the merits of the proposal. The Company remains open to engaging with Mobix and any other parties on that basis. There can be no assurance that this strategic review will result in a transaction or other strategic alternative, nor as to the form or timing of any such outcome. The Company does not intend to provide further updates on this matter unless and until the Board approves a specific course of action or otherwise determines disclosure is appropriate or required. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2024, the Company had $5.53 million in total assets against $3.74 million in total liabilities. PHYSICIAN PARTNERS: Blue Owl Marks $6.4M 1L Loan at 50% Off ----------------------------------------------------------- Blue Owl Capital Corporation has marked its $6,432,000 loan extended to Physician Partners, LLC to market at $3,184,000 or 50% 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 Physician Partners, LLC. The loan accrues interest at a rate of 1.50% per annum. The loan matures on December 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 Physician Partners, LLC Physician Partners, LLC provides health care services in the U.S. PINEY POINT: To Sell Houston Properties to HRI Partners for $85MM ----------------------------------------------------------------- Piney Point 2023, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's primary goal has been to stabilize its business affairs and maximize value for the benefit of the estate. The Debtor owns a 1,094-unit multi-family residential complex with office and amenity space located at 2000, 2001, 2500, 2501, 2400, 2401, 2300, 2301, 2601 Lazy Hollow Drive, Houston and Woodway Dr., TX 77063 (Property). The Debtor has received and collected, and continues to receive and collect, rents, issues, proceeds, profits, and accounts receivable arising from the Property. After considering all available options in light of its chapter 11 status, the Debtor has concluded that the most effective path to maximize value for the estate and its creditors is to sell the Property through a competitive marketing process. The Debtor has negotiated and has now entered into a stalking horse purchase agreement with HRI Partners - 2501 Lazy Hollow, LLC (Stalking Horse Bidder) for the purchase of the Property in exchange for a purchase price of $85,000,000 (Stalking Horse Bid). Consistent with its belief that the ability to maximize value of the Debtor's estate is best achieved through a competitive bidding and sale process, the Debtor now seeks approval to conduct a marketing and sale process to solicit further bids and, once received, conduct an auction. As set forth more fully in the Bid Procedures, upon receipt of any other bids, the Debtor will analyze all proposed bids to determine whether there are any qualified bids other than the Stalking Horse Bid. The Debtor will hold an auction to identify the highest and best offer. The Debtor seeks approval of the proposed marketing and Bid Procedures which will enable it to run a full and robust marketing process, solicit bids and sell the Debtor's Property, and maximize value to pay creditors through the Plan. The Debtor's only secured lender is Federal National Mortgage Association as a result of a prepetition loan agreement between the Debtor and JLL Real Estate Capital, LLC, in the original principal amount of $73,893,000.00, secured by certain personal property, the Property, and proceeds, including rents. The Debtor reached an initial agreement with the Secured Lender for the use of cash collateral for the purpose of financing its business operations. The Debtor has determined the best path forward to maximize value for the estate is through a marketing process for the sale of Debtor's Property. The Bid Procedures are designed to promote participation and active bidding and to ensure an orderly marketing process for the Sale of the Debtor's Property. The Stalking Horse Bidder is a "Qualified Bidder," and the Stalking Horse Purchase Agreement a "Qualified Bid." In the event that no other Qualified Bids are submitted by the Bid Deadline, the Stalking Horse Bidder shall be the Successful Bidder and no Auction shall take place. The Bid Procedures provides that each Bid must provide for a purchase price equal to or greater than 85,000,000.00, plus the Break-Up Fee, plus the minimum overbid amount of $250,000.00. The Debtor will conduct and preside over any Auction, which will be held at 10:00 a.m. (Central Time) on October 27, 2025, at a venue that the Debtor shall announce to all Qualified Bidders. The Debtor reserves the right to conduct the Auction live, in- person, or through a virtual platform and to change the location and time of the Auction. The Auction will be conducted openly and interested parties and creditors will be permitted to attend subject to their compliance with the notice and other procedures set forth in the Bid Procedures required in advance for attendance. The bid deadline will be on October 23, 2025 at 4:00 p.m. Following extensive, good-faith negotiations with the Stalking Horse Bidder, the Debtor has agreed to enter into the purchase and sale agreement with HRI Partners - 2501 Lazy Hollow, LLC (Stalking Horse Bidder) for the Debtor’s real property and related assets. Objections to the ability of a Successful Bidder other than the Stalking Horse Bidder to provide adequate assurance of future performance shall be raised by the Sale Objection Deadline of 4:00 p.m. (Central Time) on October 29, 2025. The Debtor submits that service of the Sale Notice as set forth below is proper and sufficient to provide notice to of the Auction, the Sale Objection Deadline and the Sale Hearing to all known and unknown parties. The Debtor proposes that a Sale Hearing to approve a Sale of the Property to the Successful Bidder, approve designation of a Backup Bid and Backup Bidder in accordance with the Bid Procedures, and authorize the assumption and assignment of certain executory contracts and unexpired leases be held on November 3, 2025 at 11:00 a.m. (Central Time). About Piney Point 2023 Piney Point 2023, LLC, is a single asset real estate company headquartered in Spring, Texas. Piney Point 2023 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-30128) on Jan. 7, 2025. In its petition, the Debtor estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Steven Douglas Shurn, Esq., at Hughes Watters Askanase, in Houston, Texas. PINSEEKERS DEFOREST: Seeks to Extend Exclusivity to Jan. 6, 2026 ---------------------------------------------------------------- PinSeekers DeForest Operations LLC asked the U.S. Bankruptcy Court for the Western District of Wisconsin to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 6, 2026 and March 7, 2026, respectively. The Debtor submits that each of these factors is either neutral or weighs in favor of extending the Debtor's exclusive periods: * Although the Debtor is not a large business by revenue, the Debtor does have a complicated debt structure with its primary secured creditor (in which the Debtor is a co-borrower with an affiliated entity of both a construction loan and furniture, fixtures, and equipment loan). * The Debtor is exploring a potential asset sale. The Debtor has employed Capital Valuation Group, Inc. ("CVG") to determine the fair market value of the Debtor as a going concern, and anticipates that CVG will complete its valuation report in the coming weeks. The Debtor will use that report to decide whether an asset sale is in the best interests of the bankruptcy estate, or whether the Debtor should pursue a plan of reorganization. The Debtor intends to continue engaging with its creditors and other constituencies as it contemplates its next steps. * There are unresolved contingencies. Most importantly, the Debtor is waiting for CVG to complete its valuation report to assist with deciding whether to pursue an asset sale. In addition, pending litigation needs to be resolved. The Debtor filed an adversary proceeding to avoid and recover various transfers under chapter 5 of the Bankruptcy Code and seek damages under various state law claims. * The Debtor has not exhausted the maximum length of the exclusive periods. If the Court were to grant the extensions contemplated in this Motion, the Court will have extended the Debtor's exclusive periods by just under ten months. As a result, the Debtor would still be well within the maximum time during which the Debtor has exclusive rights to file a plan and solicit acceptances (August 18, 2026 to file a plan; and October 18, 2026 to solicit acceptances). * The Debtor is not filing this motion to obtain an unfair advantage over other parties in this case. Negotiations with creditors remain in their early stages such that a sixteen-week extension of the Debtor's exclusive periods will not result in the Debtor having an unfair bargaining position over creditors. * The Debtor has not failed to resolve any fundamental matters essential to its reorganization and survival. Nor is the Debtor grossly mismanaging its bankruptcy estate to the detriment of creditors and other parties in interest. PinSeekers DeForest Operations LLC is represented by: SWANSON SWEET LLP James D. Sweet, Esq. Rebecca R. DeMarb, Esq. Virginia E. George, Esq. Peter T. Nowak, Esq. 8020 Excelsior Drive, Suite 401 Madison, WI 53703 Tel: (608) 709-5992; Fax: (608) 709-5887 Email: jsweet@swansonsweet.com rdemarb@swansonsweet.com vgeorge@swansonsweet.com pnowak@swansonsweet.com About PinSeekers DeForest Operations PinSeekers DeForest Operations LLC operates a hybrid golf entertainment facility located in DeForest, Wisconsin, just outside of Madison. The facility's year-round offerings include Toptracer golf suites, which are equipped with all-weather luxury suites suitable for golfers of all skill levels. The facility also features mini bowling, with a scaled-down version of traditional bowling called duckpin bowling, a custom-built putting course that caters to all levels of skill and age, and high-definition multi-sports simulators. PinSeekers provides a spacious event space for corporate gatherings, networking events, meetings, or parties. The venue also includes a restaurant and bar, offering a diverse menu for casual dining. PinSeekers DeForest Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10326) on Feb. 18, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. The Debtor is represented by Rebecca R. DeMarb, Esq. at SWANSON SWEET LLP. PIPELINE CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Louisiana --------------------------------------------------------------- On August 27, 2025, Pipeline Construction & Maintenance filed Chapter 11 protection in the Western District of Louisiana. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Pipeline Construction & Maintenance 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. Pipeline Construction & Maintenance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50760) on August 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Louis M. Phillips, Esq. at KELLY HART & PITRE. POTTSVILLE OPERATIONS: Plan Exclusivity Period Extended to Sept. 16 ------------------------------------------------------------------- Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended Care Pavilion Debtors', affiliates of Pottsville Operations, LLC, exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 16 and November 15, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have been focused on resolving any objections to the Sale, gaining approval of the Sale, and obtaining financing to fund the Debtors' operations through the Closing. Now the Debtors are focused on Closing the Sale by June 1, 2025, and attending to the tasks required by the OTAs. The Debtors' requested extension of the Exclusive Periods will allow the Debtors to close the Sale and then turn its attention towards a chapter 11 plan. Additionally, the Care Pavilion Debtors and other interested parties, including the Care Pavilion Committee, are still in the process of discussing the terms of a chapter 11 plan and need additional time to work out the details. Extending the Exclusive Periods will benefit creditors by avoiding the drain on estate assets attendant to a competing chapter 11 plan. The Debtors' Counsel: Elizabeth A. Green, Esq. Andrew V. Layden, Esq. BAKER & HOSTETLER LLP SunTrust Center, Suite 2300 200 South Orange Avenue Orlando, Florida 32801-3432 Tel: (407) 540-7920 Fax: (407) 841-0168 E-mail: egreen@bakerlaw.com E-mail: alayden@bakerlaw.com The Debtors' Local Counsel: Daniel R. Schimizzi, Esq. Mark A. Lindsay, Esq. Harry A. Readshaw, Esq. Jordan N. Kelly, Esq. Sarah E. Wenrich, Esq. RAINES FELDMAN LITTRELL, LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 Tel: 412-899-6474 E-mail: dschimizzi@raineslaw.com mlindsay@raineslaw.com hreadshaw@raineslaw.com jkelly@raineslaw.com swenrich@raineslaw.com About Pottsville Operations Pottsville Operations LLC and its affiliates own and operates six skilled nursing facilities in Pennsylvania. Collectively, Pottsville has 925 beds across the six facilities, and 759 residents currently at the Facilities as of the Petition Date. Pottsville acquired the facilities in May of 2021. Pottsville Operations and its 10 affiliates sought relief under sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition signed by Neil Luria, as chief restructuring officer, Pottsville reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Jeffery A Deller handles the cases. The Debtors tapped Baker & Hostetler, LLP as general bankruptcy counsel; and RAaines Feldman Littrell, LLP as local counsel. SOLIC Capital Advisors LLC is serving as financial advisor, and Solic's Neil Luria has been tapped as CRO of the Debtors. Stretto, Inc. is the claims agent. Margaret Barajas is the patient care ombudsman appointed in the Debtors' cases. POWER SOLUTIONS: Weichai America Holds 48.7% Stake as of Aug. 15 ---------------------------------------------------------------- Weichai America Corp., Weichai Power Co., Ltd., and Shandong Heavy Industry Group Co., Ltd. disclosed in a Schedule 13D (Amendment No. 7) filed with the U.S. Securities and Exchange Commission that as of August 15, 2025, they beneficially own 11,211,841 shares of common stock of Power Solutions International, Inc. (par value $0.001 per share). The Reporting Persons hold shared voting and dispositive power over all 11,211,841 shares, representing 48.7% of the outstanding common stock, based on 23,029,846 shares outstanding as of July 31, 2025 (per the Power Solution's Form 10-Q filed August 8, 2025). Weichai America Corp. may be reached through: Attn: Jinguang Liu (aka Jin Liu) 3100 Golf Road, Rolling Meadows, IL 60008 Phone: (855) 922-9001 A full-text copy of the Reporting Persons' SEC report is available at https://tinyurl.com/4basfb8n About Power Solutions Wood Dale, Ill.-based Power Solutions International, Inc., incorporated under the laws of the state of Delaware in 2011, designs, engineers, manufactures, markets and sells a broad range of advanced, emission-certified engines and power systems that are powered by a wide variety of clean, alternative fuels, including natural gas, propane, and biofuels, as well as gasoline and diesel options, within the power systems, industrial and transportation end markets. The Company manages the business as a single reportable segment. Chicago, Ill.-based BDO USA P.C., the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company will not have sufficient cash and cash equivalents to repay amounts owed under its existing debt arrangements as they become due in 2025 without additional financing and uncertainties exist about the Company's ability to refinance, amend or extend these debt arrangements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Power Solutions International had $328.2 million in total assets, $262.9 million in total liabilities, and $65.3 million in total shareholders' equity. PS OPERATING: Blue Owl Virtually Writes Off $21.6-Mil. 1L Loan -------------------------------------------------------------- Blue Owl Capital Corporation has marked its $21,629,000 loan extended to PS Operating Company LLC (fka QC Supply, LLC) to market at $1,425,000 or 7% 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 PS Operating Company LLC (fka QC Supply, LLC). The loan accrues interest at a rate of 6% PIK per annum. The loan matures on December 2026. 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 PS Operating Company LLC (fka QC Supply, LLC) PS Operating Company LLC is a privately-owned company with operations in both Storm Lake, Iowa, and Schuyler, Nebraska. Its industry is related to the manufacturing of agriculture, construction, and mining machinery. RAISING CANE'S: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Raising Cane's Restaurants, LLC's Long-Term Issuer Default Rating (IDR) at 'BB-', the senior secured Term Loan B due 2031 at 'BB+' with a Recovery Rating of 'RR1' and the senior unsecured notes due 2029 at 'BB-'/'RR4'. The Rating Outlook is Stable. The ratings reflect Raising Cane's sound competitive position within the quick-service restaurant (QSR) sector, underpinned by a focused menu with good brand recognition, which continues to drive share gains. The company continues scaling nationally, with double-digit annual unit growth and healthy same-restaurant sales (SRS), driving double-digit top-line growth and above average unit volumes (AUV). The ratings are tempered by Raising Cane's reliance on a single-brand concept, which heightens exposure to brand-specific risks, significant FCF deficits and increasing debt levels fueled by expansion investments and member distributions. Fitch-calculated EBITDAR leverage is expected to reach the high-3x range exiting 2025 and trend toward 4x in 2026. Key Rating Drivers Streamlined Durable Model, Strong Execution: Fitch views Raising Cane's streamlined operating model, centered on chicken fingers and a limited menu, as a key factor in reducing operational complexities and supporting efficient service at competitive prices. The QSR model has demonstrated resilience across economic cycles, benefiting from increased consumer spending during periods of economic strength. Raising Cane's is well-positioned within the growing chicken segment, which has expanded at a mid-single-digit rate over the past decade and is expected to continue outpacing the broader QSR category. Fitch believes the company's proven brand concept and strong portability will support further unit expansion and EBITDA scale. The company's single-brand concept with narrow consumer appeal leaves it more vulnerable to brand-specific downturns or changes in consumer trends. Healthy SRS Growth, Near-Term Softness: Raising Cane's has a track record of positive SRS growth around the high single digits annually during the past decade, with relatively balanced growth between traffic and check. Fitch believes this reflects a value proposition that resonates with consumers. Raising Cane's system-wide AUV's remain healthy and are more than double the QSR industry, supported by consistent unit economics across all-aged restaurant sites and strong restaurant-level margins. This demonstrates an ability to identify appropriate sites for new store locations. In 1H25, the company's top-line growth moderated to the mid-teens range, due to the effect of weak traffic trends on SRS growth. Fitch expects near-term challenges to remain, including declines in consumer sentiment and increased competitive environment, which could further soften industry-wide foot traffic and limit pricing ability. The company's SRS moderated over the last two quarters, being relatively flat in 2Q25 due to low-single digit traffic decline, partially offset by pricing actions taken in February 2025. Fitch expects SRS to gradually recover during 2H25 and sustain low-single digit SRS from 2026. Raising Cane's remains focused on expanding its systemwide units as planned, aiming to open 85 new owned restaurants annually. Sizable Growth, Significant FCF Deficit: Fitch expects material FCF deficits annually over the next three years, as the company intends to grow its company-owned stores at a high-single-digit rate on a current base of 841 units over the next five years, with capital expenditures materially above historical levels. Member distributions are expected to rise as EBITDA grows, with pay-out rates consistent with historical levels. Any operational missteps could further widen FCF deficits and elevate credit risk, which could be mitigated by pulling back on unit expansion or member distributions to preserve liquidity and manage leverage. Growing EBITDA Margins: Fitch expects EBITDA margins to sustain in the mid-teens range over the forecast period, supported by timely pricing actions, expectations of relatively stable food and labor costs, and increased operating leverage as the company continues to scale the business. Operating performance was robust in 2024, with over 30% top-line growth and EBITDA margin in the high-teens range. During 1H25, EBITDA margins remained strong, supported by pricing actions taken in February, relatively stable food and labor costs, and ongoing business scaling and operational efficiencies, resulting in EBITDA growing above 20%. Leverage Expectations: Decision making for Raising Cane's is controlled by one individual, the founder Todd Graves, who has roughly 90% ownership of the company. The company has built a strong track record, and Fitch expects the company to continue to demonstrate consistent capital allocation priorities by investing in the business and returning value to shareholders through member distributions while maintaining long-term leverage within its stated EBITDAR leverage target of 3x to 4x, which equates to approximately 3.5x to 4.5x on Fitch-calculated EBITDAR leverage. Fitch estimates EBITDAR leverage in the high-3x range exiting 2025 and trend toward 4x from 2026. Peer Analysis Raising Cane's 'BB-' IDR is lower than Darden Restaurants, Inc.'s IDR (Darden; BBB/Stable) due to its lower scale, single-brand concept, material FCF deficits and weaker credit metrics. Darden is one of the largest full-service restaurant companies in the U.S., with more than 2,000 restaurants, a sizable revenue base of over USD12 billion, strong FCF and liquidity, disciplined financial policy, and proven ability to outperform the broader casual dining segment. While a potential moderation in discretionary consumer spending could adversely impact Darden's operating performance, its EBITDAR leverage in the mid-2x range provides headroom at the current rating level. Raising Cane's ratings reflects the company's good competitive position within the QSR industry, centered on a simple menu offering with good brand perception that has driven share gains. The company continues to gain national scale with units that generate high AUVs. The ratings are tempered by its single-brand concept, which results in a more concentrated business profile with higher exposure to changes in consumer preferences and brand perception. Raising Cane's significant FCF deficits and higher leverage, relative to Darden, weigh on Raising Cane's credit profile. Key Assumptions - Revenue is expected to grow in the mid-teen percentage range in 2025, mainly driven by the opening of approximately 85 new restaurants and low-single digit SRS growth. For 2026, Fitch assumes an additional 85 net new openings and low-single digit SRS growth, which would result in revenue growing high-single digit; - Fitch expects EBITDA margins, including restaurant opening costs, to sustain the high-teen range in 2025 and 2026, supported by moderate chicken and wage costs, as well as higher operating leverage as the company scale the business; - New store openings, along with higher member distributions, are expected to result in material FCF deficits over the forecast period; - EBITDAR leverage is expected to reach the high-3x range exiting 2025 and trend toward 4x in 2026; - Raising Cane's has variable interest rate exposure through its senior secured credit facilities, with base rate secured overnight financing rate (SOFR) assumptions of around 4% in 2025 and 3.75% in 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weaker-than-expected topline growth and EBITDA contribution with higher FCF deficits and/or more aggressive financial policy that leads to EBITDAR leverage sustained above 4.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued unit growth and positive SRS that result in an increased EBITDAR scale of at least $1 billion, with sustained positive FCF (after member distributions) combined with an articulated and/or demonstrated financial policy that results in EBITDAR leverage sustained below 4.0x. Liquidity and Debt Structure As of July 1, 2025, Raising Cane's liquidity consisted of $54 million of unrestricted cash on its balance sheet and access to $700 million of available capacity under its $1.2 billion RCF. The company's current capital structure is comprised of $500 million drawn on the revolver due to mature on 2028, $925 million secured term loan A due 2028, $496 million secured term loan B due 2031, $500 million in senior unsecured notes due 2029, and $167 million in subordinated notes due between 2027 and 2028. The combination of adequate liquidity and a balanced capital structure provides flexibility to meet its short-term obligations and support the expansion plan. Issuer Profile Raising Cane's Restaurants, LLC is a privately held U.S. quick-service restaurant chain specializing in chicken finger meals, operating and franchising over 900 restaurants across the U.S. and certain international markets, with the majority of revenue generated from company-owned restaurants. 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 ----------- ------ -------- ----- Raising Cane's Restaurants, LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ RCB ENTERPRISES: Gets Final OK to Use Cash Collateral ----------------------------------------------------- RCB Enterprises Co., LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division to use cash collateral. The final order authorized the Debtor to use cash collateral to fund post-petition operating expenses, including taxes, payroll, and utilities. The lenders that may have interests in the cash collateral are Forward Financing, Parafin Inc., Arcadia Financing and Thriveway Funding, which are owed $20,229, $47,500, $7,782 and $6,996, respectively. Of the four lenders, only Forward Financing has actual collateral to secure its debt. As adequate protection, the lenders will be granted replacement liens on assets acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. Any Chapter 5 causes of action are excluded from the collateral of the lenders. The Debtor's authority to use cash collateral terminates upon occurrence of certain events including violation of the terms of the final order; dismissal or conversion of the Debtor's Chapter 11 case; appointment of a bankruptcy trustee; or cessation of the Debtor's operations. About RCB Enterprises Co. LLC RCB Enterprises Co. LLC, doing business as Spoiler And Wing King, specializes in automotive accessories, particularly spoilers and wings for vehicles. RCB Enterprises Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mich. Case No. 25-31477) on July 1, 2025. In its petition, the Debtor reported estimated assets and liabilities between $100,000 and $500,000 and estimated liabilities between $100,000 and $500,000. Judge: Joel D Applebaum oversees the case. The Debtor is represented by: George E. Jacobs, Esq. Bankruptcy Law Offices Tel: 810-720-4333 Email: george@bklawoffice.com RENASCENCE INC: Gets OK to Use Cash Collateral Until Sept. 28 ------------------------------------------------------------- Renascence, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral. The order penned by Judge Pamela McAfee authorized the Debtor's interim use of cash collateral until September 28 to pay essential expenses in accordance with its budget, with 6% expense deviation allowed. The order granted the U.S. Small Business Administration and other creditors with interest in the cash collateral a post-petition lien on all cash, accounts, receivables and future receivables collected by the Debtor during the interim period. As additional protection, the Debtor must pay $3,700 to SBA by September 5, and another $500 to be held in trust for the Subchapter V trustee. A final hearing is set for September 24. The Debtor and SBA entered into a promissory note and security agreement in 2020 and in 2021. The notes were secured by the Debtor's cash, accounts, receivables, inventory, equipment, software, insurance proceeds, tax refunds and other intangibles. The Debtor estimates that the balance due on the notes is $565,800. A copy of the Debtor's budget is available at https://shorturl.at/toAix from PacerMonitor.com. About Renascence Inc. Renascence, Inc. offers printing, publishing, mailing, embroidery, signage, and retail office supply sales. Renascence sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. E.D. N.C. Case No. 25-01764) on May 12, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Donald A. Stocks, Sr., president of Renascence, signed the petition. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Christopher Scott Kirk, Esq. C. Scott Kirk, Attorney At Law, PLLC Tel: 252-689-6249 scott@csklawoffice.com RESHAPE LIFESCIENCES: Closes $2.25M Asset Sale with Biorad ---------------------------------------------------------- ReShape Lifesciences Inc. disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission that the Company completed the transactions contemplated under the Asset Purchase Agreement dated July 8, 2025, which was amended on April 25, 2025, with Ninjour Health International Limited, a company incorporated under the laws of the United Kingdom, which is an affiliate of Biorad Medisys Pvt. Ltd. Pursuant to the Asset Purchase Agreement, ReShape sold its assets (excluding cash) to Biorad, and Biorad assumed substantially all of ReShape's liabilities, for an agreed upon purchase price of $2.25 million in cash, subject to adjustment based on ReShape's actual accounts receivable and accounts payable at the closing, compared to such amounts as of March 31, 2024. About Reshape Lifesciences Headquartered in Irvine, California, Reshape Lifesciences Inc. -- www.reshapelifesciences.com -- is a premier physician-led weight-loss solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and associated metabolic disease. The Company's primary operations are in the following geographical areas: United States, Australia and certain European and Middle Eastern countries. Its current portfolio includes the Lap-Band Adjustable Gastric Banding System, the Obalon Balloon System, and the Diabetes Bloc-Stim Neuromodulation device, a technology under development as a new treatment for type 2 diabetes mellitus. There has been no revenue recorded for the Obalon Balloon System, or the Diabetes Bloc-Stim Neuromodulation as these products are still in the development stage. In its report dated April 4, 2025, the Company's auditor Haskell & White LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $9.03 million in total assets and $2.20 million in total liabilities. RESHAPE LIFESCIENCES: Rebrands as Vyome Holdings After Merger ------------------------------------------------------------- Vyome Holdings, Inc. (f/k/a ReShape Lifesciences Inc.) disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission that on August 15, 2025, it completed the previously announced merger pursuant to the Agreement and Plan of Merger, dated as of July 8, 2024, as amended, by and among the Company, Raider Lifesciences Inc., a wholly owned subsidiary of the Company, and Vyome Therapeutics, Inc.. Pursuant to the Merger Agreement, Merger Sub merged with and into Vyome, with Vyome surviving the merger as a subsidiary of the Company. As a result of the Merger, the Company was renamed "Vyome Holdings, Inc." and Vyome continued under its name as Vyome Therapeutics, Inc., in each case effective before the open of trading on August 15, 2025. At the effective time of the Merger, each share of common stock, par value $0.001 per share, of Vyome, and each share of preferred stock, par value $0.001 per share, of Vyome issued and outstanding immediately prior to the Effective Time (other than the shares that are owned by ReShape, Vyome, or Merger Sub and shares that will be subject to put-call option agreements with certain stockholders of Vyome and Vyome's subsidiary Vyome Therapeutics Limited who are located in India) were converted into the right to receive a number of fully-paid and non-assessable shares of common stock of ReShape, $0.001 par value per share according to a predetermined ratio; provided that the shares to be received by certain stockholders of Vyome and Vyome Limited located in India shall be subject to the put-call option agreements with the Company which entitles such holders to receive shares of Common Stock of the Company upon certain occurrences. In addition, each outstanding warrant, stock option, restricted stock award, stock grant or other equity award to purchase capital stock of Vyome were converted into right, warrants or equity awards to purchase a number of the Company's shares of common stock equal to the number of shares of Vyome common stock issuable upon exercise of such Vyome right, warrant or equity award multiplied by the predetermined ratio, with an exercise price, in the case of warrants and stock options, equal to the exercise price of such Vyome warrant or option divided by the predetermined ratio. The issuance of Common Stock in connection with the Merger was registered under the Securities Act of 1933, as amended, pursuant to the Company's registration statement on Form S-4 (File No. 333-282459) filed with the United States Securities and Exchange Commission on October 1, 2025, as amended on December 6, 2024, January 15, 2025, April 29, 2025, May 9, 2025 and May 14, 2025 and declared effective on May 14, 2025. As set forth in the Merger Agreement, it was a condition to the closing of the Merger that The Nasdaq Stock Market approve the initial listing application of the combined company so that the listing on The Nasdaq Capital Market will continue after the Merger. Nasdaq approved the initial listing application on August 6, 2025. Private Placement of Common Stock: Immediately after the Effective Time, the Company closed on the sale of an aggregate of 529,137 shares of the Company's Common Stock at a price of $11.02 per share pursuant to those certain subscription agreements entered into among, the Company, Vyome and the investors signatory thereto. Vyome, through its subsidiary Vyome Limited, also closed on the sale of 999 shares of Vyome Limited at a price per share of $937.14, which shares are subject to a put call option agreement with the Company. The Offered Shares were sold in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended. Reverse Stock Split: On August 15, 2025, the Company effected a 1-for-4 reverse stock split of its Common Stock. On July 24, 2025, the stockholders of the Company approved the proposal to authorize the Board of Directors, in its discretion, to amend the Company's Certificate of Incorporation, as amended, to effect a reverse stock split of the Company's Common Stock, at a ratio in the range of 1-for-2 to 1-for-5, such ratio to be determined by the Board and included in a public announcement. The Board approved the Reverse Stock Split at a ratio of 1-for-4 and on August 15, 2025, the Company filed a Certificate of Eighth Amendment with the Secretary of State of the State of Delaware to amend the Company's Restated Certificate of Incorporation, as amended, and effected the Reverse Stock Split on August 15, 2025. As a result of the Reverse Stock Split, each four shares of Common Stock issued or outstanding or held by the Company as treasury stock were automatically reclassified into one new share of Common Stock without any action on the part of the holders. Any fractional shares of Common Stock resulting from the Reverse Stock Split will be rounded up to the nearest whole share and no stockholders will receive cash in lieu of fractional shares. The Reverse Stock Split is primarily intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on The Nasdaq Capital Market in connection with the Merger. Trading of the Company's Common Stock on The Nasdaq Capital Market continued on a split-adjusted basis when the markets opened on August 15, 2025, under the name Vyome Holdings, Inc. and trading symbol "HIND." Board Restructuring and Management Changes: On August 13, 2025, in connection with the consummation of the Merger and, as required pursuant to the Merger Agreement, Paul Hickey, Dan W. Gladney, Arda M. Minocherhomjee, Lori C. McDougal and Gary D. Blackford resigned from and ceased serving on the Board and any and all committees thereof, which resignations were effective upon the consummation of the Merger. In addition, effective upon the consummation of the Merger, Paul Hickey resigned as the President and Chief Executive Officer of the Company and Tom Stankovich resigned as the Chief Financial Officer of the Company. In connection with the consummation of the Merger and pursuant to the Merger Agreement, on August 15, 2025, the Board elected and designated Krishna Gupta, Stash Pomichter, Shiladitya Sengupta, Venkateswarlu Nelabhotla, John Tincoff and Mohanjit Jolly (collectively, the "New Directors"), to serve on the Board effective immediately after the consummation of the Merger. Pursuant to the Merger Agreement and as previously disclosed, Krishna Gupta will serve as the Board's Chairperson of the Combined Company effective as of the consummation of the Merger. Other than as set forth herein, there are no arrangements or understandings with any of the New Directors or any other person pursuant to which such New Director was selected and none of the New Directors has a direct or indirect material interest in any related party transaction required to be disclosed under Item 404(a) of Regulation S-K. In connection with their service on the Board, each New Director who is not an employee of the Company or any parent or subsidiary of the Company will be entitled to receive compensation pursuant to the Company's director compensation program applicable to all of the Company's non-employee directors. * Class I: Krishna Gupta, Stash Pomichter, Shiladitya Sengupta * Class II: Venkateswarlu Nelabhotla, John Tincoff * Class III: Mohanjit Jolly * Audit Committee: Mohanjit Jolly (Chair), Krishna Gupta, John Tincoff * Compensation Committee: Mohanjit Jolly (Chair), Krishna Gupta, John Tincoff * Nominating and Governance Committee: Krishna Gupta (Chair), Mohanjit Jolly, Stash Pomichter Also on August 15, 2025, in connection with the consummation of the Merger, Venkateswarlu Nelabhotla was appointed as Chief Executive Officer of the Company and Robert Dickey was appointed as Interim Chief Financial Officer of the Company. The Company entered into an agreement with Foresite Advisors, LLC, governing the terms of Mr. Dickey's employment with the Company as its Interim Full-time Chief Financial Officer. The CFO Agreement provides for a one-year term, which may be extended by mutual written consent. The CFO Agreement may be terminated by either party with Cause, as defined in the agreement, upon 15 days' notice or without cause, upon 30 days prior written notice to the other party. The CFO Agreement provides for compensation of $15,000 per calendar month. The Company intends to enter into an agreement with its Chief Executive Officer, which will be disclosed in a subsequent report by the Company. In connection with the foregoing, each of the new directors and officers will enter into the Company's standard form of indemnification agreement for its directors and officers. Lastly, on August 15, 2025, the Company filed: (a) the Certificate of Eighth Amendment with the Secretary of State of the State of Delaware to effect the Reverse Stock Split after the close of trading on August 14, 2025, (b) the Series C Amendment, and (c) a Certificate of Ninth Amendment with the Secretary of State of the State of Delaware to amend the Company's Restated Certificate of Incorporation, as amended, to change its corporate name to Vyome Holdings, Inc. and set forth the Combined Company's composition of board of directors which will be initially comprised of six directors and divided into three classes with staggered three-year terms. About Reshape Lifesciences Headquartered in Irvine, California, Reshape Lifesciences Inc. -- www.reshapelifesciences.com -- is a premier physician-led weight-loss solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and associated metabolic disease. The Company's primary operations are in the following geographical areas: United States, Australia and certain European and Middle Eastern countries. Its current portfolio includes the Lap-Band Adjustable Gastric Banding System, the Obalon Balloon System, and the Diabetes Bloc-Stim Neuromodulation device, a technology under development as a new treatment for type 2 diabetes mellitus. There has been no revenue recorded for the Obalon Balloon System, or the Diabetes Bloc-Stim Neuromodulation as these products are still in the development stage. In its report dated April 4, 2025, the Company's auditor Haskell & White LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $9.03 million in total assets, and $2.20 million in total liabilities. RESTAURANT LIFE: Amends Several Unsecured Claims Pay Details ------------------------------------------------------------ Restaurant Life, LLC, submitted a Corrected First Amended Plan of Reorganization for Small Business dated August 21, 2025. The Debtor anticipates that the Plan will be confirmed in September of 2025, the Plan will be effective on or about October 15, 2025, the first distribution to unsecured creditors will be made on or before November 1, 2025 and the final monthly distribution to unsecured creditors will be made no later than April 1, 2030, with the exception of creditors who have agreed to different terms. The distributions under the Plan will be derived from (i) existing cash on hand on the Effective Date, and (ii) revenues generated by continued business operations. Class 4 consists of the Unsecured Claims of Maryellen Surgento and USA Employment Lawyers - Jordan Richards PLLC ("JRPLLC"). Surgento filed two claims (Claims 3 and 5) each in the amount of $215,000.00 that appear to be duplicates. JRPLLC filed Claim 4 in the amount of $71,659.50. Pursuant to a settlement reached with Surgento and JRPLLC, Surgento will be paid a) $1,500.00 as unpaid wages, with appropriate state and federal deductions taken out from said amount; and b) $1,500 being deemed liquidated damages pursuant to the FLSA. JRPLLC will be paid $45,000.00 in satisfaction of all claims for attorney's fees and costs. These payments are in full satisfaction of Claim 4. Claim 5 has been disallowed. These amounts will be paid on the Effective Date or within 21 days of the District Court's approval of the above referenced settlement if the due date based on the District Court's approval is prior to the Effective Date. If the payment becomes due prior to the Effective Date, Grant Galuppi agrees to pay said amounts and any distribution due to Surgento and/or JRPLLC shall be paid to Grant Galuppi as part of Grant Galuppi's distribution in Class 8. Class 4 is impaired. Class 5 consists of the Unsecured Claim of Lucksindre Remy. Remy filed Claim 9 in the amount of $185,323.71. The Debtor and Remy have resolved the claim as follows: a) Remy will be paid $32,500.00 in back wages, with appropriate state and federal deductions taken from said amount b) Remy will be paid $32,500.00 in liquidated damages pursuant to the FLSA; and c) Remy's counsel, Koz Law, P.A., will be paid $51,000.00 in satisfaction of all claims for attorney's fees and costs. Class 5 is impaired. Class 6 consists of the Unsecured Claim of the IRS. The IRS amended Claim 2 and reduced it to $0.00. Accordingly, there will be no distribution to the IRS. Class 6 is unimpaired. Class 7 consists of All Other Unsecured Claims. All other unsecured claims shall be paid in full within 14 days of the Effective Date or, if there is a pending objection to a Claim on the Effective Date, upon any order resolving said objection becoming final and nonappealable. Class 9 consists of the Unsecured Contribution and Indemnification Claim of Grant Galuppi. Grant Galuppi, the Debtor's Manager, filed Claim 8 in an unknown amount based on potential indemnification and contribution claims the Debtor may owe to Grant Galuppi. To the extent Grant Galuppi is entitled to repayment from the Debtor for any contribution or indemnification claims, including the potential liability if Grant Galuppi pays the amounts due to Surgento and JRPLLC in Class 4, the Debtor shall pay Grant Galuppi in full on the Effective Date. Class 8 is impaired. Payments required under the Plan will be funded from (i) existing cash on hand on the Effective Date, and (ii) revenues generated by continued operations. A full-text copy of the Corrected First Amended Plan dated August 21, 2025 is available at https://urlcurt.com/u?l=wS4yly from PacerMonitor.com at no charge. Counsel to the Debtor: Robert F. Reynolds, Esq. Law Offices of Robert Reynolds, P.A. 515 East Las Olas Blvd., Suite 850 Fort Lauderdale, FL 33301 Telephone: (954) 766-9928 Email: rreynolds@robertreynoldspa.com About Restaurant Life Restaurant Life, LLC, is a limited liability company that was initially created in the State of Florida in 2021. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-20485) on Oct. 8, 2024. In the petition signed by Grant Galuppi, manager, the Debtor disclosed under $1 million in both assets and liabilities. Judge Peter D. Russin oversees the case. The Law Offices of Robert Reynolds, P.A., serves as the Debtor's counsel. REVA HOSPITALITY: Involuntary Chapter 11 Case Summary ----------------------------------------------------- Alleged Debtor: Reva Hospitality Wylie LLC Holiday Inn Express Wylie 2200 W. FM 544 Wylie, TX 75098 Business Description: Reva Hospitality Wylie LLC owns and operates the Holiday Inn Express & Suites Wylie West, a hotel located at 2200 West FM 544 in Wylie, Texas. The Company is engaged in the hospitality sector, providing lodging accommodations and related guest services in the Dallas–Fort Worth metropolitan area. Involuntary Chapter 11 Petition Date: August 29, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-33332 Petitioners' Counsel: John Ivie, Esq. COLVEN, TRAN & MEREDITH, P.C. 1401 Burnham Dr. Plano, TX 75093 Tel: (469) 209-8310 Email: john@colvenandtran.com A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ACAGUBA/Reva_Hospitality_Wylie_LLC__txnbke-25-33332__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Magnolia Hospitality Services, LLC Unpaid $23,303 2720 Plantation Dr. Management Round Rock TX 78681 Services Ghanshyam Chodvadiya Business Loan $118,871 490 Hilltop Dr. Murphy TX 75094 Mackey Industries, Inc. Labor and $21,080 503 South 7th Street Materials Marlow OK 73055 SAMYS OC: Seeks to Extend Plan Exclusivity to October 31 -------------------------------------------------------- Samys OC, LLC ("SOCL") asked the U.S. Bankruptcy Court for the District of Kansas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 31 and December 31, 2025, respectively. The Debtor claims that it has since decided to close the Lawrence KS restaurant and list the property for sale. Debtor also filed a Motion to Employ a Realtor. The Debtor explains that it continues to try to resolve the IRS claim. With these developments, the Debtor believes an additional extension will result in a more concise plan. The Debtor asserts that its counsel has been working to review the pleadings filed in the case, the pleadings filed in the related cases, and has been working with the Debtor to formulate its Chapter 11 Plan. Counsel for the Debtor and the Debtor believe that additional time is needed to allow Counsel for the Debtor and the Debtor to continue to work to formulate the Debtor's Chapter 11 Plan. The Debtor further asserts that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and is in the best interest of all parties to allow the Proof of Claim deadlines to expire and to allow Counsel for the Debtor and the Debtor to continue to work to formulate the Debtor's Chapter 11 Plan. The Debtor believes that it can have a Plan and Disclosure Statement filed with the Court if given until October 31. Samys OC, LLC is represented by: Colin N. Gotham, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About Samys OC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L. Herren presides over the case. Colin N. Gotham, Esq., at Evans & Mullinix, PA serves as the Debtor's counsel. SAN MATEO: Hires Martin & Drought PC as Bankruptcy Counsel ---------------------------------------------------------- San Mateo IG, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Martin & Drought, PC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Michael Colvard, Lead Counsel $600 Attorneys $200 - $600 Paralegal $125 - $150 The firm received a prepetition retainer from Devils River Holdings, LLC in the amount of $20,000. It also received an additional $5,000 for Devils River Distillery. Mr. Colvard disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Colvard, Esq. Martin & Drought, P.C. 112 East Pecan Street, Suite 1616 San Antonio, TX 78205 Telephone: (210) 220- 1334 Facsimile: (210) 227-7924 Email: mcolvard@mdtlaw.com About San Mateo IG San Mateo IG, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-70219) on August 4, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Eduardo V. Rodriguez presides over the case. Michael G. Colvard, Esq. at Martin & Drought, P.C. represents the Debtor as legal counsel. SHADE STORE: Blue Owl Marks $2.7MM 1L Loan at 20% Off ----------------------------------------------------- Blue Owl Capital Corporation has marked its $2,701,000 loan extended to The Shade Store, LLC to market at $2,156,000 or 80% 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 Revolving Loan to The Shade Store, LLC. The loan accrues interest at a rate of 6% per annum. The loan matures on October 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 The Shade Store, LLC Shades Store is a leading fashion retailer with a diverse range of clothing and accessories designed to empower men's confidence and cater to all wardrobe needs. SHARPLINK GAMING: Adds 143,593 ETH via $536.5M Capital Raise ------------------------------------------------------------ SharpLink Gaming, Inc., one of the world's largest corporate holders of Ether and prominent industry advocate of Ethereum adoption, issued its update on the Company's ETH purchases for the period August 10, 2025 through Sunday, August 17, 2025; and capital raised through its At-the-Market facility and a registered direct offering during the week August 10 through Friday, August 15, 2025. Key Highlights for the Week Ending August 17, 2025: * Purchased 143,593 ETH. * $146.5 million in net proceeds were raised through the ATM facility this past week. * $390.0 million in net proceeds were raised through a registered direct offering, which closed on August 11, 2025. * Average ETH purchase price for the week was $4,648. * Total ETH holdings increased to 740,760. * Total staking rewards rose to 1,388 ETH since launch of treasury strategy on June 2, 2025. * ETH Concentration* rose to 3.87, up 94% since June 2, 2025. * Over $84 million of cash on hand yet to be deployed into ETH acquisitions. During the period from August 10, 2025 through August 17, 2025, the Company acquired 143,593 ETH for an aggregate purchase price of approximately $667.4 million (inclusive of fees and expenses) at a weighted average purchase price per ETH of $4,648 (inclusive of fees and expenses). The purchases were made using the proceeds the Company received from the ATM Facility and Registered Offering as described herein. The Company engages in staking activities with respect to its ETH. As of August 17, 2025: * substantially all of the ETH Holdings were deployed in staking, including through liquid staking. * the Company's aggregate ETH Holdings were 740,760. * the Company has generated 1,388 ETH staking rewards, since launching its ETH treasury strategy on June 2, 2025. The Company notes that aspects of its Staking Activities may be subject to government regulation and guidance subject to change. At-the-Market Facility: During the period from August 10, 2025, through August 15, 2025, the Company sold a total of 6.6 million shares of the Company's common stock, par value $0.0001 per share, for net proceeds of approximately $146.5 million pursuant to the ATM Facility. About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report dated March 14, 2025, for the fiscal year ended December 31, 2024. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. As of March 31, 2025, the Company had $453.91 million in total assets, $1.39 million in total liabilities, and $452.5 million in total stockholders' equity. SHERLAND & FARRINGTON: Section 341 Creditors' Meeting on Sept. 26 ----------------------------------------------------------------- On August 26, 2025, Sherland & Farrington Inc. filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports $7,917,185 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 26, 2025 at 02:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 7219992. About Sherland & Farrington Inc. 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. Sherland & Farrington Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73272) on August 26, 2025. In its petition, the Debtor reports total assets of $3,165,506 and total liabilities of $7,917,185. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Fred S. Kantrow, Esq. at THE KANTROW LAW GROUP, PLLC. SMOKY QUARTZ: Seeks Chapter 11 Bankruptcy in West Virginia ---------------------------------------------------------- On August 20, 2025, Smoky Quartz LLC filed Chapter 11 protection in the Southern District of West Virginia. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Smoky Quartz LLC Smoky Quartz LLC is a coal mining company based in Pikeville, Kentucky. Smoky Quartz LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W. Va. Case No. 25-20185) on August 20, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge B Mckay Mignault handles the case. The Debtor is represented by John Zachary Balasko, Esq. at Steptoe & Johnson PLLC. SOUTHERN EXPRESS: Court Extends Cash Collateral Access to Sept. 23 ------------------------------------------------------------------ Southern Express, Inc. received second interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay operating expenses in accordance with its budget. This interim order will remain in full force and effect until September 23; the termination of the interim order; or upon filing of a notice of default, whichever occurs first. The Debtor projects total operational expenses of $222,467.99 for September. Events of default include the Debtor's failure to comply with any of the terms or conditions of the interim order and failure to file a Chapter 11 plan. The Debtor believes that certain proceeds generated from its continuing operations may constitute cash collateral of the U.S. Small Business Administration and CT Corporation System, believed to represent Kapitus, LLC. The secured creditors may assert a security interest in all of the Debtor's assets. Each of the secured creditor's liens on the collateral securing debts will extend to the Debtor's post-petition assets to the extent and amount that they are secured as of the petition date. These replacement liens are subject to and subordinate to a fee carveout. The next hearing is set for September 23. The Debtor has an outstanding SBA loan with a balance of approximately $1.96 million and acknowledges a UCC-1 financing statement filed by Kapitus in July 2025, although it argues Kapitus is unsecured as to cash collateral. The Debtor, which operates with 39 employees and has been in business since 2010, attributes its bankruptcy filing to lingering impacts of the COVID-19 pandemic and broader economic challenges. About Southern Express Inc. Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02978) on August 5, 2025. In the petition signed by R. Vance Hoover, president, the Debtor disclosed $3,330,694 in assets and $6,321,019 in liabilities. Judge Pamela W. Mcafee oversees the case. Jason L. Hendren, Esq. at HENDREN, REDWINE & MALONE, PLLC, represents the Debtor as legal counsel. SPIRIT AIRLINES: Execs Get Bonuses in Co.'s 2nd Chapter 11 Filing ----------------------------------------------------------------- Eliza Ronalds-Hannon and Jonathan Randles of Bloomberg News report that the executives at Spirit Airlines will receive millions in bonuses for remaining with the carrier as it undergoes another Chapter 11 restructuring, a company filing shows. According to the report, the disclosure also revealed that AerCap Holdings has declared Spirit in default and canceled dozens of planned aircraft leases as of August 25, 2025. About Spirit Airlines Spirit Airlines, Inc. (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. SPIRIT AVIATION: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Spirit Aviation Holdings, Inc. 1731 Radiant Drive Dania Beach, FL 33004 Business Description: Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit offers ultra-low fares, digital booking options, and a young, fuel-efficient fleet while employing approximately 25,000 direct employees and independent contractors. The Company offers scheduled flights, seating upgrades, self-service baggage options, and customer support available both in-person and through digital channels. Chapter 11 Petition Date: August 29, 2025 Court: United States Bankruptcy Court Southern District of New York Six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Spirit Aviation Holdings, Inc. (Lead Debtor) 25-11897 Spirit Airlines, LLC 25-11896 Spirit Finance Cayman 1 Ltd. 25-11898 Spirit Finance Cayman 2 Ltd. 25-11899 Spirit IP Cayman Ltd. 25-11900 Spirit Loyalty Cayman Ltd. 25-11901 Judge: Hon. Sean H Lane Debtors' Counsel: Marshall S. Huebner Darren S. Klein, Esq. Christopher S. Robertson, Esq. Moshe Melcer, Esq. Noah Z. Sosnick, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Tel.: (212) 450-4000 Email: marshall.huebner@davispolk.com darren.klein@davispolk.com christopher.robertson@davispolk.com moshe.melcer@davispolk.com noah.sosnick@davispolk.com Debtors' Restructuring, Fleet, and Communications Advisor: FTI CONSULTING, INC. 1166 Avenue of the Americas 15th Floor New York, NY 10036 Debtors' Investment Banker: PJT Partners LP 280 Park Avenue New York, NY 10017 Debtors' Fleet Counsel: DEBEVOISE & PLIMPTON LLP 66 Hudson Boulevard New York, NY 10001 Debtors' Conflicts Counsel: MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 North Market Street, 16th Floor Wilmington, DE 19801 Debtors' Claims, Noticing, Solicitation & Administrative Agent: EPIQ CORPORATE RESTRUCTURING, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Total Assets as of June 30, 2025: $8,576,287,000 Total Debts as of June 30, 2025: $8,096,842,000 The petitions were signed by Frederick Cromer as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6KULDIA/Spirit_Aviation_Holdings_Inc__nysbke-25-11897__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. U.S. Department Of The Treasury Term Loan $136,000,000 1500 Pennsylvania Avenue Washington, DC 20220 Contact: Scott Bessent, United States Secretary Of The Treasury Phone: (800) 829-4933 Email: scott.bessent@treasury.gov 2. Charles Tombras Advertising, Inc Trade Payable $7,810,184 620 S Gay St Knoxville, TN 37902-1603 Contact: Charles Tombras, Chief Executive Officer Phone: (865) 524-5376 Email: charlie@tombras.com 3. Lufthansa Technik Trade Payable $5,680,217 193 Weg Beim Jaeger Hamburg 22335 Germany Contact: Harald Gloy, Chief Operating Officer & Chro Phone: +49 (40) 5070-3356 Email: harald.gloy@dlh.de 4. Aerospace Turbine SRVC & SOL LLC Trade Payable $1,788,000 Turbine Services & Solutions Building, Saeed Tahnoon Street Abu Dhabi United Arab Emirates Contact: Abdulkhaliq Saeed, Chief Executive Officer Phone: (971) 230-7777 Email: mlittaua@sanda.ae 5. Microsoft Licensing, GP Trade Payable $1,658,613 1 Microsoft Way Redmond, WA 98052 Contact: Hossein Nowbar, Chief Legal Officer Phone: (206) 706-3732 Email: hosseinn@microsoft.com 6. Navitaire, Inc. Trade Payable $1,458,105 333 South 7th Street Suite 1700 Minneapolis, MN 55402 Contact: Dave Evans, Chief Executive Officer Phone: (612) 317-7000 Email: dave.evans@navitaire.com 7. Prime Flight Aviation SVCS/GSE Trade Payable $1,428,526 3 Sugar Creek Center Blvd Suite 450 Sugar Land, TX 77478-2216 Contact: Dan Bucaro, Chief Executive Officer Phone: (281) 942-6800 Email: dbucaro@primeflight.com 8. AGI Ground, Inc Trade Payable $1,304,303 9130 S Dadeland Blvd Suite 1801 Miami, FL 33156-7858 Contact: Jared Azcuy, Chief Executive Officer Phone: (305) 740-3253 Email: jazcuy@atsstl.com 9. MTU Maintenance Canada Trade Payable $1,129,800 6020 Russ Baker Way Richmond, BC V7b 1b4 Canada Contact: Katja Garcia Vila, Chief Financial Officer Phone: (604) 233-5700 Email: katja.garciagvila@mtu.de 10. USDA, Aphis, Rot Trade Payable $995,811 1400 Independence Ave., S.W. Washington, DC 20250 Contact: Brooke L. Rollins, Secretary Of Agriculture Phone: (202) 393-6226 Email: askusda@usda.gov 11. Broward Cty Aviation Dept Trade Payable $970,150 320 Terminal Dr. Suite 200 Fort Lauderdale, FL 33315 Contact: John Bruno, Chief Information Officer Phone: (954) 359-6100 Email: jbruno@broward.org 12. ROHR, Inc. 1000282a Trade Payable $874,257 2730 West Tyvola Road Charlotte, NC 28217 Contact: Christopher T. Calio, Chief Executive Officer Phone: (781) 522-3000 Email: christopher.calio@rtx.com 13. United States Treasury Trade Payable $814,145 1500 Pennsylvania Ave, NW Washington, DC 20220 Contact: Samantha Schwab, Deputy Chief Of Staff Phone: (202) 622-2000 Email: samantha.schwab@treasury.gov 14. Tresor Publique/Redevances Trade Payable $750,255 129 Rue Capois Port-Au-Prince Haiti Contact: M. Alfred Fils Metellus, Profil Du Ministre Phone: (509) 29 92 1067 Email: info@budget.gouv.ht 15. Nexgen Aero Trade Payable $744,020 2900 Nw 112th Ave Unit 2 Doral, FL 33172-1834 Contact: Russell Carbonara, Managing Partner Phone: 954-637-8520 Email: rcarbonara@nexgen.aero 16. G2 Secure Staff, LLC Trade Payable $667,011 400 E Las Colinas Blvd Irving, TX 75039 Contact: Julie Gostic, President Phone: (972) 915-6979 Email: jgostic@g2securestaff.com 17. Tesoro Nacional - Aerocivil Trade Payable $646,917 Aeronau Avenida El Dorado No. 103-15 Bogota, Columbia Contact: Yolanda Vega Albino, Acting Director, Aeronautica Regional Centro Sur Phone: +01 8000-112373 Email: atencionalciudadano@aerocivil.gov.co 18. Messier-Goodrich Trade Payable $602,511 Inovel Parc Sud 7 Rue Du General Valeria Andre Velizy-Villacoublay 78140 France Contact: Francois Bastin, Chief Executive Officer Phone: +33 (1) 4629-8100 Email: francois.bastin@safrangroup.com 19. Star Aviation, Inc. 1010982A Trade Payable $596,775 9001 W US Hwy 42 Goshen, KY 40026 Contact: Julie P. Kendall, Chief Executive Officer/ General Manager Phone: (502) 241-3072 Email: info@staraviationky.com 20. Coforge, Inc. Trade Payable $585,127 1000 Crown Pointe Parkway 5th Floor Atlanta, GA 30338 Contact: Manish Hemrajani, Head Of Investor Relations (U.S.) Phone: (609) 987-5400 Email: dpo@coforge.com 21. Perimeter Logistics Inc Trade Payable $581,212 2800 Story Road West Irving, TX 75038-5267 Contact: Rajan Sobhani, President Phone: (877) 701-1919 Email: raj.sobjani@shippgl.com 22. C3 Customer Contact Channels Trade Payable $567,101 1200 S Pine Island Road Suite 200 Plantation, FL 33324 Contact: Hitesh Lath, Chief Financial Officer Phone: (561) 939-4009 Email: info@c3-complete.com 23. TA Connections DE & IL, LLC Trade Payable $561,073 3280 Peachtree Rd Suite 2400 Atlanta, GA 30305 Contact: Mike Apleton, President Phone: (866) 966-8866 Email: mike@hotelconnections.com 24. Safran Landing Systems (SAS) Trade Payable $524,958 10255 NW 116th Way Medley, FL 33178 Contact: Mark O'Brien, Customer Support Manager Phone: (305) 624-4700 Email: americascsc.sls@safrangroup.com 25. NAI National Ltd Trade Payable $499,001 90 St Vincent Street Nelson 7010 New Zealand Contact: John Edward Hill, Key Principal Phone: +64 (3) 548-4225 Email: conferences@nai-us.org 26. Sacramento County Dept Of Finance Trade Payable $484,440 700 H Street Room 1710 (First Floor) Sacramento, CA 95814 Contact: Chad Rinde, Director Of Finance Phone: (916) 874-6622 Email: sacplan@saccounty.gov 27. Alameda County Tax Collector Trade Payable $417,358 1221 Oak Street Room 131 Oakland, CA 94612 Contact: Henry Levy, Treasurer-Tax Collector Phone: (510) 272-6800 Email: hank.levy@acgov.org 28. County Of Santa Clara Trade Payable $412,841 Department Of 110 West Tasman Drive San Jose, CA 95134 Contact: Sungmin Park, Deputy District Attorney Phone: (408) 808-7962 Email: sungmin.park@sccgov.org 29. U.S. Bank Trade Payable $400,266 800 Nicollet Mall Minneapolis, MN 55402-7000 Contact: Connie Dudycha, VP Relationship Manager At US Bank Phone: (801) 575-2390 Email: connie.dudycha@usbank.com 30. Salt Lake City Dept of Airports Trade Payable $368,642 3920 West Terminal Drive Salt Lake City, UT 84122 Contact: Kiera Allen, Aircraft Registration Program Manager Phone: (385) 344-9282 Email: kiera.allen@slcgov.com ST VINCENT HOME: 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 St Vincent Home Healthcare Agency, 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 St Vincent Home Healthcare Agency St Vincent Home Healthcare Agency, LLC provides home health care services, including nursing and personal support, to individuals in Florida. Its operations focus on delivering in-home medical and supportive care to patients requiring assistance outside of hospital settings. St Vincent sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02920) on August 25, 2025. In its petition, the Debtor reported total assets of $1,024,114 and total liabilities of $702,961. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Richard A. Perry, Esq., at Richard A. Perry, P.A. STRUCTURE ACE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Structure Ace LLC 8 The Green Suite B Dover, DE 19901 Business Description: Structure Ace LLC, led by Reshaud Henry, provides roofing, construction, and solar energy services, specializing in storm damage remediation, roof inspections, and installations using materials such as Atlas Shingles, CertainTeed Shingles, Wood Shake, Spanish Tile, TPO, Modified Bitumen, and EDPM. The Company operates primarily in Madisonville, Louisiana. Its services target residential and commercial clients. Chapter 11 Petition Date: August 28, 2025 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 25-11911 Judge: Hon. Meredith S Grabill Debtor's Counsel: Robin R. De Leo, Esq. THE DE LEO LAW FIRM, LLC 800 Ramon St Mandeville, LA 70448 Tel: (985) 727-1664 Fax: (985) 727-4388 E-mail: lisa@northshoreattorney.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Reshaud Henry as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GFBIONI/Structure_Ace_LLC__laebke-25-11911__0001.0.pdf?mcid=tGE4TAMA SUNNOVA ENERGY: Reaches Settlement to Transfer Thousands of Systems ------------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that bankrupt solar financier Sunnova Energy has reached a roughly $35 million settlement with its subsidiary and a lender to transfer thousands of solar systems. The deal was disclosed during a Friday hearing before U.S. Bankruptcy Judge Alfredo R. Pérez in Houston, who signaled he would approve it provided the relief sought remains limited, according to the report. The agreement involves Sunnova TEP Holdings and a lender group led by Atlas SP Partners, which had financed Sunnova’s earlier system acquisitions, the report states. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. TEKNATOOL USA: Gets Extension to Access Cash Collateral ------------------------------------------------------- Teknatool USA, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The fifth interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% percent for each line item; and additional amounts subject to approval by secured creditor, Pathward, National Association. This authorization will continue until further order of the court. As protection for the use of its cash collateral, Pathward was granted a post-petition lien on its collateral to the same extent and with the same validity and priority as its pre-bankruptcy lien. During the interim period, the Debtor is not required to make payments to Pathward on the revolving loan. The Debtor, however, agreed to a monthly payment of $10,000 on the SBA 7a loan. As of the petition date, the Debtor owed $3.5 million to Pathward on the SBA 7a loan. The next hearing is scheduled for September 30. About Teknatool USA Inc. Teknatool USA Inc., a company in Seminole, Fla., offers a wide array of woodturning tools and accessories, including lathes and chucks, catering to both hobbyists and professionals in the woodworking community. Teknatool USA filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-01248) on March 1, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Catherine Peek McEwen handles the case. Joel Aresty, Esq., at Joel M. Aresty, PA is the Debtor's legal counsel. Pathward N.A., as secured creditor, is represented by: James J. Webb, Esq. Mitrani, Rynor, Adamsky & Toland, P.A. 301 Arthur Godfrey Road, PH Miami Beach, FL 33140 Tel: (305) 358-0500 Fax: (305) 358-0550 jwebb@mitrani.com TERRA LAKE: Court Extends Cash Collateral Access to Sept. 30 ------------------------------------------------------------ Leslie Osborne, Esq., the Chapter 11 trustee for Terra Lake Heights, LLC, received another extension from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The court order signed by Judge Scott Grossman authorized the trustee's interim use of cash collateral through September 30 to pay the amounts authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, subject to the monthly line item variances, if any; and additional amounts, subject to approval by secured creditor, Big Real Estate Finance II, LLC. As protection for the use of its cash collateral, the secured creditor will be granted a post-petition security interest in and lien on its pre-bankruptcy collateral, with the same validity, extent and priority as its pre-bankruptcy security interests. In addition, Big Real Estate Finance will be granted an allowed superpriority administrative expense claim, with priority over all administrative expenses and other claims against the Debtor. The Debtor's authority to use cash collateral terminates upon the occurrence of so-called events of default, including its failure to remit to the secured creditor any "adequate protection" payment; dismissal or conversion of its Chapter 11 case; the reversal, revocation, modification, amendment, stay or rescission of the interim order unless consented to by the secured creditor; the distribution of any cash collateral other than in accordance with the terms of the interim order and budget; and upon payment in full of the entire claim of the secured creditor. The next hearing is scheduled for September 25. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/aV7th from PacerMonitor.com. The Debtor, a multi-unit apartment complex in Tallahassee, Fla., filed for Chapter 11 protection on April 23. The Debtor allegedly owes the secured creditor approximately $19.8 million, secured by a first-priority lien on the Debtor's real and personal property, including leases, rents, equipment, and accounts. The bankruptcy trustee believes the rental income constitutes cash collateral and intends to use it for necessary business expenses like utilities, insurance, and property management. About Terra Lake Heights Terra Lake Heights, LLC is a limited liability company in Hollywood, Fla. Terra Lake Heights sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14464) on April 23, 2025, listing up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Scott M. Grossman handles the case. Chad Van Horn, Esq., at Van Horn Law Group, P.A. serves as the Debtor's legal counsel. Leslie Osborne is the Chapter 11 trustee appointed in the Debtor's case. Big Real Estate Finance II, LLC, as secured creditor, is represented by: Matthew A. Barish, Esq. Cole Schotz, P.C. One Boca Place 2255 Glades Road, Suite 300E Boca Raton, FL 33431 Phone: (646) 563-8958 mbarish@coleschotz.com vfink@coleschotz.com TIBERTI COMPANY: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: The Tiberti Company, LLC d/b/a Tiberti Fence Company 4975 S. Rogers St. Las Vegas, NV 89118 Business Description: The Tiberti Company, LLC, doing business as Tiberti Fence Company, offers fencing products and installation services across Nevada, serving residential, commercial, and industrial customers. Based in Las Vegas and holding an AB Unlimited License as a full-phase general contractor, the Company specializes in ornamental iron, chain link fencing, and custom-built iron. Tiberti Fence Company operates as part of the wider Tiberti organization, which has a history in construction projects including hotels, gaming facilities, schools, reservoirs, museums, and civic buildings. Chapter 11 Petition Date: August 29, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-15112 Judge: Hon. Natalie M Cox Debtor's Counsel: Matthew C. Zirzow, Esqw. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 E-mail: mzirzow@lzlawnv.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lucas T. Tiberti as manager. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5ETETNQ/THE_TIBERTI_COMPANY_LLC__nvbke-25-15112__0001.0.pdf?mcid=tGE4TAMA TNR HOLDINGS: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: TNR Holdings LLC 1945 US 22 West Union, NJ 07083 Business Description: TNR Holdings LLC operates in the real estate leasing industry and is classified as a single-asset real estate debtor, indicating its operations are concentrated on a single income-generating property or project. Chapter 11 Petition Date: August 28, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-19077 Debtor's Counsel: Narissa A. Joseph, Esq. NARISSA JOSEPH 305 Broadway, Suite 1001 Suite 1001 New York, NY 10007 Tel: (212) 233-3060 Fax: (646) 607-3335 E-mail: njosephlaw@aol.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Nicola Pemberton as president. The Debtor listed TD Bank, NA, located at 1701 Route 70 East Cherry Hill, NJ 08003, as its sole unsecured creditor with a claim amounting to $1.97 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4P62U5Y/TNR_HOLDINGS_LLC__njbke-25-19077__0001.0.pdf?mcid=tGE4TAMA TOP MOBILITY: Gets Interim OK to Use Cash Collateral Until Nov. 6 ----------------------------------------------------------------- Top Mobility Scooters, Inc. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral pending further hearing on November 6. The court's order authorized the Debtor's interim use of cash collateral to use cash collateral to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, BankUnited, N.A. BankUnited and other creditors with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. As additional protection, the Debtor must maintain insurance as per loan and security agreements with its secured creditors. The next hearing is set for November 6. About Top Mobility Scooters Inc. Top Mobility Scooters Inc. is a company specializing in mobility scooters and related equipment for individuals with mobility limitations. Based in Hudson, Florida, the company operates through its website www.topmobility.com and appears to provide healthcare-related mobility solutions in the 'Other Healthcare Services' industry category. Top Mobility Scooters sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04323) on June 26, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Roberta A. Colton handles the case. Michael A. Stavros, Esq., at Jennis Morse is the Debtor's legal counsel. BankUnited, N.A., as secured creditor, is represented by: George L. Zinkler, III, Esq. 101 Northeast Third Avenue, Suite 1800 Fort Lauderdale, FL 33301 Telephone (954) 462-8000 Facsimile (954) 462-4300 gzinkler@loriumlaw.com TRANSOCEAN LTD: Subsidiary Closes $39.7M Bond Swap for 13.9M Shares ------------------------------------------------------------------- As previously announced, a subsidiary of Transocean Ltd. entered into separate, individually negotiated agreements on August 11, 2025 with certain holders (the "EB Holders") of its 4.0% Senior Guaranteed Exchangeable Bonds due 2025 as part of ongoing efforts to optimize the Company's capital structure. The transactions contemplated by the Exchange Agreements closed on August 19, 2025. Under the terms of the Exchange Agreements, the EB Holders exchanged an aggregate principal amount of approximately $39.7 million of Exchangeable Bonds for an aggregate amount of approximately 13.9 million shares, $0.10 par value of the Company and an aggregate cash payment of an immaterial amount for accrued and unpaid interest on the exchanged Exchangeable Bonds. Immediately following the closing of the transactions contemplated by the Exchange Agreements, approximately $37.3 million in aggregate principal amount of the Exchangeable Bonds remained outstanding. The issuances of Shares described above are exempt pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, which exempts transactions by an issuer not involving a public offering. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. Transocean reported a net loss of $512 million in 2024, a net loss of $954 million in 2023, a net loss of $621 million in 2022, and a net loss of $591 million in 2021. As of June 30, 2025, the Company had $17.8 billion in total assets, $6.9 billion in total long-term liabilities, and $9.4 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In May 2025, S&P Global Ratings affirmed its ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' issuer credit rating and revised the outlook to negative from stable. TRIPLE T & CO: Court OKs Interim Use of Cash Collateral ------------------------------------------------------- Triple T & Company, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Western Division to use cash collateral. The interim order authorized the Debtor to use cash collateral in accordance with its budget pending the final hearing on September 11. The budget, which covers the period from August 4 to September 21, shows weekly operational expenses of $14,825. As adequate protection, secured creditors including John Deere Construction & Forestry Company, CFG Merchant Solutions, LLC, and NewCo Capital Group VI, LLC will be granted a replacement lien on property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. The replacement lien will have the same priority, validity and extent as the secured creditors' pre-bankruptcy interests in such collateral. The Debtor currently owes $147,222.12 to John Deere, $40,000 to CFG, and $35,000 to NewCo. John Deere's various UCC-1s may possibly claim a first priority lien on all of the Debtor's cash and accounts receivable. The secured creditors' security interests attach to the cash, accounts receivables, compact loader and other equipment. They assert that any cash received from the Debtor's accounts and any other proceeds of the collateral constitute proceeds, issues, profits, and income from the collateral and, therefore, constitutes their cash collateral. About Triple T & Company LLC Triple T & Company, LLC is a local freight trucking company based in Reform, Alabama. Triple T & Company, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-71066) on August 8, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and liabilities. Honorable Bankruptcy Judge Jennifer H. Henderson handles the case. The Debtor is represented by: Robert C. Keller, Esq. Russo, White & Keller Tel: 205-833-2589 Email: rjlawoff@bellsouth.net TRIPLETT FUNERAL: To Sell Funeral Home Biz to Worthington Funeral ----------------------------------------------------------------- Robert E. Eggmann, Trustee for Triplett Funeral Homes, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri, Northern Division, to sell Commercial Personal and Real Property, free and clear of liens, claims, interests, and encumbrances. The Debtor operates Triplett & Wood Funeral Home, a funeral home operating in Rushville, Illinois and owns the commercial property located at 900 West Wilson, Rushville, IL 62681 (Property). The Debtor also owns certain personal property, including but not limited to a 2022 Cadillac Escalade, a 2015 Chrysler Town & Country, and a Lincoln Hearse, located on the Property which is used in the operations of the Businesses. With the exception of the Escalade, the Property and Assets are encumbered by a security interest in favor of Ready Capital Lending in an approximate amount of $1,600,000.00. The Escalade is encumbered by a security interest in favor of Ally Financial in the approximate amount of $40,000.00. Worthington Funeral Home (Purchaser) has submitted an offer to Trustee to purchase the Assets and Property for the total sale price of $380,000.00. Ready Capital Lending has communicated to Trustee that it consents to the Sale despite the fact that the Sale will not result in Ready Capital Lending receiving its entire secured claim paid in full. Ally Financial has communicated to Trustee that it consents to the Sale as it will be paid in full as a result of the Sale. The Trustee believes that the Sale Price is the best offer available for the sale of the Property and Assets and that the Sale will maximize value for the Debtor's bankruptcy estate. Trustee requests approval to enter into a contract to sell the Property to Purchaser and approval to enter a contract to sell the Assets to Purchaser for the Sale Price. The proceeds of the Sale shall be used to repay Ready Capital Lending a portion of its secured claim and Ally Financial up to the value of its secured claim. About Triplett Funeral Homes, LLC Triplett Funeral Homes, LLC, a company in Kahoka, Mo., is a locally owned and operated funeral service provider dedicated to offering compassionate services and personalized care to families during their time of need. Triplett Funeral Homes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20049) on March 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kathy A. Surratt-States oversees the case. The Debtor is represented by Fredrich J. Cruse, Esq., at Cruse Chaney-Faughn. Robert E. Eggmann is the Debtor's Chapter 11 trustee. TRONOX HOLDINGS: S&P Cuts ICR to 'B' on Weakened 2025 Expectations ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating to 'B' from 'B+' on Tronox Holdings PLC, a producer of titanium dioxide and byproduct zircon. S&P said, "At the same time, we lowered our issue-level ratings on its term loan facilities to 'BB-' from 'BB'. The '1' (95%) recovery rating remains unchanged. "We also lowered our issue-level ratings on the company's senior unsecured debt due 2029 to 'B+' from 'BB-'. The '2' (75%) recovery rating remains unchanged. "The stable outlook reflects our expectation that a demand downturn in the company's markets is temporary and operating performance will improve, albeit gradually. Its credit metrics and liquidity will remain appropriate for the ratings with debt to EBITDA of 6x-7x under current downturn conditions. "Our rating actions reflect our view that Tronox's credit metrics will be weak for the remainder of 2025. Tronox's performance and credit metrics were hindered by a weak North American coatings season and soft pricing. Moreover, we expect continued challenged demand for the remainder of 2025, with ongoing macroeconomic pressures including elevated interest rates, tariff-related uncertainties, and subdued construction activity impacting customer discretionary spending globally. "We revised downward our financial outlook for Tronox due to weaker pigment and zircon volumes, reflecting both lower global GDP and weaker customer demand forecasts for the second half of the year. We anticipate weighted-average debt to EBITDA will be 6x-7x over the next year. "Moving into 2026, we expect a gradual recovery from this slowdown. Furthermore, India remains a bright spot due to the implementation of antidumping duties and the Australia-India free trade agreement. We anticipate significant opportunity for sales volume growth in India, which is a fast-growing market with low per capita titanium dioxide consumption. Additionally, the company is currently taking proactive measures to bolster performance. Tronox cut its dividend by about 60% and reduced its capital expenditures for the rest of 2025. We also expect the company to realize $125 million-$175 million in sustainable run rate savings by the end of 2026." Tronox has benefitted from its vertical integration. The company has a higher degree of vertical integration and greater scale than most of its competitors. It makes the ores used to produce its key product, titanium dioxide. This is especially beneficial when ore availability declines and ore costs for nonintegrated titanium dioxide producers are high. However, this level of vertical integration could be less of a strength during a downturn when the fixed costs of maintaining ore mines could add to total costs. Tronox's products remain cyclical. As such, they are susceptible to earnings volatility. The company has taken steps to mitigate cyclicality in earnings, including the institution of customer contracts, some with pricing features that support earnings stability. Currently, we do not see a threat of excess supply derailing the still-favorable pricing for the company's products. However, S&P believes that in the long run, earnings will remain susceptible to demand or pricing shocks. S&P said, "Our base case assumes that, despite some potential for improvement, Tronox's credit metrics will remain relatively weak for the rating after considering the potential earnings volatility. We expect debt to EBITDA of 6x-7x over the next year. We continue to view the sector as cyclical and do not expect favorable market conditions to sustain through the cycle. We do not anticipate any meaningful changes to debt levels in our ratings or significant acquisitions. Our base case assumes a gradual improvement in demand and pricing from weak levels throughout 2025. "We could lower our rating on Tronox over the next 12 months if liquidity materially weakens or the company encounters covenant compliance challenges and does not amend covenants in a proactive manner. We could also lower our ratings if credit metrics and performance do not improve over the next year such that weighted-average debt to EBITDA exceeds 7.5x. This could occur if we believe sales and earnings will weaken because of unforeseen disruptions to the market. "We could also lower rating if the company pursues more aggressive financial policies than we assume in our ratings. This includes increases in debt that weaken its credit metrics. "For an upgrade in the next 12 months, we would expect a weighted-average debt to EBITDA sustained below 6.5x after considering potential cyclical downturns. This could occur if margins improve above our expectations, which would generate sufficient earnings to account for potential volatility." TRY TROUT: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------- On August 27, 2025, Try Trout and Industrial LLC filed Chapter 11 protection in the Eastern District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Try Trout and Industrial LLC 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. Try Trout and Industrial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24548) on August 27, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by William M. Noall, Esq. at GARMAN TURNER GORDON LLP. TWENTY EIGHT: Gets OK to Use Cash Collateral Until Oct. 31 ---------------------------------------------------------- Twenty Eight Hundred Lafayette, Inc. received a two-month extension from the U.S. Bankruptcy Court for the District of New Hampshire to use its secured creditors' cash collateral. The interim order signed by Judge Kimberly Bacher authorized the Debtor to use up to $450,915.48 in cash collateral for the period from September 1 to October 31 to pay the expenses in accordance with its budget. As protection for the Debtor's use of their cash collateral, secured creditors including Enterprise Bank & Trust, Rockingham Economic Development Corp. and the U.S. Small Business Administration will be granted replacement liens on property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 actions. As further protection, the Debtor will continue to make monthly payments of $3,156.11 to SBA, $3,232.12 to Enterprise Bank & Trust, and $1,509.26 to Rockingham. The next hearing is scheduled for October 29. Objections are due by October 22. About Twenty Eight Hundred Lafayette Established in 1992, Twenty Eight Hundred Lafayette, Inc. is a seafood restaurant with locations in Epping, Portsmouth, Salem, and North Hampton (seasonal) in New Hampshire. It conducts business under the names The Beach Plum 2 Portsmouth and The Beach Plum 3 Epping. Twenty Eight Hundred Lafayette filed Chapter 11 petition (Bankr. D.N.H. Case No. 25-10046) on January 27, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $1 million and $10 million. Judge Kimberly Bacher handles the case. Eleanor Wm. Dahar, Esq., at Victor W. Dahar Professional Association is the Debtor's legal counsel. Enterprise Bank & Trust, as secured creditor, is represented by: Patricia J. Ballard, Esq. Preti, Flaherty, Beliveau & Pachios, PLLP P.O. Box 1318 Concord, NH 03302-1318 (603) 410-1500 pballard@preti.com UTZ QUALITY: Moody's Alters Outlook on 'B2' CFR to Negative ----------------------------------------------------------- Moody's Ratings affirmed the ratings of Utz Quality Foods, LLC ("Utz") including the company's B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B2 rating on the senior secured first lien term loan B. Moody's also revised the rating outlook to negative from stable. The SGL-2 Speculative Grade Liquidity Rating remains unchanged. The outlook revision reflects Utz's weak free cash flow and elevated debt-to-EBITDA leverage of 8.2x (Moody's adjusted) for the last twelve month (LTM) period ended June 29, 2025. Leverage remains high, partly due to ongoing investments aimed at supporting long-term earnings growth. The debt balance was also elevated at quarter-end, driven by seasonal working capital needs in the first half of 2025, though ABL borrowings are expected to unwind by year-end. Free cash flow continues to be constrained by dividends and sustained investment in operational streamlining. Moody's projects full-year negative free cash flow (after dividends and distributions) of $25–$35 million in 2025, reflecting significant outlays tied to business transformation and supply chain initiatives. Nevertheless, Moody's affirmed Utz's B2 CFR based on Moody's expectations for improvement in credit metrics over the next 12–18 months. Moody's anticipates leverage to decline to 5–6x, supported by earnings growth driven by productivity savings and top line expansion behind the company's strategic investments. Moody's expects modest improvement in free cash flow in 2026, approaching breakeven, supported by earnings growth and reduced capital spending. However, investment levels will likely remain elevated, with a material reduction anticipated in 2027. Execution risk remains though, given Utz's history of negative free cash flow and the competitive nature of the category. While adjusted earnings have generally improved, significant cash add-backs reflect weaker earnings quality, even if tied to future efficiency gains. The dividend continues to weigh on cash generation and appears aggressive given Utz's growth-oriented strategy. Utz's SGL-2 speculative grade liquidity rating reflects its good liquidity, supported by availability under its $225 million ABL revolving credit facility and $55 million in balance sheet cash as of June 29, 2025. ABL availability as of June 29, 2025 was $116 million (net of $61 million drawn, $10 million of outstanding letters of credit, and limitations based on the borrowing base). Moody's expects cash on hand to be sufficient to cover minimum debt repayments of approximately $17 million over the next year. Due to prepayments made in Q1 2024, there are no remaining required quarterly amortizations on the first lien term loan until maturity. However, minimum repayments remain on the real estate and equipment loans. RATINGS RATIONALE Utz's B2 CFR reflects its relatively small share of the large and attractive salty snack market, its growing distribution within the US, and modest segment diversification. The snacking category typically benefits from favorable consumer trends toward increased snacking throughout the day but more indulgent snacking categories have been under pressure in the US recently. Competition remains intense, with larger, more diversified players that have greater investment capacity. Debt-to-EBITDA leverage remains high at over 8x (Moody's adjusted) as of June 2025, and free cash flow remains weak, constrained by dividends and ongoing investments focused on growth and efficiency. The dividend is aggressive given Utz's growth-oriented strategy and has contributed to persistent negative free cash flow. Moody's expects credit metrics to improve meaningfully over the next 12–18 months as Utz executes its supply chain transformation and drives organic sales growth through geographic expansion, marketing, and innovation. However, execution risk remains, given the competitive dynamics of the category. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects execution risk associated with Utz's efforts to reduce leverage and improve free cash flow, and failure to achieve positive free cash flow as Moody's had previously anticipated. The company's credit metrics are currently pressured by heavy investment spending aimed at enhancing its margin profile and driving sales growth. The outlook also reflects an aggressive financial policy, including a sizable dividend to shareholders. A rating upgrade could occur if Utz is able to demonstrate sustained positive organic revenue growth with higher EBITDA margins. The company would also need to maintain debt-to-EBITDA below 5.0x, sustain retained cash flow (RCF) to net debt above 10%, maintain good liquidity, and consistently generate comfortably positive free cash flow. A rating downgrade could occur if Utz's earnings weaken due to factors such as volume declines or margin pressure, if free cash flow remains negative or weak, or if the company adopts a more aggressive financial policy, including large debt-financed acquisitions. A downgrade could also occur if debt-to-EBITDA is sustained above 6.5x or if liquidity deteriorates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods 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. COMPANY PROFILE Utz Quality Foods, LLC, headquartered in Hanover, PA, is a branded salty snack producer and marketer. Key products include potato chips, tortilla chips, pretzels, cheese snacks, pork skins, popcorn, and pub/party mixes. The company's brand portfolio is well known in its core markets and includes Utz, On the Border, Boulder Canyon, Zapp's, Golden Flake, TORTIYAH'S and others. Reported net revenue was $1.4 billion for the 12 months ended June 29, 2025. In August 2020, Utz Brands Holdings, LLC consummated a business combination with Collier Creek Holdings ("Collier Creek"), a special purpose acquisition company (SPAC) to form Utz Brands, Inc., a publicly traded company that is listed on the New York Stock Exchange. Series U of UM Partners, LLC and Series R of UM Partners, LLC have approximately 40% of the company's economic ownership of Utz Brands Holdings, LLC, which is the holding company and guarantor of the debt issued by the borrower Utz Quality Foods, LLC. Utz Brands, Inc. is a holding company without any direct operations and has no significant assets other than its ownership interest in Utz Brands Holdings, LLC. VERINT SYSTEMS: Moody's Puts 'Ba2' CFR Under Review for Downgrade ----------------------------------------------------------------- Moody's Ratings placed the ratings of Verint Systems Inc. ("Verint"), a provider of workforce and customer engagement management software, on review for downgrade, including its Ba2 corporate family rating, Ba2-PD probability of default rating, and the Ba1 senior secured revolving credit facility. The company's SGL-3 speculative grade liquidity rating ("SGL") remains unchanged. Previously, the outlook was stable. On August 25, 2025, Verint announced that it has entered into a definitive agreement to be acquired by the private equity firm Thoma Bravo in an all-cash transaction reflecting an enterprise value of $2 billion. Under the terms of the agreement, Verint common shareholders will receive $20.50 per share in cash, representing an 18% premium to Verint's 10-day volume weighted average share price up to June 25, 2025, the last trading day prior to media reports regarding a potential transaction. The transaction is expected to close before the end of Verint's current fiscal year ending January 2026, subject to customary closing conditions including shareholder and regulatory approvals. The transaction is not subject to a financing condition. Upon the close of the transaction, Verint will be combined with Calabrio, which is also a workforce engagement and contact center software solution. Thoma Bravo purchased Calabrio in April 2021. The review for downgrade reflects governance considerations related to the change from public ownership to private ownership and the potential for more aggressive financial strategies. Moody's expects the proposed transaction will result in a material increase in debt and financial leverage. As such, governance risk considerations are material to this rating action. The outstanding Verint debt is expected to be repaid upon closing. Following the repayment of Verint's debt, Moody's will withdraw the company's ratings. The review for downgrade will focus on the pro forma capital structure, long term financial strategy, and pace of de-leveraging post-closing. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review for downgrade reflects Moody's expectations that, upon completion of the acquisition, Verint's debt will be repaid in full. The review also considers the fact that Verint will go from publicly-listed to a privately-owned company with the potential for more aggressive financial strategies. The review will also focus on the completion of the transaction and the final capital structure, particularly repayment of Verint's debt. Lastly, the review for downgrade will also assess Verint's financial performance through the closing. Excluding the ratings under review, Verint's ratings could be upgraded if the company continues to expand its customer engagement business, demonstrates consistent operating improvements, maintains its market position, and sustains leverage below 3x and free cash flow to debt above 17.5%. The potential for acquisitions or refinancing of the preferred investment could limit upward ratings pressure. Excluding the ratings under review, Verint's ratings could be downgraded if revenue, EBITDA, and free cash flow were to deteriorate, particularly if driven by a change in market position. The ratings could also be downgraded if leverage exceeds 4.5x or free cash flow to debt is less than 12.5% on other than a temporary basis. Consideration will be given, however, for unusually strong cash positions. Verint Systems Inc. is a provider of workforce and customer engagement management software. For the twelve-month period ended April 31, 2025, Verint generated about $900 million of revenue. 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. VERMONT AUS: Blue Owl Marks $2.5M 1L Loan at 35% Off ---------------------------------------------------- Blue Owl Capital Corporation has marked its AU$2,582,000 loan extended to Vermont Aus Pty. Ltd. to market at AU$1,683,000 or 65% 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 AUD Term Loan to Vermont Aus Pty. Ltd. The loan accrues interest at a rate of 5.75% per annum. The loan matures on March 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 Vermont Aus Pty. Ltd Vermont Aus Pty Ltd operates as an investment company. The Company provides investment services. VIASAT INC: SVP James Dodd Set to Retire Effective November 1 ------------------------------------------------------------- Viasat, Inc., disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 21, 2025, James Dodd, the Company's Senior Vice President and President, Commercial Services, announced that he will retire from such role on or about November 1, 2025. Mr. Dodd will continue as a non-executive employee of the Company through December 31, 2025, the expiration of the term of his previously filed severance agreement with the Company. Upon his termination of employment, Mr. Dodd will be eligible to receive the separation benefits provided under the severance agreement. About Viasat Inc. Headquartered in Carlsbad, California, Viasat, Inc. operates a consumer satellite broadband internet business, an in-flight connectivity business, and provides satellite and related communications, networking systems, and services to government and commercial customers. Inmarsat operates a satellite communications network using L-band, Ka-band, and S-band spectrum and provides voice and data services to customers on land, at sea, and in the air. As of June 30, 2025, the Company had $14.90 billion in total assets, $10.29 billion in total liabilities, and $4.60 billion in total equity. * * * Egan-Jones Ratings Company on November 5, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Viasat, Inc. VICTORIA'S KITCHEN: Holly Miller Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC as Subchapter V trustee for Victoria's Kitchen, LLC. Ms. Miller 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. Miller declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Holly S. Miller, Esq. Gellert Scali Busenkell & Brown, LLC 1628 John F. Kennedy Boulevard, Suite 1901 Philadelphia, PA 19103 Telephone: (215) 238-0012 Facsimile: (215) 238-0016 Email: hsmiller@gsbblaw.com About Victoria's Kitchen LLC Victoria's Kitchen, LLC is a food service business based in Philadelphia, Pennsylvania. Victoria's Kitchen sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13380) on August 26, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. The Debtor is represented by Michael Assad, Esq., at Sadek Law Offices. VIVAKOR INC: New Sept. 5 Record Date for Adapti Share Dividen ------------------------------------------------------------- Vivakor, Inc., an integrated provider of energy transportation, storage, reuse, and remediation services, announced in a press release that it would reset the record date of the previously-announced special dividend to Vivakor shareholders from August 20, 2025 to September 5, 2025. Vivakor currently holds 206,595 (approximately 13.5% of the outstanding common) shares of Adapti, Inc. (OTCID: ADTI), a company set to merge with a multi-platform sports agency representing amateuer and professional athletes at all levels that they intend to integrate withtheir pre-existing AdaptAI software platform that matches products with influencers to market athletic careers and associated branding opportunities. Based on Vivakor's current shares outstanding of approximately 47,297,347 and excluding 20,963,229 shares held by the Company's Chairman, President, and Chief Executive Officer and former Chief Financial Officer, who waived their right to the dividend, each Vivakor shareholder will be entitled to receive approximately 0.0079 shares of Adapti, Inc. common stock per Vivakor share. Based on the current $2.50 share price of Adapti's common stock, the special dividend is currently valued at approximately $0.515 million. Adapti, Inc., formerly known as Scepter Holdings, Inc., filed its Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) in September 2024 and has since become a mandatory SEC reporting company. Adapti, Inc. filed its Annual Report on 10K for the period ended March 31, 2025 on July 3, 2025. The Ballengee Group, LLC, is a Dallas-based sports management agency which represents approximately 200 professional athletes. It was acquired by Adapti, Inc. on July 14, 2025. Additional information regarding this transaction can be found in Adapti, Inc.'s filings with the SEC. About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, 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 a significant working capital deficiency, suffered significant recurring losses from operations, 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 $244.54 million in total assets against $146.50 million in total liabilities. WALKER EDISON: Blue Owl Virtually Writes Off $68.5MM 1L Loan ------------------------------------------------------------ Blue Owl Capital Corporation has marked its $68,521,000 loan extended to Walker Edison Furniture Company LLC to market at $3,826,000 or 6% 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 Walker Edison Furniture Company LLC. The loan accrues interest at a rate of 6.75% PIK per annum. The loan matures on March 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 Walker Edison Furniture Company LLC Walker Edison Furniture Company LLC provides furniture online. The Company offers coffee desks, dining tables and chairs, bar cabinets, bunk and metal beds, dressers, bookshelves, home decor, seating, and other related products. WALKER EDISON: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Walker Edison Holdco LLC 1553 W 9000 S West Jordan UT 84088 Business Description: Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to- assemble home furnishings for living rooms, bedrooms, home offices, and outdoor settings, operating primarily through e- commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate LLC and Walker Edison Holdco LLC, and it owns EW Furniture LLC, a Utah-based subsidiary. The Company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Chapter 11 Petition Date: August 28, 2025 Court: United States Bankruptcy Court District of Delaware Related entities that sought relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Walker Edison Holdco LLC (Lead Debtor) 25-11602 Walker Edison Intermediate, LLC 25-11603 Walker Edison Furniture Company LLC 25-11604 EW Furniture, LLC 25-11605 Judge: Hon. Thomas M Horan Debtors' Counsel: Robert J. Dehney, Sr., Esq. Donna L. Culver, Esq. Daniel B. Butz, Esq. Scott D. Jones, Esq. Echo Yi Qian, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: rdehney@morrisnichols.com dculver@morrisnichols.com dbutz@morrisnichols.com sjones@morrisnichols.com eqian@morrisnichols.com Debtors' Investment Banker: LINCOLN INTERNATIONAL LLC Debtors' Transformation Advisor: MACCO RESTRUCTURING GROUP, LLC Debtors' Notice, Claims & Administrative Agent: EPIQ CORPORATE RESTRUCTURING, LLC Lead Debtor's Estimated Assets: $0 to $50,000 Lead Debtor's Estimated Liabilities: $100 million to $500 million The petitions were signed by Jeffrey P. Werner as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CQ57L4Y/Walker_Edison_Holdco_LLC__debke-25-11602__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Kenco Logistic Trade Payable $3,337,555 Services, LLC. P.O. Box 742563 Atlanta, GA 30374-2563 Email: Lisa.Calvert@kencogroup.com Dan Morrison Email: daniel.morrison@gxo.com Phone: 614-394-6266 2. Fortune Bonus Trade Payable $2,239,174 Wooden Limited Land Lot No. 414, Map No.39, Quarter 7, Uyen Hung Ward Tan Uyen Town Binh Duong Province, Vietnam Email: shunfawood@yeah.net 3. Gibson Dunn & Trade Payable $1,952,694 Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 Michael M. Farhang Email: MFarhang@gibsondunn.com Phone: (213) 229-7005 4. Truong Vinh Co. Trade Payable $1,304,472 National Road 1., Hamlet 1, Xuan Hung Commune, Xuan Loc District Dong Nai Province, Vietnam Chung Diet Kiet Email: kiettruongvinh@gmail.com Phone: 0251 3756425 5. Hsien Yang Trade Payable $1,303,367 Industries (Vietnam) Co., Ltd Lot 1, Tam Phuoc Industries Park, Bien Hoa City Dong Nai 76000 Vietnam Nancy Su/Jerry Lin/Alice Nguyen Email: Sales002@hsienyangfurniture.com Phone: 84 965051806 6. Artemobili Moveis Ltda Trade Payable $1,186,845 Avenida Imperatriz Leopoldina, 727, Distrito Industrial, Nova Prata RS 95320-000 Brazil Robson Stella Email: robson.stella@artemobili.com.br Phone: +55 54996562656 Gabriel Cherubini Phone: +5511999849412 Email: gjcherubini51@gmail.com 7. XPO Logistics Trade Payable $904,690 Supply Chain 29560 Network Place Chicago, IL 60673-1560 Email: xposc-receivables@xpo.com Jason Esser Email: Jason.Esser@kencogroup.com Phone: (909) 229-6458 8. FedEx Corporation Trade Payable $681,312 Attn: Executive Vice President, General 942 South Shady Grove Road Memphis, TN 38120 Robin Johnson Email: robin.johnson2@fedex.com Phone: (801) 580-0322 9. Zhejiang Anji Huiye Trade Payable $501,058 Furniture Co., Ltd. Xiaoyuan Village Jishan Town Ship Anji County Huzhou Zhejiang Province, China Carrie Email: Sales06@hychair.com Phone: 0752-5018852-828 10. Wei Qiang Trade Payable $474,727 The Second Industrial Zone Continents of Qiaotou Town, Dongguan City Guangdong Province, China Andy Cao Email: dgwq@vip.163.com Phone: 0769-81039689 11. Bonham Davis Warehouse Trade Payable $441,801 4350 W 2100 S Salt Lake City, UT 84120 Brad Bonham Email: brad@bonco.com Phone: (801) 635-5746 Matt Davis Email: outdoormatt@gmail.com 12. Consilio Trade Payable $440,440 1828 L Street NW Suite 1070 Washington, DC 20036 Todd Adelstein Phone: (646) 581-1906 Email: Todd.Adelstein@Consilio.com 13. Google LLC Trade Payable $331,148 1600 Amphitheatre Pkwy Mountain View, CA 94043 Email: collections@google.com Jarod Farchione Email: farchionej@google.com Phone: (415) 993-0397 14. MSC Mediterranean Trade Payable $302,239 Shipping Company (USA) 700 Watermark Blvd. Mt. Pleasant, SC 29464 Email: USA-finance.creditcollection@msc.com 15. E-Shine Enterprise Trade Payable $285,343 Co., Limited Fudu Industrial District, Shaogangtou VI Qiaotou Town, Dongguan City Guangdong Province, China 523038 Linda Cole Tang Email: coletang@eshinefurniture.cn Phone: 0769-83336558 16. CastleGate Fulfillment Trade Payable $259,390 4 Copley Place 7th Floor Boston, MA 02116 Email: SupplierPayments@Wayfair.com Michael Pomerville Email: mpomerville@wayfair.com 17. Moveis Katzer Ltda Trade Payable $224,127 Rua Estevao Buschle, 262, Bairro; 25 de Sao Bento Do Sul SC 89290-207 Brazil Leonardo Katzer Email: leonardo@katzer.com.br Phone: 55-47-3634-1378 18. Idimex do Brasil Trade Payable $206,729 Industria e Comercio de Moveis Ltda Rodovia BR 280 s/n Mafra SC 89307-345 Brazil Helington Souza Email: helington@idimex.com.br Phone: 55-47-3641-6000 19. Acosta Inc. (OeP LLC) Trade Payable $200,398 6600 Corporate Center Parkway Jacksonville, FL 32216-0973 Sylvia Acosta Email: sacosta@acosta.com Phone: 347-570-3986 20. Crowe LLP Trade Payable $198,254 320 E Jefferson Blvd South Bend, IN 46601 Matt Redente, CPA | Partner Crowe LLP Phone: 973-422-4570 21. Scan Global Logistics Trade Payable $193,403 (Shanghai) Co., Lt Shenzhen Branchnit 2101-2102 21/FShenzhen Kerry Centre 2008 Renminnan Shenzhen Shanghai 518000 China Jackson Yang Email: jyang@scangl.com Phone: 86 135 3018 5823 22. Moveis Serraltense Trade Payable $187,691 Ltda. Rua Benjamin Constant, 438 Centro Cx. Postal 64, Sao Bento do Sul SC 89280-484 Brazil Daniel Lutz Email: daniel@serraltense.com.br Phone: 55 47999868425 23. Workman Nydegger Trade Payable $171,893 1000 Eagle Gate Tower, 60 East South Temple, Salt Lake City, UT 84111 David P. Johnson Email: djohnson@wnlaw.com Phone: 801-321-8905 24. Kenshoo Inc. (Skai) Trade Payable $170,600 22 4th Street San Francisco, CA 94103 Email: Skai_collection_us@skai.io Maureen Cronin Email: Maureen.Cronin@skai.io Phone: 847-274-3971 25. Maersk Logistics & Trade Payable $156,622 Services USA Inc. 180 Park Ave Bldg 105, Florham Park, NJ 07932 Jessica Eovino Email: Jessica.eovino@ins.maersk.com Phone: 704-737-6429 26. P&P Moveis E Trade Payable $152,050 Confeccoes LTDA, Av. Dr. Jo o Pedro Arruda 2500 – rea Industrial, Lages, SC 88514-605 Brazil Fabiana Seminotti Castagna Email: comercial@pepmoveis.com Phone: 5549991267073 27. Hong Wood Trade Payable $143,275 Products, 20, 21 Jun Hua Road, DongJiang Village, Qiaotou Town Dongguan City, Guangdong Province, Vietnam Li Yao Email: dghx118@163.com Phone: 0769-81020329 28. Ding Zhi Furniture Trade Payable $139,645 Co., Ltd. Street Number 6, Uyen Hung Industrial Zo, UY Lot A22 Tan Uyen City, Binh Duong Prov 72000, Vietname Allen Xie/Annie Zeng/Aaron Xie Email: allen_dsa@dingzhi.vn Phone: 84-2743639492 29. Dongguan Her Sheng Pan Trade Payable $133,271 Hardware Products Yin Hu Industrial Zone, Qing Xi Town, Dongguan, Guandong 523648 China Tel: 86-0769-89137218 30. Rutan & Tucker LLP Trade Payable $131,635 18575 Jamboree Road, 9th Floor Irvine, CA 92612 Paula Hall-Jackson WATERBRIDGE MIDSTREAM: Fitch Puts 'B' LongTerm IDR on Watch Pos. ---------------------------------------------------------------- Fitch Ratings has placed WaterBridge Midstream Operating LLC's (WATOPE) Long-Term Issuer Default Rating (IDR) of 'B' and senior secured term loan rating of 'B+' with a Recovery Rating of 'RR3' on Rating Watch Positive (RWP). The RWP follows lower expected consolidated leverage from the announced merger of WATOPE and WaterBridge NDB Operating LLC (WB NDB; B+/Stable). Fitch calculates pro forma EBITDA leverage around 5.0x as of LTM 2Q25 assuming execution of the merger and IPO with proceeds used for debt reduction. WATOPE will benefit from WB NDB's northern Delaware basin and Eagle Ford assets driving EBITDA above $300 million. WATOPE's single' 'B' rating reflects its fixed-fee but largely volume exposed contracts in the volatile water services midstream subsector along with the company's concentration within the Delaware Basin. Fitch expects to resolve the Rating Watch upon closing and funding of the merger. Key Rating Drivers Merger to Improve Financial Metrics: WATOPE's financial metrics would improve post-combination with WB NDB to below 5.5x on a pro forma basis. On a standalone basis, WATOPE's imputed leverage (inclusive of the preferred equity in the capital structure) has increased to around 7.1x over the last 12 months (LTM) ended June 30, 2025 and EBITDA interest coverage remained below 2.0x. Increasing Size and Scale: WATOPE's water operations will be expanded into the northern Delaware region of the Permian Basin as well as into the Eagle Ford Basin in south Texas upon closing of this merger. Fitch considers the expanded Permian Basin footprint as a credit positive, adding to its existing southern Delaware acreage. The added exposure to the northern assets is a credit positive. The inclusion of the Eagle Ford assets adds some basin diversity, but those are not expected to be a driver of growth for WATOPE. Volumes in the Arkoma basin have continued to lag. The company remains primarily focused on a single basin and lacks business line diversity. WATOPE has outsized sensitivity to a slowdown in Delaware basin production, as occurred in 2020. Fitch now expects WATOPE to generate annual EBITDA of greater than $300 million over the forecast. Fitch considers size to be an important metric as diversity of operations adds levers to pull during challenging economic cycles. Volumetric Exposure: WATOPE's revenues are derived from predominantly fixed-fee contracts. These contracts lack support from minimum volume commitments (MVCs). Volumes are supported by acreage dedications in the Delaware sub-basin of the Permian and the Eagle Ford formation region in South Texas. While fixed-fee contracts provide protection from direct commodity price exposure, volumes have indirect price risk in the event drilling on WATOPE dedicated acreage becomes uneconomic and customers decide to move rigs elsewhere. Capex Growing: Fitch expects WATOPE's growth capex will be incrementally higher in 2025 per the announced new commercial agreement with BPX Production Company which is not rated but a subsidiary of BP Plc (A+/Stable). The company will build and operate 400MBbls/d of new produced water handling capacity. The commercial agreement with BPX includes a 10-year MVC with first volumes expected to flow in late 2Q25. Additional capex is also expected to support volume growth on WB NDB's northern Delaware assets from key producer customers and to support new commercial agreements in the Delaware basin. Moderate Customer Diversification: WATOPE has acreage dedications with several large investment grade customers and is modestly diversified. The company is exposed to customer concentration as its five largest customers accounted for approximately 54% of revenues in 2024. Combined with WB NDB the company's customer base roughly doubles. Most contracts are fixed fee with CPI escalators, slightly offsetting inflation effects. WATOPE's contract with Trinity Operating (USG) LLC (Trinity; not rated but a subsidiary of Nextera Energy, Inc. [A-/Stable]) is the exception. Peer Analysis NGL Energy Partners LP (B/Stable) is the closest peer to WATOPE pro forma the merger. NGL generates most of its EBITDA from its water solutions segment. Like WATOPE, NGL benefits from the strategic location of its water assets in the Permian Basin. NGL is a larger company by size, generating more than $600 million of EBITDA, and has greater scale with more business segments and geographic diversification. Around 10% of NGL's net revenue comes from the sale of skim oil which is similar to WATOPE. WATOPE faces higher volumetric risk due to the lack of volume assurance, while over 33% of NGL's EBITDA, a growing share, is secured by such terms. WATOPE does not have a material amount of MVC contracts. The RWP at WATOPE is driven by expected deleveraging pro forma the proposed merger and IPO. Fitch expects NGL will have around one turn higher than pro forma WATOPE. Fitch forecasts NGLS's leverage will decline to around 5.5x by fiscal YE27. NGL's capital structure is weighed down by the class D preferred shares' sizable high-coupon preferred units, which create a financial burden for the partnership. In addition, class D preferred units feature an investor put option effective in FY 2028. Key Assumptions - Fitch's "Oil and Gas Price Deck"; - Base interest rate applicable to the revolving credit facility and term loan reflects Fitch's "Global Economic Outlook"; - Capex in line with management's near-term expectations; - Distributions paid to parent for cash payment of series A preferred equity. Recovery Analysis The recovery analysis assumes the enterprise value of WATOPE would be maximized in a going concern (GC) scenario versus a liquidation scenario. Fitch contemplates a scenario in which a default is caused by the insolvency of several customers due to a very depressed commodity price environment. Fitch assumes a sustainable, post-reorganization GC EBITDA of $135 million, reflecting the less favorable contract renewal rate and lower volumes that would exist in this environment. As per criteria, the GC EBITDA reflects some residual portion of the distress that caused the default. Fitch estimates WATOPE would receive a GC recovery multiple of 6.0x, consistent with past reorganization multiples in the energy sector. In Fitch's bankruptcy case study report "Energy, Power and Commodities Bankruptcies Enterprise Value and Creditor Recoveries" published in October 2024, the median enterprise valuation exit multiplies for 51 energy cases was 5.3x, with a wide range of multiples observed. Fitch assumes WATOPE'S revolving credit facility (RCF) would be fully drawn down at bankruptcy. A 10% administrative claim is incorporated in the recovery calculation. The recovery analysis results in a 'B+'/'RR3' rating for the proposed term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to be sustained above 6.5x; - EBITDA interest coverage sustained below 2.0x; - Material underrun to Fitch's volumetric expectations; - A significant event at a major customer that impairs WATOPE's cash flow; - Impairments to liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP upon closing of the merger under the proposed terms; - EBITDA leverage expected to be below 5.5x on a sustained basis; - Improved circumstances concerning liquidity. Liquidity and Debt Structure As of June 30, 2025, WATOPE had liquidity of about $47 million. Total liquidity is composed of about $17 million of available cash and cash equivalents and around $30 million of available borrowing amount under WATOPE's super senior $100 million RCF. The RCF maintains a springing net leverage covenant of 5.0x with any incremental draw above $45 million. As the net leverage covenant was above 5.0x at quarter end, WATOPE's RCF borrowings were limited to $45 million. The RCF was undrawn as of quarter end. Fitch expects this springing net leverage covenant will be removed upon successful closing of the merger. The term loan requires a standard mandatory amortization of 1% of the original loan amount each year and compliance with a debt service coverage ratio covenant threshold of 1.1x. The company was compliant with its financial covenants as of March 31, 2025. Fitch expects WATOPE to maintain compliance with its covenants through the forecast period. Issuer Profile WaterBridge Midstream Operating, LLC provides water services to oil and gas producers in Texas and Oklahoma. Summary of Financial Adjustments Due to the change of control provision in the preferred units, among other terms, Fitch gives the preferred units zero equity credit (i.e., Fitch treats the units like debt for the purposes of calculating leverage). WATOPE has imputed debt-like instruments in two series of preferred units. Fitch excludes payment-in-kind distributions and future value claims for deferred coupons when calculating coverage metrics. 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 WaterBridge Midstream Operating LLC has an ESG Relevance Score of '4' for Group Structure due to related party transactions with affiliate companies, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. WaterBridge Midstream Operating LLC has an ESG Relevance Score of '4' for Financial Transparency due to private equity ownership resulting in less structural and financial disclosure transparency than publicly traded issuers, 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 ----------- ------ -------- ----- WaterBridge Midstream Operating LLC LT IDR B Rating Watch On B senior secured LT B+ Rating Watch On RR3 B+ WATERBRIDGE NDB: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed WaterBridge NDB Operating, LLC's (WB NDB) Long-Term Issuer Default Rating (IDR) at 'B+'. Fitch has also placed WB NDB's senior secured term loan B rated 'BB' with a Recovery Rating of 'RR2' on Rating Watch Negative (RWN). The Rating Outlook is Stable. The RWN on the term loan B is driven by the proposed merger with WaterBridge Midstream Operating LLC (WATOPE; B/Rating Watch Positive) whereby the term loans of both entities will be pari passu. Under Fitch's bespoke recovery this would lead to a downgrade of WB NDB's senior secured term loan. The affirmation of WB NDB's IDR reflects its modest EBITDA generation and volumetric risk with operations within the volatile water services midstream subsector. These factors are offset by the company's low EBITDA leverage. Fitch expects to resolve the RWN after the merger closes, when Fitch would withdraw WB NDB's LT IDR. Key Rating Drivers Strong Volumes Drive Low Leverage: Fitch calculated WB NDB's YE24 leverage at 4.1x in 2024 supported by double-digit volume growth and increased EBITDA generation from both of WB NDB's geographies. WB NDB continues to see increased volumes from both the Devon Energy Corporation (BBB+/Stable) contributed assets and the integration of the East Stateline acquisition. Fitch expects continued high capital expenditure (capex) in 2025 to support these higher volumes on WB NDB's systems, driving leverage to increase to around 4.5x. The Fitch price deck for West Texas Intermediate (WTI) oil remains supportive of continued producer activities in both of WB NDB's geographies, with growth primarily expected from the Delaware Basin. Fitch expects WB NDB's Eagle Ford customer volumes to remain relatively flat as the Eagle Ford is a more mature region. Fitch expects leverage will rise to around 5.0x over the longer-term forecast, remaining comfortably within the leverage sensitivity band set for the company. Volumetric Exposure: WB NDB's revenues are derived from predominantly fixed-fee contracts. These contracts lack support from minimum volume commitments (MVCs). Volumes are supported by acreage dedications in the Delaware sub-basin of the Permian and Eagle Ford formation region in South Texas. While fixed-fee contracts provide protection from direct commodity price exposure, volumes have indirect price risk if drilling on WB NDB's dedicated acreage becomes uneconomic and customers decide to move rigs elsewhere. Capex Growing: Fitch expects WB NDB's growth capex will be incrementally higher in 2025 to support higher volumes from key customers and support new commercial agreements in the Delaware Basin. The new commercial agreement with BPX Production Company, which is not rated but a subsidiary of BP Plc (A+/Stable), will be undertaken with WB NDB's affiliate WaterBridge Midstream Operating LLC (WATOPE; B/Stable) to build and operate 400,000 barrels per day (mbbls/d) of new produced water handling capacity. The agreement includes a 10-year MVC from BPX. Limited Size and Scope: Fitch regards WB NDB's EBITDA generation as broadly consistent within Fitch's midstream coverage with a rating in the 'b' rating category, rather than the 'bb' category. The ratings recognize modest geographic diversity with operations across two basins. WB NDB does not have business line diversity as primarily all revenues are derived from produced water management. Fitch considers size an important metric, as smaller and less diverse operations provide fewer levers to pull during challenging economic cycles. Supportive Ownership: As part of the formation of the joint venture between Devon and NDB Holdings LLC (NDB Holdings; not rated; a wholly owned by private equity investee of Five Point Energy), Devon combined its Delaware Basin water midstream assets with NDB Holdings' assets. Devon further agreed to a 15-year acreage dedication in exchange for 30% equity interest in WB NDB. Fitch views favorably WB NDB's relationship with its part owner and largest customer, Devon. There is no explicit rating linkage between Devon and WB NDB. Peer Analysis WATOPE is a midstream company with water services operations in southern Delaware in the Permian sub-basin and the Arkoma region in Oklahoma. Fitch notes WB NDB's northern Delaware Basin operations are in a region with stronger production economics than WATOPE's southern Delaware Basin assets. In addition, the Eagle Ford has superior production economics compared to WATOPE's Arkoma asset footprint where production is driven by natural gas prices rather than oil. As such, Fitch regards WB NDB as having a stronger asset base. Similar to WB NDB, WATOPE is relatively small in terms of EBITDA generation, which has been around $200 million in recent years, and has limited business line diversification. Both companies have revenues supported by fixed-fee contracts but face high volumetric risk due to a lack of material MVCs at either entity. Counterparty concentration and credit quality are similar at both companies. WATOPE has higher financial risk compared to WB NDB. Standalone leverage at WATOPE is projected to be around 7.0x over the forecast period, which is roughly two and a half turns higher than WB NDB. The one-notch rating difference is justified due to WB NDB's significantly lower leverage and stronger asset footprint. Key Assumptions - Fitch's "Oil and Gas Price Deck"; - Base interest rate applicable to the revolving credit facility and term loan reflects Fitch's "Global Economic Outlook"; - Delaware produced water volumes expected to grow at an average annual mid-teen double-digit percentage rate in 2025 compared to the LTM ended Sept. 30, 2024, following integration of the East Stateline acquisition before tapering off in later forecast years. Eagle Ford volumes are not a driver of volumetric growth over the forecast period; - No significant acquisitions assumed; - Capex spending in line with management's expectations. Recovery Analysis The recovery analysis assumes the enterprise value of WB NDB would be maximized in a going concern (GC) scenario versus a liquidation scenario. Fitch contemplates a scenario in which a default is caused by the insolvency of several customers due to a very depressed commodity price environment. Fitch assumes a sustainable, post-reorganization GC EBITDA of $95 million, reflecting the less favorable contract renewal rate and lower volumes that would exist in this environment. As per criteria, the GC EBITDA reflects some residual portion of the distress that caused the default. Fitch estimates WB NDB would receive a GC recovery multiple of 6.0x, consistent with past reorganizations multiples in the energy sector. In Fitch's bankruptcy case study report "Energy, Power and Commodities Bankruptcies Enterprise Value and Creditor Recoveries" published in October 2024, the median enterprise valuation exit multiplies for 51 energy cases was 5.3x, with a wide range of multiples observed. Fitch assumes WB NDB's revolving credit facility (RCF) would be fully drawn down at bankruptcy. A 10% administrative claim is incorporated in the recovery calculation. The recovery analysis results in a 'BB'/'RR2' rating for the proposed term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Actual or forecast EBITDA leverage above 6.0x; - Volume declines (trailing quarterly) in WB NDB's Delaware Basin system, except if caused by one-off events; - A significant increase in capex targeted toward higher business risk projects; - An acquisition — or acquisitions — that meaningfully raises the business risk of WD NDB. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch could consider a positive rating action if there is a meaningful increase in EBITDA along with EBITDA leverage expected to be below 4.0x on a sustained basis; - Should the contribution from minimum volume commitment contracts, as a percentage of total EBITDA, be expected to significantly increase from WB NDB's current levels. Liquidity and Debt Structure Fitch considers WB NDB to have adequate liquidity with over $41 million of available liquidity as of June 30, 2025. There were around $70 million of outstanding borrowings on the company's senior secured RCF. WB NDB had over $11 million of cash and cash equivalents in addition to the availability under an undrawn RCF as of the quarter end. The term loan requires 1% per annum mandatory amortization and requires the company to maintain a debt service coverage ratio (DSCR), as defined in the agreement, of above 1.1x. The company was in compliance with its covenants as of June 30, 2025. Issuer Profile WaterBridge NDB Operating LLC provides water services to oil and gas producers in the Northern Delaware and Eagle Ford basins. Summary of Financial Adjustments To calculate EBITDA, Fitch adds back non-cash expenses such as share-based compensation. 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 WaterBridge NDB Operating LLC has an ESG Relevance Score of '4' for Group Structure due to related party transactions with affiliate companies, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. WaterBridge NDB Operating LLC has an ESG Relevance Score of '4' for Financial Transparency due to private equity ownership resulting in less structural and financial disclosure transparency than publicly traded issuers, 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 ----------- ------ -------- ----- WaterBridge NDB Operating LLC LT IDR B+ Affirmed B+ senior secured LT BB Rating Watch On RR2 BB WEABER INC: Gets Extension to Access Cash Collateral ---------------------------------------------------- Weaber, Inc. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral pending a further hearing. The second interim order authorized the Debtor to use cash collateral in the amounts set forth for weeks 3 and 4 of the budget. Such use will be limited to (i) the amount reflected in the "Subtotal Cash Disbursements" line totaling $1,185,088; and (ii) the amount reflected in the "Lumber" line not to exceed $350,000 per week. As adequate protection for the Debtor's use of their cash collateral, JPMorgan Chase Bank, N.A. and Cyprium Investors IV AIV I, LP will be granted replacement liens on their pre-bankruptcy collateral and additional post-petition security interests in and liens on the pre-bankruptcy collateral and other property that is currently owned or will be acquired by the Debtor after the petition date. In addition, the Debtor will pay interest on its obligations to JPMorgan and the other lenders under the 2017 credit agreement in cash at the non-default rate of 9.25% per annum on a weekly basis. As additional protection, JPMorgan and Cyprium will have an allowed administrative claim against the Debtor. The Debtor produces oak and poplar hardwood products and operates entirely within the U.S., employing approximately 295 individuals. It is primarily financed by JPMorgan, which holds a first lien on its assets, with approximately $24.3 million in outstanding debt. Additional secured creditors include Cyprium Investors (with a junior lien of approximately $8 million) and Pathward N.A. (which holds a $3.88 million first-priority lien on certain machinery and equipment). The Debtor values its secured assets as follows: $6 million in accounts receivable, $23.3 million in inventory, $17.5 million in real estate, and $4.5 million in machinery and equipment. About Weaber Inc. Weaber, Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In the petition signed by Matthew G. Weaber, president and CEO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Henry W. Van Eck oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin, is the Debtor's legal counsel. JPMorgan Chase Bank, N.A., as secured creditor, is represented by: Su Jin Kim, Esq. Morgan, Lewis & Bockius, LLP 2222 Market Street Philadelphia, PA 19103 Telephone: (215) 963-5000 Facsimile: (215) 963-5001 su.kim@morganlewis.com -- and -- Michael Luskin, Esq. Stephan E. Hornung, Esq. Morgan, Lewis & Bockius, LLP 101 Park Avenue New York, NY 10178-0060 Tel: 212-309-6000 michael.luskin@morganlewis.com stephan.hornung@morganlewis.com Cyprium Investors IV AIV I, LP, as secured creditor, is represented by: Michael J. Roeschenthaler, Esq. Raines Feldman Littrell LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 (412) 899-6472 mroeschenthaler@raineslaw.com WISECARE LLC: To Sell Millersville Property to Innovative Urgent ---------------------------------------------------------------- WiseCare, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor's owner, Perry Weisman, and his wife, Maryrose Werisman, are also Debtors in this jointly administered proceeding. The Debtor is a Maryland limited liability company formed in 2014 and provides "walk-in" urgent care services seven days a week, as well as primary care appointments. The Debtor currently operates at two locations: 33 Magothy Beach Road, Suites 102-103, Pasadena, MD 21122 (Pasadena Location); and (ii) Suite 6-O, 7-N of the Northway Shopping Center, 670-672 Old Mill Road, Millersville, MD 21108 (Millersville Location). The Debtor hires Jenna Porzillo with the brokerage of Transworld Business Advisors of Bel Air to market and sell WiseCare's assets at a commission rate of 12%. The Selling Agent had been working with WiseCare on the marketing of its assets since February 2022. On or about July 14, 2025, a letter of intent was submitted by Innovative Urgent Care, LLC Purchaser) for the purchase of the WiseCare's assets used for the operations at the Millersville Location. On August 27, 2025, WiseCare and the Purchaser entered into the Asset Purchase Agreement (APA), which also indicate that WiseCare, the Purchaser, and the Millersville Location landlord, Axios Northway LLC, have negotiated an assignment of the lease for the Millersville Location to the Purchaser, pending consummation of the APA. The APA provides for the sale of substantially all of the assets used by WiseCare in its operation of the Millersville Location for the purchase price of $250,000, with a $25,000 good faith deposit having been escrowed. The lienholders of the Property are Anne Arundel Co., Pawnee Leasing, Stearns Bank, Fundation, On Deck Capital, Itria Ventures, McKesson, MD Comptroller, IRS, and Landlord. The Debtor believes that the sale of the Sale Assets is in the best interest of the Debtors, the Debtors' estate, and their creditors, as it will satisfy significant obligations and generate significant proceeds for the benefit of the Debtor's creditors. The Debtor anticipates that each holder of an undisputed interest in the Sale Assets will consent to the proposed sale. As to any non-consenting interest holder of an undisputed interest, the economic value of their interest is being paid in full and/or their junior priority is such that the sale would be permitted under non-bankruptcy law free and clear such interest. About WiseCare LLC WiseCare, LLC offers a variety of diagnostic and treatment services for the urgent care needs of patients of all ages. Severn, Md.-based WiseCare filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 21-17794) on Dec. 14, 2021, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Perry Weisman, its owner, signed the petition. Joseph Selba, Esq., at Tydings & Rosenberg, LLP serves as the Debtor's legal counsel. Judge David E. Rice oversees the case. Stearns Bank NA, as lender, is represented by Robert B. Scarlett, Esq., at Scarlett & Croll, P.A. YELLOW CORP: Chipman Brown Represents Clients --------------------------------------------- The law firm of Chipman Brown Cicero & Cole, LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Yellow Corporation and its affiliates, the firm represents CRG Financial, LLC, Boulevard Truck Lease, Inc., and Interstate Building Maintenance Corp. (collectively, the "Clients"). Pursuant to Federal Rule of Bankruptcy 2019(b)(1), the Clients are the only persons or entities with respect to which a Rule 2019 Statement is required. The Clients' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. CRG Financial LLC 84 Herbert Avenue Bldg. B, Suite 202 Closter, NJ 07624 * Multiple General Unsecured and Administrative Priority claims against multiple debtors in the aggregate amount of approximately $1.5 million. 2. Boulevard Truck Lease, Inc. 2531 Orthodox Street Philadelphia, PA 19137 * General Unsecured Claim against YRC, Inc. in the amount of $918,605.34. 3. Interstate Building Maintenance Corp. 508 Prudential Road Suite 100 Horsham, PA 19044 * General Unsecured Claim against YRC, Inc. in the amount of $159,968.52 and General Unsecured Claim against New Penn Motor Express LLC in the amount of $10,425.42. The law firm can be reached at: CHIPMAN BROWN CICERO & COLE, LLP Mark L. Desgrosseilliers, Esq. Alison R. Maser, Esq. Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, DE 19801 Telephone: (302) 295-0191 Email: desgross@chipmanbrown.com maser@chipmanbrown.com About Yellow Corporation Yellow Corporation -- www.myyellow.com -- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. Kirkland & Ellis LLP is serving as the Company's restructuring counsel, Pachulski Stang Ziehl & Jones LLP is serving as the Company's Delaware local counsel, Kasowitz, Benson and Torres LLP is serving as special litigation counsel, Goodmans LLP is serving as the Company's special Canadian counsel, Ducera Partners LLC is serving as the Company's investment banker, and Alvarez and Marsal is serving as the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and noticing agent. Milbank LLP, serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. White & Case LLP, serves as counsel to Beal Bank USA. Arnold & Porter Kaye ScholerLLP, serves as counsel to the United States Department of the Treasury. Alter Domus Products Corp., the Administrative Agent to the DIP lenders, is represented by Holland & Knight LLP. Ducera Partners, serves as the Debtors' investment banker. ********* 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. 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