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250903.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, September 3, 2025, Vol. 29, No. 245 Headlines 23ANDME HOLDING: Joseph Selsavage Named CFO for Research Institute ACI GROUP: Blackstone Secured Lending Marks $2.5MM Loan at 23% Off ADT INC: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive AGREETA SOLUTIONS: Files Emergency Bid to Use Cash Collateral AMALGAMATE PROCESSING: Case Summary & 20 Top Unsecured Creditors AMATA LLC: Court Extends Cash Collateral Access to Dec. 31 APOLLO CONSTRUCTION: Files Emergency Bid to Use Cash Collateral ARC PROPERTY: Seeks Chapter 11 Bankruptcy in Texas ARTICON HOTEL: Case Summary & 17 Unsecured Creditors ASOCIACIÓN HOSPITAL: Has Deal on Cash Collateral Access BED BATH: Asks tZERO Board to Replace CEO with Urgency BEELINE HOLDINGS: Adds $225K Investment to MagicBlocks SAFE Round BIFM CA BUYER: Moody's Alters Outlook on 'B3' CFR to Stable BLUE SUN: Seeks Chapter 11 Bankruptcy in Maryland BP PURCHASER: Blackstone Marks $7.5MM 1L Loan at 14% Off BROOKDALE SENIOR: James Flynn, Deerfield Entities Hold 4.90% Stake BW HOLDING: Moody's Affirms 'Caa2' CFR & Alters Outlook to Stable CANADIAN HOSPITAL: Blackstone Marks CAD$10.5MM 2L Loan at 14% Off CAPTURE COLLECTIVE: Unsecureds to Split $300,500 in Plan CCBLUE BIDCO: Blackstone Marks $12.2MM 1L Loan at 16% Off CELANESE CORP: Fitch Lowers LongTerm IDR to 'BB+', Outlook Negative CITGO PETROLEUM: Fitch Affirms 'B' LongTerm IDR, Outlook Stable CLAIRE'S STORES: Announces Closure of 290 Stores as Part of Ch. 11 COINBASE GLOBAL: Moody's Ups CFR to B1, Outlook Stable COMPLEMAR PARTNERS: Seeks Cash Collateral Access Until Nov. 21 CONCEPT CONNECTIONS: Files Emergency Bid to Use Cash Collateral CONFINE VISUAL: Blackstone Marks $15.8MM 1L Loan at 18% Off CONFINE VISUAL: Blackstone Marks $379,000 1L Loan at 20% Off COVENANT BAPTIST: Case Summary & Six Unsecured Creditors COWBOY CARES: Case Summary & 20 Largest Unsecured Creditors COWBOY CARES: Case Summary & 20 Largest Unsecured Creditors CRESCENT ENERGY: Vital Energy Deal No Impact on Moody's 'Ba3' CFR CYANOTECH CORP: All Proposals Approved at 2025 Annual Meeting CYANOTECH CORP: J. Miyashiro Named CFO, VP of Finance and Treasurer CYT MAINTENANCE: Unsecureds to Get 84.8 Cents on Dollar in Plan DATAVAULT AI: Amends Purchase Deal to Acquire API Media DAYLIGHT BETA: Blackstone Marks $6.2MM 1L Loan at 85% Off DESERT CITY: Seeks Subchapter V Bankruptcy in California DIOCESE OF BUFFALO: Chapter 11 Case Shows Progress DISCOVERY EDUCATION: Blackstone Marks $2.9MM 1L Loan at 15% Off DISCOVERY EDUCATION: Blackstone Marks $3.7MM 1L Loan at 16% Off DISCOVERY EDUCATION: Blackstone Marks $33.6MM 1L Loan at 16% Off ECHOSTAR CORP: AT&T Deal Lifts Bonds Out of Distress ELEVATE PFS: Moody's Withdraws 'Caa1' CFR Following Debt Repayment GENESIS HEALTHCARE: Unsecured Claimholders File Rule 2019 Statement GLOBAL TECHNOLOGIES: Forms GTLL Advisory to Enter Wellness Sector GOEASY LTD: Moody's Affirms 'Ba3' CFR, Outlook Stable GRAHAM PACKAGING: Moody's Alters Outlook on 'B2' CFR to Positive GREEN TERRACE: Trustee Gets OK to Use Cash Collateral Until Oct. 31 HEALTHEQUITY INC: Moody's Alters Outlook on 'Ba3' CFR to Positive HEALTHY EXTRACTS: Donald W. Swanson Holds 77.5% Equity Stake HIGHPEAK ENERGY: Moody's Withdraws 'B1' Corporate Family Rating HOOTERS OF AMERICA: Plan Exclusivity Period Extended to Sept. 27 HYPERION DEFI: 7 of 8 Proposals Approved at 2025 Annual Meeting INTELLIGENT PAYMENT: Seeks Chapter 11 Bankruptcy in Florida IRWIN NATURALS: Court OKs Deal on Cash Collateral Access J PAUL ROOFING: Seeks to Use Cash Collateral JELD-WEN INC: Moody's Cuts CFR to B2 & Alters Outlook to Negative JLM RESOURCES: Seeks Cash Collateral Access KARBONX CORP: Christopher Mulgrew Steps Down as CFO KOSMOS ENERGY: CCO Christopher Ball to Retire Sept. 30 LAKE COUNTY: Court Extends Cash Collateral Access to Sept. 25 LAKESHORE TERRACE: Seeks to Extend Plan Exclusivity to Jan. 5, 2026 LEROUX CREEK: Seeks to Extend Plan Exclusivity to Sept. 30 LILYDALE PROGRESSIVE: Cash Collateral Access Extended to Oct. 29 MANDOLIN TECHNOLOGY: Blackstone Marks $3.6MM 2L Loan at 14% Off MATERIAL HOLDINGS: Blackstone Virtually Writes Off $5.6MM 1L Loan MAVERICK ACQUISITION: Blackstone Marks $18.4MM 1L Loan at 45% Off MERCURITY FINTECH: Appoints Peter Nobel and Wilfred Daye to Board MERCURITY FINTECH: Sets Sept. 15 Annual Shareholders Meeting MERIT STREET: Reaches Deal w/ Peteski Production for Ch. 11 Funding MODIVCARE INC: Nasdaq to Delist Stock Following Chapter 11 MOLINA VENTURES: Seeks Cash Collateral Access MRI SOFTWARE: Blackstone Marks $409,000 1L Loan at 46% Off NABORS INDUSTRIES: Completes $600M Quail Tools Sale to Covey NAOUI LLC: Plan Exclusivity Period Extended to Nov. 28, 2025 NEW FORTRESS: Receives Nasdaq Notice Over Late 10-Q Ending June 30 OLIVER PARK: Case Summary & Three Unsecured Creditors ONDAS HOLDINGS: Former CIA Officer Joins OAS Advisory Board ONDAS HOLDINGS: Inks Agreement to Acquire Apeiro Motion for $12M OUTFRONT MEDIA: Appoints Barrett and Pangis as New Board Members OUTFRONT MEDIA: Appoints Nicolas Brien as Chief Executive Officer PARAGON INDUSTRIES: Seeks to Extend Plan Exclusivity to Nov. 17 PARAMOUNT GLOBAL: Blackstone Marks $53.7MM 1L Loan at 19% Off PRESENTATION MEDIA: Case Summary & 20 Largest Unsecured Creditors PROJECT PIZZA: Updates Unsecured Claims Pay Details PUERTO RICO: Dechert LLP Updates List of PREPA Bondholders RISING REALTY: Court Places One California Plaza in Receivership ROCHESTER CITY SCHOOL: Receivership Hearings Set for 6 Campuses RYLIE DAVIS: Voluntary Chapter 11 Case Summary S&B GROUP: Section 341(a) Meeting of Creditors on September 30 SANUWAVE HEALTH: Adds 500K Shares Under 2024 Equity Plan SASAS HOSPITALITY: Court Extends Cash Collateral Access to Sept. 25 SCIENTIFIC GAMES: Moody's Affirms 'B3' CFR, Outlook Stable SHARPLINK GAMING: Board Adopts 3M-Share Inducement Award Plan SHARPLINK GAMING: Board OKs $1.5B Share Repurchase Program SOLUNA HOLDINGS: Adds Over 3M Shares to Stock Incentive Plans SOUTHWEST FIRE: Seeks to Use Cash Collateral SOUTHWESTERN MATTRESS: To Close Texas Locations After Ch. 11 Filing STARCO BRANDS: CMO David Dreyer Out Amid Streamlining SUMMIT HARD: Cash Collateral Access Extended to Sept. 17 SUPERIOR EQUIPMENT: Seeks Subchapter V Bankruptcy in Illinois TELIGENT INC: Secures Victory Over Former Board Tied to Collapse TIN CUP: Seeks Chapter 11 Bankruptcy in Texas TOGETHER GOOD: Deadline for Panel Questionnaires for Sept. 10 TURNGREEN ENTERPRISES: Case Summary & One Unsecured Creditor U-TELCO UTILITIES: Court Extends Cash Collateral Access to Sept. 24 VILLA CHARDONNAY: Case Summary & 18 Unsecured Creditors VISIONARY PRIVATE EQUITY: Enters Receivership VITAL ENERGY: Moody's Puts 'B1' CFR Under Review for Upgrade WALKER EDISON: Deadline for Panel Questionnaires Set for Sept. 5 WALKER EDISON: Gets Interim OK to Obtain DIP Loan From Blue Owl WATER'S EDGE: Seeks $9MM DIP Loan From Fairbridge WINDOWS ACQUISITION: Blackstone Marks $53MM 1L Loan at 20% Off WYNN RESORTS: Macau Unit to Fully Redeem $1B 5.50% Notes [] DOJ Appoints Acting Director to Lead U.S. Trustee Program [] Houston Big Bankruptcies Rebound After Ethics Fallout ********* 23ANDME HOLDING: Joseph Selsavage Named CFO for Research Institute ------------------------------------------------------------------ As previously disclosed, on March 23, 2025, Chrome Holding Co. (formerly known as 23andMe Holding Co.) and certain of its subsidiaries (together with the Company, the "Debtors") filed voluntary petitions seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri. As disclosed further, on July 14, 2025, the Company and 23andMe Research Institute (formerly known as TTAM Research Institute), a California nonprofit public benefit corporation, consummated the transactions contemplated by that certain Asset Purchase Agreement, by and among the Debtors and Research Institute, dated as of June 13, 2025, whereby Research Institute acquired substantially all the Debtors' assets. Following the consummation of the Transaction, effective August 16, 2025, Research Institute appointed Joseph Selsavage, the Company's Interim Chief Executive Officer and Chief Financial and Accounting Officer (the "CEO/CFAO"), as its Chief Financial Officer. Mr. Selsavage will continue to serve as the Company's CEO/CFAO while serving as Research Institute's Chief Financial Officer (the "Dual Service") until the effective date of a Court-approved Chapter 11 plan or such later date as may be agreed among the Company and Mr. Selsavage. The Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 21, 2025 (the "Effective Date" and, the period beginning on the Effective Date and ending on the End Date, the "Transition Period"), the Special Committee of the Board of Directors of the Company approved certain changes to Mr. Selsavage's compensation in connection with the Dual Service. Specifically, during the Transition Period, Mr. Selsavage will be entitled to receive 75% of his current annual base salary rate of $600,000 for his service as the CEO/CFAO of the Company. On the Effective Date, the Committee also approved changing Mr. Selsavage's title from "Interim Chief Executive Officer and Chief Financial and Accounting Officer" to "Chief Executive Officer and Chief Financial and Accounting Officer." About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. ACI GROUP: Blackstone Secured Lending Marks $2.5MM Loan at 23% Off ------------------------------------------------------------------ Blackstone Secured Lending Fund has marked its $2,545,000 loan extended to ACI Group Holdings, Inc. to market at $1,909,000 or 77% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to ACI Group Holdings, Inc. The loan accrues interest at a rate of 9.93% per annum. The loan matures on August 2, 2027. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About ACI Group Holdings, Inc. ACI Group Holdings is a company founded in 2015. Its parent organization is Affordable Care Holding Corp. ACI Group Holdings' line of business includes holding or owning securities of companies other than banks. The company's main focus is on providing affordable and accessible healthcare options. ADT INC: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive --------------------------------------------------------------- Moody's Ratings affirmed ADT Inc.'s (ADT, the company) corporate family rating and probability of default rating at Ba3 and Ba3-PD, respectively. Concurrently, Moody's affirmed the company's senior secured first-lien bank credit facilities (revolver due 2029, term loans due 2030 and 2032), backed senior secured first-lien notes due 2026 and senior secured first-lien notes due 2027 issued by Prime Security Services Borrower, LLC, as well senior secured first-lien notes due 2029, and backed senior secured first-lien notes due 2032 and 2042 issued by The ADT Security Corporation (both subsidiaries of ADT) at Ba2. Moody's also affirmed senior secured second-lien notes issued by Prime Security Services Borrower, LLC at B2. The outlook for all rated entities has been changed to positive from stable. The company's speculative grade liquidity rating (SGL) was upgraded to SGL-2 from SGL-3. ADT, headquartered in Boca Raton, FL, is the largest provider of residential alarm monitoring services in the US. The rating affirmations and change in outlook to positive from stable reflect ADT's solid operating performance, with good revenue growth prospects and strong free cash flow generation. Moody's project ADT will sustain organic recurring monthly revenue (RMR) growth in the low-to-mid single digit percentage range and FCF/debt above 5% over the next 12-18 months. Although ADT carries a large debt burden, it effectively manages maturities by staggering them annually and maintaining good access to capital markets. In addition, Moody's expects ADT to use operating cash to repay the remaining $300 million of its 2026 notes by April 2026, which, along with Moody's anticipated RMR growth, could lower debt/RMR to about 20x in 2026. The company's focus on debt reduction and robust cash flow generation underscores a disciplined approach to financial risk strategy, critical governance considerations in the rating action. In addition, Apollo Global Management, Inc.'s ("Apollo") influence over corporate decision-making has diminished substantially, following a significant reduction in its equity stake in 2025. Apollo's ownership has declined to approximately 12% as of August 28, down from nearly 40% at the close of 2024, while the addition of new independent directors has further strengthened board oversight. Looking ahead, Moody's anticipates that ADT will maintain a capital allocation policy that balances growth initiatives, debt reduction, share repurchases and dividends. RATINGS RATIONALE ADT' Ba3 CFR profile reflects its leading position as the largest residential alarm-monitoring and home automation services provider in the fragmented US market. Credit support is provided by Moody's expectations for continued improvements in the company's operations and credit metrics, including higher recurring monthly revenue (RMR), stable gross attrition rates and declining customer acquisition costs. Moody's expects the company's cash flow generation to remain robust, through it will be partially offset by share repurchase activity and dividend payments. Moody's anticipates ADT to continue to reduce debt/RMR towards 20x and manage debt maturities proactively. Over time, Moody's expects the company will establish a fully-independent board and deploy more balanced financial strategies. All financial metrics cited reflect Moody's standard adjustments. The company derives a substantial portion of its revenue from multi-year monitoring services contracts that result in a predictable and recurring revenue base. However, the industry faces challenges such as high customer churn and costly subscriber acquisition costs, leading to high capital intensity that constrains free cash flow generation. Subscriber attrition, a key operating metric, often correlates with home relocations, exposing the company to housing market fluctuations. Ongoing partnerships with prominent firms like Google Inc. and State Farm Life Insurance Company, which have also become minority shareholders, will continue to foster product development and innovation. These relationships support revenue growth and help reduce subscriber acquisition costs and attrition, which are crucial for enhancing profitability and cash flow. The SGL-2 rating reflects Moody's expectations that ADT will maintain good liquidity over the next 12-15 months. Sources of liquidity consist of approximately $45 million of unrestricted cash on hand as of June 30, 2025, Moody's expectations for annual free cash flow in excess of $550 million (net of dividends), and full access to the $800 million revolving credit facility due October 2029. These sources are sufficient to meet all of its annual cash obligations, including approximately $30 million of mandatory term loan payments and roughly $180 to $190 million in shareholder distributions. Moody's expects ADT could also boost liquidity by scaling back its subscriber acquisition efforts and leveraging the strong market for trading alarm monitoring contracts, if necessary. Revolver availability is subject to a springing net first-lien net leverage ratio covenant of 4.9x that must be measured when revolver borrowings exceed 30% of availability. Moody's do not expect the covenant to be triggered over the near term and believe there is ample cushion within the covenant based on Moody's projected earnings levels for the next 12-15 months if it were measured. There is no financial maintenance covenant applicable to the term loan. The positive outlook reflects Moody's expectations that ADT's operating and credit metrics will continue to improve over the next 12-18 months while the company adopts more balanced financial strategies, including an emphasis on debt reduction rather than shareholder returns or debt-financed acquisitions. The positive outlook also reflects Moody's expectations that ADT's debt/RMR will decline to around 20x and free cash flow/debt will be sustained above 5%. The outlook may return to stable if the company's operating performance is weaker than expected, including slower revenue growth or diminished free cash flow. ADT's capital structure includes first-lien and second-lien debt, as well as a receivable securitization facility. The ratings for the individual debt instruments incorporate ADT's overall probability of default, reflected in the Ba3-PD PDR, and the Loss Given Default assessments for the individual debt instruments. The Ba2 ratings, one notch above the CFR, on ADT's nearly $2.0 billion first-lien term B due 2030, $1.1 billion first-lien term B2 due 2032, $800 million first-lien revolver due 2029, and approximately $3.0 billion of first-lien notes, which are held collectively at Prime Security Services Borrower, LLC and The ADT Security Corporation, are weakly positioned given the larger (although diminishing) preponderance of first-lien debt, relative to the $1.3 billion of subordinated second-lien notes, which are rated B2. ADT contributes contracted receivables to wholly-owned, bankruptcy-remote special purpose entities (SPE) that act as borrowers. The SPEs are separate legal entities with their own creditors who are repaid through the liquidation of the SPE's receivable assets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if 1) ADT can sustain good operating momentum with diminishing subscriber attrition and acquisition costs; 2) commits to and sustains debt/RMR below 20x and FCF/debt above 5% while sustaining revenue growth; 3) employs more conservative long-term financial strategies focusing on debt reduction; and 4) ownership concentration continues to decline. The ratings could be downgraded if 1) revenue growth, attrition, RMR, subscriber acquisition costs or other operating metrics weaken materially, reflecting a diminished competitive profile; 2) the company pursues more aggressive financial strategy, such as debt-funded shareholder distributions or acquisitions; 3) sustains debt/RMR above 25x or FCF/debt to remain below 2.0%; or 4) meaningful erosion in liquidity. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. ADT's Ba3 CFR rating is three notches below the scorecard-indicated outcome of Baa3. The difference is explained by the understated risk profile of ADT's profitability, debt/EBITDA leverage and coverage metrics, which benfit from the industry practice of capitalizing, instead of expensing, subsriber acquisition costs related to accounts acquired from dealers. Moody's Ba3 rating places significant weight on free cash flow generation and operating metrics. ADT Inc. (NASDAQ: ADT), headquartered in Boca Raton, FL, is the largest provider of security, interactive automation and alarm monitoring services in the US, with about 6.4 million residential subscribers as of June 30, 2025, plus independent security-alarm dealer customers on a wholesale basis. The company was formed in 2016 as an Apollo-backed combination of alarm monitors Protection 1 and The ADT Security Corporation. Moody's expects the company will generate annual revenue in excess of $5 billion in 2025. AGREETA SOLUTIONS: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------- Agreeta Solutions USA, LLC asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, for authority to use cash collateral and provide adequate protection. The Debtor intends to use cash collateral to fund normal and necessary business expenses in accordance with a proposed budget. Without access to these funds, the Debtor would likely be forced to shut down abruptly, diminishing asset value and undermining reorganization efforts. The Debtor identifies three primary creditors -- Nutrien AG Solutions, Inc. (approximately $20 million claim), Buhler, Inc. (approximately $587,000 claim), and Commercial Funding Partners, LLC (approximately $2.7 million claim) -- as holding potential secured interests in its cash and assets. These creditors are believed to have liens on the Debtor's cash collateral via multiple UCC-1 filings. To adequately protect the lenders' interests, the Debtor proposes granting them replacement liens on post-petition collateral of the same type and priority as their pre-petition liens, excluding any proceeds from avoidance actions under Chapter 5 of the Bankruptcy Code. The Debtor operates a business focused on leasing equipment to a rice mill in Louisiana and managing the origination, logistics, and export of U.S. milled rice to Mexico. However, the business has faced significant financial difficulties due to a drop in rice sales resulting from tariffs and an unresolved $3.7 million receivable entangled in litigation. Unable to keep up with debt service payments, the Debtor filed bankruptcy to stabilize operations and reorganize its debts. About Agreeta Solutions USA LLC Agreeta Solutions USA, LLC develops digital solutions for the agriculture technology sector, offering platforms that integrate smart farming, traceability, and agri-commerce tools. It operates in Peachtree Corners, Georgia, and focuses on improving farm productivity, supply chain transparency, and market connectivity. Its services include precision agriculture analytics, end-to-end food product traceability, and support for farmer networks. Agreeta Solutions USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-59677) on August 25, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by Theodore N. Stapleton, Esq. AMALGAMATE PROCESSING: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Amalgamate Processing, Inc. d/b/a Advanced Foam Recycling 3800 SE Industrial Pkwy Mineral Wells, TX 76067 Business Description: Amalgamate Processing, Inc., doing business as Advanced Foam Recycling, processes and supplies polyurethane foam, making it a major scrap foam provider to the carpet cushion industry in the U.S. The Company also engages in contract filling of fiberfill, natural down, and custom foam blends for applications in furniture, pillows, pet bedding, and other home goods, while offering fulfillment and cut-and-sew services for home textile brands. It operates distribution and warehouse facilities in Fort Worth and Mineral Wells, Texas, and provides custom foam and fiber products for the furniture, bedding, and pet supply markets. Chapter 11 Petition Date: September 1, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-43320 Debtor's Counsel: M. Jermaine Watson, Esq. CANTEY HANGER, LLP 600 West 6th Street, Suite 300 Fort Worth, TX 76102 Tel: 817-877-2800 E-mail: jwatson@canteyhanger.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Duane Renfro as CEO. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VMCPVGY/Amalgamate_Processing_Inc_dba__txnbke-25-43320__0001.0.pdf?mcid=tGE4TAMA AMATA LLC: Court Extends Cash Collateral Access to Dec. 31 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ilinois, Eastern Division, issued a seventh interim order permitting Amata, LLC to use cash collateral until December 31. The Debtor was authorized to use cash collateral to pay expenses in accordance with its projected budget, subject to a 15% variance. Non-conforming uses require creditor consent. American Commercial Bank and Trust, a secured creditor, will be provided with protection for the Debtor's use of cash collateral in the form of a replacement lien and payments pursuant to the budget. A final hearing is scheduled for December 17, with objections due by December 12. The Debtor has a loan from American Commercial Bank & Trust, secured by its personal property assets. It has approximate balance of $1.147 million. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ExcrD from PacerMonitor.com. About Amata LLC Amata, LLC is primarily engaged in renting and leasing real estate properties. Amata filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-17012) on November 12, 2024, listing up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Jeffrey C. Dan, Esq., at Goldstein & Mcclintock, LLLP is the Debtor's legal counsel. American Commercial Bank and Trust, as secured creditor, is represented by: John Adam Powers, Esq. Brotschul Potts, LLC 1 Tower Lane, Suite 2060 Oakbrook Terrace, IL 60181 Tel: 312-551-9003 apowers@brotschulpotts.com APOLLO CONSTRUCTION: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------------- Apollo Construction & Engineering Services, Inc. asks the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to maintain cash flow to pay normal business expenses while restructuring its debts and working toward a reorganization plan. The Debtor is a construction company that purchased its business from Thomas Kamprath prior to filing for bankruptcy. As part of the purchase, Mr. Kamprath holds a security interest in the Debtor's accounts, receivables, and other business assets, including equipment and inventory. The Debtor intends to file a plan of reorganization with the goal of restructuring its debts and emerging as a more profitable entity. To achieve this, it is essential that the Debtor maintain a stable cash flow, and the motion seeks approval to use the cash collateral for operational expenses. What sets the Debtor's Chapter 11 case apart is the relationship between the Debtor and creditor. Mr. Kamprath is not only the secured lender but also the qualifying license holder and has been actively involved in the business' day-to-day operations, even drawing a salary. The Debtor has proposed to make adequate protection payments or reach a financial arrangement with Mr. Kamprath to continue using the cash collateral on an interim basis. A copy of the motion is available at https://urlcurt.com/u?l=60bqoa from PacerMonitor.com. About Apollo Construction & Engineering Apollo Construction & Engineering Services, Inc. provides full-service general contracting and construction services across Florida, specializing in commercial, industrial, and government projects. Operating since 1987, the Company delivers direct project accountability, seamless coordination, and union-certified workforce solutions to support construction of commercial properties, public infrastructure, healthcare facilities, schools, and transportation hubs. It holds active state licenses in mechanical engineering, plumbing and piping, concrete and structural work, fire protection, and general contracting, offering end-to-end solutions from planning to build-out. Apollo filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06058) on August 25, 2025, with $1,135,031 in assets and $1,931,003 in liabilities. Ahmed Zahran, vice president of Apollo, signed the petition. Judge Catherine Peek McEwen presides over the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as legal counsel. ARC PROPERTY: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------- On August 29, 2025, ARC Property Management Group LLC filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About ARC Property Management Group LLC ARC Property Management Group LLC is a limited liability company. ARC Property Management Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43265) on August 29, 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 Robert T. DeMarco, Esq. at DEMARCO MITCHELL, PLLC. ARTICON HOTEL: Case Summary & 17 Unsecured Creditors ---------------------------------------------------- Debtor: Articon Hotel Services LLC 1250 Feehanville Dr., Suite 200 Mount Prospect, IL 60056 Business Description: Articon Hotel Services manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides casegoods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Chapter 11 Petition Date: September 2, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-13601 Debtor's Counsel: Scott R. Clar, Esq. CRANE, SIMON, CLAR & GOODMAN Suite 3950 135 South LaSalle Street Chicago, IL 60603-4297 Tel: 312-641-6777 Fax: 312-641-7114 Email: sclar@cranesimon.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Peter Michael Cohen as principal. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M25EMRY/Articon_Hotel_Services_LLC__ilnbke-25-13601__0001.0.pdf?mcid=tGE4TAMA ASOCIACIÓN HOSPITAL: Has Deal on Cash Collateral Access -------------------------------------------------------- Asociación Hospital del Maestro Incorporado asks the U.S. Bankruptcy Court for the District of Puerto Rico for authority to use cash collateral and provide adequate protection in accordance with its agreement with Banco Popular de Puerto Rico. The parties agree that the Debtor will submit monthly financial reports to BPPR, including a balance sheet, income statement, disbursement list detailing use of cash collateral for Permitted Expenditures, an accounts payable aging report, and a revenue breakdown. As adequate protection, BPPR will be granted replacement liens on all assets and collateral acquired by the Debtor post-petition, mirroring the extent, priority, and type of BPPR's pre-petition liens. These replacement liens are automatically perfected as of the petition date without the need for further filings. Additionally, BPPR will be granted a superpriority administrative claim for any post-petition diminution in the value of its pre-petition collateral, including cash collateral. In the event of any sale of the Debtor's assets or receipt of insurance proceeds, all such proceeds must be paid directly and in full to BPPR at closing. The Debtor also agrees to waive any rights under Section 506(c), thereby precluding any attempt to surcharge BPPR's collateral. All collateral, both pre-petition and post-petition, is cross-collateralized for the benefit of BPPR. Furthermore, BPPR reserves the right to credit bid its claims in any asset sale, including under a Chapter 11 plan or Section 363 sale, and the Debtor waives any right to oppose such a credit bid. These events constitute an "event of default": 1. Providing false or misleading statements to BPPR about the initiation or execution of the stipulation; 2. Breaching any covenant or obligation in the stipulation; 3. Challenging BPPR's liens or the validity of the loan documents; 4. Appointing a trustee or examiner with expanded powers to operate the Debtor's business; 5. Granting liens or super-priority claims without BPPR's consent; 6. Filing unauthorized motions for the sale of assets or seeking post-petition financing without BPPR's approval; 7. Failing to comply with adequate protection obligations; 8. Using cash collateral for unauthorized purposes, outside of the approved expenditures; and 9. Any event that leads to the dismissal or conversion of the bankruptcy case. A copy of the stipulation is available at https://urlcurt.com/u?l=6JR6y3 from PacerMonitor.com. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtor is represented by Wigberto Lugo Mender, Esq. at LUGO MENDER GROUP, LLC. CPA LUIS R. CARRASQUILLO & CO, PSC is the Debtor's financial consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by: Luis C. Marini-Biaggi, Esq. Carolina Velaz-Rivero, Esq. Marini Pietrantoni Muniz, LLC 250 Ponce De León Ave. Suite 900 San Juan, PR 00918 Tel.: (787) 705-2171 lmarini@mpmlawpr.com cvelaz@mpmlawpr.com BED BATH: Asks tZERO Board to Replace CEO with Urgency ------------------------------------------------------ Dale Quinn of Bloomberg News reports that Bed Bath & Beyond is pushing for a leadership shake-up at tZERO, urging the board to remove its CEO in order to, as it said, "move forward with urgency." Executive Chairman Marcus Lemonis emphasized in a letter that significant capital has been invested in the company but results remain disappointing, according to the report. "The time has come for real change," he wrote, the report related. The retailer requested that tZERO's board meet within 48 hours to make a decision, the report added. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BEELINE HOLDINGS: Adds $225K Investment to MagicBlocks SAFE Round ----------------------------------------------------------------- Beeline Holdings, Inc., the fast-growing digital mortgage platform redefining the path to homeownership, announced on August 21, 2025, a further strategic investment in MagicBlocks, committing an additional $225,000 in its current SAFE round. Beeline, which originally incubated MagicBlocks, holds a 47.6% ownership stake in the company. Driving Measurable ROI Through AI: Beeline's AI customer service and sales agent, "Bob", is powered by proprietary machine-learning technology developed by MagicBlocks. Licensed back to Beeline, Bob has already demonstrated 6X stronger lead conversion rates compared to humans, and in Q2 alone generated $162,000 in new revenue during a limited release. This early proof of revenue underscores the potential for scalable, recurring revenue streams through AI-driven customer engagement. Expanding Into Global SaaS: Recognizing the global demand for AI-powered sales and service solutions, Beeline supported the launch of MagicBlocks as an independent SaaS company, co-founded by CEO Jay Stockwell and Lead Developer Sean Clark. Since its June launch, MagicBlocks has signed 18 clients across multiple industries with over half located outside the U.S., validating the international market opportunity. The platform allows businesses to create fully customized AI agents for sales and service in hours, not weeks--making it one of the few AI platforms capable of near-instant deployment at global scale. "AI speaks every language, not just English. Every company in the world needs sales and service--and most are looking for efficiency," said Nick Liuzza, CEO of Beeline. "MagicBlocks gives us a way to build recurring SaaS revenue streams while expanding beyond the U.S. market." Strategic Synergies in AI Innovation: Beeline continues to advance its own proprietary AI infrastructure, enhancing efficiency and reducing costs across its mortgage production workflow. The company is also rolling out BlinkQC, an AI-driven quality-control product that accelerates and simplifies compliance with Fannie Mae requirements at lower cost than existing solutions. MagicBlocks complements this strategy, broadening Beeline's exposure to the rapidly growing AI SaaS sector while creating new avenues for revenue and international expansion. "We're seeing strong international recognition as we perfect our product," said Jay Stockwell, CEO of MagicBlocks. "Beeline has been a true partner in this journey, and together we are building AI solutions that scale globally." About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., 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 recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BIFM CA BUYER: Moody's Alters Outlook on 'B3' CFR to Stable ----------------------------------------------------------- Moody's Ratings has affirmed BIFM CA Buyer Inc.'s (BGIS) B3 corporate family rating, B3-PD probability of default rating, and the B3 ratings on the backed senior secured first lien term loan and backed senior secured multi-currency revolving credit facility. The outlook has been changed to stable from positive. "The change in outlook reflects Moody's expectations that BGIS's debt to EBITDA will remain above 6.0x over the next 12 to 18 months after various leveraging activities in 2025 including debt funded acquisitions and a recent dividend recapitalization." said Will Gu, Moody's Ratings analyst. "The stable outlook reflects Moody's expectations that debt to EBITDA declines due to strong organic growth, contributions from recent acquisitions, and new contract wins." RATINGS RATIONALE While BGIS's financial leverage is now high (Moody's adjusted ~6.7x pro forma for the dividend recap and contributions from previously closed acquisitions), revenue visibility remains strong, with a ~$1.8B backlog, a number of recent contract wins, and history of accretive acquisitions that supports Moody's expectations for strong growth and possible natural deleveraging, absent further leveraging actions. BIFM CA Buyer Inc.'s CFR benefits from: (1) a good market position in the integrated facilities management business, especially in Canada; (2) steady organic EBITDA growth supported by the trend towards outsourcing facility management with ample runway for inorganic growth under the company's active M&A strategy; (3) improving geographic and customer diversity with increasing US and UK exposure and reduced reliance on single large customers, and (4) a strong customer base including blue chip and government clients with multiyear contracts underpinning good revenue visibility. However, the rating is constrained by: (1) small scale compared to large international competitors; (2) aggressive financial policies including debt-funded dividends and acquisitions that has kept gross financial leverage high; (3) an elevated debt to EBITDA at PF LTM Q2/25 6.7x as debt has increased ~$550MM during 2025; and (4) a relatively weak PF LTM Q2/25 interest coverage (EBITDA/interest) around 2.0x that is expected to remain near that level. BGIS has good liquidity. The sources of liquidity total around C$481 million, consisting of cash on hand of about C$236 million (as of Q2 2025), near full availability under the company's US$120 million revolving credit facility with only ~$14M letters of credit drawn, expiring December 2027 and Moody's expectations of about C$95 million free cash flow through 2026. Customer prepayments could result in fluctuations in working capital, thereby impacting the company's free cash flow and liquidity. Uses of cash are limited to about C$18 million in mandatory debt amortizations after the refinance transaction. The revolving credit facility is subject to a springing net leverage covenant which Moody's expects the company would remain in compliance with if sprung. The company has limited ability to generate liquidity from asset sales. BGIS's senior secured revolving credit facility expiring December 2027 and senior secured first lien term loan due in May 2028 are rated B3, the same as BGIS's CFR because it makes up the bulk of the debt. The rated debt at BGIS is supported by secured upstream guarantees from BGIS's Canadian and US operating subsidiaries (restricted subsidiaries) but no other BGIS operations (restricted non-guarantee subsidiaries, including BGIS Australia). Despite this, BGIS's parent owns those businesses and provides a guarantee to the rated debt that is secured by the stock of subsidiaries. The stable outlook reflects Moody's views that that EBITDA expansion will continue to support modest deleveraging, although debt to EBITDA is expected to remain just above 6.0x by the end of 2026 and an EBITDA interest coverage slightly above 2.0x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates a conservative financial policy track record and maintains a strong liquidity profile, while sustaining Debt/EBITDA below 6x and EBITDA/Interest sustains above 2x. The ratings could be downgraded if the company sustains Debt/EBITDA above 8x, EBITDA/Interest is below 1x or if liquidity becomes weak. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. BGIS's B3 rating is two notches below the scorecard-indicated outcome of B1 at LTM Q2/2025. The final rating incorporates Moody's projected metrics for the company and takes into account recurring event risk from leveraging actions including debt-funded acquisitions and/or dividends that the company faces. The scorecard also uses gross revenue and does not accurately reflect scale as Moody's prefer fee revenue. BGIS is a global provider of integrated facilities management (IFM) services headquartered in Markham, Ontario. BGIS provides facility management, project delivery, energy & sustainability services, asset management, workplace advisory and real estate services to public and private enterprises in North America, the UK and the Asia-Pacific region. BLUE SUN: Seeks Chapter 11 Bankruptcy in Maryland ------------------------------------------------- On August 29, 2025, Blue Sun Scientific LLC filed Chapter 11 protection in the District of Maryland. According to court filing, the Debtor reports $6,329,907 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Blue Sun Scientific LLC Blue Sun Scientific LLC, a majority-owned subsidiary of Innovative Technologies Group and Co., develops, manufactures, distributes, and services analytical solutions for global markets, including agriculture, chemical, and food industries. The Company offers rapid, non-destructive analysis tools such as Phoenix NIR analyzers for applications in forage, animal feed, pet food, oilseeds, and plant breeding, supported by instruments, software, reagents, sample handling systems, training, and long-term services. Headquartered in Jessup, Maryland, it operates internationally through representatives and distributors in over 50 countries. Blue Sun Scientific LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17998) on August 29, 2025. In its petition, the Debtor reports total assets of $451,175 and total liabilities of $6,329,907. The Debtor is represented by Maurice Verstandig, Esq. at THE BELMONT FIRM. BP PURCHASER: Blackstone Marks $7.5MM 1L Loan at 14% Off -------------------------------------------------------- Blackstone Secured Lending Fund has marked its $7,530,000 loan extended to BP Purchaser, LLC to market at $6,400,000 or 86% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to BP Purchaser, LLC. The loan accrues interest at a rate of 10.08% per annum. The loan matures on December 11, 2028. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About BP Purchaser, LLC BP Purchaser, LLC is engaged in the distribution of consumer goods in the U.S. BROOKDALE SENIOR: James Flynn, Deerfield Entities Hold 4.90% Stake ------------------------------------------------------------------ James E. Flynn, Deerfield Mgmt, L.P., Deerfield Management Company, L.P., and Deerfield Partners, L.P. (collectively, the "Reporting Persons") disclosed in a Schedule 13G (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of August 22, 2025, they beneficially own 11,637,032 shares of common stock of Brookdale Senior Living Inc. (CUSIP: 112463104). These shares are held in shared voting and dispositive power by the Reporting Persons and represent approximately 4.90% of shares based on the Company's outstanding shares. The Reporting Persons may be reached through: Jonathan Isler, Attorney-In-Fact 345 Park Avenue South, 12th Floor New York, NY 10010 A full-text copy of the SEC report is available at: https://tinyurl.com/3xxh5h6e About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. As of June 30, 2024, Soluna Holdings had $6.14 billion in total assets, $6.03 billion in total liabilities, and $106.78 million in total equity. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BW HOLDING: Moody's Affirms 'Caa2' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings affirmed BW Holding, Inc.'s (doing business as Brook+Whittle) corporate family rating at Caa2 and its probability of default rating at Caa2-PD. At the same time, Moody's appended a limited default designation ("/LD") to the PDR, following the completion of a distressed exchange in August 2025, changing it to Caa2-PD/LD. Moody's further withdrew the existing Caa1 ratings of the company's backed senior secured first lien revolving credit facility, backed senior secured first lien term loan B, and the backed senior secured delayed draw term loan due to the completion of a debt exchange. Concurrently, Moody's assigned B2 ratings to Brook+Whittle's newly issued $50 million backed senior secured first lien first out revolving credit facility maturing September 2030 and its $130 million backed senior secured first lien first out term loan maturing December 2030; a Caa2 rating to its $590 million backed senior secured first lien second out term loan maturing December 2030; and a Caa3 rating to its $231 million backed senior secured first lien third out term loan maturing March 2031. Moody's changed the rating outlook to stable from negative. The rating action reflects the completed exchange of Brook+Whittle's existing revolver, first lien term loan and second lien term loan into the new debt stack of the first out revolver, the first out term loan, the second out term loan and the third out term loan. Total reported debt increased minimally by about 3% as a result of this transaction. All of the existing loan lenders participated in this transaction. Moody's considered this transaction a default and appended a "/LD" designation to the Caa2-PD PDR. Moody's will remove the "/LD" designation from the PDR in approximately three business days. The change in outlook to stable from negative was prompted by the additional liquidity provided by this exchange transaction. The new $130 million first out term loan was used to repay the outstanding amounts under the existing revolver, cover accrued interest and transaction fees, and add $40 million of cash on the balance sheet. The added liquidity will support Brook+Whittle's cash outflow for the next 12-18 months despite Moody's expectations of continued negative free cash flow in 2026 and 2027. The stable outlook also considers the extended debt maturities, which addressed imminent refinancing risk as the existing revolver was maturing in December 2026. The affirmation of the Caa2 CFR reflects the company's very high leverage, weak interest coverage, negative funds from operations and negative free cash flow generation. Despite moderating sales decline in the second quarter of 2025, Moody's expects that a sluggish demand recovery due to a slowdown in economic growth and constrained consumer affordability will only support modest improvement in the company's credit metrics in the next 12-18 months. For this distressed exchange, there was no equity injection from the sponsor, Genstar Capital, despite Genstar's intention to support the full amount of the company's liquidity needs through at least May 01, 2026, as stated in the 2024 audited financial statement. Governance considerations are relevant to the rating action, including risks from an aggressive financial policy, which have resulted in an elevated debt load and untenable capital structure. RATINGS RATIONALE Brook+Whittle's Caa2 corporate family rating is constrained by the company's weak credit metrics, reflected in a high leverage of over 18x debt/EBITDA and continued negative operating cash flow generation for the 12 months that ended in June 2025. The low probability of a fast operating recovery in the next 12-18 months will likely sustain very high leverage and will consume much of the additional cash on the balance sheet from the debt exchange during this period. The company has small operational scale and limited geographic diversification outside of the US, which increase its operational volatility compared with its larger peers. Credit strengths include Brook+Whittle's focus on premium labels and its focus on recyclable products, which helps differentiate its products and forge customer relationships. The company's owner Genstar Capital has supported the company with additional liquidity, albeit mostly to execute acquisitions. Between 2023 and early 2024, Genstar injected over $140 million equity into the company. Moody's expects the company to have adequate liquidity over the next 12-18 months from June 30, 2025. Despite negative free cash flow, Moody's expects additional liquidity after the debt exchange transaction to support the cash outflow and to keep a positive cash balance above the company's minimum requirement of about $10 million during this period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if the company improves operating performance, generates positive funds from operations, and attains a more sustainable capital structure. An upgrade would also require the company to maintain at least adequate liquidity. Moody's could downgrade the ratings if the company fails to improve its liquidity and cash flow generation. Prospects for another debt restructuring that leads to lower debt recovery expectations could also lead to a ratings downgrade. Headquartered in Guilford, Connecticut, Brook+Whittle is a manufacturer of premium pressure sensitive labels, shrink sleeves, flexible packaging, and heat transfer labels in the United States. Brook+Whittle is controlled by Genstar Capital since 2021. The company recorded about $465 million of revenues for the 12 months that ended in June 2025. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. 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. CANADIAN HOSPITAL: Blackstone Marks CAD$10.5MM 2L Loan at 14% Off ----------------------------------------------------------------- Blackstone Secured Lending Fund has marked its CAD$10,533,000 loan extended to Canadian Hospital Specialties, Ltd. to market at CAD$7,155,000 or 86% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a Second Lien Loan to Canadian Hospital Specialties, Ltd. The loan accrues interest at a rate of 8.75% per annum. The loan matures on April 15, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Canadian Hospital Specialties, Ltd. Canadian Hospital Specialties, Ltd. is a specialty medical device manufacturer and distributor offering trusted solutions to improve healthcare for patients of all ages. CAPTURE COLLECTIVE: Unsecureds to Split $300,500 in Plan -------------------------------------------------------- Capture Collective, Inc. and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Ohio a Joint Chapter 11 Plan of Reorganization dated August 22, 2025. Collective is a startup company founded in September 2019 to commercialize a diagnostic device to assess and triage radiation sickness. Collective currently operates a small research lab based in Columbus, Ohio. It has recently been awarded a $2.2 Million research grant from the National Institute of Health ("NIH") to be paid over three years. In addition, OSU has named Collective as a major subcontractor for a recent grant submission. Collective is a Delaware corporation owned by 49 shareholders consisting primarily of investors who participated in Collective's capital raises in 2019 and 2020. Diagnostics is a Delaware limited liability company owned by Collective (94.44%) and Green Coral Trust (5.46%). HIB is a Delaware limited liability company wholly owned by Diagnostics. The bankruptcy was filed to enable the Debtors to manage their debt, preserve their dedicated and loyal staff, remove the cash bleed and emerge with a viable entity that can attract financing and investment in order to commercialize this extremely beneficial product. The Plan provides for the continued operations of Collective and the payment to Creditors holding Allowed Claims in accordance with the priorities and requirements of the Bankruptcy Code. To that end, Creditors are placed in separate classes according to the nature of their claims for the purpose of voting and/or payment. Class 2 consists of the Allowed Claims of general unsecured creditors. The Debtors' undisputed Unsecured Claims total approximately $35,000 consisting of property management fees, vendor debt, unsecured taxes, and a shareholder claim. The Debtors disputed Unsecured Claims asserted by Synergy and IDS total approximately $8.7 million. If all Claims are Allowed, the distribution to creditors would be about 3 percent. On the Effective Date, in full and final satisfaction of any Claims against the Debtors, the Holder of an Allowed Claim in this Class shall receive a Pro-Rata share of $300,500 (the "Creditor Pool") paid as follows: * If the Plan is Consensual: $100,000 of the Creditor Pool will be paid to holders of Allowed Claims on the Effective Date or shortly thereafter as is reasonably practical. Another 100,000 distribution will be made to holders of Allowed Claims within 30 days after receipt of the Tax Refund, expected in the second quarter of 2026. The remaining $100,500 will be made in yearly installments as follows: $15,000 on December 31, 2026; $15,000 on December 31, 2027; $12,000 on December 31, 2028; $22,500 on December 31, 2029; and $36,000 on September 30, 2030. * If the Plan is Non-Consensual: the initial installment will not be made and the distribution of $200,000 will be made to holders of Allowed Claims within 30 days after receipt of the Tax Refund, expected in the second quarter of 2026. The remaining $100,500 will be made in yearly installments as follows: $15,000 on December 31, 2026; $15,000 on December 31, 2027; $12,000 on December 31, 2028; $22,500 on December 31, 2029; and $36,000 on September 30, 2030. Class 2 is Impaired and is entitled to vote on the Plan. Class 3 consists of the Equity Interests in each of the Debtors. All such Interests shall be retained. Class 3 is not Impaired and therefore is deemed to have accepted the Plan. The Debtors will continue their operations as described below and will utilize their Cash, the Tax Refund, collected accounts receivable, and projected sales revenues to make Plan payments. But for the Hawaiian setbacks that caused huge tax exposure and expensive current and threatened litigation, the Debtors were clearly on the path to successfully productizing their radiation diagnostic device. The Plan will provide the ability to pay legitimate claims and clear the obstacles to obtaining additional funding and financing to complete the project. The following describes the milestones reached and those on the horizon, as well as the strategies to be implemented during the next years of development. A full-text copy of the Joint Chapter 11 Plan of Reorganization dated August 22, 2025 is available at https://urlcurt.com/u?l=63528n from PacerMonitor.com at no charge. Counsel for the Debtors: Nicholas J. Hall, Esq. Dickinson Wright PLLC 300 W Vine St #1700 Lexington, KY 40507 Telephone: (859) 899-8756 Facsimile: 844-670-6009 Email: nhall@dickinson-wright.com About Capture Collective Capture Collective, Inc., develops MiRAD, a high-throughput biodosimetry diagnostic test based on microRNA biomarkers to assess individual radiation exposure. The Company employs physiological, biochemical, and molecular techniques to support rapid and accurate biodosimetry in mass casualty situations. Its team includes experienced scientists and radiation experts dedicated to advancing emergency preparedness through innovative diagnostics. Capture Diagnostics and Capture Diagnostics HIB01 halted their COVID-19 testing operations in May 2023. Capture Collective and its affiliates filed Chapter 11 petitions (Bankr. S.D. Ohio Case No. 25-52291) on May 27, 2025. In the petitions signed by Scott Barnes, CEO and president, Capture Collective disclosed up to $3,470,581 in total assets and up to $836,316 in total liabilities. Judge John E. Hoffman Jr. oversees the case. Carolyn J. Johnsen, Esq., at Dickinson Wright PLLC, is the Debtors' legal counsel. CCBLUE BIDCO: Blackstone Marks $12.2MM 1L Loan at 16% Off --------------------------------------------------------- Blackstone Secured Lending Fund has marked its $12,215,000 loan extended to CCBlue Bidco, Inc. to market at $10,200,000 or 84% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to CCBlue Bidco, Inc. The loan accrues interest at a rate of 10.90% (incl. 4.00% PIK) per annum. The loan matures on December 21, 2028. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About CCBlue Bidco, Inc. CCBlue Bidco, Inc. is engaged in providing health care and medical care services. CELANESE CORP: Fitch Lowers LongTerm IDR to 'BB+', Outlook Negative ------------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of Celanese Corp. and Celanese US Holdings LLC to 'BB+' from 'BBB-' and downgraded Celanese US Holdings LLC's senior unsecured ratings to 'BB+' from 'BBB-' and assigned a Recovery Rating of 'RR4'. The Rating Outlook is Negative. The downgrade reflects Celanese's sustained weak earnings due to continued soft end-market demand, leading to higher-for-longer leverage. Fitch also expects that acetic acid capacity expansion, particularly in China, will pressure market pricing over the medium term. As such, Celanese's EBITDA leverage will likely remain elevated over the forecast period. Celanese has maintained healthy margins and taken steps to improve FCF and reduce debt, and Fitch believes the company is committed to operating with a stronger balance sheet. The Negative Outlook reflects the expectation that Celanese's leverage will remain elevated for its rating amid persistently uncertain market conditions. Key Rating Drivers Sustained High Leverage: Fitch expects that Celanese's leverage will remain above 4.0x beyond 2027 as the company contends with middling demand and increased production capacity for acetic acid. The company's dividend cut, targeted expense and capex cuts, and cash from potential asset sales signal a commitment to debt reduction but will not fully offset the lower projected earnings. Weaker Market Conditions Impact Performance: Weaker demand in Asia and tepid autos demand, coupled with capacity additions in vinyl acetate monomer, led to an oversupplied market and a weak pricing environment in the vinyl chain. Fitch expects that ample supply and a sustained competitive pricing environment will impact standard-grade nylons in the company's engineered materials (EM) segment. Celanese's efforts to shift from standard-grade nylons to differentiated, higher-margin products should help support this segment over time. Resilient Free Cash Flow (FCF): Fitch expects FCF (post-dividends) to remain positive over the forecast period despite the challenging market environment. FCF will remain below prior forecasts due to prolonged weaker operating performance and a higher interest burden from a coupon step-up on its bonds. Celanese has reduced higher cost inventory, cut capex and took about $120 million of costs out of its operations. Those efforts and the dividend cut will support an FCF margin of around 7% over the forecast period. Market Leadership and Competitive Strengths: Celanese's ratings benefit from its leading market positions in acetyls and engineered materials. Celanese is a global leader in acetyl intermediates including acetic acid, vinyl acetate monomer (VAM), acetic anhydride and acetate tow. The company holds the No. 1 market position in acetic acid and VAM and the No. 2 market positions in vinyl acetate ethylene emulsions (VAE) and redispersable powders. Operational advantages include cost-efficient acetic acid production, backward integration into low-cost methanol, geographic and end-market diversity, and downstream integration. Strong Position in Acetyls Chain: Celanese's competitive cost structure position in the acetyls chain supports its ratings. The company's backward integration into methanol and carbon monoxide reduces exposure to raw material price fluctuation. This advantage is further reinforced by long-term contracts for externally sourced materials and the recent launch of the Clear Lake acetic acid facility, strengthening Celanese's cost competitiveness. Peer Analysis Celanese is of similar scale to peer Westlake Corporation (BBB/Stable) and larger than Huntsman Corp. (BBB-/Stable), though the company remains much smaller than Dow Inc. (BBB/Stable) and LyondellBasell Industries N.V. (BBB/Stable) which benefit from large scale and diversification. Celanese's EBITDA margin is slightly higher than Westlake's. Westlake's position as the leader in chlorovinyls compares to Celanese's position in acetyl chain, but greater cyclical exposure to construction and ethylene pricing makes Westlake's margins more volatile. Celanese's EBITDA margin is higher than those of Dow, LyondellBasell and Huntsman, largely reflecting differences in their portfolios, the more basic nature of Dow's and Lyondell's products, and Huntsman's exposure to methylene diphenyl diisocyanate products, a commodity intermediate used in polyurethane production. Celanese is an outlier from a leverage perspective, as its 2022 acquisition of Dupont's mobility and materials segment left the company carrying a large amount of debt. Fitch expects that its EBITDA leverage will remain above that of peers through 2027 as it works to reduce debt. In addition, its stated leverage target is above its peers. Despite the higher leverage and associated greater interest burden, the company exhibits some of the strongest FCF margins in the peer set, reflecting its EBITDA margins and a lower capital intensity of its asset base. Key Assumptions - Weak end markets and additional supply continue to weigh on the broader industry, leading to a mid-single-digit revenue decline for Celanese in 2025. Revenue recovers modestly in 2026 and then in the low single digits thereafter; - A competitive pricing environment limits significant margin improvement, with EBITDA margins approaching 22% by 2029; - Capex remains constrained at maintenance levels in 2025 and 2026, returning to 4%-5% of sales thereafter; - Celanese successfully closes on targeted asset sales in 2026; - Dividends maintained at $15 million/year, and Celanese foregoes share buybacks over the projection period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage durably above 4x with no credible path to deleveraging; - Deviation or delay from the stated guidance to pay down debt; - Inability to maintain FCF margin at or above 3%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3x; - Decrease in absolute debt below $10 billion; - The Outlook could be revised to Stable with faster recovery in market conditions, leading to increased confidence in deleveraging. Liquidity and Debt Structure Celanese exhibits solid liquidity. At June 30, 2025, the company had around $1.2 billion of cash on hand and full access to its $1.75 billion unsecured revolving credit facility, plus an additional $70 million available under its China revolving credit facility and access to a receivables securitization facility and two receivables factoring programs. Celanese proactively addressed much of its near-term maturities earlier in 2025, when the company issued $2.6 billion in five- to seven-year unsecured debt to fund tender offers of its 2026 and 2027 notes, repay its 2025 note maturities, and repay other indebtedness. The company continued to reduce debt, prepaying the $200 million balance on its delayed draw term loan due 2026 during 2Q25 and prepaying $150 million of its term loan due 2027 during 3Q25. Fitch expects Celanese to address its nearly $1 billion of debt maturing in 2026 with a combination of FCF and credit facility availability, and potentially with additional refinancing activity. Celanese recently renewed its credit facility through August 2030 and amended its leverage covenant in 1Q25, providing additional headroom as the company continues to execute its deleveraging plan. Issuer Profile Celanese is a global chemical and special materials company that produces engineered polymers used in numerous applications. It is one of the world's largest producers of acetyl products, which are intermediate chemicals with applications used across nearly all major industries. 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 ----------- ------ -------- ----- Celanese US Holdings LLC LT IDR BB+ Downgrade BBB- senior unsecured LT BB+ Downgrade RR4 BBB- Celanese Corp. LT IDR BB+ Downgrade BBB- CITGO PETROLEUM: Fitch Affirms 'B' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at 'B' with a Stable Outlook and CITGO Holding, Inc. (Holdco) at 'CCC+'. Fitch also affirmed Opco's existing senior secured notes and industrial revenue bonds at 'BB' with a Recovery Rating of 'RR1'. The ratings are negatively affected by operational risks and contagion effects from U.S. sanctions on CITGO's ultimate parent, Petroleos de Venezuela S.A. (PDVSA). The ratings are supported by the quality of refining assets, significant scale, moderate debt and plentiful liquidity. Opco and Holdco's ratings are based on their standalone IDRs. The ratings reflect Holdco's dependence on dividends from Opco, which could be constrained by the debt covenants at Opco level and sanctions-related policies. Key Rating Drivers Change of Control Risks: CITGO's indirect parent is Petróleos de Venezuela, S.A. (PDVSA), a national oil company owned by the government of Venezuela. The parent's financial weakness creates a few paths that could trigger change of control clauses and a forced refinancing of CITGO's debt. These risks include lawsuits against Venezuela, PDVSA and its affiliates seeking to attach to shares of CITGO's ultimate U.S. parent (PDV Holding) coupled with the Office of Foreign Assets Control's (OFAC) decision to unblock current sanction restrictions. Additionally, holders of PDVSA's 2020 secured notes could seek to collect on a pledge of 50.1% of CITGO Holding's capital stock. Sale Initiated by Court: Multiple creditors of PDVSA and the government of Venezuela obtained attachment orders on the PDV Holding shares. The Delaware district court launched the sale process of PDV Holding in October 2023. The sale of PDV Holding shares cannot be closed without a special license from OFAC. Double Trigger: CITGO's notes contain a two-part change of control test. The first part requires PDVSA to own a majority stake. The second part involves the preservation of credit profile strength, but the actual terms are slightly different under the 2026 and 2029 bond indentures. Fitch believes new ownership without a major debt increase is likely to improve CITGO's credit profile. This should limit bondholder incentives to put bonds if a change of control occurs, but this risk remains a key overhang on the credit. All of CITGO's notes contain this double trigger. Improvement in EBITDA: Fitch projects that CITGO's EBITDA will be broadly unchanged in 2025 compared to 2024, assuming that 2H25 U.S. refining crack spreads continue to outperform 1H25. High crack spread volatility is typical for the oil refining sector. Diesel crack spread remains above the long-term level, supported by very low U.S. diesel inventories. U.S. gasoline consumption has been slightly above last year's, while U.S. gasoline stocks have been at normal levels. CITGO also has material exposure to heavy-light oil differentials, which have been subdued in 2024-2025 but may increase in the medium term. Access to Capital: The consequences of PDVSA's ownership, such as change of control risks and OFAC sanctions on entities doing business with Venezuela, are also an overhang for CITGO in terms of capital market access. In 2019, it had to replace revolver liquidity with drawn debt due to bank concerns about OFAC sanctions against Venezuelan entities. CITGO still maintains a large cash cushion to support liquidity. The notes issued in 2023 allow for an asset-based lending facility after the bonds due in 2026 are retired. Parent-Subsidiary Linkage: Fitch views Opco as the stronger entity of the two as all of CITGO group's assets and EBITDA are at Opco level, except for some cash held by Holdco. Based on its PSL analysis, Fitch views Opco and Holdco's ratings on a standalone basis, given the insulated legal ring-fencing through Opco's bond covenants, which limit the ability of the direct parent to dilute its subsidiary's credit quality; additional separations created by OFAC restrictions; and its insulated assessment of the access and control factor. Bond covenants include restrictions on dividends, incurrence tests pro forma for distributions, and restrictions on asset sales. Peer Analysis At 807 kb/d day of crude refining capacity, CITGO is smaller than PBF Holding (BB/Negative) at approximately 1 mmb/d. However, it is larger than HF Sinclair Corporation (BBB-/Stable) at 678 kb/d and CVR Energy (B+/Stable) at 207 kb/d. CITGO is less diversified compared with refining peers who have ancillary businesses including logistics master limited partnerships, chemicals, renewables, retail, and lubricants/specialty product. However, CITGO's core refining asset profile is strong and relatively flexible, given the higher complexity of its refineries than for most of their peers, which allows it to process a large amount of discounted heavy and sour crudes. Legacy PDVSA ownership/governance and related capital markets access issues remain key overhangs on the issuer despite its relatively strong asset profile. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - West Texas Intermediate prices of $65/barrel (bbl) in 2025, $60/bbl in 2026-2027 and $57/bbl in 2028 and at midcycle; - Refinery throughput around 800 kb/d in 2025-2029; - Capex, turnaround and catalyst costs averaging approximately $770 million in 2025-2029; - Average SOFR rates reducing from 4.3% in 2025, to 3.1% by 2029. Recovery Analysis The recovery analysis assumes that CITGO Corporation would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern Approach The GC EBITDA estimate of $1.05 billion reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). This value is based on midcycle refining crack spreads instead of recent EBITDA generation. An EV multiple of 5.0x was applied to the GC EBITDA to calculate a post-reorganization EV of $5.25 billion. This is close to the median 5.3x exit multiple for energy in Fitch's Energy, Power and Commodities Bankruptcy Enterprise Value and Creditor Recoveries (Fitch Case Studies -- October 2024) and the 5.5x multiple used for refining peers Par Pacific Holdings, CVR Energy and Delek U.S. Holdings. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. For liquidation value, Fitch used an 80% advance rate for the company's inventories since crude and refined products are standardized and easily re-sellable in a liquid market to peer refiners, traders or wholesalers. The maximum of these two approaches was the going concern approach of $5.25 billion. A standard waterfall approach was then applied. This resulted in a three-notch recovery (RR1) for CITGO Petroleum's senior secured notes. RATING SENSITIVITIES CITGO Petroleum Corp. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Upgrade - Deterioration in liquidity/market access; - Midcycle EBITDA leverage above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Reduced overhang associated with legacy PDVSA ownership issues; - Midcycle EBITDA leverage below 3.0x. CITGO Holding, Inc. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Upgrade - Deterioration in liquidity/market access; - Sustained inability of Holdco to receive dividends due to restricted payments (RP) basket or other restrictions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Maintaining de minimis debt or increased ability to upstream dividends from Opco, such as alleviation of restrictions on RP basket; - Reduced overhang associated with legacy PDVSA ownership issues. Liquidity and Debt Structure Opco's liquidity includes unrestricted cash of $2.1 billion and an undrawn $500 million receivables securitization facility that expires in 2026. CITGO does not have an ABL facility but can use available cash to cover short-term funding needs, including working capital movements. CITGO has a $650 million bond maturing in 2026, which can be covered by its cash balance. Fitch projects that the company's liquidity will be supported by positive FCF generation. Holdco has some cash held at its level and no debt. Opco should be able to distribute funds to Holdco, if needed, given that Opco has rebuilt its dividend basket. Additionally, it should have flexibility to make payments through its tax allocation agreement. Issuer Profile CITGO, a U.S.-based refiner, owns and operates three large, high-quality refineries with total rated crude processing capacity of 807 kb/d. It has access to more than 4,000 independently owned CITGO-branded retail outlets and owns storage terminals and other assets. 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 CITGO has an Environmental, Social and Corporate Governance (ESG) Relevance Score of '4' under Environmental Factors, which reflects its material exposure to extreme weather events (hurricanes) that periodically lead to extended shutdowns. Two out of three of CITGO's refineries are located on the Gulf Coast, including the largest, Lake Charles, at 463 thousand barrels per day (kb/d). This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. CITGO also has a Score of '4' under Governance Factors related to the effects the legacy PDVSA ownership issues still have on the issuer, despite the transition CITGO made to being run by a U.S.-approved board. The risk centers around contagion through change of control clauses associated with a PDVSA default and the overhang legacy ownership creates in terms of capital markets access, as well as frequent changes in board composition. 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 ----------- ------ -------- ----- CITGO Holding, Inc. LT IDR CCC+ Affirmed CCC+ CITGO Petroleum Corp. LT IDR B Affirmed B senior secured LT BB Affirmed RR1 BB CLAIRE'S STORES: Announces Closure of 290 Stores as Part of Ch. 11 ------------------------------------------------------------------ Todd Feurer of CBS News Chicago reports that Claire's has announced plans to shutter hundreds of stores nationwide as part of its Chapter 11 bankruptcy. In a recent court filing, the Hoffman Estates-based retailer said more than 290 locations will close, including six in the Chicago area, three of which are within city limits, according to the report. The closures will take place gradually, the report related. The announcement comes after Claire's confirmed the $100 million sale of its North American operations to a private equity buyer, which intends to keep the brand alive in a smaller format, the report added. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- is a specialty retailer of jewelry, accessories, and beauty products for young women, teens, "tweens," and kids. Through the Claire's brand, the Claire's Group has a presence in 45 nations worldwide, through a total combination of over 7,500 Company-owned stores, concessions locations, and franchised stores. Headquartered in Hoffman Estates, Illinois, the Company began as a wig retailer by the name of "Fashion Tress Industries" founded by Rowland Schaefer in 1961. In 1973, Fashion Tress Industries acquired the Chicago-based Claire's Boutiques, a 25-store jewelry chain that catered to women and teenage girls. Following that acquisition, Fashion Tress Industries changed its name to "Claire's Stores, Inc." and shifted its focus to a full line of fashion jewelry and accessories. In 2007, the Company was taken private and acquired by investment funds affiliated with, and co-investment vehicles managed by, Apollo Management VI, L.P. Claire's Group employs approximately 17,000 people globally. Claire's Stores, Inc., and 7 affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018, after reaching terms of a balance sheet restructuring with their first lien lenders and sponsor Apollo Global Management, LLC. As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in total assets against $2.53 billion in total liabilities. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy counsel; Richards, Layton & Finger, P.A. as local counsel; FTI Consulting as restructuring advisor; Lazard Freres & Co. LLC as investment banker; Hilco Real Estate, LLC as real estate advisor; and Prime Clerk as claims agent and administrative advisor. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. The Committee retained Cooley LLP, as counsel, and Bayard, P.A., as co-counsel. 2nd Chapter 11 Attempt Claire' Stores sought relief under Chapter 11 of the U.S. Bankruptcy Code {Bankr. 25-11462) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. COINBASE GLOBAL: Moody's Ups CFR to B1, Outlook Stable ------------------------------------------------------ Moody's Ratings has upgraded Coinbase Global, Inc.'s (Coinbase) Corporate Family Rating to B1 from B2 and its Backed Senior Unsecured debt ratings to Ba2 from B1. Coinbase's outlook is stable. Previously, the ratings were under review for upgrade. RATINGS RATIONALE The ratings upgrade reflects the significant improvements in Coinbase's financial profile and liquidity position as a result of more favorable crypto market conditions. This includes the substantial increase in Coinbase's liquidity, with cash and other USD resources reaching $9.3 billion as of June 30, 2025, compared with $5.5 billion at the end of 2023. This liquidity amounts to over twice the company's $4.4 billion debt balance as of June 30, 2025. Coinbase's debt/trailing-twelve months' EBITDA ratio was 1.8x at June 30, 2025, its lowest level since late-2021. In August, Coinbase issued $3.0 billion new convertible notes; on a pro forma basis, including the new notes and assuming the future paydown of its $1.3 billion notes due 2026, Coinbase's leverage would be 2.5x. This balance sheet strength has also been accompanied by a creditor-friendly approach to M&A, evidenced by its recent acquisition of crypto derivatives exchange Deribit, which was funded mostly with shares of common stock and no debt. Moody's believes the Deribit acquisition is a strong strategic fit for Coinbase and complements its existing transaction business by adding a strong platform for crypto options trading, the volumes of which are generally less volatile than spot markets. Moody's expects that Coinbase will continue to benefit from a clearer regulatory and operating environment for the crypto industry. The current US administration is seeking to increase regulatory clarity regarding crypto-related activities, which could lead to clearer regulatory guidelines and fewer enforcement actions that support the industry, and propel increased adoption of Coinbase's products and services. The US Congress is also taking similar steps, like the recently passed GENIUS Act for stablecoins, and the proposed CLARITY Act, which would outline clearer rules and oversight for other digital asset markets. The ratings also reflect Coinbase's exposure to the volatility of the crypto assets it allows its clients to trade and custody, which can lead to sharp declines in trading volumes and revenue. Its revenue is heavily concentrated in retail transaction fees (51% of total revenue for the trailing-12 months through June 30, 2025), which have been significantly volatile in recent years, and are generally linked to the price and trading volume of cryptocurrencies. Coinbase has become more diversified since 2021 as its subscription and services revenue has benefitted from higher interest rates and increased stablecoin adoption. However, its revenue concentration and volatility remains a key risk. Nonetheless, Moody's assess that Coinbase has the flexibility and liquidity to weather a sustained downturn in crypto markets while maintaining creditworthiness consistent with its B1 CFR. Coinbase's rating level still incorporates the ongoing risks of cyber attacks and other operational incidents that can result in financial loss or reputational harm. These risks manifested most recently in May 2025, when a bad actor obtained certain personal data of a subset of customers and used the information to obtain funds from these customers in a social engineering attack. In Q2 2025, the company reported $307 million in voluntary customer reimbursements and legal costs directly related to the incident, with the possibility of additional fines or fees from regulators in the future. Moody's don't believe that the incident materially affected Coinbase's market share or resulted in a material loss of customers, especially since customer funds were not stolen directly through unauthorized access of customer accounts. Coinbase has taken additional measures to help prevent such incidents in the future, such as manual reviews of large customer transfers and reduced employee access to customer data. However, social engineering attacks and other cyber incidents remain an ongoing risk even in the most comprehensive control frameworks. Coinbase's $1.7 billion senior unsecured guaranteed notes' Ba2 rating is two-notches higher than Coinbase's B1 CFR, based on the notes' priority ranking in Coinbase's capital structure; with the notes ranking ahead of the firm's $2.5 billion outstanding convertible notes and the newly issued $3 billion convertible notes, neither of which benefit from a guarantee from the firm's operating entities. The additional notch of uplift included in this rating action for the senior unsecured guaranteed notes reflects the increased volume of structural subordination provided by the newly issued convertible notes, which reduces the estimated loss-given-default on the senior unsecured guaranteed notes even after the convertible notes maturing in 2026 are repaid. The stable outlook reflects Moody's expectations that Coinbase will sustain a stronger financial profile across various market cycles, offset by the ongoing risks from its lower level of revenue diversification, execution risk associated with its aggressive business expansion plans, and the ongoing threat of cyber attacks and other operational incidents. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Coinbase's ratings could be upgraded if it further increases its revenue diversification from non-transactional revenue streams that are less dependent on crypto-trading volumes, the macroeconomic environment and interest rate levels, without adding significant incremental credit risk. The ratings could also be upgraded if the company continues to strengthen its balance sheet and liquidity relative to its debt balance. Coinbase's ratings could be downgraded under the following conditions: 1) a substantial decline in the company's liquidity position, or the significant incremental deployment of cash resources into areas other than debt repayment; 2) a substantial and sustained reduction in revenues not offset by prudent expense management that sustains EBITDA; 3) a significant operational incident, including a cyber attack, that results in substantial financial loss or reputational harm. The principal methodology used in these ratings was Securities Industry Service Providers published in February 2024. Coinbase's "Assigned standalone Assessment" score of B1 is set nine notches below the "Financial Profile" initial score of A1 to reflect the significant volatility in its financial profile from its reliance on transaction revenue. COMPLEMAR PARTNERS: Seeks Cash Collateral Access Until Nov. 21 -------------------------------------------------------------- Complemar Partners Inc. and its affiliates ask the U.S. Bankruptcy Court for the Western District of New York for authority to use cash collateral through November 21. The Debtors operate warehousing, fulfillment, and logistics services primarily from their 200,000-square-foot facility in Rochester, New York. They provide printing services out of Buffalo. Previously, the Debtors operated additional locations in Nevada, Oklahoma, and Pennsylvania, but these have been consolidated. As of the petition date, the Debtors are indebted to two main secured creditors: 1. Five Star Bank, which holds a senior secured claim of approximately $409,905 under a $800,000 line of credit facility. Its security interest is secured by a blanket lien on all of the Debtors' assets under a general security agreement from 2016, reaffirmed in January 2025. 2. Series D noteholders, which hold approximately $5.86 million in secured notes issued by Complemar Partners. Their liens are subordinated to Five Star's liens and are governed by a 2022 security agreement (amended in 2024), with Christine Whitman as collateral agent. The claims of the secured creditors are secured by a lien on most of the Debtors' personal property, which includes the cash collateral at issue. As adequate protection, the Debtors propose to grant Five Star Bank perfected, post-petition liens on substantially all of their assets (excluding Chapter 5 avoidance actions) on the same priority as its pre-petition liens. These liens will extend to post-petition cash, accounts receivable, inventory, equipment, and more. In addition, the Debtors will make monthly payments of $5,500 to Five Star Bank beginning on the 15th of each month. Failure to make payments or pay the debt in full by May 1, 2026 constitutes default and will terminate the authority to use cash collateral. The Debtors also agreed to maintain their bank accounts at Five Star Bank, grant a lien on those accounts and file regular financial reports as further protection. Five Star Bank is represented by: David M. Tang, Esq. Underberg & Kessler LLP 300 Bausch & Lomb Place Rochester, NY 14604 Tel: (585) 258-2800 / (585) 258-2845 Fax: (585) 258-2821 dtang@underbergkessler.com 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 Debtor 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20610) on August 28, 2025, listing between $10 million and $50 million in assets and liabilities. David Van Rossum, chief executive officer, signed the petition. Judge Warren oversees the case. Sara C. Temes, Esq., at Bond, Schoeneck & King PLLC, represents the Debtor as legal counsel. CONCEPT CONNECTIONS: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------------- Concept Connections, Ltd asks the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, for authority to use cash collateral to fund operations. The Debtor intends to use the cash collateral of secured creditors in accordance with its proposed budget, which includes payments for operational expenses necessary to maintain its business during Chapter 11, with the intention of reorganizing and generating income. The Debtor owes secured creditors, specifically Idea Financial and Headway Capital, whose claims are secured by liens on nearly all of its property, including bank accounts, accounts receivable, inventory, and equipment. It proposes to protect the interests of these creditors by granting them post-petition liens and priority claims. Concept Connections operates a medical practice specializing in therapy for individuals with autism spectrum disorder. Services are provided in a private clinic equipped for therapeutic services. About Concept Connections Ltd. Concept Connections Ltd., a company based in Plano, Texas, provides behavioral health services with a focus on Applied Behavior Analysis (ABA) therapy for individuals with autism and other developmental disabilities. It collaborates with families, therapists, and schools to deliver tailored therapeutic programs. The company operates at multiple locations in Plano and accepts most major insurance plans. Concept Connections sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-42455) on August 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. The Debtor is represented by Sarah M. Cox, Esq., at Spector & Cox. CONFINE VISUAL: Blackstone Marks $15.8MM 1L Loan at 18% Off ----------------------------------------------------------- Blackstone Secured Lending Fund has marked its $15,868,000 loan extended to Confine Visual Bidco to market at $12,734,000 or 82% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Confine Visual Bidco. The loan accrues interest at a rate of 10.04% per annum. The loan matures on February 23, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Confine Visual Bidco Confine Visual BidCo AB is a Swedish holding company, founded in 2021, that functions as a parent company for the Vizrt Group, a company operating in the field of visual broadcasting. CONFINE VISUAL: Blackstone Marks $379,000 1L Loan at 20% Off ------------------------------------------------------------ Blackstone Secured Lending Fund has marked its $379,000 loan extended to Confine Visual Bidco to market at $304,000 or 80% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Confine Visual Bidco. The loan accrues interest at a rate of 10.04% per annum. The loan matures on February 23, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Confine Visual Bidco Confine Visual BidCo AB is a Swedish holding company, founded in 2021, that functions as a parent company for the Vizrt Group, a company operating in the field of visual broadcasting. COVENANT BAPTIST: Case Summary & Six Unsecured Creditors -------------------------------------------------------- Debtor: Covenant Baptist Church And Ministries, Inc. 1700 Corey Blvd. Decatur, GA 30032 Business Description: Covenant Baptist Church and Ministries, Inc., also known as The Covenant Church, is a non-denominational Christian congregation based in Decatur, Georgia. Founded in 1993 and led by Bishop Quincy Lavelle Carswell, the church provides worship services, Bible study programs, and ministries for children, youth, adults, and seniors. It also operates community outreach initiatives and offers a blend of traditional and contemporary worship practices. Chapter 11 Petition Date: September 1, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-60026 Debtor's Counsel: Leonard R. Medley, III, Esq. LEONARD MEDLEY 2849 Paces Ferry Rd SE, Suite 230 Suite 1450 Bld 2 Atlanta, GA 30339 Tel: (770) 319-7592 Fax: (770) 319-7594 E-mail: closer@mkalaw.com Total Assets: $2,600,000 Etimated Liabilities: $2,965,325 The petition was signed by Quincy Lavelle Carswell as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7QKMCZQ/Covenant_Baptist_Church_And_Ministries__ganbke-25-60026__0001.0.pdf?mcid=tGE4TAMA COWBOY CARES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Cowboy Cares, Inc. 39806 Business Loop Suite 2 Lyman, WY 82937 Business Description: Cowboy Cares, Inc., based in Lyman, Wyoming, provides home health and hospice services, offering skilled nursing, therapy, and support services to patients in their homes. The Company operates primarily within the healthcare sector, focusing on in-home patient care and related medical support. Chapter 11 Petition Date: August 29, 2025 Court: United States Bankruptcy Court District of Wyoming Case No.: 25-20374 Judge: Hon. Cathleen D Parker Debtor's Counsel: Clark D. Stith, Esq. CLARK D. STITH 505 Broadway Street Rock Springs, WY 82901 Tel: 307-382-5565 Fax: 307-382-5552 E-mail: clarkstith@wyolawyers.com Total Assets: $417,140 Total Liabilities: $5,605,776 The petition was signed by April Behunin as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UWCDXOQ/Clark_Cowboy_Cares_Inc__wybke-25-20374__0001.0.pdf?mcid=tGE4TAMA COWBOY CARES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Cowboy Cares, Inc. 39806 Business Loop Suite 2 Lyman, WY 82937 Business Description: Cowboy Cares, Inc., based in Lyman, Wyoming, provides home health and hospice services, including skilled nursing, therapy, and patient support. Chapter 11 Petition Date: August 29, 2025 Court: United States Bankruptcy Court District of Wyoming Case No.: 25-20375 Judge: Hon. Cathleen D Parker Debtor's Counsel: Clark D. Stith, Esq. CLARK D. STITH 505 Broadway Street Rock Springs, WY 82901 Tel: 307-382-5655 Fax: 307-382-5552 E-mail: clarkstith@wyolawyers.com Total Assets: $417,140 Total Liabilities: $5,605,776 The petition was signed by April Behunin as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/URHMBKI/Cowboy_Cares_Inc__wybke-25-20375__0001.0.pdf?mcid=tGE4TAMA CRESCENT ENERGY: Vital Energy Deal No Impact on Moody's 'Ba3' CFR ----------------------------------------------------------------- Moody's Ratings commented that Crescent Energy Finance LLC's (Crescent) announced acquisition of Vital Energy, Inc. (Vital) is credit negative due to the significant amount of debt being assumed despite the stock-for-stock transaction. The transaction is valued at $3.1 billion, and as of June 30, 2025, Vital had $2.3 billion in debt. The acquisition does not currently affect Crescent's ratings, including its Ba3 corporate family rating (CFR) and B1 senior unsecured notes ratings or the stable outlook, because Moody's expects Crescent to successfully execute on its $1 billion in planned non-core asset divestitures while also reducing activities on Vital's acreage which will reduce debt and meaningfully improve financial leverage. Currently, Vital's high-cost structure limits free cash flow, particularly at current oil price levels. Crescent's acquisition of Vital will increase scale (to roughly 400,000 Mboe/d), diversify basin operations, provide optionality, and create synergies. Enhancing capital efficiency and reducing the cost structure on Vital's acreage could also improve credit metrics. Across the combined businesses, hedges will enhance cash flow visibility and mitigate commodity price volatility. Moody's anticipates that Crescent will continue pursuing acquisitions while also returning capital to shareholders, executing both objectives in a disciplined way that maintains balance sheet strength and liquidity. Vital shareholders will receive 1.9062 Crescent shares for each share of Vital. At the close of the transaction, Cresent shareholders will own about 77% of the combined company and Vital's shareholders will own about 23%. The acquisition was unanimously approved by each of Crescent's and Vital's boards of directors. The transaction is expected to close by the end of 2025, subject to Crescent's and Vital's shareholders approval, regulatory approval, and other customary closing conditions. Crescent, headquartered in Houston, Texas, is a subsidiary of publicly traded Crescent Energy Company, an independent exploration and production company. KKR & Co. Inc., through an indirect subsidiary, holds an ownership interest in Crescent and provides management services. Vital is a Tulsa, Oklahoma based publicly traded independent exploration and production company with primary assets in the Permian Basin. CYANOTECH CORP: All Proposals Approved at 2025 Annual Meeting ------------------------------------------------------------- Cyanotech Corp. held its 2025 Annual Meeting of Stockholders during which stockholders elected the four nominees to the Board of Directors named in the proxy statement and ratified the selection of BPM LLP as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2026. The proposals are described in detail in the Company's proxy statement filed with the Securities and Exchange Commission on July 10, 2025. Results for the votes regarding each item or proposal: 1. To elect four directors among the nominees named in the proxy statement. 1. Matthew K. Custer * Votes For: 4,080,123 * Votes Withheld: 60,551 * Broker Non-Votes: 1,186,839 2. Michael A. Davis * Votes For: 4,017,112 * Votes Withheld: 123,562 * Broker Non-Votes: 1,186,839 3. David M. Mulder * Votes For: 4,018,081 * Votes Withheld: 122,593 * Broker Non-Votes: 1,186,839 4. David L. Vied * Votes For: 4,024,070 * Votes Withheld: 116,604 * Broker Non-Votes: 1,186,839 2. To ratify the selection of BPM LLP as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2026. * Votes For: 5,167,992 * Votes Against: 155,517 * Abstentions: 4,004 * Broker Non-Votes: - 3. To hold an advisory vote on the frequency of future advisory votes on the compensation of our Named Executive Officers. * 3 Years: 3,953,481 * 2 Years: 20,675 * 1 Year: 136,864 * Abstentions: 29,654 * Non-Votes: 1,186,839 Additionally, on August 21, 2025, the Company held the Annual Organization Meeting of the Board. During the Organizational Meeting, it was resolved that Michael A. Davis, appointed Chairman of the Board, David M. Mulder and David L. Vied were all determined to be independent directors under Section 1.1(9) of the OTCQB Listing Rules. Also resolved was the appointment of committee members to the Board concurrent with their terms as directors, or until their earlier resignation or removal from such committee. 1. Audit Committee: * David M. Mulder (Chair) * David L. Vied 2. Nominating and Corporate Governance Committee: * Michael A. Davis (Chair) * David L. Vied 3. Compensation Committee: * David L. Vied (Chair) * Michael A. Davis About Cyanotech Corp. Cyanotech Corporation, located in Kailua-Kona, Hawaii, was incorporated in the state of Nevada on March 3, 1983, and is listed on the NASDAQ Capital Market under the symbol "CYAN." The Company is engaged in the production of natural products derived from microalgae for the nutritional supplements market. Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows from operations, including for the fiscal year ended March 31, 2025. Further, the Company was not in compliance with two debt covenant requirements as of March 31, 2025. These conditions, along with other matters raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2025, the Company had $23.5 million in total assets, $14.6 million in total liabilities, and total stockholders' equity of $8.9 million. As of June 30, 2025, the Company had $23 million in total assets, $15 million in total liabilities, and total stockholders' equity of $8 million. CYANOTECH CORP: J. Miyashiro Named CFO, VP of Finance and Treasurer ------------------------------------------------------------------- Cyanotech Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company named Jennifer Miyashiro, age 45, as its Chief Financial Officer, Vice President of Finance and Administration, and Treasurer. In connection with the appointment, Jennifer Rogerson resigned from her position with the Company. In connection with Ms. Miyashiro's appointment, she will receive an annual base salary of $195,000 and will be eligible to receive a fiscal year-end bonus per the Management Bonus Plan, subject to the Company's pretax profit and distributed as part of an overall management bonus program. After her appointment, Ms. Miyashiro will receive options to purchase 50,000 shares of the Company's common stock under the Company's 2016 Equity Incentive Plan, subject to the terms of the Plan and a Stock Option Grant Notice and Option Agreement. The exercise price per share of the Options will be the closing price on the date of grant. The Options will vest over three years at 16,666 shares for the first year and 16,667 shares per year for the remaining two years. Ms. Miyashiro will be eligible to participate in all other employee benefit plans and compensation programs that the Company maintains for salaried employees and executive officers. About Jennifer Miyashiro Ms. Miyashiro joined the Company in May 2025 as Senior Director of Financial Planning and Analysis. She is a seasoned financial professional with over twenty-five years of experience in accounting, financial planning and corporate strategy. From 2012 to 2025, Ms. Miyashiro held several leadership roles at Hawaiian Airlines, most recently serving as Senior Director of Corporate Planning and Financial Planning and Analysis, where she oversaw enterprise-wide financial planning and initiatives. From 2000 to 2012, Ms. Miyashiro spent twelve years at Xilinx, Inc., advancing through roles of increasing responsibility, developing expertise in financial management and business operations. She holds a Master of Business Administration from San Jose State University and a Bachelor of Science degree in Accounting from Santa Clara University. About Cyanotech Corp. Cyanotech Corporation, located in Kailua-Kona, Hawaii, was incorporated in the state of Nevada on March 3, 1983, and is listed on the NASDAQ Capital Market under the symbol "CYAN." The Company is engaged in the production of natural products derived from microalgae for the nutritional supplements market. Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows from operations, including for the fiscal year ended March 31, 2025. Further, the Company was not in compliance with two debt covenant requirements as of March 31, 2025. These conditions, along with other matters raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2025, the Company had $23.5 million in total assets, $14.6 million in total liabilities, and total stockholders' equity of $8.9 million. As of June 30, 2025, the Company had $23 million in total assets, $15 million in total liabilities, and total stockholders' equity of $8 million. CYT MAINTENANCE: Unsecureds to Get 84.8 Cents on Dollar in Plan --------------------------------------------------------------- CYT Maintenance, LLC submitted an Amended Plan of Reorganization for Small Business. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $2,500.00 per month (or $7,500.00 per quarter). This Amended Plan of Reorganization proposes to pay creditors of the Debtor cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 84.8 cents on the dollar. This Plan also provides for the payment of administrative and priority claims in full on the Effective Date. Class 3 consists of Nonpriority unsecured creditors. All non-priority unsecured claims shall be paid a pro rata share of the Debtor's $2,500.00 per month Plan payments (or $7,500.00 per month quarterly payment), after payment of Article 3 claims, Class 1 claims and the arrears on Class 2 claims. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. The Debtor's sole member, Caty Toncobitz, will retain her membership in the Debtor. The Plan shall be funded through the disposable income generated by Debtor's future operations. The Debtor, specifically, the Debtor's principal, Caty Toncobitz will act as the disbursing agent for Plan payments. Disbursements will start no later than October 15, 2025 and will continue for 43 months, inclusive. Disbursements will be made on a monthly basis for the first three months of the Plan, and thereafter on a quarterly basis. I.e., October 15, November 15, and December 15, 2025 in the amount of $2,500.00 each, then January 15, April 15, July 15, and October 15 of each year thereafter in the amount of $7,500 per quarterly disbursement, until the final quarterly payment of February 15, 2029 is made. The last quarterly disbursement will be made on February 15, 2029. A full-text copy of the Amended Plan dated August 22, 2025 is available at https://urlcurt.com/u?l=Kf1iT8 from PacerMonitor.com at no charge. Counsel to the Debtor: George M. Lutz, Esq. Hartman, Valeriano, Magovern & Lutz, P.C. 1025 Berkshire Boulevard, Suite 700 P.O. Box 5828 Wyomissing, PA 19610 Phone: (610) 779-0772 Email: glutz@hvmllaw.com About CYT Maintenance CYT Maintenance, LLC, is in the business of commercial cleaning. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-13743) on October 18, 2024, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Patricia M. Mayer presides over the case. David W. Tidd is the Debtor's legal counsel. DATAVAULT AI: Amends Purchase Deal to Acquire API Media ------------------------------------------------------- As previously disclosed, on July 13, 2025, Datavault AI Inc. entered into a Stock Purchase Agreement with API Media Innovations Inc., a New Jersey corporation, David Reese and Frank Tomaino (Mr. Tomaino together with Mr. Reese, the "Sellers" and each a "Seller"), pursuant to which the Company agreed to purchase from the Sellers all of the outstanding shares of common stock of API Media for an aggregate purchase price of: (i) an amount in cash equal to $6,000,000, (ii) 5,117,188 shares of common stock of the Company, par value $0.001 per share, and (iii) $2,000,000 payable in the aggregate in the form of convertible promissory notes by the Company to the Sellers. The Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 19, 2025, the Company, API Media and Sellers entered into amendment to the Purchase Agreement. Pursuant to the Purchase Agreement Amendment, the parties agreed to delete the Drop Dead Date (as defined in the Purchase Agreement) which would have allowed: (a) the parties to terminate the Purchase Agreement by mutual written consent of the parties, and (b) either party to terminate after August 12, 2025, if the closing had not occurred by the Drop Dead Date. Additionally, the parties agreed to delete a termination provision that allowed a party to terminate the Purchase Agreement if the other party is in breach of the Purchase Agreement which has not been cured within ten (10) days of written notice of such breach (provided that such terminating party has not committed a material breach which is the principal cause of the failure to close). Furthermore, the Purchase Agreement Amendment eliminated a financing contingency by which the Company would only be obligated to close with Seller if it had net proceeds of at least $10 million from one or more investors and/or financial institutions. Pursuant to the Purchase Agreement Amendment, the parties also agreed that as of the date of the Purchase Agreement Amendment, Sellers are entitled to the Breakup Fee (as defined in the Purchase Agreement) unless the transactions is closed by August 26, 2025, the Purchase Agreement is terminated by mutual written consent of the Company, Sellers and API Media, or there is any law or governmental order issued which makes the consummation of the transaction illegal or otherwise prohibited. Except as stated above, the Purchase Agreement Amendment does not make any other substantive changes to the Purchase Agreement. A copy of the Purchase Agreement Amendment is available at https://tinyurl.com/yeys655c About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $120.7 million in total assets, against $46.6 million in total liabilities. DAYLIGHT BETA: Blackstone Marks $6.2MM 1L Loan at 85% Off --------------------------------------------------------- Blackstone Secured Lending Fund has marked its $6,240,000 loan extended to Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) to market at $854,000 or 15% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Daylight Beta Parent, LLC (Benefytt Technologies, Inc.). The loan accrues interest at a rate of 10% PIK per annum. The loan matures on September 12, 2033. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) Benefytt Technologies is a health insurance technology company that develops and operates Medicare Advantage and private health insurance marketplaces, agent technology systems and insurance policy administration platforms. DESERT CITY: Seeks Subchapter V Bankruptcy in California -------------------------------------------------------- On August 29, 2025, Desert City Enterprises LLC filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Desert City Enterprises LLC Desert City Enterprises LLC was classified as a single-asset real estate debtor under U.S. bankruptcy law, with its principal property located at 6 Big Sioux in Rancho Mirage, California. Desert City Enterprises LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-16227) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Summer Shaw, Esq. at SHAW & HANOVER, PC. DIOCESE OF BUFFALO: Chapter 11 Case Shows Progress -------------------------------------------------- Jay Tokasz of The Buffalo News reports that The Buffalo Diocese's bankruptcy, now more than five and a half years old, may be nearing a turning point. According to the report, two insurers agreed to pay $122.5 million into a settlement fund for abuse survivors, raising the trust's total to $272.5 million. The contribution represents a key step toward a comprehensive settlement that would allow the diocese to exit Chapter 11 while shielding parishes from future lawsuits, the report related. The drawn-out case, the longest of any Catholic diocese in the U.S., was delayed by the pandemic, the sheer number of nearly 900 abuse claims, and a Supreme Court decision that upended previous approaches to protecting parishes in such cases, the report added. Survivors' attorneys say those factors, largely outside their control, explain the lengthy process, though they acknowledge the frustration it caused. Recent developments in other diocesan bankruptcies suggest progress may be contagious, the report noted. The Syracuse Diocese won court approval for a $177 million settlement with hundreds of victims, and the Rochester Diocese is on track to confirm a $246 million plan. Attorneys note that when insurers agree to settlements in one case, it can accelerate talks in others with similar coverage. Still, challenges loom, the report said. Parishioner lawsuits objecting to parish funds being used for settlements could stall negotiations, while questions remain over whether the diocese and its parishes can fully meet their financial commitments. With a reorganization plan due October 1, 2025. further negotiations with insurers and stakeholders will determine whether the Buffalo Diocese can finally close this protracted chapter. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is the diocese's counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP are its special litigation counsel; and Phoenix Management Services, LLC is its financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DISCOVERY EDUCATION: Blackstone Marks $2.9MM 1L Loan at 15% Off --------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $2,960,000 loan extended to Discovery Education, Inc. to market at $2,479,000 or 85% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Discovery Education, Inc. The loan accrues interest at a rate of 10.17% per annum. The loan matures on April 9, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Discovery Education, Inc. Discovery Education Inc. is a leading provider of K-12 digital learning resources and professional development solutions for educators and students, offering digital textbooks, virtual learning tools, and various educational content to enhance student growth. DISCOVERY EDUCATION: Blackstone Marks $3.7MM 1L Loan at 16% Off --------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $3,785,000 loan extended to Discovery Education, Inc. to market at $3,170,000 or 84% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Discovery Education, Inc. The loan accrues interest at a rate of 10.88% per annum. The loan matures on April 9, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Discovery Education, Inc. Discovery Education Inc. is a leading provider of K-12 digital learning resources and professional development solutions for educators and students, offering digital textbooks, virtual learning tools, and various educational content to enhance student growth. DISCOVERY EDUCATION: Blackstone Marks $33.6MM 1L Loan at 16% Off ---------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $33,638,000 loan extended to Discovery Education, Inc. to market at $28,172,000 or 84% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Discovery Education, Inc. The loan accrues interest at a rate of 10.98% per annum. The loan matures on April 9, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Discovery Education, Inc. Discovery Education Inc. is a leading provider of K-12 digital learning resources and professional development solutions for educators and students, offering digital textbooks, virtual learning tools, and various educational content to enhance student growth. ECHOSTAR CORP: AT&T Deal Lifts Bonds Out of Distress ---------------------------------------------------- Constantine Courcoulas of Bloomberg News reports that EchoStar capped a pivotal week by striking a $23 billion spectrum sale to AT&T, easing years of financial strain for the heavily indebted satellite and communications group. The deal will direct most of its proceeds toward reducing debt, lifting EchoStar and its Dish Network subsidiary off Bloomberg's distress tracker for the first time since early 2024, according to the report. Bondholders, who had endured a prolonged standoff with the company, were rewarded as debt prices surged following the announcement, the report added. About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. EchoStar reported a net loss of $1.63 billion for the year ended Dec. 31, 2023, compared to net income of $2.53 billion for the year ended Dec. 31, 2022. As of March 31, 2024, the Company had $55.55 billion in total assets, $35.71 billion in total liabilities, and $19.84 billion in total stockholders' equity. Denver, Colorado-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Feb. 29, 2024, citing that the Company has debt maturing in 2024 and expects to use a substantial amount of cash in the next 12 months following the filing of the report. This raises substantial doubt about the Company's ability to continue as a going concern. ELEVATE PFS: Moody's Withdraws 'Caa1' CFR Following Debt Repayment ------------------------------------------------------------------ Moody's Ratings has withdrawn all ratings of Elevate PFS Parent Holdings, Inc. ("Elevate") including the company's Caa1 corporate family rating and Caa1-PD probability of default rating. Concurrently, the company's Caa1 backed senior secured first lien bank credit facility ratings were withdrawn at Elevate PFS Holdings, Inc., which consists of a $30 million revolver and $295 million term loan. Prior to the withdrawal the outlook for both companies was positive. RATINGS RATIONALE Moody's have withdrawn all ratings following the repayment of all of the company's outstanding rated debt in conjunction with a refinancing of its capital structure. The company terminated the existing credit agreements and all indebtedness outstanding thereunder was paid off and all commitments under the credit facilities were terminated. Elevate is a provider of RCM services, mostly to US hospitals. The company operates in three segments: Eligibility, Patient Responsibility, and AR Services. Elevate is private and does not publicly disclose its financials. GENESIS HEALTHCARE: Unsecured Claimholders File Rule 2019 Statement ------------------------------------------------------------------- In the Chapter 11 cases of Genesis Healthcare Inc. and affiliates, the Statutory Unsecured Claimholders' Committee (the "Committee" or the "UCC") filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. On July 30, 2025, the Office of the United States Trustee for the Northern and Eastern District of Texas appointed the UCC. On August 25, 2025 (the "Reconstitution Date"), the U.S. Trustee issued a notice (the "Appointment Notice") reconstituting the Committee by adding two members. The UCC members hold unsecured claims against the Debtors' estates pursuant to a variety of business and other relationships. The UCC Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 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 jmeyeroff@morrisjames.com * an unsecured claim in an unliquidated amount; 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 * an unsecured claim of $1,200,000; 3. Mark Adkins, 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 * an unsecured claim of $250,000, plus an additional claim in an unliquidated amount; 4. Ignacio Garcia, Individually and as 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 * an unsecured claim of $2,900,000; 5. Joshua Perlin Vice President and Chief Operating Officer Omnicare, LLC 6285 West Galveston St. #3 Chandler, AZ 85226 joshua.perlin@omnicare.com * an unsecured claim of $40,781,416.28; 6. Silvana Stankus Executive Director New England Healthcare Employees Pension Fund 77 Huyshope Avenue, 2nd Floor sstankus@1199nefunds.org * an unsecured claim of $18,649,420; 7. Peter Nenstiel Senior Vice President Financial Services Healthcare Services Group, Inc. 3220 Tillman Drive, Suite 300 Bensalem, PA 19020 pnenstiel@hcgcorp.com * an unsecured claim of $72,532,598.35; 8. Paul Runice Vice President Change Healthcare Operations, LLC and Change Healthcare Technologies, LLC 9900 Bren Rd. E Minnetonka, MN 55343 paul_runice@uhg.com * an unsecured claim of $42,177,322.12; and 9. Brian Chambers Director of Credit and Collections Sysco Corporation 1390 Enclave Parkway Houston, TX 77077 brian.chambers@sysco.com * an unsecured claim of $7,428,248.80. Proposed Counsel to the Statutory Unsecured Claimholders' Committee: STINSON LLP Zachary Hemenway, Esq. Nicholas Zluticky, Esq. Miranda Swift, Esq. 1201 Walnut Street, Suite 2900 Kansas City, Missouri 64106-2150 Telephone: (816) 842-8600 Email: zachary.hemenway@stinson.com nicholas.zluticky@stinson.com miranda.swift@stinson.com - and – PROSKAUER ROSE LLP Brian S. Rosen, Esq. Timothy Q. Karcher, Esq. Ehud Barak, Esq. Daniel S. Desatnik, Esq. Eleven Times Square New York, New York 10036-8299 Telephone: (212) 969-3000 Facsimile: (212) 969-2900 Email: brosen@proskauer.com ebarak@proskauer.com tkarcher@proskauer.com ddesatnik@proskauer.com – and – Paul Possinger, Esq. Jordan Sazant, Esq. Three First National Plaza 70 West Madison, Suite 3800 Chicago, IL 60602-4342 Telephone: (312) 962-3550 Facsimile: (312) 962-3551 Email: ppossinger@proskauer.com jasazant@proskauer.com About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GLOBAL TECHNOLOGIES: Forms GTLL Advisory to Enter Wellness Sector ----------------------------------------------------------------- Global Technologies, LTD issued a strategic update following significant adjustments to its operating structure and portfolio. Global Technologies, LTD announced the formation of its wholly owned subsidiary, GTLL Advisory Group, LLC, a Wyoming limited liability company created to provide advisory and consulting services to small and medium-sized businesses. The new subsidiary will initially focus on the health and wellness industry, including medical spas, clinics, and wellness centers. In connection with the launch, GTLL Advisory Group has filed to register the trade name "Glowell Advisors" with the Wyoming Secretary of State. Upon approval, the company will conduct business under the Glowell Advisors brand and operate online through its website at www.glowelladvisors.com. GTLL Advisory Group will be managed on an interim basis by H. Wyatt Flippen, Chief Executive Officer of Global Technologies, LTD, until a dedicated manager is hired to lead company. The company has several contracts in the pipeline for future client engagements. "We believe that GTLL Advisory Group and the Glowell Advisors brand will strengthen our presence in the growing wellness services sector," said Wyatt Flippen, CEO of Global Technologies, LTD. "By leveraging our expertise and expanding into advisory services, we are positioning Global Technologies to create new growth opportunities and deliver long-term value to shareholders." 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 auditor since 2024, 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 Dec. 31, 2024, Global Technologies had $8.60 million in total assets, $6.62 million in total liabilities, and $1.98 million in total stockholders' equity. As of Mar. 31, 2024, it had $4.91 million in total assets, $4.09 million in total liabilities, and $821,825 in total stockholders' equity. GOEASY LTD: Moody's Affirms 'Ba3' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings has affirmed goeasy Ltd.'s (goeasy) Ba3 corporate family rating and Ba3 senior unsecured debt ratings. goeasy's outlook is stable. RATINGS RATIONALE The ratings affirmation reflects Moody's unchanged view of goeasy's creditworthiness, which is supported by its solid franchise as a leading provider of alternative financial services in Canada's subprime consumer lending market and its strong profitability and capitalization. The ratings also consider the credit risks associated with a possible deterioration in asset quality driven by a weakening economic environment, and the inherent regulatory risks pertaining to goeasy's pricing and business practices. The ratings also reflect the benefits to creditors from goeasy's improved revenue diversity in recent years with expansion into consumer auto financing and secured lending. The firm's revenue diversity efforts also included the 2021 acquisition and successful integration of LendCare, a point-of-sale consumer finance company. goeasy's profitability remained solid in 2024 but has deteriorated somewhat through the first six months of 2025, as evidenced by Moody's Ratings-adjusted ratio of net income to average managed assets of 6.1% and 4.7% in these periods, respectively. The decrease in profitability can largely be attributed to the Government of Canada's implementation of a 35% annual percentage rate (APR) regulatory rate cap on January 01, 2025, as well as the company's shift to more secured lending, and an increase in the company's allowance for credit losses. goeasy's Moody's Ratings-adjusted tangible common equity to tangible managed assets declined to 18.3% at June 30, 2025 from the 20.2% at December 31, 2024, largely driven by growth of around CAD432 million in the company's total assets, as well as the company repurchasing approximately CAD98 million of shares in the same period. That said, Moody's continues to view goeasy as being well capitalized, which protects creditors against unexpected losses. The firm's sound risk culture underpins its track record of consistent loss rates that has driven stable profitability and well-managed asset risk. However, the firm's key credit challenge, which is inherent in its business profile, is its high exposure to subprime consumer credit, making it vulnerable to a turn in the economic cycle and regulatory risk. While the company's capitalization and profitability have modestly weakened through the first six months of 2025, asset quality performance has somewhat improved; annualized net charge-offs were 8.6% of average gross loans for the first half of 2025, notably lower than 9.1% reported for 2024 and 8.9% for 2023. While Moody's expects that credit quality may weaken over the next 12 months, the company remains well provisioned and has navigated macroeconomic uncertainty. Problem loans as a percentage of gross receivables declined to 4.2% at June 30, 2025 from 4.5% at December 31, 2024, but remain somewhat elevated compared to 2.4% at December 31, 2023. That said, Moody's expects stronger recovery prospects for problem loans going forward given the portfolio shift towards secured lending (48% at June 30, 2025 from 45% at December 31, 2024 and 42% at December 31, 2023). goeasy's Ba3 senior unsecured rating is at the same level as its CFR, and this rating is driven by the volume of senior unsecured debt in its capital structure and the availability of unencumbered assets to support senior unsecured creditors. The affirmation of the senior unsecured rating is based on Moody's expectations that goeasy will successfully continue its routine refinancing of maturing senior notes, and will pay down its USD65 million outstanding notes due May 2026 in full at maturity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS goeasy's ratings could be upgraded if its risk management practices continue to effectively support strong asset quality through the cycle, while the firm also maintains or improves its existing profitability and capitalization levels. The implementation of regulatory rules that have tightened the maximum allowable customer interest rate will require further changes in goeasy's business activities, and the demonstration of the successful navigation these rules would likely be necessary before Moody's would consider a ratings upgrade. An upgrade of the CFR could lead to an upgrade of the senior unsecured rating, but this would also be dependent upon the evolution of goeasy's capital structure. goeasy's ratings could be downgraded should there be a material deterioration in asset quality that results in net charge-offs being sustained above 10%. A significant reduction in capital, profitability or liquidity could also result in a ratings downgrade. The ratings could also be downgraded should Moody's believes goeasy will encounter difficulties in paying down or refinancing upcoming debt maturities. The senior unsecured rating could be downgraded should goeasy's capital structure evolve in a manner that is unfavorable to senior unsecured creditors, such as a reduction in unencumbered assets available to support unsecured creditors. The principal methodology used in these ratings was Finance Companies published in July 2024. goeasy's "Assigned Standalone Assessment" adjusted score of ba3 is set three notches below the "Financial Profile Score" of Baa3 to reflect the operational and regulatory risk associated with its concentration in the subprime consumer lending industry and its operating environment. GRAHAM PACKAGING: Moody's Alters Outlook on 'B2' CFR to Positive ---------------------------------------------------------------- Moody's Ratings affirmed Graham Packaging Company, Inc's (Graham) B2 Corporate Family Rating, B2-PD Probability of Default rating, B1 senior secured 1st lien bank credit facility rating, and Caa1 senior unsecured notes rating. The outlook has been changed to positive from stable. "The rating action reflects Graham's execution and continued focus on debt reduction which has strengthened credit metrics, as the company navigates through uncertain market conditions," said Scott Manduca, Vice President at Moody's Ratings. "Despite some end market softness, Graham's profitability and free cash flow generation support Moody's expectations that leverage will likely be below 5.0x debt/EBITDA and interest coverage will trend toward 3.5x EBITDA/interest expense going forward." RATINGS RATIONALE Graham's B2 corporate family rating (CFR) reflects its strong market position as a leading designer and producer of custom blow molded containers in North America, and its high exposure to defensive end markets, including food, beverage, and household products. With contracts containing cost pass through mechanisms on nearly 100% of its business, Graham is able to efficiently manage through raw material input cost inflation and limit margin volatility. The company's financial policy has prioritized debt reduction and the company has abstained from debt-financed acquisitions, in contrast to many of its peers in the packaging industry. Furthermore, the company maintains a good liquidity position with no drawings on its $100 million revolving credit facility due February 2027, and consistent free cash flow generation. Moody's B2 rating also reflects the fragmented and highly competitive nature of the plastic packaging business in which Graham competes. The company does have some customer concentration with its top five customers accounting for close to 35% of revenue. About 10-20%% of sales is exposed to the cyclical automotive industry in the form of various sized motor oil containers, although Moody's tend to view as less vulnerable in market uncertainty, as these items are vital to automobile maintenance. The B1 ratings on the revolver and term loan facility, one notch above the corporate family rating, reflect the benefit of guarantees and security from the domestic subsidiaries, as well as loss absorption from the unsecured debt in the capital structure. The facility is guaranteed by the domestic subsidiaries and secured by a first lien on the equity and assets of the guarantors. The Caa1 rating on the unsecured notes, two notches below the corporate family rating, reflects the subordination to a significant amount of secured debt. The issuer and guarantors are the same as the first lien term loan. The positive outlook reflects Moody's expectations that the company will continue to maintain at least stable profit margins and generate positive free cash flow in the next 12-18 months, which will support leverage trending to below 5.0x debt/EBITDA, and interest coverage toward 3.5x EBITDA/interest expense. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if there is sustainable improvement in credit metrics and cashflow, while maintaining good liquidity. Specifically, debt-to- EBITDA is below 5.0x, EBITDA-to-interest expense is above 3.5x, and free cash flow-to-debt is above 4%. The ratings could be downgraded if there is a deterioration in credit metrics or liquidity. Specifically, if debt-to-EBITDA is above 6.0x, adjusted EBITDA-to-interest expense is below 2.5x, and free cash flow-to-debt is below 2.5%. Headquartered in Lancaster, Pennsylvania, Graham Packaging Company, Inc designs, manufacturers, and sells customized blow molded plastic containers. The company is a 100% owned by Graeme Hart. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. 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. GREEN TERRACE: Trustee Gets OK to Use Cash Collateral Until Oct. 31 ------------------------------------------------------------------- Daniel Stermer, the Chapter 11 trustee for Green Terrace Condominium Association, Inc., received second interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court's second interim order authorized the trustee to use cash collateral from June 18 to October 31 in accordance with the budget. The trustee may use the cash on hand to pay the expenses of operating the Debtor's business as set forth in the budget, with a variance of up to 10% of the total expenditures. The trustee was directed to set aside within a segregated account the amount of $7,500 each month effective September 1, as adequate protection for the liens held by Boken Lending II, formerly BOK Lending, LLC. The next hearing is set for October 9. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/wYaqm from PacerMonitor.com. About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, P.A. HEALTHEQUITY INC: Moody's Alters Outlook on 'Ba3' CFR to Positive ----------------------------------------------------------------- Moody's Ratings affirmed HealthEquity, Inc.'s ("HealthEquity") corporate family rating at Ba3 and its probability of default rating at Ba3-PD. Concurrently, Moody's affirmed the $600 million senior unsecured notes rating at B1. The speculative grade liquidity rating (SGL) remains unchanged at SGL-1. The outlook has been changed from stable to positive. The issuer provides technology-enabled services that help consumers manage tax-advantaged HSAs and other CDBs offered by their employers. The rating action reflects the positive impact from successfully integrating the recent BenefitWallet acquisition, which has increased scale, while at the same time improving free cash flow generation and paying down debt, resulting in lower financial leverage as measured by debt/EBITDA. RATINGS RATIONALE HealthEquity, Inc.'s Ba3 CFR is supported by moderate leverage with debt/EBITDA less capitalized software costs of 3.4x, good interest coverage as measured by EBITDA less capital expenditures to interest expense of almost 6.0x, both for the LTM period ended April 30, 2025, and strong EBITDA margins in the high 20s to low 30s percent range. HealthEquity is the largest non-bank custodian of Health Savings Accounts (HSA) in the US and an administrator of other consumer-directed benefits (CDB) offered by employers. The company's competitive position has been strengthened following the close of the BenefitWallet acquisition and what has been a successful integration. This established market position provides very good revenue visibility allowing the company to generate predictable profitability and healthy free cash flow, as evidenced by free cash flow approaching $300 million (26% of debt) for the LTM period ended April 30, 2025. All financial metrics cited reflect Moody's standard adjustments. HealthEquity's rating considers the negative credit impact from the company's modest revenue scale of approximately $1.2 billion for the twelve month period ended April 30, 2025 which is below other services issuers also rated at the Ba3 rating and other industry peers. The company's financial policies include opportunistic debt issuances to fund acquisitions as a growth strategy, which weigh on the rating along with the possibility of a slower labor market and a lower interest rate environment that could affect organic growth and profitability. However, Moody's note that the company has a track record of assimilating acquisitions and improving free cash flow generation while paying down debt. Other factors constraining the rating include a competitive industry with much larger competitors like Fidelity Investments, Inc. (unrated) and Optum (a subsidiary of UnitedHealth Group Incorporated, A2 negative). A decline in prevailing interest rates would pressure both custodial revenue and profit margins (although the company has mitigated this risk), creating some demand cyclicality. The potential for a more shareholder-friendly capital policy following the recent announcement of a $300 million share buyback program last year also constrains the rating. HealthEquity's liquidity profile is very good, as reflected in the SGL-1 speculative grade liquidity rating. The company had roughly $288 million of cash as of April 30, 2025. Moody's anticipates around $350 million a year of free cash flow in fiscal years Y2026 and 2027 (ending January 31). Moody's expects approximately $550 million will remain available under the $1 billion revolver (unrated, expiring in August 2029) over the next 12 to 15 months. The company has stated that the revolving credit facility may be used in the future for working capital and general corporate purposes, including the financing of acquisitions and other investments. The revolver has two financial covenants, including a maximum gross leverage ratio (as defined in the agreement) of 5.0x or less and minimum interest coverage of 3.0x or more. Moody's expects HealthEquity will maintain a comfortable cushion for both covenants. Any debt amortization payments over the next couple of years should be easily paid from internally generated free cash flow. The $600 million 4.5% senior unsecured notes due 2029 is rated B1, which is one notch below the Ba3 CFR, reflecting their subordination to the unrated secured obligations in Moody's hierarchy of claims at default. The positive outlook reflects Moody's expectations for mid to high-single digit range organic revenue growth, debt/EBITDA less capitalized software costs sustained below 4.0x and about $300 million of free cash flow. The company has been able to maintain lower leverage levels for several quarters even while instituting the recent share buy-back program. The outlook also anticipates that HealthEquity will maintain opportunistic financial strategies, emphasizing acquisitions of other HSA and CDB businesses and portfolios funded with a range of sources, including incremental debt. The outlook could be changed to stable from positive if the company is unable to generate continued organic growth throughout the business cycle or if operating performance materially trails Moody's expectations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded over time if HealthEquity further expands its revenue scale in both a weaker economic cycle and declining interest rate environment, sustains EBITDA margins above 30% and maintains debt to EBITDA less capitalized software costs below 4.0x. The ratings could be downgraded if Moody's anticipates revenue growth will slow, meaningful market share losses, EBITDA margins will decline substantially, a fall in free cash flow to debt remaining below 8%, or debt to EBITDA less capitalized software costs will be maintained above 5.0x. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. HealthEquity's Ba3 rating is two notches below the scorecard-indicated outcome. The difference is explained by the company's opportunistic financial policies, exposure to macroeconomic cyclicality both in terms of employment and interest rates, as well as its relatively smaller scale versus larger more diversified competitors. HealthEquity, Inc. (NYSE:HQY), based in Draper, UT, provides technology-enabled services that help consumers manage tax-advantaged HSAs and other CDBs offered by their employers. Moody's expects FY2027 (ends January) revenue to approach $1.3 billion. HEALTHY EXTRACTS: Donald W. Swanson Holds 77.5% Equity Stake ------------------------------------------------------------ Donald W. Swanson, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of July 19, 2025, he beneficially owns 13,075,920 shares of common stock, representing approximately 77.5% of the outstanding shares of Healthy Extracts Inc. (CUSIP: 42227D209). The shares were acquired as part of the merger between Healthy Extracts Inc. and Gummy USA, LLC, using assets and equity from Gummy USA, LLC. Donald W. Swanson may be reached through: Robert Madden PO Box 17207, Salt Lake City, UT 84117 Phone: 801-232-0753 A full-text copy of the SEC report is available at: https://tinyurl.com/3c3r9d3j About Healthy Extracts Headquartered in Henderson, Nev., Healthy Extracts Inc. -- www.healthyextractsinc.com -- is a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals. The Company's proprietary and patented products target select high-growth categories within the multibillion-dollar nutraceuticals market, such as heart, brain, and immune health. As of Dec. 31, 2024, the Company had $2,377,973 in total assets, $1,967,596 in total liabilities, and a total stockholders' equity of $410,377. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company's operating losses raise substantial doubt about its ability to continue as a going concern. HIGHPEAK ENERGY: Moody's Withdraws 'B1' Corporate Family Rating --------------------------------------------------------------- Moody's Ratings withdrew all assigned ratings for HighPeak Energy, Inc. (HighPeak), including its B1 Corporate Family Rating, B1-PD Probability of Default Rating, B2 senior unsecured notes rating, and SGL-2 Speculative Grade Liquidity Rating. Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE The ratings were withdrawn because HighPeak did not issue its proposed senior unsecured notes. HighPeak is a publicly listed independent exploration and production (E&P) company headquartered in Fort Worth, Texas. HOOTERS OF AMERICA: Plan Exclusivity Period Extended to Sept. 27 ---------------------------------------------------------------- Judge Scott W. Everett of the U.S. Bankruptcy Court for the Northern District of Texas extended Hooters of America, LLC, and its affiliated debtors' exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 27 and November 26, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that ample cause exists to grant the relief requested by this Motion in these Chapter 11 Cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods: * The Debtors' Chapter 11 Cases are large and complex. As reflected by the Court's Order Granting Chapter 11 Complex Case Treatment, the Debtors' significant number of creditors and assets make these cases large and complex. As of the Petition Date, the Debtors had approximately $376 million of funded debt, along with unsecured obligations to various vendors, contractual counterparties, and, as of the Petition Date, thousands of employees. Accordingly, this factor weighs in favor of granting an extension of the Exclusivity Periods. * The terms of a chapter 11 plan depended on the outcome of the sales process. The Debtors entered these Chapter 11 Cases contemplating a sale transaction for the acquisition of certain company-owned stores by the Buyer Group. The terms of this sale transaction were not finalized as of the Petition Date, requiring the Debtors to continue negotiations and documentation of the sale during these Chapter 11 Cases. * The Debtors are paying their bills as they come due. The Debtors have paid their undisputed postpetition debts in the ordinary course of business or as otherwise provided by Court order. * Significant time has not elapsed in these Chapter 11 Cases. This is the Debtors' first request for an extension of the Exclusivity Periods and will result in a total extension of the Exclusivity Periods of 60 days. As noted above, courts routinely grant a Debtors' request for an initial exclusivity extension. The Debtors' Co-Bankruptcy Counsel: Holland N. O'Neil, Esq. Stephen A. Jones, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 Email: honeil@foley.com sajones@foley.com zzahn@foley.com The Debtors' General Bankruptcy Counsel: Ryan Preston Dahl, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, New York 10036 Tel: (212) 596-9000 Fax: (212) 596-9090 ryan.dahl@ropesgray.com - and - Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. Michael K. Wheat, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, Illinois 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 Email: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com michael.wheat@ropesgray.com About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. HYPERION DEFI: 7 of 8 Proposals Approved at 2025 Annual Meeting --------------------------------------------------------------- The 2025 Annual Meeting of Stockholders of Hyperion DeFi was held in a virtual format on August 18, 2025 at 12:00 PM EDT. Of Hyperion DeFi's 5,603,034 shares of common stock issued and eligible to vote as of the record date of July 18, 2025, a quorum of 2,880,210 shares, or approximately 51.40% of the eligible shares, was present virtually or represented by proxy at the Annual Meeting. The actions set forth were taken at the Annual Meeting; Proposal 5 did not receive the necessary votes in favor and will not be implemented at this time. Each of the matters set forth is described in detail in Hyperion DeFi's definitive proxy statement on Schedule 14A related to the Annual Meeting, filed on July 24, 2025: 1. Election of the following directors of Hyperion DeFi, to serve one-year terms expiring in 2026 or until their successors have been elected and qualified. a. Michael Geltzeiler * Shares Voted For: 1,028,126 * Shares Voted to Withhold Authority: 75,796 * Broker Non-Votes: 1,776,288 b. Rachel Jacobson * Shares Voted For: 1,016,274 * Shares Voted to Withhold Authority: 87,648 * Broker Non-Votes: 1,776,288 c. Hyunsu Jung * Shares Voted For: 1,065,014 * Shares Voted to Withhold Authority: 38,907 * Broker Non-Votes: 1,776,289 d. Michael Rowe * Shares Voted For: 1,013,928 * Shares Voted to Withhold Authority: 89,994 * Broker Non-Votes: 1,776,288 e. Ellen Strahlman, M.D. * Shares Voted For: 999,391 * Shares Voted to Withhold Authority: 104,531 * Broker Non-Votes: 1,776,288 2. Ratification of the appointment of CBIZ CPAs P.C. as Hyperion DeFi's independent registered public accounting firm for the fiscal year ending December 31, 2025. * Shares Voted For: 2,780,873 * Shares Voted Against: 70,008 * Shares Abstaining: 29,329 * Broker Non-Votes: 0 3. Approval, on an advisory basis, of the compensation of Hyperion DeFi's named executive officers. * Shares Voted For: 1,020,571 * Shares Voted Against: 74,924 * Shares Abstaining: 8,427 * Broker Non-Votes: 1,776,288 4. Approval of an amendment to Hyperion DeFi's Charter to, at the discretion of the Board, increase the number of shares of common stock authorized for issuance thereunder from 300,000,000 shares to 600,000,000 shares and the number of shares of preferred stock authorized for issuance thereunder from 6,000,000 shares to 60,000,000 shares. * Shares Voted For: 897,183 * Shares Voted Against: 206,025 * Shares Abstaining: 713 * Broker Non-Votes: 1,776,289 On August 19, 2025, the Company filed a certificate of amendment to its Third Amended and Restated Certificate of Incorporation, as amended with the Secretary of State of Delaware to increase the total number of shares of common stock, par value $0.0001 per share, that Hyperion DeFi will have authority to issue from 300,000,000 shares to 600,000,000 shares and the total number of shares of preferred stock, par value $0.0001 per share, from 6,000,000 shares to 60,000,000 shares. 5. Approval of an amendment to Hyperion DeFi's Charter to enable stockholders of the Company to act by written consent in lieu of a meeting. * Shares Voted For: 1,010,562 * Shares Voted Against: 90,024 * Shares Abstaining: 3,336 * Broker Non-Votes: 1,776,288 6. Approval of amendments to Hyperion DeFi's Amended and Restated 2018 Omnibus Stock Incentive Plan to reserve an additional 5,172,934 shares of common stock for issuance thereunder and to remove the annual limit on the grant date fair value of awards to any non-employee director, together with any cash fees paid during the year. * Shares Voted For: 928,173 * Shares Voted Against: 166,891 * Shares Abstaining: 8,858 * Broker Non-Votes: 1,776,288 7. Approval of the issuance of up to 394,236 shares of common stock upon the exercise of warrants issued to a certain institutional investor pursuant to a Warrant Inducement Letter, dated January 16, 2025, as required by and in accordance with Nasdaq Listing Rule 5635(d). * Shares Voted For: 993,982 * Shares Voted Against: 108,413 * Shares Abstaining: 1,527 * Broker Non-Votes: 1,776,288 8. Approval of one or more adjournments of the Annual Meeting to a later date or dates if necessary or appropriate to solicit additional proxies if there are insufficient votes to approve any of the Proposal Nos. 4, 5 or 7 at the time of the Annual Meeting or if there is not a quorum. * Shares Voted For: 1,149,783 * Shares Voted Against: 149,704 * Shares Abstaining: 8,122 * Broker Non-Votes: 1,572,601 About Hyperion DeFi Inc. Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. New York, N.Y.-based Marcum LLP, the Eyenovia's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $55.66 million in total assets, against $18.30 million in total liabilities. INTELLIGENT PAYMENT: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------------- On August 29, 2025, Intelligent Payment Processing Inc. filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Intelligent Payment Processing Inc. Intelligent Payment Processing Inc. is a Florida-based company. Intelligent Payment Processing Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20183) on August 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Vivian Sobers, Esq. at SOBERS LAW PLLC. IRWIN NATURALS: Court OKs Deal on Cash Collateral Access -------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, approved a stipulation granting Irwin Naturals and its affiliates another extension to use cash collateral. The stipulation authorizes the Debtors to use cash collateral through October 6 in accordance with their budget and grants East West Bank, the lenders' agent, replacement liens on post-petition assets and superpriority claims as adequate protection. The stipulation also authorizes the Debtors to make the severance payments included in the budget to five terminated employees, two of whom are insiders, under the Debtors' severance policy. The Debtors' right to use cash collateral can be terminated under specific conditions, including failure to comply with the stipulation, the dismissal or conversion of the bankruptcy case, or failure to replace the independent director, Bradley Sharp, as specified in the stipulation. The parties to the stipulation are East West Bank, the official committee of unsecured creditors and the Debtors. A copy of the stipulation is available at https://urlcurt.com/u?l=r1FDFK from PacerMonitor.com. The Debtors acknowledge their pre-petition debt to the lenders, amounting to $18.339 million, plus interest and fees, and the agent's lien on nearly all of the Debtors' assets, including intellectual property and cash. On August 8, the Debtors completed the sale of substantially all of their assets to FitLife Brands, Inc. for $42.5 million, excluding cash, which totaled $4,470,465 at the time of the sale. As part of the sale agreement, the Debtors made a payment of $23.247 million to East West Bank on August 11. About Irwin Naturals Irwin Naturals is a provider of business support services. Irwin Naturals and affiliates, 5310 Holdings, LLC, DAI US HoldCo, Inc. and Irwin Naturals, Inc., filed Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 24-11323) on Aug. 9, 2024. At the time of the filing, Irwin Naturals reported $10 million to $50 million in both assets and liabilities. Judge Victoria S. Kaufman oversees the cases. The Debtors tapped BG Law, LLP as bankruptcy counsel; Beach, Freeman, Lim & Clelland, LLP as accountant; Province, LLC as financial advisor; and Marula Capital Group, LLC as valuation consultant. Omni Agent Solutions, Inc., is the Debtors' administrative agent. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Golden Goodrich, LLP. East West Bank, as secured creditor, is represented by Catherine Lyons, Esq. at Wilson Sonsini Goodrich & Rosati. J PAUL ROOFING: Seeks to Use Cash Collateral -------------------------------------------- J Paul Roofing & Construction, Inc. asks the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use cash collateral and provide adequate protection. The Debtor relies on cash collateral to cover essential business expenses, including materials, payroll, and operations. It seeks approval to use this collateral to pay these expenses, as outlined in its 14-day and 30-day budget, which is an estimate of the funds required to continue operations and reorganize. The Debtor requests authority to use cash collateral for any unforeseen expenses, with a provision to spend up to 110% of the listed amounts, as long as the total does not exceed 10% over the budgeted monthly total. The Debtor has secured loans from the U.S. Small Business Administration and Mulligan Funding, with liens on accounts receivable and cash, which constitute their cash collateral. About J Paul Roofing & Construction Inc. J Paul Roofing & Construction Inc. operates a roofing and exteriors business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33290-mvl11) on August 28, 2025. In the petition signed by Jason Paul, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge MIchelle V. Larson oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. JELD-WEN INC: Moody's Cuts CFR to B2 & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings downgraded JELD-WEN, Inc.'s (JELD-WEN) corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD, the rating on the company's senior secured term loan B to B1 from Ba3, and the ratings on the senior unsecured notes issued by JELD-WEN, Inc. and backed senior unsecured notes issued by JELD-WEN Holding, Inc. to B3 from B2. The Speculative Grade Liquidity Rating was downgraded to SGL-3 from SGL-2 for JELD-WEN. The rating outlook for JELD-WEN, Inc. was changed to negative from stable. At the same time, the outlook for JELD-WEN Holding, Inc. was changed to negative from no outlook. The downgrade of the CFR to B2 reflects the continued deterioration of JELD-WEN's earnings and limited prospects for a material near term turnaround due to weak end markets, inflationary pressures and volume declines which have led to lower manufacturing efficiency. As a result, the company's debt to EBITDA is about 8.1x for the last twelve month (LTM) period ended June 30, 2025. The company has identified and implemented several cost cutting actions to preserve EBITDA which include discretionary cost savings, labor related actions and targeted growth efforts. While Moody's expects these actions will improve earnings, Moody's expects debt to EBITDA remain above 7x by the end of 2025. Moody's also expects negative free cash flow and EBITA to interest coverage of less than 1x in 2025. Moody's expects debt to EBITDA to improve to below 7x and EBITA to interest coverage to above 1x in 2026. While Moody's expects the majority of free cash flow deficits to be incurred in 2025, Moody's still expect negative free cash flow in 2026 as the company incurs restructuring charges. The negative outlook reflects Moody's expectations for weak credit metrics, negative free cash flow over the next 12-18 months and the risk that the cost cutting, restructuring and transformation measures JELD-WEN has adopted will not be sufficient. The outlook also reflects the risk of deteriorating liquidity if JELD-WEN cannot halt the erosion in its operating performance. RATINGS RATIONALE JELD-WEN's B2 CFR is supported by: 1) its strong market position as a leading manufacturer of doors and windows in its North American and European end markets; 2) large revenue base of $3.8 billion with global geographic diversification of sales across 71 countries; 3) financial policy that is geared toward conservative debt leverage with a net debt to EBITDA target of 2.0 to 2.5x, although leverage is currently well above the target range; and 4) long-term strategies directed at productivity enhancements, cost reductions, and product pricing to support profitability improvement. The company's credit profile is constrained by: 1) recent erosion in operating performance and loss of a key customer resulting in weak profitability and deteriorating credit metrics; 2) the cyclicality of the end markets served, and currently soft conditions in the repair and remodeling sector meaningfully impacting its earnings generation and leverage profile; 3) competitive dynamics in the building products sector, inflationary input cost pressures, and weaker operating margins compared to peers; 4) long-term risks related to acquisitions and to shareholder-friendly activities in the form of share repurchases, although neither is expected in the near term. Speculative Grade Liquidity Rating of SGL-3 reflects Moody's expectations that the company will maintain adequate liquidity over the next 12 to 15 months despite projected negative free cash flow generation after restructuring charges. Liquidity is supported by $134 million of cash at June 30, 2025, about $400 million of availability under the company's undrawn $500 million ABL revolving credit facility expiring in March 2028 (unrated), and a covenant-lite structure. Reflecting the downgrade of JELD-WEN's CFR to B2, Moody's adjusted the financial policy rating factor in the company's scorecard to B from Ba. Moody's also changed JELD-WEN's credit impact score (CIS) to CIS-4 from CIS-3, indicating the rating is lower than it would have been if ESG risk exposures did not exist. JELD-WEN has high financial risk from high leverage due to the challenges of executing its operational plan while facing softness in the US construction industry and intense competition. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade is unlikely over the next 12-18 months on account of JELD-WEN's high leverage. However, the ratings could be upgraded if debt to EBITDA is sustained below 5.0x, EBITA to interest coverage approaches 3.0x, and EBITA margin improves, accompanied by positive free cash flow generation and good liquidity. In addition, the upgrade will take into consideration end market conditions, and the company's financial policy, share repurchases and acquisition strategy. The ratings could be downgraded if the company continues to experience operational challenges with earnings and operating margin pressures, if debt to EBITDA is sustained above 6.0x, EBITA to interest is sustained below 2.0x, or if liquidity weakens materially. JELD-WEN, Inc. is a vertically integrated manufacturer of interior and exterior doors and windows across different price points for the new residential construction, repair and remodeling, and nonresidential building markets in North America and Europe. In the last twelve months ended June 30, 2025, JELD-WEN generated about $3.4 billion in revenue. The principal methodology used in these ratings was Manufacturing 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. JLM RESOURCES: Seeks Cash Collateral Access ------------------------------------------- JLM Resources, Inc. asks the U.S. Bankruptcy Court for the Western District of Washington for authority to use cash collateral through November or until the effective date of a Chapter 11 reorganization plan. The Debtor argues that allowing use of the cash collateral will preserve the value of the estate and benefit all creditors by enabling continued operations, thereby safeguarding the secured creditor's interests without diminishing the value of its lien. The Debtor proposes to grant KeyBank National Association, the primary secured creditor, with a perfected first-position lien, post-petition replacement liens as adequate protection. The assets securing KeyBank's claim include cash collateral valued at $30,268, tools and equipment valued at $63,850, and vehicles valued at $18,372, totaling $112,490. Although other creditors have filed UCC-1 financing statements, none is in a priority position to claim interest in the cash collateral due to either lack of perfected interest or insufficient assets to support their claims. Additionally, the Debtor commits to continued financial transparency through the filing of monthly operating reports and reserves the right to modify the cash collateral request at the final hearing. A court hearing is set for September 11. About JLM Resources Inc. JLM Resources, Inc., doing business as Procraft Windows, provides window and door products and installation services in King and Snohomish counties, Washington. The Company, established in 1985, serves residential clients with a focus on replacement windows and doors, completing over 22,000 projects for more than 18,000 homes. It operates as a family-owned business with a team of experienced craftsmen and offers a lifetime installation warranty. JLM Resources sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12238) on August 13, 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 Christopher M. Alston handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C. KARBONX CORP: Christopher Mulgrew Steps Down as CFO --------------------------------------------------- Karbon-X Corp. disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission that effective July 29, 2025, Christopher Mulgrew is no longer Chief Financial Officer of the Company. Mr. Mulgrew was provided with a copy of the disclosures contained in the Report on Form 8-K and has been given an opportunity to review and agree to such disclosures, and has not provided a response. About Karbon-X Calgary, Canada-based Karbon-X Corp. provides customized transactional options, tailored insights, and scalable access to the Verified Emissions Reduction markets. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 13, 2024, citing that the Company has generated minimal revenues from its business operations and has incurred operating losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $7.31 million in total assets, $6.24 million in total liabilities, and $1.06 million in total stockholders' equity. KOSMOS ENERGY: CCO Christopher Ball to Retire Sept. 30 ------------------------------------------------------ Kosmos Energy Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Christopher J. Ball informed the Company of his decision to retire as its Chief Commercial Officer, effective September 30, 2025. Mr. Ball's role and responsibilities will be transitioned to Mr. Neal D. Shah, the Company's Chief Financial Officer, who will assume oversight of the Company's commercial matters. In connection with his decision to retire, Mr. Ball has entered into an Advisory Agreement with the Company, pursuant to which Mr. Ball has agreed to provide certain advisory services to the Company following his retirement in connection with the Company's commercial efforts, as may be requested by the Company from time to time. Mr. Ball will be entitled to receive $3,000 for each day he provides services under the Advisory Agreement plus reimbursement for expenses incurred. In addition, in consideration for his services under the Advisory Agreement and for entering into a transition agreement with the Company, Mr. Ball will be provided a portion of his target annual bonus for 2025, prorated through his retirement date. The Advisory Agreement will continue in effect until terminated by either the Company or Mr. Ball. The foregoing summary of the Advisory Agreement and the Transition Agreement is qualified in its entirety by the full text of the Advisory Agreement and the Transition Agreement, copies of which will be filed by the Company as exhibits to its Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2025. About Kosmos Energy Ltd. Kosmos Energy Ltd. is a Dallas, Texas based publicly traded exploration and production company with the main producing assets offshore West Africa, as well as assets in the US Gulf of America. As of June 30, 2025, the Company had $5.2 billion in total assets, $4.2 billion in total liabilities, and $1 billion in total stockholders' equity. * * * In June 2025, S&P Global Ratings lowered its issuer credit rating two notches to 'CCC+' from 'B' on Kosmos Energy Ltd. S&P said, "At the same time, we lowered our issue-level rating on Kosmos' unsecured debt to 'CCC' from 'B' and revised our recovery rating to '5' from '4', due to a lower estimated valuation at our recovery price assumptions. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 15%) recovery of principal to creditors in the event of a payment default. "The negative outlook reflects the likelihood that we could lower the rating if the company is unable to refinance its near-term maturities in a timely and favorable manner or if liquidity deteriorates further." LAKE COUNTY: Court Extends Cash Collateral Access to Sept. 25 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois extended Lake County Hospitality, LLC's authority to use cash collateral to September 25. The court's fourth interim order authorized the Debtor to use cash collateral to pay the operating expenses set forth in its budget, subject to a 10% variance. As protection, Albany Bank & Trust Company, N.A, a senior secured creditor, was granted replacement liens on all types of collateral in which it held a security interest and lien as of the petition date. This includes, without limitation, cash in the possession of Debtor resulting from its operations and the proceeds thereof. All of Albany's rights as senior secured creditor are otherwise unimpaired by the fourth interim order and are preserved. The next hearing is set for September 24. Objections are due by September 22. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/j6p2K from PacerMonitor.com. Albany, as senior secured creditor, is represented by: David A. Golin, Esq. Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 david.golin@saul.com About Lake County Hospitality Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. LAKESHORE TERRACE: Seeks to Extend Plan Exclusivity to Jan. 5, 2026 ------------------------------------------------------------------- Lakeshore Terrace Association asked the U.S. Bankruptcy Court for the District of Nevada to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 5, 2026 and March 5, 2026, respectively. The Debtor explains that an analysis of the nine-factors in this case establishes sufficient cause exists to extend Debtor's exclusivity rights by 120-days: * Size and complexity of the case: While this is not a particularly large case, there are some complex issues involved. This case has been further complicated by QBE's involvement in stay relief negotiations, which has resulted in a delays. There are also unique issues related to the judgment liens Ms. Jackson filed against the individual unit owners' property, including whether those liens are avoidable as preferential transfers. These issues all add a layer of complexity to this case and warrant giving Debtor additional time to formulate and file a plan. * Necessity for time to negotiate a plan: It is difficult for Debtor to negotiate plan terms at this stage of the case. First, the final amount of the Jackson Judgment needs to be determined before meaningful negotiations can take place. Second, the Jackson Judgment should be paid by Debtor's insurance coverage under the QBE Policy and Greenwich Policy. Therefore, negotiated plan terms will need to involve QBE and Greenwich, which will require more time and effort. * Good faith progress toward reorganization: Debtor has proceeded in good faith and attempted to make progress towards reorganization. Debtor has worked with Ms. Jackson and reached agreement on stay relief terms acceptable to Ms. Jackson and the Debtor. QBE has not yet agreed to those terms, which has delayed progress. Debtor believes there is a single remaining issue with QBE and that a stipulation lifting the stay should be filed before this Motion is heard by the Court. * The Debtor has demonstrated reasonable prospects for filing a viable plan: Debtor can file a viable plan that will provide for payment of the Jackson Judgment and other creditors in full. At this point, the most significant variables are the amount of the Jackson Judgment and the Debtor's means for funding the plan. Debtor also has ongoing income from unit owners' dues and had over $800,000 of cash on hand at the end of July, 2025. Debtor may also have claims against third-parties that could be liquidated to fund a plan. * The Debtor has made progress in negotiations with its creditors: Debtor has made progress in negotiations with Ms. Jackson on the stay relief issue, which is necessary to move this case forward. Debtor is willing to continue negotiations with Ms. Jackson, but must include its insurers in those negotiations, as they are the parties ultimately responsible to pay Ms. Jackson's judgment. * The Debtor is not seeking an extension of exclusivity in order to pressure creditors: Debtor's request to extend exclusivity is in no way an effort to pressure Ms. Jackson or any other creditors to submit to the debtor's reorganization demands. Debtor is working to address issues that must be resolved before a plan can be filed. * Unresolved contingency exist in this case: There is at least one major unresolved contingency in this case, which is whether QBE Policy and Greenwich Policy will cover the Jackson Judgment. The yet to be determined final amount of the Jackson Judgment may also be considered a form of unresolved contingency. Lakeshore Terrace Association is represented by: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 Email: kevin@darbylawpractice.com About Lakeshore Terrace Association Lakeshore Terrace Association is a homeowners' association for a condominium community located at 501 Lakeshore Boulevard in Incline Village, Nevada. Established in 1970, the association oversees property management and community affairs near Lake Tahoe. Lakeshore Terrace Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50422) on May 8, 2025. In its petition, the Debtor reports total assets of $1,072,688 and total liabilities of $2,710,568. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The Debtors are represented by Kevin A. Darby, Esq. at DARBY LAW. LEROUX CREEK: Seeks to Extend Plan Exclusivity to Sept. 30 ---------------------------------------------------------- Leroux Creek Food Corporation and Edward Stuart Tuft asked the U.S. Bankruptcy Court for the District of Colorado to extend their exclusivity periods to file a plan to September 30, 2025. 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 parties have reached an agreement, which includes how AGCredit will be treated under the Plan and how they will effectuate the transfer of "Farm5," the sale of which was previously granted by the Bankruptcy Court. The parties require time to finalize the agreement and file certain related pleading with the Bankruptcy Court. The Debtors claim that they require additional time to finalize its agreement with AgCredit and incorporate such terms into the Plan of Reorganization. Debtors have conferred with AgCredit who consent to the relief requested herein. The Debtors anticipate that the Leroux and Tuft plans will be closely related due to the relationship between the Debtors. Therefore, the Debtors respectfully requests an extension of the exclusive period for an additional 30 days from the date the current exclusive period, through and including September 30, 2025, as well as an extension of the 180-day period to solicit acceptances of their initial Plans of Reorganization by an additional 30 days. 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. LILYDALE PROGRESSIVE: Cash Collateral Access Extended to Oct. 29 ---------------------------------------------------------------- Lilydale Progressive Missionary Baptist Church received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court's 10th interim order authorized the Debtor to use cash collateral for the period from August 28 to October 29 to operate and maintain its property in accordance with its budget. The Debtor projects total monthly operational expenses of $34,763.14. As protection for any diminution in value of its collateral, CadleRock III, LLC was granted a replacement lien on the Debtor's accounts and accounts receivables. The replacement lien does not apply to causes of action. In addition, the Debtor will continue its monthly payments of $10,000 to CadleRock and will remit to CadleRock all revenues for the 30-day period that exceed $45,000. The Debtor will also keep its property insured as further protection. The Debtor's authority to use cash collateral will terminate on October 29; upon entry of a court order modifying or otherwise altering the effectiveness of the 10th interim order; or upon occurrence of an event of default, whichever comes first. A status hearing is set for October 29. About Lilydale Progressive Missionary Lilydale Progressive Missionary Baptist Church sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. N.D. Ill. Case No. 24-12502) on August 26, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Janet S. Baer presides over the case. The Debtor tapped the Law Office William E. Jamison & Associates as bankruptcy counsel and Chitwood & Chitwood Financial Services as accountant. CadleRock III, LLC, as secured creditor, is represented by: Cynthia G. Feeley, Esq. Feeley & Associates, P.C. 161 North Clark Street, Suite 1600 Chicago, IL 60601 Tel: 312-541-1200 feeleypc@aol.com MANDOLIN TECHNOLOGY: Blackstone Marks $3.6MM 2L Loan at 14% Off --------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $3,607,000 loan extended to Mandolin Technology Intermediate Holdings, Inc. to market at $3,066,000 or 86% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a Second Lien Loan to Mandolin Technology Intermediate Holdings, Inc. The loan accrues interest at a rate of 10.99% per annum. The loan matures on July 30, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Mandolin Technology Intermediate Holdings, Inc. Mandolin Technology Intermediate Holdings, Inc. operates as a holding company. The Company, through its subsidiaries provides software solutions. MATERIAL HOLDINGS: Blackstone Virtually Writes Off $5.6MM 1L Loan ----------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $5,633,000 loan extended to Material Holdings, LLC to market at $393,000 or 7% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Material Holdings, LLC. The loan accrues interest at a rate of 10.40% PIK per annum. The loan matures on August 19, 2027. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Material Holdings, LLC Material Holdings, LLC operates as a holding company. The Company, through its subsidiaries, provides strategy and insight, designing, data and cloud engineering, marketing, tracking, and analytical services. MAVERICK ACQUISITION: Blackstone Marks $18.4MM 1L Loan at 45% Off ----------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $18,456,000 loan extended to Maverick Acquisition, Inc. to market at $16,000 or 55% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan Loan to Maverick Acquisition, Inc. The loan accrues interest at a rate of 10.55% per annum. The loan matures on June 1, 2027. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Maverick Acquisition, Inc. Maverick Acquisition, Inc is a manufacturer of precision machined components for defense and high-tech industrial platforms. MERCURITY FINTECH: Appoints Peter Nobel and Wilfred Daye to Board ----------------------------------------------------------------- Mercurity Fintech Holding Inc disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that on August 20, 2025, upon the recommendation of the Nominating & Corporate Governance Committee, the Board of Directors appointed Peter Nobel as an independent director of the Company and Wilfred Daye as a director of the Company, effective immediately. Mr. Nobel and Mr. Daye will serve until the Company's Annual General Meeting of Shareholders, when they will be subject to re-election to the Board by a vote of the Company's shareholders, or until their earlier resignation or removal. The Board has determined that Mr. Nobel qualifies as an independent director under Nasdaq Rule 5605(a)(2). Mr. Peter Nobel, age 94, is the current Chairman of the Nobel Sustainability Trust Foundation. Mr. Nobel held senior executive positions at Alfa Laval and SWEP International, where he was responsible for sales & marketing, R&D, and production management. In these roles, he led multiple technological innovations, global expansion initiatives, and positioned companies as international leaders in heat exchange technology. From 2010, he served as Chief Executive Officer in several clean energy and industrial technology companies, where he oversaw the development of high-efficiency energy conversion systems and water purification technologies., and as founder of Nobel Aqua Tech and other Clean-Tech startups, he co-developed patented technologies in heat exchangers and internationally patented water purification systems that have made breakthrough contributions in energy efficiency and environmental protection. Since then, Mr. Nobel has also acted as a global strategic consultant, advising corporate boards in Japan, Hong Kong, and other international markets on management optimization, international expansion, and growth opportunities in emerging sectors. Mr. Nobel holds a Master of Science degree in Materials Science and Engineering from the Royal Institute of Technology (KTH) in Stockholm, Sweden. There are no arrangements or understandings between Mr. Nobel and any other persons pursuant to which Mr. Nobel was selected as a director. There are no transactions, arrangements or relationships between the Company or its subsidiaries, on the one hand, and Mr. Nobel, on the other hand, which would require disclosure pursuant to Item 404(a) of Regulation S-K. Mr. Wilfred Daye, age 52, is an entrepreneur and executive with experience in financial markets, alternative asset management, and financial technology. From June 2018 to January 2020, Mr. Daye served as the Head of Financial Markets of OKCoin and the CEO of OKCoin Securities LLC. From February 2020 to October 2021, he served as the CEO of Enigma Securities Ltd., a London-based crypto broker and liquidity provider. From October 2021 until December 2022, he was the CEO of Securitize Capital, where he led the tokenization of private equity funds as the first digital asset manager in this space. Since January 2023, Mr. Daye has served as the CEO and Co-Founder of Samara Alpha Management, an alternative asset manager, and since April 2024, he has also served as CEO and Co-Founder of Sylvanus Technologies, Inc., a fintech platform specializing in trading, portfolio, and risk management systems. Mr. Daye received a Bachelor of Science degree in Biochemistry (minor in Philosophy) from the University of California, Riverside, a Master of Science degree in Financial Engineering from Claremont Graduate University, and a Diploma in Private Equity from the Saïd Business School, University of Oxford. There are no arrangements or understandings between Mr. Daye and any other persons pursuant to which Mr. Daye was selected as a director. There are no transactions, arrangements or relationships between the Company or its subsidiaries, on the one hand, and Mr. Daye, on the other hand, which would require disclosure pursuant to Item 404(a) of Regulation S-K. The report on Form 6-K is incorporated by reference into the Company's Registration Statement on Form S-8 filed with the Securities and Exchange Commission on May 12, 2025 (Registration No. 333-287201) and Registration Statement on Form F-3 filed with the Securities and Exchange Commission on May 20, 2025 and last amended on June 26, 2025 (Registration No. 333-287428). About Mercurity Fintech Holding Inc. Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, against $11.60 million in total liabilities. MERCURITY FINTECH: Sets Sept. 15 Annual Shareholders Meeting ------------------------------------------------------------ Mercurity Fintech Holding Inc. furnished in a Form 6-K filed with the U.S. Securities and Exchange Commission, a Notice to Shareholders in connection with the solicitation of proxies by the Board of Directors at the 2025 annual general meeting of shareholders of the Company and at all adjournments and postponements thereof. The Meeting will be held on September 15, 2025, at 10:00 a.m., Eastern Time, both in person at 1330 Avenue of the Americas, Fl 33, New York, NY 10019 and virtually via the Internet. Shareholders will be able to attend the Meeting virtually and to vote and submit questions during the Meeting by registering in advance at https://meeting.vstocktransfer.com/MERCURITYSEP25. A Zoom account is required to register. At the Meeting, shareholders will be asked to consider and, if thought fit, passing and approving the following proposals: 1. By way of an ordinary resolution, that; (a) each of Dr. Alan Curtis, Mr. Peter Nobel, and Mr. Hui Cheng (the "Re-electing Independent Directors") be re-elected to serve on the Company's Board of Directors as independent directors, and (b) each of Mr. Shi Qiu, Mr. Wilfred Daye, and Ms. Qian Sun (together with the Re-electing Independent Directors, the "Re-electing Directors") be re-elected to serve on the Company's Board as directors, each of the Re-electing Directors to hold office until the next annual general meeting and shall be eligible for re-election thereat or until their successors are duly elected, appointed and qualified in accordance with the Company's memorandum and articles of association ("Proposal One"); 2. By way of an ordinary resolution, to ratify the appointment of OneStop Assurance PAC as the Company's independent registered public accountants for the current fiscal year ending December 31, 2025 ("Proposal Two"); 3. By way of a special resolution, to change the name of the Company from Mercurity Fintech Holding Inc. to Chaince Digital Holdings Inc. ("Proposal Three"); 4. By way of an ordinary resolution, to approve the MFH 2025 Equity Incentive Plan, a copy of which is produced to the Meeting and marked "Appendix A" and initialed by the chairman of the Meeting for the purpose of identification, ("Proposal Four"); and 5. To transact other such business as may properly come before the Meeting or any adjournment thereof. A copy of the Notice of Annual General Meeting is available at https://tinyurl.com/556zuhbe About Mercurity Fintech Holding Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. MERIT STREET: Reaches Deal w/ Peteski Production for Ch. 11 Funding ------------------------------------------------------------------- James Nani of Bloomberg Law reports that Merit Street Media Inc. has secured agreements with Dr. Phil McGraw's Peteski Productions Inc. that will inject funding into its Chapter 11 case and provide recoveries for unsecured creditors. At a Tuesday, September 2, 2025, hearing in the US Bankruptcy Court for the Northern District of Texas, Sidley Austin LLP attorney Patrick Venter said Peteski will cover Merit Street's legal and advisory expenses, ensuring the restructuring effort can continue, according to the report. The company also reached a proposed deal with its unsecured creditors' committee, under which Peteski will guarantee a meaningful payout to all unsecured creditors, the report added. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MODIVCARE INC: Nasdaq to Delist Stock Following Chapter 11 ---------------------------------------------------------- ModivCare Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a notification letter (the "Delisting Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that Nasdaq had determined to commence proceedings to delist the Company's common stock, $0.001 par value per share, from Nasdaq. Nasdaq reached its decision that the Company is no longer suitable for listing pursuant to Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1 as a result of the Company's commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on August 20, 2025. In addition, on August 20, 2025, the Company received a notification letter (the "Delinquency Notice") from Nasdaq notifying the Company that, because the Company is delinquent in filing its Quarterly Report on Form 10-Q for the period ended June 30, 2025, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires companies with securities listed on Nasdaq to timely file all required periodic reports with the Securities and Exchange Commission. Nasdaq had informed the Company that the Common Stock would be suspended at the opening of business on August 28, 2025. The Company does not intend to appeal Nasdaq's decision to delist their Common Stock, and it is expected that Nasdaq will file a Form 25-NSE with the SEC, which would remove the Company's common stock from listing and registration on Nasdaq. The Company anticipates that, upon the delisting from Nasdaq, the Common Stock will be quoted on the OTC Pink Market. The Company, however, can provide no assurance that the Common Stock will commence or continue to trade on this market. About ModivCare Inc. ModivCare Inc., headquartered in Denver, delivers healthcare logistics and supportive services nationwide. Its offerings include non-emergency medical transportation, in-home personal care, remote patient monitoring, and home health services, primarily for Medicaid and Medicare beneficiaries. Formerly operating as The Providence Service Corporation, the company focuses on improving access to care for vulnerable populations. ModivCare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Kaleb Bailey, Esq. and Timothy Alvin Davidson, II, Esq. at Hunton Andrews Kurth LLP. MOLINA VENTURES: Seeks Cash Collateral Access --------------------------------------------- Molina Ventures, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, for authority to use cash collateral and provide adequate protection. The Debtor's initial petition under Chapter 11 was filed to initiate its restructuring process, with the aim of remaining in business while reorganizing its finances. On August 15, the court entered an interim order granting the Debtor's emergency motion to use cash collateral to fund its operations. This use of cash collateral is crucial as it allows the Debtor to maintain day-to-day business activities such as paying employees and vendors, keeping the Debtor operational during the bankruptcy process. Furthermore, on August 19, the Debtor filed a first amended emergency motion seeking to pay certain critical vendor claims. These claims, which were approved by the court on August 20 amounted to $72,293. The request specifically included payments to vendors whose services are essential to the Debtor's continued operation, and the court granted these payments under a limited order, ensuring the Debtor could maintain relationships with suppliers and service providers during the bankruptcy process. The Debtor requests the court to amend the previous order to allow continued use of the cash collateral, with specific terms and a revised budget. This revised budget is based on a revised forecast of revenues and expenses, which the Debtor prepared and submitted in its initial report to the U.S. Trustee. The revised budget incorporates the critical vendor payments already approved by the court and reflects adjustments in expected cash flows and operational costs. The amended budget outlines the anticipated expenses needed to maintain business operations and cover other essential expenses like payroll, supplies, and other operational costs necessary for continuing business as a service provider in the air conditioning and heating industry. About Molina Ventures LLC Molina Ventures, LLC, doing business as American Air Conditioning & Heating Co., provides heating, ventilation, and air conditioning services to residential and commercial clients in the San Antonio, Texas area. Molina Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-51802) on August 4, 2025. In its petition, the Debtor reports total assets of $726,079 and total liabilities of $2,096,654. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Paul Steven Hacker, Esq., at Hacker Law Firm, PLLC. MRI SOFTWARE: Blackstone Marks $409,000 1L Loan at 46% Off ---------------------------------------------------------- Blackstone Secured Lending Fund has marked its $409,000 loan extended to MRI Software, LLC to market at $207,000 or 54% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to MRI Software, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on February 10, 2027. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About MRI Software, LLC MRI Software, LLC is a provider of real estate and investment management software to real estate owners, investors, and operators. NABORS INDUSTRIES: Completes $600M Quail Tools Sale to Covey ------------------------------------------------------------ Nabors Industries Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that two indirect wholly-owned subsidiaries of Nabors, PD Dutch, LLC and PD ITS, LLC (collectively, the "Sellers") and Covey Holdings, LLC (the "Buyer"), an indirect wholly-owned subsidiary of Superior Energy Services, Inc., entered into a Membership Interest Purchase Agreement, pursuant to which all of the equity interests in Quail Tools, LLC were sold by Sellers to Buyer on August 20, 2025 (the "Sale Date"). The net consideration paid by Buyer in connection with the Sale was $600 million plus adjustments for net working capital. Pursuant to the terms of the Agreement, the consideration consisted of: (a) $375 million in cash which was paid by Buyer on August 20, 2025, and (b) $250 million in the form of a secured promissory note (the "Seller Note") issued by Buyer in favor of PD ITS, LLC (the "Lender") pursuant to the Seller Note and Security Agreement by and among Buyer, Quail, Superior and Lender (the "Seller Note and Security Agreement"). The Agreement contains customary representations, warranties and covenants regarding Quail, Sellers and Buyer. The Seller Note is due on May 20, 2026 and is secured by a first-priority security interest in substantially all existing and after-acquired property of Quail and a pledge on 100% of the equity interests in Quail. The Seller Note also contains certain negative covenants, including restricting Buyer's and/or Quail's ability (and in certain circumstances, Superior's ability), subject to certain specified exceptions, to incur debt, grant liens, merge, make certain restricted payments, sell its assets, prepay debt or amend its organizational documents. Subject to certain exceptions, Buyer and Quail will use the proceeds from certain events of loss, assets sales and debt issuances, to prepay the Seller Note. The Seller Note bears interest at a rate of 7.50% for the first 180 days and thereafter interest at a rate of 10.0%, with such interest to be paid monthly. If there is an Event of Default (as defined in the Seller Note and Security Agreement), the interest rate will increase by 2% over the current interest rate. In addition, if the obligations under the Seller Note and Security Agreement are not paid in full by May 20, 2026, the interest rate will increase by an additional 1% for each month such obligations are not paid in full; provided, however, the interest rate shall not exceed 20%. The Seller Note is guaranteed by Superior and Quail pursuant to the Guaranty Agreement they granted in favor of the Lender for both performance and for payment (the "Guaranty Agreement"). The foregoing descriptions of the Agreement, the Seller Note and Security Agreement and the Guaranty Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Agreement, the Seller Note and Security Agreement and the Guaranty Agreement, which are filed as Exhibit 10.1, 10.2 and 10.3, respectively, to the Current Report on Form 8-K and are incorporated therein by reference. The Report on Form 8-K is available at https://tinyurl.com/489puhpn The Agreement, the Seller Note and Security Agreement and the Guaranty Agreement contain representations, warranties, covenants and agreements, which were made only for purposes of such agreement and as of specified dates. The representations and warranties in the Agreement, the Seller Note and Security Agreement and the Guaranty Agreement reflect negotiations between the parties to the Agreement, the Seller Note and Security Agreement and the Guaranty Agreement, respectively, and are not intended as statements of fact to be relied upon by investors, or any individual or other entity other than the parties. In particular, the representations, warranties, covenants and agreements in the Agreement, the Seller Note and Security Agreement and the Guaranty Agreement may be subject to limitations agreed by the parties, including having been modified or qualified by certain confidential disclosures that were made between the parties in connection with the negotiation of the Agreement, the Seller Note and Security Agreement and the Guaranty Agreement, and having been made for purposes of allocating risk among the parties rather than establishing matters of fact. In addition, the parties may apply standards of materiality in a way that is different from what may be viewed as material by investors. As such, the representations and warranties in the Agreement, Seller Note and Security Agreement and the Guaranty Agreement may not describe the actual state of affairs at the date they were made or at any other time and you should not rely on them as statements of fact. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Agreement, the Seller Note and Security Agreement and the Guaranty Agreement, and unless required by applicable law, Nabors undertakes no obligation to update such information. About Nabors Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. As of June 30, 2025, the Company had $5.04 billion in total assets, $3.59 billion in total liabilities, and $640.33 million in total stockholders' equity. * * * Egan-Jones Ratings Company on June 10, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Nabors Industries, Inc. NAOUI LLC: Plan Exclusivity Period Extended to Nov. 28, 2025 ------------------------------------------------------------ Judge Nancy V. Alquist of the U.S. Bankruptcy Court for the District of Maryland extended Naoui, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 28, 2025 and January 28, 2026, respectively. As shared by Troubled Company Reporter, the Debtor submits that cause exists for this Court to extend its exclusive periods based on, among other things, the following: * Complexity of financial records. The Debtor has operated its business in an informal manner prior to the bankruptcy filing. The process of gathering, organizing, and analyzing the necessary financial documents and business records required for plan formulation has proven more time-consuming and complex than initially believed by the Debtor. * Difficulty securing professional assistance. The Debtor has encountered significant challenges locating and retaining qualified accounting professionals to provide aid under the Debtor's circumstances. This search process has caused substantial delays in the preparation of necessary financial statements and projections. * Good faith efforts. Despite the challenges, the Debtor has been diligently working to compile the necessary information and has been making good faith effort to prepare a viable plan of reorganization that will maximize value for all stakeholders. The Debtors intends to use the extended exclusive periods to, among other things, analyze claims, appraise the value of the Debtor's real property, and determine the best exit strategy for this case, which will most assuredly include a plan to sell some of the Debtor's real property. Naoui, LLC is represented by: Duane R. Demers, Esq. Law Offices of Ali K, LLC 6328 Baltimore National Pike, Suite 200 Catonsville, MD 21228 Telephone: (443) 274-1002 Facsimile; (443) 274-1002 Email: demers@7474law.com About Naoui LLC Naoui, LLC is engaged in the leasing and management of residential, commercial, and industrial real estate properties. Naoui sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-12871) on April 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Nancy V. Alquist oversees the case. The Debtor is represented by Duane R. Demers, Esq., at the Law Offices of Ali K, LLC. Wilmington Savings Fund Society, FSB, as trustee for Ibis Holdings A Trust, is represented by: Thomas Gartner, Esq. De Cubas & Lewis, PA P.O. Box 5026 Fort Lauderdale, FL 33310 (954) 453-0365 Email: thomas.gartner@decubaslewis.com NEW FORTRESS: Receives Nasdaq Notice Over Late 10-Q Ending June 30 ------------------------------------------------------------------ New Fortress Energy, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received an expected notice from the Listing Qualifications Department of the Nasdaq Stock Market stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company has not yet filed its Form 10-Q for the period ended June 30, 2025 with the SEC. The Rule requires listed companies to timely file all required periodic financial reports with the SEC. The Notice states that the Company has 60 calendar days from August 19, 2025, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan to regain compliance, Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Form 10-Q, or until February 16, 2026, to file the Form 10-Q to regain compliance. The Notice has no immediate impact on the listing or trading of the Company's securities on the Nasdaq Stock Market. If the Company fails to timely regain compliance with Nasdaq's listing rules, the Company's Class A common stock will be subject to delisting from Nasdaq. The Company is continuing to work diligently to finalize and file its late periodic financial reports as soon as possible within the timeline prescribed by Nasdaq. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. OLIVER PARK: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Oliver Park Apartments, LLC 5825 Glenridge Drive Bldg 1, Ste. 126 Atlanta, GA 30328 Business Description: Oliver Park Apartments, LLC leases residential real estate properties. Chapter 11 Petition Date: September 1, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-60028 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Olivia Chevannes as sole member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/C62IAPY/Oliver_Park_Apartments_LLC__ganbke-25-60028__0001.0.pdf?mcid=tGE4TAMA ONDAS HOLDINGS: Former CIA Officer Joins OAS Advisory Board ----------------------------------------------------------- Ondas Holdings Inc. announced that James Acuna, founder of the Estonia-based Baltic Ghost Wing Center of Excellence and former senior operations officer with the Central Intelligence Agency (CIA), has joined Ondas Autonomous Systems' (OAS) Advisory Board. Ondas and Mr. Acuna will present the Company's framework for investments in unmanned and autonomous technologies at DSEI 2025, one of the world's largest defense and security exhibitions, taking place September 9-12, 2025 in London. "James is a uniquely experienced operator and strategist who bridges intelligence, defense, and technology expertise," said Eric Brock, Chairman and CEO of Ondas Holdings. "His leadership in establishing battlefield-proven drone training and his extensive network across NATO, Ukraine, and Eastern Europe will be instrumental as we build scalable investment and commercialization pathways for unmanned systems." "Ondas has a clear vision to connect capital, innovation, and markets for the next generation of unmanned systems," said James Acuna. "I look forward to helping shape this effort and bringing forward the best technologies and talent from Ukraine and allied nations to meet urgent defense and security needs." Mr. Acuna brings more than 30 years of international security and technology leadership, including two decades of CIA field operations across Eurasia and Central Asia, where he led complex missions in denied and contested environments. In the private sector, Mr. Acuna founded Frontier Vectors LLC and later Baltic Ghost Wing, a premier drone training and testing facility in Estonia that develops validated tactics, techniques, and procedures based on battlefield experience in Ukraine. He has advised governments, defense ministries, and global manufacturers on unmanned and autonomous systems, supporting both defense and commercial programs. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, and $16.58 million in total stockholders' equity. As of June 30, 2025, the Company had $151.95 million in total assets, $39.29 million in total liabilities, and $90.82 million in total stockholders' equity. ONDAS HOLDINGS: Inks Agreement to Acquire Apeiro Motion for $12M ---------------------------------------------------------------- Ondas Holdings Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Share Purchase Agreement, by and among the Company, Apeiro Motion Ltd., a company organized under the laws of the State of Israel, the Apeiro shareholders and Mr. Rotem Lesher, solely in his capacity as the representative, agent and attorneys-in-fact of the Indemnifying Parties (as defined in the Agreement). The Agreement provides that, upon the terms and subject to the conditions set forth in the Agreement, the Company will acquire 100% of the issued and outstanding share capital of Apeiro. At the closing of the Acquisition, upon the terms and subject to the conditions set forth in the Agreement, the Company shall pay an aggregate amount of $12,000,000 cash in exchange for the Apeiro Shares, provided however the Company may, at its sole discretion, pay a founder of Apeiro, partial consideration in shares of the Company's common stock, par value $0.0001 per share. Each of the Company, Apeiro, and the Company Shareholders has provided customary representations, warranties and covenants in the Agreement. The completion of the Acquisition is subject to various closing conditions, including: (a) the requisite regulatory approvals being obtained; (b) the requisite waivers being obtained by Apeiro; (c) the absence of any applicable order (whether temporary, preliminary or permanent) in effect which prohibits the consummation of the Acquisition; and (d) the absence of any law of any governmental authority of competent jurisdiction prohibiting the consummation of the Acquisition. The Agreement may be terminated upon: (i) the written agreement of the Company, Apeiro and the Shareholders' Agent or (ii) the written notice by the Company, Apeiro or the Shareholders' Agent if the closing of the Acquisition has not occur on or before October 17, 2025. The Acquisition is expected to close in the third quarter of 2025. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by the full text of the Agreement, a copy of which is available at https://tinyurl.com/369wc44w About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, and $16.58 million in total stockholders' equity. As of June 30, 2025, the Company had $151.95 million in total assets, $39.29 million in total liabilities, and $90.82 million in total stockholders' equity. OUTFRONT MEDIA: Appoints Barrett and Pangis as New Board Members ---------------------------------------------------------------- OUTFRONT Media Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 21, 2025, Michael Barrett and Nicolle Pangis were elected to the Board, effective as of August 21, 2025, for a term expiring at the Company's 2026 Annual Meeting of Stockholders, or until his or her earlier resignation or removal from the Board. Additionally, Ms. Pangis will serve as a member of the Compensation Committee of the Board, and Mr. Barrett will serve as a member of the Nominating and Governance Committee of the Board, effective as of August 21, 2025. There is no arrangement or understanding with any person pursuant to which either Mr. Barrett or Ms. Pangis were appointed as a member of the Board. There are no transactions between each of Mr. Barrett and Ms. Pangis and the Company that would be reportable under Item 404(a) of Regulation S-K. In accordance with the Company's compensation policy for non-employee directors as described in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 21, 2025, each of Mr. Barrett and Ms. Pangis will receive an annual cash retainer of $82,500 for service on the Board and $10,000 for service on their respective Board committees, as well as an annual equity grant under the Plan in the form of restricted share units valued at $145,000 (subject to proration). In addition, the Company will enter into its standard form of indemnification agreement with each of Mr. Barrett and Ms. Pangis. A form of indemnification agreement was previously filed with the SEC on February 18, 2014 as Exhibit 10.5 to the Company's Registration Statement on Form S-11 (File No. 333-189643). About OUTFRONT Media Inc. Headquartered in New York, OUTFRONT Media Inc. leases advertising space on out-of-home advertising structures and sites. As of June 30, 2025, the Company had $5.15 billion in total assets, $4.47 billion in total liabilities, and $539.10 million in total stockholders' equity. * * * Egan-Jones Ratings Company, on September 10, 2024, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by OUTFRONT Media Inc. OUTFRONT MEDIA: Appoints Nicolas Brien as Chief Executive Officer ----------------------------------------------------------------- OUTFRONT Media Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 21, 2025, the Board of Directors appointed Nicolas Brien as the Company's Chief Executive Officer, effective as of the Effective Date. Mr. Brien will continue to serve as a member of the Board. Mr. Brien, age 63, has served on the Board since October 2014 and as the Company's Interim Chief Executive Officer since February 2025. Mr. Brien has held senior leadership roles at some of the most influential global organizations in the advertising, media, advertising technology and digital marketing industries, where he was responsible for leading the organizations through periods of rapid expansion and change. He served as Chief Executive Officer of Enthusiast Gaming Holdings Inc., a gaming media and entertainment company, from March 2023 to January 2024. Previously, he served as Chief Executive Officer of Amobee, Inc., an advertising technology company, from July 2021 to October 2022. He served as Chief Executive Officer, the Americas and U.S., of Dentsu Aegis Network Ltd., one of the world's largest advertising, media and digital marketing agencies, from August 2017 to December 2019, and as a consultant to Dentsu Aegis Network Ltd. from January 2020 to March 2020. He also served as the Chief Executive Officer of iCrossing, a subsidiary of Hearst Corporation, and as President of Hearst Magazines Marketing Services, a division of Hearst Corporation, from March 2015 to July 2017. Prior to that, he served as Chairman and Chief Executive Officer of McCann Worldgroup from April 2010 through November 2012, and as Chief Executive Officer of IPG Mediabrands from 2008 to 2010. Mr. Brien also served as Chief Executive Officer of Universal McCann from 2005 to 2008. There is no arrangement or understanding with any person pursuant to which Mr. Brien was appointed as the CEO. In addition, there are no family relationships between Mr. Brien and any director or executive officer of the Company, and there are no transactions between Mr. Brien and the Company requiring disclosure under Item 404 of Regulation S-K. In connection with Mr. Brien's appointment, the Company entered into an employment agreement with him, dated as of the Effective Date, which provides for his employment as the CEO from the Effective Date until the earlier of Mr. Brien's death or disability, or Mr. Brien's termination. Mr. Brien will receive an annual base salary of $1,000,000 and will be eligible to receive an annual cash bonus with an annual bonus target opportunity equal to 100% of his base salary (subject to proration for 2025), each subject to review and increase at the discretion of the Compensation Committee of the Board. Mr. Brien is also eligible to receive annual grants of long-term equity incentive compensation as determined by the Committee based on a target value of $5,000,000, commencing in 2026. On a one-time basis, $2,000,000 of Mr. Brien's $5,000,000 long-term equity incentive award will be granted as soon as practicable following the Effective Date in the form of a performance-based restricted share unit award tied to the Company's stock price performance over a three-year period, with the remaining portion of the award being granted in 2026 as determined by the Committee. In addition, Mr. Brien will be granted a separate one-time restricted share unit award with a value of $1,000,000 that will be granted as soon as practicable following the Effective Date and vests on the earlier of the third anniversary of the grant date and the date on which Mr. Brien's employment is terminated by the Company without "Cause" or by him for "Good Reason" (as those terms are each defined in the Employment Agreement). The terms and conditions of any long-term equity incentive compensation awarded to Mr. Brien are set forth in the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan and the related equity award terms and conditions. In addition, Mr. Brien will be entitled to participate in arrangements for benefits, business expenses and perquisites generally available to our other senior executives of the Company. In the event Mr. Brien's employment is terminated by the Company without "Cause" or by him for "Good Reason" (as those terms are each defined in the Employment Agreement), Mr. Brien is entitled to receive the following payments, subject to Mr. Brien executing a general release: (1) a cash severance amount equal to the sum of 12 months of his annual salary and his annual target cash bonus; (2) a prorated cash bonus for services rendered; (3) Company-paid medical and dental benefits for up to 12 months; (4) other than with respect to the One-Time Performance Award, accelerated vesting of restricted share unit awards and performance-based restricted share unit awards that would have vested during the 12-month period following Mr. Brien's termination of employment, subject to the satisfaction of any performance-based conditions applicable to such awards; and (5) accelerated vesting of a prorated portion of the One-Time Performance Award based on the tenure of Mr. Brien's service during the three-year performance period and the Company's stock price performance prior to the applicable termination during the three-year performance period. The Employment Agreement also contains restrictive covenants imposing non-competition and non-disparagement obligations, restricting solicitation of employees, protecting confidential information and ownership of work product and requiring cooperation in litigation, as well as other covenants, during his employment and for specified periods after the termination of his employment. Further, the Employment Agreement provides for indemnification by the Company to the fullest extent permitted by law and the Company's charter and the Company's Amended and Restated Bylaws against liabilities, losses, judgments, fines, penalties, amounts paid in settlement and reasonable expenses, including attorneys' fees, incurred by Mr. Brien in connection with his service for the Company. A copy of the Employment Agreement is available at https://tinyurl.com/mrxsuphk About OUTFRONT Media Inc. Headquartered in New York, OUTFRONT Media Inc. leases advertising space on out-of-home advertising structures and sites. As of June 30, 2025, the Company had $5.15 billion in total assets, against $4.47 billion in total liabilities. * * * Egan-Jones Ratings Company, on September 10, 2024, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by OUTFRONT Media Inc. PARAGON INDUSTRIES: Seeks to Extend Plan Exclusivity to Nov. 17 --------------------------------------------------------------- Paragon Industries, Inc. asked the U.S. Bankruptcy Court for the Eastern District of Oklahoma to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 17, 2025 and January 16, 2026, respectively. Since filing the case, the Debtor has focused on stabilizing its business operations, which has been accomplished. The Debtor has been diligently exploring its options with regards to a potential reorganization. Most recently, the Debtor has negotiated with the Official Committee of Unsecured Creditors (the "Committee") the terms of a Plan Support Agreement (the "PSA"). The Debtor explains that the PSA includes deadlines for the Debtor to file and confirm a plan. Those deadlines are sooner than the deadlines requested to be extended herein. If such deadlines are not met, and the Committee does not agree to an extension thereof, the PSA provides for the expiration of the Exclusive Periods. Thus, the extension requested herein is being sought out of an abundance of caution and to account for potential agreement with the Committee for extensions of the PSA deadlines. Nothing herein is meant to alter the deadlines set forth in the PSA. Paragon Industries, Inc. is represented by: Clayton D. Ketter, Esq. Jason A. Sansone, Esq. Phillips Murrah P.C. 424 N.W. 10th Street, Suite 300 Oklahoma City, OK 73103 Tel: (405) 235-4100 Facsimile: (405) 235-4133 Email: cdketter@phillipsmurrah.com jasansone@phillipsmurrah.com About Paragon Industries Inc. Paragon Industries, Inc., manufactures steel pipe products used in the oil and gas, construction, and fire protection industries. Based in Sapulpa, Okla., the company offers services such as heat treatment, threading, and fabrication. Its product range includes mechanical, sprinkler, line pipe, OCTG, and construction pipes, with a customer base extending across North and South America. Paragon Industries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21, 2025. In its petition, the Debtor reported between $100 million and $500 million in both assets and liabilities. Clayton D. Ketter, Esq., at Phillips Murrah, P.C. is the Debtor's legal counsel. Wachob Irrevocable Trust, as DIP lender, is represented by: J. Clay Christensen, Esq. Christensen Law Group, P.L.L.C. The Parkway Building 3401 N.W. 63rd Street, Suite 600 Oklahoma City, OK 73116 Tel: (405) 232-2020 Fax: (405) 228-1113 Email: clay@christensenlawgroup.com PARAMOUNT GLOBAL: Blackstone Marks $53.7MM 1L Loan at 19% Off ------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $53,764,000 loan extended to Paramount Global Surfaces, Inc. to market at $43,011,000 or 81% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Paramount Global Surfaces, Inc. The loan accrues interest at a rate of 10.4% per annum. The loan matures on April 1, 2027. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Paramount Global Surfaces, Inc. Paramount Global Surfaces Inc. is a Miami-based developer, importer, and distributor of premium porcelain tile and luxury vinyl tile floor coverings, founded in 1987. PRESENTATION MEDIA: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Presentation Media, Inc. f/d/b/a NC Nielson Properties LLC (EIN 47-4099172) f/d/b/a Tandem Exhibits f/d/b/a Adage Graphics f/d/b/a Classic Letters f/d/b/a Colortek Digital f/d/b/a ESP Exhibits 1916 W. 144th St Gardena, CA 90249 Business Description: PMI, founded in 1969, provides visual presentation solutions and manufacturing services primarily for the aerospace and defense sectors, including clients such as Hughes (now Raytheon), Boeing, Northrop Grumman, and NASA, and has since expanded to newer clients like SpaceX, Tesla, Honda, and Lyft. Operating from its Los Angeles facility, the Company produces large-format graphics, dimensional letters, signs, 3D printing, sculptural art, and trade show or museum exhibits, while offering services including 3D modeling, graphic and interior design, exhibit design, engineering, digital media, and onsite consultation. PMI also works with strategic partners that do not have sufficient production capacity, fulfilling orders on their behalf, and maintains its signature "Midnight Express" overnight production service to deliver projects by the start of clients' business days. Chapter 11 Petition Date: September 2, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-17723 Debtor's Counsel: Steven R. Fox, Esq. THE FOX LAW CORPORATION 17835 Ventura Blvd. #306 Encino, CA 91316 Tel: 818-774-3545 Email: SRFox@foxlaw.com Total Assets: $5,990,852 Total Liabilities: $12,204,312 The petition was signed by Nathan Nielson as president and CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JASFQUA/Presentation_Media_Inc__cacbke-25-17723__0001.0.pdf?mcid=tGE4TAMA PROJECT PIZZA: Updates Unsecured Claims Pay Details --------------------------------------------------- Project Pizza Sunset LLC submitted an Amended Plan of Reorganization for Small Business dated August 22, 2025. The Debtor's financial projections show that the Debtor will have projected disposable income of $450,000.00. The final Plan payment is expected to be paid on October 31, 2030, which is anticipated to be 60 months after the effective date. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 5.73 cents on the dollar, consistent with the liquidation analysis in Exhibit A and projected disposable income. Class 3 consists of Non-priority unsecured creditors. Holders of allowed unsecured claims shall receive a pro rata share of the projected disposable income of the Debtor over the 5-year term of this Subchapter V plan after payment of allowed Administrative expense claims and allowed Priority claims on the dates and in the amounts specified in Exhibit F hereto. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. The equity security holders of the Debtor shall retain their equity in the Debtor without modification or impairment. The Debtor will retain the property of its estate, operate Fiorella Sunset, reserve funds for all disputed claims, litigate objections to the claims of holders of disputed claims, prosecute avoidance actions and litigation against its MCA lender who are liable for usury. The Debtor shall reserve $5,493.64 per month commencing on July 1, 2025, to cure the arrears to Pink Tulip LLC by December 31, 2025 and release accrued funds to Pink Tulip LLC on the Effective Date. Avenue Management LLC shall continue as the Debtor’s manager. A full-text copy of the Amended Plan dated August 22, 2025 is available at https://urlcurt.com/u?l=hqPSVa from PacerMonitor.com at no charge. Counsel to the Debtor: Robert G. Harris, Esq. Binder Malter Harris & Rome-Banks LLP 2775 Park Avenue Santa Clara, CA 95050 Telephone: (408) 295-1700 Facsimile: (408) 295-1531 Email: rob@bindermalter.com About Project Pizza Sunset Project Pizza Sunset LLC has been in the business of operating a full-service Italian restaurant and bar in the Sunset District of San Francisco. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30258) on April 1, 2025. In the petition signed by Boris Nemchenok, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Robert G. Harris, Esq., at Binder Malter Harris Rome-Banks LLP, is the Debtor's legal counsel. PUERTO RICO: Dechert LLP Updates List of PREPA Bondholders ---------------------------------------------------------- The law firm of Dechert LLP filed a ninth verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of Puerto Rico Electric Power Authority ("PREPA"), the firm represents PREPA Ad Hoc Group. Dechert submits this Ninth Verified Statement to update the PREPA Ad Hoc Group's holdings of Bonds and disclosable economic interests currently held by its Members, as of August 25, 2025. Dechert notes that it does not represent the PREPA Ad Hoc Group as a committee (as such term is used in the Bankruptcy Code and Bankruptcy Rules) and does not undertake to, and does not, represent the interest of, and is not a fiduciary for, any creditor, party in interests, or entity other than the PREPA Ad Hoc Group and Invesco. Dechert has been advised by the Members of the PREPA Ad Hoc Group that its Members either hold, or manage funds and/or accounts that hold, collectively, approximately $2.6 billion in aggregate principal amount of uninsured Bonds, in addition to approximately $361.5 million in aggregate principal amount of insured Bonds. The members of the PREPA Ad Hoc Group and their bond holdings in PREPA are: Member Uninsured Bonds Insured Bonds ------- --------------- ------------- AllianceBernstein L.P. $175,480,000 $56,305,000 1345 Avenue of the Americas, New York, NY 10105 Aristeia Capital, L.L.C. $87,140,000 $0 One Greenwich Plaza, Suite 300, Greenwich, CT 06830 BNY Mellon Funds Trust $14,500,000 $0 201 Washington Street, 8th Floor, Boston, MA 02108 Capital Research and Management Co. $309,100,000 $39,080,000 333 South Hope Street, 54th Floor Los Angeles, CA 90404 Columbia Management Investment Advisers, LLC $39,595,000 $0 290 Congress Street, Boston, MA 02210 Delaware Management Company a series of Macquarie Investment Management Business Trust $161,190,000 $0 610 Market Street, Philadelphia PA 19106 Ellington Management Group, L.L.C. $23,255,000 $0 711 Third Avenue, New York, NY 10017 Goldman Sachs Asset Management LP $305,567,038 $98,282,000 200 West Street, New York, NY 10282 Invesco Advisers, Inc. $227,598,788 $108,180,000 225 Liberty Street New York, NY 10281 MacKay Shields LLC $608,545,000 $20,880,000 1345 Avenue of the Americas New York, NY 10105 Massachusetts Financial Services Company $89,565,000 $35,640,000 111 Huntington Avenue, Boston, MA 02199 Old Orchard $108,360,000 Capital Management LP, on behalf of certain funds and accounts it manages or advises. 340 Madison Avenue, Suite 3B, New York, NY 10173 One William Street $201,823,157 $0 Capital Management, L.P., on behalf of certain funds it manages or advises 299 Park Ave., Fl. 25, New York, NY 10171 RUSSELL INVESTMENT COMPANY $26,815,000 $3,015,000 1301 Second Avenue, 18th Floor Seattle, WA 98101 SIG Structured Products, LLC $5,065,000 $0 401 E. City Avenue, Suite 220 Bala Cynwyd, PA 19004 T. Rowe Price $151,120,000 $130,000 100 E. Pratt Street, BA 0754 Baltimore, MD 21202 Tower Bay Asset Management LP $39,630,000 $0 700 Canal Street, Ste 12E Stamford, CT 06902 PREPA Ad Hoc Group is represented by: MONSERRATE SIMONET & GIERBOLINI, LLC Dora L. Monserrate-Peñagarícano, Esq. Fernando J. Gierbolini-González, Esq. Richard J. Schell, Esq. 101 San Patricio Ave., Suite 1120 Guaynabo, PR 00968 Phone: (787) 620-5300 Facsimile: (787) 620-5305 Email: dmonserrate@msglawpr.com fgierbolini@msglawpr.com rschell@msglawpr.com - and - DECHERT LLP G. Eric Brunstad Jr., Esq. Stephen D. Zide, Esq. David A. Herman, Esq. 1095 Avenue of the Americas New York, NY 10036 Phone: (212) 698-3500 Facsimile: (212) 698-3599 Email: eric.brunstad@dechert.com stephen.zide@dechert.com david.herman@dechert.com About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The case is pending in the United States District Court for the District of Puerto Rico under case number 17cv-01578. A copy of Puerto Rico' PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies -- Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) -- commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. RISING REALTY: Court Places One California Plaza in Receivership ---------------------------------------------------------------- Alena Botros of The Real Deal One California Plaza has been placed into receivership after owners Rising Realty Partners and DigitalBridge defaulted on $300 million in commercial mortgage-backed securities debt, which has since been moved into foreclosure proceedings. A judge granted a lender's request to appoint a receiver to take control of the 42-story, 1 million-square-foot downtown Los Angeles office tower. The court tapped Trigild to oversee the property, though a sale would require further court approval. According to The Real Deal, Rising Realty and DigitalBridge, formerly known as Colony Capital, acquired the property at 300 South Grand Avenue for $465 million in 2016. Its value has since collapsed to $121 million, according to a Morningstar Credit appraisal earlier this year—far below both its purchase price and debt load. Court filings indicate the lender believed the borrower would consent to the receivership, citing missed payments and dwindling income that is insufficient to cover debt service and operating costs. Occupancy, which stood at 88 percent at underwriting, has fallen to 63 percent this 2025. Net operating income dropped from $17 million in December 2023 to $9 million in June 2024. US Bank, representing the loan holders, has requested Chris Neilson of Trigild be formally appointed as receiver. Any objections must be filed next month, September 2025. Attorneys for the parties involved have not commented, the report states. The case underscores the broader struggles in downtown Los Angeles’ office market, where vacancy hovers near 33 percent amid sluggish demand and tenant relocations to more amenity-rich areas, according to report. About Rising Realty Partners LLC Rising Realty Partners LLC provides real estate services. The Company offers land and property acquisition, repositioning, development, leasing, asset management, and construction management. Rising Realty Partners is located in the State of California. ROCHESTER CITY SCHOOL: Receivership Hearings Set for 6 Campuses --------------------------------------------------------------- 13WHAM reports that the New York State Education Department will hold public hearings at six Rochester City School District campuses currently under state receivership for the 2025–2026 academic year, the district announced. The sessions will review each school's performance and outline the state'’s receivership requirements, which mandate measurable improvements in student achievement. According to 13WHAM, the schools under review include Dr. David and Ruth Anderson Academy School No. 16, James Monroe High School, East Lower School, Edison Career & Technology High School, Henry Hudson School No. 28, and Dr. Iris J. Banister School No. 33. Community members will be invited to share comments and feedback during the hearings. A detailed schedule follows. * School No. 16-Friday, Aug. 29 at 12 p.m. during the back-to-school bash * James Monroe-Tuesday, Sept. 2 at 4:30 p.m. during the student orientation event * East Lower-Thursday, Sept. 18 at 6:15 p.m. during an open house event * Edison Tech-Wednesday, Sept. 23 at 6 p.m. during a parent town hall meeting * School No. 28-Thursday, Sept. 25 at 5 p.m. during an open house event *School No. 33-Thursday, Sept. 25 at 5 p.m. during an open house event The RCSD has more schools under receivership than any other large school district in the state. Buffalo Public Schools has the second most with three. New York City Public Schools and the Syracuse City School District each have two, and the Albany Central School District has one. According to information posted on the NYSED website, the other large districts with Schools Under Receivership — 2025-2026 School Year * Albany City School District-Giffen Memorial Elementary School * Buffalo Public Schools-PS 37 Marva J. Daniel Futures Preparatory School, PS 97 Harvey Austin School and PS 131 The Academy School * New York City Public Schools-Brooklyn High School for Leadership and Community Service and New Directions Secondary School * Schenectady City School District-William C. Keane Elementary School * Syracuse City School District-Clary Middle School and Lincoln Middle School About Rochester City School District The Rochester City School District is a public district in Rochester, New York, serving about 21,000 students. RYLIE DAVIS: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Rylie Davis Property, LLC 4015 Discovery Drive Alpharetta, GA 30004 Business Description: Rylie Davis Property, LLC leases commercial and residential real estate and participates in equity REITs focused on property leasing. Chapter 11 Petition Date: August 29, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-21226 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Hart as owner. The debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/62JYSMQ/Rylie_Davis_Property_LLC__ganbke-25-21226__0001.0.pdf?mcid=tGE4TAMA S&B GROUP: Section 341(a) Meeting of Creditors on September 30 -------------------------------------------------------------- On August 31, 2025, S&B Group Inc. filed Chapter 11 protection in the Northern District of Georgia. 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 30, 2025 at 02:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About S&B Group Inc. S&B Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60011) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Brad Fallon, Esq. at FALLON LAW PC. SANUWAVE HEALTH: Adds 500K Shares Under 2024 Equity Plan -------------------------------------------------------- SANUWAVE Health, Inc. filed a Registration Statement Pursuant to General Instruction E of Form S-8 with the U.S. Securities and Exchange Commission to register an additional 500,000 shares of common stock, $0.001 par value per share of the Company reserved for issuance under the Company's 2024 Equity Incentive Plan, as amended and restated as of August 19, 2025. Shares of the Company's Common Stock issuable under the Plan were previously registered pursuant to a Registration Statement on Form S-8 (No. 333-282726) filed with the Commission on October 18, 2024. Such Registration Statement is currently effective. The Company may be reached through: Morgan C. Frank Chief Executive Officer SANUWAVE Health, Inc. 9600 West 76th Street Eden Prairie, Minnesota 55344 Tel: (952) 656-1029 A full-text copy of the Registration Statement is available at https://tinyurl.com/bdhcdpjc About SANUWAVE Headquartered in Suwanee, Ga., SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology Company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 20, 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 recurring losses, has negative working capital, and needs to refinance its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. For the fiscal year ended December 31, 2024, SANUWAVE had $30.12 million in total assets, $42.84 million in total liabilities, and $12.72 million in total stockholders' deficit. As of June 30, 2025, the Company had $33.05 million in total assets, $47.82 million in total liabilities, and $14.78 million in total stockholders' deficit. SASAS HOSPITALITY: Court Extends Cash Collateral Access to Sept. 25 ------------------------------------------------------------------- SASAS Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until September 25, marking the eighth extension since its Chapter 11 filing. The eighth interim order authorized the Debtor to use the cash collateral of its senior secured creditor, Albany Bank & Trust Company, N.A., to pay the expenses set forth in its budget, with a 10% variance allowed. As protection, Albany was granted a valid, perfected and enforceable first-priority security interest on assets of the Debtor in which it held a security interest and lien as of the petition date, including, without limitation, cash resulting from the Debtor's operations. The Debtor must not borrow, obtain credit, financing or other credit during the pendency of the interim order, and must not allow any liens to attach to the collateral. All post-petition fees owed to Best Western International, Inc. under a 2017 membership agreement must be paid in full monthly in the ordinary course, outside the budget limits. The next hearing is scheduled for September 24, with objections due by September 22. The Debtor owns and operates a hotel located at 5105 S. Howell Avenue, Milwaukee, Wisconsin. The Debtor asserts that the value of the hotel and real estate is in excess of $7 million. A lien exists for the property in favor of Albany Bank, which has a loan with the Debtor with a balance of $4,765,754.43. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/yN6tl from PacerMonitor.com. About SASAS Hospitality LLC SASAS Hospitality, LLC is a hospitality company that owns a property at 5105 S Howell Ave, Milwaukee, Wis. SASAS Hospitality filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-03643) on March 10, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. Albany Bank & Trust Company, as secured creditor, is represented by: David A. Golin, Esq. Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 david.golin@saul.com SCIENTIFIC GAMES: Moody's Affirms 'B3' CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings affirmed Scientific Games Holdings LP's B3 Corporate Family Rating and B3-PD Probability of Default Rating. Moody's also affirmed the B2 ratings on the company's existing USD Senior Secured 1st Lien Term Loan, EUR Senior Secured 1st Lien Term Loan, and $440 million Senior Secured 1st Lien Revolving Credit Facility. Moody's additionally affirmed the Caa2 rating on the company's existing 6.625% senior unsecured notes due 2030. The outlook is stable. RATINGS RATIONALE Scientific Games Holdings LP's credit profile reflects the company's high debt balances following the acquisition of the business by Brookfield Business Partners. Leverage remains very high, although Moody's expects it will decline over time from continued growth in revenue and EBITDA. Customer concentration, with the top ten customers accounting for a sizable amount of revenue, is a risk but is somewhat mitigated by length of relationship and tenor of the contracts. The ratings are supported by the company's strong position in instant ticket games, as well as its software and technology products that facilitate lottery games across digital and retail channels. The company's high share of recurring revenue, strong margins, good liquidity, and the resiliency of the lottery business provide further support to the ratings. The stable outlook reflects Moody's expectations that the company will grow revenue and EBITDA aided by new contract wins, and the impact from previously implemented costs savings, that will drive leverage down from current elevated levels. The stable outlook also considers the company's good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company generates consistent and comfortably positive free cash flow, revenue is growing, and debt-to-EBITDA is sustained below 6.0x. Ratings could be downgraded if EBITDA declines, liquidity deteriorates, or if debt-to-EBITDA leverage is sustained above 8x. Scientific Games Holdings LP is a provider of instant and draw lottery games, sports betting, lottery systems and retail technology and iLottery to government and non-government lottery entities globally. The company was spun out of Light and Wonder and acquired via a leveraged buyout by Brookfield Business Partners LP in 2022. 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. SHARPLINK GAMING: Board Adopts 3M-Share Inducement Award Plan ------------------------------------------------------------- SharpLink Gaming, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors adopted the SharpLink Gaming, Inc. Inducement Award Plan. The Inducement Award Plan was adopted without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4) and will be administered by the Compensation Committee of the Board or the independent members of the Board. The Board reserved 3,000,000 shares of the Company's common stock for issuance under the Inducement Award Plan, subject to adjustment as provided in the plan document. The terms of the Inducement Award Plan are substantially similar to the terms of the Company's Amended and Restated 2023 Equity Incentive Plan, with the exception that incentive stock options may not be issued under the Inducement Award Plan and equity awards under the Inducement Award Plan (including nonqualified stock options, restricted stock, restricted stock units, and other stock-based awards) may be issued only an employee who is commencing employment with the Company or any subsidiary or who is being rehired following a bona fide interruption of employment by the Company or any subsidiary, in either case if he or she is granted such award in connection with his or her commencement of employment and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. The Board also adopted a form of Restricted Stock Unit Agreement Notice of Restricted Stock Unit Grant (Time-Based Grant) and a form of Restricted Stock Unit Agreement Notice of Restricted Stock Unit Grant (Performance-Based Grant) for use under the Inducement Award Plan. The foregoing description of the Inducement Award Plan, Inducement Time-Based RSU Grant Package, and the Inducement Performance-Based RSU Grant Package does not purport to be complete and is qualified in its entirety by reference to the full text of the Inducement Award Plan, the form of Inducement Time-Based RSU Grant Package, and the form of Inducement Performance-Based RSU Grant Package, which are filed herewith as Exhibits 10.1, 10.2, and 10.3, respectively to the 8-K Report available at https://tinyurl.com/2k8psza4 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 Dec. 31, 2024, the Company had $2.57 million in total assets against $488,300 in total liabilities. As of June 30, 2025, the Company had $453.92 million in total assets, including $382.4 million in digital tangible assets, against $1.393 million in total liabilities. SHARPLINK GAMING: Board OKs $1.5B Share Repurchase Program ---------------------------------------------------------- SharpLink Gaming, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved a share repurchase program (the "2025 Repurchase Program") providing for the repurchase of up to $1.5 billion of the Company's outstanding shares of common stock, par value $0.0001 per share. Under the 2025 Repurchase Program, the Company is authorized to repurchase shares of Common Stock through open market purchases, privately-negotiated transactions, accelerated share repurchases, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The 2025 Repurchase Program does not obligate the Company to repurchase shares of Common Stock and the specific timing and amount of repurchases will vary based on available capital resources and other financial and operational performance metrics, market conditions, securities law limitations and other factors. "At SharpLink, we remain committed to a disciplined capital markets strategy," said Joseph Chalom, Co-Chief Executive Officer of SharpLink in a press release. "Should there exist periods where our stock trades at or below the net asset value ("NAV") of our ETH holdings, it would be dilutive on an ETH per share basis to issue new equity through our capital raising efforts. In this scenario, the accretive course of action may be to repurchase our common stock. This program provides us with the flexibility to act quickly and decisively if those conditions present themselves." The stock buyback program is designed to provide enhanced support to the market, optimize capital allocation and reinforce SharpLink's long-term commitment to driving sustainable stockholder value. Repurchases under the program may be made from time to time through open market purchases, privately negotiated transactions or other means permitted under applicable securities laws. The timing and amount of repurchases under the program will depend on market conditions, share price, trading volume and other factors. The Company is not obligated to repurchase any specific number of shares, and the program may be suspended or discontinued at any time. In connection with the 2025 Repurchase Program, on August 21, 2025, the Company entered into an Open Market Share Repurchase Agreement (the "Repurchase Agreement") with The Benchmark Company, LLC (the "Broker") whereby the Broker has agreed to act as a non-exclusive agent on behalf of the Company to repurchase shares of Common Stock in the open market pursuant to Rule 10b-18 of the Exchange Act. The Repurchase Agreement will continue in effect until terminated by either the Company or the Broker, with or without cause, upon written notice to the other party. The Company will pay the Broker a commission at a rate of $0.01 for each share of Common Stock repurchased pursuant to the Repurchase Agreement. The foregoing description of the Repurchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Repurchase Agreement, a copy of which is available at https://tinyurl.com/53cprsec 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 Dec. 31, 2024, the Company had $2.57 million in total assets against $488,300 in total liabilities. As of June 30, 2025, the Company had $453.92 million in total assets, including $382.4 million in digital tangible assets, against $1.393 million in total liabilities. SOLUNA HOLDINGS: Adds Over 3M Shares to Stock Incentive Plans ------------------------------------------------------------- Soluna Holding, Inc. filed a Registration Statement Pursuant to General Instruction E to Form S-8 under the Securities Act of 1933, as amended with the U.S. Securities and Exchange Commission for the purpose of registering additional shares of the Company's common stock, par value $0.001 per share, issuable under: * the Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan, as amended (f/k/a Mechanical Technology, Incorporated 2021 Stock Incentive Plan) (the "2021 Plan"), and * the Soluna Holdings, Inc. Amended and Restated 2023 Stock Incentive Plan, as amended (the "2023 Plan"). Subject to certain adjustments, beginning on January 1, 2025, and continuing through June 30, 2027, the maximum number of shares of Common Stock available for issuance under the 2021 Plan represents 22.75% of the number of shares of Common Stock outstanding on the first trading day of each quarter (the "2021 Limitation of Grant Provision") and, beginning on July 1, 2023, the maximum number of shares of Common Stock available for issuance under the 2023 Plan represents 23.75% of the number of shares of Common Stock outstanding on the first trading day of such quarter (the "2023 Limitation of Grant Provision"). This Registration Statement registers: (i) 1,489,460 additional shares of Common Stock available for issuance under the 2021 Plan pursuant to the 2021 Limitation of Grant Provision, based upon the total number of shares of Common Stock outstanding on July 1, 2025, and (ii) 1,554,930 additional shares of Common Stock available for issuance under the 2023 Plan pursuant to the 2023 Limitation of Grant Provision, based upon the total number of shares of Common Stock outstanding on July 1, 2025. The shares of Common Stock registered pursuant to this Registration Statement are of the same class of securities as the: (i) 99,367 shares of Common Stock, as adjusted for the 1-for-25 reverse stock split effective as of October 16, 2023, registered for issuance under the 2021 Plan, pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-260614) filed on October 29, 2021, (ii) 978,155 shares of Common Stock registered for issuance under the 2021 Plan and 1,312,356 shares of Common Stock registered for issuance under the 2023 Plan, pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-277067) filed on February 14, 2024, and (iii) 2,606,077 shares of Common Stock registered for issuance under the 2021 Plan and 2,583,592 shares of Common Stock registered for issuance under the 2023 Plan, pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-287691) filed on May 30, 2025. The information contained in the Company's Registration Statements on Form S-8 (Registration Nos. 333-260614, 333-277067, and 333-287691) are hereby incorporated by reference pursuant to General Instruction E. Any items in the Company's Registration Statements on Form S-8 (Registration Nos. 333-260614, 333-277067, and 333-287691) not expressly changed hereby shall be as set forth in the Company's Registration Statements on Form S-8 (Registration Nos. 333-260614, 333-277067, and 333-287691). The Company may be reached through: John Belizaire Chief Executive Officer Soluna Holdings, Inc. 325 Washington Ave Extension Albany, New York 12205 Tel: 518-218-2500 Copies of all communications are sent to: Steven E. Siesser, Esq. Daniel L. Forman, Esq. Lowenstein Sandler LLP 1251 Avenue of the Americas New York, New York 10020 Tel: (212) 204-8688 A full-text copy of the Registration Statement is available at https://tinyurl.com/edrca669 About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2024, Soluna Holdings had $98.68 million in total assets, $48.74 million in total liabilities, and $49.93 million in total equity. SOUTHWEST FIRE: Seeks to Use Cash Collateral -------------------------------------------- Southwest Fire Defense, LLC asks the U.S. Bankruptcy Court for the District of New Mexico for authority to use cash collateral in accordance with its agreements with secured creditors, Cadence Bank, N.A. and Kapitus LLC. The Debtor has three known secured creditors, which claim interests in cash collateral, including the U.S. Small Business Administration, though it has been unable to establish contact with anyone authorized to negotiate on SBA's behalf. As such, a separate motion regarding the SBA was filed on August 22. In contrast, the Debtor successfully reached agreements with Cadence and Kapitus, which it now seeks court approval for under 11 U.S.C. section 363 and Bankruptcy Rule 4001(d). Kapitus LLC holds a secured claim of approximately $120,000, backed by accounts receivable and other business assets. Kapitus also obtained a pre-petition judgment against the Debtor. The security interest was recorded via a UCC-1 financing statement filed under the name "FirstInLine Capital," as permitted by the loan documents. The Debtor has entered into a cash collateral usage agreement with Kapitus. Cadence Bank is owed approximately $326,000, secured by a blanket lien on all business assets, including accounts receivable, as evidenced by a UCC-1 filing dated February 24, 2021. While this UCC-1 mistakenly spells the Debtor's name as "Southwest Fire Defence LLC," the Debtor argues that this typo is not seriously misleading and therefore does not invalidate the lien. Cadence has likewise agreed to allow use of its cash collateral. The Debtor is now requesting the court to approve both agreements and authorize the use of cash collateral through October 31 in accordance with a budget. Additionally, the Debtor seeks authority to extend the use of cash collateral beyond that date if Cadence and Kapitus agree, without further court approval. The agreements include terms for adequate protection for both creditors, although specific terms are not detailed in the motion. The Debtor requests that the court hear this matter at a previously scheduled hearing on September 22 and enter an order which would approve the agreements and authorize cash collateral usage as proposed. About Southwest Fire Defense LLC Southwest Fire Defense, LLC provides emergency same-day hazard tree removal, tree trimming, stump grinding, defensible space creation and tree risk assessment services in the Santa Fe, New Mexico area. Founded in 2014 by former firefighter Daniel A. Martinez, the company offers free estimates. Southwest Fire Defense filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.M. Case No. 25-10924) on July 28, 2025. In its petition, the Debtor reported total assets of $706,464 and total liabilities of $1,530,318. Judge Robert H. Jacobvitz handles the case. The Debtor is represented by Chris Gatton, Esq., at Gatton & Associates, PC. SOUTHWESTERN MATTRESS: To Close Texas Locations After Ch. 11 Filing ------------------------------------------------------------------- Andrew Creelman of Community Impact reports that Factory Mattress, a chain retailer, is continuing its shutdown across Texas, with another closure slated for North San Antonio. The location at 21918 Hwy. 281, Suite 101, near Stone Oak, will remain open only until its inventory is sold out, according to the company's liquidation team, the report related. The retailer has already shuttered several Austin stores following its parent company, Southwest Mattress Sales, filing for bankruptcy in the Texas Western Bankruptcy Court, Austin Division, on June 7, 2024, according to Community Impact, the report added. Three additional San Antonio–area locations are also expected to close under the same process, the liquidation team confirmed. Factory Mattress is still offering mattresses, bed frames, lounge chairs, pillows, bedding sets, and other sleep accessories while supplies last, the report states. Closing TBD: 21918 Hwy. 281, Ste. 101, San Antonio About Southwestern Mattress Sales Inc. Southwestern Mattress Sales, Inc., d/b/a Factory Mattres, is a retailer of mattresses based in Austin, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10652) on June 7, 2024. In the petition signed by Stephen Frey, president, the Debtor disclosed up to $10 million in both assets and liabilities. Jason Binford, Esq., at ROSS, SMITH & BINFORD, PC, represents the Debtor as legal counsel. STARCO BRANDS: CMO David Dreyer Out Amid Streamlining ----------------------------------------------------- Starco Brands, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company eliminated the position of Chief Marketing Officer and Mr. David Dreyer, the Chief Marketing Officer of the Company, departed effective immediately. The elimination of the position was a result of a continued strategic initiative to streamline the Company's organizational structure. This decision reflects the Company's ongoing plans to enhance operational efficiency and optimize resource allocation. No replacement will be appointed for this role; its responsibilities will be integrated across existing leadership teams. About Starco Brands Santa Monica, Calif.-based Starco Brands, Inc. (OTCQB: STCB) -- starcobrands.com -- invents consumer products with behavior-changing technologies that spark excitement. Starco Brands identifies whitespaces across consumer product categories. Starco Brands publicly trades on the OTCQB stock exchange so that retail investors can invest in STCB alongside accredited individuals and institutions. Irvine, Calif.-based Macias, Gini, and O'Connell LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 18, 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 working capital deficit of approximately $10M and an accumulated deficit of approximately $81 million at December 31, 2024, including the impact of its net loss of approximately $17 million for the year ended December 31, 2024. The Company's ability to raise additional capital through the future issuances of common stock and/or debt financing is unknown. The obtainment of additional financing and the successful development of the Company's contemplated plan of operations, to the attainment of profitable operations are necessary for the Company to continue operations. As of June 30, 2025, the Company had $57.53 million in total assets, $23.27 million in total liabilities, and $33.86 million in total stockholder's equity. SUMMIT HARD: Cash Collateral Access Extended to Sept. 17 -------------------------------------------------------- Summit Hard Cider and Perry Company, LLC received another extension from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. At the recent hearing, the court extended the Debtor's authority to use cash collateral until September 17, the date of the final hearing. The Debtor has multiple creditors, some of which have secured claims while others have unsecured or undersecured claims. The total amount owed by the Debtor is substantial, with a breakdown of major creditors as follows: 1. Taxing Entities. The Debtor owes significant amounts to various taxing authorities, including the Colorado Department of Revenue, which is owed $7,624; Larimer County Treasurer, $2,647; and the City of Fort Collins, $7,000. These debts are secured by tax liens against the Debtor's assets according to applicable Colorado statutes. These liens take priority over other creditors. 2. The U.S. Small Business Administration. The Debtor owes the SBA a total of $549,270, which is split into a secured portion of $143,410 and an unsecured portion of $405,860. The SBA holds a senior security interest in the Debtor's tangible and intangible personal property, including inventory, equipment, accounts, and other assets. 3. Secured Creditors. Other creditors have secured claims against the Debtor's assets, including Regions Bank, doing business as Ascentium Capital, which is owed $65,000; Spartan Business Solutions, $80,940; Funding Metrics/Lendini, $84,953; Fora Financial Advance, LLC, $99,400; Rapid Finance, $59,490; and Keg Logistics LLC, $2,774. 4. Unsecured creditors including American Express and Scott Kellman owed $28,331 and $16,000, respectively. The Debtor has conducted a valuation of its assets, including tangible property, bank account balances, and inventory. The liquidation value of these assets has been estimated at $160,682. Given this valuation, most of the creditors listed above, with the exception of the taxing entities, are undersecured or unsecured. In order to continue operating and to be able to propose a reorganization plan, the Debtor needs access to cash flow to maintain its business activities, specifically as a cidery and restaurant. The Debtor plans to sell perishable food inventory and brewed cider both for cash and on credit. The proceeds from these sales will be used for ongoing business expenses, including employee wages and inventory replenishment. The Debtor has an account receivable of $15,102 from High Country Beverage. The Debtor intends to use these funds, along with additional net operating income, to make payments to the taxing entities, in an effort to bring tax filings and payments current. Since the Debtor intends to use cash collateral during its Chapter 11 case, it proposed making adequate protection payments to certain creditors, primarily those with secured claims. These payments are designed to protect these creditors' interests during the bankruptcy process: 1. Larimer County Treasurer: An adequate protection payment of $26 per month, based on a 12% APR on the debt of $2,647. 2. Colorado Department of Revenue: An adequate protection payment of $76 per month, based on a 12% APR on the debt of $7,624. 3. City of Fort Collins: An adequate protection payment of $70 per month, based on a 12% APR on the debt of $7,000. 4. SBA: An adequate protection payment of $460 per month, based on a 3.8491% APR on the secured debt of $143,410. These payments will continue until the Debtor's reorganization plan is confirmed by the court. A copy of the motion is available at https://urlcurt.com/u?l=oydHDY from PacerMonitor.com. About Summit Hard Cider and Perry Company, LLC Summit Hard Cider and Perry Company LLC, operating in Fort Collins, Colorado, produces and sells craft hard ciders and perries, and operates a taproom and pub under the Scrumpy's brand, offering beverages and food to consumers. The Company also collects local fruit through a mobile juicing trailer to create both alcoholic and non-alcoholic drinks. Summit Hard Cider and Perry Company LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15079) on August 13, 2025. In its petition, the Debtor reports total assets of $164,233 and total liabilities of $2,663,400. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Payton L. Buhler, Esq., at Bell, Gould, Linder & Scott, P.C. SUPERIOR EQUIPMENT: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------------- On August 28, 2025, Superior Equipment Lease LLC filed Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports $2,810,433 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Superior Equipment Lease LLC Superior Equipment Lease LLC, based in Bartlett, Illinois, operates in the transportation and logistics sector, providing trucking, hauling, and equipment leasing services. The Company maintains a fleet of Freightliner Cascadia and Volvo VNR64T30 trucks, along with Wabash trailers, supporting both direct freight operations and commercial equipment leasing. Its services facilitate over-the-road hauling and fleet management for clients across the United States. Superior Equipment Lease LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13334) on August 28, 2025. In its petition, the Debtor reports total assets of $3,196,492 and total liabilities of $2,810,433. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtor is represented by David Freydin, Esq. at LAW OFFICES OF DAVID FREYDIN. TELIGENT INC: Secures Victory Over Former Board Tied to Collapse ---------------------------------------------------------------- Mike Leonard of Bloomberg Law reports that Teligent Inc.'s bankruptcy administrator won an early ruling Tuesday, September 2, 2025, permitting claims to proceed against ex-directors accused of disregarding compliance failures that contributed to the pharmaceutical firm's downfall. The suit alleges the board ignored years of serious manufacturing deficiencies and failed to oversee compliance with essential regulatory obligations, ultimately pushing the drugmaker into insolvency, according to the report. In a 29-page ruling, the court said the claims clear the unusually high bar required for such oversight theories, the report added. About Teligent Inc. Teligent, Inc., a specialty generic pharmaceutical company, develops, manufactures, markets, and sells generic topical, branded generic, and generic injectable pharmaceutical products in the United States and Canada. The company was formerly known as IGI Laboratories, Inc. and changed its name to Teligent, Inc. in October 2015. Teligent, Inc. was founded in 1977 and is based in Buena, N.J. Teligent Inc. and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11332) on Oct. 14, 2021. The cases are handled by Honorable Judge Brendan Linehan Shanno. As of Aug. 31, 2021, Teligent had total assets of $85 million and total debt of $135.8 million. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel; K&L Gates, LLP as special corporate counsel; Raymond James & Associates, Inc. as investment banker; PharmaBioSource Realty, LLC as real estate consultant; and Portage Point Partners, LLC as restructuring advisor. Vladimir Kasparov of Portage Point Partners serves as the Debtors' chief restructuring officer. Epiq Corporate Restructuring, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' cases on Oct. 27, 2021. Jenner & Block, LLP and Saul Ewing Arnstein & Lehr, LLP serve as the committee's bankruptcy counsel. Province, LLC is the committee's financial advisor. Latham & Watkins LLP, serves as co-counsel to the Prepetition First Lien Parties and the Senior DIP Parties. Morgan Lewis & Bockius LLP serves as co-counsel to the DIP Junior Term Loan Parties and Prepetition Second Lien Parties. Morris, Nichols, Arsht & Tunnell LLP serves as co-counsel to the DIP Parties and Prepetition Secured Parties. Jenner & Block LLP serves as co-counsel to the Creditors' Committee. Osler, Hoskin & Harcourt LLP, serves as Canadian counsel to both the DIP Junior Term Loan Parties and the Senior DIP Parties. NautaDutilh Avocats Luxembourg S.a r.l., as Luxembourg serves as counsel to both the DIP Junior Term Loan Parties and the Senior DIP Parties. TGS Baltric is the Estonian counsel to both the DIP Junior Term Loan Parties and the Senior DIP Parties. TIN CUP: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------- On August 29, 2025, The Tin Cup Tavern LLC filed Chapter 11 protection in the Northern District of Texas. 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 The Tin Cup Tavern LLC The Tin Cup Tavern LLC operates a casual dining and entertainment venue in Campbell, Texas, offering pub-style food, alcoholic beverages, and live music events. The establishment provides patrons with indoor and outdoor seating along with recreational amenities such as pool tables, dartboards, and cornhole. It serves customers primarily in the Hunt County area through dine-in services and community-oriented promotions. The Tin Cup Tavern LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33337) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Robert T. DeMarco, Esq. at DEMARCO MITCHELL, PLLC TOGETHER GOOD: Deadline for Panel Questionnaires for Sept. 10 ------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Together Good Deeds IV LLC. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/3rpu6tpf and return by email it to Asher Bublick -- asher.bublick@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m. Central Standard Time, on Wednesday, September 10, 2025. After receipt of a completed questionnaire, the United States Trustee Office may contact a party-in-interest to schedule a telephonic interview. About Together Good Deeds IV LLC Together Good Deeds IV LLC, based in Texas, provides professional. architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Vickie L. Driver, Esq., at Driver Stephenson, PLLC. TURNGREEN ENTERPRISES: Case Summary & One Unsecured Creditor ------------------------------------------------------------ Debtor: Turngreen Enterprise, LLC 376 Roy St SW Atlanta, GA 30310 Business Description: Turngreen Enterprise, LLC owns two real estate assets in Atlanta, Georgia, with one property at 376 Roy Street SW appraised at $500,000 and another at 1060 McDaniel Street SW valued at $670,000. Chapter 11 Petition Date: September 1, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-60027 Debtor's Counsel: Leonard R. Medley, III, Esq. LEONARD MEDLEY 2849 Paces Ferry Rd SE, Suite 230 Suite 1450 Bld 2 Atlanta, GA 30339 Tel: (770) 319-7592 Fax: (770) 319-7594 Email: closer@mkalaw.com Total Assets: $1,170,000 Total Liabilities: $1,163,046 The petition was signed by Gregory Hightower as member. The Debtor identified HSP Enterprises Inc., located at 5550 Glades Rd, Ste 200, in Boca Raton, Florida, as its sole unsecured creditor, holding a $3,046 claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/763CCMY/Turngreen_Enterprise_LLC__ganbke-25-60027__0001.0.pdf?mcid=tGE4TAMA U-TELCO UTILITIES: Court Extends Cash Collateral Access to Sept. 24 ------------------------------------------------------------------- U-Telco Utilities, Inc. received fifth interim approval from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral. The fifth interim order penned by Judge Wendy Kinsella authorized the Debtor to use cash collateral until September 24 in accordance with its budget. The Debtor projects total operational expenses of $137,036.39 from March to February 2026. The Debtor's secured creditors will be granted rollover liens on and security interests in all collateral in which such creditors hold liens and security interests pursuant to their existing loan documents with the Debtor. In addition, the Debtor was authorized to continue its monthly payments of $2,197.93 to Sumitomo Mitsui Finance and Leasing Company and $990.06 to Ford Motor Credit Company, LLC until the effective date of a Subchapter V plan. The next hearing is scheduled for September 24. About U-Telco Utilities Inc. U-Telco Utilities Inc. specializes in the rental of commercial and industrial machinery and equipment, including heavy construction machinery such as dozers, excavators, and compact track loaders. It provides a diverse range of equipment for construction and mining operations, offering machinery for rent to support grading, excavation, and material screening projects. U-Telco Utilities Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30126) on February 25, 2025. In its petition, the Debtor reported total assets of $544,250 and total liabilities of $1,184,527. Judge Wendy A. Kinsella handles the case. The Debtor is represented by: Peter Alan Orville, Esq. Orville & Mcdonald Law, PC Tel: 607-770-1007 Email: peteropc@gmail.com VILLA CHARDONNAY: Case Summary & 18 Unsecured Creditors ------------------------------------------------------- Debtor: Villa Chardonnay Horses With Wings, Inc. 4454 Boulder Creek Rd Julian, CA 92036 Business Description: Villa Chardonnay Horses With Wings, Inc., based in Julian, California, operates as a nonprofit animal sanctuary providing care for rescued horses, cats, dogs, goats, and other animals, with a focus on senior and special-needs animals. The organization maintains a large, peaceful environment for these animals and relies on donations and volunteer support to sustain its operations. It is classified within the animal welfare and rescue sector. Chapter 11 Petition Date: September 1, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-03692 Debtor's Counsel: Michael R. Totaro, Esq. TOTARO & SHANAHAN, LLP PO Box 789 Pacific Palisades CA 90272 Tel: (310) 804-2157 E-mail: Ocbkatty@aol.com Total Assets: $3,978,280 Total Liabilities: $7,073,342 The petition was signed by Monika Kerber Perez as president. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IIKAHAY/Villa_Chardonnay_Horses_With_Wings__casbke-25-03692__0001.0.pdf?mcid=tGE4TAMA VISIONARY PRIVATE EQUITY: Enters Receivership --------------------------------------------- Nicholas Phillips of St. Louis Magazine reports that Visionary Private Equity Group, a St. Charles-based investment fund, has entered receivership, sparking alarm among investors. The firm's third-floor office in the Streets of St. Charles appeared closed and its website offline in recent days, the report noted. According to court filings, more than 1,000 investors across 38 states contributed roughly $90 million to the fund. Former members of the fund's investor relations team testified they are owed hundreds of thousands of dollars in back pay and expressed concern for their own retirement accounts tied to Visionary. A federal judge presiding over litigation brought by investors against the fund’s leadership remarked, "It sounds criminal to me," according to St. Louis. Founded in 2010 by ophthalmologist and Notre Dame graduate Ronald Zamber, Visionary was promoted as a vehicle for private equity investment. Zamber, who also established the nonprofit International Vision Quest, served as chairman. The fund's legal counsel was Michael Cosby, a partner at Husch Blackwell in Springfield, the report staets. Court records don't explain why St. Charles was chosen as Visionary's base. Attorneys representing the fund declined comment. Testimony shows local contractor Brigitte Bonetti managed daily operations, though Zamber and Cosby maintained control of the finances. About Visionary Private Equity Group Visionary Private Equity Group (VPEG) operates as a private equity firm. The Firm focuses on investments in energy, technology, e-commerce, food security, mining, and entertainment and media sectors. VPEG serves clients in the United States. VITAL ENERGY: Moody's Puts 'B1' CFR Under Review for Upgrade ------------------------------------------------------------ Moody's Ratings placed Vital Energy, Inc. (Vital) ratings on review for upgrade, including its B1 corporate family rating, B1-PD probability of default rating and B2 senior unsecured notes. The outlook was changed to rating under review from stable. These rating actions follow the announced acquisition of Vital Energy by Crescent Energy Finance LLC (Crescent, Ba3 stable) in an all equity transaction. The transaction is expected to close in the last quarter of 2025, subject to regulatory clearance and other customary closing conditions. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Vital Energy's ratings were placed on review for upgrade based on their potential ownership by Crescent which has a stronger credit profile. The review will conclude once the transaction has closed and there is clarity on the potential implications for Vital's debt, whether it will be repaid, assumed or guaranteed by Crescent or remain Vital's obligation. Vital Energy, Inc. is a Tulsa, Oklahoma based publicly traded independent exploration and production company with primary assets in the Permian Basin. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WALKER EDISON: Deadline for Panel Questionnaires Set for Sept. 5 ---------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Walker Edison Holdco LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/4u5n55ut and return by email it to Malcolm M. Bates -- Malcolm.M.Bates@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Friday, September 5, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Walker Edison A Delaware corporation headquartered in West Jordan, Utah, Walker Edison 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. 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. Walker Edison and three of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Debtor Case No. 25-11602) on August 28, 2025. In its petition, the Lead Debtor reported estimated assets of $0 to $50,000 and estimated liabilities of $100 million to $500 million. The petitions were signed by Jeffrey P. Werner as chief executive officer. The Debtors are represented by Morris, Nichols, Arsht & Tunnell LLP. Lincoln International LLC is the Debtors' investment banker, Macco Restructuring Group LLC is the Debtors' transformation advisor, and Epiq Corporate Restructuring LLC is the Debtors' notice and claims agent. WALKER EDISON: Gets Interim OK to Obtain DIP Loan From Blue Owl --------------------------------------------------------------- Walker Edison Holdco, LLC and affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral and obtain post-petition financing to get through bankruptcy. The Debtors, suppliers of ready-to-assemble home furniture for major e-commerce platforms, filed for bankruptcy with the aim of executing a value-maximizing sale of their business. To facilitate this process and maintain operations, they negotiated debtor-in-possession financing with their existing term loan lenders, led by Blue Owl Capital Corporation, which had previously rescued them after prior ownership left them financially distressed. The proposed DIP facility totals up to $13 million, comprising $6 million in new money for operations and $7 million earmarked for litigation costs. It includes a roll-up feature that converts certain pre-petition debt into post-petition claims -- initially on a one-to-one basis under the interim order, and subsequently on a three-to-one basis under the final order. After exploring alternative financing options without success, the Debtors concluded that this DIP financing, though from insider lenders, was the best and only viable path forward. The Debtors assert that the DIP facility, which is junior in priority to the ABL lender's senior-secured position, was negotiated at arm's length and in good faith, and represents the best available financing option under the circumstances. The Debtors attempted to secure alternative DIP financing through outreach conducted by their proposed financial advisor, MACCO Financial Group, Inc., but all third-party lenders declined to provide post-petition funding. The DIP lenders, which had already invested over $79 million since taking over from the previous equity holders in 2023, agreed to provide the necessary liquidity to stabilize the business and facilitate a going-concern sale. The Debtors are required to comply with these milestones: 1. No later than one business day following the petition date, the Debtor must have executed an asset purchase agreement, in form and substance satisfactory to the DIP lenders and the ABL lender, with the stalking horse bidder for the purchase of substantially all assets of the operating assets of the Debtors under the stalking horse agreement, with any financing required by the stalking horse bidder in connection with the stalking horse agreement not conditioned upon the occurrence of any further or future event other than the entry of an order by the bankruptcy court approving the sale; 2. No later than two business days after the petition date, the interim DIP order approving the DIP facility on an interim basis, in form and substance acceptable to the DIP lenders and the ABL lender, must be entered by the bankruptcy court; 3. No later than two business days after the petition date, the Debtors must file with the bankruptcy court one or more motions, each in form and substance reasonably acceptable to the DIP lenders and the ABL lender, seeking approval of the stalking horse agreement and (ii) bidding procedures (which are in form and substance satisfactory to the DIP lenders) in connection with approval of the sale transaction; 4. No later than 18 days after the petition date, the bankruptcy court must have entered an order establishing bidding procedures consistent with the bidding procedures motion, which order must in form and substance be reasonably acceptable to the DIP lenders and the ABL lender; 5. No later than 18 days after the petition date, the final DIP order approving the DIP facility on a final basis, in form and substance acceptable to the DIP lenders and, solely to the extent such final DIP order contains provisions materially less favorable to the ABL lender than those contained in the interim DIP order, to the ABL lender, must be entered by the bankruptcy court; 6. No later than 25 days after the petition date, unless the DIP lenders and otherwise agree, submission of qualified bids in respect of the sale transaction; 7. No later than 28 days after the petition date, the Debtors must have held an auction in connection with the sale transaction; 8. No later than 30 days after the petition date, the bankruptcy court must have entered an order approving the sale transaction, which order must be in form and substance reasonably acceptable to the DIP lenders and the ABL lender; 9. No later than 31 days after the petition date, the Debtors must have consummated the sale transaction in accordance with the sale order; 10. No later than 45 days after the petition date, unless the DIP lenders otherwise agree, the Debtors must have filed a chapter 11 plan and disclosure statement, which must be acceptable in form and substance to the DIP lenders and (if applicable) the ABL lender; and 11. No later than 90 days after the petition date, unless the DIP lenders otherwise agree, the bankruptcy court must have entered an order confirming the Chapter 11 Plan, which Confirmation Order must be in form and substance acceptable to the DIP lenders and (if applicable) the ABL lender. The new money DIP loans and new money roll-up are due and payable upon the earliest of (i) the date that is five months after the petition date, (ii) the closing date of a sale of substantially all of the Debtors' assets, (iii) the Chapter 11 plan effective date, (iv) the date of dismissal of the Chapter 11 cases or conversion to Chapter 7, (v) the acceleration of the DIP facility following an event of default, (vi) at the DIP lenders' option, the failure of the Debtors timely to satisfy any milestone, and (vii) the filing of any unapproved plan. The Debtors' consensual use of the ABL lender's cash collateral will terminate upon the earlier of a new money DIP loan commitments maturity date, and a cash collateral termination date. The Debtors emphasize that, without the DIP facility and access to cash collateral, their ability to operate would be jeopardized, harming employees, vendors, and customers, and diminishing the value of the estate. The DIP facility includes customary superpriority administrative expense claims and junior security interests in nearly all the Debtors' assets, including the litigation proceeds and, upon entry of the final DIP order, proceeds from avoidance actions. It also grants replacement liens and adequate protection to the pre-petition secured parties for the use of their collateral and any diminution in value. The final hearing is set for September 23. The deadline for filing objections is on September 16. A copy of the interim order is available at https://is.gd/5ie3eK from PacerMonitor.com. About Walker Edison Holdco LLC Walker Edison Holdco LLC supplies ready-to-assemble home furniture for major e-commerce platforms. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 25-11602-TMH) on August 28, 2025. In the petition signed by Jeffrey P. Werner, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $500 million in liabilities. Judge Thomas M. Horan oversees the case. Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP, represents the Debtor as legal counsel. WATER'S EDGE: Seeks $9MM DIP Loan From Fairbridge ------------------------------------------------- Water's Edge Limited Partnership asks the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, for authority to obtain junior secured post-petition financing from Fairbridge Credit, LLC. The Debtor also seeks continued use of cash collateral and authority to provide adequate protection to DIV OA Lender, LLC, the pre-petition mortgage lender, during the pendency of the new financing. The extended DIP loan allows the Debtor to borrow up to $9,050,600, with a maturity date of December 1 and an option to extend to January 1, 2026, with an additional $1 million in availability. The Debtor is requesting an emergency hearing on the motion to allow it to satisfy its obligations under its existing DIP facility and fund necessary operating and case administration costs. The Chapter 11 case was initiated on December 5, 2024, primarily to halt a foreclosure sale by DIV OA Lender, which had recently acquired the Debtor's mortgage from M&T Bank. The Debtor owns and operates a 306-unit residential apartment complex in Revere, Massachusetts, known as Water's Edge Apartments, which includes commercial spaces and amenities such as a parking garage, fitness center, pool, and elevators. Initially, the court authorized the Debtor to obtain DIP financing from Eastern Acquisitions, LLC and pursue a recapitalization plan involving a joint venture structure that would allow Eastern to contribute capital in exchange for a 65% equity stake. However, that plan was abandoned in favor of replacement DIP financing from DIV OA Lender on more favorable terms, which was approved in February and scheduled to mature on May 26. To further extend liquidity and avoid default, the Debtor then secured a short-term DIP facility from Fairbridge, maturing on September 1. During this time, the Debtor solicited offers from up to 10 potential joint venture partners or plan sponsors but received no acceptable proposals. As a result, the Debtor shifted strategy to market the property (in whole or in parts) for outright sale, or to seek refinancing sufficient to pay creditors in full. To that end, it retained Newmark Real Estate of Massachusetts, LLC and obtained court approval of amended sale procedures allowing for a competitive bidding process. The Debtor anticipates several rounds of iterative bids with the goal of finalizing a transaction for court approval in connection with plan confirmation. To enable that sale process to conclude, the Debtor and Fairbridge agreed to the extended DIP loan on substantially similar terms as the prior facility, with several notable changes. These include a higher interest rate (one-month Term SOFR + 5.0%, with a 12.5% floor), increased closing fees, and an optional one-month extension with a corresponding $65,253 extension fee. No exit fee is required under this facility. Fairbridge will also be entitled to a $75,000 break-up fee and reimbursement of expenses if the Debtor enters into another DIP arrangement before closing. The extended DIP loan is additionally supported by a guarantee from First Tower Funding, LLC, an affiliate of the Debtor controlled by Evelyn Carabetta, and secured by non-debtor real estate at 394 Ocean Avenue, Revere, Massachusetts. The facility includes an option for the guarantor to refinance the mortgage on that property, independent of the DIP loan. Adequate protection for DIV OA Lender includes continued interest-only payments and superpriority claims, limited to the extent of any post-petition diminution in the value of its collateral. All obligations under the DIP facility are due and payable in full on the earliest to occur of: (i) December 1; (ii) the occurrence of an event of default or any other termination event specified in the financing orders, provided that during the remedies notice period referred to in the financing orders, the borrower will not be entitled to borrow under the DIP facility or use DIP facility funds other than to pay payroll and other essential operating expenses as set forth in the DIP budget and approved by the lender; (iii) a sale of substantially all of the assets of the borrower; (iv) the confirmation of a plan of reorganization or liquidation (including a Chapter 11 plan in the Chapter 11 case, if any). The Debtors are required to comply with these milestones: (a) No later than August 28, Debtor must file a motion to approve the DIP facility under the terms set forth in the term sheet and entry of the interim financing order; (b) No later than three business days after the DIP motion filing date, entry of the interim financing order; (c) No later than October 15, a motion seeking court approval of one or more sales or other transactions with respect to the properties, the proceeds of which are sufficient to repay the DIP facility in full, which motion must be allowed by the bankruptcy court no later than November 15; and (d) No later than November 26 (which deadline must be extended to December 31 if but only if the extension period is exercised), the transaction must have closed. A copy of the motion is available at https://urlcurt.com/u?l=g9RGj6 from PacerMonitor.com. About Water's Edge Limited Partnership Water's Edge Limited Partnership is primarily engaged in renting and leasing real estate properties. Water's Edge Limited Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on December 5, 2024. In the petition filed by Evelyn M. Carabetta, authorized representative, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor tapped David Frye, Esq., at Russo, Frye & Associates, LLP as counsel; Verdolino & Lowey, PC as financial advisor; and Bradford Carlson at Gray, Gray & Gray, LLP as accountant. Fairbridge Credit, LLC, as DIP lender, is represented by: Kate E. Nicholson, Esq. Nicholson Devine, LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Tel: (857) 600-0508 kate@nicholsondevine.com WINDOWS ACQUISITION: Blackstone Marks $53MM 1L Loan at 20% Off -------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $53,029,000 loan extended to Windows Acquisition Holdings, Inc. to market at $42,026,000 or 80% of the outstanding amount, according to Blackstone's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Windows Acquisition Holdings, Inc. The loan accrues interest at a rate of 10.95% per annum. The loan matures on December 29, 2026. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Windows Acquisition Holdings, Inc. Windows Acquisition Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides building products. Windows Acquisition Holdings serves customers in the United States. WYNN RESORTS: Macau Unit to Fully Redeem $1B 5.50% Notes -------------------------------------------------------- Wynn Resorts, Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 21, 2025 (August 22, 2025 Hong Kong time), Wynn Macau, Limited ("WML"), an indirect subsidiary of the Company with its ordinary shares of common stock listed on The Stock Exchange of Hong Kong Limited (the "HKSE"), filed with the HKSE an announcement that WML will redeem all of the outstanding $1 billion aggregate principal amount of 5.50% Senior Notes due 2026, issued by WML (the "2026 Notes"), at a redemption price equal to 100% of the principal amount of the 2026 Notes (the "Redemption Announcement"). Wynn Resorts owns approximately 72% of WML's ordinary shares of common stock. The Redemption Announcement is available at https://tinyurl.com/4mnabkf4 About Wynn Resorts Ltd. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates hotels and casino resorts. As of December 31, 2024, Wynn Resorts had $12.98 billion in total assets, $13.95 billion in total liabilities, and a total stockholders' deficit of $968.60 million. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts. [] DOJ Appoints Acting Director to Lead U.S. Trustee Program ------------------------------------------------------------ Attorney General Pamela Bondi has appointed Ramona D. Elliott to serve as Acting Director of the Justice Department's U.S. Trustee Program (USTP), the department announced on August 29, 2025. Elliott, a career public servant with 31 years of federal experience, has devoted most of her career to the USTP. Since 2011, Elliott has been the program's Deputy Director and General Counsel, where she has overseen national legal policies in consumer and business bankruptcy cases and directed litigation strategies in significant matters before bankruptcy courts and appellate courts. She also led the USTP's efforts in Harrington v. Purdue Pharma LP, a landmark 2024 Supreme Court decision that barred non-consensual third-party releases under the Bankruptcy Code. Elliott previously served as Acting Director of the USTP from April 2022 to February 2023. In addition to her leadership roles, she represents the USTP as liaison to the Judicial Conference's Advisory Committee on Bankruptcy Rules and is a Fellow of the American College of Bankruptcy. The USTP is charged with promoting the integrity and efficiency of the bankruptcy system for debtors, creditors, and the public. It operates across 21 regions, with 88 field offices nationwide and an Executive Office based in Washington, D.C. [] Houston Big Bankruptcies Rebound After Ethics Fallout -------------------------------------------------------- Akiko Matsuda of The Wall Street Journal reports that Houston is reclaiming its role as a leading hub for large corporate bankruptcies, bouncing back from a steep decline in filings tied to a judicial ethics scandal. In the 12 months ended June 2025, the U.S. Bankruptcy Court for the Southern District of Texas handled 29% of Chapter 11 cases involving $100 million or more in liabilities—nearly double the 15% share it recorded the prior year, according to a WSJ Pro Bankruptcy review of Debtwire data. Houston lost ground after the October 2023 resignation of its chief judge, David R. Jones, who admitted to a concealed romantic relationship with a lawyer from a firm regularly appearing before him. His departure allowed Delaware to retake the top spot, though Houston's resurgence now puts it firmly in second place. Recent high-profile filings in Houston include Intrum, a Swedish debt collector; Northvolt, a Swedish EV battery maker; and Wolfspeed, a chip manufacturer from North Carolina. While the Justice Department's probe into Jones is ongoing, experts say large companies appear comfortable returning to Houston’s complex-case system, now overseen by Judges Alfredo Perez and Christopher Lopez. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***