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250908.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, September 8, 2025, Vol. 29, No. 250 Headlines 2 SMITH HOLDING: Seeks Chapter 7 Bankruptcy in New York 22ND CENTURY: Replaces Freed Maxick With Withum as Auditor 23ANDME HOLDING: Asks Court OK for $50MM Data Breach Deal 330 WESTMINSTER: Court Dismisses Chapter 11 Bankruptcy Case 372 PARKSIDE: Seeks Chapter 11 Bankruptcy in New York 58 OCEAN: Court OKs Property Sale to Martin & Joy Erani for $9.6MM 741 INC: Gets Interim OK to Use Cash Collateral AB CENTERS: Nuveen Churchill Marks $2.8MM 1L Loan at 62% Off ABC TECHNOLOGIES: Moody's Withdraws 'B1' CFR on Debt Repayment ACCURADIO LLC: Unsecureds Will Get 52% of Claims in Plan ACQUISITION INTEGRATION: Claims to be Paid from Sale Proceeds AEROFAB INDUSTRIES: Section 341(a) Meeting of Creditors on Oct. 3 AFFINITY HOSPICE: Nuveen Churchill Marks $7.7MM 1L Loan at 18% Off ALBANY LEADERSHIP: S&P Lowers 2019A/B Bond Ratings to 'B-' ALBION COLLEGE: S&P Affirms 'BB' Rating on 2022 Rev. Bond Rating ALLSPRING BUYER: $300MM Loan Add-on No Impact on Moody's 'Ba3' CFR ALLSTAR PROPERTIES: To Sell Floyd Properties to O'Dwyer AMERICAN OPEN: Amends Liquid Funds Secured Claims Pay AMERICAN PEST: Amends Ally Bank & SouthState Bank Secured Claims AMERICAN VIDEO & ALARM: Seeks Chapter 7 Bankruptcy in Alabama ANNE ARUNDEL: Nuveen Churchill Marks $1.9MM Loan at 39% Off ANNE ARUNDEL: Nuveen Churchill Marks $2.3MM Loan at 55% Off ANNE ARUNDEL: Nuveen Churchill Marks $3.2MM Loan at 62% Off APPLIED SYSTEMS: Moody's Ups CFR to B2, Outlook Remains Stable ARCHDIOCESE OF SAN FRANCISCO: Claimants Ordered to Refile Lawsuit ARCHER ACQUISITION: Nuveen Marks $1MM 1L Loan at 65% Off ASCEND PARTNER: Nuveen Marks $12.6MM 1L Loan at 28% Off ASPEN ELECTRONICS: Amends Unsecured Claims Pay Details AVEANNA HEALTHCARE: Fitch Assigns B- LongTerm IDR, Outlook Positive AVEANNA HEALTHCARE: Moody's Ups CFR to B3, Alters Outlook to Stable AVI SCHWALB: Nov. 3 Debt Dischargeability Objection Deadline Set BALTIMORE ARCHDIOCESE: Abuse Survivors Want Ch. 11 Case Dismissed BARRACUDA PARENT: Blue Owl Marks $22.9MM 1L Loan at 17% Off BARRACUDA PARENT: Blue Owl Marks $55.8MM 2L Loan at 26% Off BEAN BROTHERS: Voluntary Chapter 11 Case Summary BOYNE USA: Moody's Affirms 'B1' CFR & Alters Outlook to Negative BRIDGES CONSUMER: Nuveen Marks $2.7MM 1L Loan at 22% Off BRIGHT GREEN: Unsecured Creditors Will Get 84% of Claims in Plan BUSINESSOLVER.COM INC: Nuveen Marks $1.1MM 1L Loan at 18% Off BYJU'S ALPHA: Creditors to Get Proceeds From Liquidation CAPSTONE CONSULTING: Creditors to Get Proceeds From Liquidation CDL MARKETING: Nuveen Marks $3.9MM Loan at 67% Off CELSIUS NETWORK: Ad Hoc Panel's Appeal on Settlement Order Tossed CENTURY COMMUNITIES: Moody's Rates New $500MM Unsecured Notes 'Ba2' CHICAGO BOARD: S&P Rates 2025A Unlimited-Tax GO Bonds 'BB+' CINEMEX HOLDINGS: MN Theaters Loses Bid to Appoint Committee CLARIOS GLOBAL: Moody's Lowers Rating on Secured Bank Loans to B2 CLEVELAND-CLIFFS INC: Moody's Rates New $600MM Unsec. Notes 'Ba3' COBALT SERVICE: Nuveen Marks $3.1MM 1L Loan at 73% Off COHEN ADVISORY: Nuveen Virtually Writes Off $4.8MM 1L Loan COOKSON'S TRANSMISSION: Gets Interim OK to Use Cash Collateral CORPORATE VISIONS: Nuveen Marks $2.6MM 1L Loan at 26% Off CORPORATE VISIONS: Nuveen Marks $2.9MM 1L Loan at 26% Off COTY INC: S&P Alters Outlook to Negative, Affirms 'BB+' ICR COVERCRAFT PARENT: Nuveen Marks $7.5MM Loan at 47% Off CPW CORP: Seeks Subchapter V Bankruptcy in Connecticut DAVIDSON HOTEL: Nuveen Churchill Virtually Writes Off $1MM Loan DCERT BUYER: S&P Rates $160MM Revolving Credit Facility 'B-' DH UNITED: Nuveen Marks $5.1MM 1L Loan at 17% Off DIOCESE OF ALBANY: Insurers Denied Standing in Bankruptcy Process DIOCESE OF ROCHESTER: Gets $246MM Abuse Settlement Plan Court OK DMC HOLDCO: Nuveen Churchill Virtually Writes Off $1.6MM Loan DMD FLORIDA: Claims to be Paid from Asset Sale Proceeds DODGE CONSTRUCTION: Blue Owl Marks $6MM 1L Loan at 18% Off DREAM FINDERS: Fitch Assigns 'BB-' Rating on Senior Unsecured Notes DUN & BRADSTREET: Moody's Withdraws 'B1' CFR on Debt Repayment E.O. PROPERTIES: Section 341(a) Meeting of Creditors on October 10 ECHOSTAR CORP: AT&T to Acquire Spectrum Licenses in $22.65B Deal EL VERDE: Unsecured Creditors Will Get 100% of Claims in Plan EMERGY INC: Trinity Capital Marks $3.1MM Loan at 56% Off EMERGY INC: Trinity Capital Marks $6.1MM Loan at 56% Off EVEREST LENDING: Updates Unsecured Alleged Litigation Claims Pay EVERGREEN ACQCO: Moody's Rates New $930MM Bank Credit Facilities EVERGREEN LODGING: Seeks Chapter 11 Bankruptcy in Colorado EVOFEM BIOSCIENCES: Signs Sixth Amendment to Aditxt Merger Deal EXCEL FITNESS: Nuveen Churchill Marks $2.3MM 1L Loan at 80% Off FH DMI: Nuveen Churchill Marks $1.1MM 1L Loan at 57% Off FIRSTCALL MECHANICAL: Nuveen Marks $19.9MM 1L Loan at 23% Off FOODSCIENCE LLC: Nuveen Marks $6.3MM 1L Loan at 72% Off FRESH START: Claims to be Paid From Available Cash and Income FUTURE FINTECH: Extends Shareholder Meeting Notice to 70 Days GENESIS HEALTHCARE: Committee Updates List of Claimholders GET PREMIER: Seeks Chapter 7 Bankruptcy in Alabama GLOBAL MEDICAL: Moody's Alters Outlook on 'B2' CFR to Positive GRANT THORNTON: Moody's Affirms 'B2' CFR, Outlook Stable GUNNISON VALLEY: To Sell Gunnison Property to Rocking J Lazy HARMAN'S REPAIR: Seeks Chapter 7 Bankruptcy in Alaska HOMES NOW: To Sell Rockwall Property to Emily Knize for $330K HORSEY DENISON: Gets OK to Use Cash Collateral Until Sept. 30 IMMERSIVE ART: Creditors to Get Proceeds From Liquidation IMPRIVATA INC: Fitch Alters Outlook on 'B' LongTerm IDR to Pos. IRON MOUNTAIN: S&P Rates New EUR750MM Senior Unsecured Notes 'BB-' KENG ACQUISITION: Nuveen Marks $9.2MM 1L Loan at 39% Off KL BRONCO: Nuveen Marks $3.1MM 1L Loan at 20% Off KNOCKAWAY INC: Trinity Capital Marks $23.6MM Loan at 15% Off KODIAK GAS: Fitch Assigns 'BB' Rating on Senior Unsecured Notes KODIAK GAS: Moody's Rates New Senior Unsecured Notes 'B1' KRONOS WORLDWIDE: Moody's Affirms 'B1' CFR, Outlook Negative LAMUMBA INC: Seeks Cash Collateral Access LG SOLAR: Gets Interim OK to Use Cash Collateral LITHIA MOTORS: Moody's Rates New Sr. Unsecured Notes Due 2030 'Ba2' LOS ANGELES OZF: Section 341(a) Meeting of Creditors on October 9 MARRIOTT VACATIONS: S&P Assigns 'B+' Rating on $575MM Unsec. Notes MARTINES PALMEIRO: Wins Bid for Examination of Dominion Entities MEDICAL SALES: Trinity Capital Marks $1.8M Loan at 26% Off MEDICAL SALES: Trinity Capital Marks $5.1MM Loan at 26% Off MEYER BURGER: Gets Court Approval for $29MM Chapter 11 Sale MICHELLE HERRON: Wins Bid to Employ Kutner Brinen Riley as Counsel MOAB INC: Seeks Chapter 7 Bankruptcy in Alabama MWP PROPERTY: To Sell Plainfield Property to Y. M. Rodriguez-Pena NAKED CUPCAKE: Gets Interim OK to Use Cash Collateral NAPA FORD: To Sell Napa Property to MAS Fleet Management NATIONAL RENOVATIONS: Nuveen Marks $2.6MM Loan at 14% Off NATIONAL RENOVATIONS: Nuveen Marks $727,000 Loan at 14% Off NEAR INTELLIGENCE: Trustee Sues Mobile Fuse Over Payment Conspiracy NEXTCAR HOLDING: Trinity Capital Marks $2.274MM Loan at 75% Off NEXTCAR HOLDING: Trinity Capital Marks $2.2MM Loan at 75% Off NEXTCAR HOLDING: Trinity Capital Marks $2.8MM Loan at 75% Off NEXTCAR HOLDING: Trinity Capital Marks $3.4MM Loan at 75% Off NEXTCAR HOLDING: Trinity Capital Marks $5.6MM Loan at 75% Off NFM & J: Nuveen Churchill Marks $5MM 1L Loan at 91% Off NIBA DESIGNS: Seeks to Use Cash Collateral NIKOLA CORP: Court Tosses Former CEO's Pardon-Based Defense NOMAD HEALTH: Trinity Capital Marks $33MM Loan at 17% Off NORTH HAVEN: Nuveen Churchill Marks $5MM Loan at 89% Off OAK CREEK: Modifies Initial DIP Loan Order ONLINE LABELS: Nuveen Marks $403,000 1L Loan at 50% Off ORION GROUP: Nuveen Marks $6.3MM 1L Loan at 26% Off OSTENDO TECHNOLOGIES: Gets Interim OK to Use Cash Collateral OVATION HOLDINGS: Nuveen Marks $7.8MM 1L Loan at 17% Off PALMETTO ACQUISITIONCO: Nuveen Marks $4.8MM 1L Loan at 26% Off PEGGY NESTOR: Court Tosses Sister's Appeal on Lynx Claim Dispute PEGRUM CREEK: To Sell Hartselle Property to Jarek Chu Haven PERATON CORP: Blue Owl Marks $84.5MM 2L Loan at 30% Off PINNACLE SUPPLY: Nuveen Marks $3.6MM 1L Loan at 46% Off PLASTIPAK HOLDINGS: Moody's Alters Outlook on Ba3 CFR to Negative PMHC II: S&P Downgrades ICR to 'CCC+', Outlook Negative PRIVATE SOUNDS: Seeks Chapter 7 Bankruptcy in Georgia PROMPTCARE INFUSION: Nuveen Marks $2.8MM 1L Loan at 52% Off PROSPECT MEDICAL: Updates Insured Claims Pay Details; Amends Plan QUIRCH FOODS: S&P Cuts ICR to 'B-' on Sustained Elevated Leverage QXC COMMUNICATIONS: To Sell Assets to John Von Stein for $5K RANDYS WORLDWIDE: Nuveen Marks $3.7MM 1L Loan at 40% Off REDWOOD SERVICES: Nuveen Marks $2.9MM 1L Loan at 67% Off RICHMOND BELLY: Unsecureds Will Get 24% of Claims in Plan RIVERFRONT ASSOCIATES: Case Summary & 17 Unsecured Creditors RONBON LLC: Unsecureds Will Get 10% of Claims over 5 Years ROYAL HOLDCO: Nuveen Marks $3.4MM 1L Loan at 89% Off SAFETY INFRASTRUCTURE: Nuveen Marks $3.9MM 1L Loan at 84% Off SAVERS VALUE: S&P Rates Sub's $750MM New First-Lien Term Loan 'B+' SCALED AGILE: Nuveen Churchill Marks $7.9MM 1L Loan at 16% Off SENTRY SPORTS: Seeks Chapter 7 Bankruptcy in Alabama SF OAKLAND BAY: Section 341(a) Meeting of Creditors on Sept. 29 SI SOLUTIONS: Nuveen Churchill Marks $5.6MM 1L Loan at 80% Off SILGAN HOLDINGS: Moody's Rates New Senior Unsecured Notes 'Ba2' SMILE BRANDS: Nuveen Churchill Marks $12MM Loan at 19% Off SMITH & HOWARD: Nuveen Marks $2.3MM 1L Loan at 54% Off SOLAR MOSAIC: Gets Court OK for Chapter 11 Plan Debt-for Equity SOUTH FIELD: Moody's Affirms Ba3 Rating on Sec. Credit Facilities SOUTH REGENCY: Unsecured Creditors to Split $146K in Plan SOUTHERN POINT: To Sell Salford Equipment to Ron Goodman SPIRIT AIRLINES: 2nd Chapter 11 Filing Tests Bankruptcy Feasibility SPIRIT AIRLINES: Moody's Cuts CFR to Ca & Alters Outlook to Stable SUMMIT BEHAVIORAL: Moody's Cuts CFR to 'Caa2', Outlook Stable SUNNOVA ENERGY: Solaris and Affiliates Complete Purchase of Assets SUNOCO LP: Moody's Rates New $1.7BB Unsecured Notes 'Ba1' SUNOCO LP: S&P Rates Proposed $850MM Senior Unsecured Notes 'BB+' TALLGRASS ENERGY: Moody's Rates New $600MM Unsecured Notes 'B1' TAU BUYER: Nuveen Churchill Marks $1.7MM Loan at 93% Off TAU BUYER: Nuveen Churchill Marks $3.4MM 1L Loan at 75% Off TBRS INC: Nuveen Churchill Marks $2.2MM 1L Loan at 63% Off TBRS INC: Nuveen Churchill Virtually Writes Off $1.4MM Loan TEDNOLOGIES INC: Seeks Voluntary Chapter 7 Bankruptcy in Alaska TELEPHONE AND DATA: Fitch Affirms BB+ LongTerm IDR, Outlook Stable TIDI LEGACY: Nuveen Churchill Virtually Writes Off $4MM Loan TPI COMPOSITES: Creditors Object to Financing TRUDELL DOCTOR: Unsecured Creditors to Split $3K in Plan TSS BUYER: Nuveen Churchill Marks $6.3MM 1L Loan at 17% Off USA WATER: Nuveen Churchill Marks $3MM 1L Loan at 50% Off VENTURE BUYER: Nuveen Marks $1.2MM 1L Loan at 83% Off VESSCO MIDCO: Nuveen Marks $4.5MM 1L Loan at 62% Off VICTORY CAPITAL: Moody's Rates New First Lien Loans 'Ba1' VIRTUS INVESTMENT: S&P Assigns 'BB+' Rating on New Term Loan B WALKER EDISON: Blue Owl Virtually Writes Off $21.1MM Loan WATCO COMPANIES: Moody's Affirms B2 CFR & Hikes Unsec. Notes to B3 WILCOV HOLDINGS: Unsecureds to Split $8,700 over 36 Months XPLORE INC: Moody's Cuts CFR to 'Caa1', Outlook Stable [] Former Bankruptcy Clients Back Deal in Jackson Walker Dispute ********* 2 SMITH HOLDING: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------- On September 4, 2025, 2 Smith Holding LLC sought Chapter 7 protection in the Southern District of New York bankruptcy court. Court filing lists both assets and liabilities estimated between $1 million and $10 million. The company disclosed a creditor base of 1 to 49. About 2 Smith Holding LLC 2 Smith Holding LLC is a single asset real estate company. 2 Smith Holding LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22834) on September 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Sean H. Lane handles the case. 22ND CENTURY: Replaces Freed Maxick With Withum as Auditor ---------------------------------------------------------- 22nd Century Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Audit Committee of the Board of Directors approved the replacement of Freed Maxick P.C. as the Company's independent registered public accounting firm, due to the acquisition of certain assets of FM by Withum Smith+Brown, PC, effective immediately, and informed FM of such replacement on the date thereof (the "Replacement"). The reports of FM on the Company's financial statements for the fiscal years ended December 31, 2023 and 2024 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles During the Company's fiscal years ended December 31, 2023 and 2024, and the subsequent interim period through August 22, 2025: (i) there were no "disagreements," as defined in Item 304(a)(1)(iv) of Regulation S-K, with FM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of FM, would have caused FM to make reference to the subject matter of the disagreements in connection with its reports on the Company's consolidated financial statements for such period, and (ii) there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K. In connection with the Replacement, on August 22, 2025, the Committee approved the engagement of Withum as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025, effective immediately. During the fiscal years ended December 31, 2023 and 2024, and the subsequent interim period through August 22, 2025, neither the Company nor anyone acting on its behalf consulted with Withum regarding: (i) the application of accounting principles to any specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that Withum concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue, or (ii) any matter that was either the subject of a "disagreement," as defined in Item 304(a)(1)(iv) of Regulation S-K, or a "reportable event," as defined in Item 304(a)(1)(v) of Regulation S-K. The Company provided FM with a copy of the disclosures in this Current Report on Form 8-K and requested that FM furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the Company's statements herein. A copy of such letter, which is dated August 22, 2025, is available at https://tinyurl.com/3xhdpdvp About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. Buffalo, New York-based Freed Maxick P.C. (f/k/a Freed Maxick CPAs, P.C.), the Company's auditor since 2011, 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 Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $21.7 million in total assets, $17.7 million in total liabilities, and $4 million in total stockholders' equity. As of June 30, 2025, the Company had $22.4 million in total assets, $16.8 million in total liabilities, and $5.6 million in total stockholders' equity. 23ANDME HOLDING: Asks Court OK for $50MM Data Breach Deal --------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that the bankrupt 23andMe asked a court to approve a settlement worth up to $50 million to resolve claims from a 2023 data breach that exposed the personal information of nearly 7 million US customers. According to Bloomberg Law, the proposed deal, negotiated before the bankruptcy, would set up a fund of between $30 million to $50 million to handle claims from US clients, according to filings Thursday in the US Bankruptcy Court for the Eastern District of Missouri. The fund would provide statutory damages for people living in certain states, payments up to $10,000 for extraordinary losses such as identity fraud and mental health treatment, the report states. 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. 330 WESTMINSTER: Court Dismisses Chapter 11 Bankruptcy Case ----------------------------------------------------------- Judge Thomas J. Tucker of the United States Bankruptcy Court for the Eastern District of Michigan dismissed the bankruptcy case of 330 Westminster St MI LLC. The Debtor is barred from filing any new bankruptcy case for 180 days after the entry of this Order. This case came before the Court on Aug. 20, 2025, for a hearing regarding confirmation of the Debtor's proposed plan, filed July 2, 2025. The Aug. 20 Order stated, in part, that the Debtor must file an application to approve the appointment of a realtor no later than Aug. 27, 2025, or any party in interest may file an affidavit of non-compliance and submit a proposed dismissal order, in which event the Court may dismiss this case, without further notice or hearing. The Debtor failed to file an application to approve the appointment of a realtor by the Aug. 27, 2025 deadline. Accordingly, the case now will be dismissed. The Debtor's attorney must file any fee application no later than Sept. 4, 2025. Any fee application filed after that deadline may be denied as untimely. A copy of the Court's Order is available at https://urlcurt.com/u?l=HDHx4j from PacerMonitor.com. About 330 Westminster St. MI LLC 330 Westminster St MI LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Mich. Case No. 25-41260) on Feb. 11, 2025, disclosing under $1 million in both assets and liabilities. The Debtor is represented by RESURGENT LEGAL SERVICES, PLC. 372 PARKSIDE: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On September 4, 2025, 372 Parkside Avenue Inc. filed Chapter 11 protection in the Eastern District of New York. 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 372 Parkside Avenue Inc. 372 Parkside Avenue Inc. is a real estate company based in Brooklyn, New York, engaged in land development and property management. The Company owns and operates a multi-family residential building at 372 Parkside Avenue. 372 Parkside Avenue Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44225) on September 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Narissa A. Joseph, Esq. at NARISSA JOSEPH. 58 OCEAN: Court OKs Property Sale to Martin & Joy Erani for $9.6MM ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey has permitted 58 Ocean Ave, LLC to sell Property commonly known as 58 Ocean Ave. Deal, NJ 07723, free and clear of liens, claims, interests, and encumbrances. A detailed description of the Property can be found at https://urlcurt.com/u?l=dXdKn8 The Court has authorized the Debtor to sell the Property to Martin and Joy Erani for the purchase price of $9,600,000. The Debtor shall at closing utilize the proceeds from the sale of the Property to pay (i) the indebtedness owed to the secured creditor, Fifty Eight Ocean Ave LLC, pursuant to that certain Note, Loan Agreement, and Mortgage, Security Agreement and Fixture Filing executed by the Debtor on or about August 12, 2022; (ii) any fees due or payable to the Sheriff of Monmouth County pursuant to N.J.S.A. § 22A:4-8; (iii) any outstanding real estate taxes and/or municipal charges, including any open water or sewer charges; (iv) any open or outstanding tax sale certificates; (v) any outstanding fees due to the United States Trustee's Office, (vi) usual and customary closing costs, including transfer taxes and title charges; and (vii) the approved Broker's Commissions listed on the Notice of Private Sale pursuant to D.N.J. LBR 6004-5 of Adele Cohen of $192,000 in accordance with the listing agreement of 2% commission; If the following payoffs and/or amounts are not able to be determined or established without objection prior to the closing, the proceeds remaining after distribution of the amounts shall be held in escrow by the Settlement Agents. The sale of the Property to the Purchaser shall constitute a legal, valid and effective transfer of title to the Property. The Debtor is authorized and directed to execute and deliver such documents and take such other actions as may be necessary, desirable or appropriate to effectuate, implement and/or consummate the sale of the Property to the Purchaser pursuant to the Contract of Sale, without further application to the Court. he Debtor's authorization to sell the subject property shall expire 60 days from the date of entry of this Order, unless an Order extending time to close is entered by this Court upon Application and proper notice. About 58 Ocean Avenue LLC 58 Ocean Avenue LLC is the fee simple owner of the real property located at 58 Ocean Ave., Deal, NJ 07723-1330 valued at $8 million. 58 Ocean Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-21708) on Nov. 26, 2024. In the petition filed by Joseph Safdieh, as managing member, the Debtor reports total assets of $8,000,000 and total liabilities of $4,702,145. Judge Michael B. Kaplan presides over the case. The Debtor is represented by Scott J. Goldstein, Esq. at LAW OFFICES OF WENARSKY & GOLDSTEIN LLC. 741 INC: Gets Interim OK to Use Cash Collateral ----------------------------------------------- 741, Inc. got the green light from the U.S. Bankruptcy Court for the District of Colorado to use the cash collateral of its secured creditors to fund operations. The court authorized the Debtor's interim use of cash collateral, including cash, cash equivalents, accounts and accounts receivable, in accordance with its budget. As adequate protection for the Debtor's use of their cash collateral, Northeastern Colorado Revolving Loan Fund and other secured creditors will be granted replacement liens on all post-petition inventory and income from the operation of the Debtor's business. The replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens. As additional protection, Northeastern Colorado Revolving Loan Fund will receive a monthly payment of $5,500. The final hearing is set for October 6. The deadline for filing objections is on September 19. The Debtor manufactures amusement park rides for nationwide distribution and farm equipment for local markets. Its primary assets include work in progress, accounts receivable, hand tools, welders, and four older vehicles, all of limited value. On the petition date, the Debtor had five bank accounts with Bank of Colorado containing a total of approximately $6,558. Additional liquidity was expected from a $110,000 Employee Retention Credit check and a $28,000 receivable to be deposited shortly. The Debtor identified two secured creditors: Northeastern Colorado Revolving Loan Fund, which holds a blanket lien on all assets via a UCC filing from February 2023, and Victor Lee Wisdom, who filed a non-UCC lien on tools and equipment in July. Mr. Wisdom does not assert any claim to the Debtor's cash collateral. The Debtor stated that immediate access to cash collateral is essential for funding daily operations, including payroll, equipment usage, and continued production. Without such authority, the Debtor would be forced to cease operations, causing irreparable harm and eliminating the possibility of reorganization and creditor recovery. About 741 Inc. 741 Inc., doing business as Wisdom Rides of America, manufactures and designs amusement rides from its base in Merino, Colorado. The company produces attractions such as roller coasters, family rides, and thrill rides, and also provides refurbishment, parts, and maintenance services. Its products serve amusement parks, traveling carnivals, and family entertainment centers across the U.S. and internationally. 741 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15550) on August 28, 2025. In its petition, the Debtor reported total assets of $1,425,326 and total liabilities of $6,760,662. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C. AB CENTERS: Nuveen Churchill Marks $2.8MM 1L Loan at 62% Off ------------------------------------------------------------ Nuveen Churchill Direct Lending Corp. has marked its $2,845,000 loan extended to AB Centers Acquisition Corporation (Action Behavior Centers) to market at $1,080,000 or 38% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to AB Centers Acquisition Corporation (Action Behavior Centers). The loan accrues interest at a rate of 9.32% per annum. The loan matures on July 2, 2031. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About AB Centers Acquisition Corporation (Action Behavior Centers) At Action Behavior Centers provide applied behavior analysis (ABA) therapy, a gold standard approach for helping children with autism. ABC TECHNOLOGIES: Moody's Withdraws 'B1' CFR on Debt Repayment -------------------------------------------------------------- Moody's Ratings has withdrawn ABC Technologies Holdings, Inc.'s ratings including the company's B1 corporate family rating and a B1-PD probability of default rating. Moody's have also withdrawn the B1 backed senior secured bank credit facility ratings, consisting of a term loan B and a revolving credit facility, issued by ABC Technologies Inc., (together ABC Technologies). Prior to the withdrawal, the rating outlook for both entities was stable. The ratings withdrawal follows ABC Technologies' full repayment of its previously rated debt. RATINGS RATIONALE Moody's have withdrawn the ratings because ABC Technologies' debt previously rated by us has been fully repaid. ABC Technologies Inc. is an automotive systems supplier and is the majority owner of TI Automotive, a global Tier 1 supplier that designs and manufactures highly engineered components—including fuel tank systems, brake and fuel lines, HVAC fluid systems, and powertrain technologies. ACCURADIO LLC: Unsecureds Will Get 52% of Claims in Plan -------------------------------------------------------- Accuradio, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement describing Plan of Reorganization dated August 28, 2025. The Debtor operates a web-based music streaming service delivering music that is curated and personalized by each listener. The Debtor was founded by Kurt Hanson, its current CEO. Hanson began publishing the Radio and Internet Newsletter ("RAIN," www.rainnews.com) in November 1999, focusing on the emerging opportunities of Internet-delivered radio. In 2000, Hanson launched an online service initially called "RAIN Radio," later rebranded as "AccuRadio." Since the filing of the case, Debtor has remained current on all of its post-petition obligations including monthly cash collateral payments to SX. Debtor has successfully pursued new advertising channels and higher advertising rates. As a result of these efforts, Debtor has returned to operating profitably. Therefore, Debtor believes that it will have the wherewithal to fund the proposed Plan. Generally, the Plan provides that all administrative creditors will be paid in full on the Effective Date unless otherwise agreed. Allowed claims of fully secured creditors will receive 100% of their allowed claims plus 3% simple interest. Creditors holding past due claims pursuant to executory contracts will receive a 100% of the claims pro rata on a quarterly basis over 2 years. The Plan payments will be treated as adequate assurance of cure of the past due amounts which allow for assumption of the agreements pursuant to the Plan. The allowed claims of the remaining unsecured creditors will receive the remaining disposable income pro rata after payment of the prior allowed claims which will result in approximately 52% of their claims without interest. Equity security holders will not receive any distributions. Class 1b consists of Unsecured Claims Arising from Statutory Royalties. Allowed Claims in Class 1b will share pro rata with Class 3 the disposable income remaining after Plan payments are made to Classes 1a and 2 beginning in Year 2 of the Plan. Payments will be made quarterly beginning on Initial Distribution Date. Debtor estimates that Class 1b creditors shall receive approximately 52% of their Allowed Claims. This Class is impaired. The amount of claim in this Class total $9,484,335. This Class will receive a distribution of $ 4,975,195.00. Class 3 consists of General Unsecured Claims. Allowed Claims in Class 3 will share pro rata with Class 1b the disposable income remaining after plan payments are made to Classes 1a and 2 beginning in Year 2 of the Plan. Payments will be made quarterly beginning on the first anniversary of the Initial Distribution Date. Debtor estimates that Class 3 creditors shall receive approximately 52% of their Allowed Claims. This Class is impaired. The allowed unsecured claims total $55,070.00. This Class will receive a distribution of $30,036.00. Other than the capital investment from the sale of the membership interests in the Reorganized Debtor, the source of payments will be the future receipts of the Debtor after payment of expenses. A full-text copy of the Disclosure Statement dated August 28, 2025 is available at https://urlcurt.com/u?l=pOyypj from PacerMonitor.com at no charge. Counsel to the Debtor: Derek D. Samz, Esq. Beverly A. Berneman, Esq. Robert R. Benjamin, Esq. Derrick D. Loving, Esq. Golan Christie Taglia LLP 70 W. Madison, Ste. 1500 Chicago, IL 60602 Telephone: (312) 263-2300 Facsimile: (312) 263-0939 Email: ddsamz@gct.law baberneman@gct.law rrbenjamin@gct.law ddloving@gct.law About AccuRadio Inc. AccuRadio Inc. is a Chicago-based company that offers streaming radio service. AccuRadio sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07366) on May 14, 2025. In its petition, the Debtor estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Judge Michael B. Slade handles the case. The Debtor tapped Derek D. Samz, Esq., at Golan Christie Taglia, LLP as counsel; Jeffrey Jarmuth, Esq., as special counsel; and Media Financial Services as accountant. ACQUISITION INTEGRATION: Claims to be Paid from Sale Proceeds ------------------------------------------------------------- Acquisition Integration, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Alabama a Disclosure Statement for Plan of Liquidation dated August 29, 2025. The Debtor is a party to a contract with the United States Army Contract No. W58RGZ21-D-0089 for the delivery of parts and equipment to support weapon systems managed by MultiNational Aviation Special Project Office (MASPO) for the Program Executive Office – Aviation (PEO AVN) in support of Foreign Military Sales (FMS) and other Security Cooperation Programs ("Parts") (herein after "MASPO Contract"). More specifically, Debtor is obligated to procure these Parts in accordance with the specifications outlined in the statement of work for multinational aviation special project office third party logistics bulletin dated July 31, 2020 as revised on May 20, 2021. Prepetition, the Debtor had multiple judgments entered against it. Subsequently, these judgments and other significant financial matters impeded the Debtor's capacity to secure loans essential for sustaining its operations. One of those creditors, Axxeum, Inc., sought to obtain a temporary retaining order in state court prohibiting the Debtor, and its principle, from negotiating sale of its assets to third parties in order to grant liquidity to pay creditors per rata. In response to that attempt an emergency petition was filed. After filing this Chapter 11 case, the Debtor has operated its business and managed its assets and affairs as a debtor-in-possession pursuant to Sections 1107 and 1108 of the Bankruptcy Code. The Debtor will file monthly reports with the Bankruptcy Court summarizing its post-filing operating results. Following confirmation of the Plan, the Liquidating Trustee will provide required reporting to the Bankruptcy Court. The Plan provides a comprehensive strategy for repaying creditors through the proceeds generated from the sale of the MAPSO Contract and the equity shares of the Debtor. The Plan classifies claims into two classes of Secured Claims, one Priority class, one general Unsecured class, and one equity interest class, with specific treatments and payment terms for each. The Plan places all Unsecured Claims in Class 4. The total amount of these claims as of the filing of this disclosure statement is approximately $2,535,803.74. Class 4 consists of the Allowed Unsecured Claims of all other unsecured creditors. The Allowed Unsecured Claims of the unsecured creditors will be paid through proceeds generated by any excess funds from the Auction after paying all Allowed Secured and Priority in full. the Liquidating Trustee. Further, the Allowed Unsecured Claims shall attach as unsecured Claims in the Trust. Liquidating Trustee shall marshal and liquidate all of the Debtor's assets following the sale of the MAPSO Contract and Equity Share, as more fully described in the Plan. Class 5 shall consist of the equity position of Member Dave Bristol in the Debtor. On the Effective Date, Equity Interests shall be deemed divested and sold pursuant to Section 5.01 of the Plan, and the prior holders of Equity Interests shall not receive or retain any property under the Plan on account of such Equity Interests. Following confirmation of the Plan, but prior to the Effective Date of the Plan, the Debtor will conduct a sealed bid auction in accordance with the Plan and Bidding Procedures, to sell the Equity Shares of the Debtor including the Debtor's rights under the MAPSO Contract. The two items will be sold as one unit to the best and highest bidder following the receipt of sealed bids and any subsequent auction. The proceeds from the sale of and Shares of Debtor will be disbursed to Allowed Claims in accordance with the Bankruptcy Code. The Debtor anticipates that this sale will result in a return in excess of one million dollars. Upon the Effective Date, all of the Debtor's remaining assets will be placed into a Liquidating Trust for the marshaling and Liquidating by a Liquidating Trustee. The Debtor believes that the assets to be transferred to the Liquidating Trust to be as follows: (a) accounts receivable to the Debtor in the approximate amount of $600,000.00; (b) a claim against the Pivot Capital Investment and or its counsel in an amount exceeding $10,000,000.00; (c) litigation against the former CFO of the Debtor, Greg Wilson, in an amount which makes the $500,000.00; (d) and other potential business opportunities, the value of which are undetermined at this time. The proceeds generated by the Liquidating Trustee will be paid to Class 1 and Class 3 creditors. It is believed by the Debtor that the Liquidating Trustee, if successful, even partial recover of these identified assets, to be able to pay all Creditors' claims remaining in the case in full and return equity to the old Member. A full-text copy of the Disclosure Statement dated August 29, 2025 is available at https://urlcurt.com/u?l=gm5e4e from PacerMonitor.com at no charge. Counsel to the Debtor: Stuart M. Maples, Esq. Thompson Burton PLLC 200 Clinton Avenue West, Suite 1000 Huntsville, Alabama 35801 Tel: (256) 489-9779 Fax: (256) 489-9720 Email: smaples@thompsonburton.com About Acquisition Integration Acquisition Integration, LLC provides logistics, distribution, and technical services to the commercial and military aerospace and vehicle industries. The Company partners with CAP Fleet to produce upfitted police and special service vehicles for the U.S. Government Services Administration. Based in the US, it operates as an SBA-certified HUBZone and Service-Disabled Veteran-Owned Small Business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81168) on June 10, 2025. In the petition signed by David P. Bristol, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Clifton R. Jessup Jr. oversees the case. Stuart Maples, Esq., at Thompson Burton, PLLC, represents the Debtor as legal counsel. NOVO Tech, Inc., as DIP lender, is represented by: Kevin D. Heard, Esq. Heard, Ary & Dauro, LLC 303 Williams Avenue SW, Suite 921 Huntsville, AL 35801 Tel: (256) 535-0817 kheard@heardlaw.com ServisFirst Bank, as secured creditor, is represented by: Wes Bulgarella, Esq. Maynard Nexsen, P.C. 1901 Sixth Avenue North 1700 Regions/Harbert Plaza Birmingham, AL 35203 Tel: (205) 254-1000 wbulgarella@maynardnexsen.com AEROFAB INDUSTRIES: Section 341(a) Meeting of Creditors on Oct. 3 ----------------------------------------------------------------- On September 3, 2025, Aerofab Industries Inc. filed Chapter 11 protection in the Western District of Washington. 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 filed by Kathryn Evans on behalf of United States Trustee under Section 341(a) to be held on 10/3/2025 at 12:00 PM via Telephonic Meeting. About Aerofab Industries Inc. Aerofab Industries Inc. provides metal fabrication services, offering custom manufacturing, on-site installation, and emergency repair solutions for clients across the food, industrial, medical, and architectural sectors. The Company focuses on quality and timely delivery, supported by a management team with over 59 years of combined experience and a sales team with more than 65 years of combined experience. Aerofab Industries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12454) on September 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Timothy W. Dore handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq. at NEELEMAN LAW GROUP, P.C. AFFINITY HOSPICE: Nuveen Churchill Marks $7.7MM 1L Loan at 18% Off ------------------------------------------------------------------ Nuveen Churchill Direct Lending Corp. has marked its $7,752,000 loan extended to Affinity Hospice Intermediate Holdings, LLC to market at $6,321,000 or 82% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt to Affinity Hospice Intermediate Holdings, LLC. The loan accrues interest at a rate of 9.15% per annum. The loan matures on December 17, 2027. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Affinity Hospice Intermediate Holdings, LLC Affinity Hospice is proud to offer professional, expert, and courteous hospice care with a touch of personal and caring attention. ALBANY LEADERSHIP: S&P Lowers 2019A/B Bond Ratings to 'B-' ---------------------------------------------------------- S&P Global Ratings lowered its long-term rating on Albany Capital Resource Corp., N.Y.'s series 2019A and 2019B bonds, issued for Albany Leadership Charter High School for Girls (ALCHSG), two notches to 'B-' from 'B+'. The outlook is negative. S&P said, "The two-notch downgrade reflects our view of ALCSHG's continued trend of very weak operating performance and a sharp decrease in liquidity at fiscal year-end 2024, resulting in a liquidity and debt service coverage (DSC) covenant violation in fiscal 2024 with similar expectations for fiscal 2025 based on management projections. Although this exposes ALCSHG to potential acceleration risk, we understand the school and bondholders are currently coordinating on potential remedies. We do not believe the bonds are at risk of being accelerated at present, and will continue to monitor them, but will continue to discuss with management for any updates. "The negative outlook reflects our view of ALCSHG's weakened liquidity position, in addition to the school's delayed audited statements according to state charter requirements in fiscal years 2022 through 2024, which we believe could lead to near-to medium-term charter standing risk. "The rating reflects our opinion of the operational risk ALCSHG faces due to the school's placement on probation by SUNY CSI, which we view as an elevated transparency and reporting risk given the school's multiple late audit submissions to New York State. We understand the school has hired an outside management team familiar with the state's charter school landscape to provide back-office support and that ALCSHG has a five-year maximum charter renewal through July 2028. We believe the abrupt change in circumstances and expectations with the charter renewals reflects some level of unpredictability with the school's charter standing and a risk that is material to our overall view of ALCSHG 's charter standing and credit fundamentals. We consider environmental and social factors neutral in our analysis." Environmental, social, and governance (ESG) credit factors for this change in credit rating: -- Transparency and reporting -- The negative outlook reflects our view that there is at least a one-in-three chance that we could lower the rating within the one-year outlook period if enrollment levels pressured the demand profile such that weakened financial operations or days' cash on hand affected debt service payments, or if financial reports concerns, including untimely audited statements, persisted. S&P said, "We could lower the rating if the school fails to stabilize enrollment or improve financial performance, leading to continued weak financial performance, lease-adjusted maximum annual debt service (MADS) coverage, or liquidity. In addition, we could take a negative rating action if ALCSHG 's charter standing is jeopardized or if the school is unable to make progress finalizing a remedy for its current covenant violations. Finally, we could lower the rating if the school is unable to make timely debt service payments or if its debt is accelerated. "We could revise the outlook to stable should ALCSHG successfully remedy its current covenant violations, further stabilize enrollment, improve lease-adjusted MADS coverage, and show growth in liquidity levels." ALBION COLLEGE: S&P Affirms 'BB' Rating on 2022 Rev. Bond Rating ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term rating on the Michigan Finance Authority's series 2022 higher education facilities limited obligation revenue and revenue refunding bonds, issued for Albion College. The outlook remains negative. S&P said, "We analyzed Albion's environmental, social, and governance (ESG) credit factors pertaining to its market position, management and governance, and financial performance. We believe the college is affected by changing regional demographic trends, which we view as a social capital risk that could lead to further pressure in enrollment and demand. Previously, our view of governance risk was elevated due to high turnover in senior leadership and heavy reliance on the endowment for operations, which pressured the college's liquidity. Given improved stability under the president's leadership and moderation of the college's endowment draw, our view of governance risk is now neutral. We also found environmental credit factors as neutral in our credit rating analysis. "The negative outlook reflects our view of recent and projected enrollment declines and significant operating deficits. We expect enrollment will likely decrease again in fall 2025, and that fiscal 2026 operating performance improve from fiscal 2024 and fiscal 2025 but still result in a meaningful deficit. We expect Albion will maintain sufficient liquidity over the one-year outlook period by unrestricting additional funds from the endowment. "We could lower the rating if enrollment or net tuition revenue declines materially. We could also lower the rating if operating performance does not improve with reduced reliance on the endowment in fiscal 2026, consistent with management's projections. Finally, we could also lower the rating if Albion issues additional debt, which is not expected, or liquidity weakens. "We could revise the outlook to stable if enrollment and demand metrics remain relatively stable for fall 2026 and operating performance improves from fiscal 2024 and fiscal 2025 levels with reduced reliance on the endowment. An outlook revision to stable would be predicated on Albion not issuing additional debt and maintaining or improving current liquidity levels through additional unrestricting of endowment funds." ALLSPRING BUYER: $300MM Loan Add-on No Impact on Moody's 'Ba3' CFR ------------------------------------------------------------------ Moody's Ratings said the Ba3 rating of Allspring Buyer LLC's backed senior secured term loan is unaffected by its planned $300 million backed senior secured first-lien term loan, which will be an add-on loan to the existing $1.3 billion outstanding backed senior secured first-lien term loan due November 2030. The add-on will contain the same terms and conditions as the existing loan. Net proceeds from the term loan add-on will be used to pay a dividend to shareholders, which includes private equity sponsor GTCR, Inc., the majority shareowner. The Ba3 corporate family rating and Ba3-PD probability of default rating for Allspring Buyer's parent company, Allspring Intermediate II LLC, remain unchanged. The positive outlook also remains unchanged. RATINGS RATIONALE Allspring Intermediate II LLC 's Ba3 CFR reflects the company's moderate revenue scale, diversified asset class and product mix including a strong money market business and a solid presence in key distribution channels. While the rating is constrained by high leverage, weak profit margins and persistent net long-term outflows, each of these has shown improvement in the last year. Moody's recently changed Allspring's outlook to positive from stable supported by its improving operating performance. The earnings improvement has been principally driven by higher AUM levels, implemented cost savings as well as strong flow momentum in the company's fixed income business. Fixed income net inflows (excluding stable value) were $12 billion in 2024. The proposed dividend recap weakens the company's balance sheet by increasing proforma debt to EBITDA to 4.8x from roughly 4.0x at LTM March 31, 2025. However, Moody's are maintaining Moody's positive outlook as Moody's expects that the company's improved operating performance and earnings trajectory will support leverage returning to 4.5x or below in the coming quarters. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the following occurs: 1) Debt/EBITDA with Moody's Adjustments is sustained below 4.5x; 2) the pre-tax income margin is sustained above 10%; 3) there is sustained improvement in long-term net flows. Given the positive outlook, a downgrade is unlikely, but the ratings could be affirmed at Ba3 with a stable outlook if the following occurs: (1) Debt/EBITDA moves to over 4.5x; (2) the pre-tax income margin remains below 5.0%; (3) a reversion to large long-term net outflows; (4) Additional dividend recapitalization transactions. Allspring Global Investments, the operating subsidiary of Allspring Intermediate II LLC, is headquartered in Charlotte, NC. It had $533.5 billion in assets under management and $1.4 billion in LTM revenue as of March 31, 2025. ALLSTAR PROPERTIES: To Sell Floyd Properties to O'Dwyer ------------------------------------------------------- Allstar Properties, LLC (ASP) and its affiliate, ACH Rental Properties, LL (ACH)C, seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. ASP is a Georgia limited liability company. ASP is a real estate holding company that owns and/or manages several large pieces of real property throughout the northwest corner of the State of Georgia, in Floyd, Haralson and Polk Counties (Investment Properties). The Investment Properties do not generate revenue unless and until they are sold, other than occasional timber and tangential sales. Allstar Properties, I (ASPI) is Georgia limited liability company. ASPI owns certain commercial properties that it rents to business tenants throughout the northwest corner of the State of Georgia, in Floyd, Haralson and/or Polk Counties (Commercial Properties). Where applicable, ASPI collects rent on the Commercial Properties. ACH is a Georgia limited liability company. ACH owns certain residential properties that it rents to individual tenants throughout the northwest corner of the State of Georgia, in Floyd, Haralson and/or Polk Counties (Residential Properties). Where applicable, ACH collects rent on the Residential Properties. ASPI and ACH were created for the purpose of obtaining and managing the Commercial and Residential Properties. Andrew Heaner is the sole member ASP, and the majority member in ASPI and ACH. Mr. Heaner's wife, Mary Helen Heaner, and adult son, Gardner Heaner, are the other minority owners in ASPI and ACH. The lienholders of the Properties are AgSouth Farm Credit, Inc. and Bank of America, N.A. (BOA). As part of the sales process related to BOA, ASP listed interests in several pieces of real estate for sale, including the following relevant properties Harmony Rd Floyd L17-046 860 Abrams Rd Floyd L18-011 1699 Wax Rd Floyd L18-026 1926 Wax Rd Floyd L18-026B 0 Wax Rd Floyd L18-026C 0 Wax Rd Floyd L18-026A 0 Wax Rd Floyd L18-026D Loyd Dr Floyd L18-028 Loyd Dr Floyd L18-029 However, one parcel of real property the property known as 860 Abrams Rd2, located in Floyd County, Georgia, and further identified by its parcel number, L18-010, secures a debt to Southeast First National Bank in the approximate amount of $225,233.00. The BOA Wax Lake Properties and the Abrams Rd Property are schedule to be sold on or before September 26 2025, in a purchase agreement between ASP and the buyer, O'Dwyer Properties, LLC, with the total amount of $2,850,000.00, of which $2,550,000 is related to the BOA Wax Lake Properties and $300,000 is related to the Abrams Rd Property. ASP and ACH will file in the coming days, an application to employ Broker as ASP's and ACH's real estate broker to market and sell certain or all of its other properties, as more particularly described in the aforementioned application. The Purchase Price was the result of a months-long marketing campaign by the Broker. As result of the extensive efforts of the Broker, ASP and ACH assert that the Purchase Price is the fair market value of the BOA Wax Lake Properties and the Abrams Rd Property. The net sales proceeds related to the BOA Wax Lake Properties (ASP Proceeds), except to the extent ASP needs funds to secure insurance for its other properties, will be paid to BOA to pay down the debt owed to BOA and as a result of the BOA Lien. To the extent the United States Trustee makes demand that its fees be paid as a result of the sale of the BOA Wax Lake Properties, the same must be paid from the ASP Proceeds. ASP has no other funds other than a nominal amount in its DP account. The net sales proceeds related to the Abrams Rd Property (ACH Proceeds), except to the extent ACH needs funds to secure insurance for its other properties, will be paid to SFNB to pay down the debt owed to SFNB and as a result of the SFNB Lien. To the extent the United States Trustee makes demand that its fees be paid as a result of the sale of the Abrams Rd Property, the same must be paid from the ACH Proceeds. ACH has no other funds other than a nominal amount in its DP account and nominal amounts left over after it pays its critical operating expenses. ASP and ACH believe that the ASP Proceeds and the ACH Proceeds constitute fair market value for the BOA Wax Lake Properties and the Abrams Rd Property and will maximize value to the Estate. Broker is entitled to a 5% commission of the ASP Proceeds and ACH Proceeds, or $127,500 (for BOA Wax Lake Properties) and $15,000 (for Abrams Rd Property), to be paid at closing. Other closing costs as anticipated to be as follows: transfer taxes - $2,550 (BOA Wax Lake Properties) and $300. Further, real property taxes may be due related to the Wax Lake Properties and the Abrams Rd Property including a pro rata share of 2025 real property taxes. ASP and ACH are requesting the Court to approve the sale to Buyer, which maximizes the value to the Estates, and is, accordingly, in the best interest of the Estates, ASP, ACH and their creditors. About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP AMERICAN OPEN: Amends Liquid Funds Secured Claims Pay ----------------------------------------------------- American Open Space Remedies LLC submitted a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated August 29, 2025. The Debtor has made substantial progress in the Case, having entered into the Settlement and Forbearance Agreement ("Liquid Funds Settlement Agreement") with Liquid Funds LLC ("Liquid Funds"), approved by order entered by the Court on August 21, 2025 ("Liquid Funds Settlement Order"). Pursuant to the Liquid Funds Settlement Agreement and Liquid Funds Settlement Order, among other things, Debtor shall have until June 30, 2027, to payoff Liquid Funds. The Debtor has also filed a motion for order disallowing proof of claim no. 3 ("Aminam Claim") of Aminam, LLC seeking to disallow the Aminam Claim in the amount of $13 million in its entirety ("Aminam Claim Objection"). The Plan contemplates that the Debtor will administer its assets and distribute the proceeds and funds on hand to its Creditors on account of Allowed Claims and Interest Holders in accordance with the priorities set forth in the Bankruptcy Code. The Debtor will continue to be managed by its current management following the Effective Date of the Plan. Class 1 consists of the Secured Claim of Liquid Funds LLC. The Holder of the Class 1 Claim shall be paid in accordance with the Liquid Funds Settlement Agreement and Liquid Funds Settlement Order, which are each incorporated herein by this reference. Subject to the terms of the Liquid Funds Settlement Agreement and Liquid Funds Settlement Order: * The secured claim of Liquid Funds set forth in the Liquid Funds POC is deemed allowed in its entirety and shall not be subject to any objection, reduction, setoff, recoupment, surcharge, recharacterization, subordination or any claims or charges. * Upon the "Forbearance End Date" (i.e., the earlier of June 30, 2027 or upon Debtor's default under the Liquid Funds Settlement Agreement), the Debtor shall pay to Liquid Funds $23,062,500, in Cash without withholding, offset or deduction, in full satisfaction of obligations, provided however that Liquid Funds will accept, in full satisfaction of the foregoing: (1) $19,475,000 if received by December 31, 2025; or (2) $20,500,000 if received by June 30, 2026. * Prior to the expiration of the Forbearance End Date, Liquid Funds will forbear from exercising its rights and remedies. * Subject to the terms of the Liquid Funds Settlement Agreement, the guarantees of the Liquid Fund's claim executed by Scott Krentel and David Golkar remain in effect and have been reaffirmed by the reaffirmations accompanying the Liquid Funds Settlement Agreement. * Default interest on the underlying note is 18%. * Upon a default under the Liquid Funds Settlement Agreement, Liquid Funds shall be granted immediate relief from any applicable stay, including any applicable stay or injunction imposed under this Plan without further order of the Court. * Except as expressly provided in the Liquid Funds Settlement Agreement, the Debtor, and Scott H. Krentel, on the one hand, and Liquid Funds, on the other have generally released all claims between them. Like in the prior iteration of the Plan, Allowed General Unsecured Claims will be paid in full on their Allowed Claims. This Class is impaired. If a Class 4 Claim is a timely filed Proof of Claim which is subject to an objection to claim that has not yet been resolved by the Effective Date, then pending resolution of the dispute by a Final Order, the Debtor will reserve sufficient funds to pay the Disputed Claim pursuant to the terms of the Plan into the Disputed Claims Reserve. Once the dispute is resolved by a Final Order, the Debtor will make a Distribution out of the Disputed Claims Reserve on account of the Allowed Class 4 Claim in accordance with the treatment described. The holders of Allowed Claims in this Class will share pro-rata in payments of the total Allowed General Unsecured Claim. An initial distribution of cash will be made in the amount of $151,400.00 out of the funds available for that purpose from sales, refinancing, joint venture, DIP loan or capital contribution. In addition, there will be future cash distributions sufficient from sales, refinancing, joint venture, DIP loan or capital contribution. This class shall receive a minimum of $25,000 in quarterly payments for up to five years with this obligation all due and payable five years after the Effective Date. Funding for the Plan shall come from the Debtor's sale, refinance or the joint venture of the Beaumont Property and from collection on the Litigation Claims. Distributions to creditors under the Plan will be funded primarily from the following sources: (a) the Debtor's cash on hand on the Effective Date, (b) the net proceeds from the collection on the Litigation Claims, if any; (3) and the net proceeds from the sale, refinance or the joint venture of the Beaumont Property. Debtor reserves its rights to seek new financing secured by all or part of the Beaumont Property. A full-text copy of the First Amended Disclosure Statement dated August 29, 2025 is available at https://urlcurt.com/u?l=k8evGx from PacerMonitor.com at no charge. Counsel to the Debtor: Robert P. Goe, Esq. Reem J. Bello, Esq. Goe Forsythe & Hodges LLP 17701 Cowen, Lobby D, Suite 210 Irvine, CA 92614 Tel: (949) 796-2460 Fax: (949) 955-9437 Email: rgoe@goeforlaw.com About American Open Space Remedies American Open Space Remedies, LLC, is a company in Irvine, Calif., engaged in activities related to real estate. American Open Space Remedies filed Chapter 11 petition (Bankr. C.D. Cal. Case No. 24-12885) on Nov. 8, 2024, listing $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Scott C. Clarkson oversees the case. Goe Forsythe & Hodges, LLP, serves as the Debtor's legal counsel. AMERICAN PEST: Amends Ally Bank & SouthState Bank Secured Claims ---------------------------------------------------------------- American Pest Solutions, Inc., submitted a Second Amended Subchapter V Plan of Reorganization. The Plan provides for a total of five classes of claims: one class of secured claims, one class of priority unsecured claims, one class of general unsecured claims, one class of executory agreements, and one class of equity interest holders. The Debtor's financial projections show that the Debtor will have projected disposable income of $136,955.00, reduced by projected secured and administrative claims in the amount of $68,765.74, leaving $68,189.26 disposable income to be disbursed to general unsecured claimaints. The Disposable Income Projection projects that after payment of ordinary business expenses, administrative creditors, priority creditors and secured creditors, the Debtor will generate net cash flow of approximately $44,274.00 in the 36 months following the Effective Date of the Plan. All of these funds, less any funds incurred for Disputed Claim Professional Fees, will be paid to General Unsecured Creditors under the Plan. Disputed Claim Professional Fees are not expected to exceed $5,000 and will be incurred for the sole purpose of increasing the available distributions to Allowed Claims. Class 2 shall consist of the Secured Claim of Ally Bank (POC 4). As of the Petition Date, Debtor is current with Creditor Ally Bank c/o AIS Portfolios Services, LLC, making monthly payments of $435.94 pursuant to the original financing agreement. The Debtor will continue making the monthly payment to Creditor through the end of the contractual term, which is on or around March 2026. This Class will receive a distribution of $7,196.62. Class 3 shall consist of the Secured Claim of Ally Bank (POC 5). As of the Petition Date, Debtor is current with Creditor Ally Bank c/o AIS Portfolios Services, LLC, making monthly payments of $599.04 pursuant to the original financing agreement. The Debtor will continue making the monthly payment to Creditor through the end of the contract term, which is on or around October 2027. This Class will receive a distribution of $16,972.29. Class 4 shall consist of the Secured Claim of SouthState Bank, NA (POC 3). Creditor SouthState Bank, NA, in page two (2) of its Proof of Claim (No. 3), states that its total claim is $237,026.60, with $0.00 classified as secured, and with $237,026.60 classified as unsecured. The Creditor has a lien by virtue of a UCC-1 Financing Statement; as such, the Debtor is classifying Creditor under here, Class 2, as well. This Class will receive a distribution of $7,270.00. Should the impaired Creditor not affirmatively accept the Plan, the Debtor shall seek confirmation of the Plan under Section 1191(b) of the Bankruptcy Code, and submits that the Plan provides Creditor with treatment that satisfies the requirements of Section 1129(b)(2) of the Bankruptcy Code, including the retention of its lien through deferred payments totaling at least the allowed amount of its claim, ensuring that the Creditor will receive no less than it would in a Chapter 7 liquidation. Like in the prior iteration of the Plan, allowed general unsecured creditors shall share in a pro rata total distribution of an estimated $31,001.26. Allowed general unsecured claimants shall receive payment over three years, (36 months), at the end of each twelve-month period, ending at month thirty-six. The means necessary for the execution and funding of this Plan will be the result of the Debtor's operations via-vis the Agreement with Affiliate American Pest Solutions & Fumigation, LLC, which is pending approval by the Court under Rule 9019, Federal Rules of Bankruptcy Procedure. The Plan shall be funded through the revenue of the Debtor's business operations. A full-text copy of the Second Amended Plan dated August 27, 2025 is available at https://urlcurt.com/u?l=UlQoL8 from PacerMonitor.com at no charge. Counsel to the Debtor: Christina Vilaboa-Abel, Esq. CAVA Law, LLC 1390 South Dixie Highway, Suite 1110 Coral Gables, FL 33146 Phone: (786) 675-6830 Email: christina@cavalegal.com About American Pest Solutions American Pest Solutions, Inc., is a Florida Profit Corporation and operates a pest control/fumigation business that provides pest management and fumigation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13635) on April 2, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Scott M. Grossman presides over the case. Christina Vilaboa-Abel, Esq., is the Debtor as legal counsel. AMERICAN VIDEO & ALARM: Seeks Chapter 7 Bankruptcy in Alabama ------------------------------------------------------------- American Video & Alarm Inc. filed a voluntary Chapter 7 bankruptcy case in the U.S. Bankruptcy Court for the Northern District of Alabama on August 27, 2025. Court filings show the company holds assets valued between $0 and $100,000, with liabilities estimated at $1 million to $10 million. The petition also lists between 50 and 99 creditors. About American Video & Alarm Inc. American Video & Alarm Inc. operates as a provider of security systems, offering comprehensive installation and advisory support. American Video & Alarm Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02574) on September 1, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge D Sims Crawford handles the case. The Debtor is represented by Gina H. McDonald, Esq. ANNE ARUNDEL: Nuveen Churchill Marks $1.9MM Loan at 39% Off ----------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $1,972,000 loan extended to Anne Arundel Dermatology Management, LLC to market at $1,199,000 or 61% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a Subordinated Debt to Anne Arundel Dermatology Management, LLC. The loan accrues interest at a rate of 13.25% PIK per annum. The loan matures on April 15, 2028. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Anne Arundel Dermatology Management, LLC Anne Arundel Dermatology Management, LLC provides dermatological services. The Company offers general and pediatric dermatology, surgery centers, cosmetic dermatology, and skin care products. Anne Arundel Dermatology Management serves customers in the United States. ANNE ARUNDEL: Nuveen Churchill Marks $2.3MM Loan at 55% Off ----------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $2,396,000 loan extended to Anne Arundel Dermatology Management, LLC to market at $1,090,000 or 45% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a Subordinated Debt (Delayed Draw) to Anne Arundel Dermatology Management, LLC. The loan accrues interest at a rate of 13.25% PIK per annum. The loan matures on April 15, 2028. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Anne Arundel Dermatology Management, LLC Anne Arundel Dermatology Management, LLC provides dermatological services. The Company offers general and pediatric dermatology, surgery centers, cosmetic dermatology, and skin care products. Anne Arundel Dermatology Management serves customers in the United States. ANNE ARUNDEL: Nuveen Churchill Marks $3.2MM Loan at 62% Off ----------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $3,282,000 loan extended to Anne Arundel Dermatology Management, LLC to market at $1,237,000 or 38% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a Subordinated Debt to Anne Arundel Dermatology Management, LLC. The loan accrues interest at a rate of 12.75% PIK per annum. The loan matures on October 15, 2028. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Anne Arundel Dermatology Management, LLC Anne Arundel Dermatology Management, LLC provides dermatological services. The Company offers general and pediatric dermatology, surgery centers, cosmetic dermatology, and skin care products. Anne Arundel Dermatology Management serves customers in the United States. APPLIED SYSTEMS: Moody's Ups CFR to B2, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings upgraded its ratings of Applied Systems, Inc. (Applied Systems); corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD, senior secured first lien revolver and term loan to B1 from B2, and second lien term loan to Caa1 from Caa2. The outlook remains stable. "The rating upgrade to B2 and stable outlook reflect Moody's views that Applied Systems' leading market position, strong retention rates, and ability to consistently increase price will continue to drive healthy free cash flow generation relative to debt over the next two years," said Moody's Ratings Vice President, Justin Remsen. RATINGS RATIONALE The B2 CFR reflects Applied Systems' elevated financial leverage with pro forma LTM debt-to-EBITDA of over 9x, or about 8x on a software cash-adjusted basis (inclusive of changes in deferred revenue, expensing capitalized software and adding back stock-based compensation). Absent future debt funded acquisitions or dividends, Moody's expects cash-adjusted debt-to-EBITDA to decline to about 7.0x by year end 2027 with Moody's assumptions of revenue growth above 10% and modest margin expansion. Applied Systems' revenue growth and margin are supported by the company's solid market position as the largest broker/agency management software provider with roughly 14,000 unique agency, brokerage and insurance clients and over 200,000 active users concentrated in North America with additional business in the UK and Ireland. The mission critical nature of solutions drives Applied Systems' drives customer retention rates of 95%. Over 90% of Applied Systems' revenue is subscription or reoccurring transaction based. Given the stickiness and essential nature of Applied Systems' software, the company is able to consistently implement 5%-6% average price increases annually. Applied Systems' liquidity profile is very good, supported by $119 million in cash at June 30, 2025 and an undrawn $150 million revolving credit facility due February 2029. Moody's expects annualized free cash flow of $100 to $150 million over the next two years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Applied Systems adopts a more conservative financial strategy while maintaining organic revenue and earnings growth, such that debt-to-EBITDA is sustained below 6x and free cash flow-to-debt exceeds 5%. There could be downward pressure on ratings if free cash flow to debt is below the low single digit percentage while the company pursues an aggressive financial strategy. Conditions that could also put downward pressure on the ratings include market share losses, margin erosion, declines in the rate of revenue growth or adjusted leverage levels sustained above 8x. The principal methodology used in these ratings was Software published in June 2022. Applied Systems, headquartered in Chicago, Illinois, is a provider of software solutions to the P&C and benefits insurance industry, with a focus on insurance brokers and agencies in the US, Canada, the UK and Ireland. The company generated over $900 million revenue in the LTM period ending June 30, 2025. Applied Systems is owned by private equity investors Hellman & Friedman, JMI Equity, Stone Point Capital and CapitalG. 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. ARCHDIOCESE OF SAN FRANCISCO: Claimants Ordered to Refile Lawsuit ----------------------------------------------------------------- Rick Archer of Law360 reports that on September 4, 2025, a California bankruptcy judge instructed the unsecured creditors committee in the Archdiocese of San Francisco's Chapter 11 case to refile its complaint aimed at classifying parish assets as estate property, ruling that the arguments had sufficient substance to proceed to trial. About San Francisco Archdiocese The Roman Catholic Archbishop of San Francisco, Archdiocese of San Francisco, is a tax exempt religious organisation. The Archdiocese of San Francisco is a Latin Church ecclesiastical territory or diocese of the Catholic Church in the northern California region of the United States. The Archdiocese of San Francisco was erected on July 29, 1853, by Pope Pius IX and its cathedral is the Cathedral of Saint Mary of the Assumption. The Archdiocese sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023. In the petition filed by Fr. Patrick Summerhays as vicar general and moderator of the Curia, the Archdiocese reported $100 million to $500 million in assets and liabilities. The Hon. Dennis Montali oversees the case. The Debtor tapped Feldserstein Fitzgerald Willoughby as counsel. ARCHER ACQUISITION: Nuveen Marks $1MM 1L Loan at 65% Off -------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $1,095,000 loan extended to Archer Acquisition, LLC (ARMstrong) to market at $386,000 or 35% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Archer Acquisition, LLC (ARMstrong). The loan accrues interest at a rate of 9.39% per annum. The loan matures on October 8, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Archer Acquisition, LLC (ARMstrong) Archer Acquisition, LLC (ARMstrong) is a provider of real estate services in Boston, Massachusetts. The company specializes in the acquisition, management, and strategic enhancement of undervalued assets, RV parks. ASCEND PARTNER: Nuveen Marks $12.6MM 1L Loan at 28% Off ------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $12,642,000 loan extended to Ascend Partner Services LLC to market at $9,040,000 or 72% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Ascend Partner Services LLC. The loan accrues interest at a rate of 8.74% per annum. The loan matures on August 11, 2031. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Ascend Partner Services LLC Ascend Partner Services LLC invests in and support regional CPA firms. The Firm provides access to growth capital, talent acquisition, technology, a leadership system, shared back-office, and modernized equity incentive services. ASPEN ELECTRONICS: Amends Unsecured Claims Pay Details ------------------------------------------------------ Aspen Electronics Manufacturing, Inc., submitted a Second Amended Plan of Reorganization dated August 27, 2025. The Plan provides creditors with a distribution on their Claims in an amount greater than any other potential known option available to the Debtor. Prior to the Petition Date, the Debtor hired counsel to bring a civil action in District Court for the City and County of Denver against James Phillips and Phillips Legal, P.C. That lawsuit was ongoing at the Petition Date, but was later settled during the course of this Chapter 11 case. Debtor filed a motion to approve the settlement agreement, which should be approved by the time this Plan is confirmed. The Class 2 Claim consists of the Claim held by the Aspen Electronics Manufacturing, Inc. Employee Stock Ownership Trust ("Trust" or "ESOP"). At the Petition Date, the Debtor was obligated to the Trust pursuant to a Note and Security Agreement in the principal amount of $1,128,356 as a result of the pre Petition Date termination of the Trust. This Plan rescinds the pre-Petition Date ESOP termination as set forth in the relevant documents to facilitate this transaction, attached and incorporated hereto as Exhibit B ("Class 2 Documents"). The post-Petition Date termination shall pay Class 2 in cash on account of the Class 2 Claim. Details regarding the Class 2 treatment are set forth in the Class 2 Documents. The Class 2 Claim is impaired by this Plan. * Class 2 shall be subordinated to Class 3 and not receive any payment until Class 3 is paid in full under the terms of this Plan. * The Class 2 claim shall be allowed in the amount of $1,128,356 and paid in full within 30 days after Class 3 is paid in full under the terms of this Plan and Class 2 Documents. Class 3 is comprised of the Allowed General Unsecured Claims holding unsecured claims against the Debtor. Class 3 is unimpaired and shall be treated and paid as follows: * Class 3 shall receive a 100% payment of its Allowed Claims plus 4% interest per annum, starting on the Petition Date, by the later of 30 days after receipt of funds received from Litigation Claims settlement or 30 days after the Effective Date. * All payments to Class 3 shall be made payable to each Class 3 creditor and mailed to the address provided on their proof of claim. If no proof of claim was filed, the Debtor shall mail such payment to each Class 3 creditor at the address listed on the Debtor's Bankruptcy schedules. * Interest for the Class 3 claimants shall begin on November 1, 2024 and end on the date the Class 3 payments are disbursed, estimated on or about October 31, 2025. * The 100% payment, plus interest, to Class 3 shall constitute payment in full and final satisfaction of each underlying claim. Class 3 shall not be entitled to any further payment on account of their claims. * The Class 3 claims held by the owners of the Debtor (Giao Le $122,164.89 and Viet Le $57,380.13) shall be subordinated to Class 3 until the unsubordinated Class 3 claims are paid in full under the terms of this Plan. The unsubordinated Class 3 claimants shall include all Class 3 claimants, except for the Class 3 claims held by Giao Le and Viet Le. Within ten business days after payment in full of the unsubordinated Class 3 Claims, the Debtor shall pay Giao Le $122,164.89 and Viet Le $57,380.13, plus interest at 4% per annum, on account of their subordinated general unsecured Class 3 claim. Class 4 is comprised of Giao Le and Viet Le. Class 4 is unimpaired by the Plan. On the Effective Date of the Plan, Class 4 interest holders shall retain all interests held on the Petition Date. The Debtor's Plan is feasible based upon the Debtor's current cash position. The Debtor's ability to fund the Plan is primarily through the cash on hand and litigation proceeds it will receive on account of the Litigation Claims settlement of $1.2 million. Debtor filed a motion to approve the Litigation Claims settlement and anticipates receiving an order approving the settlement before the Effective Date of this Plan. The Debtor's cash balance on July 31, 2025 was $2,295,969, and has increased over the course of this Chapter 11 case. The Debtor's Plan payments are not dependent upon future income, however, the anticipated accumulation in cash as of the Effective Date of the Plan is estimated based on recent months' performance and anticipated revenue. Debtor believes that it will have sufficient cash on hand as of the Effective Date of the Plan to execute the terms of the Plan. A full-text copy of the Second Amended Plan dated August 27, 2025 is available at https://urlcurt.com/u?l=qvqBEl from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Brinen, Esq. Jenny M.F. Fujii, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: (303) 832-2400 Email: jsb@kutnerlaw.com About Aspen Electronics Aspen Electronics Manufacturing Inc., an electronics manufacturer in Westminster, Colorado, sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-16558) on Nov. 1, 2024. In the petition filed by Giao Le, president, the Debtor disclosed total assets of $1,828,289 and total liabilities of $2,710,940. Judge Joseph G. Rosania Jr. oversees the case. The Debtor tapped Jenny M.F. Fujii, at Kutner Brinen Dickey Riley PC and Laurin H. Mills, at Werther & Mills, LLC as special counsel. AVEANNA HEALTHCARE: Fitch Assigns B- LongTerm IDR, Outlook Positive ------------------------------------------------------------------- Fitch Ratings has assigned first-time 'B-' Long-Term Issuer Default Ratings (IDRs) to Aveanna Healthcare Holdings Inc. and Aveanna Healthcare, LLC. The Rating Outlooks are Positive. Fitch has also assigned ratings of 'B-(EXP)' with a Recovery Rating of 'RR4' to the company's existing first-lien secured revolver, term loan and proposed incremental first-lien term loan. First-lien debt is expected to total $1.325 billion, with incremental borrowings used to fully refinance outstanding second-lien loans. Total debt is expected to increase by $25 million. Fitch will assign final ratings to the first-lien debt contingent on receiving final documentation consistent with the transaction information already provided. The IDRs reflect high EBITDA leverage, limited business diversity and small overall scale. The Positive Outlooks are supported by improved EBITDA margins, which Fitch expects to drive sustained positive FCF and leverage near 5.5x or lower. Fitch may consider an upgrade if performance exceeds expectations or if Medicaid funding changes do not materially impact EBITDA generation, supporting leverage consistently below 5.5x. If Fitch expects EBITDA leverage to stay between 5.5x and 6.5x, it would likely revise the Outlook to Stable. Key Rating Drivers Rapid EBITDA-Driven Deleveraging: Aveanna reduced leverage to 5.8x at 2Q25 from 8.3x at YE 2024, mainly through EBITDA growth. Fitch forecasts leverage to reach and remain at 5.5x or lower though the rating horizon. The Rating Case assumes EBITDA margins of 10.0%-10.5% in 2026 and beyond, down from 11.6% forecast for FY 2025. Fitch sees Aveanna's improved leverage profile as sustainable. This is supported by durably higher EBITDA margins driven by a focus on higher gross margin contracts in its Home Health and Hospice (HHH) and Medical Solutions (MS) segments and improving Medicaid MCO reimbursement in its Private Duty Services (PDS) segment. A shift to preferred payor agreements has helped drive profitable growth while catching up to significant nursing wage inflation, which damaged EBITDA margins from 2022-2024. Improving cost leverage and cost savings initiatives have also supported durably higher margins than prior years. Medicaid Reimbursement Headwinds: Aveanna's business is highly exposed to changes in federal Medicaid funding. The Congressional Budget Office (CBO) expects the One Big Beautiful Bill Act (OBBBA) to lower federal Medicaid funding by over $1 trillion over the next 10 years. About 58% of company revenues are derived from Medicaid Managed Care Organization (MCO) payors and 23% are directly from Medicaid. Fitch expects Medicaid funding changes to pressure PDS gross margins, where most Medicaid-related revenue is generated, over the next few years. However, Aveanna's focus on disabled pediatric patients should insulate revenue and margins from major impacts, as the group is less affected by enrollment changes such as work requirements. Additionally, demand for home health is high since it is a lower-cost alternative to hospital care, and labor availability is limited. This incentivizes MCOs to continue to place patients in home health settings when appropriate, which may provide Aveanna with some ability to maintain modest revenue rate growth. Sustainable EBITDA Margin Improvement: Fitch expects adjusted EBITDA margins to rise to 11.6% in 2025, from 8.8% in 2024 and 7.2% in 2023. Fitch expects margins to contract to 10.0%-10.5% in 2026-2028 as PDS cost increases catch up to revenue rate gains in 1H25 and Medicaid reimbursement growth slows. Fitch views the improved run-rate margin profile versus prior years as durable, driven by cost savings initiatives and an intentional shift toward higher gross margin contracts. Fitch expects the incremental EBITDA generation to support positive FCF generation, enabling the company to complete bolt-on M&A activity with cash on hand rather than incremental borrowings. Financial Flexibility and Policy: Aveanna's liquidity profile is adequate and supportive of its 'B-' Long-Term IDR, with $101 million cash and $227 million revolver availability at end 2Q25 (pro forma for the expected revolver upsizing to $250 million). Fitch expects EBITDA interest coverage to sustain at or above 2x both before and after hedges expire. Fitch expects the company to have deleveraging capacity through FCF generation, but Fitch does not forecast meaningful debt reduction. The company has demonstrated high leverage tolerance under partial ownership under Bain and J.H. Whitney, which Fitch expects to continue over the rating horizon. Leader in Fragmented Industry: Aveanna's credit profile benefits from its leading position in the fragmented home health industry, with strong market presences across several regions in the US. The company's local market positions provide it with advantages in accessing labor and arranging preferred payor agreements with MCOs within its PDS business. Since barriers to entry in the industry are low, fixed cost leverage and labor access are critical to achieve profitable growth. Low Business Diversification: A significant portion of company revenues (81%) are generated from pediatric home health, with the remaining 19% of revenue from home health and hospice and medical solutions. This exposes the company to business concentration risk associated with payor concentration risk and changes in external factors that drive market demand. These risks are partially mitigated by Aveanna's MCO payor diversity and its position as a low-cost provider, supporting long-term organic industry growth. Entity Rating Linkage: Aveanna Healthcare Holdings Inc. (parent and financial filer) and Aveanna Healthcare, LLC (subsidiary and borrower of first lien debt) have the same IDR because the parent has no material assets or liabilities other than Aveanna Healthcare, LLC, and there are no material impediments to the parent accessing the assets of subsidiary. Peer Analysis Aveanna's closest peers among Fitch's US healthcare provider coverage at comparable rating levels include Team Health Holdings, Inc. (B-/Stable), Community Health Systems (CCC+), Prime Healthcare Services, Inc. (B/Stable), Tenet Healthcare Corporation (BB-/Stable), and AMN Healthcare Services, Inc. (BB/Stable). These peers broadly have greater scale than Aveanna, with EBITDA ranging from $300 million to $4 billion. Fitch expects peers in the B and BB categories to generate positive FCF during the rating horizons and produce comparable EBITDA margins to Aveanna, except for Tenet, which generates stronger EBITDA margins in the mid-teens %. Fitch expects Aveanna to maintain lower leverage and higher coverage metrics than lower-rated peers like Team Health and Community Health Systems over the rating horizon, supporting Aveanna's IDR and outlook. Aveanna has higher leverage than comparably rated Prime Healthcare Services, Inc. but has a stronger market position and overall business diversification than Prime Healthcare, supporting the IDR. Key Assumptions - Revenue increases 16% in 2025, and Fitch-adjusted EBITDA margins expand +280bps to 11.6%, driven primarily by the Private Duty Services (PDS) segment as the company realizes benefits from its preferred payor agreement strategy. - Organic revenues increase low- to mid-single digit %s in 2026 through 2028 and EBITDA margins contract from 2025 levels to the 10.0% to 10.5% range. Margin contraction is driven by normalizing PDS spread rate and a tighter reimbursement environment for Medicaid and MCO payors following the passing of the OBBBA. - FCF as a % of revenue sustained at positive levels primarily driven by significant EBITDA improvement anticipated in the forecast versus 2024 levels. - Bolt-on acquisition activity of $50 million annually completed through the rating horizon with available cash on hand, driving low-single digit % incremental revenue growth. - Liquidity remains sufficient, supported by the undrawn revolver due 2030 and positive FCF generation during the rating horizon. - Fitch EBITDA leverage of 5.5x at YE 2025 and sustaining around 5.5x in 2026 and 2027. - EBITDA interest coverage (not accounting for interest rate caps and swaps in place) of 2.0x at YE 2025 and remains above 2.0x in 2026 and 2027. Recovery Analysis - The recovery analysis assumes that Aveanna Healthcare Holdings Inc. would be reorganized as a going-concern in bankruptcy rather than liquidated. - Fitch applies a $150 million GC EBITDA assumption and 6.0x EV multiple for a total EV of $900 million. Recoverable value is reduced to $810 million after assuming 10% administrative claims in bankruptcy. - Fitch then deducts expected claims on the A/R securitization facility of $169 million from the total EV, translating to $641 million in recoverable value for first lien creditors. - Fitch assumes that the $250 million first-lien secured revolving credit facility is fully drawn at the time of default. GC EBITDA rationale Fitch applies a $150 million GC EBITDA assumption to the recovery analysis, which reflects Fitch's view of a sustainable post-reorganization EBITDA level upon which Fitch bases the enterprise value. The GC EBITDA assumption is below LTM 2Q25 Fitch EBITDA of $253 million and FY 2025 forecast EBITDA of $271 million, which reflects depletion of the current operating position that could cause a level of distress to provoke a default plus a level of corrective action assumed to occur during restructuring. Fitch identifies heightened payment pressure from Medicaid funding cuts and/or renewed nursing labor inflation as the most likely sources of operational stress. These factors in combination could result in meaningful EBITDA margin declines to levels below Fitch's $150 million GC EBITDA estimate, translating to under 7% EBITDA margins based on LTM revenue. Fitch's GC EBITDA estimate assumes that corrective actions occur during bankruptcy, such as exiting underperforming states where the company has limited scale or right sizing corporate SG&A. Fitch estimates that this would improve EBITDA margins from trough levels but remain below the long-term Rating Case forecast levels of 10.0%-10.5%. This leads to Fitch's GC EBITDA estimate of $150 million. EV Multiple rationale The GC multiple of 6.0x reflects the company's overall moderate scale but leading position in a fragmented market and its capacity to generate average EBITDA margins compared to healthcare provider peers. The strong industry demand for home healthcare support the distressed multiple, but this is offset by the relatively little intangible value of the business plus low barriers to entry. The 6.0x GC EBITDA multiple compares to the historical bankruptcy case study exit multiples for peer companies in the healthcare industry of 6.3x and publicly traded EV of 12.3x as of Aug. 29, 2025. Recovery Waterfall The company has a $275 million A/R securitization facility that matures in 2028 with the full borrowing base available. Fitch assumes the securitization borrowing capacity would decrease proportionately to the GC EBITDA decline versus LTM EBITDA (-41%). To estimate the amount of these priority claims, Fitch assumes the greater of current amount outstanding ($169 million) and the proportional decline in borrowing capacity (-41% based on expected GC EBITDA decline, or $162 million). This leads to a $169 million claim ahead of first lien creditors deducted from recoverable value. The first lien revolver and first lien term loan receive all remaining recoverable value of $641 million. In the analysis, Fitch assumes $1.325 billion of term loan debt is outstanding and the $250 million revolver are fully drawn, corresponding to an 'RR4' rating for both instruments RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation that EBITDA leverage will be sustained above 6.5x; - Fitch's expectation that EBITDA interest coverage will be sustained below 1.5x; - A revised expectation that the One Big Beautiful Bill Act of 2025 will materially impact EBITDA and lead to consistently negative FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation that EBITDA leverage will stay below 5.5x. This expectation would be supported by clear indications from a combination of states, industry participants, and/or management that Medicaid funding changes will not significantly affect EBITDA generation, or by operating outperformance that provides the company enough cushion to weather reimbursement headwinds while maintaining leverage below 5.5x. - Fitch's expectation that EBITDA interest coverage will be sustained above 2.0x. Liquidity and Debt Structure Aveanna has adequate liquidity, with $101 million of cash on hand and $227 million of borrowing capacity under its revolving credit facility, pro forma for the expected upsizing to $250 million. The company's cash needs are also supported by $106 million of borrowing capacity under its AR securitization agreement. Fitch does not include AR securitization availability in the calculation of available liquidity but considers its role in managing working capital and liquidity in the rating analysis. Fitch expects liquidity to remain sufficient, as forecasted positive FCF during the rating horizon will continue to improve the company's liquidity profile. The company's new $1.325 billion first lien term loan will mature in September 2032. Maturities until then are limited to $13 million in mandatory annual term loan amortization. The company's AR securitization facility, which had $169 million outstanding at end 2Q25, is set to expire in 2028. Fitch expects the company would extend the facility prior to maturity. Issuer Profile Aveanna Healthcare Holdings Inc. (AVAH) is a home care platform focused on providing care to medically complex, high-cost patient populations. The company's services primarily consist of pediatric nursing and home health and hospice care for elderly patients. Summary of Financial Adjustments Adjustments were made to EBITDA. Fitch added back non-recurring and non-operational expenses including stock-based compensation, acquisition-related costs, impairment charges, and other legal costs to Fitch-adjusted EBITDA. Date of Relevant Committee 27 August 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations 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 ----------- ------ -------- Aveanna Healthcare Holdings Inc. LT IDR B- New Rating Aveanna Healthcare, LLC LT IDR B- New Rating senior secured LT B-(EXP) Expected Rating RR4 AVEANNA HEALTHCARE: Moody's Ups CFR to B3, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded Aveanna Healthcare LLC's ("Aveanna") corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD. Moody's also assigned a B3 rating to the company's proposed senior secured first lien bank credit facility (consisting of a $250 million revolver expiring in 2030 and a $1.33 billion term loan due 2032). Moody's upgraded the company's speculative grade liquidity rating to SGL-2 from SGL-3. Concurrently, Moody's changed the outlook to stable from positive. Moody's reviewed all ratings on existing senior secured debt instruments and took no action on them. The existing senior secured debt instrument ratings will be withdrawn when the proposed refinancing transaction closes. The ratings upgrade reflects material improvement in the company's business performance and corresponding deleveraging in the last 12 months, a trend Moody's expects to sustain in the next few quarters. Improved execution and upward adjustment of reimbursement rates to offset elevated labor cost primarily drove Aveanna's improved business performance. For the last twelve-month period ended June 28, 2025, Aveanna's Moody's adjusted debt-to-EBITDA was approximately 6.0 times. RATINGS RATIONALE Aveanna's B3 CFR reflects its high financial leverage, some business concentration in California, Texas, and Pennsylvania, and exposure to reimbursement cuts by government payors, especially Medicaid. Moody's expects that the company's debt/EBITDA will remain close to 6.0 times in the next 12 to 18 months. The rating is constrained by the company's high reliance on Medicaid reimbursement through its Private Duty Services (PDS) business, which contributes approximately 81% of the company's revenue. The rating benefits from Aveanna's niche position in a fragmented market of pediatric home health services, where it provides critical services to children and families. The rating also benefits from the company's expanding presence in the home health and hospice segment. Aveanna's strategy to grow its home health and hospice businesses will benefit its credit profile through improved service line and payor diversity. Moody's views Aveanna's liquidity as good (SGL-2). The company had $100 million in cash at the end of June 2025. Moody's expects that the company will generate positive free cash flow (approximately $50-$60 million) over the next 12 months. Liquidity is further supported by access to the new $250 million revolving credit facility, which will be fully available when the transaction closes. The company also has a securitization facility expiring in June 2028 with maximum capacity of $275 million subject to borrowing base requirements ($106 million available as of June 28, 2025). Aveanna's senior secured bank credit facility, comprised of a $250 million revolving credit facility and $1.33 billion term loan, are both rated B3, at the same level as the company's B3 CFR. This reflects represent the preponderance of senior secured first lien debt in the company's capital structure. The stable outlook reflects Moody's views that the company will operate with debt/EBITDA close to 6.0 times and maintain good liquidity in the next 12-18 months. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to improve its operating performance and maintain good liquidity including free cash flow generation. Quantitatively, sustained adjusted debt/EBITDA that is below 5.5 times could support an upgrade. The ratings could be downgraded if Aveanna experiences significant reimbursement reductions and/or wage pressures. A downgrade could also occur if the company's liquidity weakens or the company pursues further large debt-funded shareholder dividends or acquisitions. Headquartered in Atlanta, Georgia, Aveanna Healthcare LLC is pediatric skilled nursing and therapy services, home health and hospice services, as well as medical solutions, such as enteral nutrition, respiratory therapy and medical supply procurement. Revenue was $2.2 billion for the twelve months ended June 28, 2025. Aveanna Healthcare Holdings Inc. (parent of Aveanna Healthcare LLC) is listed on the Nasdaq (Ticker: AVAH) but private equity investors, Bain Capital and J. H. Whitney, retain a significant ownership interest in the company (70.4% as of Dec 28, 2024). The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Aveanna's B3 CFR is two notches below the B1 scorecard-indicated outcome. The difference reflects a scorecard factor that is upwardly skewed by the company's scale. AVI SCHWALB: Nov. 3 Debt Dischargeability Objection Deadline Set ---------------------------------------------------------------- The Honorable Joseph G. Rosania, Jr. of the United States Bankruptcy Court for the District of Colorado granted Benjamin and Karen Davidson's motion for relief from automatic stay in the bankruptcy case of Avi Schwalb. A copy of the Court's Order dated August 27, 2025, is available at https://urlcurt.com/u?l=GYzwMl from PacerMonitor.com. Judge Rosania also issued another order granting the Davidsons' motion for enlargement of time to file a complaint objecting to the dischargeability of certain debts in the bankruptcy case of Avi Schwalb. The Davidsons may file a complaint objecting to the dischargeability of claims asserted against the Debtor on or before Nov. 3, 2025, subject to further extension upon the filing of an appropriate motion if necessary. They must file a status report regarding Case No. 2023CV31234 pending in the Jefferson County District Court on or before Oct. 24, 2025. A copy of the Court's Order dated August 27, 2025, is available at https://urlcurt.com/u?l=LuSnEu from PacerMonitor.com. In a separate order, Judge Rosania granted the motion of John Doe and Jane Roe for the entry of an order extending the date by which they must file an objection to the dischargeability of certain debts in the bankruptcy case of Avi Schwalb pursuant to 11 U.S.C. Sec. 523. The time to file a complaint objecting to the dischargeability of a debt was extended to and including Sept. 3, 2025. A copy of the Court's Order dated August 27, 2025, is available at https://urlcurt.com/u?l=wu66SF from PacerMonitor.com. Avi Schwalb filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 25-126666) on May 2, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C. BALTIMORE ARCHDIOCESE: Abuse Survivors Want Ch. 11 Case Dismissed ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the Archdiocese of Baltimore's bankruptcy should be dismissed if the church can avoid paying damages for clergy abuse under Maryland's charitable immunity law, according to a group representing abuse survivors. In a court filing, the official creditors' committee said the Chapter 11 case, now two years old, cannot continue if the archdiocese succeeds in shielding itself from financial responsibility. The dispute over the doctrine's applicability is still pending before the court. About the Archdiocese of Baltimore The Archdiocese of Baltimore operates as a non-profit religious organization. The organization provides catholic charities, chancery, pastoral council, policies, presbyteral council, and child and youth protection. The Archdiocese of Baltimore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition filed by Archbishop William E. Lori, the Debtor estimated assets between $100 million and $500 million and liabilities between $500 million and $1 billion. The Debtor is represented by Catherine Keller Hopkin, Esq. at YVS Law, LLC. BARRACUDA PARENT: Blue Owl Marks $22.9MM 1L Loan at 17% Off ----------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its $22,918,000 loan extended to Barracuda Parent, LLC to market at $18,960,000 or 83% of the outstanding amount, according to Blue Owl's Form 10-Q for the period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a first lien senior secured loan to Barracuda Parent, LLC. The loan accrues interest at a rate of 4.50% per annum. The loan matures on August 2029. Blue Owl is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Barracuda Parent, LLC Barracuda Parent, LLC is the ultimate parent entity of Barracuda Networks, a technology company that provides cloud-first, enterprise-grade security, application, network, and data protection solutions to businesses worldwide. BARRACUDA PARENT: Blue Owl Marks $55.8MM 2L Loan at 26% Off ----------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its $55,875,000 loan extended to Barracuda Parent, LLC to market at $41,348,000 or 74% of the outstanding amount, according to Blue Owl's Form 10-Q for the period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a second lien senior secured loan to Barracuda Parent, LLC. The loan accrues interest at a rate of 7% per annum. The loan matures on August 2030. Blue Owl is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Barracuda Parent, LLC Barracuda Parent, LLC is the ultimate parent entity of Barracuda Networks, a technology company that provides cloud-first, enterprise-grade security, application, network, and data protection solutions to businesses worldwide. BEAN BROTHERS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Bean Brothers Real Estate, LLC 969 Reepsville Road Lincolnton, NC 28092 Business Description: Bean Brothers Real Estate, LLC is a North Carolina property holding company that owns and manages land in Lincolnton to support affiliated hardware and landscaping businesses. Chapter 11 Petition Date: September 5, 2025 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 25-40203 Judge: Hon. Ashley Austin Edwards Debtor's Counsel: John C. Woodman, Esq. ESSEX RICHARS PA 1701 South Boulevard Charlotte, NC 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 E-mail: jwoodman@essexrichards.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nathan Bean as member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V3MELQI/Bean_Brothers_Real_Estate_LLC__ncwbke-25-40203__0001.0.pdf?mcid=tGE4TAMA BOYNE USA: Moody's Affirms 'B1' CFR & Alters Outlook to Negative ---------------------------------------------------------------- Moody's Ratings changed Boyne USA, Inc.'s (Boyne) outlook to negative from stable. At the same time, Moody's affirmed Boyne's ratings including its B1 Corporate Family Rating, B1-PD Probability of Default Rating and B1 rating on the senior unsecured notes due 2029. The negative outlook reflects Boyne's persistently elevated leverage, driven by cautious consumer spending and substantial capital expenditures that have yet to translate into meaningful enough EBITDA growth to reduce the leverage to the level expected for the rating. This dynamic is expected to continue amid potentially subdued discretionary consumer spending environment, which could constrain operating earnings growth. A decline in the company's cash balance to fund the sizable capital investment program also creates potential for additional debt if free cash flow does not turn positive. Operating performance rebounded in the 2024/2025 ski season following challenges in the prior year that were in part related to weather. For the 12 months ended June 30, 2025, total revenue rose 7.2% year-over-year, with management reported EBITDA increasing 8.6% over the same period. EBITDA levels are comparable to 2023 but remain below 2022. Performance improvements were driven by more favorable weather conditions, effective yield management of lift ticket pricing including an increase in short term passes vs season passes, and sustained demand for outdoor recreation. Boyne's total skier visits outperformed the industry by over 300 basis points. However, Moody's adjusted debt-to-EBITDA remains elevated in the mid-5x range as of June 2025, with limited deleveraging expected in the near term due to ongoing capital expenditures. The company plans to spend approximately $130 million in 2025, primarily to complete the gondola network at Big Sky, complete the Top of Lone Peak glass box experience, and upgrade lifts and snowmaking infrastructure across its resort network. This level of spending is in line with operating cash flow, leaving minimal free cash flow for debt reduction. While no major multi-year projects are planned for 2026, the company expects to temporarily reduce capital expenditures before ramping up again in 2027. The ratings affirmation reflects that, despite continued elevated leverage, Boyne continues to have a good market position with potential growth opportunities supported by recent and ongoing capital investments. These investments are expected to drive future earnings improvement through enhanced customer service, increased customer retention, and support higher visitation levels. The projects outlined previously, along with Boyne's strategy of optimizing yield through dynamic pricing and a shift toward higher-margin daily lift tickets, and its expansion of summer offerings like golf and mountain biking to reduce seasonality, can contribute to its growth. Additionally, the company is realizing benefits from increased traffic via its partnership with the IKON pass program, all of which support long-term revenue and EBITDA growth prospects. RATINGS RATIONALE Boyne's B1 CFR reflects its elevated financial leverage, with Moody's adjusted debt-to-EBITDA in the mid-5x range for the 12 months ended June 30, 2025, its relatively modest scale compared to rated peers, and weak free cash flow. Boyne's operating performance for the 2024/2025 ski season was positive, with total skier visits outperforming industry trends and higher effective ticket prices, despite some late-season weather events and cost pressures. Moody's expects Moody's-adjusted debt/EBITDA to moderately improve to the low-5x range over the next 12 to 18 months due to modest revenue growth, normal ski weather and continued earnings growth supported by returns from recent capital investments. Boyne's credit profile is constrained by its high operating seasonality, high fixed costs, exposure to discretionary consumer spending, and operating performance highly correlated to weather conditions. Reinvestment needs are significant to maintain the ski facilities, continually improve the guest experience and sustain the competitive position and ability to charge premium prices. Big Sky, its largest resort, accounts for over 20% of annual revenue, making the company vulnerable to weather variability in that region. Governance risks are elevated due to concentrated family ownership and an aggressive financial strategy, including debt-funded capital spending. However, the rating is supported by Boyne's strong position as one of the largest operators in the North American ski industry with ownership of ten mountain resorts and two non-ski properties. The company benefits from good geographic diversification across the US and Canada, and roughly 20–25% of revenue is derived from non-snowsports activities, helping to partially mitigate seasonality. Participation in Alterra's IKON pass program enhances revenue visibility and reduces weather-related risk. The ski industry's high barriers to entry and historical resilience during economic downturns also support the rating. The company's good liquidity reflects its $17 million cash balance as of June 30, 2025, and access to $83 million of undrawn capacity on its revolvers and an additional $50 million of availability on its Delayed Draw Term Loan (DDTL) facility due June 2030, which provides flexibility to manage the seasonality and business volatility. The company's largely fixed-rate debt structure and lack of near-term maturities provide financial flexibility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to grow organically and improves the EBITDA margin, sustains debt-to-EBITDA below 4.0x, maintains retained cash flow (RCF)-to-net debt above 17.5%, and maintains very good liquidity. The ratings could be downgraded if debt-to-EBITDA is sustained above 5.0x, RCF-to-net debt is below 10%, or liquidity deteriorates. A shift to more aggressive financial policies including shareholder distributions or debt-funded acquisition could also lead to a downgrade. Additionally, the rating on the notes could be downgraded below the CFR if the level of secured debt increases such as if the company utilizes the DDTL. Boyne USA, Inc, headquartered in Petoskey, Michigan, operates 10 mountain resorts (four with golf courses) and two non-ski properties consisting of one attraction (Gatlinburg Sky Lift) and one hotel/convention center with a 45 hole golf course (the Inn at Bay Harbor). The company is private and does not publicly disclose its financials. Boyne is also family owned by the Kircher family, direct descendants of the founder. The company generated approximately $680 million revenue for the trailing twelve months ended on June 30, 2025. 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. BRIDGES CONSUMER: Nuveen Marks $2.7MM 1L Loan at 22% Off -------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $2,754,000 loan extended to Bridges Consumer Healthcare Intermediate LLC to market at $2,143,000 or 78% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Anne Bridges Consumer Healthcare Intermediate LLC. The loan accrues interest at a rate of 9.49% PIK per annum. The loan matures on December 22, 2031. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Bridges Consumer Healthcare Intermediate LLC Bridges Consumer Healthcare LLC specializes in developing, manufacturing, and marketing pharmaceutical products. BRIGHT GREEN: Unsecured Creditors Will Get 84% of Claims in Plan ---------------------------------------------------------------- Bright Green Corporation filed with the U.S. Bankruptcy Court for the District of New Mexico a Disclosure Statement describing Plan of Reorganization dated August 29, 2025. The Debtor is a publicly-traded startup company founded in 2019 and focused on production of plant-derived controlled substances for multiple markets, including pharmaceutical companies and government and university research institutions. The Debtor's only significant, marketable asset is a specially designed agricultural production facility in Grants, New Mexico (the "Facility"), which is valued at approximately $5.6 million. The Facility consists of a 70-acre parcel of land on agricultural property, which includes a completed 22-acre greenhouse structure, and a 40-acre parcel of land nearby. To date, the Debtor's operations have consisted of preparation for the intended future production of controlled substances, including (i) acquiring the real estate where the Facility is located, (ii) constructing the Facility itself, and (iii) obtaining necessary government approvals for Debtor's intended operations. The Plan proposes to issue convertible Preferred Shares to Lynn Stockwell ("Stockwell"), who is its CEO, senior secured lender, and Administrative Claimant in the Case. All Secured and Unsecured Claims held by Stockwell will be fully satisfied in exchange for Preferred Shares. Additionally, Stockwell will pay $5,000,0000 (the "New Value Funding") in exchange for the convertible Preferred Shares. The New Value Funding will be used to satisfy claims against the Debtor's bankruptcy estate. The Debtor estimates that general unsecured creditors will receive approximately 84% of the value of their claims under the Plan, substantially more than they would receive in a liquidation scenario. Under the Plan, Holders of Common Shares in the Debtor will retain such Shares in the Reorganized Debtor but will undergo a Reverse Stock Split transaction at a 1-for-50 ratio. Because the Preferred Shares that Stockwell will receive will convert to Common Shares, the proportionate interests of Holders of Common Shares are subject to dilution. Class 3 consists of Allowed General Unsecured Claims. After Administrative Expenses and Class 2 Claims have been satisfied out of the New Value Funding, Class 3 claims will receive a pro rata share of the remaining amount of the New Value Funding, up to 100% of the Allowed amount of each Claim and without interest. The Debtor estimates that Class 3 Claims will receive a Cash distribution equal to approximately 84% of their Claims. Class 3 is Impaired, and Holders are entitled to vote on the Plan. Class 5 consists of Allowed Equity Interests in the Debtor, namely Common Shares and Warrants in the Debtor. Immediately on the Effective Date, all Common Shares held by Holders of Allowed Class 5 Interests will undergo the Reverse Stock Split. As a result of the Reverse Stock Split, all shareholders will receive 1 common share in exchange for every 50 common shares held prior to the Reverse Stock split (a 1-for-50 ratio). The Reverse Stock Split will affect all Holders of Class 5 Interests uniformly and will not materially alter any Holder's proportionate share of ownership interests. Any de minimis "odd lots" which result in retention of less than 100 Shares after the Reverse Stock Split shall be canceled and receive no distribution under the Plan. Additionally, all Warrants that were not previously converted into Common Shares prior to the Reverse Stock Split shall be canceled and will receive no distribution under the Plan. The Plan will be consummated through two primary transactions: the Preferred Shares Issuance and the Reverse Stock Split. Preferred Shares Issuance and the New Value Funding. The Plan will consummate the Preferred Share Issuance that was previously approved at the Annual Meeting without the need for further corporate action. The Preferred Shares will be convertible into common shares of the Reorganized Debtor at a rate of 14 Common Shares per Preferred Share. In consideration for the Preferred Shares, Stockwell will (1) pay $5,000,000 in New Value Funding to the Debtor, (2) forego any Cash distribution on account of her Class 1 Claim, and (3) forego any Cash distribution on account of any accrued and unpaid Administrative Expense Claims. The New Value Funding is the sole source of funding used to satisfy Claims against the Debtor. Reverse Stock Split. The Plan also consummates the Reverse Stock Split as previously approved at the Annual Meeting, under which all Holders of Common Shares will receive 1 common share in exchange for every 50 Common Shares held prior to the Reverse Stock Split. Any de minimis "odd lots" which result in retention of less than 100 Shares after the Reverse Stock Split shall be canceled. The Debtor may implement the Reverse Stock Split without the need for further corporate action. A full-text copy of the Disclosure Statement dated August 29, 2025 is available at https://urlcurt.com/u?l=xf5Jh2 from PacerMonitor.com at no charge. Attorneys for the Debtor: Justin M. Mertz, Esq. Michael Best & Friedrich LLP 790 N. Water St., Ste. 2500 Milwaukee, WI 53202 Telephone: (414) 271-6560 Facsimile: (414) 277-0656 Email: jmmertz@michaelbest.com About Bright Green Corporation Bright Green Corporation was among the first entrants in the U.S. federally authorized cannabis space for research and medical development. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.N.M. Case No. 25-10195-11) on Feb. 22, 2025. The Debtor hires NEPHI D. HARDMAN ATTORNEY AT LAW, LLC as counsel. BUSINESSOLVER.COM INC: Nuveen Marks $1.1MM 1L Loan at 18% Off ------------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $1,143,000 loan extended to Businessolver.com, Inc. to market at $937,000 or 82% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Businessolver.com, Inc. The loan accrues interest at a rate of 9.9% per annum. The loan matures on December 18, 2027. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Businessolver.com, Inc. Businessolver.com, Inc. provides employee benefits management solutions. The Company offers flex spending account, custom communication and fulfillment. BYJU'S ALPHA: Creditors to Get Proceeds From Liquidation -------------------------------------------------------- BYJU's Alpha, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Chapter 11 Plan dated August 29, 2025. The Debtor was incorporated in Delaware on September 27, 2021 as a special purpose vehicle whose purpose is understood to be for raising funds for the overseas expansion of BYJU's, a corporate conglomerate indirectly owned by Think & Learn, based in India. On November 24, 2021, the Debtor borrowed $1.2 billion in five-year term loans (i.e., the Prepetition Term Loans) from the Prepetition Term Loan Lenders in accordance with, and governed by, various loan documents, including the Prepetition Credit Agreement. GLAS was appointed and continues to serve as the Prepetition Administrative Agent and Prepetition Collateral Agent. Within months of executing the Prepetition Credit Agreement, in March and April 2022, the Loan Parties failed to satisfy at least two of the loan covenants. Specifically, (i) on March 16, 2022, T&L failed to furnish required unaudited consolidated financial statements for Q1 FY 2021- 2022, and (ii) the Debtor's then affiliate, Whitehat Education Technology Private Limited failed to guaranty the Prepetition Term Loans by its April 1, 2022 deadline. Here, the Plan provides for the liquidation and Distribution of the proceeds of the Debtor's remaining assets. Accordingly, the Debtor believes all Chapter 11 plan obligations will be satisfied without the need for further reorganization of the Debtor. Class 4 consists of all General Unsecured Claims. On the Effective Date, all Allowed General Unsecured Claims shall not receive any Distribution on account of such Claims. Class 4 is Impaired under the Plan. Holders of Allowed General Unsecured Claims are deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code. Therefore, such Holders are not entitled to vote to accept or reject the Plan. This Class will receive a distribution of 0% of their allowed claims. Class 7 consists of all Interests. On the Effective Date, all Interests (including Intercompany Interests) shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. For the avoidance of doubt, the treatment of Class 7 Interests under the Plan pertains only to any Interest in the Debtor and shall in no way release, alter, impair, or otherwise impact the vesting of all Retained Assets in the WindDown Debtor, which shall be entitled to retain ownership of, dispose of, or otherwise monetize such Retained Assets, including any Interest that the Debtor has in any non-Debtor, as set forth elsewhere herein and in the Plan Administrator Agreement. The Wind-Down Debtor shall be established, formed, and merged on the Effective Date. The Wind-Down Debtor shall be the successor in interest to the Debtor, and the Wind-Down Debtor shall be the successor to the Debtor and its Estate's right, title, and interest to the WindDown Debtor Assets. The Wind-Down Debtor will conduct no business operations and will be charged with winding down the Debtor's Estate. The Wind-Down Debtor shall be managed by the Plan Administrator and shall be subject to the oversight of the Wind-Down Debtor Oversight Committee. Prior to the Effective Date, any and all of the Debtor's assets shall remain assets of the Estate pursuant to section 1123(b)(3)(B) of the Bankruptcy Code and on the Effective Date the Wind-Down Debtor Assets shall irrevocably vest in the Wind-Down Debtor. For the avoidance of doubt, to the extent not otherwise waived in writing, released, settled, compromised, assigned or sold pursuant to a prior Final Order of the Bankruptcy Court or the Plan, the Wind-Down Debtor specifically retains and reserves the right to assert, after the Effective Date, any and all of the Retained Causes of Action and related rights, whether or not asserted as of the Effective Date (and whether or not listed on the Schedule of Retained Causes of Action), and all proceeds of the foregoing, subject to the terms of the Plan. On or after the Confirmation Date, the Plan Administrator shall be authorized to (i) enter into a financing facility comprised of (a) the New Money Wind-Down Financing Facility, (b) the Wind-Down Financing Facility Roll-Over Term Loans, and (c) the Indemnity Facility (collectively, the "Wind-Down Financing Facility"), and (ii) enter into the documents memorializing the terms of the Wind Down Financing Facility (the "Definitive Documentation"), which shall be Filed with the Plan Supplement. A full-text copy of the Combined Disclosure Statement and Plan dated August 29, 2025 is available at https://urlcurt.com/u?l=nE5HPs from PacerMonitor.com at no charge. BYJU's Alpha, Inc. is represented by: YOUNG CONAWAY STARGATT & TAYLOR, LLP Robert S. Brady, Esq. Kenneth J. Enos, Esq. Jared W. Kochenash, Esq. Timothy R. Powell, Esq. 1000 North King Street Wilmington, Delaware 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com kenos@ycst.com jkochenash@ycst.com tpowell@ycst.com - and - QUINN EMANUEL URQUHART & SULLIVAN, LLP Susheel Kirpalani, Esq. Benjamin Finestone, Esq. Daniel Holzman, Esq. Jianjian Ye, Esq. 51 Madison Avenue, 22nd Floor New York, New York 10010 Tel.: (212) 849 7000 Email: susheelkirpalani@quinnemanuel.com benjaminfinestone@quinnemanuel.com danielholzman@quinnemanuel.com jianjianye@quinnemanuel.com About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP, and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CAPSTONE CONSULTING: Creditors to Get Proceeds From Liquidation --------------------------------------------------------------- Capstone Consulting LLC filed with the U.S. Bankruptcy Court for the District of Utah a Disclosure Statement for Plan of Liquidation dated August 27, 2025. The Debtor is a single purpose entity which is developing a single-family detached residential subdivision called Mountainside Estates, located at approximately 1200 East 1400 North, Logan, Utah 84341 (the "Property"). The Debtor purchased the land in June 2021, together with a tenant-in-common, Shree Giriraj Ji, Inc. ("SGJ"), with SGJ owning an undivided 28.846% interest in the Property, and the Debtor owning the remaining interest. The relationship between the Debtor and SGJ is governed in party by a Development Agreement (the "SGJ Agreement"), which permits the Debtor to sell the Property, including SGJ's interest in the Property. In summary, the Plan proposes to sell the Debtor's remaining Property to D.R. Horton, Inc. ("DR Horton"), which sale was previously approved by the Court in its Order Granting Motion for Order Approving Sale of Real Property Free and Celar of Liens, Claims, Encumbrances, and Interests; and to Approve Use of Proceeds to Pay Secured Debt (D.R. Horton, Inc.) (the "DR Horton Sale Order"). The DR Horton sale is anticipated to close in two tranches. The "Phase 1 Closing" is comprised of 34 lots, and the "Phase 2 Closing" is the remaining 14 lots. The proceeds of the Phase 1 Closing will likely be sufficient to pay secured creditors in full. The Phase 1 Closing encompasses lots within the Property that are relatively easy to sell. Some excavation, bonding, and other work is needed to achieve the Phase 1 Closing, but that work is expected to be completed in the short term. The Phase 2 Closing, on the other hand, will require substantial development work to complete, and is expected to occur in or before September 2026. The Plan proposes to pay the proceeds of the sale of its Property fairly to its creditors through the Liquidating Trust. Under the Plan, the Debtor's Estate and all of its remaining assets will become property of the Liquidating Trust, and a Liquidating Trustee will be appointed to conduct an orderly liquidation of the assets with the goal of maximizing returns to creditors. The Plan proposes that Brent J. Lawyer will serve as the Liquidating Trustee for the Liquidating Trust and will have overall responsibility for the liquidation. In particular, the Liquidating Trustee will be responsible for liquidating all remaining assets, including evaluating and prosecuting Causes of Action to the extent appropriate, objecting to Claims as appropriate, and making distributions to creditors. The Liquidating Trustee will also be responsible for holding and administering all post-confirmation cash and bank accounts of the Liquidating Trust. The Debtor submits that the liquidation of all remaining assets of its Estate through the Liquidation Trust mechanism has the best potential for maximizing the returns to creditors. The proposed Liquidating Trustee is familiar with the claims against the Debtor and the Debtor's remaining assets as a result of his work as the Debtor's Managing Member and will be able to efficiently work with CK to maximize the proceeds of these assets and to seek the disallowance of any objectionable claims. Class 2 consists of all General Unsecured Claims against the Debtor. Class 2 is impaired under the Plan, and holders of Allowed Class 2 Claims are entitled to vote to accept or reject the Plan. The Plan provides that the Liquidating Trustee will pay Class 2 Claims in the event the Second Closing Occurs: (i) $1,000,000.00, distributed on a Pro Rata basis to Holders of Allowed General Unsecured Claims on the Initial Distribution Date; (ii) $300,000.00 distributed on a Pro Rata basis to Holders of Allowed General Unsecured Claims four months after the Initial Distribution Date; and (iii) subsequent distribution(s) of a Pro Rata share of the Unsecured Distribution Amount. In the event the Second Closing does not occur on or before November 15, 2026, then the Liquidating Trustee shall pay on a Pro Rata basis to Allowed General Unsecured Claims their Pro Rata Share of the Unsecured Distribution Amount. Class 7 Equity Interests in the Debtor. The Plan provides that all Equity Interest in the Debtor will be cancelled on the Effective date. Equity Interests in the Debtor shall neither receive nor retain any property under the Plan. The Liquidating Trustee shall administer the Estate after consummation of the Plan. The Liquidating Trustee shall hold all rights, powers, and duties of a trustee of the Estate under Chapter 11 of the Bankruptcy Code. The Liquidating Trustee shall jointly reduce all property of the Estate and Causes of Action to Cash, and distribute such Cash pursuant to the provisions of this Plan. The Liquidating Trustee shall use such Cash to pay the holders of Claims until such Cash is exhausted. On the Effective Date, the Trust Assets, without any further act or deed of the Liquidating Trustee, or the Bankruptcy Court, shall be transferred from the Debtor to the Liquidating Trust, free and clear of all liens, Claims and interests, and shall become the corpus of the Liquidating Trust. On and after the Effective Date, the Debtor shall execute and deliver such instruments and other documents as are necessary, appropriate or deemed advisable by the Liquidating Trustee, to transfer title to the Trust Assets to the Liquidating Trust. A full-text copy of the Disclosure Statement dated August 27, 2025 is available at https://urlcurt.com/u?l=kvCKqE from PacerMonitor.com at no charge. Counsel to the Debtor: George Hofmann, Esq. Cohne Kinghorn, P.C., 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Tel: (801) 363-4300 About Capstone Consulting LLC Capstone Consulting LLC is involved in real estate development, with a focus on residential projects in the Logan, Utah area. The Company works on subdividing properties, expanding neighborhoods, and collaborating with other stakeholders to enhance local communities. Capstone Consulting LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-20752) on February 18, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. The Debtor is represented by George B. Hofmann, Esq. at COHNE KINGHORN, P.C. CDL MARKETING: Nuveen Marks $3.9MM Loan at 67% Off -------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $3,990,000 loan extended to CDL Marketing Group, LLC (Career Now) to market at $1,327,000 or 33% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a Subordinated Debt to CDL Marketing Group, LLC (Career Now). The loan accrues interest at a rate of 13.00% (PIK) per annum. The loan matures on March 30, 2027. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About CDL Marketing Group, LLC (Career Now) CDL Marketing Group, LLC, operating as Career Now, is a digital marketing platform for education enrollments that connects individuals with career training programs and educational lead generation services, specializing in fields like CDL training, medical assisting, and culinary arts. CELSIUS NETWORK: Ad Hoc Panel's Appeal on Settlement Order Tossed ----------------------------------------------------------------- Judge Jed. S. Rakoff of the United States District Court for the Southern District of New York denied the appeal filed by the Ad Hoc Committee of Corporate Creditors from the settlement order entered by the United States Bankruptcy for the Southern District of New York in the bankruptcy case of Celsius Network LLC. The appeal is styled AD HOC COMMITTEE OF CORPORATE CREDITORS, Appellant, -v- WILLIAM K. HARRINGTON, as UNITED STATES TRUSTEE, and SEAN XUE, Appellees, Case No. 24-cv-09278-JSR (S.D.N.Y.) in the bankruptcy case of . Celsius, an online cryptocurrency platform, filed for chapter 11 bankruptcy in 2022. The bankruptcy court then entered an order confirming Celsius' chapter 11 plan of reorganization in late 2023. The Ad Hoc Committee of Corporate Creditors was formed on behalf of certain creditors that disputed their distributions under that plan of reorganization. Following negotiations with the newly bankrupt Celsius, Celsius filed a supplemental distribution motion under Bankruptcy Rule 9019 in August 2024. That motion proposed further distributions to the corporate creditors represented by the Committee and a sum of $1.5 million to be paid to the Committee and its counsel. On Oct. 3, 2024, the bankruptcy court issued a memorandum opinion approving the revised distributions to the corporate creditors and denying the payments to the Committee and its counsel. In that ruling, the bankruptcy court further permitted the Committee's counsel to file a fee application with time records by Oct. 17, 2024. Before that deadline, on Oct. 11, 2024, the bankruptcy court entered its settlement order confirming its memorandum opinion. The Committee's counsel submitted its fee application on Oct. 17, 2024, asking for over $1.6 million in fees. The bankruptcy court entered a memorandum awarding counsel $128,669 in fees and $414.87 in expenses on Nov. 12, 2024. On Nov. 26, 2024, the Committee filed its Notice of Appeal of: (1) the Oct. 3, 2024 Memorandum Opinion, (2) the Oct. 11, 2024 Settlement Order, and (3) the Nov. 12, 2024 Fee Order. Appeals must be filed within 14 days after entry of final judgment. The Committee argues that the bankruptcy court's settlement order was interlocutory and thus unappealable absent leave or until the order became final with the fee order. It contends that the appeal period ran from the bankruptcy court's final fee order, rather than from the settlement order itself. It asserts that its Oct. 17, 2024 fee application served as a motion to toll the time to appeal under Bankruptcy Rule 8002(b)(1). According to Judge Rakoff, "The Oct. 11, 2024 settlement order was a final order that started the 14-day clock. As the District Court and the Second Circuit have both made clear, a bankruptcy court's approval of a settlement conclusively resolves the claims of the settlement class against the settling defendants and is therefore a final order for purposes of appealability. The order resolved every issue presented in the motion and expressly denied the requested fees for the Committee and its counsel. Though the order permitted the Committee's counsel to file a further fee application, that application amounted to an entirely distinct proceeding. Compliance with Rule 8002(a) is jurisdictional, and in the absence of a timely notice of appeal in the district court, the district court is without jurisdiction to consider the appeal, even in the case of a pro se litigant." Because the settlement order was final, the Committee's deadline to appeal was Oct. 25, 2024. But the Committee did not file its Notice until Nov. 26, 2024, over a month late. This delay strips the District Court of the authority to hear this matter. The matter is dismissed because the appeal's untimeliness divests the District Court of jurisdiction. A copy of the District Court's Memorandum Order is available at https://urlcurt.com/u?l=UK2VwS from PacerMonitor.com. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CENTURY COMMUNITIES: Moody's Rates New $500MM Unsecured Notes 'Ba2' ------------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Century Communities, Inc.'s (Century) proposed $500 million senior unsecured note offering. All other ratings of the company and its stable outlook remain unchanged. The proceeds of the company's new $500 million senior unsecured notes due 2033 will be used to pre-fund its existing $500 million 6.75% senior unsecured notes due June 2027. The transaction is debt neutral, therefore will leave Century's debt to book capitalization unchanged from 35.6% where it stood at June 30, 2025. Moody's also anticipates little change to the company's EBIT to interest coverage of 4.7x at June 30, 2025 with this transaction. The extension of the debt maturity profile upon refinancing represents a credit positive consideration. RATINGS RATIONALE Century's Ba2 CFR is supported by the company's: 1) meaningful revenue scale of $4.3 billion for the last 12 months ended June 30, 2025 and a track record of solid growth organically and through acquisitions; 2) good market position in the first-time and entry-level homebuyer segment, and its favorable price points given customers' preferences for more affordable offering; 3) broad geographic footprint across 45 major metropolitan markets in 16 states; and 4) conservative financial strategies, including a track record of deleveraging, an intent to maintain its current leverage profile during periods of growth, and Moody's expectations of a disciplined approach to shareholder returns and acquisitions. At the same time, the company's credit profile reflects: 1) the very high level of speculative home construction of around 99% of deliveries, which increases the risk of elevated unsold home inventory during a downturn; 2) shareholder-friendly actions in a form of share repurchases and dividends, although expected to be modest; 3) acquisitive nature, which can present integration challenges and increase debt leverage; and 4) the cyclicality of the homebuilding industry including near-term market softness and exposure to volatility in results, along with affordability pressures in the US broadly impacting homebuyers' demand with the entry-level buyer category being the most sensitive to affordability constraints. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if the company meaningfully expands its scale and improves product diversity and maintains conservative financial policies, including with respect to acquisitions and shareholder friendly actions, as well as consistently sustaining debt to book capitalization below 35%. Maintenance of gross margins at strong levels, interest coverage above 6.0x and good liquidity, including strong positive cash flow, would also be important factors for a ratings upgrade. The ratings could be downgraded if end market conditions deteriorate causing a significant decline in revenue and gross margin and an increase in impairments such that debt to book capitalization approaches 45% and interest coverage declines below 5.0x. Additionally, ratings could be downgraded if the company pursues aggressive shareholder friendly activities or large-scale debt funded acquisitions; or if its liquidity profile were to deteriorate. The principal methodology used in this rating was Homebuilding And Property Development published in October 2022. Century Communities, Inc., headquartered in Greenwood Village, Colorado, is a builder of single-family homes, townhomes, and flats, focusing on the entry-level product segment for about 93% of home closings, and operating in 45 major metropolitan markets in 16 states. In the last 12 months ended June 30, 2025, Century generated $4.3 billion in revenue and $260 million in net income. CHICAGO BOARD: S&P Rates 2025A Unlimited-Tax GO Bonds 'BB+' ----------------------------------------------------------- S&P Global Ratings assigned its 'BB+' rating to the Chicago Board of Education, Ill.'s (CPS or the board) $650 million series 2025A unlimited-tax general obligation (GO) bonds. At the same time, S&P affirmed its 'BB+' rating on the board's existing GO and alternate revenue source (ARS) bonds. The outlook is stable. S&P said, "We view the board's approval of a balanced budget for fiscal 2026, without incurring a short-term loan to cover budgetary gap, as fiscally responsible for CPS. However, we believe there is still a limited track record of budget oversight and political willingness to implement sufficient structural budget-balancing measures. This, along with the recent political gridlock between CPS leadership and the city management that led to board and management turnover, and the ongoing contentious relationship between the board and the CTU, reflect the district's significant challenges associated with its governance structure. In our view, this environment could introduce future uncertainties surrounding CPS' operations. The board is in search for replacements for its CEO and CFO. While we recognize the deep bench of CPS' management team, we will monitor any potential financial and operational impacts from the succession of both positions. Additionally, risk management governance challenges regarding the poorly funded pension plan (44.6%) and the pension plan actuarial assumptions and methods, which we consider as weak funding discipline, remain an ongoing elevated governance risk that could lead to higher fixed costs, albeit with dedicated revenue streams from the state and pension levy. We note that CPS makes the full statutorily required contribution every year. "In our view, social risks are present for CPS, as reflected by significant historical enrollment declines, but these risks are not unusual for a district serving the residents of a major city given the city of Chicago's own social risks relating to demographic pressure, inequality, and access inequities to education, health care, and housing, and increasing demands on its budgetary resources. Somewhat offsetting these risks is a positive governance aspect related to the state EBF formula and the "hold harmless" provision in its distribution of state aid. Under the state's current EBF, the district's long history of enrollment decline does not negatively affect state aid, which made up 24% of general operating fund revenue in fiscal 2024. "We have also analyzed the district's environmental factors and view this as neutral in our credit rating analysis. "The stable outlook reflects our expectation that the board's reserve and liquidity positions will likely remain sufficient to support the current rating, despite the projected deficit in fiscal 2027, as the board will likely continue to work toward addressing its structural budget gap without materially weakening its reserve position. "We could consider a negative rating action within the one-year outlook period if fiscal 2026 actual results underperform the budget or if the board fails to implement sufficient structural budget-balancing measures in its fiscal 2027 budget and pushes out significant budget imbalance into outyears, resulting in the recurrence of sizable operating deficits and materially weakened reserve and liquidity positions that are no longer commensurate with the current rating. "A positive rating action is unlikely during the outlook period given the board's projected future deficits and weak liquidity position. However, we could consider a positive rating action over time if the board sustains a structurally balanced budget, a positive fund balance trajectory, and continued liquidity improvements, with a reduced amount of TANs outstanding and negative cash flow across fewer months. We would also view the successful transition of the board governance structure in 2027, without material impacts on the district's operations, favorably. Given the dependence on Illinois, upward rating potential is also predicated on the state, at a minimum, funding the EBF base and not making substantial cuts, although we view cuts as currently unlikely. We expect that the board's high fixed costs and large unfunded pension liabilities will continue to be constraining credit factors, but we believe these will not necessarily prevent upward potential at the current rating." CINEMEX HOLDINGS: MN Theaters Loses Bid to Appoint Committee ------------------------------------------------------------ Judge Laurel M. Isicoff of the United States Bankruptcy Court for the Southern District of Florida denied without prejudice MN Theaters 2006 LLC's motion for an order directing the appointment of an official committee of unsecured creditors in the bankruptcy case of Cinemex Holdings USA, Inc., CMX Cinemas, LLC, and CB Theater Experience LLC. The Debtors oppose the motion. On June 30, 2025, the Debtors filed for bankruptcy under Subchapter V in this Court. The Debtors operate 28 movie theaters in eight different states, including Florida (with multiple theaters in South Florida), Alabama, Georgia, Illinois, Minnesota, North Carolina, Ohio, and Virginia. Each of the 28 premises is leased. Though the Subchapter V cases, the Debtors' primary goals are to identify which theaters simply are not profitable, which ones are profitable, and which ones can be profitable; renegotiate or reject leases as needed; and renegotiate revenue-sharing agreements with studios, all in order to rebalance what has become economically untenable for companies in the movie theater industry. As of the Petition Date, the Debtors claim total non-contingent, liquidated, non-affiliate obligations of approximately $1.9 million. The Debtors also list a $50 million secured claim held by the Debtors' parent, Wine & Roses. On July 2, 2025, Tarek Kiem was appointed as the Subchapter V trustee. On July 22, 2025, MN Theaters filed the Motion, seeking the appointment of an official committee of unsecured creditors in these cases for cause pursuant to 11 U.S.C. Secs. 1102(a)(3) and 1181(b). MN Theaters argues that "strong cause exists" for such appointment because: (1) there is a question of the Debtors' eligibility for Subchapter V; (2) unsecured creditors have no unified voice or representation in the absence of an official committee; and (3) the $50 million secured claim of the Debtors' parent (Wine & Roses) should be investigated by a committee because that debt may be recharacterized as equity. Alternatively, MN Theaters urges the Court to expand the Subchapter V Trustee's powers pursuant to 11 U.S.C. Sec. 1183(b)(2), to direct him to "investigate the acts, conduct, assets, liabilities, and financial condition of the debtor, the operation of the debtor's business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of a plan" and to file a report of such an investigation pursuant to 11 U.S.C. Secs. 1106(a)(3)-(4). In its Opposition, the Debtors argue that MN Theaters has not met its burden of showing "cause" to either appoint a creditors' committee or to expand the Subchapter V Trustee's powers. The Debtors argue: (1) eligibility concerns are not supported by any evidence and no objection to eligibility has been filed; (2) the Subchapter V Trustee already serves many of the roles that a creditors' committee would; and (3) with respect to the $50 million debt owed to Wine & Roses, Subchapter V provides tools to examine this debt and challenge it without the administrative expense of an official committee. The Court finds that MN Theaters has not established sufficient cause to appoint a creditors' committee at this time. According to Judge Isicoff, "This case is not a complex case. While the Reorganized Debtors previously filed and successfully reorganized under a traditional chapter 11 case, these cases were filed under Subchapter V with the primary and limited goal of shedding leases (of which there are only 28) -- that is not complicated." According to the Court, MN Theaters' argument that the amount of the Debtors' unsecured debt is "close to the debt ceiling", even if true, is not persuasive. Congress set the debt limit and if the Debtors qualify to seek relief under Subchapter V, they qualify, even if only one penny under the ceiling. The Court finds MN Theaters' argument that the unsecured creditors in these cases need a "unified voice" is not supported by the number of creditors in these cases or the nature of their debt. The unsecured creditors in these cases are primarily landlords, with some vendors. The number of scheduled creditors is in the hundreds at most. According to the Court, MN Theaters' argument that the $50 million intercompany debt needs to be investigated by a committee is not "cause" for appointment of a committee. Judge Isicoff explains, "The Subchapter V Trustee can investigate the insider secured claim and object to the allowance of any improper claim; because no plan has been filed yet, no one even knows how the Debtors propose to treat the insider claim; and once a plan is filed, MN Theaters and the Subchapter V Trustee have the right to object to that plan." The Court finds MN Theaters has not established sufficient "cause" for appointment of a committee under sections 1102(a)(3) and 1181(b). MN Theaters has not established "cause" to expand the Subchapter V Trustee's duties under section 1183(b)(2), the Court holds. A copy of the Court's Memorandum Opinion is available at https://urlcurt.com/u?l=stuymI from PacerMonitor.com. About Cinemex Holdings USA Cinemex Holdings USA, Inc. is a holding company for cinema operations including CMX Cinema. Cinemex Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17559) on June 30, 2025. In its petition, Cinemex Holdings disclosed under $50,000 in both assets and liabilities. Judge Laurel M. Isicoff handles the cases. The Debtors tapped Quinn Emanuel Urquhart & Sullivan LLP as counsel and GlassRatner Advisory & Capital Group LLC as financial advisor. CLARIOS GLOBAL: Moody's Lowers Rating on Secured Bank Loans to B2 ----------------------------------------------------------------- Moody's Ratings affirmed the ratings of Clarios Global LP's (Clarios), including the B2 corporate family rating and B2-PD probability of default rating. Moody's downgraded the ratings on the company's backed senior secured bank credit facilities and backed senior secured notes to B2 from B1. Moody's assigned a Caa1 rating to the company's proposed $1.2 billion backed senior unsecured notes. Moody's took no action on the existing Caa1 backed senior unsecured debt rating. The outlook remains stable. Clarios intends to use the proceeds from the new senior unsecured notes and draw $387 million from an $800 million asset-based revolving credit facility to refinance its about $1.587 billion senior unsecured notes due in May 2027. Therefore, the refinancing transaction will be leverage neutral. The affirmation of the CFR reflects Moody's expectations that, excluding Section 45X tax credits, Clarios will grow its organic revenue slightly and improve its margins, resulting in higher earnings and a decline in its financial leverage. The downgrade of the ratings on Clarios' backed senior secured bank credit facilities and backed senior secured notes reflects the reduction of the loss absorption within the capital structure that had been provided by the existing backed senior unsecured notes. The company's backed senior secured bank credit facilities and backed senior secured notes will represent the preponderance of debt in Clarios' capital structure after the refinancing transaction is closed. RATINGS RATIONALE Clarios' B2 CFR reflects the company's good scale and strong market position in automotive batteries supported by its long-standing customer relationships. Roughly 80% of Clarios' global unit volume is from stable, high margin aftermarket sales. The industry has high barriers to entry given the environmental liability risks related to the handling and processing of lead. However, Clarios has exposure to commodity price fluctuations, in particular lead. The company has high leverage from a large debt-funded distribution to shareholders in the March quarter of 2025 but Moody's expects debt-to-EBITDA (including approximately $1.68 billion in accounts receivable securitization) to decrease gradually to around 5.9x over the next 12 to 18 months, driven by higher earnings, excluding Section 45X tax credits. In addition, the high interest expense burden of the considerable debt load constrains free cash flow and limits interest coverage. Clarios will benefit materially from Section 45X tax credits, assuming they remain in place, for the domestic manufacturing of batteries. However, the deployment of cash from the tax credits remains uncertain. The stable outlook reflects Moody's expectations that Clarios' organic revenue will grow 2.0% per year over the next 12-18 months because of favorable pricing, strong demand for its advanced batteries and additional wins on new battery electric vehicle platforms. Moody's also expects the company will improve its EBIT margin because of higher revenue contribution from its advanced batteries and strong cost control efforts. Liquidity will be good over the next 12 months, supported by Moody's expectations for free cash flow to exceed $320 million, excluding any tax refund from Section 45X tax credits. Additional liquidity is provided by Moody's expectations of ample availability on an $800 million asset-based revolving credit facility expiring in January 2030 and an $800 million cash flow revolving credit facility expiring in January 2030. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Excluding Section 45X tax credits, the ratings could be upgraded with consistent improvement in cash flow and continued debt reduction. More specifically the ratings could be upgraded if debt-to-EBITDA is sustained below 5.5x and EBITDA-to-interest is sustained above 2.5x. The ratings could also be upgraded with sufficient evidence that Clarios remains eligible for annual tax credits in relation to its domestic battery manufacturing operations under Section 45X of the Internal Revenue Code. Maintaining a balanced financial policy with prudent deployment of cash from Section 45X tax credits would also be required for a rating upgrade. Excluding Section 45X tax credits, the ratings could be downgraded if revenue or profitability declines such that debt-to-EBITDA is sustained above 6.5x. Further, an adverse development involving environmental liabilities or deteriorating liquidity could result in a ratings downgrade. The principal methodology used in these ratings was Automotive Suppliers published in December 2024. Clarios' B2 CFR is three notches below the Ba2 scorecard indicated outcome. The difference reflects Moody's views that the deployment of cash from the tax credits remains uncertain as the measures used in the scorecard include the product tax credits that Clarios will likely receive under Section 45X tax credits. Headquartered in Glendale, WI, Clarios Global LP is a global supplier of low-voltage automotive batteries for virtually every type of passenger car, light truck and utility vehicle. About 68% of volume is traditional starting, light and ignition (SLI) lead-acid batteries, while roughly 32% is advanced battery technologies to power start-stop, hybrid and electric vehicles. Revenue for the twelve months ended June 30, 2025 was approximately $10.43 billion. Clarios is owned by affiliates of Brookfield Business Partners L.P. and other institutional partners including Caisse de dépôt et placement du Québec. CLEVELAND-CLIFFS INC: Moody's Rates New $600MM Unsec. Notes 'Ba3' ----------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Cleveland-Cliffs Inc.'s ("Cliffs") proposed $600 million senior unsecured guaranteed notes. The company plans to use the proceeds along with borrowings on its unrated asset-based lending (ABL) facility to retire approximately $685 million of outstanding notes due in 2027, which will extend the company's nearest debt maturity to 2028 when its ABL facility matures. Cliffs' Ba2 Corporate Family Rating, Ba2- PD Probability of Default Rating, Ba3 guaranteed senior unsecured notes rating, B1 senior unsecured notes rating, its Speculative Grade Liquidity Rating (SGL) of SGL-2 and its negative outlook remain unchanged. RATINGS RATIONALE Cliffs' Ba2 corporate family rating is supported by its large scale and strong market position as the largest flat-rolled steel producer in North America and its contract position, particularly with the automotive industry, which provides a good earnings base. The rating also reflects the benefits of its position as an integrated steel producer from necessary raw materials through the steel making and finishing processes. The company has a strong position in the North American iron ore markets, and its HBI facility, scrap processing capabilities and the addition of Stelco's coke production enhances its vertical integration in raw materials and enables it to have lower carbon emissions than other global integrated steel producers. Nevertheless, Cliffs' rating incorporates the carbon transition risks related to iron ore and coal mining, coke making and its reliance on the higher emitting and higher cost legacy blast furnace and basic oxygen furnace steelmaking process. Cliffs' rating also reflects its exposure to cyclical end markets and volatile iron ore and steel prices and Moody's expectations for a weak operating performance in 2025, which will result in very weak near-term credit metrics for its rating. The rating presumes the company will achieve a significantly improved operating performance in 2026 and will use free cash flow and proceeds from asset sales to pay down debt and maintain moderate financial leverage and ample interest coverage in a normalized steel price environment. Cliffs' earnings declined significantly for the third consecutive year in 2024 from the record high levels achieved in 2021 as it produced adjusted EBITDA of only $648 million, including negative EBITDA generation in the second half of the year due to lackluster end market demand, weaker steel prices and the high cost of some of its operations. This weakness continued in early 2025 as the company produced negative EBITDA in 1H25 despite higher steel prices supported by increased Section 232 tariffs and the elimination of exemptions and exclusions. The EBITDA losses were attributable to the lagged effect of passing through higher steel prices on its contracts, lackluster earnings from its Stelco operation in Canada due to higher US import tariffs, losses at high cost operations and the negative impact of its slab contract with ArcelorMittal which is based on Brazilian slab prices and not US steel prices. Cliffs did generate $121 million of adjusted EBITDA in Q2, which remained historically weak but was the strongest quarter in a year. Moody's anticipates the company's earnings will continue to trend up in the second half and for those improvements to materially accelerate in 2026 as it benefits from 1) the recent idling of loss making operations which the company anticipates will increase earnings by about $300 million 2) the expiration of its slab contract with ArcelorMittal which is expected to increase earnings by around $500 million 3) increased domestic auto production which could increase earnings by $250 million - $500 million 4) cost cutting initiatives and 5) the pass through of higher steel prices. There is also the potential for lower interest rates to lead to improved industrial demand and construction activity, or for spending to ramp up related to the infrastructure and carbon transition related investments that are being funded by the Infrastructure Investment and Jobs Act, the CHIPS Act and the Inflation Reduction Act. Nevertheless, President Trump has indicated he would like to curtail some spending related to this approved legislation and the magnitude of the impact from tariffs remains uncertain as steel price increases will be tempered by more intense competitive pressures from recent and ongoing significant capacity additions. Moody's anticipates Cliffs will generate adjusted EBITDA of less than $500 million in 2025 and will consume cash due to required interest, pension and OPEB payments and capital expenditures. The company is pursuing the sale of certain idled and operating assets which will likely result in cash proceeds to pay down debt but could also potentially result in lost EBITDA. Absent successful asset sales, its credit metrics will remain very weak for the rating in the near-term with a leverage ratio (debt/EBITDA) in the range of about 16.0x – 18.0x. If Cliffs' operating performance and credit metrics do not materially improve over the next 12 months then a ratings downgrade is likely. Cliffs' Speculative Grade Liquidity Rating of SGL-2 reflects the company's good liquidity profile, which is supported by its unrated $4.75 billion ABL facility. The company had $61 million of cash and $2.62 billion of availability on its ABL facility which had $1.38 billion of outstanding borrowings and $63 million of letters of credit issued as of June 2025. The available borrowing base was $4.06 billion due to the level of eligible accounts receivable, inventory and certain mobile equipment. The Ba3 rating on Cliffs' senior unsecured guaranteed notes reflects their position in the capital structure relative to its unrated $4.75 billion ABL which is ranked ahead of the notes, and the company's sizeable unsecured debt and underfunded pension liabilities. The senior unsecured guaranteed notes still benefit from a more favorable position relative to the senior unsecured notes whose B1 rating reflects their junior position in the capital structure. The negative ratings outlook incorporates Moody's expectations for Cliffs to have a weak operating performance in 2025 and for the company to maintain credit metrics that are weak for the current ratings. It also reflects the risk that import protections are tempered by significant flat rolled steel capacity additions that lead to sustained lower average steel prices and profitability. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Cliffs' ratings could be considered for an upgrade if steel prices and profit margins are sustained above historical averages, and the company demonstrates a clearly defined and more conservative financial policy and pursues material debt reduction. Quantitatively, if Cliffs sustains a leverage ratio of no more than 2.5x and CFO less dividends in excess of 35% of its outstanding debt through varying steel price points, then its ratings could be positively impacted. Cliffs' ratings could be downgraded if leverage is sustained above 3.5x or CFO less dividends below 25% of its outstanding debt or it fails to maintain a good liquidity profile. Headquartered in Cleveland, Ohio, Cleveland-Cliffs Inc. is the largest iron ore and flat rolled steel producer in North America with approximately 27 million gross tons of annual iron ore capacity and about 20 million tons of crude steelmaking capacity. The company also has the capacity to produce 1.9 million metric tons of hot briquetted iron (HBI) and the capability to process about 3 million tons of scrap at 22 scrap collection and processing facilities. For the twelve months ended June 30, 2025, Cliffs had revenues of about $18.5 billion. The principal methodology used in this rating was Steel published in November 2021. COBALT SERVICE: Nuveen Marks $3.1MM 1L Loan at 73% Off ------------------------------------------------------ Nuveen Churchill Direct Lending Corp. has marked its $3,164,000 loan extended to Cobalt Service Partners, LLC to market at $847,000 or 27% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Cobalt Service Partners, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on October 13, 2031. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Cobalt Service Partners, LLC Cobalt Service Partners buys and builds leading access solutions businesses that install and maintain essentials like commercial doors, overhead doors, security gates, access control systems, video surveillance systems, and more. COHEN ADVISORY: Nuveen Virtually Writes Off $4.8MM 1L Loan ---------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $4,825,000 loan extended to Cohen Advisory, LLC to market at $181,000 or 4% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Cohen Advisory, LLC. The loan accrues interest at a rate of 8.78% per annum. The loan matures on December 31, 2031. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Cohen Advisory, LLC Cohen & Co Advisory, LLC and its subsidiary entities provide tax, advisory and business consulting services to their clients and are not licensed CPA firms. COOKSON'S TRANSMISSION: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas issued an interim order allowing Cookson's Transmission City, Inc. to use cash collateral to fund operations during its Chapter 11 case. The Debtor was authorized to use cash collateral through September 21 to cover operating expenses per the court-approved budget. The Debtor must not exceed any budget line item by more than 15% without prior approval from the court or the U.S. Small Business Administration. As adequate protection for any diminution in the value of its interest in pre-bankruptcy collateral, SBA will be granted a replacement lien on post-petition accounts, accounts receivable, inventory and other assets derived from the pre-bankruptcy collateral, subject and subordinate to the fee carveout. In addition, SBA will receive a monthly payment of $500. A final hearing is scheduled for September 18. SBA, the Debtor's main secured creditor, holds a first-priority lien on nearly all of the Debtor's personal property, including accounts, receivables, inventory, and proceeds. This lien stems from an economic injury disaster loan issued on July 2, 2021, in the original amount of $446,300, bearing interest at 3.75% and maturing in 2051. Additional parties, including The Fundworks, LLC, may hold junior liens but the Debtor believes these are either unsecured or undersecured. As of the bankruptcy filing on August 22, the Debtor holds assets including approximately $18,000 in cash, $18,000 in unpaid credit card receipts, $30,000 in receivables, $78,000 in vehicles, and equipment valued at over $383,000, among other assets. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/O0BCI from PacerMonitor.com. About Cookson's Transmission City Inc. Cookson's Transmission City, Inc. provides automotive repair services with a focus on transmission diagnostics, maintenance, and rebuilding, and also offers related services including tune-ups, air conditioning repair, and alternator replacement. The Company has operated in Duncanville, Texas since 1978, serving individual car owners and local customers in the Dallas-Fort Worth area. Cookson's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33212) on August 22, 2025, listing $1,063,188 in total assets and $880,770 in total liabilities. Joey Carbon, president of Cookson's, signed the petition. Judge Michelle V. Larson oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP, represents the Debtor as legal counsel. CORPORATE VISIONS: Nuveen Marks $2.6MM 1L Loan at 26% Off --------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $2,631,000 loan extended to Corporate Visions, Inc. (CVI Parent, Inc.) to market at $1,950,000 or 74% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Loan to Corporate Visions, Inc. (CVI Parent, Inc.). The loan accrues interest at a rate of 5.40% (Cash) 4.00% (PIK) per annum. The loan matures on August 12, 2027. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Corporate Visions, Inc. (CVI Parent, Inc.) Corporate Visions, Inc. (CVI Parent, Inc.) is a B2B firm that provides revenue growth solutions for sales, marketing, and customer success teams, focusing on science-backed messaging, content creation, skills training, and coaching to help companies articulate and deliver value more effectively. CORPORATE VISIONS: Nuveen Marks $2.9MM 1L Loan at 26% Off --------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $2,998,000 loan extended to Corporate Visions, Inc. (CVI Parent, Inc.) to market at $2,222,000 or 74% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Loan to Corporate Visions, Inc. (CVI Parent, Inc.). The loan accrues interest at a rate of 5.40% (Cash) 4.00% (PIK) per annum. The loan matures on August 12, 2027. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Corporate Visions, Inc. (CVI Parent, Inc.) Corporate Visions, Inc. (CVI Parent, Inc.) is a B2B firm that provides revenue growth solutions for sales, marketing, and customer success teams, focusing on science-backed messaging, content creation, skills training, and coaching to help companies articulate and deliver value more effectively. COTY INC: S&P Alters Outlook to Negative, Affirms 'BB+' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook to negative and affirmed its issuer credit rating at 'BB+' on beauty products manufacturer Coty Inc. The negative outlook reflects the potential for a lower rating over the next 12 months if operating performance does not improve. Coty Inc.'s S&P Global Ratings-adjusted leverage for the last 12 month ended June 30, 2025, increased to 4.4x from 3.5x as of Dec. 31, 2024, due to lower-than-expected EBITDA and a seasonally higher debt balance at the end of June. S&P expects operating performance will remain pressured in the first half of fiscal 2026 due to the promotional environment and retailer inventory destocking. S&P said, "The outlook revision reflects leverage above our downside threshold of 4x. We acknowledge Coty has executed its strategy well in recent years and decreased leverage to 3.5x as of Dec. 31, 2024, from 11x at the end of fiscal 2021." However, in fiscal 2025 Coty faced macroeconomic pressure as well as company-specific issues. Specifically, Coty's U.S. market, which accounts for nearly 25% of its total sales, was a major headwind and contributor to the underperformance in fiscal 2025. For fiscal year ended June 30, 2025, Coty's reported revenue declined 3.7% and like-for-like revenue declined 2% year over year. Coty lost share in both prestige and mass market segments in the U.S. in the fourth quarter. In prestige, sales were flat year over year, reflecting retailer destocking, a more promotional environment, and headwinds in prestige cosmetics. In consumer beauty, sales declined 5% year over year because of headwinds in the mass cosmetics category, channel shifts to Ecommerce platforms and specialty retailers, reallocated media investment away from low return areas and increased competitive pressure. S&P Global Ratings-adjusted EBITDA margin declined 40 basis points (bps) due to lower revenue and higher restructuring costs related to the fixed cost reduction plan. While the first half of fiscal 2026 is likely to remain challenging due to a more promotional environment and retailer destocking, we expect the second half of fiscal 2026 to return to growth. New product launches, lapping inventory reduction, and easier year-over-year comparisons are anticipated growth drivers. The company already implemented a new regional structure and made leadership changes in the U.S. In addition, early results of new launches including Boss Bottled Beyond and fragrance mist are positive. S&P said, "Moreover, we expect the fragrance segment--which accounts for more than 60% of Coty's revenue and 75% of the total company's profit--will grow at a mid-single-digit percent rate according to consulting company McKinsey. Therefore, we forecast total revenue will be flat in fiscal 2026. We expect S&P Global Ratings-adjusted EBITDA margins to improve 50 bps, reflecting additional cost savings and lapping high restructuring charges related to the fixed cost reduction plan, partially offset by the higher costs from tariffs. Therefore, we forecast S&P Global Ratings-adjusted leverage will modestly improve to 4.1x by the end of fiscal 2026 before improving further in fiscal 2027." Coty is moderately exposed to tariffs. Roughly 28% of Coty's sales are in North America. The company's prestige fragrances are manufactured in its Barcelona plant in Europe, which is subject to the imposed 15% U.S. tariff on European imports. For consumer beauty, its products are primarily manufactured locally in the U.S. The company's exposure of finished goods sourcing from China is limited, though it sources various component and marketing materials from China, which is subject to a 30% tariff. According to the company, the gross impact from tariffs is around $70 million in fiscal 2026 with non-price mitigation offsetting $15 million-$20 million. Coty is mitigating the effect of tariffs in various ways. For prestige fragrance, the company has built up inventory with a few months coverage. It also took a mid-single-digit percent price increase on prestige fragrance in the U.S. in August. In addition, the company is actively transferring production of fragrances sold in the U.S. to its U.S. plant. For component sourcing from China, Coty has begun to diversify sourcing suppliers in other countries. S&P said, "We expect Coty will remain committed to its current financial policy and prioritize debt reduction until leverage returns to the target range. The company-defined leverage at the end of fiscal 2025 increased to 3.5x, above the high end of its mid- to long-term leverage target of 2x-3x, which is roughly equivalent to S&P Global Ratings-adjusted leverage in the high-2x to high-3x area. We believe Coty is focused on getting leverage down to its target range. The company is still committed to divesting its Wella assets, though the current macroeconomic environment has delayed the monetization timeline. The company indicated it has optionality on its asset base that can be used to further accelerate deleveraging. Although the company previously signaled at Consumer Analyst Group of New York (CAGNY) its intention to use the future proceeds from Wella asset sale for share repurchases, we believe the company will prioritize debt reduction over shareholder returns until leverage returns to the target range. If Coty uses future proceeds from Wella for debt reduction, it would bring the S&P adjusted leverage comfortably below 4x. "The negative outlook reflects the potential for a lower rating over the next 12 months if operating performance does not improve and S&P Global Ratings-adjusted leverage remains above 4x." S&P could lower its ratings if S&P Global Ratings-adjusted leverage to sustain above 4x, which could occur due to: -- A worsening macroeconomic environment, heightened competition, an operational misstep, higher inflation or consumer trade down, which leads to lower demand for the company's products. -- An inability to offset higher costs from tariffs on imported goods with mitigating actions. -- The company pursuing more aggressive financial policy with debt-funded share repurchases and acquisitions. S&P could revise its outlook to stable if the company improves its operating performance such that S&P Global Ratings-adjusted leverage improves to comfortably below 4x. This could occur if: -- The company successfully launches new products that resonate well with consumers, and retailer destocking trend improves. -- The company prioritize debt reduction and uses all excess cash proceeds from future asset sales including Wella to reduce debt. COVERCRAFT PARENT: Nuveen Marks $7.5MM Loan at 47% Off ------------------------------------------------------ Nuveen Churchill Direct Lending Corp. has marked its $7,562,000 loan extended to Covercraft Parent III, Inc. to market at $4,001,000 or 53% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a Subordinated Debt to Covercraft Parent III, Inc. The loan accrues interest at a rate of 10.00% (Cash) 0.75% (PIK) per annum. The loan matures on February 20, 2028. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Covercraft Parent III, Inc. Covercraft Parent III, Inc. appears to be the parent company or a related entity of Covercraft Industries, LLC, which was founded in 1966 and specializes in custom-fit protection products for vehicles, RVs, marine applications, and other outdoor uses. CPW CORP: Seeks Subchapter V Bankruptcy in Connecticut ------------------------------------------------------ On September 4, 2025, CPW Corp. voluntarily entered Chapter 11 bankruptcy in the District of Connecticut. In its petition, the company disclosed assets valued between $0 and $100,000 and liabilities between $100,001 and $1 million. CPW Corp. also reported having between 1 and 49 creditors. About CPW Corp. CPW Corp. operates in the restaurants industry. CPW Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20930) on September 4, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. The Debtor is represented by Jeffrey M. Sklarz, Esq. at Green & Sklarz LLC. DAVIDSON HOTEL: Nuveen Churchill Virtually Writes Off $1MM Loan --------------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $1,052,000 loan extended to Davidson Hotel Company LLC to market at $37,000 or 4% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Davidson Hotel Company LLC. The loan accrues interest at a rate of 9.33% per annum. The loan matures on October 31, 2031. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Davidson Hotel Company LLC Davidson Hotel Company LLC, doing business as Davidson Hospitality Group, focuses on renovation of hotels and resorts. The Company provides luxury, and full-service hotels. Davidson Hospitality Group serves customers in United states. DCERT BUYER: S&P Rates $160MM Revolving Credit Facility 'B-' ------------------------------------------------------------ S&P Global Ratings assigned a 'B-' issue-level rating and '3' recovery rating to DCERT Buyer Inc.'s (DigiCert; B-/Stable) newly issued $160 million revolving credit facility and $2.2 billion first-lien term loan. S&P maintained its 'CCC' issue-level rating and '6' recovery rating on the company's existing $500 million second-lien term loan due in 2029. S&P's 'B-' issuer credit rating and stable outlook on DigiCert remain unchanged. The company used the proceeds from the new first-lien loan to fully repay its previous $2.2 billion first-lien term loan maturing in 2026. The new revolving credit facility and the first-lien term loan will mature in July 2030; however, the maturity date will be shortened to November 2028 if more than $35 million of the second-lien term loan remains outstanding and is not refinanced or extended prior to November 2028. This extended debt maturity profile provides the company with enhanced financial flexibility and additional runway to execute its strategic initiatives, particularly the expansion of the DigiCert ONE platform. S&P said, "We anticipate the company's revenue will grow in the mid-teens percent area in fiscal 2026 (ending Jan. 31, 2026), primarily driven by the acquisition of Vercara. Over the short to medium term, we expect DigiCert will continue to grow its revenue in the low- to mid-single-digit percent area, supported by cross-selling and upselling as well as increased adoption of the DigiCert ONE platform. We also expect the company will maintain S&P Global Ratings-adjusted EBITDA margins in the mid-40% area. We expect S&P Global Ratings-adjusted leverage to remain elevated in the low-11x area in fiscal year 2026 before declining to the high-10x area in fiscal 2027 (about 2.8x of this leverage is related to the company's preferred equity, which we treat as debt under our criteria). " Issue Ratings--Recovery Analysis Key analytical factors S&P's simulated default scenario assumes a default occurring in 2027 due to increased competition that leads to pricing pressure and lower renewal rates, as well as competition from database original equipment manufacturers providing similar products at no charge to their customers, which erodes the need for third-party software solutions. Simulated default assumptions -- Simulated year of default: 2027 -- EBITDA at emergence: $252 million -- EBITDA multiple: 6.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.55 billion -- Valuation split (obligors/nonobligors): 80%/20% -- Secured first-lien debt claims: $2.4 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) -- Secured second-lien debt claims: $519 million --Recovery expectations: 0%-10% (rounded estimate: 5%) DH UNITED: Nuveen Marks $5.1MM 1L Loan at 17% Off ------------------------------------------------- Nuveen Churchill Direct Lending Corp has marked its $5,118,000 loan extended to DH United Holdings, LLC (D&H United Fueling Solutions) to market at $4,263,000 or 83% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About DH United Holdings, LLC (D&H United Fueling Solutions) DH United Holdings, LLC, operating as D&H United Fueling Solutions, is a national distributor and service provider for petroleum fueling and electric vehicle (EV) charging equipment, installation, and maintenance services. DIOCESE OF ALBANY: Insurers Denied Standing in Bankruptcy Process ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that a bankruptcy judge denied a group of insurers' bid for standing in the Roman Catholic Diocese of Albany's Chapter 11 case, ruling their financial obligations cannot be determined until a plan is filed or liability is acknowledged. The insurers—including London Market Cos., Certain Underwriters at Lloyd’s London, and two Hartford entities—had sought to seal records and challenge several creditor claims. Judge Robert E. Littlefield Jr. said they cannot establish standing without first committing to fund a plan or recognize a legal duty to creditors, the report states. About Roman Catholic Diocese of Albany, New York The Roman Catholic Diocese of Albany is a religious organization in Albany, N.Y. It covers 13 counties in Eastern New York, including a portion of the 14th county. Its Mother Church is the Cathedral of the Immaculate Conception in the city of Albany. New York's Child Victims Act, which took effect in August 2019, temporarily sets aside the usual statute of limitations for lawsuits to give victims of childhood sexual abuse a year to pursue even decades-old claims. Hundreds of new lawsuits have been filed against churches and other institutions since the law took effect on Aug. 14, 2019. Facing the financial weight of new sexual misconduct lawsuits, at least four of the eight Roman Catholic dioceses in the state, has already sought Chapter 11 protection. The dioceses that have declared bankruptcy include the Diocese of Rochester and the Diocese of Rockville Centre on Long Island. The Catholic Diocese of Albany sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on March 15, 2023. In the petition filed by Fr. Robert P. Longobucco, the Debtor estimated assets between $10 million and $50 million and liabilities between $50 million and $100 million. Judge Robert E. Littlefield, Jr. oversees the case. The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel; Tobin and Dempf, LLP as special litigation counsel; Keegan Linscott & Associates, PC as financial advisor; and Bonadio & Co., LLP as accountant. Donlin, Recano & Company, Inc. is the claims and noticing agent. On April 17, 2023, the U.S. Trustee for Region 2 appointed two separate committees to represent unsecured creditors and tort claimants in the Debtor's Chapter 11 case. The unsecured creditors' committee tapped Lemery Greisler, LLC as legal counsel; Dundon Advisors, LLC as financial advisor; and OneDigital Investment Advisors, LLC as special investment consultant. Stinson, LLP and OneDigital Investment Advisors serve as the tort committee's legal counsel and special investment consultant, respectively. DIOCESE OF ROCHESTER: Gets $246MM Abuse Settlement Plan Court OK ---------------------------------------------------------------- Ricker Archer of Law360 reports that on September 5, 2025, a New York bankruptcy judge approved the Roman Catholic Diocese of Rochester's $246 million Chapter 11 plan, bringing to a close a six-year effort to compensate sexual abuse claimants, a ruling that was met with applause. About The Diocese of Rochester The Diocese of Rochester in upstate New York provides support to 86 Roman catholic parishes across 12 counties in upstate New York. It also operates a middle school, Siena Catholic Academy. The diocese has 86 full-time employees and six part-time employees and provides medical and dental benefits to an additional 68 retired priests and two former priests. The diocese generated $21.88 million of gross revenue for the fiscal year ending June 30, 2019, compared with a gross revenue of $24.25 million in fiscal year 2018. The Diocese of Rochester filed for Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Case No. 19-20905) on Sept. 12, 2019, amid a wave of lawsuits over alleged sexual abuse of children. In the petition, the diocese was estimated to have $50 million to $100 million in assets and at least $100 million in liabilities. Bond, Schoenec & King, PLLC and Bonadio & Co. serve as the diocese's legal counsel and accountant, respectively. Stretto is the claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the diocese's Chapter 11 case. Pachulski Stang Ziehl & Jones, LLP and Berkeley Research Group, LLC serve as the committee's legal counsel and financial advisor, respectively. DMC HOLDCO: Nuveen Churchill Virtually Writes Off $1.6MM Loan ------------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $1,671,000 loan extended to DMC Holdco, LLC (DMC Power) to market at $9000 or 1% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to DMC Holdco, LLC (DMC Power). The loan accrues interest at a rate of 9.07% per annum. The loan matures on July 13, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About DMC Holdco, LLC (DMC Power) DMC Holdco, LLC, or DMC Power, is a designer and manufacturer of advanced connector technology and tooling for the high-voltage electricity transmission and distribution industry. DMD FLORIDA: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------- DMD Florida Development 2, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Florida an Amended Disclosure Statement for Joint Plan of Liquidation dated August 28, 2025. The Debtors are Florida limited liability companies formed to operate franchised Twin Peaks restaurants in South Florida. All three are indirectly owned by DMD Ventures, LLC. DMD Florida Development 2, LLC is wholly owned by DMD Ventures and is the sole member of DMD Florida Restaurant Group C, LLC and DMD Florida Restaurant Group D, LLC, which operate the Pembroke Pines and West Palm Beach locations. Jack Flechner serves as Co-CEO and Manager of each Debtor. DMD Ventures is owned by Jack Flechner (37.96%), Fred Burgess (37.95%), Terina Korda (12.67%), Jason Hester (10%), Franchesca Delfino (1%), and Dean and Rose Sklar (0.42%). As of the filing of this Disclosure Statement, the Debtors are working towards a sale of substantially all of their assets pursuant to section 363(b) of the Bankruptcy Code. On March 31, 2025, the Debtors filed a retention application for Moecker Brokers, and on May 7, 2025, the Bankruptcy Court entered an order authorizing the Debtors to retain Moecker Brokers as the listing agent and broker for the sale of the Debtors' assets. Class 3 consists of the Allowed Claims of the general unsecured creditors of the Debtors. As of the filing of this Disclosure Statement, the Debtors are current on their payment obligations to general unsecured creditors. * DMD C has a total unsecured claim of $108,220.03. * DMD D has a total unsecured claim of $72,067.05. The landlord of the business premises from which DMD C operates, PP Omni Ventures, LLC, filed the proof of claim numbered 4 against DMD C (""POC 4"). POC 4 is a general unsecured claim in the amount of $117,150.00 for lease payments, which was withdrawn in connection with the Debtors' cure of delinquent lease payments and assumption of the lease, which lease assumption was approved by order dated June 5, 2025 The vast majority of the Debtors' general unsecured creditors are vendors whose invoices were paid in the ordinary course and as authorized by orders approving the use of cash collateral. The claims described as "vendor" or "utilities" claims have been satisfied as of the filing of the Debtors' Plan. The litigation claimants identified above were scheduled by the Debtors as having disputed claims. Other than as provided in Class 4, if the Debtors' Plan is confirmed, no distribution shall be made to any holder of an Allowed Unsecured Claim, and all such Claims shall be released. The Class 3 Claims are Unimpaired, and the Class 3 Claimholders are presumed to accept the Plan. Class 5 consists of the Debtors' Equity Interests in Assets of the Estates, which are retained under the Plan. On the Effective Date, all Equity Interests shall remain unchanged, i.e., Mr. Flechner and Mr. Burgess shall remain as the only equity holders, for the sole purpose of winding up and dissolving the Debtors, as further described in the Plan. The Debtors' Plan provides for distribution of the proceeds from the sale, pursuant to the terms of the settlement with FRFG IX. The Debtors believes that there is no risk to creditors as to the completion of the Plan, as the Plan is a liquidating plan which will establish a liquidating trust (the "Liquidating Trust") and distribute proceeds accordingly. The Plan will be funded primarily by the Debtors' Cash, the Sale Proceeds, and Litigation Claims Proceeds, if any. Based on the foregoing, the Debtors assert that they are able to perform all of their obligations under the Plan, and as such, the Debtors' Plan. On or before the Effective Date, the Liquidating Trust Agreement shall be executed by the Debtors and the Liquidating Trustee and all other necessary steps shall be taken to establish the Liquidating Trust which shall be for the benefit of the Liquidating Trust Beneficiaries, as provided in the Plan, whether or not they have Allowed Claims on or after the Effective Date. The Liquidating Trust is created solely to implement the terms of the Plan. The primary purposes of the Liquidating Trust are to collect and liquidate the Assets, pursue those claims and Causes of Action transferred to, and vested in, the Liquidating Trust as Assets, and distribute to the Liquidating Trust Beneficiaries all proceeds from the liquidation of the Assets pursuant to the terms of the Plan and in accordance with Treasury Regulation Section 301.7701-4(d). A full-text copy of the Amended Disclosure Statement dated August 28, 2025 is available at https://urlcurt.com/u?l=WARdzw from PacerMonitor.com at no charge. Counsel to the Debtors: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Tel: (561) 961-0922 Email: awernick@wernicklaw.com About DMD Florida Development 2 DMD Florida Development 2, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10088) on Jan. 6, 2025, with up to $1 million in assets and up to $50 million in liabilities. Jack Flechner, manager and co-chief executive officer, signed the petition. Judge Scott M. Grossman oversees the case. Aaron A. Wernick, at Wernick Law, PLLC, is the Debtor's bankruptcy counsel. DODGE CONSTRUCTION: Blue Owl Marks $6MM 1L Loan at 18% Off ---------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its $6,065,000 loan extended to Dodge Construction Network LLC to market at $4,953,000 or 82% of the outstanding amount, according to Blue Owl's Form 10-Q for the period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a first lien senior secured loan to Dodge Construction Network LLC. The loan accrues interest at a rate of 4.75% per annum. The loan matures on February 2029. Blue Owl is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Dodge Construction Network LLC Dodge Construction Network delivers the most accurate and comprehensive data solutions to help you strategically plan and connect with the projects. DREAM FINDERS: Fitch Assigns 'BB-' Rating on Senior Unsecured Notes ------------------------------------------------------------------- Fitch Ratings has assigned Dream Finders Homes, Inc.'s (DFH) proposed offering of senior unsecured notes 'BB-' with a Recovery Rating of 'RR4'. The notes will rank pari passu with DFH's existing unsecured debt. Net proceeds will be used to repay a portion of outstanding borrowings under DFH's RCF and to pay related fees, as well as for general corporate purposes. DFH's 'BB-' Issuer Default Ratin g(IDR) reflects its modest leverage, land-light strategy, and Fitch's expectations of positive cash flow from operations (CFO) during most periods in a housing cycle. The ratings also reflect the company's limited, although improving, geographic and product diversification, historically aggressive growth strategy, and concentrated ownership structure. The Positive Outlook reflects DFH's increased scale and improving diversification, while maintaining modest leverage levels despite margin contraction. Fitch may consider upgrading DFH's IDR if it continues to maintain modest leverage, while remaining disciplined with its capital allocation priorities. Key Rating Drivers Improving Diversification: DFH continues to improve its geographic diversification, entering the Atlanta, GA market and further expanding in Greenville, SC through its acquisition of Liberty Communities and Green River Builders. Additionally, it expanded organically into Tampa, FL and Phoenix, AZ last year, where Fitch expects DFH to grow its market share in these new markets. DFH operates 271 communities across 10 states, but maintains significant revenue concentration in Florida and Texas, which exposes the company to regional economic downturns. The company mainly targets entry-level and first-time move-up homebuyers, it also offers homes for second time move-up and the active adult segment, providing some product diversification. Modest Leverage: Net debt to capitalization (excluding $50 million of cash classified as not readily available for working capital and convertible preferred stock treated as debt) increased from 37% at YE 2023 to 43% as of YE 2024. Fitch expects this ratio to increase to around 47% at YE 2025, before declining to below 45% by YE 2026, below the positive sensitivity of 50% for the 'BB-' IDR. EBITDA leverage was 3.2x for the LTM period ending June 30, 2025, and Fitch anticipates it will remain between 3.0x and 3.5x over the next few years, which is low relative to the IDR and within the positive sensitivity of EBITDA leverage below 3.5x. This expectation is supported by forecasts that the EBITDA margin will remain between 9.5% and 10.5% during this period. Increased Scale and Strategic Growth: DFH has grown significantly since 2009 and has substantial scale as the 14th largest U.S. homebuilder, achieved through both organic expansion and targeted acquisitions that align with the company's land-light strategy. Fitch expects DFH to continue pursuing selective acquisitions and internal growth opportunities to enter new markets or strengthen its presence in existing markets. These strategies are likely to support revenue growth and geographic diversification. Fitch anticipates a low-single-digit percentage increase in revenue this year and a mid-single-digit percentage increase in 2026. Land-Light Strategy: DFH operates an asset-light lot acquisition strategy, primarily through finished-lot option contracts and land bank option contracts. The company owns a one-year supply of lots, with 30% of these in backlog, and controls an additional 6.0 years of land through option contracts. Fitch views DFH's land strategy positively, as it minimizes capital outlays and provides the flexibility to renegotiate or abandon unfavorable contracts during downturns, helping to preserve gross margins. During housing downturns, write-downs and impairments should primarily be limited to the forfeiture of option deposits. Improving Cash Flow Generation: Fitch expects inventory investment including higher speculative activity and greenfield expansion into new markets to continue, but at a slower pace. Cash flow from operations (CFO) is projected to turn positive in 2025 and 2026, reaching low single digits percentages, compared to negative 6.4% in 2024. Fitch expects DFH's land-light strategy to support positive CFO during most periods of the housing cycle, with stronger cash flow generation during housing downturns. However, CFO is likely to be lower than larger investment-grade homebuilders, as ongoing inventory investments to support growth will temper overall cash flow performance. Margins Normalizing to Historical Levels: Fitch expects EBITDA margins to settle between 9.5% and 10.5% in 2025 and 2026, lower than the 12.3% reported in 2024 due to elevated incentives, higher land costs, and increased selling, general and administrative (SG&A) expenses from a higher community count and ongoing expansion. DFH's more aggressive speculative strategy in a subdued demand environment will likely result in relatively lower EBITDA margins. Industry margins are expected to return to levels similar to pre-pandemic levels, and margins below current expectations could prompt an Outlook revision. Financial Flexibility for Growth: DFH has sufficient liquidity through cash, revolver availability and CFO to sustain its operations and support its growth. However, Fitch views the company's financial flexibility as a limiting factor, due to its reliance on its revolving credit facility, which had $222.5 million of availability as of June 30, 2025 and matures in August 2028. The expected reduction of the outstanding balance under the revolving credit facility is not expected to impact the availability under the facility as the new unsecured notes issuance will also reduce the borrowing availability. Ownership Structure: DFH is a public company with concentrated ownership. Patrick Zalupski, DFH's founder, president, CEO and chairman, exerts significant influence over the company, given the approximately 84% combined voting power of DFH's class A and B common stock. The company has been disciplined with its capital allocation strategy to date, as evidenced by its modest share repurchase activity. Peer Analysis DFH's closest peer is M.D.C. Holdings, Inc. (MDC; BBB-/Stable). DFH is the 14th largest U.S. homebuilder, delivering 8,583 homes in 2024, while MDC, ranked 11th largest, delivered 9,598 homes during the same period. MDC and DFH have meaningful exposure to entry-level markets and cater to the first and second move-up buyers. DFH's net debt to capitalization is higher than MDC's, but it has lower EBITDA leverage and slightly higher EBITDA margins. DFH employs a more conservative land-light strategy, with a significantly lower owned-lot position compared to MDC. Among public homebuilders in Fitch's coverage, DFH has the highest net debt to capitalization ratio, reflecting its relatively recent start in 2009 and a less established equity base Fitch expects DFH to generate more consistent CFO than MDC over the long term. MDC is more geographically diversified and has a long track record of maintaining a conservative posture through housing cycles and has financial flexibility comparable to investment-grade peers. Key Assumptions - Homebuilding revenues increases low single digits in 2025 and mid-single digits in 2026; - EBITDA margins of 9.5%-10.5% in 2025 and 2026; - CFO between $25 million and $75 million in both 2025 and 2026; - Net debt to capitalization ratio of 45%-50% in 2025 and 40%-45%in 2026; - EBITDA leverage of 3.0x-3.5x in 2025 and 2026; - (CFO-capex)/debt in the low-single digits percentages in 2025 and 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Net debt to capitalization is sustained above 60%; - EBITDA leverage consistently above 4.0x; - (CFO-capex)/debt sustained below 5%; - EBITDA interest coverage ratio falls below 2.5x; - Deterioration in the company's liquidity profile, including consistently negative CFO and limited availability under its RCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The company further enhances its geographic diversification and local market leadership positions; - Net debt to capitalization is sustained below 50%; - EBITDA leverage consistently below 3.5x; - (CFO-capex)/debt sustained above 7.5%. Liquidity and Debt Structure DFH has sufficient liquidity, with $210.3 million of cash as of June 30, 2025, and $222.5 million of borrowing availability under its $1.36 billion revolving credit facility. In August 2025, the company amended the credit facility increasing the commitment to $1.475 billion and extending the maturity dates, with $235 million due in June 2027 and the remaining $1.24 billion maturing in August 2028. The company's unsecured notes also mature in August 2028. Fitch expects the company to generate neutral to slightly positive FCF in 2025 and 2026, enabling it to maintain its liquidity position while managing inventory. Fitch treats $148.5 million of convertible preferred stock as debt as per its Corporate Hybrids Criteria. Holders of the company's convertible preferred stock can convert these securities into Class A common stock after the fifth anniversary of its issuance (Sept. 1, 2026). Additionally, the company has the option to call these securities during the fourth year (i.e., after the third anniversary) following their issuance. Issuer Profile Dream Finders Homes, Inc. is the 14th largest U.S. homebuilder, operating 271 active communities in 10 states. It offers a range of single-family homes, focusing on entry-level and first-time move-up homebuyers, while also providing offerings for second move-up and active adult buyers. Summary of Financial Adjustments Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and interest expense included in the cost of sales and to exclude impairment charges, land option abandonment costs and other non-recurring items. Fitch also excludes the EBITDA and debt of DFH's financial services (FS) operations, as this subsidiary's only major debt, four mortgage warehouse facilities, are non-recourse to DFH. The FS subsidiary generally sells the mortgage it originates and the related servicing rights to third-party purchasers shortly after origination. However, as part of its captive finance adjustment, Fitch assumes a capital structure for the FS operation that is sufficiently robust for that entity to support its debt without reliance on the corporate entity. Fitch applies a hypothetical capital injection from the corporate entity to achieve a target capital structure (1.0x debt to equity) indicative of a self-sustaining credit profile for DFH's FS operations. Consequently, Fitch reduced DFH's homebuilding unrestricted cash by $127.5 million during the forecast period to account for this hypothetical capital injection, while shareholders' equity is assumed to be unaffected. Fitch reviews historical CFO on a consolidated basis and estimates CFO excluding the FS operations. Date of Relevant Committee 24-Aug-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations 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 ----------- ------ -------- Dream Finders Homes, Inc. senior unsecured LT BB- New Rating RR4 DUN & BRADSTREET: Moody's Withdraws 'B1' CFR on Debt Repayment -------------------------------------------------------------- Moody's Ratings withdrew all of Dun & Bradstreet Holdings, Inc.'s (DNB) ratings including the B1 corporate family rating, and the B1-PD probability of default rating. Concurrently, Moody's withdrew the B1 senior secured first lien bank credit facility ratings and B3 senior unsecured notes rating, both issued by The Dun & Bradstreet Corporation (DNB OpCo) operating subsidiary. Moody's also withdrew the SGL-1 speculative grade liquidity rating. Prior to the withdrawal, the outlooks for both DNB and DNB OpCo were under review. This action follows the repayment of the company's rated debt after the company was taken private. RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the repayment and termination of the rated credit facilities. Founded in 1841, DNB is a provider of trade credit and commercial data and analytic products. E.O. PROPERTIES: Section 341(a) Meeting of Creditors on October 10 ------------------------------------------------------------------ E.O. Properties LLC filed for Chapter 11 bankruptcy in the Northern District of Georgia on September 2, 2025. Court documents show the company listed assets between $100,001 and $1 million, with liabilities in the same range. The filing also reports between one and 49 creditors. A meeting of creditors under Section 341(a) to be held on October 10, 2025 at 10:00 AM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About E.O. Properties LLC E.O. Properties LLC is a single asset real estate company. E.O. Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60071) on September 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. ECHOSTAR CORP: AT&T to Acquire Spectrum Licenses in $22.65B Deal ---------------------------------------------------------------- EchoStar Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that EchoStar Corporation, and the other Seller Parties named therein, and AT&T Mobility II LLC, a Delaware limited liability company, a subsidiary of AT&T Inc. entered into a License Purchase Agreement. Pursuant to the terms and subject to the conditions set forth in the License Purchase Agreement, the Seller Parties have agreed to sell all 3.45 GHz and 600 MHz spectrum licenses that are either licensed to or pending assignment to the Seller Parties as of the date of the License Purchase Agreement, together with a 99-year extension of existing leases for Buyer's exclusive use of certain wireless spectrum licenses in Hawaii, for an aggregate purchase price of $22,650,000,000.00 in cash, subject to certain potential adjustments. The Closing Purchase Price is subject to downward adjustment in the event certain Licenses are ultimately excluded by either the Seller Parties or the Buyer under specified customary circumstances. The Seller Parties are not obligated to consummate the Transactions if the Closing Purchase Price, after giving effect to the aggregate amount of any such adjustments, is less than $18.6 billion. However, if the aggregate amount of such reductions would otherwise reduce the Closing Purchase Price below the Minimum Purchase Price, the Buyer may elect to pay the Minimum Purchase Price at Closing, in which case this condition will be deemed satisfied. The License Purchase Agreement provides that, at the closing of the Transactions, any amounts outstanding under that certain Loan and Security Agreement, dated November 26, 2021, between DISH DBS Corporation as lender and DISH Network Corporation will be repaid in full using proceeds from the Transactions to the respective holders of the Tranche A and Tranche B receivables under such agreement. In addition, all outstanding secured notes issued pursuant to that certain Secured Indenture, dated November 15, 2022, by and among DISH Network Corporation, the Guarantors identified therein, and U.S. Bank Trust Company, National Association, as trustee and collateral agent, will be redeemed concurrently with the Closing in accordance with the terms of the DISH Secured Indenture. The License Purchase Agreement provides that completion of the Transactions is subject to the satisfaction or waiver of certain mutual closing conditions, including: (a) no judgment or injunction restraining, enjoining or otherwise prohibiting the Transactions; (b) filings and clearances under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (c) the receipt of certain consents and approvals from the Federal Communications Commission; and (d) the termination or modification of the Final Judgment and Stipulation and Order entered in United States v. Deutsche Telekom AG, et al, Case No. 1:19-cv-02232, ECF Nos. 85 and 2-1 (D.D.C.) to allow the consummation of the Transactions. In addition to the mutual closing conditions described above, the consummation of the Transactions is also subject to the satisfaction or waiver of certain conditions that are solely for the benefit of the Buyer, including: (a) receipt of all required regulatory approvals, without the imposition of any condition that would result in a Buyer Regulatory Adverse Effect; (b) grant of all requests included in the Federal Communications Commission applications and notices; (c) completion of the Redemption and the Debt Payoff; (d) delivery of a legal opinion confirming the absence of conflicts; (e) the aggregate amount of downward purchase price adjustments not exceeding an agreed upon materiality threshold; and (f) absence of any Material Adverse Change (as defined therein). The Closing is expected to occur in the first half of 2026. The License Purchase Agreement provides for specified termination rights. Among other customary termination rights, the Buyer or the Seller Parties have the right to terminate the Purchase Agreement if the Transactions are not consummated within 12 months of the date of the License Purchase Agreement, subject to up to two six-month extensions if necessary to allow the completion of obtaining the required regulatory approvals. The initial six-month extension may be exercised at the election of either the Buyer or the Seller Parties, while any second six-month extension would require the mutual agreement of both parties. The License Purchase Agreement contains customary representations, warranties and covenants related to the Licenses. The License Purchase Agreement also provides that the Buyer and the Seller Parties will indemnify one another under certain circumstances, subject to the terms and conditions set forth in the License Purchase Agreement. These provisions include, among others: (i) indemnification by the Buyer in favor of the Seller Parties for losses arising from or relating to the ownership, operation, or use of the Licenses following the Closing; and (ii) indemnification by the Seller Parties in favor of the Buyer for losses arising from or relating to the ownership, operation, or use of the Licenses during the period prior to the Closing. Amendments to the Network Services Agreement Simultaneously with the execution of the License Purchase Agreement, DISH Wireless L.L.C., a subsidiary of EchoStar, and AT&T Mobility LLC, a subsidiary of AT&T, entered into the Fifth Amendment and the Sixth Amendment to the Network Services Agreement (the "NSA") (the "Fifth Amendment") and (the "Sixth Amendment"), respectively. The term of the Fifth Amendment is scheduled to begin on January 1, 2026 and extends certain terms and conditions under the NSA that were previously available only through the end of 2025. The Sixth Amendment sets forth new terms including reduced rates if DISH meets certain minimum data thresholds while transitioning to a hybrid MNO. A hybrid MNO is where DISH operates those portions of the network infrastructure such as the network core and billing and provisioning software, while DISH's network partner, AT&T, provides elements including base stations, radios, radio access network (RAN) software and spectrum frequencies. DISH may elect to transition to a hybrid MNO and trigger the Sixth Amendment rates as early as the fourth quarter of 2025 and AT&T has agreed to provide these services to DISH through December 31, 2031. The pricing under Sixth Amendment takes effect on the first day of the month in which DISH hits specific data traffic thresholds. DISH is not obligated to transition to a hybrid MNO or meet the specified data thresholds, but will not be entitled to the terms of the Sixth Amendment unless it has met such thresholds and is transitioning to a hybrid MNO. During the term, DISH has the option to extend the Sixth Amendment up to two times for additional extension terms of 2-years each, until either December 31, 2033 or December 31, 2035. Any Extension Term exercised by DISH also contains certain minimum purchase commitments. 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. * * * In Sept. 2025, S&P Global Ratings placed its 'CCC+' issuer credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. EL VERDE: Unsecured Creditors Will Get 100% of Claims in Plan ------------------------------------------------------------- El Verde Associates LDP filed with the U.S. Bankruptcy Court for the District of Puerto Rico an Amended Disclosure Statement describing Plan of Reorganization dated August 27, 2025. The Debtor is a limited distribution partnership duly registered and authorized to do business in the Commonwealth of Puerto Rico. The Debtor is engaged in the business of leasing eighty-nine residential units to low income families in Vega Baja, Puerto Rico, under a contract with the United States Department of Housing and Urban Development. At the present time, Debtor owns one residential complex located at E 10 Calle 4, Vega Baja, PR 00693. In a nutshell, the Debtor had to file the instant case to stop the foreclosure of his real estate property in a case filed in State Court by WM Capital Partners 76, LLC against Mr. Cleofe Rubí González and others, Civil Case F CD2014-1469. In said case, the Debtor gave WM Capital 76, LLC a $400,000.00 note as collateral. Class 3 consists of General Unsecured Claims. Payments shall begin November 2025 to October 2030. This Class will receive a distribution of 100% of their allowed claims. This Class is unimpaired. * Claim No. 2 filed by José R. Nieves Sepulveda in the amount of $27,732.50 shall receive a monthly payment of $462.21. * Claim No. 4 filed by Mora Development Corp. in the amount of $168,941.27 shall receive a monthly payment of $2,815.69. Total monthly payments proposed under the Plan amount to $35,220.41 beginning in November 2025. Source of funds for payments are the following: * Rent Income received from the United States Department of Housing and Urban Development. * Lump Sum form Debtor's Members Cleofe Rubí González and Moraima Cintrón Avílés. A full-text copy of the Amended Disclosure Statement dated August 27, 2025 is available at https://urlcurt.com/u?l=8jWmPD from PacerMonitor.com at no charge. Counsel to the Debtor: Hector Eduardo Pedrosa Luna, Esq. THE LAW OFFICES OF HECTOR EDUARDO PEDROSA LUNA P.O. Box 9023963 San Juan, PR 00902-3963 Tel: (787) 920-7983 Fax: (787) 754-1109 Email: hectorpedrosa@gmail.com About El Verde Associates LDP El Verde Associates LDP filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-03107) on July 27, 2024, listing $1,000,001 to $10 million in both assets and liabilities. Judge Mildred Caban Flores presides over the case. Hector Eduardo Pedrosa Luna, Esq. at the Law Offices of Hector Eduardo Pedrosa Luna serves as the Debtor's counsel. EMERGY INC: Trinity Capital Marks $3.1MM Loan at 56% Off -------------------------------------------------------- Trinity Capital Inc. has marked its $3,183,000 loan extended to Emergy, Inc. to market at $1,401,000 or 44% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in an Equipment Financing Loan to Emergy, Inc. The loan accrues interest at a rate of Fixed interest rate 12.7%; EOT 11.5% per annum. The loan matures on July 1, 2026. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Emergy, Inc. Emergy, Inc. refers to Meati Foods (formerly Emergy, Inc.), a plant-based meat company in Boulder, Colorado, that produces fungi-based meat alternatives using proprietary technology. EMERGY INC: Trinity Capital Marks $6.1MM Loan at 56% Off -------------------------------------------------------- inity Capital Inc. has marked its $6,183,000 loan extended to Emergy, Inc. to market at $2,721,000 or 44% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in an Equipment Financing Loan to Emergy, Inc. The loan accrues interest at a rate of Fixed interest rate 9.4%; EOT 11.5% per annum. The loan matures on July 1, 2027. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Emergy, Inc. Emergy, Inc. refers to Meati Foods (formerly Emergy, Inc.), a plant-based meat company in Boulder, Colorado, that produces fungi-based meat alternatives using proprietary technology. EVEREST LENDING: Updates Unsecured Alleged Litigation Claims Pay ---------------------------------------------------------------- Everest Lending Group, LLC, submitted a Disclosure Statement to accompany Amended Plan dated August 29, 2025. The Plan is to be implemented by the reorganized Debtor through future revenue generated by projected growth in the residential mortgage loan industry coming away from the economic downturn in the market post-pandemic. Class 2 consists of Unsecured alleged litigation claims of Rocket Mortgage. The claim of Rocket Mortgage shall be paid $66,955.00 with 60 monthly payments of $1,115.92. This Class is impaired. Class 3 consists of General Unsecured Claims. This Class will receive a distribution of 13.1% of their allowed claims. This Class is impaired. Like in the prior iteration of the Plan, the Unsecured Claim of PA Department of Revenue in the amount of $115.82 shall be paid in full within 30 days of confirmation of Plan. Source of funds for plan payments will be derived from Debtor's revenue generated from ongoing operations. Debtor's Owner will make any necessary capital contributions for any shortfall in plan funding. A full-text copy of the Disclosure Statement dated August 29, 2025 is available at https://urlcurt.com/u?l=SbU9PP from PacerMonitor.com at no charge. Everest Lending Group, LLC, is represented by; Brian C. Thompson, Esq. Thompson Law Group, PC 125 Warrendale Bayne Road, Suite 200 Warrendale, PA 15086 Tel: (724) 799-8404 Fax: (724) 799-8409 Email: bthompson@thompsonattorney.com About Everest Lending Group Everest Lending Group, LLC, is a business engaged in lending funds for residential real estate. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 24-21018) on April 26, 2024, disclosing under $1 million in both assets and liabilities. The Debtor is represented by THOMPSON LAW GROUP, P.C. EVERGREEN ACQCO: Moody's Rates New $930MM Bank Credit Facilities ---------------------------------------------------------------- Moody's Ratings assigned B1 ratings to Evergreen AcqCo 1 LP 's (dba "Savers Value Village") proposed senior secured bank credit facilities comprised of a $180 million 5-year super priority revolving credit facility and $750 million 7-year first lien term loan. At the same time, Moody's affirmed Savers Value Village's B1 corporate family rating, B1-PD probability of default rating and the B1 ratings on the existing senior secured first lien notes, senior secured first lien term loan and senior secured super priority revolving credit facility. The outlook remains stable. Proceeds from the proposed issuance will be used to refinance the company's existing senior secured revolver, senior secured first lien term loan and senior secured notes. Moody's will withdraw the ratings on the existing debt upon their repayment and termination. RATINGS RATIONALE Savers Value Village's B1 CFR reflects its maintenance of solid credit metrics despite recent earnings declines and very good liquidity. The rating is also supported by a differentiated business model and market position in the for-profit thrift goods sector across its approximately 350 stores in the US, Canada and Australia. The rating is also bolstered by the company's recession-resistant product given its low average price point with few trade down options as well as its ability to source low-cost inventory from on-site donations, nonprofit partners and green drop locations (as a consequence of which, the company has no tariff exposure). Moody's expects Savers Value Village to maintain its moderate leverage and solid interest coverage metrics with debt/EBITDA of around 3.5x and EBITA/interest expense of 2.0x over the next 12-18 months. Savers Value Village's credit profile is constrained by its remaining controlling ownership (about 75%) by its private equity sponsor, small scale compared to other rated retailers as well as well as foreign exchange (FX) exposure from its Canadian operations where it has about half of its stores. The company is also sensitive to wage increases on its labor-intensive business model, however, recent investments in self-checkout, central processing, automated book processing centers and GreenDrop sites reduce the company's reliance on labor to sort product and operate stores. The stable outlook reflects Moody's expectations that the company will maintain its very good liquidity and that financial policies will remain balanced despite being majority owned by private equity. Marketing terms (final terms could be materially different) such as incremental capacity and structural lender protections are expected to be in-line with the existing bank credit facility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded following a reduction in its private equity ownership such that it is no longer a controlled company. An upgrade would also require the maintenance of very good liquidity evidenced by positive free cash flow and ample revolver availability. Quantitatively, ratings could be upgraded if Debt/EBITDA is sustained below 3.5x and EBITA/interest expense sustained above 2.75x. Ratings could be downgraded if the company fails to maintain at least good liquidity. Quantitatively, ratings could be downgraded if Debt/EBITDA is sustained above 4.25x or EBITA/interest expense sustained below 2.0x Headquartered in Bellevue, Washington, Savers Value Village operated 354 for-profit thrift stores as of June 28, 2025, in the US, Canada and Australia under the Savers, Value Village and Village des Valeurs, Unique and 2nd Ave banners. Annual revenue was approximately $1.58 billion. The company went public through an initial public listing in June 2023 and trades on The New York Stock Exchange under the trading symbol SVV. The company is approximately 75% owned by Ares Management. The principal methodology used in these ratings was Retail and Apparel published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. EVERGREEN LODGING: Seeks Chapter 11 Bankruptcy in Colorado ---------------------------------------------------------- Bankruptcy Observer reports that Evergreen Lodging LLC entered Chapter 11 proceedings in Colorado's bankruptcy court on August 28, 2025. According to the petition, Evergreen Lodging holds assets in the range of $1 million to $10 million and reports liabilities within the same bracket. The company lists between 1 and 49 creditors. About Evergreen Lodging LLC Evergreen Lodging LLC, owned by Sean and Susi Keating, is a Colorado-based hospitality company that operates lodging facilities and manages a 155-room Days Inn lodging facility in Golden under a 2020 franchise agreement. Evergreen Lodging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15542) on August 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Keri L. Riley, Esq. at KUTNER BRINEN DICKEY RILEY. EVOFEM BIOSCIENCES: Signs Sixth Amendment to Aditxt Merger Deal --------------------------------------------------------------- As previously disclosed in that Current Report on Form 8-K, Evofem Biosciences, Inc. filed with the Securities and Exchange Commission on July 18, 2024, on July 12, 2024 the Company, Aditxt, Inc., a Delaware Corporation and Adifem, Inc., a Delaware corporation and wholly-owned subsidiary of Aditxt, entered into the Amended and Restated Agreement and Plan of Merger (as amended August 20, 2024, September 6, 2024, October 2, 2024, November 19, 2024, and March 22, 2025, collectively the "A&R Merger Agreement"), whereby the Merger Sub will merge with and into the Company with the Company being the surviving company and wholly-owned subsidiary of Aditxt. On August 26, 2025, the Company, Parent and Merger Sub entered into the Sixth amendment to the A&R Merger Agreement to: * Amend Sections 1.5 and 3.1(b)(ii) to update the definition of "Unconverted Company Preferred Stock" to include Series G-1 Convertible Preferred Stock of the Company; * Amend Section 1.6 to update the definition of "Company Shareholder Approval" to include (i) the outstanding shares of Company Common Stock (including all Company Preferred Stock on the basis and to the extend it is permitted to so vote) entitled to vote thereon, and (ii) each series of the Unconverted Company Preferred Stock; * Amend Section 6.23 to clarify that the Company will assist in obtaining Exchange Agreements (as defined in the Merger Agreement, as amended) to exchange Company convertible notes and purchase rights for an aggregate of not more than 89,021 shares of Parent Preferred Stock from the applicable Company shareholders; * Amend Section 7.2(j) to change the number of dissenting shares to no more than 5,932,818 shares of Common Stock or 202 shares of Preferred Stock; * Add a new Section 7.2(k) to require waivers from each holder of the Company's E-1 Convertible Preferred Stock, with respect to the last sentence of Section 2, the entirety of Section 6, any price adjustment provisions that may be triggered under Section 8(a)(ii), Section 12(c) and Section 12(d) of the Series E-1 Certificate of Designations; and * To replace in its entirety, the Certificate of Designation for Exchanged Parent Preferred Stock included as Exhibit C to the A&R Merger Agreement. Series G-1 Exchange Agreement On August 22, 2025, the Company entered into Exchange Agreements with certain investors providing for the exchange of senior secured convertible notes due in the aggregate original principal amount of $1,573,000 into an aggregate 1,573 shares of Series G-1 Convertible Preferred Stock. As a result, the Company issued an aggregate 1,573 Preferred Shares in exchange for the outstanding debt held by certain investors in aggregate value of $1,573,000. Pursuant to the Exchange Agreement, the Company filed Certificate of Designations for the Series G-1 Convertible Preferred Stock with the Secretary of State of Delaware designating the rights, preferences, and limitations of the shares of Series G-1 Convertible Preferred Stock. The Company filed the Certificate of Designations creating the Series G-1 Preferred Stock. The Certificate of Designations, which forms a part of the Company's Amended and Restated Articles of Incorporation, specifies the terms of the Series G-1 Preferred Stock. The Certificate of Designations authorizes a total of 5,000 shares of Series G-1 Preferred Stock. The Series G-1 Preferred Stock entitles the holder thereof to vote together with the common shareholders as a single class and to cast that number of votes per share as is equal to the number of shares of Common Stock into which it is then convertible. The Series G-1 Preferred Stock has a stated value of $1,000 per share, and is convertible into shares of Common Stock at a rate determined by dividing (i) the stated value of such Series G-1 Preferred Stock shares plus any declared and unpaid dividends on such shares by (ii) the conversion price of $0.0154 per share, subject to adjustment as provided in the Certificate of Designations (the "Conversion Rate"). The Certificate of Designations also provides that in the event of certain "Triggering Events," any holder may, at any time, convert any or all of such holder's Series G-1 Preferred Stock at a conversion rate equal to the product of (i) the Alternate Conversion Price and (ii) the quotient of (x) the 25% redemption premium multiplied by (y) the amount of Series G-1 Preferred Stock subject to such conversion. "Triggering Events" include, among others: (i) a failure to timely deliver shares of Common Stock, upon a conversion, (ii) a suspension of trading or the failure to be traded or listed on an eligible market for five consecutive days or more, (iii) the failure to pay any dividend to the holders of Series G-1 Preferred Stock when required, (iv) the failure to remove restrictive legends when required, (v) proceedings for a bankruptcy, insolvency, reorganization or liquidation, which are not dismissed with 30 days, (vi) commencement of a voluntary bankruptcy proceeding, and (vii) final judgments against the Company for the payment of money in excess of $100,000. "Alternate Conversion Price" means the lowest of: (i) the applicable conversion price the in effect, (ii) 80% of the volume weighted average price ("VWAP") of the Common Stock on the trading day immediately preceding the delivery of the applicable conversion notice, (iii) 80% of the VWAP of the Common Stock on the trading day of the delivery of the applicable conversion notice and (iv) 80% of the price computed as the quotient of (I) the sum of the VWAP of the Common Stock for each of the three (3) trading days with the lowest VWAP of the Common Stock during the fifteen (15) consecutive trading day period ending and including the trading day immediately preceding the delivery of the applicable conversion notice, divided by (II) three (3). Each holder of Series G-1 Preferred Stock is entitled to receive dividends paid in the form of Common Stock or paid-in-kind as additional shares of Series G-1 Preferred Stock, at the Company's discretion (the "Dividends") payable to the holders of the Series G-1 Preferred Stock on a monthly basis. About Evofem Evofem Biosciences, Inc. is a San Diego-based biopharmaceutical company focused on sexual and reproductive health innovations. Its first commercial product, PHEXXI, is a hormone-free prescription contraceptive gel that was FDA-approved in 2020. In November 2024, they re-launched SOLOSEC, an oral antimicrobial agent for treating two common sexual health infections, following its acquisition of global rights. The Company aims to expand its global presence through partnerships and licensing agreements, such as the recent licensing of PHEXXI commercial rights in the Middle East to Pharma 1 Drug Store, LLC. In its report dated March 23, 2025, the Company's auditor, BPM, LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, noting that the Company has experienced recurring operational losses, negative cash flows from operations since its inception, and a net capital deficiency, all of which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $14.38 million in total assets, $79.21 million in total liabilities, and $69.61 million in total stockholders' deficit. EXCEL FITNESS: Nuveen Churchill Marks $2.3MM 1L Loan at 80% Off --------------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $2,369,000 loan extended to Excel Fitness Holdings, Inc. to market at $472,000 or 20% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Excel Fitness Holdings, Inc. The loan accrues interest at a rate of 9.8% per annum. The loan matures on April 27, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Excel Fitness Holdings, Inc. Excel Fitness Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides fitness and recreation sports centres. Excel Fitness Holdings serves customers in the United States. FH DMI: Nuveen Churchill Marks $1.1MM 1L Loan at 57% Off -------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $1,104,000 loan extended to FH DMI Buyer, Inc. to market at $479,000 or 43% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to FH DMI Buyer, Inc. The loan accrues interest at a rate of 9.03% PIK per annum. The loan matures on October 11, 2030. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About FH DMI Buyer, Inc. FH MD Buyer, Inc. is the acquiring company, also known as MedData, a healthcare services and technology provider that acquired DECO Recovery Management, LLC. FIRSTCALL MECHANICAL: Nuveen Marks $19.9MM 1L Loan at 23% Off ------------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $19,922,000 loan extended to FirstCall Mechanical Group, LLC to market at $15,345,000 or 77% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to FirstCall Mechanical Group, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on June 27, 2030. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About FirstCall Mechanical Group, LLC FirstCall Mechanical is a commercial and industrial HVAC, building controls, electrical, and plumbing services company. FOODSCIENCE LLC: Nuveen Marks $6.3MM 1L Loan at 72% Off ------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $6,317,000 loan extended to FoodScience, LLC to market at $1,742,000 or 28% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Smith & FoodScience, LLC. The loan accrues interest at a rate of 8.67% per annum. The loan matures on November 14, 2031. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About FoodScience, LLC FoodScience is the research and innovation engine behind the trusted brands used by doctors and veterinarians. FRESH START: Claims to be Paid From Available Cash and Income ------------------------------------------------------------- Fresh Start Development Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Small Business Plan under Subchapter V dated August 27, 2025. The Debtor is a Florida corporation organized by Articles of Organization and formed on November 21, 2005. The Debtor owns and leases various properties within the state of Florida. Some of the properties are short-term rentals through platforms such as Airbnb. In addition to generating income through property rentals, the Debtor is actively involved in the acquisition, renovation, and resale of residential real estate. The Debtor's financial projections which will be filed and served on its creditors within 10 days of the filing of this plan will show that the Debtor will be able to make the distributions to the holder of allowed administrative, priority tax, secured, and unsecured creditors. Payments to Class 7 creditors will be made on a quarterly basis over a period of no longer than five years, commencing on the first day of the calendar quarter, beginning after the payment in full of all Allowed Administrative Expense Claims. The Plan provides for: 1 class of priority claims, 5 classes of secured claims, 1 class of non-priority unsecured claims; and 1 class of equity security holders. Class 7 consists of All Non-priority Unsecured Claims. The liquidated, scheduled and filed Class 7 unsecured claims of creditors total approximately $1,130,367.18. Each holder of an allowed Class 7 claim will receive, beginning on the Effective Date of the Plan, and continuing quarterly for five years, a pro-rata share of unencumbered proceeds after the payment of allowed Administrative Expense Claims, allowed Priority Tax Claims, allowed Priority Claims, and allowed secured claims. Class 7 is impaired by the Plan. Class 8 is comprised of all equity interests in the Debtor, which are owned by Ms. McClinton. Ms. McClinton will retain her equity interests in the Debtor. Payments required under the Plan will be funded from: (i) existing cash on hand on the Effective Date; and (ii) projected disposable income remaining after the payment of operating expenses. A full-text copy of the Subchapter V Plan dated August 27, 2025 is available at https://urlcurt.com/u?l=1iu2Et from PacerMonitor.com at no charge. Attorneys for the Debtor: Katelyn M. Vinson, Esq. JENNIS MORSE 606 East Madison Street Tampa, Florida 33602 Telephone: (813) 229-2800 Email: kvinson@jennislaw.com About Fresh Start Development Inc. Fresh Start Development Inc. is a Florida-based development company. Fresh Start Development Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02855) on May 1, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. FUTURE FINTECH: Extends Shareholder Meeting Notice to 70 Days ------------------------------------------------------------- Future FinTech Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that pursuant to authority under the then-effective bylaws of the Company, the Board of Directors of the Company, by unanimous written consent, approved and adopted the Amended and Restated Bylaws of the Company, effective on the same date. The Amended and Restated Bylaws extends the notice period for shareholder meetings in the Company's bylaws from 60 days to 70 days. The preceding summary of amendments to the Amended and Restated Bylaws is subject to and qualified in its entirety by reference to the full text of such document, a complete copy of which available at https://tinyurl.com/yc7en72p About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. GENESIS HEALTHCARE: Committee Updates List of Claimholders ---------------------------------------------------------- In the Chapter 11 cases of Genesis Healthcare Inc. and affiliates, the Statutory Unsecured Claimholders' Committee (the "Committee" or the "UCC") filed an amended 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. On August 28, 2025 (the "Second Reconstitution Date"), the U.S. Trustee issued an amended notice (the "Appointment Notice") further reconstituting the Committee by adding an additional 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. 10. Michael Bubman BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC 16133 Ventura Blvd., Suite 1175 Encino, CA 91436 mbubman@mbn.law * BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC: an unsecured claim of $182,246.95, plus an additional claim in an unliquidated amount; and 11. Peter Gudaitis President Aculabs, Inc. 2 Kennedy Blvd. East Brunswick, NJ 08816 pgudaitis@aculabs.com * Aculabs, Inc.: an unsecured claim of $347,757.43. 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. GET PREMIER: Seeks Chapter 7 Bankruptcy in Alabama -------------------------------------------------- On August 27, 2025, Get Premier Green LLC sought Chapter 7 protection in Alabama's Northern District bankruptcy court. Court documents show the business has assets valued at no more than $100,000, with debt obligations of $1 million to $10 million. The filing indicates 50 to 99 creditors. About Get Premier Green LLC Get Premier Green LLC is an Alabaster, Alabama-based landscaping and lawn maintenance company that offers comprehensive suite of solutions, including lawn care, landscape design, irrigation, hardscapes, drainage, outdoor lighting, and sprinkler system services. Get Premier Green LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02575) on August 27, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge D Sims Crawford handles the case. The Debtor is represented by Gina H. McDonald, Esq. GLOBAL MEDICAL: Moody's Alters Outlook on 'B2' CFR to Positive -------------------------------------------------------------- Moody's Ratings affirmed Global Medical Response, Inc.'s ("GMR") B2 corporate family rating and B2-PD Probability of Default Rating following the company's announced refinancing transaction. Concurrently, Moody's assigned B2 ratings to the new senior secured first lien term loan B and senior secured notes. Moody's revised the outlook to positive from stable. Proceeds from the new debt will be used to refinance the existing debt instruments, including the senior secured first lien term loan, senior secured notes, and senior unsecured notes. Additionally, the company will use proceeds, along with cash on the balance sheet, to partially pay down its PIK preferred equity. The B2 ratings on the existing senior secured first lien term loan and senior secured notes, as well as the Caa1 rating on the existing senior unsecured notes, remain unchanged and will be withdrawn upon the close of the transaction as Moody's expects them to be fully repaid. The outlook revision to positive from stable reflects upward pressure in the credit profile resulting from solid operating performance and Moody's expectations of steadily improving credit metrics. Improvement in GMR's operating margin is driven by underlying volume trends and better reimbursement from payors. At the same time, the refinancing transaction will reduce interest expense including that related to PIK payments, providing increased free cash flow. The ratings affirmation reflects Moody's views that despite Moody's expectations of improving credit metrics, various risk exposures create some uncertainty to the pace and magnitude of continued deleveraging. These include exposures to labor costs, fuel, macroeconomic conditions and payor dynamics including Medicaid enrollment levels. RATINGS RATIONALE GMR's B2 CFR benefits from the company's scale and leading position as a provider of pre-hospital healthcare services, including medical transportation, in the United States. The company benefits from significant diversification by geography, payor and service lines, as well as growing predictability of revenues from increasingly in-network commercial payor sources. The rating is constrained by GMR's exposure to weather fluctuations in the air medical transport business, certain labor pressures, and continued uncertainty surrounding reimbursement rates. The rating is also constrained by headline risk, with one fatal aviation accident in the past 12 months. GMR's financial leverage is moderately high, with gross debt/EBITDA of 4.1x for the LTM June 30, 2025 using Moody's calculations. The refinancing transaction will modestly increase debt/EBITDA, but continuation of solid earnings results will result in steady deleveraging absent unforeseen operating setbacks. Moody's expects GMR to maintain very good liquidity over the next 12 to 18 months, supported by a pro forma cash balance of $305 million following the close of the refinancing transaction. Moody's expects GMR to generate breakeven to positive free cash flow for 2025 and to generate significantly positive free cash flow in 2026 and beyond due to interest savings and roll-off of financing-related expenses. Liquidity will also be supported by a new $800 million asset-based revolving credit facility that will be undrawn at close with $692 million of available borrowing capacity after letters of credit. The ABL facility has a springing minimum fixed charge coverage covenant, which Moody's do not expect the company to trigger or violate over the next 12 to 18 months. The B2 ratings assigned to the senior secured first lien term loan and senior secured notes reflect the debt instruments comprising the preponderance of the capital structure. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $1,262 million and 100% of Consolidated EBITDA, plus unlimited amounts equal to or less than either 4.50x First Lien Leverage Ratio or leverage neutral incurrence. Amounts up to the greater of $1,262 million and 100% of Consolidated EBITDA, along with any Term "A" loans, may be incurred with an earlier maturity. There are no "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries. The credit agreement is expected to include protective provisions restricting an up-tiering transaction, requiring affected lender consent for amendments that subordinate the debt or liens unless such lenders can ratably participate in such priming debt. Amounts up to 100% of the unused capacity from the builder basket may be reallocated to the restricted payment, indebtedness and lien covenants. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if GMR demonstrates earnings growth and margin improvement, while maintaining good liquidity. Conservative financial policies could also support an upgrade of the ratings. Quantitatively, debt/EBITDA maintained below 5.0x could support an upgrade. Moody's could downgrade the ratings if operating performance weakens, or free cash flow deteriorates. Moody's could downgrade the ratings if the company pursues material debt-funded shareholder returns or aggressive M&A. Quantitatively, debt/EBITDA above 6.0x could lead to a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. GMR's B2 rating is two notches below the LTM scorecard-indicated outcome of Ba3 as it is weighted to the company's track record of aggressive financial policies and the restructuring of its capital structure in 2023. Global Medical Response, Inc. provides pre-hospital emergent medical services and non-emergent transports through its wholly-owned subsidiaries -- Air Medical Group Holdings LLC and AMR Holdco, Inc. GMR has been a portfolio company of sponsor Kohlberg Kravis Roberts & Co. (KKR) since 2015. The company generated about $6 billion of revenue over the last twelve months ended June 30, 2025. GRANT THORNTON: Moody's Affirms 'B2' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings affirmed Grant Thornton Advisors Holdings LLC's (Grant Thornton) B2 corporate family rating and B2-PD probability of default rating. Moody's also affirmed Grant Thornton Advisors LLC's backed senior secured bank credit facility ratings at B2 and assigned a B2 rating to its proposed Eu750 million backed senior secured first lien term loan due 2032. Following the closing of the proposed term loan, the facility will consist of a $400 million backed senior secured first lien revolving credit facility expiring 2029, approximately $2.3 billion backed senior secured first lien term loan maturing 2031, fully drawn $50 million backed senior secured delay draw term loan maturing 2031, $800 million backed senior secured term loan maturing 2031 and the proposed Eu750 million term loan due 2032. The outlook for both entities is stable. Grant Thornton is an international professional services firm that offers audit, tax, and advisory services. Grant Thornton announced that it has or soon expects to close several acquisitions, including of its Cayman Islands, Netherlands and UAE-based affiliates, and Auxis, an outsourcing and business modernization services provider, each of which closed earlier this year. Grant Thornton hopes to close ten or more additional acquisitions over the next 12 to 18 months. The net proceeds from the proposed euro-denominated term loan and cash, much of which was raised from the net proceeds of the $800 million term loan that was issued in May, will be used to pay for the acquisitions. Affiliate acquisitions will be financed with a substantial roll-over equity component. "Affiliate purchases and other acquisitions will raise debt leverage and further complicate already limited earnings quality due to the conversion of Grant Thornton US and the acquired partnerships to the corporate form, but Grant Thornton's geographic reach, revenue size and service scope could be enhanced by the purchases, leading to a stronger business profile," said Edmond DeForest, Moody's Ratings Senior Vice President. DeForest continued: "The substantial amount of roll-over equity contributed by the former-partner-employees of the acquired affiliates and a good liquidity profile also provide support to the B2 rating and stable outlook." RATINGS RATIONALE The B2 CFR reflects high debt leverage, uncertainty regarding the impact of the change in organization structure and partner compensation on the business and Moody's anticipations for aggressive financial strategies, including for debt-funded acquisitions. Financial leverage reduction will be achieved through Moody's anticipations for low-to-mid single-digit organic revenue growth and EBITDA margins around 15% as of June 30, 2025 (pro forma for the transactions) to grow to a high-teens percentage range by 2027, driven by cost reduction initiatives, including through the adoption of Grant Thornton's client servicing capabilities through Grant Thornton INDUS by the acquired businesses. Moody's projects good interest coverage, with EBITDA less capital expenditures to interest above 2x, and anticipate at least $100 million of free cash flow in 2026, which are strong levels compared to many other services issuers also rated in the B2 CFR category. Although Moody's anticipates debt/EBITDA could remain above 6x, after Moody's adjustments and pro forma for the proposed debt and earnings from several acquisitions that have or Moody's expects will close in 2025, the affirmation of the B2 ratings reflects Moody's prior expectation that Grant Thornton would seek to acquire its affiliates with debt, and that the transactions will lead to a larger, more geographically-diversified company with the opportunity to drive leverage below 6x over the next 12 to 18 months through achievement of in-process and planned cost reduction initiatives. All financial metrics cited reflect Moody's standard adjustments. Moody's adjust EBITDA and EBITA for transaction-related expenses and the non-cash impacts to earnings from the equity roll-over of the partners. Moody's do not adjust for the impact of in-process cost reduction initiatives, nor for non-cash compensation expense not associated with equity rollover of partners. While Moody's anticipates that Grant Thornton will expand its operating scope internationally and in the US, while also adding additional services both through acquisitions and organically, it has a smaller revenue size and offers fewer services than the Big Four accounting firms against which it competes. Revenue and profitability are dependent on attracting and retaining key revenue-producing employees and efficient utilization of professionals. Larger advisory firms can make investments in technology and off-shore service centers, among other things, which drives Moody's anticipations for Grant Thornton to grow both organically and through acquisitions. Moody's considers historical financial information sufficient to maintain credit ratings, but of limited quality as it reflects the company's legacy partnership structure. Likewise, the completed, announced and anticipated affiliate acquisitions will be converted from partnerships to a corporate form once acquired, as Grant Thornton was in May 2024. The B2 rating is supported by high client and revenue retention rates, and low client and partner revenue concentration. The steady and non-cyclical revenue stream from the audit and tax segment, which Moody's anticipates will make up about two-thirds of the over $4 billion of revenue Moody's expects in 2026, provides relative stability throughout the business cycle compared to the advisory and other business lines. The company can cut variable costs and preserve cash when cyclical pressure reduces revenue; therefore, Moody's expects profitability rates will be less subject to cyclicality than revenue. The B2 senior secured ratings are the same as the B2 CFR, reflecting the predominance of the credit facilities in Grant Thornton's debt capital structure. Grant Thornton Advisors LLC is a Delaware US LLC. Its indirect parent is Grant Thornton Advisors Holdings LLC. Turbo EMEA Holdings B.V., a private limited company organized under the laws of the Netherlands, is a co-borrower. Turbo Global L.P., which is an indirect parent of the US and non-US businesses, guarantees the rated debts and provides financial statements. The credit facilities are guaranteed by each (generally US) of its direct and indirect subsidiaries and by Grant Thornton Advisors Holdings LLC. The non-US subsidiaries do not guarantee the rated debts. All guarantees are secured by the assets of the guarantor on a first-lien basis. Certain immaterial US subsidiaries do not provide guarantees. In connection with the affiliate acquisitions, the acquired entities will enter into agreements with a local, consolidated variable interest entity that will remain a partnership, which will perform traditional public accounting services consisting of performing attest services. These attest entities will operate in an alternative practice structure, just as Grant Thornton and Grant Thornton, LLP do in the US. Moody's views the company's liquidity profile as good. Moody's expects the company to generate at least $100 million of free cash flow in 2026 and retain at least $100 million of balance sheet cash over the next 12 to 15 months. The $400 million revolver is fully available and provides additional support. Anticipated free cash flow will be able to cover about $32 million of mandatory annual term loan amortization. The proposed euro-denominated term loan does not amortize principal, which will be due at maturity in 2032. The revolver might be needed to fund seasonal cash needs (notably annual cash incentive compensation) and potential acquisitions. Audit and tax segment seasonality may also contribute to seasonality for Grant Thornton's revenue and free cash flow. There are no financial covenants applicable to the term loans. Access to the revolver is subject to maintaining maximum senior secured first lien leverage below 9.0x, which is tested when the revolver is 40% of more drawn. Moody's expects that the company would be able to maintain an ample cushion under its financial covenant if it is tested over the next 12 to 15 months. The stable outlook reflects Moody's expectations for high customer and partner retention rates, low-to-mid single-digit percentage range organic revenue growth and expanding profitability rates to drive debt/EBITDA, which was above 7x as of June 30, 2025, pro forma for the announced and anticipated acquisitions, to below 6x and free cash flow/debt in a mid-single digits percentage range over the next 12 to 18 months. The stable outlook also reflects Moody's anticipations of aggressive financial strategies, including for debt funded acquisitions of affiliates, although at a slowing pace and declining scale. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Grant Thornton: 1) demonstrates and maintains more conservative financial policies; 2) sustains debt/EBITDA below 5x; and 3) maintains a good liquidity profile. The ratings could be downgraded if: 1) revenue growth is less than Moody's anticipates; 2) EBITDA margins remain less than 16%; 3) earnings quality remains constrained by large, ongoing transaction-related adjustments; 4) client or partner attrition rates worsen; 5) the company sustains debt/EBITDA above 6.0x; or 6) liquidity deteriorates. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to forward rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Grant Thornton, headquartered in Chicago, Illinois, serves over 22,500 clients globally across various industries. Revenue is derived mostly from US middle market business clients as of June 30, 2025, but the company is rapidly expanding its geographic footprint, including through acquisition of certain of its non-US affiliates. The company is owned by an investor group led by private equity sponsor New Mountain Capital, L.L.C. and Grant Thornton's employees and partners. If the company closes all of the acquisitions for which Moody's understands it has entered into either a purchase contract or letter of intent to purchase as of September 02,2025 before year-end, Moody's expects over $4 billion of revenue in 2026. GUNNISON VALLEY: To Sell Gunnison Property to Rocking J Lazy ------------------------------------------------------------ Gunnison Valley Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado, to sell 5-acre parcel, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks approval to sell a 5-acre parcel of land subject to a deed restriction that requires any improvements to be built on the property to include 64 units of affordable housing. After marketing the property, the proposed purchase price of $320,000 is the only offer Debtor received. Debtor also seeks authority to closing costs, broker commissions, and other expenses totaling approximately $20,087. Debtor will deposit the remaining proceeds in a segregated account, with all liens and claims to attach to the remaining proceeds with the same validity, extent, and priority the liens and claims existed against the property to be sold. The proposed sale was negotiated at arms’ length, and the buyer is a non-insider, third-party. The 5-acre parcel is part of the Gunnison Rising development, which was annexed into the City of Gunnison. The sale of the property will be subject to portions of the annexation agreement with the City of Gunnison as agreed between the City and the buyer. The sale of the 5-acre parcel will be as-adjusted by a proposed boundary line adjustment consistent with the conceptual plan for the development and specifically to ensure the 5-acre parcel has appropriate access to designated rights of way. A consequence of the boundary line adjustment is that boundary of one of Debtor’s remaining parcels will be adjusted. The Debtor owns Gunnison Rising, a 600 acre, fully-entitled, multi-phase, mixed-use development approved for 1,700 residential units, and 920,000SF of commercial development, to include more than 350,000 sf of retail, 350,000 sf of industrial space, plus acreage for commercial space and an RV park, all adjacent to Western Colorado University in Gunnison, Colorado. A December 2024 as-is valuation of the Project was approximately $58MM, while the face value of Debtor's secured debts is approximately $28MM. The Project is Debtor's most significant asset and represents many years of work to assemble the real estate, work with key stakeholders, including the City, the County, the Gunnison community, and Western Colorado University, to create the conceptual vision for the Project, obtain the necessary approvals, including annexation into the City, perform the necessary design and engineering, and construct infrastructure in the short excavation season in Gunnison. Debtor is the horizontal developer, meaning upon completion of the necessary infrastructure work, Debtor planned to sell lots to builders or in bulk to vertical developers. The remainder of the Project after the 5-Acre Parcel sale is the Remaining Property. The 5-Acre Parcel is the closest to the existing eastern edge of the developed portion of the City of Gunnison. The Debtor executed an Exclusive Right-To-Sell Listing Contract with Bluebird Real Estate and its broker, Brian Cooper and granted Bluebird Real Estate an exclusive right to market and sell the Project. The proposed buyer is owned by John Stock, an experienced builder in Gunnison County. Debtor understands that Mr. Stock has had numerous discussions with the City about plans for building the affordable housing on the 5-Acre Parcel. The Debtor entered into a Contract to Buy and Sell Real Estate with Rocking J Lazy K LLC. The proposed sale is free and clear of liens, but no releases are contemplated. The proposed sale is a private sale, but the 5-Acre Parcel was exposed to the market. The Purchase Price was $320,000 and Good Faith Deposit was $1,500. Buyer acknowledges that the 5-Acre Parcel is subject to the Deed Restriction and that if Buyer develops the 5-Acre Parcel, Buyer must comply with the Deed Restriction. The 5-Acre Parcel is subject the Gunnison Rising Amended Annexation Agreement between the City and Debtor, which is recorded in the real property records of the Gunnison County Clerk. The Buyer and the City have agreed that the Buyer is assuming only certain obligations of the Annexation Agreement as agreed between the Buyer and the City. Debtor believes that the proposed sale of the 5-Acre Parcel is a proper exercise of its business judgment and requests that it be approved. The lienholders of the Property are Gunnison County Abstract Company, Wesco Distribution, Inc., Spallone Construction, Inc., Biomedical Ventures, LLC, DDC, LLC d/b/a Dietrich Dirtworks, LLC, Crabtree Group, Inc., BMC Properties, LLC, and Isabelle Estates, Inc. Debtor proposes to pay the following closing costs, expenses, and commissions, all as provided in the Contract, summarized as follows: -- commissions of 4% to Bluebird Real Estate / Brian Cooper estimated at $12,800 -- title policy estimated at $1,200 -- New Improvement Location Certificate (ILC) estimated at $1,500 -- 1/2 of the closing services fee estimated at $250 -- 1/2 of the local transfer tax estimated at $1,200 -- 2024 property taxes in the estimated amount of $27. About Gunnison Valley Properties, LLC Gunnison Valley Properties LLC in Louisville, Colo., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15052) on Aug. 28, 2024, listing $50 million to $100 million in assets and $10 million to $50 million in liabilities. Byron Chrisman, manager, signed the petition. Judge Joseph G. Rosania Jr. oversees the case. Onsager | Fletcher | Johnson | Palmer LLC serves as the Debtor's legal counsel. HARMAN'S REPAIR: Seeks Chapter 7 Bankruptcy in Alaska ----------------------------------------------------- On August 26, 2025, Harman's Repair Station Inc. entered Chapter 7 proceedings in Alaska's bankruptcy court. Court documents show the business has assets valued between $100,001 and $1 million, while its debt obligations range from $1 million to $10 million. The company reported a creditor count of 1 to 49. About Harman's Repair Station Inc. Harman's Repair Station Inc. operates as a certified aviation repair facility under FAA standards that offers maintenance and refurbishment services for ULDs, including pallets, nets, and cargo containers. Harman's Repair Station Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Alaska Case No. 25-00142) on August 26, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and liabilities between $1 million and $10 million each. The Debtor is represented by Jeff Carney, Esq. HOMES NOW: To Sell Rockwall Property to Emily Knize for $330K ------------------------------------------------------------- Homes Now LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The bankruptcy estate owns real property and improvements located at 7 Amity Lane, Rockwall, Texas 75087. The Property is encumbered by a first lien mortgage in favor of 1 Sharpe Opportunity Intermediate Trust. in the approximate amount of $296,889.19. The Debtor receives an offer from buyer, Emily Knize, to purchase the Property for $330,000.00. Emily Knize is the current tenant residing in the property paying rent to the Debtor. The Debtor seeks authority to sell the Property to the Buyer for $330,000.00 and: to pay Lender the amount of $296,889.19, plus applicable interest; to pay Debtor's counsel a carve-out of $2,000.00 for administrative expenses incurred in bringing the Motion (to be placed in counsel's trust account until this court authorizes withdrawal) and to pay normal closing costs, including a Realtor's commission in the amount of $9,900. Seller will pay for the title policy, seller's closing costs and the prorated unpaid real property taxes. The Debtor is informed that Mechanical Breakdown Protection, Inc. has filed a notice of lis pendens against the Property in connection with separate litigation against the Debtor and other parties. MBPI is not a creditor of Debtor, has no lien on the Property, and asserts no direct ownership or secured interest in the Property. The Debtor believes that the sale of the Property is in the best interest of the estate. Due to the need to close the sale so as to stop the accrual of property taxes and to retain the Buyer, the Debtor requests that any order approving the Motion exclude the 14-day stay provided in Rule 6004(h) of the Federal Rules of Bankruptcy Procedure. About Homes Now LLC Homes Now LLC operates as a lessor of real estate, engaging in the rental and leasing of residential, commercial, and industrial properties. Homes Now LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex.Case No. 25-41516) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by John Paul Stanford, Esq. at QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. HORSEY DENISON: Gets OK to Use Cash Collateral Until Sept. 30 ------------------------------------------------------------- Horsey Denison Landscaping, LLC and affiliates got the green light from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral to fund operations. The court's order authorized the Debtors' interim use of cash collateral from August 31 to September 30 to pay operating expenses in accordance with their budget. Lenders including First National Bank of Pennsylvania and Donna Dennison, and sureties including Great Midwest Insurance Company and Lexington National Insurance Corporation will be provided with adequate protection in the form of replacement liens on assets and proceeds from bonded contracts. As additional protection, the court approved the payments of $20,000 to First National Bank on September 2, 15 and 29. First National Bank is the senior secured lender and is owed over $10.8 million in aggregate under a line of credit, a term loan, and two mortgage loans. It also holds judgments by confession against the Debtors and maintains liens through various security agreements and UCC filings. Meanwhile, Ms. Denison is a second-priority secured creditor under a $6 million seller-financed loan used in the 2021 acquisition of the Denison entities by Horsey Denison Landscaping. Ms. Denison asserts a remaining balance of approximately $5.48 million and holds security interests in the cash collateral of Horsey Denison Landscaping, Denison Farms, LLC and Denison Landscaping, Inc. However, she entered into a subordination agreement with First National Bank, deferring her rights until the bank is paid in full. Horsey Denison Landscaping and Denison Landscaping entered into various agreements with the sureties to provide them with bonds required for them to perform certain of their business contracts. The Debtors' financial troubles stem from litigation with Ms. Denison and significant pre-petition debt, including loans from First National Bank. About Horsey Denison Landscaping LLC Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, Horsey Denison Landscaping reports estimated assets and liabilities between $1 million and $10 million each. Judge Lori S. Simpson oversees the case. The Debtors are represented by Paul Sweeney, Esq., at YVS Law, LLC. First National Bank, as lender, is represented by: David V. Fontana, Esq. Gebhardt & Smith LLP One South Street, Suite 2200 Baltimore, Maryland 21202 Tel: 410-385-5053 Fax: 443-957-1832 dfont@gebsmith.com IMMERSIVE ART: Creditors to Get Proceeds From Liquidation --------------------------------------------------------- Immersive Art Space LP filed with the U.S. Bankruptcy Court for the District of Delaware a Chapter 11 Plan of Liquidation dated August 28, 2025. The Debtor is one of many affiliated entities that are or were in the business of producing immersive art show exhibits in Canada, the United States, and various cities around the world. The Debtor operated solely in Chicago, Illinois. While it was operating, the Debtor produced engaging, immersive exhibits explicitly designed to educate audiences on the works and lives of artists and historical figures such as Frida Kahlo, King Tutankhamun, Wolfgang Mozart, and Claude Monet and the impressionist movement. The Debtor also created a companion app that patrons could interact with to learn about and understand the context and history of the paintings and historical artifacts in the exhibit. The Debtor discontinued its immersive art operations in early 2024 following sustained business challenges and a strategic decision to wind down in an orderly manner through the chapter 11 process. Since the cessation of operations, the Debtor has prioritized monetizing available assets and conserving estate funds for creditor recoveries. As of the date of this Plan, the Debtor holds cash reserves in the amount of approximately $400,000, which has been earmarked for distribution to holders of Allowed Claims under the Plan. These funds result from business wind-down activities, including the collection of owed Employee Retention Credit Funds and liquidation of the remaining estate assets. In addition to existing cash, the Debtor continues to pursue a sale of its remaining assets, including merchandise, inventory, and fixtures formerly used in the business operations. These efforts expect to yield supplemental recovery, subject to market conditions and buyer interest. Through the Plan, the Debtor proposes to liquidate its assets and, on the Effective Date, make Distributions to its Creditors from cash on hand, Employee Retention Credit refunds and income tax refunds, and any proceeds generated from the sale of remaining assets, if any. The Plan provides for two classes of claims. The first class consists of allowed priority unsecured claims, to the extent such claims exist. The second class consists of all general unsecured claims, including any lease rejection claims. To the extent funds remain available after satisfaction of administrative expenses and other senior obligations, the Debtor proposes to make pro rata distributions to holders of Class 2 Claims from the remaining funds available for distribution. Class 2 shall consist of all Allowed General Unsecured Claims. The Debtor does not project disposable income over the applicable commitment period and will fund the Plan solely through proceeds from the liquidation of assets, if any, cash on hand, and collection of outstanding funds owed to the Debtor, including but not limited to, Employee Retention Credit refunds and income tax refunds. To the extent that funds are received by the Debtor in excess of the amounts necessary to pay Allowed Administrative Claims and superior claims, such excess funds shall be distributed pro rata to holders of Allowed Claims in Class 2, without interest, until such claims are paid in full or the Plan Term expires. The Plan will be funded through (i) cash on hand as of the Effective Date, (ii) proceeds from the liquidation of the Debtor's remaining assets, (iii) any other recoveries obtained through the administration of the Estate, including, but not limited to refunds or rebates, and (iv) contributions from the Released Parties as set forth in the Plan and related agreements. A full-text copy of the Liquidating Plan dated August 28, 2025 is available at https://urlcurt.com/u?l=rz3YWc from PacerMonitor.com at no charge. Counsel to the Debtor: CLARK HILL PLC Karen M. Grivner, Esq. 824 N. Market Street, Suite 710 Wilmington, Delaware 19801 Tel: (302) 250-4750 / Fax: (302) 421-9439 Email: kgrivner@clarkhill.com Kevin H. Morse, Esq. 130 E. Randolph Street, Suite 3900 Chicago, IL 60601 Telephone: (312) 985-5556 / Fax: (512) 985-5920 Email: kmorse@clarkhill.com - and – HUSCH BLACKWELL LLP Michael A. Brandess, Esq. 120 South Riverside Plaza, Suite 2200 Chicago, Illinois 60606 Tel: (312) 526-1542 / Fax: (312) 655-1501 Email: michael.brandess@huschblackwell.com Tara LeDay, Esq. 111 Congress Avenue, Suite 1400 Austin, Texas 78701 Tel: (512) 479-1141 / Fax: (512) 479-1101 Email: tara.leday@huschbackwell.com Tom Zavala, Esq. 1900 N. Pearl Street, Suite 1800 Dallas, Texas 75201 Tel: (214) 999-6182 / Fax: (214) 999-6170 Email: tom.zavala@huschblackwell.com About Immersive Art Space LP Immersive Art Space, LP, operates Lighthouse ArtSpace Chicago, a venue specializing in immersive digital art exhibitions. Located in the historic Germania Club Building in Chicago, the space hosts large-scale experiences such as Immersive Van Gogh, combining visual projections with music and narrative. The venue also offers facilities for private events and spans approximately 22,000 square feet. Immersive Art Space sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10977) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Laurie Selber Silverstein handles the case. The Debtor tapped Clark Hill, PLC and Husch Blackwell LLP as counsel. IMPRIVATA INC: Fitch Alters Outlook on 'B' LongTerm IDR to Pos. --------------------------------------------------------------- Fitch Ratings has affirmed Imprivata, Inc.'s Long-Term Issuer Default Rating (IDR) at 'B'. Fitch has also affirmed the company's $100 million secured RCF and $1.336 billion first lien secured term loan at 'BB-' with a Recovery Rating of 'RR2'. The Rating Outlook has been revised to Positive from Stable. The Positive Outlook reflects the strengthening of Imprivata's credit protection metrics. FCF has improved as its interest burden has decreased, and Fitch expects cash flow from operations (CFO)-capex)/debt ratio to trend over 8% beginning in 2026. Fitch calculated EBITDA leverage is also forecast to decline to just over 5.5x in 2025 and below 5.0x thereafter. Imprivata's ratings are supported by its strong market position in identity governance and multifactor authentication (MFA) for healthcare providers, as well as secular growth trends for data security and access management in a complex regulatory environment. Solid EBITDA margins and high customer retention rates support its profile. Key Rating Drivers Moderate Leverage with Deleveraging Capacity: Fitch estimates Fitch-adjusted EBITDA leverage of about 5.7x in 2025 and then trending below 5.0x starting in 2026, without material debt-funded acquisitions or dividends. The leverage decrease is driven by $50 million of debt reduction in 2024 and EBITDA expansion. Fitch expects limited deleveraging as Imprivata's scale and private equity ownership would likely prioritize return on equity optimization over voluntary debt prepayment. These could include acquisitions to broaden Imprivata's market position. Attractive Margin Profile: Imprivata's margin profile is in line with best-in-class software peers. Its Fitch-adjusted EBITDA margin profile also compares favorably with horizontal peers, such as Okta, Inc. Fitch-adjusted EBITDA margins have improved to the low-40s, and Fitch expects them to hover in that range over the forecast horizon. Minimal capex and working capital requirements support FCF generation. Interest expenses have come down, supporting FCF generation and the (CFO-capex)/debt ratio, which Fitch expects will improve to levels above 8% starting in 2026. Sizable and Increasing Opportunity: Digitization of care delivery including telehealth adoption, proliferating systems, and increased regulation is driving demand for comprehensive security solutions including identity governance and multi-factor authentication. This demand is further accelerated by increasingly frequent and severe cyberattacks. Imprivata has a strong market share among U.S. hospitals that deploy a digital identity solution, with big greenfield opportunities as the healthcare sector continues its digital evolution. Diversified Customer Base with High Retention: Imprivata serves over 4,400 customers with no material customer concentration. Additionally, the company maintains high retention rates and has a strong track record of expanding its share of wallet. The company reported net retention rate of over 110% for Q1 2025. Although subscriptions bill annually, they are secured under longer-term multi-year agreements, providing strong revenue visibility. Strong Use Case Supports Growth: Imprivata's solutions are purpose-built for the healthcare industry, in compliance with regulatory requirements. Its products are integrated with hospital legacy on-premises solutions, with the largest electronic health record providers and diagnostic systems. Imprivata's solutions become more relevant as cybersecurity risks escalate. Beyond core offerings, Imprivata has expanded into vendor-privileged access management and has the potential to target non-healthcare markets, creating growth opportunities. Niche Player with Limited Scale: While Imprivata occupies a leading market position within the healthcare vertical, its ratings are limited by its scale and lack of market diversification relative to other software technology peers. It competes with horizontal peers, such as Okta, which have much larger scale, sizable installed base and more established cloud offerings. Peer Analysis Imprivata's industry expertise, revenue scale, profitability and Fitch-adjusted EBITDA leverage profile are consistent with the 'B' rating category. The company has a smaller revenue scale as a result of its narrow end-market focus relative to its larger and more diversified horizontal peers, such as Okta. Imprivata also competes with Identity Automation LP, which is vertically focused on the healthcare sector, although far smaller and with a narrower service offering than Imprivata. Among the Fitch rated players, email security competitor Proofpoint (B/Stable) has larger revenue with lower EBITDA margins but similar leverage. Application security provider Mitnick Parent L.P. (dba Veracode (B/Negative)) is smaller with similar margin & higher projected leverage profile. Imprivata's operating profile benefits from its deep integration with other healthcare IT providers, its comprehensive product offering and the growing cybersecurity threats faced by the healthcare industry. Key Assumptions - Revenue growth in the low-teens range; - Fitch-adjusted EBITDA margins above 40%; - FCF in the low- to mid-teens range; - Aggregate incremental $500 million acquisition through 2028; - No dividend payment to shareholders through 2028; - Capex intensity in the low-single digits; - SOFR rate of 4.25% in 2024, declining to 3.2% by 2028. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Imprivata would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim. Going-Concern Approach In the event of a bankruptcy reorganization, Fitch expects Imprivata would suffer customer churn, pressuring the revenue and compressed EBITDA margins on lower revenue scale. Fitch assumes revenue to decline by 10% from 2025 projected levels and Fitch-adjusted EBITDA margins to compress in the high 30s range. This would result in GC EBITDA of $183 million. Fitch uses an enterprise valuation (EV) multiple of 7.0x, which aligns with other software companies that exhibit highly recurring revenue, strong profitability, high FCF conversion and high revenue retention rates. The choice of this multiple considered the following factors: - In its "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study, Fitch notes the median TMT multiple of reorganization EV/EBITDA is ~5.9x. - Of these companies, five were in the Software subsector: SunGard Availability Services Capital, Inc., Aspect Software, Inc., Allen Systems Group, Inc., Avaya, Inc. and Riverbed Technology Software, which received recovery multiples of 4.6x, 5.5x, 8.4x, 7.5x and 8.3x, respectively. - The highly recurring nature of Imprivata's revenue and mission critical nature of the product support the high-end of the range. - Fitch arrived at an EV of $1,281 million. After applying the 10% administrative claim, adjusted EV of $1,153 million is available for claims by creditors; - Fitch assumes a fully drawn revolver in its recovery analysis since credit revolvers are tapped as companies are under distress. Fitch assumes a full draw on Imprivata's $100 million revolver; - Fitch estimates strong recovery prospects for the first lien senior secured credit facilities and rates them 'BB-'/'RR2', or two notches above Imprivata's 'B' IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of Fitch-adjusted EBITDA leverage sustaining above 7.5x as a result of more aggressive capital allocation or weaker than anticipated operating performance; - (CFO - capex)/debt ratio sustaining below 3%; - Fitch-adjusted EBITDA interest coverage ratio sustained below 2.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of Fitch-adjusted EBITDA leverage sustaining below 5.5x; - (Cash flow from operations [CFO] - capex)/debt ratio sustaining above 7.5%; - End-Market or product diversification. Factors that Could, Individually or Collectively, Lead to Stable Outlook - Fitch-adjusted EBITDA Leverage sustaining above 5.5x would result in a stabilization of the ratings. Liquidity and Debt Structure Imprivata's liquidity is supported by an undrawn $100 million RCF, and readily available cash and cash equivalents. Fitch expects the company's cash flow to be supported by EBTIDA margins in the low-40% range. Imprivata has $1.34 billion of secured first lien debt due 2027. Given the recurring revenue nature of the business and adequate liquidity, Fitch believes the company will be able to make its required debt payments. Issuer Profile Imprivata provides digital identity solutions to the healthcare industry, enabling providers to securely access multiple healthcare applications through a secure single sign on application. Imprivata provides access management, mobile provisioning, authentication and patient identification solutions. 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 ----------- ------ -------- ----- Imprivata Inc. LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- IRON MOUNTAIN: S&P Rates New EUR750MM Senior Unsecured Notes 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Iron Mountain Inc.'s (IRM) proposed EUR750 million senior unsecured notes due 2034. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. S&P views the transaction as leverage neutral as IRM will use it to repay outstanding 3.875% GBP senior unsecured notes due later this year, as well as a portion of its outstanding revolver balance. On a rolling-12-month basis, IRM's leverage (pro forma for under construction data center EBITDA) increased to 6.4x as of June 30, 2025, from 6.1x at the end of fiscal-year 2024 due to elevated debt-funded growth capital expenditure (capex) and restructuring costs. S&P said, "The company's elevated growth capex supports our forecast for a 10%-14% increase in its revenue and EBITDA in 2025 and 2026. We expect leverage will improve to low-6x this year due to a strong performance in the company's records management and data center segments, supported by new lease commencements, contracts, and improved pricing." This is partially offset by costs related to the company's growth plan. ISSUE RATINGS--RECOVERY ANALYSIS Simulated default assumptions -- Simulated default year: 2029 -- EBITDA at emergence: $1.585 billion -- EBITDA multiple: 6.0x -- Going-concern valuation: $9.510 billion -- Real estate (40% stress to book value): $2.860 billion --Gross recovery value: $12.370 billion -- S&P's simulated default assumes financial stress arising from a deep cyclical downturn and an accelerating shift away from paper, as well as increased competitive and technological pressures that hinder its digital storage and data center development. -- S&P estimates a gross recovery value of about $12.4 billion, which comprises about $9.5 billion of going-concern value plus about $2.9 billion of real estate value (assumes 40% stress to book value) because the company has significant unencumbered real estate from its storage facilities and recent growth investments in data centers. -- S&P's $9.5 billion going-concern valuation assumes emergence EBITDA of $1.585 billion, to which S&P applied a 6.0x multiple." Simplified waterfall -- Net direct recovery available to senior secured debt: $2.455 billion -- Recovery from unencumbered value: $1.412 billion -- Total recovery for senior secured debt: $3.870 billion -- Senior secured debt outstanding at default: $4.940 billion --Recovery expectations: 70%-90% (rounded estimate: 75%) -- Recovery from unencumbered value: $7.450 billion -- Unsecured debt outstanding at default: $10.450 billion -- Aggregate deficiency claims of senior secured debt: $2.490 billion -- Other unsecured claims: $191 million -- Total unsecured claims: $13.125 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) KENG ACQUISITION: Nuveen Marks $9.2MM 1L Loan at 39% Off -------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $9,256,000 loan extended to KENG Acquisition, Inc. (Enagage PEO) to market at $5,678,000 or 61% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to KENG Acquisition, Inc. (Enagage PEO). The loan accrues interest at a rate of 9.28% per annum. The loan matures on August 1, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About KENG Acquisition, Inc. (Enagage PEO) KENG Acquisition, Inc. (Enagage PEO) is a professional employer organization providing HR outsourcing solutions to small and mid-sized businesses across the U.S. KL BRONCO: Nuveen Marks $3.1MM 1L Loan at 20% Off ------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $3,113,000 loan extended to KL Bronco Acquisition, Inc. (Elevation Labs) to market at $2,476,000 or 80% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to KL Bronco Acquisition, Inc. (Elevation Labs). The loan accrues interest at a rate of 9.67% per annum. The loan matures on June 30, 2028. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About KL Bronco Acquisition, Inc. (Elevation Labs) KL Acquisition Corp operates as a blank check company. The Company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization. KNOCKAWAY INC: Trinity Capital Marks $23.6MM Loan at 15% Off ------------------------------------------------------------ Trinity Capital Inc. has marked its $23,644,000 loan extended to Knockaway, Inc. to market at $20,016,000 or 85% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to Knockaway, Inc. The loan accrues interest at a rate of Fixed interest rate 10.2%; EOT 0.0% per annum. The loan matures on September 1, 2028. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Knockaway, Inc. Knockaway, Inc., also known as Knock, is a New York City-based real estate technology company founded in 2015 that provides an online platform to help consumers buy and sell homes by using data and technology to streamline the process, including guiding homeowners through the selling process. KODIAK GAS: Fitch Assigns 'BB' Rating on Senior Unsecured Notes --------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating with a Recovery Rating of 'RR4' to Kodiak Gas Services, LLC's (Kodiak) offering of senior unsecured notes. Proceeds from the offering will be used for existing debt repayment, including amounts on the company's asset-based loan facility. Kodiak's ratings reflect its stable cash flows supported by fixed-fee, take-or-pay-type contracts, relatively low leverage and customer diversification, with some geographic concentration within the Permian Basin. The company's weighted-average remaining contract life is relatively short compared with higher-rated midstream issuers, but it also has longstanding customer relationships. Strong fundamentals support the compression industry, including an expected approximate doubling of U.S. LNG export capacity by the end of the decade and relatively constructive oil prices, as shown in Fitch's price deck. The Stable Outlook reflects Fitch's expectations for continued high utilization rates on Kodiak's assets, driven by rigorous and systematic fleet maintenance practices, as well as strong demand for the company's services. Key Rating Drivers Strong Industry Fundamentals: Several structural tailwinds support the compression industry, most notably the construction of multiple new North American LNG export facilities. Fitch expects U.S. LNG production to approximately double by 2030. These incremental LNG projects will require large amounts of natural gas, with contracted terms typically around 20 years. Fitch expects Kodiak to directly benefit from these trends, because its core operating areas are in two regions (the Permian and Eagle Ford) in close proximity to LNG export facilities on the Gulf Coast. Lead times for new compressors remain long due to strong demand and ongoing supply chain issues. This has allowed Kodiak to increase contract rates and length. Relatively Supportive Oil Prices: Fitch's price deck over the forecast period is relatively constructive for Kodiak's main operating area, the Permian, supporting expectations for maintained drilling activity and consequently increased production of associated gas. Approximately 70% of Kodiak's horsepower (HP) is in the Permian, which is a strong crude oil basin in the U.S. due to its relatively low breakeven production costs. Kodiak is not mainly concentrated in mature basins or dry gas basins. However, its exposure to mature basins benefits from generally increasing gas-to-oil ratios, while its business in dry gas basins benefits from higher natural gas prices. Cash Flow Stability: Essentially all of Kodiak's EBITDA comes from fixed-fee, take-or-pay-type contracts with no volumetric or direct commodity price exposure. Kodiak also has a strong history of high utilization rates on its assets, achieving utilization rates of over 94% since 2019, and usually maintaining the rate very near full utilization. Kodiak's utilization rate slightly dipped in 2024, as the company worked to complete its acquisition of CSI Compressco LP (CSI), and divest and redeploy CSI's lower-utilized assets. Shorter Relative Contract Length: Kodiak's weighted-average remaining contract term is under two years, with about 30% of contracts coming up for renewal within the next year. Fitch considers the shorter relative remaining contract tenor to be somewhat mitigated by Kodiak's longstanding relationships with its customers. Kodiak focuses on large HP units, with nearly 80% of fleet HP above 1,000 HP. Large HP units provide relatively higher barriers to exit, as moving compression equipment is costly due to the large size of these units. Roughly 9% of Kodiak's HP is contracted on a month-to-month basis, further reflecting Kodiak's long-standing customer relationships. Low Relative Leverage: Fitch expects leverage to decline modestly over the forecast period from 4.6x in 2024. Kodiak has a leverage target of 3.5x by YE 2025. If the company deleverages to its stated target, it would be strongly positioned in its rating category. Fitch calculates leverage on an LTM basis, while Kodiak calculates leverage on a last quarter annualized basis. Customer Diversification, Some Geographic Concentration: Fitch views Kodiak as having good customer diversity. As of June 30, 2025, approximately 32% of the company's revenues came from its four largest customers, with one customer making up approximately 14% of revenue. Its top customers are investment-grade entities, and over 60% of revenues come from investment-grade counterparties. Approximately 70% of HP is in the Permian, about 15% is in the Eagle Ford, and the remainder is spread among other U.S. regions. The exposure to the Permian Basin introduces a level of geographic concentration risk to Kodiak's credit profile. Peer Analysis Kodiak's closest peers are fellow pure-play compression services companies USA Compression Partners, LP (USAC; BB/Stable) and Archrock, Inc. (Archrock; BB/Stable). All three generate cash flows from fixed-fee, take-or-pay contracts and are similar in terms of size, counterparty exposure and, to a lesser extent, geographic diversity. Kodiak has slightly more geographic concentration, with about 85% of revenue coming from two regions. Another difference between the three companies is the amount of exposure to month-to-month contracts, which in turn affects the weighted-average remaining contract term. As of June 30, 2025, Kodiak had 9% of its contracts on month-to-month terms, while USAC had around a 15% exposure, and Archrock had larger exposure than both. While these numbers tend to fluctuate with market and issuer-specific dynamics, the exposure to monthly revenues of Kodiak and USAC tends to be lower. The companies are therefore subject to less potential revenue volatility than Archrock. Fitch expects Kodiak's leverage to trend down from 4.6x in 2024. Kodiak has a publicly stated leverage target of 3.5x by YE 2025. After posting 2024 leverage of 4.5x, USAC's leverage is expected to remain strong for its rating category over the forecast period, and Archrock's leverage is expected to remain around 3.5x through 2026, in line with its publicly stated leverage target of 3.0x-3.5x. Kodiak's higher geographic concentration and more aggressive growth strategy is offset by Fitch's constructive view of the Permian Basin and Kodiak's lower month-to-month contract exposure. Consequently, Fitch rates Kodiak, USAC and Archrock at the same IDR level. Key Assumptions - Oil and gas production consistent with commodity prices in the Fitch Price Deck; - Utilization rates remain strong over the forecast period; - Interest rate hedging policy remains in place over the forecast period; - Dividends and capex grow as per the company's publicly announced policy; - Base interest rate applicable to the ABL reflects the Fitch Global Economic Outlook. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to be at or above 5.0x on a sustained basis; - An acquisition or organic growth strategy that significantly increases business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage expected to be at or below 4.0x on a sustained basis. Liquidity and Debt Structure As of June 30, 2025, Kodiak had $5 million in cash on its balance sheet and approximately $367 million of availability on its $2.2 billion ABL facility due in March 2028. Concurrent with the proposed unsecured bond offering, Kodiak has put in place a new ABL facility, reducing the total amount available to $2.0 billion with an expected maturity in September 2030. The ABL facility continues to provide most of the debt in the capital structure, and the borrowing base is subject to an annual determination. Kodiak's nearest debt maturity is now the unsecured bonds due 2029. Financial covenants require Kodiak to maintain a minimum interest coverage ratio of 2.5x, a maximum leverage ratio of 5.25x, and a secured leverage ratio of 3.25x. As of June 30, 2025, the company was in compliance with these covenants. Fitch expects Kodiak to remain in compliance with its financial covenants over the forecast period. Kodiak has a financial policy of hedging at least 80% of its floating-rate debt with interest rate swaps. This policy helps mitigate floating-rate exposure, and Fitch expects the policy to remain in place over the forecast period. Issuer Profile Kodiak Gas Services, LLC provides compression services to upstream and midstream companies in the United States. Date of Relevant Committee 19-Aug-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations 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 ----------- ------ -------- Kodiak Gas Services, LLC senior unsecured LT BB New Rating RR4 KODIAK GAS: Moody's Rates New Senior Unsecured Notes 'B1' --------------------------------------------------------- Moody's Ratings assigned a B1 rating to Kodiak Gas Services, LLC's proposed new backed senior unsecured notes, upgraded its existing backed senior unsecured notes to B1 from B2 and affirmed Kodiak Gas Services, Inc.'s (Kodiak Gas) Ba3 Corporate Family Rating and Ba3-PD Probability of Default Rating. The SGL-3 Speculative Grade Liquidity Rating remains unchanged. The stable ratings outlook was maintained. "Kodiak Gas will use the proceeds from its senior unsecured notes offering to reduce borrowings outstanding under its ABL facility, and will concurrently reduce the size of its ABL facility." said Jake Leiby, Moody's Ratings Senior Analyst. "The upgrade of the senior notes rating reflects the substantial change in the mix of secured and unsecured debt, leading to a more balanced capital structure." RATINGS RATIONALE Kodiak Gas's new and existing senior unsecured notes are rated B1, one notch below the Ba3 CFR, given the size and utilization of the ABL facility. The upgrade of the existing senior unsecured notes due in 2029 reflects the company's more balanced capital structure between secured and unsecured debt. The senior unsecured notes are guaranteed by Kodiak Gas Services, Inc. and each of its subsidiaries that are guarantors under the ABL. The new ABL credit facility matures in 2030 and is collateralized by essentially all of the company's assets. Kodiak Gas's Ba3 CFR reflects the scale and quality of its contract compression fleet, the stability of its margins, and expectations for ongoing growth in US natural gas demand to continue driving demand for the company's compression services. The Compressco acquisition which closed in 2024 brought an increase in scale and Kodiak Gas has successfully integrated the acquired assets. Kodiak Gas is the second-largest compression services provider in the US and nearly 80% of its total fleet horsepower consists of large horsepower units. The company's credit profile is also supported by the 3-5 year contracts with fixed monthly revenue and annual inflation adjustments that underpin its business, the quality of its customer base, and its outsized exposure to the Permian which provides some insulation from natural gas market dynamics. These positive attributes are counterbalanced by the company's debt leverage and exposure to natural gas production volumes. Additionally, global infrastructure investment fund EQT Partners remains a meaningful owner of the company although it has significantly reduced its ownership stake over the past couple of years. EQT Partners has a term loan that is secured by its interest in Kodiak Gas, and the need for cash flow from Kodiak Gas to service this loan is taken into account in the company's ratings. Kodiak Gas is neither an obligor nor a guarantor of EQT Partners's term loan, and EQT Partners's term loan is non-recourse to Kodiak Gas. The stable ratings outlook reflects Moody's expectations that Kodiak Gas will continue to generate free cash flow, maintain good liquidity, and reduce leverage through organic growth and modest debt reduction. Kodiak Gas's SGL-3 liquidity rating reflects expectations for the company to maintain adequate liquidity through at least mid-2026. The company maintains a minimal cash balance and is expected to have around $1.1 billion of available borrowing capacity under its $2.0 billion committed ABL credit facility, pro forma for the proposed transactions. Moody's expects Kodiak Gas to generate sufficient operating cash flow to fund its capital spending and dividend requirements. The existing and proposed senior unsecured notes do not contain any maintenance covenants. The ABL credit facility contains financial maintenance covenants requiring interest coverage of no less than 2.5x and leverage of no more than 5.25x. Moody's expects Kodiak Gas to remain in compliance with its covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Kodiak Gas's ratings could be upgraded if it improves its fleet quality, generates free cash flow, establishes a track record of adhering to conservative financial policies and reduces leverage below 3.5x on a sustained basis. A reduction in EQT's ownership in Kodiak Gas and the size of EQT's term loan secured by its equity ownership would also be supportive of an upgrade. A downgrade of Kodiak Gas's rating could be considered if leverage is sustained above 4.5x, the company generates negative free cash flow or suffers a deterioration in liquidity. A leveraging acquisition or debt funded share repurchases could also result in a ratings downgrade. Kodiak Gas Services, Inc. is an operator of contract compression in the US which operates under fixed-revenue contracts with upstream and midstream customers. The company's primary operating regions are the Permian Basin and Eagle Ford, but it also maintains operations in the Powder River Basin, DJ Basin, Appalachian Basin, Barnett Shale/East Texas Region, and Black Warrior Basin. Kodiak Gas is publicly traded, however, global infrastructure investment fund EQT Partners owns around 34% of the company. Kodiak Gas Services, LLC is a wholly owned subsidiary of Kodiak Gas and the issuer of Kodiak Gas's senior notes. The principal methodology used in these ratings was Oilfield Services published in January 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. KRONOS WORLDWIDE: Moody's Affirms 'B1' CFR, Outlook Negative ------------------------------------------------------------ Moody's Ratings has affirmed Kronos Worldwide, Inc.'s ("Kronos") B1 Corporate Family Rating, B1-PD Probability of Default Rating and the B2 rating on the existing senior secured notes issued by Kronos International Inc. ("KII"). Kronos' Speculative Grade Liquidity ("SGL") Rating remains at SGL-2. The ratings outlook on both Kronos Worldwide, Inc. and Kronos International Inc. remain negative. At the same time, Moody's have assigned a B2 rating to the new EUR75 million backed senior secured notes, which add on to the existing 9.5% Euro-denominated Senior Secured Notes due 2029, issued by KII. The EUR75 million proceeds will be used to repay the existing 3.75% senior secured notes due in September 2025. RATINGS RATIONALE The EUR75 million notes issuance will bolster the company's liquidity by repaying the existing notes due in September 2025, while keeping total debt stable. Moody's expects Kronos' adjusted debt/EBITDA to be in the low to mid-4x range for the next 12-18 months, as earnings will be depressed by the challenging business conditions in the titanium dioxide (TiO2) sector. Earnings fell in the first 6 months of 2025 versus a year ago due to reduced operating rates, lower sales volumes and average selling prices. In particular, EBITDA was negatively impacted in Q2 2025 by unfavorable fixed cost absorption, currency fluctuations, and higher cost inventory, which will likely persist in the remainder of 2025. Despite weaker than expected earnings, liquidity remains solid thanks to financial discipline and recently amended revolver. Moody's expects the company will navigate this prolonged downturn in the TiO2 sector through cost reduction and liquidity preservation. The shutdown of high-cost capacities and tariffs on Chinese imports by a number of countries will potentially support some of the incumbent western producers such as Kronos in 2026. Kronos' rating reflects its heavy exposure to the cyclical TiO2 industry and significant variability in the company's financial performance, including a propensity for cash consumption and significant increases in adjusted financial leverage during cyclical troughs. The rating also reflects Kronos' production capabilities for both sulfate and chloride technologies, modest geographic diversity with operations in North America and Europe, about 30% back integration into key raw material ilmenite, and good liquidity. The company is exposed to the costs of major feedstocks including rutile and ilmenite for the non-integrated portion of its business operation. Moody's expects Kronos will maintain a relatively conservative financial philosophy given the cyclical nature of the industry. Kronos' SGL-2 Speculative Grade Liquidity Rating reflects its good liquidity position. Moody's expects management to maintain good liquidity given the cyclical nature of TiO2 business. Kronos had total liquidity of about $341 million, including $27.7 million cash on hand as of Jun 30, 2025 and about $313 million under the ABL revolver (pro forma for the upsize in July 2025 of its asset-based revolving credit facility to $350 million from $300 million). Moody's expects the company to remain in compliance with the maintenance of a fixed charge coverage ratio of at least 1.0x, required by the $350 million ABL revolver due in July 2029. Moody's expects free cash flow (after dividends) will be close to breakeven in the next 12 months, as the company reduces spending to match weak earnings. The EUR426 million (including the new EUR75 million add-on notes) 9.5% senior notes due in March 2029 issued by KII are rated B2. Since the majority of operating assets are located outside the US, collateral coverage is low for the EURO denominated senior notes. The notes are senior to Contran-funded $54 million subordinated unsecured term loan due September 2029, but are structurally subordinate to the $350 million revolver debt at its US and European subsidiaries and its non-debt obligations at its subsidiaries. Consequently, the notes are rated one notch below Kronos' B1 Corporate Family Rating. Kronos' credit impact score of CIS-4 indicates the company's rating is lower than it would have been if ESG risk exposure did not exist. Governance risk is negative reflecting a debt level that results in very high leverage and stressed free cash flow at certain points in the TiO2 cycle. The majority of board members are independent but heavy concentration of ownership and subpar visibility leads to uncertainty in the company's long term strategy. Risks associated with waste and pollution are very high due to the use of sulfuric acid and chlorine, water discharge and air emissions in TiO2 production. RATING OUTLOOK The negative outlook reflects the company's reduced operating rates, weak earnings and cash flow generation for the next several quarters given the challenging business conditions in the TiO2 sector. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A downgrade could be triggered by negative free cash flow in multiple quarters or less than $100 million of available liquidity. An upgrade would require a lower level of debt and more conservative financial policies, considering significant earnings volatility. Adjusted financial leverage below 2.5x and retained cash flow to debt above 20%, assuming mid-cycle TiO2 prices, would support an upgrade. Kronos Worldwide, Inc. ("Kronos"), headquartered in Dallas, TX, is a producer of titanium dioxide ("TiO2") pigments and is the fifth largest producer of TiO2 in the world. As of June 30, 2022, Valhi Inc. (NYSE: VHI) directly held approximately 50% of KRO's outstanding common stock and NL Industries, Inc. (NYSE: NL, 83% owned by VHI), held an additional 31% of KRO's common stock. Approximately 91% of Valhi's stock is held by Contran Corporation. Kronos operates six plants (four in Europe operated under Kronos International Inc. ("KII"), one in the US, one in Canada), owns the only ilmenite mine in Western Europe and reported revenues of $1.9 billion for the last twelve months ended June 2025. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LAMUMBA INC: Seeks Cash Collateral Access ----------------------------------------- Lamumba Inc. asks the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, for authority to use cash collateral and provide adequate protection. The Debtor requests permission to use the cash collateral of its secured creditors in order to continue operations, avoid business disruption, and preserve asset value. The Debtor's budget outlines necessary expenditures to maintain operations such as building maintenance, utilities, cost of goods sold, property and liability insurance, security systems, website and marketing, professional services, and U.S. Trustee fees. The secured creditors that may be affected are Tellone Mortgage Fund, Structus, Inc., Southern Glazer's Wine and Spirits, LLC, and Alameda County Treasurer and Tax Collector. The Debtor proposes offering adequate protection for the use of cash collateral by providing a monthly $5,000 payment to Tellone Mortgage Fund, the senior secured creditor; granting replacement liens to all secured creditors on post-petition assets, with the same priority and validity as their pre-petition liens; and relying on the substantial equity in the real property, ongoing revenue from operations and tenant rents, and the value preserved by continued business activity. The Debtor continues to operate its long-standing business, Geoffrey's Inner Circle, a well-known live music venue in Oakland, California, which also functions as a restaurant, bar, lounge, and event space. In addition, the Debtor rents commercial space within its historic building to other tenants. A copy of the motion is available at https://urlcurt.com/u?l=ss32gP from PacerMonitor.com. About Lamumba Inc. Lamumba Inc. -- geoffreyslive.com -- doing business as Geoffrey's Inner Circle, is an entertainment venue and nightclub located in Oakland, California that offers live music, events, and dining experiences. Lamumba Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41554) on August 26, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Michael Jay Berger, Esq. at Law Offices Of Michael Jay Berger. LG SOLAR: Gets Interim OK to Use Cash Collateral ------------------------------------------------ LG Solar, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. The court authorized the Debtor's interim use of cash collateral to pay its expenses in accordance with its budget. The Debtor is not allowed to spend more than 110% of the budgeted amount for any individual line item without the approval of its lender, Comerica Bank. As adequate protection, Comerica will be granted automatic perfected first-priority replacement liens on all property of the Debtor, including cash collateral, and super priority administrative claims, with priority over all other administrative costs and expenses. The replacement liens do not apply to any Chapter 5 causes of action. In addition, the Debtor will make monthly payments of $1,500, starting on September 20 and will keep the lender's collateral insured as further protection. The Debtor's authority to use cash collateral will terminate upon the occurrence of an event of default; the Debtor's violation of the interim order; dismissal or conversion of the Debtor's bankruptcy case; termination or modification of the automatic stay for any creditor other than the lender asserting a lien in the collateral; or reversing, vacating or modifying the order. The final hearing is set for September 23. Objections are due by September 18. The Debtor's financial structure includes several alleged secured creditors with UCC filings, such as Comerica (holding a blanket lien and considered the senior secured creditor with a balance of ~$250,000), Financial Pacific Leasing (equipment-specific liens), and OnDeck Capital (blanket lien but believed to be wholly unsecured based on asset values). The Debtor believes that Comerica is undersecured and the other secured creditors either do not have claims to the cash collateral or are significantly undersecured. Comerica Bank, as lender is represented by: Annmarie Chiarello, Esq. Winstead PC 500 Winstead Building 2728 N. Harwood Street Dallas, TX 75201 Telephone: (214) 745-5400 Facsimile: (214) 745-5390 achiarello@winstead.com About LG Solar LLC LG Solar, LLC operates a business focused on debris, tree, and litter removal, solar panel services, and traffic control. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33315) on August 28, 2025. In the petition signed by Luis Guzman, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Scott W. Everett oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. LITHIA MOTORS: Moody's Rates New Sr. Unsecured Notes Due 2030 'Ba2' ------------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Lithia Motors, Inc.'s (Lithia) proposed senior unsecured notes due 2030. The company's existing Ba1 corporate family rating, Ba1-PD probability of default rating and Ba2 senior unsecured ratings remain unchanged. The speculative grade liquidity rating (SGL) remains unchanged at SGL-2 and the outlook remains stable. Proceeds from the proposed $500 million senior unsecured notes offering will be used to pay down outstanding revolver borrowings and general corporate purposes. RATINGS RATIONALE Lithia's Ba1 CFR considers its significant scale, geographic diversity and balanced financial strategy that supports moderate leverage and good liquidity. A key credit factor is Lithia's favorable business mix between new and used vehicles, parts and service and finance and insurance and variable cost structure. Together these provide Lithia with the ability to navigate the uncertainty around US trade policy. Moody's expects Lithia to continue to prudently source and price its acquisitions and to integrate them such that they are quickly accretive as well as to prudently manage the growth of its lending business, Driveway Finance Corporation (DFC), to where it is meaningfully profitable and self-funding on a standalone basis. Moody's expects Lithia to maintain this same level of cost and inventory discipline as the potential for additional pressure on new vehicles sales and margins becomes more tangible in the near term. And while auto and auto parts tariffs remain fluid, Moody's expects the additional pressure on new vehicle sales will be mitigated by growing used vehicle sales and aftersales as consumers focus on value, including maintaining their existing vehicles. Lithia's credit profile also reflects the risks to its operating performance, as vehicle margins remain under pressure as the average consumer struggles with affordability and inventories gradually migrate back toward historical levels. Overall, Moody's expects Lithia to be able to continue to flex its operations to help mitigate any material negative impact to its credit metrics and liquidity regardless of the industry and economic environment. The stable outlook reflects Moody's views that Lithia has the business mix, cost discipline and acquisition strategy to successfully manage the deterioration in vehicle margins as inventories normalize and the pressure from tariffs remain uncertain, such that credit metrics will remain solid and liquidity remains good. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Lithia prudently source, price and fund its acquisitions and integrates them such that they are quickly accretive in addition to prudently manage the growth of DFC, to where it is meaningfully profitable and self-funding on a standalone basis. An upgrade would also require debt to EBITDA sustained below 3.25 times, EBIT to Interest sustained above 5.0 times, maintaining at least good liquidity and a firm commitment to maintaining an investment grade profile on all fronts. The ratings could be downgraded in the event of a deterioration in operating performance, the adoption of a more aggressive financial strategy or a weakening of liquidity for any reason. Quantitatively, the ratings could be downgraded if debt to EBITDA is sustained above 4.0 times or EBIT to Interest is sustained below 4.0 times The principal methodology used in this rating was Retail and Apparel published in November 2023. Headquartered in Medford, Oregon, Lithia Motors, Inc. is the largest automotive retailer with approximately 448 locations representing 52 brands in the United States, United Kingdom and Canada. Revenue was approximately $37 billion for the twelve months ended June 30, 2025. LOS ANGELES OZF: Section 341(a) Meeting of Creditors on October 9 ----------------------------------------------------------------- On September 2, 2025, Los Angeles OZF LLC voluntarily entered Chapter 11 proceedings in the U.S. Bankruptcy Court for the Central District of California. According to the filing, the company disclosed assets and debts each valued between $1 million and $10 million and reported having between one and 49 creditors. A meeting of creditors under Section 341(a) to be held on October 9, 2025 at 10:00 AM at UST-SVND1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:5961145. About Los Angeles OZF LLC Los Angeles OZF LLC is a single asset real estate company. Los Angeles OZF LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11611) on September 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. MARRIOTT VACATIONS: S&P Assigns 'B+' Rating on $575MM Unsec. Notes ------------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue level rating and '5' recovery rating to Marriott Ownership Resorts, Inc.'s proposed $575 million senior unsecured notes due 2033. The company intends to use the proceeds to repay its convertible notes maturing in January 2026. The 'BB-' rating on Marriott Vacations and negative outlook are unchanged. S&P said, "We raised our issue level rating on Marriott Vacations' unsecured debt to 'B+' from 'B' and revised the recovery rating to '5' from '6' to reflect decreased secured debt in our assumed recovery waterfall for the company, which increases the collateral available to the unsecured lenders in a simulated default scenario. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 25%) recovery in a hypothetical default scenario." Upon close of the transaction, commitments under the company's secured $450 million delayed draw term loan (DDTL; unrated), which remains fully undrawn, will expire, resulting in significantly less assumed secured debt in the capital structure in our default scenario. Additionally, while some portion of the convertible notes may remain outstanding through December 2025, S&P excludes the company's outstanding convertible notes due 2026 from its recovery analysis and waterfall because S&P assumes they will be fully repaid with proceeds from this transaction. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P said, "We rate Marriott Vacations' senior secured debt 'BB+' with a '1' recovery rating. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery for secured lenders in the event of a default. The senior secured debt comprises its term loan due 2031 and the revolving corporate credit facility due 2030." -- S&P said, "We rate the company's senior unsecured debt 'B+' with a '5' recovery rating. The '5' recovery rating indicates our expectation for modest (5%-30%; rounded estimate: 25%) recovery prospects. Marriott Vacations' senior unsecured debt comprises its notes due 2027 (convertible; not rated), 2028, and 2029, as well as the proposed $575 million notes due 2033. The convertible notes due 2027 were issued by Marriott Vacations, and we view them as ranking pari passu with the senior unsecured debt issued by Marriott Ownership Resorts Inc. (due 2028 and 2029) because both benefit from the same guarantees. The senior unsecured debt also shares the same guarantees as the secured debt, albeit on an unsecured basis." -- S&P said, "Our simulated default scenario contemplates a payment default occurring by 2029 due to the loss of key exclusivity contracts with developers and homeowners' associations, as well as an overall decline in the popularity of timeshares. Our simulated default scenario also incorporates a severe economic downturn and tighter consumer credit markets, as well as illiquidity in the financial markets for timeshare securitizations and conduit facilities." -- S&P assumes a reorganization following the default and use an emergence EBITDA multiple of 6.5x to value the company. Simulated default assumptions -- Emergence EBITDA: $317 million -- EBITDA multiple: 6.5x -- Revolving corporate credit facility: 85% drawn at default Simplified waterfall -- Gross recovery value: $2.05 billion -- Net recovery value (after 5% administrative expenses): $1.96billion -- Obligor/nonobligor split: 95%/5% -- Value available for senior secured debt: $1.92 billion -- Estimated senior secured debt claims: $1.41 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Remaining value for senior unsecured debt: $544 million -- Estimated senior unsecured debt claims: $2.04 billion --Recovery expectations: 10%-30% (rounded estimate: 25%) Note: All debt amounts include six months of prepetition interest. MARTINES PALMEIRO: Wins Bid for Examination of Dominion Entities ---------------------------------------------------------------- Judge Thomas B. McNamara of the United States Bankruptcy Court for the District of Colorado granted Plaza Fitzsimons Owner, LLC's motion for an order authorizing an examination of Dominion Construction Services, LLC; Dominion Construction, LLC; and Dominion Development and Construction, LLC pursuant to Fed. R. Bankr. P. 2004. On April 21, 2025, Martines Palmeiro Construction, LLC, filed for relief under Chapter 11 of the Bankruptcy Code. On the same day, the Debtor filed an Application to Employ Allen Vellone Wolf Helfrich & Factor. Three days later, on April 24, 2025, the Debtor filed an Amended Application to Employ Allen Vellone Wolf Helfrich & Factor. On May 8, 2025, the United States Trustee filed an Objection to the Amended Application to Employ, asserting that proposed counsel for the Debtor, Allen Vellone Wolf Helfrich & Factor had a conflict of interest that precluded its being employed to represent the Debtor in its bankruptcy case. The Debtor did not file its statements and schedules until May 19, 2024. On that date, the Debtor filed Schedule E/F: Creditors Who Have Unsecured Claims. Therein, the Debtor listed a claim of Freund & Freund Plumbing and Heating, LLC, stating that the basis of such claim was "Subcontractor" and that the amount of such claim was $719,785.20. The Debtor also listed a claim of Plaza Fitzsimons Owner, LLC, stating that the basis of such claim was "Plaza Fitzsimons - Construction Contract" and that the amount of such claim was "Unknown." The Debtor indicated in Schedule E/F that the claims of both F&F and Plaza were "Disputed." Thereafter, on May 22, 2025, F&F filed proof of claim no. 13-1, asserting an unsecured claim in the amount of $1,444,946.74 for "Laborers or material furnished, labor and services performed, machinery, tools and equipment supplied." On May 27, 2025, Plaza filed proof of claim no. 16-1, asserting an unsecured claim in the amount of $5,892,535.00 for "Breach of Contract, Liquidated Damages, and Trust Fund Violations. On May 27, 2025, the Court held a status conference pursuant to 11 U.S.C. Sec. 105(d). At the status conference, Proposed Counsel provided background information regarding the Debtor's operations and the circumstances that gave rise to the filing of the bankruptcy case. On July 24, 2025, the Court held a non-evidentiary hearing on the Amended Application to Employ and Objection thereto. After hearing from Proposed Counsel and the United States Trustee, the Court issued an oral ruling in which it determined that there existed a conflict of interest which precluded its approval of Proposed Counsel's employment as counsel for the Debtor in the bankruptcy case. The Court, therefore, denied the Amended Application and ordered the Debtor to employ new counsel to represent it in the case. Kutner Brinen Dickey Riley, P.C, filed an application to serve as counsel for the Debtor on Aug. 18, 2025. The Kutner Application remains pending. Motion to Convert and Motion to Examine Dominion On Aug. 21, 2025, Plaza filed a motion pursuant to 11 U.S.C. Sec. 1112(b) to convert the Debtor's Chapter 11 case to a case under Chapter 7 of the Bankruptcy Code, asserting, among other things, that the case had been filed in bad faith. The Court will hold a hearing on the Motion to Convert on Sept. 18, 2025. On Aug. 25, 2025, Plaza filed an Ex Parte Motion for Order Authorizing Rule 2004 Examination of Dominion Entities. Plaza asserts that all three Dominion Entities are owned by Michael Martines and Tony Lajimodiere, both of whom hold equity interests in the Debtor. According to Plaza, upon information and belief, the Debtor pre-petition transferred or assigned executory contracts for construction projects to Dominion and is using the Debtor's former employees on those same projects. The Debtor did not receive any consideration for such transfers, as none appears in its schedules or statement of financial affairs, and revenue generated from those projects might rightly belong to the Debtor's estate. Plaza sought information from the Debtor concerning this issue pursuant to a Rule 2004 examination, but production of that information has been delayed multiple times due to denial of the Debtor's application to employ counsel. On Aug. 27, 2025, the Dominion Entities filed an Objection to the Motion to Examine Dominion, in which they oppose the request to examine the Dominion Entities. The Dominion Entities argue, generally, that the Court should deny the Motion to Examine Dominion because: (1) no documents evidencing transfers of executory contracts for construction projects exist; and (2) the proposed examination of the Dominion Entities will be duplicative of requests already made to the Debtor. The Dominion Entities suggest that the proposed examination is improper because the real purpose of the examination is to allow Plaza to identify another entity from which it could collect debts owed to it by the Debtor, and because the proposed examination would not produce information relevant to these bankruptcy proceedings. Court Ruling The Court determines that the Motion to Examine Dominion should be granted because questions regarding the alleged transfer of executory contracts by the Debtor to the Dominion entities relate to its acts, conduct, or property, as well as its liabilities and financial condition and thus are well within the scope of Rule 2004. The Court overrules the Objection to the extent that the Dominion Entities argue the proposed examination should not be authorized because no transfers of executory contracts were made. Judge McNamara explains, "Indeed, if, as the Dominion Entities assert, no transfers of executory contracts occurred, the Dominion Entities will be free to say as much in response to discovery responses promulgated in connection with the proposed Rule 2004 examination. Unlike the statement in the Objection, which is unsupported by an affidavit or verification, any statement denying the existence such transfers will have to be made under oath and would constitute substantial evidence as to the existence of an potential estate asset." The Court also overrules the Objection to the extent that the Dominion Entities contend the proposed examination should not be authorized under Rule 2004 because the proposed examination would be duplicative of requests made to the Debtor. According to the Court, Rule 2004 does not place any limit on the number of sources from whom a creditor may seek information related to the Debtor's financial affairs. Indeed, it is precisely because debtors often fail to maintain and/or produce information relevant to bankruptcy proceedings that courts routinely authorize examination of other parties that might have such information. The Court rejects the contention that Plaza is improperly seeking to utilize Rule 2004 to gain information about other entities from which it might collect the debt owed to it. If, as Plaza alleges, the Debtor transferred executory contracts for construction projects to the Dominion Entities, such transfers may be avoidable and recoverable by either the Debtor or a trustee for the benefit of the bankruptcy estate. In the Motion to Convert, Plaza seeks to convert the case to Chapter 7, where liquidation of assets (including recovered fraudulent transfers) could proceed in an orderly fashion and advocates against a dismissal (wherein it would be free to pursue recovery of fraudulent transfers from third-party transferees) on the ground that conversion is necessary to prevent a race by the Debtor's creditors to the courthouse. As such, the Court views Plaza's effort to gain information about a potentially avoidable transfer as an effort to make possible the recovery of an estate asset for the benefit of all of the Debtors' creditors as part of the bankruptcy -- not an effort to obtain information it alone could use to seek payment from a third party, as the Dominion Entities suggest. Examination into such matters, which all fall within the ambit of Rule 2004(b)(1) is appropriate, the Court finds. Plaza may proceed to examine the Dominion Entities pursuant to Fed. R. Bankr. P. 2004 and may compel the attendance of witnesses and production of documents in the manner prescribed by Fed. R. Bankr. P. 2004(c) and 9016 (which makes Fed. R. Civ. P. 45 applicable to this bankruptcy case). A copy of the Court's Order is available at https://urlcurt.com/u?l=kdWuQt About Martines Palmeiro Construction Martines Palmeiro Construction LLC is a Denver-based general contractor specializing in high-density residential, senior living, and retail commercial projects across Colorado and Texas. Founded in 2011, the firm offers services including general contracting, construction management, and design-build solutions. Martines Palmeiro Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-12313) on April 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey A. Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor, PC. MEDICAL SALES: Trinity Capital Marks $1.8M Loan at 26% Off ---------------------------------------------------------- Trinity Capital Inc. has marked its $1,825,000 loan extended to Medical Sales Training Holding Company to market at $1,346,000 or 74% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to Medical Sales Training Holding Company. The loan accrues interest at a rate of variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 6.3% per annum. The loan matures on September 30, 2025. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Medical Sales Training Holding Company Medical Sales Training Holding Company offers sales training program and courses to teach sales representatives to effectively navigate the pharmaceutical and medical sales industry. MEDICAL SALES: Trinity Capital Marks $5.1MM Loan at 26% Off ----------------------------------------------------------- Trinity Capital Inc. has marked its $5,175,000 loan extended to Medical Sales Training Holding Company to market at $3,817,000 or 74% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to Medical Sales Training Holding Company. The loan accrues interest at a rate of Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 6.3% per annum. The loan matures on September 30, 2025. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Medical Sales Training Holding Company Medical Sales Training Holding Company offers sales training program and courses to teach sales representatives to effectively navigate the pharmaceutical and medical sales industry. MEYER BURGER: Gets Court Approval for $29MM Chapter 11 Sale ----------------------------------------------------------- Alex Wittenberg of Law360 reports that on September 4, 2025, a Delaware bankruptcy judge approved the U.S. arm of Swiss solar-panel manufacturer Meyer Burger’s plan to sell its assets for $28.7 million in Chapter 11, overruling objections from unsecured creditors who argued the deal favored secured lenders exclusively. About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. -- https://www.meyerburger.com/en-us/ -- makes solar cells and solar modules, headquartered in Gwatt, a district of Thun, Switzerland. The Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11217) on June 25, 2025. At the time of the filing, Debtor had estimated assets of between $100 million to $500 million and liabilities of between $500 million to $1 billion. Judge Craig T. Goldblatt oversees the case. Richards, Layton & Finger, P.A., is the Debtor's legal counsel. MICHELLE HERRON: Wins Bid to Employ Kutner Brinen Riley as Counsel ------------------------------------------------------------------ Chief Judge Kimberley H. Tyson of the United States Bankruptcy Court for the District of Colorado granted Michelle Christine Herron's application for authority to employ and appoint Kutner Brinen Dickey Riley, P.C. as counsel in the bankruptcy case. The Court is satisfied that the Firm represents no interest materially adverse to the estate of the Debtor, and the matter upon which it is to be engaged, that its employment is necessary and would be in the best interests of the estate. The fees and costs charged by the Firm are subject to allowance or review by the Court in accordance with 11 U.S.C. Sections 329, 330 and 331. A copy of the Court's Order is available at ttps://urlcurt.com/u?l=CE1jIY Michelle Christine Herron filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 25-15060) on August 12, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Jonathan Dickey, Esq., at Kutner Brinen Dickey Riley, P.C. MOAB INC: Seeks Chapter 7 Bankruptcy in Alabama ----------------------------------------------- On September 2, 2025, Moab Inc. sought Chapter 7 relief in the Middle District of Alabama's bankruptcy court. The bankruptcy petition shows the company's assets valued at no more than $100,000, while debts fall in the $100,001 to $1 million range. It reported a creditor base of 50 to 99. About MOAB Inc. MOAB Inc. is a domestic corporation in Houston County, Alabama. MOAB Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-11026) on September 2, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Christopher L. Hawkins handles the case. The Debtor is represented by J. Kaz Espy, Esq. at Espy, Metcalf & Espy, P.C. MWP PROPERTY: To Sell Plainfield Property to Y. M. Rodriguez-Pena ----------------------------------------------------------------- MWP Property 954-958 LLC seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 801 E. St., Plainfield, NJ. The Property to be sold consists of land and all the buildings, other improvements and fixtures on the land, all of the Debtor's rights relating to the land, all personal property specifically included in the contract. The Debtor wants to sell the Property to Yefrey M. Rodriguez-Pena. The purchase price of the Property is $750,000. The proceeds of the sale will be applied to pay in full at closing the mortgage on the real property which is held by New Rez LLC d/b/a Shellpoint Mortgage Servicing, its successors and/or assigns and/or Wilmington Savings Fund Society, FSB, not in its individual capacity but solely as owner trustee for Verus Securitization Trust 2023-INV1 who shall be paid in full out of the proceeds of the sale, pursuant to a valid payoff, requested by the Debtor and to be provided by the Secured Creditor prior to the closing. The closing date will be by October 15, 2025 for the Sale of the property. About MWP Property 954-958 LLC MWP Property 954-958 LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 25-14179) on April 23, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Vincent F Papalia presides over the case. Robert C. Nisenson, Esq. at Robert C. Nisenson, LLC represents the Debtor as counsel. NAKED CUPCAKE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The Naked Cupcake Orlando, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the hearing held on September 4, the court granted the Debtor's bid to use cash collateral on an interim basis and set a further hearing for October 15. The Debtor said it needs access to cash collateral to pay ongoing business expenses, including professional fees, lease obligations, and operational costs. Without such access, the Debtor's business may be forced to cease operations, resulting in a loss of going-concern value and a significant reduction in the value of the estate's assets -- ultimately harming creditors. As of the filing date, the Debtor had $4,691 in cash and approximately $9,201 in other assets, including accounts receivable and equipment. These funds and future earnings may be considered "cash collateral" under bankruptcy law if they are subject to a secured creditor's lien. The Bank of Central Florida is the Debtor's primary secured creditor, holding a UCC financing statement filed on October 18, 2021, that purports to cover all of the Debtor's inventory, chattel paper, accounts, deposit accounts, equipment, and general intangibles. The Debtor owes BCF approximately $305,719. However, the Debtor contends that BCF may not have properly perfected its lien on deposit accounts because it lacks a deposit control agreement, as required under Florida law. The Debtor began as a food truck in 2016 and experienced substantial growth, with 20–40% year-over-year increases in revenue during its first five years. In 2022, it transitioned to a brick-and-mortar retail location. While initially successful, the Debtor saw a sharp sales decline beginning in September 2022 -- approximately 30% -- with monthly in-store transactions dropping significantly. About Naked Cupcake Orlando LLC Naked Cupcake Orlando, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:25-bk-05495-TPG) on August 29, 2025. In the petition signed by Sandra Shorter, owner/manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Tiffany P. Geyer oversees the case. Todd Budgen, Esq., at Budgen Law, represents the Debtor as bankruptcy counsel. NAPA FORD: To Sell Napa Property to MAS Fleet Management -------------------------------------------------------- Napa Ford Lincoln Mercury, Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is a factory authorized new and used Ford car dealership with a principal place of business located at 570 Soscol Ave., Napa, CA 94559. The Debtor seeks to enter into an Asset Purchase Agreement (APA) with MAS Fleet Management LLC (Proposed Buyer) and proposes to enter into the Interim Management Agreement with the MAS Fleet. The Debtor determines that the Prospective Buyer's offer should be accepted as a stalking horse offer and be subject to overbids. Ford Motor Credit Company LLC, a Delaware limited liability company, has provided a wholesale floor plan financing to the Debtor. Ford Motor Company manages the Open Account in which manufacturer warranty reimbursements and rebates are deposited. Other lienholders of the Property are Libertas, Novus Capital Funding LLC, U.S. Small Business Administration, Wolters Kluwer Solutions, Vstate Filings, Global Merchant Cash Inc., and SPR Filing. The Debtor seeks to sell Property and is requesting authorization for the APA with prospective buyer, MAS Fleet Management LLC. The Debtor believes that the APA is on terms that have been the most favorable, and from a Buyer who is likely to approve by Ford Motor Company. The price is fair and reasonable given the value of the assets in question. The material terms of the APA are: -- Due diligence period ends e30 days after the bankruptcy sale order is final. -- Closing date deadline is 15 days after expiration of Due Diligence Period. -- Purchase Price is $1,036,000 for Intangible Personal Property; $500,000 for Fixed Assets and $200,000 estimated for Parts. -- New Vehicles are sold for manufacturer's factory invoice minus each of the sum of allowances received or to be received by the Debtor from the Manufacturer or any affiliate. About Napa Valley Ford Lincoln Mercury Inc. Napa Valley Ford Lincoln Mercury, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10450) on July 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Hon. Charles Novack oversees the case. The Debtor is represented by Michael Jay Berger, Esq. NATIONAL RENOVATIONS: Nuveen Marks $2.6MM Loan at 14% Off --------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $2,676,000 loan extended to National Renovations LLC (Repipe Specialists) to market at $2,299,000 or 86% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a Subordinated Debt to National Renovations LLC (Repipe Specialists). The loan accrues interest at a rate of 10.00% (Cash) 1.00% (PIK) per annum. The loan matures on March 18, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About National Renovations LLC (Repipe Specialists) National Renovations, LLC is a plumbing company operating under the brand name Repipe Specialists. NATIONAL RENOVATIONS: Nuveen Marks $727,000 Loan at 14% Off ----------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $727,000 loan extended to National Renovations LLC (Repipe Specialists) to market at $624,000 or 86% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a Subordinated Debt to National Renovations LLC (Repipe Specialists). The loan accrues interest at a rate of 10.00% (Cash) 2.00% (PIK) per annum. The loan matures on March 18, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About National Renovations LLC (Repipe Specialists) National Renovations, LLC is a plumbing company operating under the brand name Repipe Specialists. NEAR INTELLIGENCE: Trustee Sues Mobile Fuse Over Payment Conspiracy ------------------------------------------------------------------- Jeff Montgomery of Law360 reports that the litigation trustee overseeing bankrupt data analytics firm Near Intelligence Inc. has filed a lawsuit against New York-based MobileFuse LLC in the Delaware bankruptcy court, accusing the company of orchestrating a multiyear circular payment scheme that drained more than $50.7 million from Near. About Near Intelligence Near Intelligence Inc. -- https://www.near.com -- publicly traded software firm that provides data insights to major companies including Wendy's Co. and Ford Motor Co. Near is a global, privacy-led data intelligence platform curates one of the world's largest sources of intelligence on people and places. Near's patented technology analyzes data to deliver insights on approximately 1.6 billion unique user IDs across 70 million points of interest in more than 44 countries. With a presence in Pasadena, San Francisco, Paris, Bangalore, Singapore, Sydney, and Tokyo, Near serves enterprises in a diverse spectrum of industries including retail, real estate, restaurant, travel/tourism, telecom, media, and more. Near Intelligence Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11962) on Dec. 8, 2023. In the petition filed by CFO John Faieta, the Debtor estimated assets between $50 million and $100 million and liabilities between $100 million and $500 million. Near is represented by Willkie Farr & Gallagher LLP and Young Conway Stargatt & Taylor, LLP, as counsel, Ernst & Young LLP as restructuring advisor and GLC Advisors & Co., LLC, as restructuring investment banker. Kroll is the claims agent. Blue Torch, as DIP Agent and Lender, is represented by MORRIS, NICHOLS, ARSHT & TUNNELL LLP (Robert J. Dehney, Matthew Harvey, Brenna Dolphin); and KING & SPALDING LLP (Geoffrey M. King, Roger G. Schwartz, Miguel Cadavid). NEXTCAR HOLDING: Trinity Capital Marks $2.274MM Loan at 75% Off --------------------------------------------------------------- Trinity Capital Inc. has marked its $2,274,000 loan extended to NextCar Holding Company, Inc. to market at $575,000 or 25% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to NextCar Holding Company, Inc. The loan accrues interest at a rate of Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan matures on September 30, 2025. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About NextCar Holding Company, Inc. NextCar Holding Company, Inc. was founded in 2020 and provides a debt-free, low-commitment car subscription service that includes maintenance, insurance, and roadside assistance in a single monthly payment. NEXTCAR HOLDING: Trinity Capital Marks $2.2MM Loan at 75% Off ------------------------------------------------------------- Trinity Capital Inc. has marked its $2,224,000 loan extended to NextCar Holding Company, Inc. to market at $563,000 or 25% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to NextCar Holding Company, Inc. The loan accrues interest at a rate of Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan matures on September 30, 2025. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About NextCar Holding Company, Inc. NextCar Holding Company, Inc. was founded in 2020 and provides a debt-free, low-commitment car subscription service that includes maintenance, insurance, and roadside assistance in a single monthly payment. NEXTCAR HOLDING: Trinity Capital Marks $2.8MM Loan at 75% Off ------------------------------------------------------------- Trinity Capital Inc. has marked its $2,843,000 loan extended to NextCar Holding Company, Inc. to market at $719,000 or 25% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to NextCar Holding Company, Inc. The loan accrues interest at a rate of Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan matures on September 30, 2025. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About NextCar Holding Company, Inc. NextCar Holding Company, Inc. was founded in 2020 and provides a debt-free, low-commitment car subscription service that includes maintenance, insurance, and roadside assistance in a single monthly payment. NEXTCAR HOLDING: Trinity Capital Marks $3.4MM Loan at 75% Off ------------------------------------------------------------- Trinity Capital Inc. has marked its $3,411,000 loan extended to NextCar Holding Company, Inc. to market at $863,000 or 25% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to NextCar Holding Company, Inc. The loan accrues interest at a rate of Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan matures on September 30, 2025. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About NextCar Holding Company, Inc. NextCar Holding Company, Inc. was founded in 2020 and provides a debt-free, low-commitment car subscription service that includes maintenance, insurance, and roadside assistance in a single monthly payment. NEXTCAR HOLDING: Trinity Capital Marks $5.6MM Loan at 75% Off ------------------------------------------------------------- Trinity Capital Inc. has marked its $5,685,000 loan extended to NextCar Holding Company, Inc. to market at $1.439,000 or 25% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to NextCar Holding Company, Inc. The loan accrues interest at a rate of Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% per annum. The loan matures on September 30, 2025. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About NextCar Holding Company, Inc. NextCar Holding Company, Inc. was founded in 2020 and provides a debt-free, low-commitment car subscription service that includes maintenance, insurance, and roadside assistance in a single monthly payment. NFM & J: Nuveen Churchill Marks $5MM 1L Loan at 91% Off ------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $5,023,000 loan extended to NFM & J, L.P. (The Facilities Group) to market at $460,000 or 9% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to NFM & J, L.P. (The Facilities Group). The loan accrues interest at a rate of 10.18% per annum. The loan matures on November 30, 2027. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About NFM & J, L.P. (The Facilities Group) NFM & J, L.P. is the legal entity that operates as The Facilities Group (TFG), a company that provides integrated facility maintenance and janitorial services across the United States for various industries including healthcare, education, commercial, and hospitality. NIBA DESIGNS: Seeks to Use Cash Collateral ------------------------------------------ Niba Designs, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral purportedly subject to a lien by the U.S. Small Business Administration and potentially Funding Circle, to the extent any such liens are valid. The SBA filed a UCC-1 Financing Statement on June 10, 2020, which may grant it a blanket lien on nearly all of the Debtor's tangible and intangible personal property—including inventory, equipment, accounts, general intangibles, and other assets. As of the petition date, the Debtor's total assets were valued at approximately $157,575, while the SBA loan balance was $2 million, indicating that the SBA's lien potentially encompasses the entire value of the Debtor's estate. The Debtor acknowledges that the SBA is entitled to a post-petition lien to the same extent as its pre-petition claim but reserves the right to later contest the validity or priority of that lien. The Debtor also identifies Funding Circle as another potential secured creditor, with a UCC-1 filing dated November 15, 2023. However, because all of the Debtor's assets are already encumbered by the SBA lien, the Debtor argues that Funding Circle is wholly unsecured and not entitled to a post-petition lien, as there is no unencumbered collateral remaining. The Debtor requests authority to use SBA's cash collateral to pay for ordinary business and administrative expenses necessary to maintain operations, comply with U.S. Trustee guidelines, and pursue an effective reorganization under Subchapter V. The Debtor contends that without immediate access to this cash, it will be unable to pay critical expenses, which would threaten its viability as a going concern and harm both the bankruptcy estate and unsecured creditors. To provide adequate protection to the SBA, the Debtor proposes granting a replacement lien (on an interim basis) in accordance with 11 U.S.C. section 361(2), mirroring the scope of the SBA's original pre-petition lien. The Debtor does not concede the validity or priority of the SBA's lien and reserves its rights to challenge it later in the case. A copy of the motion is available at https://urlcurt.com/u?l=EsAMvk from PacerMonitor.com. About NIBA Designs Inc. NIBA Designs Inc. designs and manufactures custom luxury rugs for interior designers and architects, offering fully bespoke pieces handmade by artisans in India, Nepal, and Peru. The Company provides thousands of customizable rug designs in various styles and offers consultation services including custom renderings, color consulting, and product sampling for residential and commercial projects. Based in the United States, NIBA Designs works exclusively with GoodWeave-certified factories and is recognized in the design community for its craftsmanship, originality, and socially responsible production practices. NIBA Designs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19316) on August 13, 2025. In its petition, the Debtor reported total assets of $157,574 and total liabilities of $2,728,104. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, P.A. NIKOLA CORP: Court Tosses Former CEO's Pardon-Based Defense ----------------------------------------------------------- James Nani of Bloomberg Law reports that Nikola Corp.'s founder and ex-CEO, Trevor Milton, was unsuccessful in attempting to use a Trump pardon to preserve almost $70 million in claims against the bankrupt EV startup. Judge Thomas Horan of the U.S. Bankruptcy Court in Delaware dismissed Milton's objections and said Friday, September 5, 2025, he would approve Nikola's plan to liquidate its remaining assets, according to Bloomberg Law. The outcome represents a turning point for Nikola, once celebrated as a rising electric vehicle star before falling apart under weak sales and a fraud scandal linked to Milton, the report relays. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NOMAD HEALTH: Trinity Capital Marks $33MM Loan at 17% Off --------------------------------------------------------- Trinity Capital Inc. has marked its $33,056,000 loan extended to Nomad Health, Inc. to market at $27,281,000 or 83% of the outstanding amount, according to Trinity's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to Nomad Health, Inc. The loan accrues interest at a rate of Variable interest rate Prime + 5.5% or Floor rate 9.3%; EOT 4.0% per annum. The loan matures on December 1, 2026. Trinity is a specialty lending company focused on providing debt, including loans, equipment financings, and asset based lending, to growth-oriented companies, including institutional investor-backed companies. The company was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. The company is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Trinity is led by Kyle Brown as Chief Executive Officer, President, and Chief Investment Officer, and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Nomad Health, Inc. Nomad Health is an online marketplace that directly connects physicians, nurses, and medical facilities for healthcare jobs, without the involvement of third party employment agencies. NORTH HAVEN: Nuveen Churchill Marks $5MM Loan at 89% Off -------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $5,002,000 loan extended to North Haven Fairway Buyer, LLC (Fairway Lawns) to market at $531,000 or 11% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a Subordinated Debt (Delayed Draw) to North Haven Fairway Buyer, LLC (Fairway Lawns). The loan accrues interest at a rate of 8.00% (Cash) 3.50% (PIK) per annum. The loan matures on May 17, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About North Haven Fairway Buyer, LLC (Fairway Lawns) North Haven Fairway Buyer, LLC (Fairway Lawns) is a provider of lawncare services. OAK CREEK: Modifies Initial DIP Loan Order ------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Wisconsin granted Oak Creek Wood Products, LLC's motion to clarify the terms of its initial order on debtor-in-possession financing and the use of cash collateral. The court's initial order entered on August 28 conditionally authorized the Debtor's post-petition financing through existing factoring agreements with Capital Credit Incorporated and the Debtor's interim use of cash collateral to fund its operations. The initial order, however, lacked essential clarity needed for Capital Credit to proceed with funding. According to the Debtor, Capital Credit's perfected interest in pre-bankruptcy accounts may be subordinate to Mark and Nora Wolff, who hold a first-priority security interest in those assets. As a result, the initial order's grant of replacement liens to Capital Credit on cash collateral does not provide the protections afforded under 11 U.S.C. §§ 364(c)(1) and (d). To address this concern, the bankruptcy court issued a second interim order modifying the August 28 initial order to afford Capital Credit a first-priority replacement lien on all of the Debtor's property, including any purchased accounts acquired from the Debtor post-petition, co-extensive with the liens Capital Credit held pre-petition. All terms of the August 28 initial order not expressly modified or supplemented by the second interim order remain in full effect. A copy of the second interim order is available at https://is.gd/4xCC1f from PacerMonitor.com. On or about January 17, 2024, Capital Credit, as purchaser, and the Debtor as seller, entered into a factoring agreement, which entitled Capital Credit to, among other things, purchase the Debtor's accounts arising from the sale of goods or performance of services provided to its customers. As of the petition date, the Debtor's monetary obligations owed to Capital Credit under the factoring agreement were in the aggregate amount of $1,336,058.51. About Oak Creek Wood Products LLC Oak Creek Wood Products, LLC manufactures and supplies wood pallets, skids, crates, and boxes, providing packaging and logistics solutions for industries including commercial, food, agriculture, medical, steel, and manufacturing. Headquartered in Oak Creek, Wisconsin, the company operates additional facilities in Menomonee Falls, WI, Austin, TX, and Leon, Mexico. It is recognized for offering custom wood packaging, pallet management, RFID tracking, heat treatment, and sustainable recycling programs. In the petition signed by Rafael Guerrero, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge G. Michael Halfenger oversees the case. Evan P. Schmit, Esq., at Kekrman & Dunn, represents the Debtor as legal counsel. Capital Credit Incorporated, as lender, is represented by: Michael P. Richman, Esq. Richman & Richman, LLC 122 West Washington Avenue, Suite 850 Madison, WI 53703 Phone: (608) 630-8992 Fax: (608) 630-8991 mrichman@RandR.law ONLINE LABELS: Nuveen Marks $403,000 1L Loan at 50% Off ------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $403,000 loan extended to Online Labels Group, LLC to market at $201,000 or 50% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Online Labels Group, LLC. The loan accrues interest at a rate of 9.55% per annum. The loan matures on December 19, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Online Labels Group, LLC Online Labels Group LLC is dedicated to providing premiere labeling solutions to customers across the world. ORION GROUP: Nuveen Marks $6.3MM 1L Loan at 26% Off --------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $6,381,000 loan extended to Orion Group FM Holdings, LLC (Leo Facilities) to market at $4,715,000 or 74% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Orion Group FM Holdings, LLC (Leo Facilities). The loan accrues interest at a rate of 9.77% per annum. The loan matures on July 3, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Orion Group FM Holdings, LLC (Leo Facilities) Group FM Holdings, LLC is the parent company of Leo FM, a network of expert facilities maintenance companies offering a wide range of interior and exterior services in the U.S. and Canada. OSTENDO TECHNOLOGIES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California granted Ostendo Technologies, Inc. interim authority to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral to pay post-petition expenses in accordance with its budget. The Debtor may deviate from the amounts in the budget by up to 15% in the aggregate. As adequate protection, any creditor with valid security interest in the cash collateral will be granted a replacement lien on assets acquired by the Debtor after its Chapter 11 filing, with the same validity, priority and extent as the creditor's pre-bankruptcy lien. The replacement liens do not apply to any avoidance actions. A final hearing is scheduled for October 22. Objections are due by October 8. As of the bankruptcy filing, the Debtor holds around $72,917 in cash, which may be subject to claims by certain secured creditors. The Debtor said, however, that no creditor has a perfected lien on this cash since there are no deposit account control agreements in place or possession of the funds by creditors. The Debtor has several secured creditors, including the U.S. Small Business Administration, John D. Pierce, NextMed III Owner, LLC, RAF Pacifica Group, and Rowen. Some of these creditors such as Rowen, have ties to current management. The Debtor also noted that certain UCC-1 financing statements remain active, though it believes the underlying debts have been satisfied. Additionally, the San Diego County Treasurer-Tax Collector has filed two claims totaling over $275,000, asserting secured tax liens against personal property. About Ostendo Technologies Inc. Ostendo Technologies, Inc. develops advanced display and imaging technologies, including micro-LED and quantum photonic imagers. It operates in the semiconductor sector and maintains facilities in California. Ostendo Technologies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11111) on June 24, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP as legal counsel and Sherwood Partners, Inc. as restructuring advisor. OVATION HOLDINGS: Nuveen Marks $7.8MM 1L Loan at 17% Off -------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $7,874,000 loan extended to Ovation Holdings, Inc. to market at $6,549,000 or 83% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Ovation Holdings, Inc. The loan accrues interest at a rate of 9.3% per annum. The loan matures on February 4, 2030. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Ovation Holdings, Inc. Ovation is the holding company of Allied Valve, Automation Service, Valve Sales Inc, Allied Instrumentation, Conhagen, and Millennium Powe Services. PALMETTO ACQUISITIONCO: Nuveen Marks $4.8MM 1L Loan at 26% Off -------------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $4,804,000 loan extended to Palmetto Acquisitionco, Inc. to market at $3,548,000 or 74% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Palmetto Acquisitionco, Inc. The loan accrues interest at a rate of 10.03% per annum. The loan matures on September 18, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Palmetto Acquisitionco, Inc. Palmetto Acquisitionco, Inc. operates as a wholesaler of food and beverages. PEGGY NESTOR: Court Tosses Sister's Appeal on Lynx Claim Dispute ---------------------------------------------------------------- Judge Katherine Polk Failla of the United States District Court for the Southern District of New York dismissed without prejudice the appeal styled MARIANNE NESTOR, Appellant, -v.- LYNX ASSET SERVICES, LLC, Appellee, Case No. 25-cv-04242-KPF (S.D.N.Y.). On May 22, 2025, the District Court ordered pro se Appellant Marianne Nestor to show cause in writing why this matter should not be dismissed for lack of subject matter jurisdiction. Ms. Nestor responded in writing on June 17, 2025. Ms. Nestor is not herself a debtor, but is an interested party in the Chapter 11 bankruptcy proceedings of her sister, Peggy Nestor, with whom Ms. Nestor has intermittently claimed to share ownership of certain real property. Ms. Nestor purports to appeal from a February 14, 2025 decision by United States Bankruptcy Judge Michael E. Wiles, fixing and allowing the secured claim of Lynx Asset Services, LLC. On March 10, 2025, Ms. Nestor filed a document asking the Bankruptcy Court to revisit some of its prior rulings, including the Order at issue in this matter. On April 11, 2025, the Bankruptcy Court denied that request. On April 18, 2025, Ms. Nestor filed her notice of appeal from the Order. This appeal was opened in the District Court on May 20, 2025. Federal Rule of Bankruptcy Procedure 8002(a) requires that a notice of appeal be filed with the bankruptcy clerk within fourteen (14) days after the judgment, order, or decree to be appealed is entered. Ms. Nestor did not file her notice of appeal within fourteen (14) days of the Order's issuance. Rather, she waited over two months to do so. And while Ms. Nestor appears to have filed a motion to reconsider under Rule 9023, she did not do so in a timely manner, and thus did not extend the deadline to file a notice of appeal. As a result, unless Ms. Nestor can show that she requested and was entitled to an extension of the appeal window, the District Court lacks jurisdiction to consider her appeal. In her response to the OTSC, Ms. Nestor does not indicate that she ever moved in the Bankruptcy Code for an extension of time to file her notice of appeal. And while she does offer reasons for her delay, they would not suffice to constitute excusable neglect. The law is clear that pro se status does not, in and of itself, require a finding of excusable neglect. In short, Ms. Nestor did not timely file her notice of appeal from the Order, either in the first instance or as a result of an extension received from the Bankruptcy Court. Accordingly, the District Court lacks jurisdiction to hear her appeal and must dismiss the case without prejudice. A copy of the Court's Order is available at http://urlcurt.com/u?l=TJrqcLfrom PacerMonitor.com. Peggy Nestor filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10627) on April 25, 2023, listing under $1 million in both assets and liabilities. The Debtor is represented by Anne Penachio, Esq. PEGRUM CREEK: To Sell Hartselle Property to Jarek Chu Haven ----------------------------------------------------------- Pegrum Creek LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Included in the property of the estate is real property described as 703 Rock St. SE, Hartselle, Alabama, 35640. The Debtor receives cash offer from Jarek Chu Haven Residential (Purchaser) to purchase the Property $200,000.00. The Debtor proposes to sell all of the estate's right, title and interest in the Property, with a closing to be held on or before October 31, 2025. Pursuant to the Contract, $1,000 will be held in escrow as earnest money. The Debtor believes the Offer is fair and reasonable and in the best interest of the estate and its creditors. Renasant Bank is the holder of a valid, perfected security interest in the Property. For the Sale to close with clear title, approval to pay from the gross proceeds at closing is necessary to satisfy the Renasant Bank payoff in the amount of $274,654.89. The Debtor believes that the Sale benefits the Estate as the first lien holder has other property secured by this debt that is expected to return value to the Estate. About Pegrum Creek LLC Pegrum Creek is engaged in activities related to real estate. Pegrum Creek LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-81037) on June 3, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by William E. Taylor, Jr., as president. Judge Clifton R Jessup Jr. presides over the case. Stuart Maples, Esq. at Thompson Burton PLLC represents the Debtor as counsel. PERATON CORP: Blue Owl Marks $84.5MM 2L Loan at 30% Off ------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its $84,551,000 loan extended to Peraton Corp. to market at $58,763,000 or 70% of the outstanding amount, according to Blue Owl's Form 10-Q for the period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a second lien senior secured loan to Peraton Corp. The loan accrues interest at a rate of 7.75% per annum. The loan matures on February 2029. Blue Owl is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Peraton Corp. Peraton Corp. is a national security company delivering mission-critical technologies and information technology solutions to protect the U.S. and its allies. PINNACLE SUPPLY: Nuveen Marks $3.6MM 1L Loan at 46% Off ------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $3,616,000 loan extended to Pinnacle Supply Partners, LLC to market at $1,959,000 or 54% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Pinnacle Supply Partners, LLC. The loan accrues interest at a rate of 10.61% per annum. The loan matures on April 3, 2030. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Pinnacle Supply Partners, LLC Pinnacle Supply Partners, LLC is engaged in the retail distribution of home products. PLASTIPAK HOLDINGS: Moody's Alters Outlook on Ba3 CFR to Negative ----------------------------------------------------------------- Moody's Ratings affirmed Plastipak Holdings, Inc's (Plastipak) Ba3 corporate family rating, Ba3-PD probability of default rating. Concurrently, Moody's assigned Ba3 ratings to the new backed senior secured bank credit facilities, comprised of a new $450 million backed senior secured revolving credit facility due 2030 and a new $1 billion backed senior secured term loan B due 2032, to be issued by Plastipak Packaging, Inc., a wholly-owned subsidiary of Plastipak. Moody's will withdraw the Ba3 rating on the existing backed senior secured revolver, backed senior secured term loan A and backed senior secured term loan B issued by Plastipak Packaging, Inc. upon closing of the transaction. Moody's also changed the rating outlook for Plastipak and Plastipak Packaging, Inc. to negative from stable. "The negative outlook reflects credit metrics including leverage and free cash flow generation that remain weak for the Ba3 rating category and limited prospects for material improvements in Plastipak's credit metrics in the next 12-18 months, based on a sluggish demand recovery from consumer packaging goods (CPG) customers amid slower economic growth," says Motoki Yanase, VP-Senior Credit Officer at Moody's Ratings. RATINGS RATIONALE Plastipak's Ba3 CFR remains supported by its scale and global geographic diversification, with its European business contributing about a third of sales; its good market position as one of the largest North American manufacturers of rigid plastic containers and preforms; and the operational benefits from owning capacity to produce recycled resin. However, Plastipak's operating performance has been constrained by muted consumer demand, resulting in consistent volume and sales decline and weaker EBITDA generation for the past 12 months. As a result, leverage increased to 6.1x debt/EBITDA (including adjustment for Plastipak's securitization programs) for the last 12 months period that ended April 30, 2025 from 5.3x in 2023, reflecting a gradual decline in EBITDA against largely stable total debt, incorporating Moody's standard adjustments. With a modest demand recovery from major CPG companies, Moody's see limited prospects for leverage declining to levels below 5x debt/EBITDA and for material positive free cash flow generation that could be applied to debt reduction. The CFR further reflects the high customer concentration of sales -- albeit with many blue-chip customers with long-term relationships – its primarily commoditized product line, and a high percentage of low-margin preform products, which constrains profitability. Moody's adjusted leverage includes an adjustment for Plastipak's securitization programs, including supply chain financing (SCF) initiated by its customers and Plastipak's own factoring program, which stood at about 40% of unadjusted debt as of July 2025. An unexpected termination of any of these programs would increase working capital requirements and liquidity needs. This risk is partly mitigated by the fact that many of Plastipak's SCF contracts provide the customers' payment terms to revert to the shorter, original payment terms if the SCF program becomes unavailable, and high credit standing of Plastipak's customers and the arrangers that lowers the risk of the programs being terminated due to the credit issues of these associated parties. Moody's sexpect Plastipak to maintain good liquidity over the next 12 months, supported by sufficient availability under the new $450 million revolving credit facility, which supplements Moody's expectations of negative free cash flow generation for fiscal 2025 ending October 2025 due to one-time impact on working capital related to customer rebates. Financial covenants for the revolver include a maximum total net leverage ratio of 5.0x, declining to 4.5x over time, and a minimum interest coverage ratio of 2.5x. Moody's expects the company to maintain significant cushion under its covenants over the next 12 months. There are no financial maintenance covenants for the Term Loan B. Foreign assets are excluded from the collateral pledged, leaving some alternate source of liquidity. The next significant debt maturity is that of the real estate mortgage loans in May 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if the company sustainably improves its credit metrics and product while maintaining a high percentage of business under contract and a conservative financial policy. Specifically, the ratings could be upgraded if debt/EBITDA falls below 3.5x, EBITDA to Interest coverage rises above 6.0x and free cash flow to debt is above 7.5 %. Moody's could downgrade the ratings if there is a deterioration in leverage, liquidity or the other credit metrics. Specifically, the ratings could be downgraded if debt/EBITDA rises above 4.5x, EBITDA to interest coverage declines below 5.0x and free cash flow to debt falls below 5.0 %. 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. Headquartered in Plymouth, Michigan, Plastipak Holdings, Inc. is a family-owned global manufacturer and recycler of plastic packaging containers and preforms used in the beverage, food, consumer cleaning, personal care, industrial, and automotive end markets. The Young family owns approximately 94% of total outstanding stock with the balance owned by senior management. The company generated about $3.4 billion of revenue in the last 12 months that ended April 30, 2025. PMHC II: S&P Downgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on PMHC II Inc. (doing business as Vibrantz Technologies Inc.) to 'CCC+' from 'B-', its issue-level ratings on its first lien senior secured debt to 'CCC+' from 'B-', and its issue-level rating on its senior unsecured debt to 'CCC' from 'CCC+'. The negative outlook on the company reflects the potential for a lower rating over the next 12 months given its negative free cash flow, high debt servicing costs, and risks of a debt buyback or restructuring that S&P could consider distressed given current market trading levels. Vibrantz earnings and cash flows remain challenged due to persistent soft demand and volumes in key cyclical end markets amid ongoing macroeconomic uncertainty, resulting in stretched debt leverage. S&P said, "Although we anticipate the company's liquidity to be adequate and no covenant compliance challenges over the next 12 months, we believe its S&P Global Ratings-adjusted debt to EBITDA will be 9x-10x on a weighted average basis, which we view as unsustainable. "We now expect 2025 EBITDA will be weaker than 2024 given continued volume pressures. Vibrantz's operating performance for the first half of 2025 has been weaker than our previous expectations. The company is benefiting from favorable raw material-price management, productivity gains, and margin expansion since its 2022 merger with Ferro Corp. and ASP Chromaflo. However, overall volumes have been challenged due to the ongoing soft macroeconomic activity, tariff uncertainties, relatively high interest rates, and price competition in certain geographies. S&P Global Ratings-adjusted EBITDA margins have also been lower than our expectations due to high restructuring costs. While there are pockets of strength in certain end markets, we believe a demand and volume recovery for most of Vibrantz's end markets and products will take longer. "The company's revenues are exposed to multiple end markets that are sensitive to interest rate movements. These include sectors such as building and construction, automotives, furniture, and home appliances, which on aggregate comprise about two-thirds of total revenues. Our base case assumes lower average interest rates in 2025 versus 2024, but we believe the ongoing weak operating environment will more than offset a potential stimulus from any interest rate cuts. As such, we have revised our earnings expectations such that we expect a modest EBITDA decline in 2025 versus 2024. "We expect credit metrics to remain elevated at levels we consider unsustainable. In light of our weaker earnings forecast revision, we now expect its weighted average S&P Global Ratings-adjusted debt to EBITDA to be 9x-10x and its weighted average funds from operations (FFO) to debt to be 0%-3%. Both metrics were on the weaker end of the ranges as of the last-12-months ended June 30, 2025. We anticipate the company will continue executing its restructuring actions and identify additional areas for optimization, which would support its S&P Global Ratings-adjusted EBITDA margins growing marginally in the 21%-23% area. We expect a sequential improvement in the company's S&P Global Ratings-adjusted EBITDA in 2026 as restructuring costs step down (which we currently do not add back to EBITDA) and volumes gradually improve. However, we also expect the company to generate modest free operating cash flow (FOCF) deficits until 2026 which could be financed by additional borrowings and keep debt leverage elevated. "Vibrantz has adequate liquidity for the next 12 months, but we believe the risk of a distressed debt restructuring has increased. Despite our forecast for FOCF deficits driven by muted earnings, high debt servicing costs, and continued restructuring costs, we believe Vibrantz will maintain adequate liquidity with sources of liquidity being more than 1.2x its uses, supported by its revolver and accounts receivable securitization facilities. We do not foresee any financial covenant compliance issues over the next 12 months. In our base case, we do not anticipate a debt buyback or debt restructuring by the company. However, we note the company's debt currently trades at a significant discount to par. If such a transaction were to occur at these levels, to trim its high debt leverage and interest costs, there is an increased likelihood that we would view it as distressed and could result in a further downgrade. "The negative outlook reflects our expectation that weighted average S&P Global Ratings-adjusted debt to EBITDA will remain elevated in the 9x-10x range over the next 12 months driven by demand weakness in key end markets. The metric was on the weaker end of this range as of the last-12-months ended June 30, 2025. The company has reduced costs in recent years, but the extent and duration of sluggish demand remains a concern for a recovery in the company's credit metrics. We also expect the company will generate modest FOCF deficits in 2025 and 2026 but liquidity and covenant compliance to not be challenged, supported by the recent incremental term loan issuance and subsequent paydown of the revolver." S&P could take a negative rating action on Vibrantz over the next 12 months if: -- The company generates persistent negative FOCF such that its sources of liquidity are less than 1x its uses; -- The company pursues a debt exchange or debt repurchase transaction that we view as distressed; -- S&P views a financial covenant breach on the RCF as likely over the next 12 months; -- Its earnings are lower than S&P projects due to a delayed demand recovery in key end markets and geographies; -- The company is unable to maintain its margins amid inflationary pressures, execute growth initiatives, or restructuring costs remain high. In such a scenario, S&P would expect Vibrantz's S&P Global Ratings-adjusted debt to EBITDA ratio to remain at unsustainable levels; or -- The company pursues shareholder rewards or acquisitions that stretch debt leverage. S&P could take a positive rating action, including revising its outlook on Vibrantz to stable over the next 12 months, if: -- Volumes are stronger than our base case due to improved consumer confidence levels, reductions in benchmark interest rates (which would affect certain interest rate-sensitive end markets such as housing, industrial and automotives), or successful commercial execution to win new business; -- The impact of the company's discretionary cost saving measures exceeds our expectations, resulting in S&P Global Ratings' adjusted debt to EBITDA below 8x on a sustained basis; -- S&P believes the company will consistently generate positive FOCF and there are no liquidity pressures; and -- S&P is confident the company's financial policies will support the maintenance of aforementioned credit measures. PRIVATE SOUNDS: Seeks Chapter 7 Bankruptcy in Georgia ----------------------------------------------------- On September 2, 2025, Private Sounds Studios LLC entered Chapter 7 bankruptcy in the Northern District of Georgia. The filing indicates that the company's assets and debts both fall in the $0 to $100,000 range, and that it has between one and 49 creditors. About Private Sounds Studios LLC Private Sounds Studios LLC is a single asset real estate company. Private Sounds Studios LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60065) on September 2, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Sage M. Sigler handles the case. PROMPTCARE INFUSION: Nuveen Marks $2.8MM 1L Loan at 52% Off ----------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $2,860,000 loan extended to Promptcare Infusion Buyer, Inc. to market at $1,365,000 or 48% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Promptcare Infusion Buyer, Inc. The loan accrues interest at a rate of 10.38% PIK per annum. The loan matures on September 1, 2027. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Promptcare Infusion Buyer, Inc. PromptCare is a leading provider of in-home respiratory, infusion, and specialty pharmaceutical therapies. PROSPECT MEDICAL: Updates Insured Claims Pay Details; Amends Plan ----------------------------------------------------------------- Prospect Medical Holdings, Inc. and its debtor affiliates submitted a Fourth Revised Disclosure Statement and Fourth Revised Joint Chapter 11 Plan dated August 27, 2025. The Debtors intend to sell all or substantially all of their assets pursuant to section 363(f) of the Bankruptcy Code prior to and in connection with confirmation of the Plan. Subsequent to confirmation, the Debtors intend to enter the next phase of these Chapter 11 Cases, which involves the (i) wind-down of the Debtors; and (ii) the liquidation of the Debtors' remaining assets. Subject to the provisions of the Plan concerning the Professional Fee Reserve Account and the Wind-Down Budget, the Debtors, the Plan Administrator, or the GUC Trust Trustee (as applicable) shall fund distributions under the Plan from (a) the Net Proceeds, (b) the proceeds of the GUC Trust, (c) the MPT GUC Advance (if applicable), (d) the Backstop Facility (if applicable), (e) the Debtors' Cash on hand, and (f) with respect to Insured Claims, the Insurance Trust. On the Effective Date, the Debtors shall be deemed to transfer to the GUC Trust all of their rights, title, and interest in and to all of the Assigned Estate Causes of Action free and clear of all Liens, charges, Claims, encumbrances, and interests, in accordance with section 1141 of the Bankruptcy Code. The GUC Trust shall be formed for the exclusive benefit of the Backstop Facility Lender and Holders of General Unsecured Claims (including the MPT Deficiency Claim). The Insurance Trust shall be established for the purposes of liquidating the Insurance Trust Assets and distributing the proceeds thereof in accordance with the Plan and the Insurance Trust Documents, with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the purpose of the Insurance Trust and the purposes described in the Plan. Upon the transfer of the Insurance Trust Assets to the Insurance Trust, the Debtors will have no reversionary or further interest in or with respect to the Insurance Trust Assets. Pursuant to the Insurance Trust Documents, the Insurance Trustee may make offers or agree in mediation with a Holder of an Insured Claim on the Allowed amount of such Holder's Insured Claim, which may be paid from the Insurance Trust and/or an Allowed General Unsecured Claim, and the remaining unpaid amount of such Holder's Insured Claim may be liquidated in a forum other than this Court, but solely to recover only from the available insurance coverage under the applicable Insurance Policies. Under the Plan, the Settling Insurers will contribute to the Insurance Trust and be protected by the Settling Insurer Injunction. As of the date hereof, the Debtors have not yet reached settlements, commutations, or other transactions with their Insurers. The Debtors are working diligently to negotiate with the Insurers to secure contributions to the Insurance Trust. The Debtors will provide regular updates to the Ad Hoc Insured Claim Counsel with respect to negotiations with the Debtors' insurers. Any settlement, commutation, or other transaction with Settling Insurers for contribution to the Insurance Trust must be approved by the Bankruptcy Court by October 1, 2025. The Debtors are continuing to finalize the Post-Confirmation Claims Resolution Procedures, which shall conform with the Claims Resolution Procedures (with only necessary Plan-related modifications). The Post-Confirmation Claims Resolution Procedures will be finalized and filed as soon as reasonably practicable, and in any event by the Plan Supplement Deadline. Class 7 consists of all Insured Claims. Except to the extent that a Holder of an Insured Claim agrees to less favorable treatment, each Holder of an Insured Claim shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, the treatment provided in the Post-Confirmation Claims Resolution Procedures. Pursuant to the Post-Confirmation Claims Resolution Procedures, the Insurance Trustee and applicable Holder shall exchange offers to agree on the Allowed amount of such Holder's Insured Claim, which may be paid from the Insurance Trust and/or an Allowed General Unsecured Claim, and the remaining unpaid amount of such Holder's Insured Claim may be liquidated in a forum other than this Court, but solely to recover only from the available insurance coverage under the applicable Insurance Policies. If the offer exchange procedures do not result in a consensual resolution of the Allowed amount of such Holder's Insured Claim, the Insurance Trustee and applicable Holder shall proceed to mediation under the terms of the Post-Confirmation Claims Resolution Procedures. If mediation is unsuccessful (or for any other reason described in the Post-Confirmation Claims Resolution Procedures), the applicable Holder can liquidate their Insured Claim in a forum other than this Court, but solely to recover only from the available insurance coverage under the applicable Insurance Policies, and in the event that (A) the applicable Insurer denies the tender of defense or there are no applicable or available Insurance Policies, or (B) the proceeds from applicable and available Insurance Policies have been exhausted or are otherwise insufficient to pay in full a Holder's Allowed Insured Claim, as determined by an order or judgment by a court of competent jurisdiction or under a settlement or compromise of such Holder's Allowed Insured Claim, then such Holder shall be entitled to its Pro Rata share of GUC Trust Interests as if such Holder was a member of Class 8 General Unsecured Claims, based on the amount of an Allowed Claim equal to the amount of the Allowed Insured Claim less the amount of available proceeds paid on such Allowed Insured Claim from the applicable and available Insurance Policies (the "Insured Deficiency Claim"). Like in the prior iteration of the Plan, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim its Pro Rata share of (i) GUC Trust Interests (subject to the terms thereof with respect to the MPT Deficiency Claims) and (ii) the remaining Net Proceeds (if any) after distributions to Class 3, Class 4, and Class 5 (other than Net Proceeds of Assigned Estate Causes of Action, but including the proceeds of or recoveries from any Estate Cause of Action against Yale or any PhysicianCo Causes of Action); provided that (A) any General Unsecured Claim assumed by any Purchaser on a final basis shall be deemed paid in full under the Plan and shall not be entitled to any recovery from the GUC Trust Assets or remaining Net Proceeds (if any) and (B) MPT waives any participation in such remaining Net Proceeds (if any) allocated to the Debtors' Estates pursuant to Tranche 6 of the Recovery Waterfall. Pursuant to section 1123(b)(2) of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the distributions, releases, and other benefits provided pursuant to the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlement of Claims, Interests, and controversies relating to the contractual, legal, and subordination rights that a Holders of Claims or Interests may have with respect to any Allowed Claim or Interest or any distribution to be made on account of such Allowed Claim or Interest. A full-text copy of the Fourth Revised Disclosure Statement dated August 27, 2025 is available at https://urlcurt.com/u?l=u3m28v from Omni Agent Solutions, Inc., claims agent. Counsel to the Debtors: SIDLEY AUSTIN LLP Thomas R. Califano, Esq. Rakhee V. Patel, Esq. Maegan Quejada, Esq. 2021 McKinney Avenue, Suite 2000 Dallas, Texas 75201 Telephone: (214) 981-3300 Facsimile: (214) 981-3400 Email: tom.califano@sidley.com rpatel@sidley.com mquejada@sidley.com SIDLEY AUSTIN LLP William E. Curtin, Esq. Patrick Venter, Esq. Anne G. Wallice, Esq. 787 Seventh Avenue New York, New York 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 Email: wcurtin@sidley.com pventer@sidley.com anne.wallice@sidley.com About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. QUIRCH FOODS: S&P Cuts ICR to 'B-' on Sustained Elevated Leverage ----------------------------------------------------------------- S&P Global Ratings lowered the issuer credit rating to 'B-' from 'B' on Quirch Foods Holdings LLC. S&P also lowered the issue-level rating on the company's senior secured term loan to 'B-' from 'B'. The '4' recovery rating is unchanged. The stable outlook reflects S&P's expectation that Quirch will modestly improve leverage toward mid-6x on sales momentum and incremental margin expansion from business optimization initiatives while maintaining adequate liquidity over the next 12 months. Quirch's recent geographic expansion has delayed deleveraging and positive FOCF prospects. Quirch reported rolling-12-months, S&P Global Ratings-adjusted leverage of 7.7x as of the third quarter, compared to 7.2x in the prior-year period and after peaking at 8.4x in the first quarter. The increase in leverage was largely attributable to higher revolver borrowings amid flat EBITDA generation. Quirch expanded its distribution network with new facilities in California and Florida in early 2025, which support its efforts to enter new markets and increase its capabilities within existing markets. However, the new facilities have required working capital investments to support growth, leading to elevated revolver borrowings of $110 million at the end of the third quarter. S&P expects leverage will remain elevated near 7x in fiscal 2025 before improving to mid-6x in fiscal 2026 on EBITDA and market share growth and business optimization initiatives. Moreover, Quirch reported a trailing-12-months FOCF deficit of $18 million, compared to an inflow of $5 million in the prior-year period, because of higher working capital investments. As a result, S&P now forecasts negative FOCF of $10 million-$20 million in fiscal 2025, before turning positive in fiscal 2026 due to incremental profitability improvement and lower working capital needs. Profitability should modestly improve through fiscal 2026, including S&P Global Ratings adjusted EBITDA margin of low-4%. S&P's forecast incorporates ongoing gross margin pressure due to strategic price investments, offsetting the execution of its business optimization initiatives and broad cost control efforts. Year-to-date S&P Global Ratings-adjusted gross margins narrowed 50 basis points (bps) to 10.8% from 11.3% a year ago, in part due to a 3.5% decline in gross profit per pound in the food away from home segment. Furthermore, this followed an 80-bps decline in gross margins in fiscal 2024 and a corresponding 60-bps decline in S&P Global Ratings-adjusted EBITDA margin to 3.9%. However, better cost controls and business optimization initiatives--expected to generate $16.5 million of benefits in fiscal 2025--should mitigate lower gross margins. Thus, S&P anticipates S&P Global Ratings-adjusted EBITDA margins will modestly improve to and remain low-4% through fiscal year 2026. Mid- to high-single-digit percent sales growth stems from higher average selling prices and modest volume gains. Through the third quarter, total revenue increased 12%, primarily driven by a roughly 6% increase in average selling price (ASP) and 6% volume growth amid strategic expansion efforts. Quirch's growth prospects are also supported by its branded and private label solutions (about 27% of sales through the first three quarters) as it creates stickiness with customers in a highly competitive and price-driven market. S&P projects high-single-digit percent revenue growth in fiscal 2025 (ending September 2025) to slow down to the mid-single-digit percent in fiscal 2026 as ASP growth moderates to low-single-digit percent, partially offset by volume increases. S&P said, "The stable outlook reflects our expectation that Quirch will improve leverage toward mid-6x as it gains sales momentum and incremental margin expansion from its business optimization initiatives, while maintaining adequate liquidity over the next 12 months. "We could lower our rating on Quirch if we view its capital structure as unsustainable. This could occur if the company's operating performance weakens or it experiences continued elevated working capital requirements, restricting its ability to generate positive FOCF and increasing reliance on the asset-based lending (ABL) facility. This would likely coincide with tightening liquidity and deteriorating credit metrics, including interest coverage approaching 1x." S&P could raise its ratings on Quirch if it sustains S&P Global Ratings-adjusted leverage of less than 6x. This could occur if: -- The company demonstrates continued volume growth with new and existing customers while improving profitability through the execution of its business optimization initiatives; and -- It reduces its reliance on its ABL through consistently positive FOCF generation. QXC COMMUNICATIONS: To Sell Assets to John Von Stein for $5K ------------------------------------------------------------ QXC Communications, Inc., seeks permission from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor's Assets are excluded from the Debtor's previous sale of substantially all of its Assets to Hotwire Communications Ltd. The Assets are: -- 12 contracts between the Debtor and certain military bases/installations/operators listed on the attached Exhibit A -- the Exclusive Bulk Television, Internet, and Telephone Services Agreement Englewood Agreement) between the Debtor and Englewood Beach Condominium Association, Inc. listed on the attached Exhibit B; and -- the encumbered 2021 Cadillac XT5 bearing VIN 1GYKNAR43MZ156678 listed on the Debtor's Schedule A/B. A full-text copy of the Sale Motion is available at https://tinyurl.com/2t8wxdma John Von Stein (or his assign) (Buyer), an insider, who is the majority owner of the Debtor, who is the Debtor's principal, and who is the Debtor's chief executive officer. The purchase price of the Assets is $5,000. The terms of the sale is as-is, where-is sale, and free and clear of all liens, claims, and encumbrances. Other than the Automobile, the Assets are encumbered by Millennium QXC Holdings, LLC and BayFirst National Bank, and the disputed lienholders are Frontier Development Asia Ptd Ltd. and Lucas Batzer. The Debtor is a Florida corporation located in Boca Raton. Prior to the June 2025 sale transaction described below, the Debtor was in the business of designing, deploying, and providing Fiber to the Home fiber-optic hardware and services to: (a) multi-dwelling units such as apartment complexes; (b) military installations; and (c) commercial properties. Buyer John Von Stein—who is the Debtor's principal and is an insider—has offered to buy the Assets from the Debtor for $5,000, with the Debtor assuming and assigning the Military Contracts and Englewood Agreement as part of such sale. The Debtor believes that John Von Stein's offer, subject to higher and better offers, is the best way to monetize the remaining non-nominal assets of the Debtor's estate. About QXC Communications, Inc. QXC Communications, Inc. specializes in designing and deploying fiber-optic networks that offer high-speed internet, WiFi, HD TV, and VoIP voice services. It caters to a range of clients, residential communities, military bases, businesses, and outdoor venues. The company uses AON (Active Optical Network) technology to ensure the highest quality connectivity with minimal interruptions. QXC Communications sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256) on February 28, 2025, listing $11,677,760 in assets and $13,912,001 in liabilities. John Von Stein, chief executive officer, signed the petition. Judge Mindy A. Mora oversees the case. John E. Page, Esq., at Shraiberg Page PA, represents the Debtor as legal counsel. RANDYS WORLDWIDE: Nuveen Marks $3.7MM 1L Loan at 40% Off -------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $3,736,000 loan extended to Randys Holdings, Inc. (Randy's Worldwide Automotive) to market at $2,238,000 or 60% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Randys Holdings, Inc. (Randy's Worldwide Automotive). The loan accrues interest at a rate of 9.29% per annum. The loan matures on November 1, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Randys Holdings, Inc. (Randy's Worldwide Automotive) Randys Holdings, Inc., operating as RANDYS Worldwide, is a leading supplier of performance and OE replacement drivetrain components, including gears, axles, tools, lockers, and drivelines, for the automotive aftermarket. REDWOOD SERVICES: Nuveen Marks $2.9MM 1L Loan at 67% Off -------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $2,958,000 loan extended to Redwood Services Group, LLC (Evergreen Services Group) to market at $977,000 or 33% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Redwood Services Group, LLC (Evergreen Services Group). The loan accrues interest at a rate of 9.56% per annum. The loan matures on June 15, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Redwood Services Group, LLC (Evergreen Services Group) Evergreen Services Group is a holding company that buys businesses and holds them indefinitely. RICHMOND BELLY: Unsecureds Will Get 24% of Claims in Plan --------------------------------------------------------- MAD Belly Ventures, LLC, a debtor affiliate of Richmond Belly Ventures LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a Plan of Reorganization. MAD Belly is a Limited Liability Corporation formed in Virginia and is a franchisee that operates a Potbelly Sandwich Shop. Richmond Belly operates a Potbelly Sandwich Shop in Richmond, Virginia at 10921 W Broad St, Glen Allen, VA 23060 (Shop 508). The former managing member, David Duke, and other of the members of the Debtor also owned four other entities that operated a Potbelly Sandwich Shop: Richmond Belly and Scotts Belly, which are located in Richmond, Virginia; Hoo Belly, which was located in Charlottesville, Virginia; and Duke Belly, which was located in Harrisonburg, Virginia. The COVID-19 Pandemic forced the Debtor to take out EID Loans with the SBA. Despite the additional financing, the Debtor continued to struggle to pay ongoing obligations as they came due. The former managing member of the Debtor, Mr. David Duke, borrowed money from fast cash lenders and took out lines of credit to continue to service obligations. MAD Belly then reached an agreement with the Franchisor to continue to operate the Debtor on a short-term basis in accordance with the terms of the License Agreement. Simultaneously while executing the License Agreement, Mr. Bokel reached an agreement executed on May 23, 2025, with Mr. Duke in which Mr. Bokel acquired Mr. Duke's ownership interest in the Debtor. On or around May 28, 2025, the members the Debtor accepted Mr. Duke's resignation as managing member of the Debtor and elected Mr. Bokel the Chief Executive Manager of MAD Belly. On May 29, 2025, the Debtor filed a chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Eastern District of Virginia. Duke Belly and Hoo Belly ceased operations while Richmond Belly and Scotts Belly also filed separate chapter 11 bankruptcy petitions, jointly administered under case number 25-32131. The Debtor maintains that they will have enough Cash over the life of the Plan to make the required Plan payments as demonstrated by the projected financial information. The final Plan payment is expected to be paid on December 1, 2028. Class 2 consists of MAD Belly General Unsecured Creditors. Each Holder of an Allowed General Unsecured Claim of MAD Belly shall receive, in full satisfaction, settlement, release, and discharge of, and in exchange for such Allowed General Unsecured Claim, such Holder's pro rata distribution of the MAD Belly Payment Amount in the amount of $81,740.16, payable in quarterly installments over the last eighteen months of the Plan, or in the Reorganized Debtor's discretion, earlier. This Class will receive a distribution of 24% of their allowed claims. This Class is impaired. Class 3 consists of the MAD Equity Interest Holders, who shall each retain Equity Interests in the Reorganized Debtor to the same extent of their Equity Interest in the Debtor. The Debtor shall continue to exist after the Effective Date as the Reorganized Debtor and make Distributions as contemplated in the Plan using Cash and/or Disposable Income, to the extent the Debtor has Disposable Income. A full-text copy of the Plan of Reorganization dated August 28, 2025 is available at https://urlcurt.com/u?l=Ehxnml from PacerMonitor.com at no charge. Counsel for the Debtor: Brittany B. Falabella, Esq. Kollin G. Bender, Esq. Hirschler Fleischer, PC The Edgeworth Building 2100 East Cary Street Post Office Box 500 Richmond, VA 23218-0500 Tel: (804) 771-9500 Fax: (804) 644-0957 E-mail: bfalabella@hirschlerlaw.com kender@hirschlerlaw.com About Richmond Belly Ventures Richmond Belly Ventures, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-32131) on May 29, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. John Bokel, managing member of Richmond Belly Ventures, signed the petition. Judge Hon. Keith L Phillips oversees the case. Kollin G. Bender, Esq., at Hirschler Fleischer, P.C., is the Debtor's legal counsel. Blue Ridge Bank, N.A. is represented by: Jeremy S. Williams, Esq. Kutak Rock, LLP 1021 East Cary Street, Suite 810 Richmond, VA 23219 Telephone: (804) 644-1700 Facsimile: (804) 783-6192 jeremy.williams@kutakrock.com RIVERFRONT ASSOCIATES: Case Summary & 17 Unsecured Creditors ------------------------------------------------------------ Debtor: Riverfront Associates Limited Partnership 3702 Schmitz Avenue SW Seattle, WA 98116 Case No.: 25-12476 Business Description: Riverfront Associates Limited Partnership, formerly involved in hotel ownership and management, held an interest in the Spokane City Center DoubleTree in Spokane, Washington through subsidiaries and a joint venture with a Park Hotels affiliate, and sold the property on Dec. 4, 2024, to an affiliate of JMA Asset Acquisition Co., after which its assets primarily consist of cash and receivables from the hotel operations and sale. Chapter 11 Petition Date: September 5, 2025 Court: United States Bankruptcy Court Western District of Washington Debtor's Counsel: Alan D. Smith, Esq. PERKINS COIE LLP 1301 Second Avenue Suite 4200 Seattle, WA 98101-3804 Tel: 206-359-8410 Email: AdSmith@perkinscoie.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Rodney B. Ash as president of U.S. Development Co., Inc., general partner of the Debtor. 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/GBCGA5A/Riverfront_Associates_Limited__wawbke-25-12476__0001.0.pdf?mcid=tGE4TAMA RONBON LLC: Unsecureds Will Get 10% of Claims over 5 Years ---------------------------------------------------------- Ronbon LLC d/b/a The Ainsworth Hoboken filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement for Chapter 11 Plan dated August 29, 2025. The Debtor is a New Jersey limited liability company formed on or about April 29, 2011. The Debtor operates a restaurant and bar from its location in Hoboken, New Jersey. The Debtor operates from its location pursuant to a lease for the non-residential real property in which Hoboken South Waterfront Associates L.P. (the "Landlord") is the Debtor's landlord. The Debtor's assets consist primarily of its restaurant equipment, leasehold improvements, liquor license, interest in its lease and goodwill. As of the Petition Date, the Debtor valued its restaurant equipment and its goodwill at $1,227,446. The Debtor believes that the liquor license does not have any "cash value" however in the event that the restaurant was sold as a going concern it would be a part of such a sale. The Debtor's lease which may be assumed during the course of this chapter 11 case may have value. However, if the Debtor was to be sold as a going concern, that lease would be reduced to cash for the benefit of the creditors of the estate. The Debtor believes that if the business was sold as a going concern it would result in sufficient funds to satisfy only a portion of the secured debt of Newtek, the priority tax obligations and the administrative expenses of this chapter 11 case resulting in no distribution for the benefit of the general unsecured creditors of the estate. Creditors are urged to review the liquidation analysis set forth in this Disclosure Statement for additional information regarding liquidation. Class 4 consists of the Allowed General Unsecured Claims of the Debtor. The Debtor's allowed general unsecured creditors total $3,709,242.68. The Debtor's plan proposes to pay the allowed general unsecured creditors the sum of approximately $370,924.00 (or 10%) over a period of five years. Payments on a monthly basis shall be in the approximate amount of $6,182.00. Class 4 creditors are impaired under the Plan and entitled to vote. The Debtor's proposed Plan shall be funded by the Debtor's continued operations. To that end, the Debtor has prepared a budget for the creditors review. This budget is based upon historical data and certain assumptions that are made by the Debtor. A full-text copy of the Disclosure Statement dated August 29, 2025 is available at https://urlcurt.com/u?l=dPdDkx from PacerMonitor.com at no charge. The Debtor's Counsel: Fred S. Kantrow, Esq. THE KANTROW LAW GROUP, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 Tel: 516-703-3672 Email: fkantrow@thekantrowlawgroup.com About Ronbon LLC Ronbon LLC, engaged in the restaurant industry, operates The Ainsworth Hoboken, a popular dining and bar venue located at 310 Sinatra Drive in Hoboken, NJ. Ronbon LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41700) on April 8, 2025. In its petition, the Debtor reports total assets of $1,227,446 and total liabilities of $7,122,070. Judge Nancy Hershey Lord handles the case. The Debtor is represented by Fred S. Kantrow, Esq. at THE KANTROW LAW GROUP, PLLC. Newtek Small Business Finance, LLC, as lender, is represented by: Matthew Burrows, Esq. CHARTWELL LAW One Battery Park Plaza, Suite 701 New York, NY 10004-1445 Telephone: (212) 968-2300 e-mail: mburrows@chartwelllaw.com -and- John J. Winter, Esq. CHARTWELL LAW 700 American Avenue, Suite 303 King of Prussia, PA 19406 Telephone: (610) 666-8437 Telecopier: (610) 666-7704 e-mail: jwinter@chartwelllaw.com ROYAL HOLDCO: Nuveen Marks $3.4MM 1L Loan at 89% Off ---------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $3,434,000 loan extended to Royal Holdco Corporation (RMA Companies) to market at $371,000 or 11% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Royal Holdco Corporation (RMA Companies). The loan accrues interest at a rate of 9.05% per annum. The loan matures on December 30, 2030. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Royal Holdco Corporation (RMA Companies) Royal Holding Company Inc. manufactures, produces, and distributes specialty gases and acids. SAFETY INFRASTRUCTURE: Nuveen Marks $3.9MM 1L Loan at 84% Off ------------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $3,967,000 loan extended to Safety Infrastructure Services Intermediate LLC to market at $634,000 or 16% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Safety Infrastructure Services Intermediate LLC. The loan accrues interest at a rate of 9.31% per annum. The loan matures on July 21, 2028. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Safety Infrastructure Services Intermediate LLC Safety Infrastructure Services Intermediate LLC is a provider of miscellaneous products and services across the United States. SAVERS VALUE: S&P Rates Sub's $750MM New First-Lien Term Loan 'B+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating with a '3' recovery rating (rounded estimate: 60%) to Savers Value Village Inc. (Savers; B+/Stable) subsidiary Evergreen AcqCo 1 L.P.'s proposed $750 million first-lien term loan due 2032. S&P also assigned its 'BB' issue-level rating with a '1' recovery rating (rounded estimate: 95%) to the proposed $180 million super priority cash flow revolver due 2030, also issued by Evergreen AcqCo 1 L.P. S&P's ratings are subject to receipt and review of final documentation. It will use the proceeds to repay its existing $316 million first-lien term loan and $401 million senior secured notes and related transaction fees and expenses. Although the transaction is largely leverage neutral, S&P views it as modestly credit positive given the estimated $8 million reduction in annual interest expense. S&P said, "Our 'B+' issuer credit rating and stable outlook on Savers are unaffected by the transaction. The stable outlook reflects our view that favorable sector trends and a compelling value proposition support Savers' performance prospects over the next 12 months. The company reported sales growth of 7.9%, including comparable sales growth of 6.2% and 2.6% in its U.S. and Canadian segments, respectively, for its second fiscal quarter (ended June 28, 2025) relative to the prior-year period. Accelerating new store growth and good demand trends drove U.S. revenue growth, while the Canadian business made progress toward stabilization despite macroeconomic headwinds. We expect a consistent pace of new store openings--about 25 annually--will mainly occur in the U.S. given under-penetration in that market. As a result, we expect revenue to increase 7%-8% in fiscals 2025 and 2026. "We also expect stable credit metrics, including S&P Global Ratings-adjusted leverage sustained in the low-3x area over the next 12 months. We forecast S&P Global Ratings-adjusted EBITDA margins will modestly contract to 24% from 26% in fiscal 2024 as near-term profitability headwinds from the acceleration of new store openings and off-site processing investments are partially offset by continued expense discipline. Despite the decline, we continue to view Savers' profitability as above average relative to other specialty retail peers." Issue Ratings--Recovery Analysis Key analytical factors -- For S&P's recovery analysis, it considers the following coborrower structure with respect to the revolving credit facility and term loan facility: Evergreen AcqCo 1 L.P. (U.S. borrower) and Value Village Canada Inc. (Canadian borrower). -- S&P assumes all material U.S. subsidiaries, Canadian subsidiaries, and parents guarantee the revolving credit facility and term loan facility. S&P also assumes all U.S. and Canadian assets will secure both facilities, with the revolver receiving priority waterfall repayment provisions. -- S&P rates Savers' super priority revolver 'BB'. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. -- S&P also rates Savers' first-lien term loan 'B+'. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. -- S&P contemplates a hypothetical default in 2029 stemming from a steep margin contraction in profitability due to an inability to execute growth strategies in conjunction with a disruption in product sourcing and higher labor costs. -- S&P uses an enterprise valuation (EV) approach to assess recovery prospects because we believe lender recovery values will be maximized if Savers reorganizes as a going concern. S&P also applies a 5x multiple, which is in line with the typical multiple used for other specialty retailers. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $131 million -- Implied EV multiple: 5x -- Estimated gross EV at emergence: $654 million Simplified waterfall -- Net EV (after 5% administrative costs): $622 million -- Valuation split (obligors/nonobligors/unpledged): 100%/0%/0% -- Super priority secured claims: $158 million --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Net recovery available to senior secured claims: $464 million -- Senior secured claims: $747 million --Recovery expectations: 50%-70% (rounded estimate: 60%) All debt amounts include six months of prepetition interest. SCALED AGILE: Nuveen Churchill Marks $7.9MM 1L Loan at 16% Off -------------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $7,963,000 loan extended to Scaled Agile, Inc. to market at $6,669,000 or 84% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt to Scaled Agile, Inc. The loan accrues interest at a rate of 6.65% (Cash) 3.75% (PIK) per annum. The loan matures on December 15, 2028. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Scaled Agile, Inc. Scaled Agile, Inc. is the global provider of the Scaled Agile Framework, a popular system for enterprises to implement lean-agile practices at scale to achieve business agility. SENTRY SPORTS: Seeks Chapter 7 Bankruptcy in Alabama ---------------------------------------------------- On August 28, 2025, Sentry Sports A to Z LLC entered Chapter 7 proceedings in the Northern District of Alabama. The company disclosed assets ranging from $100,001 to $1 million against debts of $1 million to $10 million. It also reported a creditor base of between 1 and 49. About Sentry Sports A to Z LLC Sentry Sports A to Z LLC is a Birmingham, Alabama-based small-scale manufacturer that specializes in commercial lighting fixtures, particularly tailored for sports and athletic environments. Sentry Sports A to Z LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02594) on August 28, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. The Debtor is represented by Bradley Richard Hightower, Esq. at Christian & Small LLP. SF OAKLAND BAY: Section 341(a) Meeting of Creditors on Sept. 29 --------------------------------------------------------------- On September 3, 2025, SF Oakland Bay LLC filed Chapter 11 protection in the Northern District of California. According to court filing, the Debtor reports $7,328,471 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 29, 2025 at 01:00 PM via UST Teleconference San Francisco, Call in number: 1-888-330-1716 Passcode: 8324431. About SF Oakland Bay LLC SF Oakland Bay LLC operates a $6 million parking garage at 401 Main St./38 Bryant St. in San Francisco, providing vehicle parking services to the public and nearby clients. SF Oakland Bay LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30699) on September 3, 2025. In its petition, the Debtor reports total assets of $6,416,741 and total liabilities of $7,328,471. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by Peter Hadiaris, Esq. at LAW OFFICE OF PETER N. HADIARIS. SI SOLUTIONS: Nuveen Churchill Marks $5.6MM 1L Loan at 80% Off -------------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $5,601,000 loan extended to SI Solutions, LLC to market at $1,098,000 or 20% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to SI Solutions, LLC. The loan accrues interest at a rate of 9.06% per annum. The loan matures on September 15, 2030. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About SI Solutions, LLC SI Solutions is a provider of professional and specialty services to critical infrastructure asset owners. SILGAN HOLDINGS: Moody's Rates New Senior Unsecured Notes 'Ba2' --------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Silgan Holdings Inc.'s new senior unsecured notes. The company's Ba1 corporate family rating, Ba1-PD probability of default rating, SGL-2 speculative grade liquidity rating (SGL) and other existing ratings are unchanged. The outlook remains stable. The proceeds of this proposed debt offering will be used to repay around $700 million outstanding under Silgan's $1.5 billion revolver credit facility due November 2029. At June 30, 2025, Silgan had drawn around $1.36 billion under the revolving credit facility. "This transaction is leverage nuetral and will increase availability under the revolving credit facility", said Scott Manduca, VP-Senior Analyst at Moody's Ratings. RATINGS RATIONALE Silgan's Ba1 rating reflects the company's diversified product offering that primarily serves stable end markets including food, beverage, and home and personal care. The company has a significant on-site or near-site presence at customer facilities, which creates stickiness with its customer base and supports Silgan's strong market position. Multi-year contracts contain cost pass-thru provisions and reduce margin volatility. Silgan's strategy focuses on both organic growth opportunities as well as growth through acquisitions. Acquisitions can create volatility in credit metrics. However, Silgan has a proven track record of integrating acquisitions and reducing leverage back in line with its target net debt-to-EBITDA range of 2.5x to 3.5x in a timely manner. Moody's debt-to-EBITDA calculation for the last twelve months ended June 2025 of 5.6x is forecast to decline to 4.3x at year end December 2026. The stable outlook reflects Moody's expectations of gradual improvements in credit metrics from the full contribution of Silgan' latest acquisition and realization of cost efficiencies. The Ba2 rating on the unsecured notes is one notch below the Ba1 corporate family rating reflecting subordination to the company's secured credit facilityto the extent of the assets pledged. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if there is sustained improvement in credit metrics and maintenance of good liquidity, along with a commitment to an investment grade financial profile and capital structure. Specifically, debt-to-EBITDA is sustained below 3.5x and free cash flow-to-debt exceeds 10%. The ratings could be downgraded if there is deterioration in credit metrics caused by aggressive financial policy actions, including large debt funded acquisitions or shareholder returns. Specifically, if debt-to-EBITDA is above 4.25x, without a reasonable path to fall below this threshold, and free cash flow-to-debt is below 7%. The principal methodology used in this rating was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. Headquartered in Norwalk, Connecticut, Silgan (SLGN) is a leading supplier of sustainable rigid packaging solutions for consumer goods products. SMILE BRANDS: Nuveen Churchill Marks $12MM Loan at 19% Off ---------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $12,069,000 loan extended to Smile Brands Inc. to market at $9,753,000 or 81% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a Subordinated Debt to Smile Brands Inc. The loan accrues interest at a rate of 6.40% PIK per annum. The loan matures on April 12, 2028. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Smile Brands Inc. Smile Brands, based in Costa Mesa, California, is one of the largest providers of dental support services in the United States. SMITH & HOWARD: Nuveen Marks $2.3MM 1L Loan at 54% Off ------------------------------------------------------ Nuveen Churchill Direct Lending Corp. has marked its $2,351,000 loan extended to Smith & Howard Advisory LLC to market at $1,089,000 or 46% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Smith & Howard Advisory LLC. The loan accrues interest at a rate of 9.29% per annum. The loan matures on November 26, 2030. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Smith & Howard Advisory LLC Smith + Howard, your nationwide tax, accounting, advisory firm. SOLAR MOSAIC: Gets Court OK for Chapter 11 Plan Debt-for Equity --------------------------------------------------------------- Clara Geoghegan of Law360 reports that on Thursday, September 4, 2025, a Texas bankruptcy court signed off on Mosaic's reorganization plan, clearing the way for the solar panel financing company to hand control of its loan servicing operations to its secured lender after its Chapter 11 auction failed to attract offers. About Solar Mosaic Mosaic is an industry-leading fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient. On June 6, 2025, Mosaic Sustainable Finance Corporation and four affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90156). The cases are pending before the Honorable Christopher M. Lopez. The Company tapped Paul Hastings LLP as legal counsel, BRG for managing director Mark A. Renzi as chief restructuring officer, and C Street Advisory Group as strategic communications advisor. Kroll, formerly Prime Clerk LLC, is the claims agent. Blank Rome LLP is serving as legal counsel and Huron Consulting Group is serving as financial advisor to Forbright Bank. SOUTH FIELD: Moody's Affirms Ba3 Rating on Sec. Credit Facilities ----------------------------------------------------------------- Moody's Ratings has affirmed South Field Energy LLC's (SFE) Ba3 rating on its senior secured credit facilities following SFE's plan to increase the term loan by $50 million. The outlook is stable. Proceeds from the incremental term loan increase and excess cash that would have been used to reduce the term loan at the end of September 2025 will be distributed to equity and pay transaction expenses. The proposed $50 million increase will not count towards SFE's additional debt basket. RATINGS RATIONALE South Field Energy LLC's Ba3 rating considers the project's strong competitive position in PJM as a recently built combined cycle natural gas power plant, good prospects for strong financial results, and typical project finance 'B' loan protections. SFE's credit profile considers the project's single asset risk, an adequate liquidity profile, and the project's exposure to energy market commodity risks. SFE's credit quality is aided by long term service agreements (LTSAs) with a General Electric Company (GE) affiliate, known capacity prices through May 2027, and 'Ba' category financial metrics under the Moody's Case. Incorporating the additional debt, Moody's expects SFE will average Project CFO to Debt between 15-20% and debt service coverage ratio from 2.50x to 3.0x under the Moody7's Case that incorporates conservative assumptions. The credit profile recognizes the project's single asset risk and exposure to energy price risk and uncertain capacity prices post-May 2027 that represent the greatest risk drivers for the issuer's credit quality. Extreme volatility of the energy markets over the last five years highlight the uncertain nature of the power and natural gas markets. Moody's understands the current forward price curves for power and natural gas indicate robust potential energy margins for the project while the most recent capacity auction covering the June 2026 to May 2027 period resulted in another price increase to around $329/MW-day from around $270/MW-day for the prior period. Strong expected demand growth including new data centers, new manufacturing facilities, and electric vehicles are a major factor supporting the outlook for improving energy margins and the substantial capacity price increase. SFE has a rolling hedging program which should help to mitigate market volatility and contribute to greater cash flow certainty. Moody's understands the project has hedged around 48% of 2026's, 23% of 2027's, and 9.3% of 2028's expected generation. Moody's expects SFE will continue to roll forward its hedges and lock in energy margins on a laddered basis over time. RATING OUTLOOK The stable outlook considers SFE's rolling hedging program and Moody's expectations that the project will achieve average Project CFO to Debt of 15-20% and DSCR of 2.5x to 3.0x over the next several years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING SFE's rating could be upgraded if it is able to significantly extend hedging of energy and capacity or it is able to pay down debt greater than expected leading to DSCR of least 3.0x and Project CFO to Debt of above 20% on a sustained basis. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING The project's rating can be downgraded if it incurs a major unexpected outage which negatively impacts future financial performance or financial metrics are substantially weaker than expected leading to DSCR below 2.0x and Project CFO to Debt below 12% on a sustained basis. PROFILE SFE owns a 1,182 MW natural gas-fired combined cycle gas power plant located in Columbiana County, Ohio. The project utilizes GE's 7HA.02 technology and reached commercial operations in September 2021. Revenue for SFE is generated from power sold into PJM on a merchant basis and capacity sold into PJM's ATSI region. SFE's has multiple owners consisting of affiliates of Kyushu Electric Power Co., Inc, Idemitsu Kosan Co. Ltd, Development Bank of Japan Inc., ENEOS Corporation, Advanced Power AG, BCPG Public Company Ltd, Shikoku Electric Power Company, Inc, NH-Amundi, PIA and The Chugoku Electric Power Co, Inc. LIST OF AFFECTED RATINGS Issuer: South Field Energy LLC Affirmations: Senior Secured Bank Credit Facility, Affirmed Ba3 Outlook: Outlook, Remains Stable The principal methodology used in these ratings was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SOUTH REGENCY: Unsecured Creditors to Split $146K in Plan --------------------------------------------------------- South Regency Shops LLC filed with the U.S. Bankruptcy Court for the District of Kansas an Amended Combined Plan and Disclosure Statement dated August 28, 2025. Since 2023, the Debtor has been in the business of operating a shopping complex. The business became involved in a lease and construction dispute with Belle Vie Fitness, LLC and the parties went through the arbitration process and Bell Vie Fitness, LLC received an award. This case was filed shortly thereafter. Class 6 consists of General Unsecured Creditors. Total payments of $146,247.44 shall be disbursed pro rata by the Debtor, in cash, upon the later of the effective date of this Plan, or the date on which such claim is allowed by a final nonappealable order. No interest to be paid. Sonal Boot will not share in these payments. Class 4 consists of Equity Interests in the Debtor. Veeral Bhoot and Sonal Bhoot will retain their Equity interests in the Debtor. Sonal Bhoot will waive her unsecured claim upon confirmation of the Ch. 11 Plan. Sonal Boot has agreed that her claim of $572,640.28 will be treated as a capital contribution and as an infusion of capital and partial new value contribution. Veeral and Sonal Bhoot will also contribute no less than $228,429.02 to the Debtor for payment of Class 3 Commercial Sales, Inc. ($67,981.46), Class 4 Rodina Company, Inc. ($14,200.56), Class 6 Unsecured Creditors ($146,247.44), and any amount necessary to pay any administrative claims. A capital contribution from Veeral and Sonal Bhoot in the amount of $228,429.02 will be paid on the Effective Date. Cash flow from operations also will be a source of payment. The Debtor also will refinance the mortgage with Union Bank. A full-text copy of the Amended Combined Plan and Disclosure Statement dated August 28, 2025 is available at https://urlcurt.com/u?l=R5xjwW from PacerMonitor.com at no charge. Counsel to the Debtor: Colin N. Gotham, Esq. Evans & Mullinix, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 962-8700 Fax: (913) 962-8701 Email: cgotham@emlawkc.com About South Regency Shops South Regency Shops, LLC, owns a shopping center situated at 9296 Metcalf Avenue in Overland Park, Kan., with an estimated current value of $810,000. South Regency Shops filed a Chapter 11 petition (Bankr. D. Kan. Case No. 25-20140) on Feb. 10, 2025, listing total assets of $817,347 and total liabilities of $2,578,359. Judge Dale L. Somers handles the case. The Debtor is represented by Colin Gotham, Esq., at Evans & Mullinix, P.A. SOUTHERN POINT: To Sell Salford Equipment to Ron Goodman -------------------------------------------------------- Southern Point Planting Company LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Mississippi, to sell Equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor has made the decision to liquidate certain equipment in an effort to generate credits to pay the indebtedness of secured creditors. The Equipment to be sold is the Salford Pathfinder ST6 Fertilizer Applicator. The purchaser of the Equipment is Ron Goodman/Goodman Planting Co LLC and the purchase price for the Equipment is the payoff of the loan, or at east $11,500. The Purchaser is a good faith purchaser and the sale transaction is an arms-length transaction. The Debtor seeks to sell the Equipment free and clear of liens, claims and interests, with the valid liens and claims of Farm Credit Services of America (FCSA) to attach to the sale proceeds. Upon closing, all funds from the closing to be sufficient to fully pay FCSA and the remaining proceeds from the sale shall be placed in an interest-bearing escrow account by counsel for the Debtor, with the funds to be disbursed only upon further order of the Court. The Debtor requests that the Court approve the sale for the fair, reasonable, and appropriate price of the payoff of the loan, or at least $11,500. About Southern Point Planting Company Southern Point Planting Company LLC is a limited liability company based in Holly Bluff, Miss. Southern Point Planting Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-00090) on Jan. 11, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Judge Jamie A. Wilson handles the case. Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC, is the Debtor's bankruptcy counsel. SPIRIT AIRLINES: 2nd Chapter 11 Filing Tests Bankruptcy Feasibility ------------------------------------------------------------------- Angelica Serrano-Roman and James Nani of Bloomberg Law report that Spirit Airlines' second bankruptcy filing in less than a year highlights the limitations of Chapter 11's feasibility test, which is meant to prevent companies from returning to court too quickly. According to the report, the budget carrier sought Chapter 11 protection again on August 29, 2025 in New York, just 190 days after winning approval of its first restructuring plan. Spirit had eliminated about $800 million in debt during its initial case but avoided deeper cuts such as asset sales or fleet reductions -- moves it now intends to pursue. The quick turnaround underscores a growing wave of so-called "Chapter 22" filings, where companies re-enter bankruptcy after a failed reorganization. Recent examples include Rite Aid, Party City, and Rubio's Restaurants. Legal experts note that Chapter 11's feasibility standard doesn't guarantee long-term success, since courts rely on company projections and creditor support without requiring independent financial reviews. As a result, businesses often emerge with suboptimal capital structures that can unravel in changing market conditions. Spirit's initial restructuring was unusually swift, exiting Chapter 11 in just 114 days—well below the industry average of more than 500. While the expedited process reduced professional fees, it left little room for comprehensive operational changes. Analysts suggest Spirit's projections were overly optimistic, and the airline was already at risk of breaching liquidity covenants before its largest lessor, AerCap, issued a default notice. Market headwinds, including fare competition and weak leisure demand, further strained its recovery, according to Bloomberg Law. Experts warn that hasty bankruptcies often fail to deliver lasting stability. Companies that file again within a year of their first restructuring frequently end up in liquidation. Spirit's repeat filing also revives speculation about industry consolidation. The carrier previously rejected a merger with Frontier, while JetBlue’s $3.8 billion acquisition attempt collapsed last year. Selling assets or pursuing a merger remains a possibility, though analysts caution such moves may distract from critical restructuring work. Looking ahead, Spirit faces daunting odds. Research shows that most companies filing twice within five years ultimately fail within another five. For Spirit, the second bankruptcy may provide flexibility to cut deeper, shed aircraft leases, or sell assets more efficiently. Still, its survival hinges on making the hard operational changes it avoided the first time around. Without them, Spirit risks joining the list of airlines that never recovered from repeat bankruptcy. About Spirit Airlines Spirit Airlines, Inc. (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AIRLINES: Moody's Cuts CFR to Ca & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings downgraded Spirit Airlines, LLC's (Spirit) probability of default rating to D-PD from Caa3-PD and its corporate family rating to Ca from Caa3. At the same time, Moody's downgraded Spirit IP Cayman Ltd.'s (Spirit IP) backed senior secured rating to Ca from Caa3. Spirit's speculative grade liquidity rating was unchanged at SGL-4. The outlook changed to stable from negative. These actions reflect governance considerations associated with the company's announcement [1] that it filed for protection under Chapter 11 of the US Bankruptcy Code. This is Spirit's second bankruptcy filing in the past year. The company previously filed for bankruptcy in November 2024 following sustained operating losses driven in part by increased competition in Spirit's key markets, the grounding of aircraft due to Pratt & Whitney geared turbofan engine issues and the failed merger with JetBlue. The company restructured its debt during that bankruptcy but did not make material changes to its cost structure. RATINGS RATIONALE On August 29, 2025, Spirit filed voluntary petitions for Chapter 11 in the US Bankruptcy Court for the Southern District of New York. This follows notice from AerCap Holdings N.V. (AerCap, Baa1 stable) that asserts that certain events of default occurred under aircraft lease agreements between Spirit and AerCap. The leases are related to a direct lease transaction where affiliates of AerCap were to buy 36 aircraft scheduled for delivery between 2027 and 2028 which were a part of Spirit's orderbook. Upon delivery, AerCap was to lease the aircraft back to Spirit. Spirit disagrees with the assertion that an event of default has occurred or is continuing. If the company is unable to resolve the alleged events of default and termination under the aforementioned lease agreements, AerCap would have the right to terminate the leases and there would be associated termination fee of $2.1 million per aircraft that becomes due immediately. These payments would have further pressured Spirit's liquidity which has deteriorated given higher than expected cash burn relative to Moody's forecasst when Moody's assigned ratings to Spirit when it emerged from bankruptcy in March 2025. Prior to this bankruptcy filing, Moody's forecasts Spirit will burn more than $500 million of cash in 2025 due to weak domestic leisure demand, elevated domestic capacity and a challenging pricing environment. Moody's forecasts this amount of cash burn will result in the company violating its minimum liquidity covenant of $500 million as early as the end of 2025, barring any liquidity raises by the company. Also pressuring Spirit's liquidity is the requirement of additional collateral required by its credit card processor. Spirit entered into an amended agreement with its credit card processor which requires Spirit to transfer $50 million to a pledged account in favor the bank. Spirit also agreed to allow the bank to hold back up to $3 million per day until the bank's exposure is fully collateralized and allow the bank to remain fully collateralized as its exposure increases or decreases. In exchange, the agreement was extended to December 31, 2027 from December 31, 2025. Spirit reported unrestricted cash of $408 million at June 30, 2025 and fully drew down its unrated $275 million revolving credit facility in August. The company has few options to raise additional liquidity as all of its assets are encumbered. Subsequent to the actions, Moody's will withdraw all of its ratings and outlooks for Spirit and Spirit IP given the company's bankruptcy filing. 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. Spirit Airlines, Inc., headquartered in Dania Beach, Florida, is a leading low-cost US airline providing service to destinations throughout the US, Latin America and the Caribbean. Revenue was $4.4 billion for the 12 months ended June 30, 2025. SUMMIT BEHAVIORAL: Moody's Cuts CFR to 'Caa2', Outlook Stable ------------------------------------------------------------- Moody's Ratings downgraded Summit Behavioral Healthcare, LLC's corporate family rating to Caa2 from Caa1 and probability of default rating to D-PD from Caa1-PD, which Moody's will upgrade to Caa2-PD three business days following the close of the transaction. Moody's also downgraded the ratings on the senior secured first lien bank credit facilities, including the revolving credit facility and term loan, to Caa2 from Caa1. At the same time, Moody's assigned ratings to Summit Behavioral's proposed new debt instruments, including B2 ratings on the new senior secured first lien first-out credit facilities consisting of a revolving credit facility and term loan and a Caa3 rating on the new senior secured first lien second-out term loan. The outlook is stable. The rating action follows the restructuring of Summit Behavioral's capital structure, which Moody's considers a distressed exchange and default under Moody's definitions. The transaction consisted of an exchange at par of the company's existing debt, including the $177 million revolving credit facility and $790 million senior secured first lien term loan, and the raise of an additional $125 million new money first lien first-out term loan ($129 million inclusive of a PIK backstop premium). The downgrade reflects the company's increased debt balance and cash interest costs following the transaction, in addition to execution risk related to growing earnings and improving cash flow. Potential for additional pressure on revenue from government payors also creates risk to Moody's forward view of Summit's operations. The downgrade also reflects Moody's views of the recovery prospects in the event of subsequent transactions that Moody's considers a default. The stable outlook reflects Moody's views that Summit will maintain adequate liquidity and benefit from extended maturities post-transaction. RATINGS RATIONALE Summit's Caa2 CFR reflects the company's very high financial leverage, with debt/EBITDA that Moody's expects to remain above 10x over the next 12-18 months. The rating is constrained by the company's modest scale and narrow business focus on substance use disorder and acute psychiatric treatment. Additionally, Moody's views Summit's growth strategy as aggressive as it involves expansion through build-outs of new facilities and acquisitions, which have historically been funded through a combination of debt and cash flow. The rating is supported by Summit's reputation in the highly-fragmented substance use disorder treatment market, which Moody's views as having solid growth fundamentals. Summit's good geographic and customer diversity are also favorable to the rating. Moody's expects Summit to maintain adequate liquidity over the next 12-18 months. In 2025 and 2026, Moody's expects Summit will generate negative free cash flow after considering cash interest and capital investment. Pro forma for the close of the August 2025 exchange transaction, Summit will have about $142 million of availability on its $176.9 million revolving credit facility, providing some buffer for cash needs. The B2 ratings assigned to the first lien first-out credit facilities reflect their priority in the capital structure with significant loss absorption from the first lien second-out debt. The Caa3 rating assigned to the first lien second-out term loan reflects its subordination relative to the first lien first-out bank credit facilities. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental debt capacity up to (x) $50 million, permitted to be incurred pari passu in right of payment and security with the term loans (including first out and second out term loans) and revolving credit facility, subject to rights of first refusal and rights of first offer; plus debt incurred in connection with a permitted acquisition up to $25 million in the aggregate, subject to pro forma leverage of less than or equal to 1x consolidated secured net leverage ratio. There is no inside maturity sublimit. The credit agreement prohibits the designation of unrestricted subsidiaries, preventing collateral "leakage" to such subsidiaries. No domestic loan party may make any disposition of material intellectual property and material property to any non-credit party. Loan parties may enter into non-exclusive licenses with respect to any material intellectual property for bona fide business purposes and not in connection with a liability management transaction. The credit agreement provides some limitations on up-tiering transactions, requiring: (i) adversely affected first out term lender and revolving credit lender consent for amendments that subordinate or have the effect of subordinating the first out term loans or the revolving credit facility in right of payment or lien priority; and (ii) adversely affected second out term lender consent for amendments that subordinate or have the effect of subordinating the second out term loans in right of payment or lien priority. Incremental term loans may not be counted for determining voting thresholds if they are incurred simultaneously with such vote and for the purpose of influencing such voting threshold. Amendments authorizing the incurrence of additional debt in contemplation of or for the purpose of influencing voting thresholds require affected lender consent. Any intercompany debt owed to non-guarantors and any guarantees of debt of a non-guarantor by a loan party must be subordinated in right of payment and lien priority. The company cannot incur debt, grant liens, make investments, dispositions or exchanges in connection with certain liability management transactions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if there is a reduction in the likelihood of default and demonstrated improvement in liquidity and operating performance. The ratings could be downgraded if the likelihood of another transaction Moody's would deem a distressed exchange or default increased or if Moody's have a more negative view of recovery rates. Moody's could also consider a downgrade of the ratings if the company does not improve its operating performance and free cash flow generation. 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. Summit Behavioral Healthcare, LLC, headquartered in Franklin, TN, is a provider of substance use disorder (SUD) and acute psychiatric treatment. Summit operates 37 facilities in 20 states with a focus on inpatient, detox, residential and outpatient services. The company generated over $600 million revenue for the last twelve months ended June 30, 2025. Summit Behavioral Healthcare, LLC is owned by private equity firm Patient Square Capital. SUNNOVA ENERGY: Solaris and Affiliates Complete Purchase of Assets ------------------------------------------------------------------ Guillermo Molero of Bloomberg Law reports that Solaris Assets, together with affiliated entities formed by DIP lenders and GoodFinch Management, has acquired most of Sunnova Energy International's assets and business operations. As part of the court-approved sale, Solaris obtained Sunnova's residential solar operations and servicing platform along with its solar generation and storage assets. The purchase price was structured as a credit bid of the DIP loan, plus $25 million in cash and certain cure cost payments, according to Bloomberg Law. Sunnova's primary operations are set to transfer to SunStrong Management, a renewables asset manager overseeing energy industry investments, the report states. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNOCO LP: Moody's Rates New $1.7BB Unsecured Notes 'Ba1' --------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to Sunoco LP's (Sunoco) proposed $1.7 billion offering of senior unsecured notes and a Ba3 rating to Sunoco's proposed $1 billion perpetual preferred equity offering. Concurrently, Moody's affirmed Sunoco's Ba1 Corporate Family Rating and its Ba1-PD Probability of Default Rating and the Ba1 rating on its existing senior unsecured notes. Sunoco's SGL-2 Speculative Grade Liquidity (SGL) rating remains unchanged. Moody's also affirmed NuStar Logistics, L.P.'s (NSL) Ba1 backed senior unsecured notes ratings and Ba1 backed senior unsecured revenue bond rating issued by St. James (Parish of) LA. Sunoco and NSL rating outlook is stable. Sunoco intends to use the proceeds from its proposed notes and preferred equity offerings to partially fund its $9.3 billion acquisition of Parkland Corporation (Parkland, Ba2 review for upgrade). If the Parkland Acquisition is not completed on or prior to May 05, 2026 or, if prior to that date, Sunoco has determined it will be unable to close the acquisition by that date, Sunoco will be required to redeem the notes and preferred units, plus accrued and unpaid interest and distributions from the date of issuance. RATINGS RATIONALE Sunoco's Ba1 senior unsecured rating is the same as its CFR, reflecting the unsecured nature of its capital structure. Wholly-owned subsidiary NuStar Logistics L.P.'s (NSL) senior unsecured notes are rated Ba1, reflecting cross guarantees between Sunoco and NSL. The St. James (Parish of), LA revenue bonds are rated Ba1, reflecting Sunoco's guarantee. Moody's expects the capital structure to remain unsecured and that Parkland's debt will be pari passu with Sunoco's following completion of the acquisition, consistent with prior acquisitions. The Ba3 rating on Sunoco's proposed preferred unit issuance reflects the junior position of the security in the company's capital structure. Sunoco's Ba1 CFR benefits from its investment grade scale, a large operating footprint, and a strong measure of contracted pipeline and storage earnings that bring important diversification and margin stability to its legacy wholesale fuel distribution business. The pending acquisition of Calgary, Alberta-based Parkland expands Sunoco's wholesale distribution operations into Canada and the Caribbean and adds considerable scale. The acquisition received approval from Parkland's shareholders in June and awaits Canadian and other customary regulatory approvals, currently expected in the fourth quarter of 2025. Post-acquisition, Sunoco will be one of the largest distributors of motor fuels in North America, benefitting from the geographic reach and revenue stability of this business and the strength of its Sunoco retail brand in the US. The rating is constrained by Sunoco's elevated debt leverage and its exposure to fuel volume risk which leaves it vulnerable to shifts in market demand and the long-term secular decline in fuel consumption tied to efforts to decarbonize the global economy. The Parkland acquisition shifts Sunoco's business mix back toward wholesale fuel distribution, which heightens its business risk. Sunoco's debt/EBITDA of 4.7x, including Moody's standard debt adjustments and pro forma for the closing of the acquisition which is expected in the fourth quarter of 2025, will exceed Moody's 4.5x downgrade threshold. The company has identified substantial synergies it expects to realize post-acquisition through a mix of cost reductions and commercial opportunities that will allow Sunoco to reduce leverage to 4.4x by year-end 2026 under mid-cycle fuel margin assumptions, with additional deleveraging likely in 2027. The company has a good track record of delivering acquisition-related synergies, most notably its 2024 $7.3 billion acquisition of NuStar Energy L.P. in which it was able to execute its cost reduction and commercial plans in a manner that allowed it to return its financial leverage to pre-acquisition levels well ahead of schedule. Moody's expects that Sunoco will continue to be acquisitive, with an appetite for logistics assets such as terminals and storage tanks that support the distribution business in the company's more attractive markets. However, Moody's expects that Sunoco will adhere to its stated long-term leverage target of 4x (about 4.3x including Moody's standard operating lease adjustments) and that acquisitions will be paced and funded in a way that doesn't cause adjusted leverage to be sustained above 4.5x. Moody's regards Sunoco as having good liquidity as indicated by its SGL-2 Speculative Grade Liquidity rating, principally a function of its approximately $1.2 billion of availability under its $1.5 billion unsecured revolving credit facility, at June 30, 2025. The facility is primarily used to fund acquisitions and Sunoco periodically issues notes to term out borrowings. Moody's don't expect the company to rely on its revolver in any material way to fund operations (other than temporary working capital swings) or its capital program as Moody's forecasts Sunoco to generate positive free cash flow. The credit facility requires Sunoco to maintain a net leverage ratio of not more than 5.5x and interest coverage of not less than 2.25x, both of which Moody's expects the company to comfortably comply. Sunoco's next debt maturities are NSL's $500 million notes issue in June 2026 and a $550 million NSL issue in April 2027, all of which Moody's expects Sunoco to address in the normal course. The revolver expires in 2030. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Sunoco's growth and acquisition activity resumes a midstream bias, and its adjusted debt/EBITDA approaches 3.75x while maintaining strong distribution coverage. The ratings could be downgraded if adjusted leverage is consistently above 4.5x and distribution coverage is maintained below 1.2x. Sunoco is a diversified midstream master limited partnership with a large motor fuel distribution network and crude oil, refined products, renewable fuels, and ammonia pipeline, storage and terminalling operations. Sunoco's general partner is owned by Energy Transfer LP (ET). Following the closing of the Parkland acquisition, ET will also own 15% of SUN's common units. Sunoco is headquartered in Dallas, Texas. The principal methodology used in these ratings was Midstream Energy published in February 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. SUNOCO LP: S&P Rates Proposed $850MM Senior Unsecured Notes 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned a 'BB+' issue-level rating to Sunoco LP's proposed $850 million senior unsecured notes due 2031 and $850 million senior unsecured notes due 3034. The recovery rating is '3', indicating its expectation for meaningful (50%-70%; rounded estimate 60%) recovery in the event of a default. S&P also assigned a 'B+' issue-level rating to Sunoco's proposed $1.0 billion preferred equity. The company will use proceeds from the issuance to finance the Parkland acquisition. S&P said, "We have assessed the proposed preferred equity as having no equity content at this time given its mandatory redemption requirement if the Parkland transaction does not close, resulting in the issuance not meeting the conditions of permanence for intermediate equity content. We believe the notes will have intermediate equity content as soon as the acquisition of Parkland takes place until their first reset date, which we understand will be no earlier than five years from issuance. The issuance meets our criteria in terms of subordination, deferability, permanence (after acquisition close), and management intent. "We derive the 'B+' issue-level rating on the proposed preferred issuance by notching down from our 'BB+' issuer credit rating. The three-notch difference reflects a two-notch deduction for subordination and one notch for deferability. "Sunoco LP does not have any secured debt. We assume the pari passu revolving credit facility is 85% drawn at default." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a prolonged period of intense competition in the wholesale distribution business that significantly compresses the company's margins, along with a decline in the demand for motor fuels such that its volume of refined products sold declines considerably. -- S&P also considers reduced fee-based revenue from the midstream pipeline assets, due to reduced production volumes in the basins served by the company's assets, most likely due to a prolonged period of weak crude and natural gas prices. This assumes shippers would exhibit financial difficulties and be unable to pay the firm reservation charges on the pipeline utilized. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $1,069 million -- EBITDA multiple: 7x Simplified waterfall -- Net enterprise value (after 5% administration costs): Approximately $7.1 billion -- Senior unsecured debt: Approximately $11.6 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) Note: All debt amounts include six months of prepetition interest. TALLGRASS ENERGY: Moody's Rates New $600MM Unsecured Notes 'B1' --------------------------------------------------------------- Moody's Ratings assigned a B1 rating to Tallgrass Energy Partners, LP's (Tallgrass) proposed $600 million senior unsecured notes due 2034. All other ratings of Tallgrass, its parent company, Prairie Acquiror LP (Prairie), and wholly-owned subsidiary Rockies Express Pipeline LLC (REX) are unchanged, including Prairie's B1 Corporate Family Rating. The negative outlook is also unchanged. Tallgrass intends to use the proceeds of the proposed senior notes issuance to redeem all of the $430 million aggregate outstanding principal of its 2027 senior unsecured notes issue and repay a portion of the outstanding balance on its revolving credit facility. RATINGS RATIONALE Tallgrass is a wholly-owned subsidiary of Prairie through which Prairie conducts its operations. Tallgrass's senior unsecured notes are rated B1, the same as Prairie's B1 CFR. Although the notes are subordinated to Tallgrass's $1.5 billion senior secured revolving credit facility (unrated), the notes have a priority claim to the assets over Prairie's $1.04 billion backed senior secured term loan due 2029. Prairie's term loan is rated B3, two notches below its CFR reflecting the term loan's structural subordination to Tallgrass's revolving credit facility and unsecured notes. Prairie's term loan is secured primarily by its equity ownership interests in Tallgrass and is the most junior debt in the consolidated capital structure. Prairie's CFR is constrained by its high financial leverage including Prairie's term loan, debt at Tallgrass and indirect subsidiary Rockies Express Pipeline LLC's (REX, Ba2 negative) debt. Leverage has remained high following Prairie's take-private acquisition of Tallgrass Energy, LP (TGE, Prairie's parent, unrated) in early 2020. Although leverage has gradually improved in recent years, Moody's expects it to increase above Moody's 7.5x downgrade threshold for two to three quarters as Tallgrass funds conversion of its Trailblazer natural gas pipeline to a carbon dioxide transmission and sequestration system. Prairie benefits from its meaningful size, its predominantly interstate pipeline asset base with cash flow from long-term firm transportation contracts and some earnings diversification. Prairie will continue to maintain adequate liquidity through 2026. Tallgrass maintains a $1.5 billion revolving credit facility under which it had more than $750 million available at June 30, 2025. With the redemption of the 2027 notes, the expiration date for Tallgrass's revolver will move to October 15, 2027. Tallgrass's revolver has three financial covenants including a maximum debt/EBITDA of 5.5x, a senior secured leverage covenant of 3.5x, and a minimum EBITDA/interest of 2.5x (all covenants determined at the Tallgrass level, excluding Prairie and REX debt). Moody's expects Tallgrass will maintain compliance with these covenants through 2026. Following redemption of the 2027 notes, Tallgrass's next maturity will be its $750 million notes issue due January 2028. Prairie's negative outlook reflects the increased debt and related execution risks of Tallgrass' $1.7 billion project to convert a portion of its Trailblazer natural gas pipeline to a CO2 pipeline and build out supporting infrastructure for a carbon capture and sequestration system. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Ratings could be downgraded if Prairie's consolidated debt/EBITDA is sustained above 7.5x and does not decline as projected following the completion of the Trailblazer CO2 conversion project, the project incurs material delays or cost overruns, or distribution policy becomes more aggressive. Although unlikely in the near term, an upgrade would be considered once consolidated debt/EBITDA is maintained below 7x. Prairie, through its ownership of Tallgrass, provides crude oil transportation, natural gas transportation and storage, processing and water business services for customers in the Rocky Mountain, Appalachian, Midwest, and West Coast regions of the United States. The principal methodology used in this rating was Midstream Energy published in February 2022. TAU BUYER: Nuveen Churchill Marks $1.7MM Loan at 93% Off -------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $1,720,000 loan extended to Tau Buyer, LLC to market at $117,000 or 7% of the outstanding amount, according to Nuveen'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 Revolving Loan to Tau Buyer, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on February 2, 2032. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Tau Buyer, LLC Tau Buyer's primary industry is Other Business products and services. TAU BUYER: Nuveen Churchill Marks $3.4MM 1L Loan at 75% Off ----------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $3,427,000 loan extended to Tau Buyer, LLC to market at $867,000 or 25% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Tau Buyer, LLC. The loan accrues interest at a rate of 9.05% (Cash) 3.75% (PIK) per annum. The loan matures on February 2, 2032. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Tau Buyer, LLC Tau Buyer's primary industry is Other Business products and services. TBRS INC: Nuveen Churchill Marks $2.2MM 1L Loan at 63% Off ---------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $2,209,000 loan extended to TBRS, Inc. to market at $812,000 or 37% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to TBRS, Inc. The loan accrues interest at a rate of 9.08% per annum. The loan matures on November 22, 2031. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About TBRS, Inc. TBRS, Inc. is engaged in building alterations, demolition contracting services. TBRS INC: Nuveen Churchill Virtually Writes Off $1.4MM Loan ----------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $1,406,000 loan extended to TBRS, Inc. to market at $57,000 or 4% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a Revolving Loan to TBRS, Inc. The loan accrues interest at a rate of 9.08% per annum. The loan matures on November 22, 2030. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About TBRS, Inc. TBRS, Inc. is engaged in building alterations, demolition contracting services. TEDNOLOGIES INC: Seeks Voluntary Chapter 7 Bankruptcy in Alaska --------------------------------------------------------------- On August 26, 2025, Tednologies Inc. entered Chapter 7 bankruptcy in the District of Alaska. Court documents show the company's assets and debts both fall within the $1 million to $10 million range. Tednologies listed between 1 and 49 creditors. About Tednologies Inc. Tednologies Inc. operates as an aviation-focused cold chain logistics company, providing specialized delivery solutions for temperature-sensitive goods. Its services include transporting products such as Alaskan seafood and pharmaceuticals in custom-designed logistics containers tailored to real-world shipping requirements. Tednologies Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Alaska Case No.25-00143) on August 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jeff Carney, Esq. TELEPHONE AND DATA: Fitch Affirms BB+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Telephone and Data Systems, Inc.'s (TDS) and its subsidiary, Array Digital Infrastructure, Inc.'s (formerly United States Cellular Corporation) Long-Term Issuer Default Ratings (IDRs) at 'BB+'. Additionally, Fitch has removed the ratings from Rating Watch Negative (RWN) and assigned Stable Rating Outlooks. Fitch has also affirmed both companies' senior unsecured debt at 'BB+' with a Recovery Rating of 'RR4' and TDS' preferred stock ratings at 'BB-'/'RR6', and removed them from RWN. The ratings reflect a conservative financial profile (combined company), telecom growth opportunities, diversification from the tower business and wireless partnerships, and the ability to fund growth capital expenditures with significant asset-sale proceeds over the next 12 months. Offsetting factors include the diminished scale of the go-forward business and expected near-term FCF deficits. Fitch is withdrawing the instrument ratings on TDS's $200 million unsecured term loan due 2028 and Array's $300 million unsecured term loan due 2028 as they were repaid upon the T-Mobile Transaction. Key Rating Drivers Lower Scale Post-Wireless Sale: TDS has lost significant scale from the sale of Array's wireless operations. Array's wireless business contributed about $3.8 billion in revenue and $0.8 billion in EBITDA (~70% of that subsidiary's EBITDA) in 2024. In May 2024, TDS announced that Array has entered into an agreement to sell its wireless operations, and certain spectrum assets to T-Mobile USA (T-Mobile). The $4.3 billion total consideration, payable in cash, was decreased by the $1.68 billion of Array's debt assumed by T-Mobile. The transaction closed in August 2025. Array will retain the tower business (about $200 million in revenue, including T-Mobile leases) and equity partnerships (about $155 million of distributions from partnerships). Conservative Proforma Financial Policy: TDS intends to maintain Array's leverage near 3x, implying Fitch-calculated leverage at TDS of about 2x. Fitch includes $555 million of preferred stock ($1.1 billion notional with 50% equity credit) in TDS's total debt. Array has repaid all its bank debt, including term loans, export credit financing agreement, receivable securitization agreement and RCF ($870 million outstanding as of 1Q25 end) with proceeds from T-Mobile. After paying about $275 million of cash taxes and $140 million-$170 million of transaction and other cash costs, Array distributed ~$1.6bn to TDS through a special dividend. TDS has paid down nearly all of the debt at the parent level ($1.2 billion as of 1Q25 end), leaving only $1.1 billion of preferred stock outstanding and $150m Export Development Loan. The $364 million secured notes at Array that do not exchange in T-Mobile's exchange offer will remain outstanding at Array. Fitch believes the company will continue to maintain a conservative financial policy and manage leverage at stated targets. Spectrum Enhances Financial Flexibility: TDS has announced two separate transactions for the sale of certain wireless spectrum assets, not included in the T-Mobile transaction, to AT&T and Verizon. The combined gross proceeds from these transactions are $2.018 billion, with an expected close of 2H25 and 3Q26 respectively. This is part of TDS's strategy to monetize their remaining spectrum. Fitch believes the announced spectrum transactions and any such future transaction provide significant financial flexibility for TDS to fund its fiber build program, potential M&A and/or shareholder returns. Fitch estimates the book value of retained spectrum at about $1.8 billion. Sufficient Liquidity Profile: TDS and Array's ratings reflect increased financial flexibility over the forecast, supported by ample liquidity from net proceeds from the sale of the wireless business, sale of wireless spectrum to AT&T and Verizon, significant debt reduction leading to improved leverage and coverage metrics, and reduced dividends commensurate with the business's new operating scale. FCF deficits are high due to increased fiber-related capex. However, Fitch believes the company has sufficient financially flexibility due to high success-based capex and sale proceeds from announced transactions that will essentially fund the fiber build program. Asset Base Provides Flexibility: Thes tower portfolio and equity partnerships represent additional sources of financial flexibility should the need arise as the company pursues growth investments. Parent Subsidiary Linkage: Fitch links the ratings of TDS and Array, based on a strong subsidiary/weak parent approach. The linkage incorporates TDS's significant ownership (83%) and control of Array and 'open' legal ring fencing under Fitch's criteria. Fitch analyzes each company's IDR based on TDS' consolidated financial profile. Peer Analysis Fitch-rated investment-grade telecom peers for TDS include AT&T Inc. (BBB+/RWN) and Verizon Communications Inc. (A-/Stable), both national wireless and wireline providers. These peers are much larger than TDS and benefit from broader geographic and service-level diversification. In cable, Comcast Corporation (A-/Stable) and Charter Communications Inc. (BB+/Positive Watch) are also far larger, with leading market positions and diversification across telecom and media assets. TDS is comparable with rural-focused incumbent wireline provider Frontier Communications Holdings, LLC. (B+/Positive Watch) and Cincinnati Bell (B/Stable). However, comparatively TDS has lower leverage (on an adjusted basis) and greater financial flexibility than these companies. Array competes with tower market leaders American Tower Corporation (BBB+/Stable), Crown Castle Inc. (BBB+/RWN) and SBA Communications, which are far larger and have better geographic or product diversification. Key Assumptions - $2.018 billion gross proceeds from wireless spectrum sales, partly received in 2025 and partly in 2026. - Pro forma revenue will include approximately $200 million of steady state tower revenue at Array. TDS Telecom revenue is expected to grow in low to mid-single digits over the forecast, except in 2025 where revenue is expected to decline slightly due to impact of divestitures and moderation in ARPU growth. - Overall EBITDA margins to increase over the forecast largely due to the higher margin tower business in the remaining Array and higher EBITDA margins at TDS Telecom. - Dividends at TDS of $18 million-$20 million. - Capex intensity at TDS Telecom in mid-40% - Fitch provides 50% equity credit to TDS's preferred stock. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Consolidated EBITDA leverage sustained above 2.5x; - Sustained FCF deficits. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch does not anticipate a positive rating action in the near term given projected consolidated FCF deficits - Consolidated EBITDA leverage sustained below 2.0x and sustained positive consolidated FCF could lead Fitch to reassess the ratings Liquidity and Debt Structure As of June 30, 2025, TDS has a cash balance of $540 million. Array holds approximately $386 million of this amount. The company has a combined availability of approximately $699 million, net of letters of credit, on the revolvers at TDS and Array. Array repaid most of its debt with proceeds from the sale of its wireless operations to T-Mobile and via exchanges into T-Mobile debt, including bank debt, the ECF, the receivables securitization facility and the RCF. The $325 million outstanding term loan with Cobank remains with Array. TDS used the August 2025 special dividend from Array to repay in full its $1.2 billion of bank debt. The $150 million ECF is the only debt remaining in TDS's capital structure. After the sale of Array's wireless operations, TDS's and Array's revolving credit facilities mature 270 days after closing, on April 28, 2026. At the close of the AT&T spectrum sale, Array's RCF capacity falls to $150 million. During 2021, TDS issued approximately $1.11 billion of perpetual preferred stock in two separate series. The company used the proceeds from preferred stock issuances to redeem all its outstanding notes. Fitch provides 50% equity credit to the preferred stock. Issuer Profile TDS is a diversified U.S. telecom company that passes roughly 1.8 million homes. After selling US Cellular's wireless business to T-Mobile, its 83%-owned Array Digital Infrastructure comprises 4,400 owned cell towers, non-controlling equity investments and wireless spectrum holdings in its asset base. Summary of Financial Adjustments Fitch provides 50% equity credit to TDS's preferred stock. Fitch applied a 3.0x debt-to-equity multiple when adjusting for outstanding EIP receivables related to USM's financial services operations in 2024. 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 Telephone and Data Systems, Inc. has an ESG Relevance Score of '4' for Governance Structure due to its ownership/voting control concentration by the Carlson family, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Telephone and Data Systems, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior unsecured LT WD Withdrawn BB+ preferred LT BB- Affirmed RR6 BB- Array Digital Infrastructure, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior unsecured LT WD Withdrawn BB+ TIDI LEGACY: Nuveen Churchill Virtually Writes Off $4MM Loan ------------------------------------------------------------ Nuveen Churchill Direct Lending Corp. has marked its $4,085,000 loan extended to Tidi Legacy Products, Inc. to market at $41,000 or 1% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Tidi Legacy Products, Inc. The loan accrues interest at a rate of 8.83% per annum. The loan matures on December 19, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Tidi Legacy Products, Inc. TIDI Products is committed to providing industry-leading medical products that support caregivers and protect patients. TPI COMPOSITES: Creditors Object to Financing --------------------------------------------- Randi Love of Bloomberg Law reports that the junior creditors of wind turbine blade manufacturer TPI Composites Inc. opposed terms of an $82.5 million financing agreement, saying it would give lenders "excessive control." According to Bloomberg Law, funds affiliated with Oaktree Capital Management LP make up the senior secured lenders who agreed to provide the loan, which the creditors said is "rife with self-interest” and should be modified before it’s approved on a final basis, an unsecured creditors committee said in a Friday filing in the US Bankruptcy Court for the Southern District of Texas. Oaktree is in line to take over the company through the Chapter 11 case, the report states. About TPI Composites Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP TRUDELL DOCTOR: Unsecured Creditors to Split $3K in Plan -------------------------------------------------------- Trudell Doctor, MD and Associates, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan dated August 27, 2025. The Debtor was formed on May 26, 2022by Trudell A. Doctor, M.D. Dr. Trudell Doctor is a Board-certified traditional family physician with over 15 years of experience in outpatient and inpatient medicine. This bankruptcy was necessitated when the Debtor was sold various equipment used for aesthetic purposes. BTL Aesthetics and/or BTL Industries, Inc., sold equipment to the Debtor and a non-debtor entity with representations that the Debtor would serve as a "flagship." Little to no revenue was generated from the use of the equipment. BTL used 4 different financing companies and there was a complete refusal to accept the surrender of the equipment without the Debtor and non-debtor companies incurring a substantial liability. This bankruptcy followed. The Debtor asserts that it will have sufficient funds in its Debtor-in-Possession account to pay the unsecured claims in full within 180-days after confirmation. At the time of the filing of this Plan, the Debtor has $376,134.29 cash in the Debtor-in Possession account and authorized pre-petition accounts. If the claim of Dext Capital, LLC is allowed, then the Debtor has sufficient income to pay all claims in full over 5 years. Further, the Debtor will amend and provide for projections. Currently, the Debtor asserts that the funds in the Debtor-in--Possession account are sufficient to pay all creditors, including administrative creditors, in full 60 days after the effective date of the Court sustains the objections. Class 1 consists of the non-priority claims of the Debtor. The Debtor shall pay non-priority unsecured creditors the aggregate sum of $3,330.00 in lump sum within 60 days after the effective date of the Plan if all objections to claims are sustained. If any of the objections to claims are overruled, then timely filed allowed unsecured creditors will be paid in full, without interest, over 5 years in equal installments on a monthly basis for 5 years starting no later than the 30th day after the effective date. If the objections to claims are sustained, then Class 1 is unimpaired. If any of the objections to claims are overruled, in whole or in part, then Class 1 is impaired. If Class 1 is not being paid in full and Class 1 has not accepted the Plan, then the Debtor shall provide projections as part of any contested confirmation process under Section 1191(b) to demonstrate that confirmation is fair and equitable. A full-text copy of the Subchapter V Plan dated August 27, 2025 is available at https://urlcurt.com/u?l=2eokOF from PacerMonitor.com at no charge. Counsel to the Debtor: Alan Crane, Esq. Furr & Cohen, PA 2255 Glades Road, Suite 419A Boca Raton, FL 33431 Telephone: (561) 395-0500 Facsimile: (561) 338-7532 Email: acrane@furrcohen.com About Trudell Doctor, MD and Associates LLC Trudell Doctor, MD and Associates LLC is a family medicine clinic based in Boynton Beach, Florida. It provides primary care services to patients aged 16 and older, including in-person and telehealth visits. The practice offers treatments in women's health, hormone therapy, geriatric and adult medicine, sports medicine, and aesthetics. Trudell Doctor, MD and Associates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16054) on May 5, 2025. In its petition, the Debtor reports total assets of $540,710 and total liabilities of $1,066,428. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Alan R. Crane, Esq., at Furr & Cohen, PA. TSS BUYER: Nuveen Churchill Marks $6.3MM 1L Loan at 17% Off ----------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $6,334,000 loan extended to TSS Buyer, LLC (Technical Safety Services) to market at $5,264,000 or 83% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to TSS Buyer, LLC (Technical Safety Services). The loan accrues interest at a rate of 9.93% per annum. The loan matures on June 22, 2029. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About TSS Buyer, LLC (Technical Safety Services) TSS Buyer, LLC (Technical Safety Services) provides technical safety services, possibly including commissioning and regulatory compliance for various industries, such as the life sciences sector. USA WATER: Nuveen Churchill Marks $3MM 1L Loan at 50% Off --------------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $3,033,000 loan extended to USA Water Intermediate Holdings, LLC to market at $1,521,000 or 50% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to USA Water Intermediate Holdings, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on February 21, 2031. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About USA Water Intermediate Holdings, LLC USA Water Holdings brings expertise in water and wastewater operations and maintenance services, infrastructure development, technology and management. VENTURE BUYER: Nuveen Marks $1.2MM 1L Loan at 83% Off ----------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $1,284,000 loan extended to Venture Buyer, LLC (Velosio) to market at $224,000 or 17% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Venture Buyer, LLC (Velosio). The loan accrues interest at a rate of 9.58% per annum. The loan matures on March 1, 2030. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Venture Buyer, LLC (Velosio) Venture Buyer, LLC is the holding company that owns Velosio, a Microsoft Dynamics and cloud solutions partner that provides digital transformation services for midmarket companies, including ERP, CRM, business intelligence, and productivity solutions, with services ranging from implementation and managed services to rescue and recovery of failing projects. VESSCO MIDCO: Nuveen Marks $4.5MM 1L Loan at 62% Off ---------------------------------------------------- Nuveen Churchill Direct Lending Corp. has marked its $4,569,000 loan extended to Vessco Midco Holdings, LLC to market at $1,740,000 or 38% of the outstanding amount, according to Nuveen's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Nuveen is a participant in a First Lien Debt (Delayed Draw) to Vessco Midco Holdings, LLC. The loan accrues interest at a rate of 9.04% per annum. The loan matures on July 24, 2031. Nuveen, a Maryland corporation is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Nuveen is led by Kenneth Kencel as President and Chief Executive Officer and Shai Vichness as Chief Financial Officer and Treasurer. The Company can be reach through: Kenneth Kencel 375 Park Avenue, 9th Floor New York, NY 10152 Telephone: (212) 478-9200 About Vessco Midco Holdings, LLC Vessco, Inc. serves the municipal and industrial water treatment markets in Minnesota, North Dakota, South Dakota, Iowa and Nebraska. VICTORY CAPITAL: Moody's Rates New First Lien Loans 'Ba1' --------------------------------------------------------- Moody's Ratings has assigned a Ba1 rating to Victory Capital Holdings, Inc.'s (Victory or the company) newly issued senior secured first lien term loan B and senior secured first lien revolving credit facility. Victory's corporate family rating and probability of default rating remain unchanged following the company's planned amend-and-extend (A&E) of its bank credit facility. The outlook is positive. On September 2, 2025, Victory launched an A&E transaction on its existing $985 million term loan, extending the maturity to 2032 from 2026 and 2028 for its original and incremental term loans, respectively. The company's $100 million revolving credit facility will also be extended out by 4 years to 2030. The A&E is credit positive, as it improves the company's debt maturity profile. The key terms and conditions of the credit agreement are expected to remain unchanged, preserving its covenant-lite structure. RATINGS RATIONALE Victory's Ba1 senior secured debt rating reflects its modest financial leverage, strong profitability, and solid cash flow generation. These strengths are offset by ongoing asset redemptions, earnings sensitivity to broad financial markets, and a significant exposure to retail distribution channels, which constrain the rating and introduce volatility to the firm's revenue and asset base. The positive outlook on the ratings reflects stronger-than-expected inflows into the company's ETF platform and Moody's expectations that its strategic partnership with Amundi SA will enhance its competitive positioning and support organic asset growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Victory's ratings could be upgraded if net asset inflows result in meaningful organic growth that improves the company's asset resiliency scores; or financial leverage, based on Moody's standard adjustments, is sustained below 2.0 times debt-to-EBITDA; or there is a significant improvement to the company's geographic diversification. Conversely, factors that could result in the return of the outlook back to stable or a ratings downgrade include net client redemptions in excess of 2% of managed assets; or financial leverage, based on Moody's standard adjustments, is sustained above 3.0 times debt-to-EBITDA; or a deterioration in profitability such that GAAP pretax income margins fall below 25%. The principal methodology used in these ratings was Asset Managers published in May 2024. VIRTUS INVESTMENT: S&P Assigns 'BB+' Rating on New Term Loan B -------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Virtus Investment Partners Inc.'s (BB+/Stable/--) proposed $400 million senior secured term loan B due 2032. The '3' recovery rating indicates S&P's expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. Virtus will use the proceeds from the term loan offering to repurchase, repay, redeem, or otherwise retire all of its outstanding $235 million senior secured term loan B due September 2028 and for general corporate purposes. The $165 million increase in Virtus' debt balance does not impact the rating, as S&P expects leverage to remain below 2.0x. The downside threshold for the rating is leverage above 3.0x. S&P's stable rating outlook on Virtus reflects its expectation that it will operate with weighted-average debt to adjusted EBITDA around 1.5x in the next 12 months, while it seeks to grow assets under management organically and potentially through additional mergers and acquisitions. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's recovery analysis includes the company's $250 million senior secured revolving credit facility due 2030 and its $400 million senior secured term loan due 2032. -- S&P applies a 5.0x multiple for all asset managers because it believes this represents an average multiple for asset managers emerging from a default scenario. Simulated default assumptions -- S&P's simulated default scenario includes poor investment performance or market depreciation leading to a substantial reduction of AUM and a decline in EBITDA sufficient to trigger a payment default. Simplified waterfall -- Emergence EBITDA: $86 million -- Multiple: 5.0x -- Gross recovery value: $428 million -- Net recovery value for waterfall after 5% administrative expenses: $407 million -- Obligor/nonobligor valuation split: 100%/0% -- Estimated priority claims: None -- Remaining recovery value: $407 million -- Estimated first-lien claim: $614 million -- Value available for first-lien claim: $407 million --Recovery range: 65% All amounts include six months of prepetition interest. WALKER EDISON: Blue Owl Virtually Writes Off $21.1MM Loan --------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its $21,144,000 loan extended to Walker Edison Furniture Company LLC to market at $1,180,000 or 6% of the outstanding amount, according to Blue Owl's Form 10-Q for the period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a first lien senior secured loan to Walker Edison Furniture Company LLC. The loan accrues interest at a rate of zero per annum. The loan matures on March 2027. Blue Owl is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue, New York, NY 10022 Telephone: (212) 419-3000 About Walker Edison Furniture Company LLC Walker Edison Furniture Company LLC provides furniture online. The Company offers coffee desks, dining tables and chairs, bar cabinets, bunk and metal beds. WATCO COMPANIES: Moody's Affirms B2 CFR & Hikes Unsec. Notes to B3 ------------------------------------------------------------------ Moody's Ratings upgraded the rating of Watco Companies, L.L.C.'s (Watco) senior unsecured notes to B3 from Caa1 and assigned a B3 rating to the company's proposed $250 million senior unsecured notes add-on. Concurrently, Moody's affirmed the company's B2 corporate family rating and B2-PD probability of default rating. The outlook remains positive. The $250 million notes will be an add-on to the company's existing $700 million senior unsecured notes due 2032. Proceeds from the add-on notes offering will be used to repay borrowings under the company's revolving credit facility and redeem the remaining $60 million of senior unsecured notes due 2027. The transaction is leverage neutral and provides Watco with additional liquidity to fund growth initiatives, including acquisitions. Moody's will withdraw the rating on the senior unsecured notes due 2027 once the transaction closes. The upgrade of Watco's senior unsecured rating to B3 reflects the resulting shift to unsecured debt from secured debt in the composition of the capital structure and Moody's views of improved recovery for unsecured debt holders. RATINGS RATIONALE The B2 corporate family rating of Watco reflects the company's diversified revenue base comprising rail transportation services, terminal and ports operations and logistics services. Watco's network of short line railroads and terminal operations transport a diversified freight mix that mitigates the company's sensitivity to demand volatility in any single freight commodity. Further, the company maintains cost-indexing and repricing mechanisms in many of its contracts across a broad customer base. These characteristics help Watco maintain relative stability through various economic cycles. Despite favorable profitability in its rail and terminal and ports operations, the company's consolidated operating margin is modest, in part weighed down by the inherently lower profit margin of the logistics business. Further, Watco's investments in expansion projects, including acquisitions, can result in significant funding needs. This can cause financial leverage to be elevated at times. However, Watco has demonstrated a willingness and an ability to issue either common or preferred equity to fund growth investments and acquisitions. Moody's expects debt/EBITDA to be around 5.5x in 2025 before improving to below 5.0x in 2026. Total debt includes non-recourse debt and excludes preferred equity. Moody's expects Watco's liquidity to be adequate, despite the recurrence of negative free cash flow because of significant investments related to the company's growth opportunities. Net cash flow excluding discretionary capital expenditures is typically positive, however, and contributes moderately to the funding of discretionary investments. Moody's expects free cash flow to turn positive in 2026 as capex spending subsides. Pro forma for the transaction, availability under Watco's $1 billion revolving credit facility expiring 2029 will be about $500 million, but Moody's expects the company's availability to reduce to fund near-term acquisitions. Moody's expects the company to maintain at least $300 million of availability at all times. The positive outlook reflects Moody's expectations that Watco's operating margin will improve and debt/EBITDA will decline below 5x over the next 12 months, supported by equity contributions rather than debt to fund growth initiatives. The positive outlook also reflects Watco's demonstrated ability to contend with economic downturns. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's expects the operating margin to be sustained above 7%, funds from operations/debt to be comfortably above 12.5%, while debt/EBITDA is maintained below 5x. An increasing ability to fund growth in operations with cash flow, measured by cash from operations minus maintenance capital expenditures, is also a consideration for a ratings upgrade. The ratings could be downgraded if Moody's expects that elevated capital expenditures or a weakening of business conditions cause debt/EBITDA to exceed 6x, the operating margin will be less than 5%, or that funds from operations/debt will be less than 10%. The ratings could also be downgraded if availability under the revolving credit facility becomes constrained, including if less than $100 million is available at a time when free cash flow remains negative, or if covenant headroom diminishes. The principal methodology used in these ratings was Surface Transportation and Logistics 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. Watco Companies, L.L.C. is the second largest short line railroad operator in the US In addition to rail transportation services, the company provides terminal and port services, as well as supply chain services. Revenue was $1.7 billion for the twelve month period ended June 2025. WILCOV HOLDINGS: Unsecureds to Split $8,700 over 36 Months ---------------------------------------------------------- Wilcov Holdings Inc. filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated August 28, 2025. The Debtor is a real estate holding company owned and operated by Adrienne Williford and Oliver Williford, wherein Wilcov Holdings, Inc. was formed on May 4, 2015. The Debtor owns three small separate commercial properties located in Georgia. One property is located at 5610 Old National Highway, College Park, Georgia 30349 ("College Park" property), the second property is located at 4849 Mercer University Drive, Macon, Georgia 31210 ("Macon" property), and the third property is located at 827 Highway 138 SW, Riverdale, Georgia 30296 ("Riverdale" property). The Debtor's business comprises renting space in said three commercial properties. For part of 2023, the Debtor generated enough revenues to sufficiently pay its debts. However, due to some financial difficulties of the tenant and subtenants in late 2023 and early 2024, Debtor turned to a high-interest lender for help. Due to a foreclosure action on the Riverdale property, Debtor sought protection under Chapter 11 to reorganize and restructure its obligations to continue operations. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 8 shall consist of General Unsecured Claims. If the Plan is confirmed under Section 1191(a) of the Bankruptcy Code, the Debtor shall pay the General Unsecured Creditors their pro rata share of $8709.00 to be paid in monthly installments commencing on the 15th day of the first month following the Effective Date and continuing on the 15th day of each month for 36 months following the Effective Date. General Unsecured Creditors will receive 36 disbursements of $241.92. The Debtor, subject to all priority payment requirements, may, at its sole discretion, choose to pay said pro rata share to General Unsecured Claims earlier than said 36-month period. The allowed unsecured claims total $113,069.39. If the Plan is confirmed under Section 1191(b) of the Bankruptcy Code, Class 8 shall be treated the same as if the Plan was confirmed under Section 1191(a) of the Bankruptcy Code. Notwithstanding anything else in this document to the contrary, Debtor may pay said $8709.00 earlier than the 36-month term of this Plan, without penalty, and any claim listed shall be reduced by any payment received by the creditor holding such claim from any party and Debtor's obligations hereunder shall be reduced accordingly. The Claims of the Class 8 Creditors are Impaired by the Plan, and the holders of Class 8 Claims are entitled to vote to accept or reject the Plan. Class 9 consists of Adrienne Williford (90%) and Oliver Williford (10%) as the equity interest holders of the Debtor, wherein Adrieene Williford and Oliver Williford shall retain their respective interest in the Reorganized Debtor. The source of funds for the payments pursuant to the Plan is the Debtor's continued business operations. Upon confirmation, Debtor will be charged with administration of the Plan. Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. Debtor will file all post-confirmation reports required by the United States Trustee's office or by the Subchapter V Trustee. Debtor will also file the necessary final reports and may apply for a final decree as soon as practicable after substantial consummation and the completion of the claims analysis and objection process. After the Confirmation Date, Debtor is authorized to sell or refinance all its assets, specific assets including its real property, free and clear of liens, claims and encumbrances as set forth herein (the "Sale Procedures"). In the event the applicable assets are subject to secured claims, Debtor is authorized to sell or refinance such property free and clear of liens, claims and encumbrances. A full-text copy of the Plan of Reorganization dated August 28, 2025 is available at https://urlcurt.com/u?l=ZPQTJy from PacerMonitor.com at no charge. Counsel to the Debtor: Joel D. Myers, Esq. Myers Law, LLC 403 Mountain Mist Dr. Woodstock, GA 30188 Phone: (770) 572-3170 Email: joel@mlawga.com About Wilcov Holdings Wilcov Holdings Inc. is a real estate holding company owned and operated by Adrienne Williford and Oliver Williford. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55970) on May 30, 2025. The Debtor tapped Joel D. Myers, Esq., at Myers Law, LLC as counsel, and Ginnett Zabala LLC as accountant. XPLORE INC: Moody's Cuts CFR to 'Caa1', Outlook Stable ------------------------------------------------------ Moody's Ratings downgraded Xplore Inc.'s (Xplore) corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD, backed first-out super senior secured first lien term loan and backed first-out super senior secured first lien delayed draw term loan ratings to B1 from Ba3, and backed second-out senior secured first lien term loan (take-back) rating to Caa1 from B3. The outlook remains stable. "The ratings downgrade reflects slower-than-expected subscriber growth, which will constrain EBITDA expansion and significantly increase debt/EBITDA through 2027", said Peter Adu, Moody's Ratings Vice President and Senior Credit Officer. RATINGS RATIONALE Xplore's Caa1 CFR is constrained by: (1) challenging business environment characterized by increasing competition and declining subscribers in its rural/remote target market, which has limited its ability to sufficiently monetize its fibre and fixed wireless investments; (2) ongoing negative free cash flow due to network capital expenditures (capex) to support future growth; and (3) increasing debt levels to fund ongoing significant capital investments and PIK interest expenses, which will keep debt/EBITDA elevated through 2027. The rating benefits from: (1) a good position in its rural/remote Canada target market with good long term growth prospects because there are about 1.5 million households in its target market that do not have high speed internet; (2) adequate liquidity including government subsidies, which continue to support its investments in fibre and fixed wireless; and (3) a regulatory framework that provides it with favorable bidding conditions for wireless spectrum auctions. Xplore has two classes of debt: (1) B1-rated $72.45 million (C$100 million equiv.) super senior first-out secured term loan due 2029 and $65.2 million (C$90 million equiv.) first-out secured delayed draw term loan due 2029; and (2) Caa1-rated $239.1 million (C$325 million equiv.) first lien take-back term loan due 2031. Moody's rate the super senior term loans three notches above the CFR to reflect their senior ranking and the loss absorption cushion provided by the take-back term loan. Moody's rate the take-back term loan at the same level as the CFR because it represents a sizeable portion of the debt in the capital structure. Moody's revised Xplore's ESG credit impact score to CIS-5 from CIS-4 due to increased governance risks. Despite the company exiting bankruptcy in October 2024 with enhanced financial flexibility to pursue its growth strategies, Xplore continues to face challenges monetizing its investments to boost EBITDA, resulting in financial leverage remaining high for an extended period. Xplore has adequate liquidity through August 31, 2026 with sources exceeding C$1.2 billion versus about C$700 million of negative free cash flow due to network capex. Sources include C$87.4 million of cash at June 30, 2025, about C$170 million available from equity funding provided by shareholders, more than C$500 million of provincial government subsidies, about C$314 million of availability under a loan from the Canada Infrastructure Bank, about C$74 million available under a delayed draw term loan, and potential proceeds from spectrum monetization. The company does not have a revolving credit facility. Xplore has limited flexibility to generate liquidity from asset sales. The stable outlook reflects Moody's expectations that Xplore will maintain sufficient liquidity with committed financing in place to fund its fibre and fixed wireless investments. Additionally, the stable outlook considers that the company will show improvement in its operating performance over time, albeit at a slower pace than w Moody's e initially anticipated following its recapitalization transaction in October 2024. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Xplore expands revenue and EBITDA on a consistent basis, improves its liquidity position, including generating consistent positive free cash flow, and sustains Debt/EBITDA below 6.5x. The ratings could be downgraded if Xplore's liquidity becomes weak or if subscriber and EBITDA declines accelerate. The principal methodology used in these ratings was Telecommunications Service Providers published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Xplore Inc., headquartered in Woodstock, New Brunswick offers broadband internet to residential and commercial customers in rural areas in Canada using fibre, fixed wireless and satellite technology platforms. [] Former Bankruptcy Clients Back Deal in Jackson Walker Dispute ---------------------------------------------------------------- Adrian Cruz of Law360 reports that the ex-Jackson Walker LLP bankruptcy clients told the court on Friday, September 5, 2025, that a proposed settlement should move forward despite objections from the U.S. Trustee's office. According to the report, the agreement is designed to resolve disputes tied to revelations of a concealed relationship between a judge and one of the firm's attorneys. The former clients argued that the U.S. Trustee lacks jurisdiction to challenge the settlement, which they said was negotiated fairly and is in the best interest of all parties involved, the report relates. They maintained that delaying approval would only create unnecessary uncertainty and prolong the controversy surrounding the case, the report states. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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 ***