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250910.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, September 10, 2025, Vol. 29, No. 252 Headlines 264 CHESTNUT RD: Unsecureds Will Get 100% of Claims in Plan 286 GRAND AVENUE: Hires Tamposi Law Group PC as Counsel 63 MILL RIVER: Gerard Luckman Named Subchapter V Trustee 76 M INC: Unsecureds Will Get 100% of Claims over 24 Months 92 RYERSON STREET: Court OKs Interim Use of Cash Collateral ABC TECHNOLOGIES: S&P Withdraws 'B' Issuer Credit Rating AIR INDUSTRIES: Adds 250K Shares to 2022 Equity Incentive Plan AL DRUGS: Gets Interim OK to Use Cash Collateral Until Oct. 22 ALEON METALS: Seeks to Hire Ordinary Course Professionals ALEXANDER PLASTICS: Hires Ross & Smith PC as Legal Counsel ALGORHYTHM HOLDINGS: Board Director Joseph Kling Resigns ALGORHYTHM HOLDINGS: Closes $20M Pre-Paid Stock Purchase Deal ALMITAS LATINAS: Seeks to Hire Baker & Associates as Attorney ALUMAX INC: Seeks to Extend Plan Exclusivity to October 2 AMERICAN ROCK: Palmer Square Marks $2.7MM 2L Loan at 26% Off AMERICAN ROCK: Palmer Square Marks $5.7MM 1L Loan at 18% Off AMKOR TECHNOLOGY: S&P Assigns 'BB' Rating on New Unsecured Debt AN GLOBAL: Hires Baker Tilly Advisory Group LP as Tax Advisor ANNALEE DOLLS: Court Extends Cash Collateral Access to Oct. 1 ANTERO MIDSTREAM: S&P Rates New Senior Unsecured Notes 'BB+' ARAMSCO INC: Palmer Square Marks $5.9MM 1L Loan at 19% Off ARCADIA BIOSCIENCES: CEO Thomas Schaefer Named Interim CFO ATHLETICO MANAGEMENT: Palmer Square Marks $7MM 1L Loan at 31% Off AZUL SA: Seeks to Extend Plan Exclusivity to Jan. 5, 2026 BALKAN EXPRESS: Plan Exclusivity Period Extended to November 26 BARRACUDA NETWORKS: Palmer Square Marks $10.2MM 1L Loan at 17% Off BARRACUDA NETWORKS: Palmer Square Marks $4MM 2L Loan at 38% Off BEELINE HOLDINGS: AI Agent Drives $7.1M Origination in Q2 Pilot BEELINE HOLDINGS: CEO Updates on Growth, 2026 Strategy in Letter BEL TEMPO: Seeks to Hire Kidder Matthews as Appraiser BIO-KEY INTERNATIONAL: Adds 700K Shares Under 2023 Stock Plan BIO-KEY INTERNATIONAL: Registers 700K More Shares Under ESPP Plan BIOMERICA INC: Reports $4.97 Million Net Loss in FY2025 BLACKBERRY LIMITED: Barry Mainz Appointed to Board of Directors BREWER MACHINE: Hires Ebelhar Whitehead PLLC as Accountant CADUCEUS PHYSICIANS: Plan Exclusivity Period Extended to Sept. 24 CARBON CREEK: Voluntary Chapter 11 Case Summary CASTLE US: Palmer Square Marks $1.7MM 1L Loan at 45% Off CASTLE US: Palmer Square Marks $5.3MM 1L Loan at 45% Off CHG US: Seeks to Extend Plan Exclusivity to December 8 CHICAGO SPORTS: Taps Crane Simon Clar & Goodman as Legal Counsel CTL-AEROSPACE INC: Case Summary & 20 Largest Unsecured Creditors D & D HOUSING: Unsecureds Will Get 10% of Claims over 3 Years DEKALB-JACKSON COOPERATIVE: S&P Affirms 'BB-' Rating on 2016 Bonds DITECH HOLDING: SDNY Judge Won't Rule on Florida Foreclosure DOUBLE S SIGNS: Gets Interim OK to Use Cash Collateral EL VERDE: Reaches Stipulation with WM Capital; Amends Plan ELITE EQUIPMENT: Case Summary & 30 Largest Unsecured Creditors ENDURANCE INTERNATIONAL: Palmer Square Marks $4.5M Loan at 46% Off ENVERIC BIOSCIENCES: Equity Falls Below Nasdaq Minimum Requirement ETROG PROPERTIES: Seeks to Hire Northgate as Real Estate Broker FEC RESOURCES: Sets Annual General Meeting for Sept. 11 FINLEY DESIGN: Hires David Dracup CPA PA as Tax Accountant FLOW BEVERAGE: To Transfer Business to Lenders via Receivership FOREST GOOD: Gets One-Month Extension to Use Cash Collateral FOREST MEADOWS: Claims to be Paid from Property Sale Proceeds FORTRESS HOLDINGS: Hires Zigman & Zigman CPA as Accountant FUSE GROUP: Simon & Edward Replaces KCCW as Auditor GAINWELL ACQUISITION: Palmer Square Marks $2.4MM 2L Loan at 15% Off GAINWELL ACQUISITION: Palmer Square Marks $3MM 2L Loan at 15% Off GOOD WORKS: Unsecureds to Get 100 Cents on Dollar in Plan GREATER LIGHT: Hires Law Offices of Michael Jay Berger as Counsel GREEN TERRACE: Trustee Hires Fisher as Co-Real Estate Broker GREENWICH RETAIL: Seeks to Extend Plan Exclusivity to Feb. 6, 2026 HARMONY WELLNESS: Mark Dennis Named Subchapter V Trustee HARVEST MIDSTREAM: MPLX Deal No Impact on Moody's 'Ba3' Rating HELP/SYSTEMS HOLDINGS: Palmer Square Marks $3.6M 2L Loan at 24% Off HERITAGE GRILLE: Court Extends Cash Collateral Access to Sept. 30 HONOLULU SPINE: Unsecured Creditors Will Get 10% of Claims in Plan HUMPER EQUIPMENT: Creditors to Get Proceeds From Liquidation HYPERSCALE DATA: Sets $100M Series H Preferred Stock Terms HYPERSCALE DATA: Signs $125M ATM Agreement With Wilson-Davis & Co. I A P CONSTRUCTION: Court Extends Cash Collateral Access to Oct. 2 IAMGOLD CORP: Moody's Affirms B2 CFR & Hikes Unsecured Notes to B3 IMSTEM BIOTECHNOLOGY: George Purtill Named Subchapter V Trustee IVANTI SOFTWARE: Palmer Square Marks $3MM 2L Loan at 39% Off IVANTI SOFTWARE: Palmer Square Marks $9.9MM 1L Loan at 17% Off J NET TRANSPORTATION: Unsecureds Will Get 2% of Claims over 5 Years JAMES JORDAN: S&P Assigns 'BB' ICR, Outlook Stable JEBCO PROPERTIES: Katharine Clark Named Subchapter V Trustee JMC UNIT 1: Gets Interim OK to Use Cash Collateral Until Oct. 15 KAHN PROPERTY: Hires LaMonica Herbst as Legal Counsel KENAN ADVANTAGE: S&P Downgrades ICR to 'B-', Outlook Stable KULA GRAIN: Plan Exclusivity Period Extended to September 19 LIFESCAN GLOBAL: Palmer Square Marks $3.6MM 1L Loan at 34% Off LOGMELN INC: Palmer Square Marks $4MM 1L Loan at 64% Off MAGENTA SECURITY: Palmer Square Marks $1.1MM 1L Loan at 53% Off MAGENTA SECURITY: Palmer Square Marks $6.2MM 1L Loan at 75% Off MAGENTA SECURITY: Palmer Square Marks $641,850 1L Loan at 16% Off MARFA CABINETS: Gets Interim OK to Use Cash Collateral Until Oct. 2 MATHESON TRUCKING: Ellis Case Dismissed with Prejudice MEDICAL SOLUTIONS: Palmer Square Marks $7.7MM 1L Loan at 46% Off MESEARCH MEDIA: Crivella Loses Bid for Automatic Stay Relief METROPOLITAN LIGHTING: Case Summary & 20 Top Unsecured Creditors MILLROSE PROPERTY: S&P Rates New $500 Million Unsecured Notes 'BB' MODIVCARE INC: U.S. Trustee Appoints Creditors' Committee MY STORE–TURTLE: Hires Vogel Law Firm as Counsel MZS PROPERTIES: Court Extends Cash Collateral Access to Oct. 28 NAPA MANAGEMENT: Palmer Square Marks $9.7MM 1L Loan at 19% Off NCL CORP: S&P Rates New $1.025BB Senior Unsecured Notes 'B+' NIKOLA CORP: Unsecureds Will Get 20.7% to 75.3% of Claims in Plan NIKOPAT & ASSOCIATES: Unsecureds Will Get 5.2% of Claims in Plan NO LIMITS AVIATION: Amends Unsecured Claims Pay Details OMIMEX PETROLEUM: 90-Day Extension for Plan Filing Granted ONDAS HOLDINGS: Names Mark Green Head of Corporate Development, M&A ORCHID MERGER: Palmer Square Marks $3.6MM 1L Loan at 49% Off P3 HEALTH: Subsidiary Amends Term Loan, Extends Maturity to 2027 PACIFIC RADIO: Hires RHM Law LLP as Bankruptcy Counsel PERATON CORP: Palmer Square Marks $2.8MM 2L Loan at 29% Off PINNACLE BUYER: S&P Assigns 'B' ICR, Outlook Stable PINSTRIPES HOLDINGS: Case Summary & 30 Largest Unsecured Creditors PITNEY BOWES: S&P Alters Outlook to Positive, Affirms 'B+' ICR POWER REIT: Four Trustees Elected, Auditor Ratified at 2025 Meeting POWER SOLUTIONS: Weichai America, 2 Others Hold 46.5% Stake PRETIUM PKG: Palmer Square Marks $2MM 2L Loan at 83% Off PRETIUM PKG: Palmer Square Marks $5.6MM 1L Loan at 51% Off PRINCE LAND: U.S. Trustee Unable to Appoint Committee PROFRAC HOLDING: Nets $7.1M From Partial Overallotment Option PROJECT PIZZA: Hires J.B. Zaarour & Associates as Accountant PROVIDENTIAL LENDING: Continued Operation & New Value to Fund Plan PVKG INVESTMENT: Palmer Square Marks $1.7MM 1L Loan at 38% Off RAS DATA: Committee Hires Tucker Ellis as Lead Counsel REDSTONE HOLDCO: Palmer Square Marks $4.8MM 1L Loan at 45% Off RENT-A-CHRISTMAS: Gets Interim OK to Use Cash Collateral REWA PROPERTIES: U.S. Trustee Unable to Appoint Committee RHODIUM ENCORE: Court Overrules SAFE Claims Objection RING CONTAINER: Moody's Rates New $1BB First Lien Term Loan 'B2' RYVYL INC: Co-founder and Chairman Ben Errez Retires from Board SBHC HOLDINGS: S&P Raises ICR to 'CCC+' After Distressed Exchange SHADYLANE HOLDINGS: Claims to be Paid from Property Sale/Refinance SHARP SERVICES: S&P Affirms 'B-' ICR Following Dividend Recap SHIVANI CORP: Hires Real Property Consultants LLC as Appraiser SILVERROCK DEVELOPMENT: Plan Exclusivity Period Extended to Dec. 1 SITEL GROUP: Palmer Square Marks $2.9MM 1L Loan at 45% Off SJ HOLDINGS: Hires Goldberg Weprin Finkel Goldstein as Counsel SOLEIL AT BOWIE: Hires Coyle Law Group as Legal Counsel SOUTHERN EXPRESS: Hires John D. Adams & Company as Accountant SPIRIT AIRLINES: Wins Court Approval of First-Day Motions SPIRIT AVIATION: NYSE American to Delist Shares After Ch. 11 Filing SUPER PROPERTIES: Hilco to Auction NJ Portfolio in Bankruptcy Sale TEHUM CARE: Judge Morris' Recommendations Adopted in Berryman Case TKO WORLDWIDE: Moody's Ups CFR to Ba2 & Alters Outlook to Positive TOGETHER GOOD: Gets Interim OK to Use Cash Collateral TOGETHER GOOD: Hires Stretto Inc. as Administrative Advisor TRANSOCEAN LTD: Plans Sale of Five Rigs; Sees $1.9B Q3 Impairment TRB SUPPLY: Linda Gore Named Subchapter V Trustee UNRIVALED BRANDS: Plan Exclusivity Period Extended to December 3 VERACODE INC: Palmer Square Marks $8.5MM 1L Loan at 32% Off WAG! GROUP: Emerges from Chapter 11 Under Retriever LLC Ownership WEBER LLC: S&P Upgrades ICR to 'B-', Outlook Stable WELLPATH HOLDINGS: Court Dismisses McGinnis Case with Prejudice WELLPATH HOLDINGS: Court Dismisses Sutton v. Kelly, et al. Case WELLPATH HOLDINGS: Court Tosses Huffman Civil Rights Lawsuit WELLPATH HOLDINGS: Court Tosses Martindale v. Kelly Case WELLPATH HOLDINGS: Court Tosses Morgan Case After Plan Confirmation WELLPATH HOLDINGS: Loses Bid to Dismiss Gregory Medical Care Suit WEST RIDGE: Hires Campbell & Levine LLC as Counsel WEST RIDGE: Hires Supple Law Office PLLC as Local Counsel WILLIAMSON RENAISSANCE: Voluntary Chapter 11 Case Summary WIRELESS SYSTEMS: Trustee Gets Favorable Ruling in Adversary Case WJH CONSTRUCTION: Richard Furtek Named Subchapter V Trustee XCEL BRANDS: Mark DiSanto Holds 7.4% Stake as of Aug. 1 YELLOW CORP: Fine-Tunes Plan Documents; Plan Hearing Nov. 12 YUNHONG GREEN: Shareholders OK All Proposals at Annual Meeting [] Choate Adds Michael Comerford to Finance & Restructuring Team [] Frost Law Expands Bankruptcy Practice With Nager Law Acquisition ********* 264 CHESTNUT RD: Unsecureds Will Get 100% of Claims in Plan ----------------------------------------------------------- 264 Chestnut Rd Holdings, LLC filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania an Amended Disclosure Statement describing Chapter 11 Plan dated September 2, 2025. The Debtor purchased the residential residence located at 264 Chestnut Rd., Blakeslee, PA on February 3, 2021 for the purpose of renting the residence. The Debtor acquired financing in order to purchase the residence. The lender held a first mortgage against the residence. The interest rate of the loan was high and the term of he loan was very limited. The Debtor defaulted. During October of 2024, the residence was scheduled for Sheriff's Sale and Debtor filed this Chapter 11 case to stay the sale. The Debtor is still renting the residence to a longer term tenant. The fair market value of the residential real estate of the Debtor was $407,500.00 at the time the Debtor filed its Chapter 11 bankruptcy. The Debtor believes that the fair market value of the real estate has increased during the past year and shall list the property for $450,000.00. The secured claim of Loan Funder LLC is classified as Class 2 and shall be paid 100% of its allowed claim, to be distributed in one lump sum payment upon the sale of the Debtor's real estate located at 264 Chestnut Rd., Blakeslee, PA, no later than March 31, 2026. Class 2 also includes the secured claim of Old Farm Estates HOA. The Debtor shall pay 100% of its allowed claim to be distributed in one lump sum payment upon the sale of the Debtor's real estate located at 264 Chestnut Rd., Blakeslee, PA. General unsecured creditors are classified in Class 3 and will receive a distribution of 100% of its allowed claim, to be distributed in one lump sum payment upon the sale of the Debtor's real estate located at 264 Chestnut Rd., Blakeslee, PA> The Plan Proponent's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post-confirmation taxes, of $3,996.00. The final Plan payment is expected to be paid no later than March 31, 2026. A full-text copy of the Disclosure Statement dated September 2, 2025 is available at https://urlcurt.com/u?l=BuXZXN from PacerMonitor.com at no charge. Counsel to the Debtor: Philip W. Stock, Esq. 706 Monroe Street Stroudsburg, PA 18360 Telephone: (570) 420-0500 Email: pwstock@ptd.net About 264 Chestnut Rd Holdings 264 Chestnut Rd Holdings, LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02807) on Oct. 30, 2024, listing under $1 million in both assets and liabilities. Philip W. Stock, Esq., serves as the Debtor's counsel. 286 GRAND AVENUE: Hires Tamposi Law Group PC as Counsel ------------------------------------------------------- 286 Grand Avenue LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Tamposi Law Group PC as counsel. The firm will render these services: (a) draft the Debtor's petition and related schedules; (b) represent the Debtor at all hearings and matters pertaining to its affairs; (c) attend meetings and negotiate with representatives of the Debtor's creditors and other parties-in-interest, as well as responding to creditor inquiries; (d) take all necessary action to protect and preserve the Debtor's estate; (e) prepare on behalf of the Debtor all necessary and appropriate legal papers; (f) review applications and motions filed in connection with the Debtor's bankruptcy case; (g) negotiate and prepare on the Debtor's behalf any plan of reorganization, disclosure statement, and all related agreements and/or documents, and take any necessary action to obtain confirmation of such plan; (h) advise the Debtor in connection with any potential sale or sales of assets or refinancing its indebtedness; (i) review and evaluate the Debtor's executory contracts and unexpired leases, and represent it in connection with the rejection, assumption or assignment of such leases and contracts; (j) represent the Debtor in connection with any adversary proceedings or automatic stay litigation which may be commenced by or against it; (k) review and analyze various claims of the Debtor's creditors and treatment of such claims, and prepare, file, or prosecute any objections thereto; and (l) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with its bankruptcy case. The firm will be paid at the rate of $695 per hour. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $50,000 from the Debtor. Peter Tamposi, Esq., a founding partner at Tamposi Law Group, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter N. Tamposi, Esq. Tamposi Law Group PC 159 Main Street Nashua, NH 03060 Telephone: (603) 204-5513 Facsimile: (603) 204-5515 Email: peter@thetamposilawgroup.com About 286 Grand Avenue LLC 286 Grand Avenue LLC is a real estate holding company with properties in Boston and Falmouth, Massachusetts. 286 Grand Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11722) on August 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Peter N. Tamposi, Esq. at THE TAMPOSI LAW GROUP, P.C. 63 MILL RIVER: Gerard Luckman Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for 63 Mill River Road, LLC. Mr. Luckman will be paid an hourly fee of $695 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About 63 Mill River Road 63 Mill River Road, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73371) on September 3, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Alan S. Trust presides over the case. 76 M INC: Unsecureds Will Get 100% of Claims over 24 Months ----------------------------------------------------------- 76 M, Inc. filed with the U.S. Bankruptcy Court for the District of Columbia a Disclosure Statement describing Amended Plan of Reorganization dated August 29, 2025. The Debtor acquired numerous properties in its capacity owned by Peter Odagbodo ("Mr. Odagbodo") and Alice Odagbodo ("Mrs. Odagbodo") as Equity Interest Holders over the years in Washington D.C. The Debtor rented such Real Properties in accordance with its needs by tenancy on revolving lease agreements for individuals over the years. The Debtor then operated and produced rents from the Real Properties from 2008 and 2015 respectively from the noted dates of purchase through 2020 when significant disputes arose with DC OAG over the operation and condition of 6145-6149 Kansas. The Debtor's intentions and the petition for relief saw three phases in the period of time since the Petition Date to the date of this Plan and anticipated confirmation thereof. Firstly, the Debtor commenced the case in a good faith effort to negotiate a refinancing based reorganization after strip down rulings on the Amended Judgment with DC OAG and was hopeful of a consent curtailment of the Amended Judgment so as to proceed with an early exit by consent from the Chapter 11 case. Secondly, as it became clear that DC OAG was finished with the negotiations it had engaged in as to reduction of its final Amended Judgment, the Debtor presented a blended avenue of a plan of reorganization that relied upon appraisals and leases with rent stream payments to DC OAG and ultimate sales if refinancings were not possible in an amount sufficient to fund the then aspirant reorganization. Thirdly, as it became evident that the D.C. real estate market was less robust than when Debtor acquired the Real Properties, and that appraisals were not being met with uniform consent by refinancing lenders, the Debtor emerged into a partial sales and partial refinancing plan model. Debtor retained Marcus & Millichap as its sales broker with a further and ultimate retention of Long & Foster on 256 57th. Debtor engaged Roderick Bray as its refinancing broker on 1832 Bryant and 1676 Kramer. DC OAG was firm with the Debtor that retention, or a third party insider purchase, of 6145-6149 Kansas was not going to be an option under any reorganization given the foregoing litigation history. Following the sales and refinancing of the various Real Properties as described herein and as is set forth in the Plan which will satisfy Allowed Administrative Expenses, Priority Claims and will satisfy Classes 2, 2A-3, 3B, 3C, and pay a dividend to the Class 1 DC OAG Claim, the Debtor has a two-year Plan term to fund the Class 4 Claim which contains the Allowed Unsecured Claim of Van Ness Feldman, LLP $40,731.37 from Cash Distributions and to pay further installments on the Class 1 DC OAG Allowed Secured Claim which will require continued efforts by the Debtor, counsel for the Debtor and workings or collections efforts by Class 4 and Class 1 herein over the two-year Plan term. Class 4 Claims shall consist of the Allowed Unsecured Claims as follows: $40,731.37 to Van Ness Feldman, LLP based upon legal services. In full and complete satisfaction of their Claims, the Allowed Unsecured Claims shall receive 100% repayment over the Plan term of twenty-four months from the Effective Date at 2.0% projected rate of interest pursuant to Section 1961 of the Bankruptcy Code with monthly Cash Distributions of $1,732.72 for a total of $41,585.36 with post-petition interest of $853.99. A discharge shall not be entered pursuant to Section 1141(d)(3)(C) of the Bankruptcy Code because the Debtor is not an individual. Class 6 shall consist of the Equity Interests of the Debtor. The individual Equity Interest of the Debtor shall extinguish upon the Confirmation Date. No Equity Interest holder shall receive or retain any interest in property of the estates on account of any pre-petition interest as provided for by the absolute priority rule in this individual case under this Plan. However, the Equity Interest Holder Mr. Odagbodo shall make a new value contribution of a sufficient sum to satisfy the Class 1-4 Claims and such other obligations as may arise in full under the Plan over the 24-month period of the Plan term as they are required by law. Upon the Confirmation Date, DC OAG shall have the right to enroll the judgment in Maryland, in the counties where assets of the Equity Interest Holders are situate and take such collections actions as may be permissible at law without violating this Plan. This Plan is a reorganizing plan under Section 1129(a) and (b) of the Bankruptcy Code and is materially premised upon Cash Distributions from the Claims Distribution Fund to Classes of Claims in accordance with the priorities and terms identified in Articles III and IV of the Plan to be derived from the sale of the Real Properties and from the Equity Interest Holder new value obligations, and the Debtor's rent income arrived at through rental of the 1832 Bryant and 1676 Kramer following the Effective Date and sale thereof if refinancing was unsuccessful or if there is a Plan default. The Plan rests on several material assumptions. A full-text copy of the Disclosure Statement dated September 2, 2025 is available at https://urlcurt.com/u?l=P6dYVt from PacerMonitor.com at no charge. Counsel to the Debtor: John D. Burns, Esq. THE BURNS LAW FIRM, LLC 6303 Ivy Lane, Suite 102 Greenbelt, MD 20770 Tel: (301) 441-8780 Email: info@burnsbankruptcyfirm.com About 76 M Inc. 76 M Inc. is primarily engaged in renting and leasing real estate properties. 76 M Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. C. Case No. 24-00003) on Jan. 3, 2023, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Peter Odagbodo as president. Judge Elizabeth L. Gunn presides over the case. John D. Burns, at The Burns Law Firm, LLC, is the Debtor's counsel. 92 RYERSON STREET: Court OKs Interim Use of Cash Collateral ----------------------------------------------------------- 92 Ryerson Street LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral through September 16. The interim order authorized the Debtor to use cash collateral solely for maintaining its real property in Brooklyn, N.Y. This cash collateral consists of rental income from the property. HSBC Bank USA, National Association, as trustee for a mortgage-backed securities trust, will be provided with adequate protection in the form of replacement liens on the Debtor's post-petition assets and a monthly payment of $6,955.19. The replacement liens do not apply to any Chapter 5 causes of action. HSBC may seek superpriority claims if protection proves inadequate. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case; appointment of a bankruptcy trustee; plan confirmation; non-compliance with the interim order; or entry of an order reversing, vacating or rescinding the terms of the interim order. The next hearing is scheduled for September 16. About 92 Ryerson Street LLC 92 Ryerson Street, LLC is a real estate debtor with only one asset, as defined in 11 U.S.C. Section 101(51B). 92 Ryerson Street sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41634) on April 2, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Btzalel Hirschhorn, Esq., Shiryak, Bowman, Anderson, Gill & Kadochnikov, LLP. ABC TECHNOLOGIES: S&P Withdraws 'B' Issuer Credit Rating -------------------------------------------------------- S&P Global Ratings withdrew all of its ratings on ABC Technologies Inc. and its subsidiaries, including the 'B' issuer credit rating and 'B' issue-level rating on its senior secured debt, at the company's request. At the time of withdrawal, S&P's outlook was stable. AIR INDUSTRIES: Adds 250K Shares to 2022 Equity Incentive Plan -------------------------------------------------------------- At the 2025 annual meeting of shareholders of Air Industries Group, the Company's shareholders approved an amendment to the Air Industries Group 2022 Equity Incentive Plan which increased the number of shares of the Company's common stock, par value $.001 per share, available for issuance under the Plan from 650,000 to 900,000 shares. Air Industries filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission relating to the additional 250,000 shares of common stock available for issuance under the Plan. The Company thereby incorporates by reference into the Registration Statement the contents of the prior registration statements on Form S-8 relating to the Plan, filed with the Securities and Exchange Commission: * on May 6, 2022 (File No. 333-264738), * December 13, 2023 (File No. 333-276026) and * July 31, 2025 (File No. 333-289136). A full-text copy of the Registration Statement is available at https://tinyurl.com/5bbw75y6 About Air Industries Group Air Industries Group manufactures precision components and assemblies used in aerospace and defense applications. Based in Bay Shore, New York, the Company supplies landing gear, flight controls, engine mounts, and jet engine components to major contractors, with end-users including the U.S. government, foreign governments, and commercial airlines. Saddle Brook, N.J.-based Marcum LLP, the Company's auditor since 2008, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's Current Credit Facility expires on December 30, 2025. In addition, the Company is required to maintain a collection account with its lender into which substantially all the Company's cash receipts are remitted. If the Company's lender were to cease lending and keep the funds remitted to the collection account, the Company would lack the funds to continue its operations. The Current Credit Facility expiration date and the rights granted to the lender, combined with the reasonable possibility that the Company might fail to meet covenants in the future, raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $51 million in total assets, $36.1 million in total liabilities, and a total stockholders' equity of $14.9 million. AL DRUGS: Gets Interim OK to Use Cash Collateral Until Oct. 22 -------------------------------------------------------------- AL Drugs, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral from June 5 to October 22 in accordance with its budget, subject to a 10% variance per line item. As adequate protection for the Debtor's use of its cash collateral, McKesson Corporation will receive a monthly payment of $1,000, starting this month. Other creditors such as Cardinal Health, OnDeck Capital, Credibly of Arizona, LLC and Burlington Drug Company, Inc. will not receive interim payments. In addition, McKesson and Cardinal Health will be granted replacement liens on all of the Debtor's assets constituting pre-bankruptcy collateral and the proceeds thereof. These replacement liens do not apply to avoidance claims. In case the replacement liens prove inadequate, McKesson and Cardinal Health will be granted superpriority administrative expense claims, subject to the fee carveout. McKesson asserts a $450,000 secured claim and holds a first-priority lien on substantially all assets of the Debtor, supported by UCC filings. McKesson is represented by: Jeffrey K. Garfinkle, Esq. Buchalter, A Professional Corporation 18400 Von Karman Avenue, Suite 800 Irvine, CA 92612 Telephone: (949) 760-1121 jgarfinkle@buchalter.com About AL Drugs Inc. AL Drugs, Inc. operates a community-based retail pharmacy in Glendale, New York. AL Drugs sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-42747) on June 5, 2025. Judge Nancy Hershey Lord oversees the case. The Debtor is represented by Richard S. Feinsilver, Esq. ALEON METALS: Seeks to Hire Ordinary Course Professionals --------------------------------------------------------- Aleon Metals, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ the following ordinary course professionals. Firm Services Baker Botts L.L.P. Legal -- Environmental Regulatory 910 Louisiana Street, Matters Houston, TX 78604 Vasquez Waite PLLC Legal -- Non-Bankruptcy Litigation 440 Louisiana Street, Matters Suite 1600 Houston, TX 77002 About Aleon Metals, LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. UMB Bank, National Association, as DIP agent, is represented by: Christopher M. Odell, Esq. Arnold & Porter Kaye Scholer, LLP 700 Louisiana Street, Suite 4000 Houston, TX 77002-2755 Telephone: (713) 576-2400 Facsimile: (713) 576-2499 Email: christopher.odell@arnoldporter.com -and- Michael D. Messersmith, Esq. Sarah Gryll, Esq. Owen Haney, Esq. Marjorie Carter, Esq. Arnold & Porter Kaye Scholer, LLP 70 West Madison Street, Suite 4200 Chicago, IL 60602-4231 Telephone: (312) 583-2300 Facsimile: (312) 583-2360 michael.messersmith@arnoldporter.com sarah.gryll@arnoldporter.com owen.haney@arnoldporter.com marjorie.carter@arnoldporter.com ALEXANDER PLASTICS: Hires Ross & Smith PC as Legal Counsel ---------------------------------------------------------- Alexander Plastics, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Ross & Smith, PC as counsel. The firm will provide these services: a. serve as counsel of record for the Debtor in all legal aspects of this Bankruptcy Case, including without limitation, the prosecution of actions on behalf of the Debtor; b. prepare pleadings in connection with the Bankruptcy Case; and c. appear before the Court to represent the interests of the Debtor in connection with the Bankruptcy Case. The firm will be paid at these rates: Shareholders $650 per hour Associates $400 to $600 per hour Paraprofessionals $175 per hour Prior to the Petition Date, the firm received from the Debtor a $35,000 as retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Frances A. Smith, Esq., a partner at Ross & Smith, PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Frances A. Smith, Esq. Honest Kapic, Esq. Ross & Smith, PC 700 North Pearl Street, Suite 1610 Dallas, TX 75201 Tel: (214) 377-7879 Fax: (214) 377-9409 Email: frances.smith@ross-and-smith.com honest.kapic@ross-and-smith.com About Alexander Plastics, Inc. Alexander Plastics, Inc., doing business as, Creations Global, manufactures and distributes plastic products and kiosk systems from its facility in Garland, Texas. The Company offers engineered interior systems, mobile fabrication services, and VMS hybrid kiosks for retail and commercial clients. It provides design, prototyping, and engineering support tailored to custom specifications, and also supplies wholesale plastic components to various industries through direct and contract channels. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33013) on August 6, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Ben Goldfarb, chairman, signed the petition. Frances A. Smith, Esq., at Ross & Smith, P.C. represents the Debtor as legal counsel. ALGORHYTHM HOLDINGS: Board Director Joseph Kling Resigns -------------------------------------------------------- Algorhythm Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Joseph Kling, a member of the Board of Directors, notified the Company of his decision to resign from the Board and the Board's audit committee, compensation committee, and nominating and corporate governance committee effective August 21, 2025. Mr. Kling's resignation was not the result of any disagreements with the Company regarding any matters related to its operations, policies, practices, or otherwise. About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. Philadelphia, Penn.-based Marcum LLP, 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 Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $18,302,000 in total assets, $28,823,000 in total liabilities, and a total stockholders' deficit of $10,521,000. ALGORHYTHM HOLDINGS: Closes $20M Pre-Paid Stock Purchase Deal ------------------------------------------------------------- Algorhythm Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Securities Purchase Agreement with Streeterville Capital, LLC, a Utah limited liability company, pursuant to which it agreed to issue and sell to the Investor shares of its common stock, par value $0.01 per share, in one or more pre-paid purchases for an aggregate purchase price of up to $20,000,000. The Company also agreed to issue 95,694 shares of its Common Stock to the Investor as consideration for the Investor's commitment. The transactions closed on August 21, 2025. The proceeds from the Pre-Paid Purchases, after deducting the fees of Univest Securities, LLC, are expected to be used for working capital and other corporate purposes. The Securities Purchase Agreement provides for an initial Pre-Paid Purchase in the principal amount of $4,390,000, before deducting an original issue discount of $360,000 and transaction expenses of $30,000 (the "Initial Pre-Paid Purchase"), the terms of which are set forth on secured prepaid purchase #1 ("Secured Pre-Paid Purchase #1"). The Initial Pre-Paid Purchase accrues interest at the rate of nine percent (9%) per annum and has a maturity date of three years. The Securities Purchase Agreement also provides for a two-year commitment period during which, subject to certain specified conditions, the Company may request additional Pre-Paid Purchases from the Investor provided that the amount requested is no less than $250,000 and the total outstanding balance of all Pre-Paid Purchases does not exceed $3,000,000. The original issue discount for each additional Pre-Paid Purchase will be nine percent (9%) of the amount set forth in the applicable request and each additional Pre-Paid Purchase will accrue interest at the rate of nine percent (9%) per annum. Pursuant to the Securities Purchase Agreement, the Company agreed to file a registration statement on Form S-1 under the Securities Act of 1933, as amended, to register the resale of the Commitment Shares and all shares of Common Stock issuable pursuant to the Pre-Paid Purchases within thirty (30) days after the Closing Date. Following the funding of each Pre-Paid Purchase, the Investor has the right, but not the obligation, to purchase from the Company that number of shares of Common Stock up to the lesser of: (i) a number of shares of Common Stock equal in value to the outstanding balance of the funded amount, and (ii) that number of shares of Common Stock such that Investor will not beneficially own greater than 9.99% of the Company's outstanding shares of Common Stock. The purchase price of the shares of Common Stock will be 90% of the lowest daily volume weighted average price during the 10 trading days immediately prior to the purchase notice date, but not less than a stated floor price. Notwithstanding anything to the contrary, unless and until the Company obtains the requisite stockholder approval as required by Nasdaq Listing Rule 5635(d), the total cumulative number of shares of Common Stock that may be issued to the Investor under all Pre-Paid Purchases cannot exceed the numerical threshold required by that rule. If the Company does not obtain the Approval within 75 days of the Closing Date, the Company will continue seeking the Approval every 90 days thereafter until the Approval is obtained. The Company may at any time prepay all or any portion of the outstanding balance of a Pre-Paid Purchase. In the event the Company elects to do so, the Company must pay the Investor an amount equal to 110% multiplied by the portion of the outstanding balance the Company has elected to prepay. If an event of default occurs under a Pre-Paid Purchase, the outstanding balance will become immediately due and payable. At anytime thereafter, upon written notice given by the Investor, the outstanding balance will increase by seven-and-a half percent (7.5%) and interest will begin accruing at a rate of the lesser of 18% per annum or the maximum rate permitted under applicable law. The Securities Purchase Agreement contains customary representations, warranties, covenants, and closing conditions. The obligations of the Company are secured by all assets of the Company pursuant to a security agreement (the "Security Agreement") and have been guaranteed by the Company's operating subsidiaries pursuant to a guarantee (the "Guarantee"), each entered into with the Investor on August 21, 2025. The Company paid the Placement Agent a cash fee equal to eight percent (8%) of the aggregate gross proceeds received by the Company from the Initial Pre-Paid Purchase and reimbursed the Placement Agent for legal fees in the amount of $40,000. The Company will pay the Placement Agent a cash fee equal to eight percent (8%) of the aggregate gross proceeds received by the Company from any additional Pre-Paid Purchases that it completes. The offer and sale of these securities was completed by the Company in a private placement transaction that was exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act without engaging in any advertising or general solicitation of any kind. About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. Philadelphia, Penn.-based Marcum LLP, 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 Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $18,302,000 in total assets, $28,823,000 in total liabilities, and a total stockholders' deficit of $10,521,000. ALMITAS LATINAS: Seeks to Hire Baker & Associates as Attorney ------------------------------------------------------------- Almitas Latinas, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Baker & Associates as attorneys. The firm will provide these services: (a) analyze the financial situation, and render advice and assistance to the Debtor; (b) advise the Debtor with respect to its duties; (c) prepare and file all appropriate legal papers; (d) represent the Debtor at the first meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (e) represent the Debtor in all proceedings before the court and in any other judicial or administrative proceeding where its rights may be litigated or otherwise affected; (f) prepare and file a disclosure statement (if required) and Chapter 11 plan of reorganization; and (g) assist the Debtor in any matters relating to or arising out of the captioned case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the filing of the case, Mario Gutierrez, the sole member of the Debtor, delivered to the firm the amount of $16,738 on August 13, 2025. Reese Baker, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Reese W. Baker, Esq. Baker & Associates 950 Echo Lane Suite 300 Houston, TX 77024 Tel: (713) 979-2251 About Almitas Latinas, LLC Almitas Latinas LLC is a Houston-based company. Almitas Latinas LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-34816) on August 19, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jeffrey P. Norman presides over the case. Reese W. Baker, Esq., at Baker & Associates represents the Debtor as legal counsel. ALUMAX INC: Seeks to Extend Plan Exclusivity to October 2 --------------------------------------------------------- Alumax Inc. asked the U.S. Bankruptcy Court for the District of Puerto Rico to extend its exclusivity periods to file a plan of reorganization and disclosure statement to October 2, 2025. The Debtor explains that since this Court's prior extension order, a significant contested matter has emerged that directly impacts fundamental elements of any proposed Plan. Commercial Equipment Finance, Inc. ("CEFI") filed Proof of Claim #2-2 claiming secured status based on cross-collateral agreements and UCC filings. The Debtor claims that the contested matter involves dispositive legal issues including: (i) whether CEFI's UCC filing describes the correct collateral (describing a rivet machine while the loan agreement covers a generator); (ii) whether CEFI's private cross collateral agreements are enforceable against the DIP without proper UCC amendments; and (iii) whether private cross-collateral agreements without public filing can create enforceable security interests against third parties. The Debtor notes that proposing a Plan based on incorrect assumptions about CEFI's claim status would likely require subsequent plan amendments, re-solicitation of votes, and additional confirmation hearing delays, creating greater prejudice to creditors than this brief extension. Resolution of this contested matter will provide the certainty necessary to prepare an accurate Disclosure Statement, reliable financial projections, and proper claim treatment, enabling informed creditor voting and efficient confirmation proceedings. The Debtor asserts that it requires sufficient time to resolve the CEFI contested matter before preparing a Chapter 11 Plan. The existence of this unresolved contingency directly impacts claim classification, liquidation analysis, and plan feasibility which are core elements that must be determined before proposing a viable plan to creditors. The Debtor further asserts that the timing of this request aligns with the need for judicial resolution of complex legal issues involving UCC perfection, cross-collateral enforceability, and public notice requirements. The requested extension to October 2, 2025 (which aligns with the 300-day statutory deadline) provides adequate time for the Court to consider and resolve the CEFI matter and for the Debtor to incorporate that resolution into plan formulation. The Debtor cites that creditors will not be prejudiced by this extension; quite the contrary, they will benefit significantly. The resolution of the CEFI contested matter is fundamental to creditor distribution and treatment, as it directly determines the classification of a material claim and affects recovery rates for all creditor classes. Allowing the Debtor time to resolve this matter before plan filing will strengthen the accuracy of plan proposals and increase certainty for all stakeholders. Alumax Inc. is represented by: Javier Villarino, Esq. Villarino & Associates LLC P.O. Box 9022515 San Juan, PR 00902 Telephone: (787) 565-9894 Email: jvillarino@vilarinolaw.com About Alumax Inc. Alumax Inc. manufactures aluminum doors and windows with its manufacturing infrastructure located in San Sebastian, Anasco, Ponce and San Domingo. Alumax Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-05312) on December 6, 2024. In the petition filed by Frank J. Jimenez, Cruz as president, the Debtor reports total assets of $416,851 and total liabilities of $2,954,034. The Debtor is represented by Javier Vilarino, Esq. at VILARINO AND ASSOCIATES, LLC. AMERICAN ROCK: Palmer Square Marks $2.7MM 2L Loan at 26% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $2,750,000 loan extended to American Rock Salt Company LLC to market at $2,034,999 or 74% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to American Rock Salt Company LLC. The loan accrues interest at a rate of 11.84% (S +CSA + 7.25%) per annum. The loan matures on June 4, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About American Rock Salt Company LLC American Rock Salt Company LLC produces de-icing salt products. The Company supplies bulk, treated, and packaged rock salt applicable on blacktop, wood, stone, gravel, and concrete surfaces. American Rock Salt Company serves its customers in the United States. AMERICAN ROCK: Palmer Square Marks $5.7MM 1L Loan at 18% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $5,764,824 loan extended to American Rock Salt Company LLC to market at $4,737,607 or 82% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to American Rock Salt Company LLC. The loan accrues interest at a rate of 8.59% (S +CSA + 4.00%) per annum. The loan matures on June 9, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About American Rock Salt Company LLC American Rock Salt Company LLC produces highway deicing rock salt. The company operates a single mine in upstate New York and sells primarily to state and local government agencies in the northeastern United States. The firm is a wholly owned subsidiary of American Rock Salt Holdings LLC, which is closely held by private investors including some members of management. The company does not publicly disclose its financial statements. Headquartered in Retsof, NY, American Rock Salt generated approximately $154 million in revenue for the twelve months ended June 30, 2024. AMKOR TECHNOLOGY: S&P Assigns 'BB' Rating on New Unsecured Debt --------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '4' recovery rating to Tempe, Ariz.-based outsourced semiconductor assembly and test provider Amkor Technology Inc.'s (ATI) proposed unsecured notes. ATI will use the proceeds to redeem its existing unsecured notes. Secured lenders have priority on the value from Amkor Technology Singapore Holding Pte. Ltd. (ATSH). U.S. entity Guardian Assets Inc. will guarantee the new notes, putting unsecured lenders' claims on Guardian on par with those of secured lenders. S&P said, "We affirmed our 'BB' rating on the existing unsecured notes and revised our recovery rating to '4' from '3' because of secured lenders' priority on the ATSH value. Guardian would guarantee the existing notes when it becomes a material domestic subsidiary, which we've incorporated into our recovery scenario, as the company builds out its Arizona facility. This assumption makes the claims of the existing and proposed notes substantially the same, so our recovery scenario applies to both. "Our 'BB' rating and positive outlook on ATI are unchanged. For the full issuer credit rating rationale, see our research update on Amkor, published Aug. 28, 2025." Issue Ratings--Recovery Analysis Key analytical factors -- S&P values Amkor as a going concern, which it believes would maximize value for creditors, due to its global manufacturing footprint and customer relationships. -- S&P's simulated default scenario considers weakened demand for its products amid tougher macroeconomic conditions and semiconductor industry volatility, leading to a default in 2030. -- Before default, ATI curtails capital spending such that the value of its assets in 2030 is significantly lower than it is. -- S&P applies a 5.5x multiple to estimate a gross enterprise value at emergence of about $1.5 billion, consistent with multiples it uses for technology hardware and semiconductor companies with similar scale, market positions, and cash flow profiles. -- Amkor pays off debt issued by Amkor Technology Korea Inc. as the debt amortizes through its maturity in December 2028. -- The company builds out its Arizona facility well before default in 2030. -- ATI and ATSH guarantee secured debt issued by Amkor Technology Japan Inc. (ATJ). -- ATSH and Guardian guarantee ATI's secured instruments. Guardian will guarantee ATI's proposed unsecured notes; it would also guarantee ATI's existing notes if they remain outstanding and Guardian becomes a material domestic subsidiary, as we assume in our default scenario. Stock pledges from ATSH and Guardian serve as collateral for the ATI secured credit facilities, however the value from these entities is exhausted to satisfy the guarantees, leaving no value in the stock. Japanese lenders share the value of ATSH with the ATI secured lenders on a pro rata basis, after value from ATJ satisfies only a portion of their claims. The ATI secured lenders share the remaining value of Guardian after the ATSH value is distributed with the ATI unsecured lenders on a pro rata basis, after ATSH value satisfies only a portion of their claims. Guardian's guarantee of the unsecured notes is key for their recovery prospects. All lenders share the value from nonobligor entities outside the scope of ATJ, ATSH, and Guardian on a pro rata basis of their remaining unsatisfied claims. Simulated default assumptions -- Year of default: 2030 -- EBITDA at emergence: $275 million -- EBITDA multiple: 5.5x -- Revolving credit facility: 85% drawn at default Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.4 billion -- Valuation split (ATJ, ATSH, Guardian, nonobligors): 6%/62%/21%/11% -- ATJ claims: $285 million -- ATI secured claims: $1.3 billion -- ATI unsecured claims: $413 million --Recovery expectations: 30%-50% (rounded estimate: 45%) AN GLOBAL: Hires Baker Tilly Advisory Group LP as Tax Advisor ------------------------------------------------------------- AN Global LLC and affiliates seek approval from the U.S. Bankruptcy Court for the n District of Delaware to employ Baker Tilly Advisory Group, LP as tax advisor. The firm will perform certain tax services, including preparing required federal, state, and local returns for the tax year ending December 31, 2024 and other tax preparation and tax consulting services as requested by the Debtors. The firm will be paid at these rates: Principal (f/k/a "Partner") $495 per hour Director $395 per hour Senior Tax Manager $375 per hour Tax Manager $350 per hour Supervisor $270 per hour Senior Associate $250 per hour Associate Staff/Paraprofessional $150 to $210 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Theresa A. Meiners, a Chief Risk Officer and General Counsel at Baker Tilly Advisory Group, LP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Theresa A. Meiners Baker Tilly Advisory Group, LP Bakers Tilly Advisory Group, LP 3740 Davinci Court Suite 400 Peachtree Corners, GA 30092 Telephone: (770) 246 0973 About AN Global LLC AN Global LLC and affiliates are global providers of agile-first, end-to-end digital transformation services in the North American market using on-shore and near-shore delivery. The Company's solution architects, developers, data scientists, engineers, transformation consultants, automation specialists, and other experts located across the United States and across Latin America deliver next-generation software solutions that accelerate the transition to digital platforms across business processes. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11294) on August 28, 2023. In the petition signed by James S. Feltman, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the case. The Debtors tapped Potter Anderson & Corroon LLP and Hughes Hubbard & Reed LLP as co-general bankruptcy counsel. Garrigues Mexico, S.C. is the general Mexican restructuring counsel, Teneo Capital LLC as financial advisor, Guggenheim Securities, LLC as investment banker, and Kurtzman Carson Consultants LLC as claims, noticing and balloting agent. Blue Torch Finance LLC is the administrative agent and collateral agent under the DIP Agreement. It is also the administrative agent and collateral agent under a prepetition first lien facility. Ropes & Gray, LLP and Chipman Brown Cicero & Cole, LLP serve as counsel to the Prepetition 1L Agent. ANNALEE DOLLS: Court Extends Cash Collateral Access to Oct. 1 ------------------------------------------------------------- Annalee Dolls, LLC received another extension from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral. The interim order penned by Judge Kimberly Bacher extended the Debtor's authority to use cash collateral from September 3 to October 1 and authorized the Debtor to use up to $367,126.50 in cash collateral to pay the expenses set forth in its budget. The Debtor projects total operational expenses of $300,976.50 for September; $312,907.14 for October; and $247,324.97 for November. As protection for Customers Bank and other lienholders, the Debtor was ordered to maintain insurance policies, naming lienholders as mortgagees or loss payees. The Debtor was also ordered to grant the lienholders replacement liens, with the same priority, validity and enforceability as their pre-bankruptcy liens. In addition, Customers Bank must receive $36,950 by September 15 as further protection. The next hearing is scheduled for October 1. Objections are due by September 26. A copy of the interim order is available at https://shorturl.at/aygln from PacerMonitor.com. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by: William S. Gannon, Esq. William S. Gannon PLLC Tel: 603-621-0833 bgannon@gannonlawfirm.com ANTERO MIDSTREAM: S&P Rates New Senior Unsecured Notes 'BB+' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Antero Midstream Partners L.P.'s proposed $500 million senior unsecured notes due in 2033. The '3' recovery rating indicates S&P's expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The partnership will utilize proceeds, together with a borrowing under its revolving line of credit, to redeem the $650 million senior unsecured notes due 2027 in full. The issuer credit rating on Antero Midstream is 'BB+' with a stable outlook. ARAMSCO INC: Palmer Square Marks $5.9MM 1L Loan at 19% Off ---------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $5,981,083 loan extended to Aramsco, Inc. to market at $4,844,677 or 81% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Aramsco, Inc. The loan accrues interest at a rate of 9.05% (S + 4.75%) per annum. The loan matures on October 10, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Aramsco, Inc. Aramsco, Inc. operates as a protective equipment and specialist chemicals distributor. The Company offers restoration, remediation, surface preparation, janitorial, sanitation, traffic safety, as well as provides stone fabrication, professional cleaning, support, and training. Aramsco serves customers in the United States and Canada. ARCADIA BIOSCIENCES: CEO Thomas Schaefer Named Interim CFO ---------------------------------------------------------- Arcadia Biosciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Mark Kawakami, the Chief Financial Officer and Principal Accounting Officer, notified the Company that he was tendering his resignation as an officer and employee of the Company, effective September 12, 2025. Mr. Kawakami's resignation was not a result of any disagreement with the Company or its independent auditors on any matter relating to operations, policies, the Company's financial statements or accounting policies or practices. Mr. Kawakami indicated that he would be available, upon the Company's request, to provide assistance as an advisor or consultant after his departure as an employee. On August 28, 2025, the Board of Directors of the Company appointed Thomas J. Schaefer, the Company's President and Chief Executive Officer, to the additional position of Interim Chief Financial Officer and principal accounting officer of the Company, effective upon the effectiveness of Mr. Kawakami's resignation. Mr. Schaefer served as Chief Financial Officer of the Company from January 2023 until his appointment as President and Chief Executive Officer of the Company in July 2024. The selection of Mr. Schaefer to serve as Interim Chief Financial Officer was not made pursuant to any arrangement or understanding with any other person. The Company has previously entered into its form of indemnity agreement with Mr. Schaefer. There are no family relationships between Mr. Schaefer and any director or executive officer of the Company. No change to Mr. Schaefer's compensation was made in connection with this appointment. Information required by Items 401(b), (d), (e) and Item 404(a) of Regulation S-K regarding Mr. Schaefer was previously reported in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2024, as amended, filed with the Securities and Exchange Commission, and such information is incorporated by reference herein. About Arcadia Biosciences Inc. Headquartered in Dallas, Texas, Arcadia Biosciences Inc. is a producer and marketer of innovative, plant-based health and wellness products. Since its inception in 2002, it has worked on creating next-generation wellness products, particularly by enhancing wheat with unique nutritional profiles, including increased fiber, improved protein quality, fewer calories, reduced gluten, and extended shelf stability. Their portfolio also includes Zola Coconut Water, a hydrating beverage that is Non-GMO, low in calories, and rich in electrolytes. The Company collaborates with food manufacturers to create healthier wheat-based products. In its report dated March 25, 2025, the Company's auditor, Deloitte & Touche LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's accumulated deficit, recurring net losses, and net cash used in operations raise substantial doubt about the Company's ability to continue as a going concern. Additionally, the auditor noted that the Company's resources would not be sufficient to meet its anticipated cash requirements. As of Dec. 31, 2024, the Company had total assets of $13.52 million, total liabilities of $7.29 million, and total stockholders' equity of $6.22 million. As of Jun. 30, 2024, the Company had total assets of $7.79 million, total liabilities of $3.26 million, and total stockholders' equity of $4.53 million. ATHLETICO MANAGEMENT: Palmer Square Marks $7MM 1L Loan at 31% Off ----------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $7,008,250 loan extended to Athletico Management, LLC to market at $4,842,701 or 69% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Athletico Management, LLC. The loan accrues interest at a rate of 8.70% (S +CSA + 4.25%) per annum. The loan matures on February 2, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Athletico Management, LLC Athletico Physical Therapy is a leading provider of the highest quality physical therapy, occupational therapy and athletic training services to communities. AZUL SA: Seeks to Extend Plan Exclusivity to Jan. 5, 2026 --------------------------------------------------------- Azul S.A. and affiliates asked the U.S. Bankruptcy Court for the Southern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 5, 2026 and March 4, 2026, respectively. The Debtors explain that they are Brazil's largest airline in terms of departures and cities served, offering passengers a full service experience to approximately 137 destinations in Brazil as of the Petition Date, as well as select international destinations, including in the United States, Portugal, France, Spain, Argentina, Uruguay, Paraguay, and Curaçao. Given the magnitude of the Chapter 11 Cases, the Debtors respectfully submit that the extensions requested herein are appropriate. The Debtors claim that they continue to make timely payments on account of their undisputed postpetition obligations as they come due and, as applicable, in accordance with the terms of the relevant settlements negotiated during the pendency of the Chapter 11 Cases. As such, this factor also weighs in favor of allowing the Debtors to extend the Exclusive Periods. The Debtors expect to be in a position to file a chapter 11 plan in short order. Having entered chapter 11 with RSAs with the Secured Ad Hoc Group, AerCap, and the Strategic Partners, the Debtors continue to diligently negotiate with parties in interest and are making progress with various constituencies toward reaching agreements that will further aid their reorganization efforts. The Debtors asserts that the continued exclusivity will permit the companies to continue diligently working with many various creditor groups and other parties in interest. The Debtors have made meaningful progress thus far in the Chapter 11 Cases. The Debtors are seeking an extension of the Exclusive Periods to preserve and build upon the progress made to date. Accordingly, this factor also weighs in favor of the relief requested herein. Counsel to the Debtors: DAVIS POLK & WARDWELL LLP Marshall S. Huebner, Esq. Timothy Graulich, Esq. Joshua Y. Sturm, Esq. Jarret Erickson, Esq. Richard J. Steinberg, Esq. 450 Lexington Avenue New York, New York 10017 Telephone: (212) 450-4000 About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. BALKAN EXPRESS: Plan Exclusivity Period Extended to November 26 --------------------------------------------------------------- Judge Edward Morris of the U.S. Bankruptcy Court for the Northern District of Texas extended Balkan Express, LLC and Balkan Logistics, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 26, 2025 and January 26, 2026, respectively. As shared by Troubled Company Reporter, the Debtors submit that cause exists for extending the Exclusivity Period in these Chapter 11 Cases because the Truck Terminal Sale process is currently ongoing and will not conclude before the expiration on August 28, 2025 of the Debtors' exclusive right to file a Chapter 11 plan of reorganization. Additional time will enable the Debtors to finalize and implement their strategy for emergence from Chapter 11. Additionally, this is the Debtors' first request for an extension of the Exclusivity Periods. Because of the complexity of these Chapter 11 Cases, an extension of the Exclusivity Periods will give the Debtors sufficient and much needed time to continue negotiating terms of a Chapter 11 plan of reorganization with their stakeholders and memorialize the terms of both a plan and disclosure statement. Furthermore, the Debtors' purpose in seeking extension of the Exclusivity Periods is a good-faith effort to continue the reorganization efforts they have initiated without the distraction and costs of a competing plan process, which would be a distraction and waste of the Debtors' limited time and resources. The relief requested in the Motion is not intended for the purpose of coercing or strong-arming any creditor, but rather to benefit all of the Estates' stakeholders as a whole. Moreover, an extension of the Exclusivity Periods will not result in prejudice to any creditor or party in interest, and instead, will enable the Debtors to continue focusing on preserving and enhancing their going-concern value and proposing a viable, fair, and comprehensive plan that is (ideally) supported by all major constituents. Such a result is clearly in the best interest of the Estates. Counsel to the Debtors: Joshua N. Eppich, Esq. Eric T. Haitz, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: joshua@bondsellis.com Email: eric.haitz@bondsellis.com -and- Ken Green, Esq. 402 Heights Boulevard Houston, Texas 77007 (713) 335-4990 telephone (713) 335-4991 facsimile Email: ken.green@bondsellis.com About Balkan Express, LLC Balkan Express LLC is a transportation and logistics company based in Fort Worth, Texas, offering full truckload and less-than truckload freight services across the 48 contiguous U.S. states. The Company operates a fleet of over 150 trucks and 250 trailers and offers 24/7 dispatch support with GPS tracking. Balkan Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41544) on April 30, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million. Joshua N. Eppich, at BONDS ELLIS EPPICH SCHAFER JONES LLP, is the Debtor's counsel. BARRACUDA NETWORKS: Palmer Square Marks $10.2MM 1L Loan at 17% Off ------------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $10,267,045 loan extended to Barracuda Networks, Inc. to market at $8,556,299 or 83% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Barracuda Networks, Inc. The loan accrues interest at a rate of 8.78% (S + 4.50%) per annum. The loan matures on August 15, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Barracuda Networks, Inc. Barracuda Networks, Inc. provides security, networking and storage products based on network appliances and cloud services. BARRACUDA NETWORKS: Palmer Square Marks $4MM 2L Loan at 38% Off --------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $4,000,000 loan extended to Barracuda Networks, Inc. to market at $2,485,000 or 62% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Barracuda Networks, Inc. The loan accrues interest at a rate of 11.28% (S + 7.00%) per annum. The loan matures on August 15, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Barracuda Networks, Inc. Barracuda Networks is the worldwide leader in Email Protection, Application Protection, Network Security, and Data Protection Solutions. BEELINE HOLDINGS: AI Agent Drives $7.1M Origination in Q2 Pilot --------------------------------------------------------------- Beeline Holdings, Inc. announced continued expansion of its proprietary AI agent, Bob, from customer support into direct sales and origination activities. Beeline was among the first mortgage lenders to introduce its own conversational AI in 2023. Since launch, Bob has been operating flawlessly 24/7, converting conversations into applications 6x better than human loan officers while generating 2.5x more leads at near-zero cost. Bob was first highlighted in Daily Mortgage News on July 14, 2023, for redefining borrower engagement in the mortgage industry. * Q2 2025: AI in Action During the second quarter of 2025, Beeline moved Bob into a limited sales role, opening conversations with borrowers during the application process. Bob proactively engages applicants with meaningful dialogue, establishes trust, and asks leading questions that uncover each borrower's unique needs. In this limited pilot, Bob drove $7.1 million in origination volume and $170,000 in revenue, with more than half of borrower interactions occurring after business hours and on weekends--demonstrating the power of 24/7 mortgage engagement. "Bob's brain has matured into an expert on-brand communicator," said Nick Liuzza, CEO of Beeline. "He now delivers result-driven conversations that frequently lead to locked loans. Our intention is to lower the high cost of mortgage production while giving borrowers faster, more convenient service. We see Bob taking on an even larger role in sales and mortgage production moving forward." * Scaling Sales & Education Looking ahead to Q3 2025, Bob will expand into top-of-funnel sales activities and lead borrower education campaigns designed to bridge knowledge gaps around mortgage products. This evolution positions Beeline to scale efficiently when mortgage demand surges. "One of the toughest challenges in mortgage lending is staffing up quickly when rates fall," Liuzza added. "Most lenders scramble to add personnel, driving costs higher. With Bob--who has already held over 3,300 conversations and improves with each one--we can grow revenue without hiring at the same pace as our competitors. Our proprietary AI gives us a structural advantage." * Roadmap: 2026 and Beyond Beeline plans to move Bob deeper into production by early 2026, initially focusing on processing and underwriting conversations, with scheduling functionality expected by Q2 2026. This roadmap reflects Beeline's long-term strategy to integrate AI across the mortgage lifecycle, delivering lower-cost, high-efficiency mortgage options to borrowers. Much of Bob's underlying technology was developed by MagicBlocks, an Australia-based AI company providing multilingual AI solutions to international markets. Beeline recently increased its investment in MagicBlocks through an additional $225,000 SAFE investment, in addition to its 47% equity ownership in the entity, underscoring its commitment to advancing proprietary AI in mortgage lending. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BEELINE HOLDINGS: CEO Updates on Growth, 2026 Strategy in Letter ---------------------------------------------------------------- Beeline Holdings, Inc. released a shareholder letter in which Chief Executive Officer Nick Liuzza provides an update on the company's progress, key initiatives, and strategic priorities heading into 2026: Dear Beeline Shareholders, I trust this letter finds you well as we enter the final month of Q3. With the successful divestiture of the last investment related to our forward merger with Eastside Distilling now behind us, I want to share additional context on Beeline's progress and the initiatives driving us toward 2026. We believe Beeline is uniquely positioned for the future. With interest rates expected to decline in the near term, combined with our diversified lending platform, SaaS model, and pending new product launches, we see a strong path forward. 2025 Initiatives & Milestones: * Providing New Liquidity Options * Initiative: Create a product not tied to interest rates that offers liquidity to homeowners unable or unwilling to pursue a cash-out refinance or HELOC. * Milestone: Launched BeelineEquity, providing closing services for the first token-backed fractional sale of equity. We expect to complete 10–15 additional transactions prior to a broader launch in October. * Strengthening the Balance Sheet * Initiative: Eliminate debt by November 2025. * Milestone: We will in fact be debt free by September 5, ahead of schedule, after starting the year with more than $7M in obligations. * Path to Cash Flow Positive * Initiative: Reach cash-flow positive by January 2026. * Milestone: Leading indicators in August were the strongest since the market downturn, and combined with our Q4 BeelineEquity projections, we believe we remain firmly on track to achieve this goal in January. * Harnessing AI for Growth * Initiative: Track and monetize the impact of AI across our business. * Milestone: AI sales functions performed by "Bob" generated leads which have created over $170,000 in revenues to date, not including significant labor cost reductions from AI integration across our process. * Uplisting & Market Credibility * Initiative: Achieve Nasdaq approval and listing. * Milestone: Successfully accomplished in March 2025. * Earnings Performance * Initiative: Improve EPS trajectory. * Milestone: Reported Q2 EPS of $(0.41) versus analyst projections of $(0.47). Continued expense discipline positions us for further improvement. * Data Security & Infrastructure * Initiative: Enhance IT security and scalability. * Milestone: Appointed a Head of Cybersecurity and completed an external penetration test with no critical findings. * Liquidity & Warehouse Expansion * Initiative: Improve balance sheet to support warehouse capacity. * Milestone: Ended Q2 with $6.2M in cash and over $50M in equity, positioning us for near-term warehouse increases. * Expanding SaaS & AI Platforms * Initiative: Increase shareholder value through SaaS offerings and MagicBlocks. * Milestone: Deployed BlinkQC into Beeline's operations and LOS systems for licensing to other lenders. MagicBlocks launched its platform in Q1, onboarded beta clients, and went live with 18 clients in June. Beeline owns 47% of MagicBlocks. * Innovating Mortgage Production Models * Initiative: Transition from role-based to task-based mortgage production to improve efficiency and compatibility with emerging technologies. * Milestone: Successfully launched v1 of this new model. Commitment to Shareholders: 2025 has been a year of execution. We've grown revenues, reduced expenses, improved margins, and achieved key milestones despite challenging market conditions. As CEO, I continue to take a salary of only $30,000 annually while maintaining a personal investment of over $16 million in Beeline. Many of our executives and employees are also significant shareholders. We sit shoulder-to-shoulder with you, fully aligned in our commitment to long-term value creation. We believe Beeline is positioned for greatness -- and that future starts now. Sincerely, Nick Liuzza Chief Executive Officer Beeline About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BEL TEMPO: Seeks to Hire Kidder Matthews as Appraiser ----------------------------------------------------- Bel Tempo, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Kidder Matthews as appraiser. The firm will appraise the car wash owned by the Debtor located at 5701 South 12th Avenue, Tucson, Arizona. The firm will be paid a flat fee of $4,000. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Randy Clemson Kidder Matthews 2525 E Camelback Rd, Suite 210 Phoenix, AZ 85016 Tel: (602) 513-5158 Email: randy.clemson@kidder.com About Bel Tempo, LLC Bel Tempo, LLC is a real estate holding company whose principal asset is a commercial property located at 5701 South 12th Avenue in Tucson, Arizona. Bel Tempo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06002) on June 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Brenda Moody Whinery oversees the case. The Debtor is represented by John C. Smith, Esq., at Rusing Lopez & Lizardi, PLLC. BIO-KEY INTERNATIONAL: Adds 700K Shares Under 2023 Stock Plan ------------------------------------------------------------- BIO-key International, Inc. filed a Registration Statement on Form S-8 with the Securities and Exchange Commission pursuant to General Instruction E to Form S-8 under the Securities Act of 1933, as amended, to register an additional 700,000 shares of the Company's common stock, par value $0.0001 per share, issuable pursuant to awards granted under the BIO-key International, Inc. 2023 Stock Incentive Plan, as amended. This share increase was approved by the Company's Board of Directors, upon recommendation of the Compensation Committee, on June 18, 2025, and was approved and adopted by the Company's stockholders on August 8, 2025. The Company previously filed with the SEC a Registration Statement on Form S-8 (Reg. No. 333-280497) to register the initial 333,334 shares of Common Stock available for issuance under the 2023 Plan, which prior Registration Statement, with the exception of Items 3 and 8 of Part II of such prior Registration Statement, is hereby incorporated by reference. All figures have been adjusted to reflect the 18-for-1 stock split effected on December 20, 2023. A full-text copy of the Registration Statement is available at https://tinyurl.com/mr498ykf About BIO-key Holmdel, N.J.-based BIO-key International, Inc., founded in 1993, is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 23, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $10.52 million in total assets, $3.66 million in total liabilities, and $6.85 million in total stockholders' equity. BIO-KEY INTERNATIONAL: Registers 700K More Shares Under ESPP Plan ----------------------------------------------------------------- BIO-key International, Inc. filed a Registration Statement on Form S-8 with the Securities and Exchange Commission pursuant to General Instruction E to Form S-8 under the Securities Act of 1933, as amended, to register an additional 700,000 shares of the Company's common stock, par value $0.0001 per share, issuable under the BIO-key International, Inc. 2021 Employee Stock Purchase Plan, as amended. The share increase was approved by the Company's Board of Directors, upon recommendation of the Compensation Committee, on June 18, 2025, and was approved and adopted by the Company's stockholders on August 8, 2025. The Company previously filed with the SEC a Registration Statement on Form S-8 (Reg. No. 333-257754) to register the initial 43,834 shares of Common Stock available for issuance under the ESPP, which prior Registration Statement, with the exception of Items 3 and 8 of Part II of such prior Registration Statement, is hereby incorporated by reference. All figures have been adjusted to reflect the 18-for-1 stock split effected on December 20, 2023. The Company may be reached through: Michael W. DePasquale Chief Executive Officer BIO-key International, Inc. 101 Crawfords Corner Road Suite 4116 Holmdel, N.J. 07733 Tel: (732) 359-1100 A full-text copy of the Registration Statement is available at https://tinyurl.com/mr453u8n About BIO-key Holmdel, N.J.-based BIO-key International, Inc., founded in 1993, is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 23, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $10.52 million in total assets, $3.66 million in total liabilities, and $6.85 million in total stockholders' equity. BIOMERICA INC: Reports $4.97 Million Net Loss in FY2025 ------------------------------------------------------- Biomerica, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended May 31, 2025, reporting net losses $4.97 million and $5.98 million in fiscal 2025 and 2024, respectively. Gross Profit for the year ended May 31, 2025, was $498 thousand, as compared with $611 thousand for the year prior. As of May 31, 2025, the Company had total assets of $5.95 million, $1.84 million in total liabilities, and $4.11 million in total shareholders' equity. Irvine, Calif.-based Haskell & White LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May. 31, 2025, citing that the Company has experienced recurring losses and negative cash flows from operations and has an accumulated deficit and limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. The Company has incurred net losses and negative cash flows from operations and has an accumulated deficit of approximately $53.17 million as of May 31, 2025. As of May 31, 2025, the Company had cash and cash equivalents of approximately $2.40 million and working capital of approximately $3.14 million. On September 28, 2023, the Company filed a new "shelf" registration statement on Form S-3 with the SEC, to replace the expiring S-3 that was filed in July 2020, which was declared effective on September 29, 2023, allowing the Company to issue up to $20 million in common shares. Under this registration statement, shares of the Company's common stock may be sold from time to time for up to three years from the filing date. On May 10, 2024, the Company filed a prospectus supplement with the SEC to facilitate the sale of up to $5,500,000 in common stock through ATM offerings, as defined in Rule 415 under the Securities Act. As part of this transaction, the Company incurred $81,000 in deferred offering costs during the year ended May 31, 2024. During the year ended May 31, 2025, the Company sold 440,687 shares of its common stock at prices ranging from $3.06 to $8.32 pursuant to the ATM Agreement, which resulted in gross proceeds of approximately $2.143 million and net proceeds to the Company of $2.015 million, after deducting commissions for each sale and legal, accounting, and other fees related to offering in the amount of $128,000. The Company intends to use the net proceeds from any funds raised through the ATM offering for general corporate purposes, including, but not limited to, sales and marketing activities, clinical studies and product development, acquisitions of assets, businesses, companies, or securities, capital expenditures, and working capital needs As of May 31, 2025 and 2024, the Company had cash and cash equivalents of approximately $2.40 million and $4.17 million, respectively. As of May 31, 2025 and 2024, the Company had working capital of approximately $3.14 million and $5.53 million, respectively. The Company's ability to continue as a going concern over the next 12 months is influenced by several factors, including: * The Company's need and ability to generate additional revenue from international opportunities and sales within the US of existing products, and from its new product launches; * The Company's need to access the capital and debt markets to meet current obligations and fund operations; * The Company's capacity to manage operating expenses and maintain or increase gross margins as it grows; * The Company's ability to retain key employees and maintain critical operations with a substantially reduced workforce; and * Certain SEC regulations that limit the amount of capital the Company can raise through issuance of its equity. Management has analyzed the Company's cash flow requirements through August 2026 and beyond. Based on this analysis, the Company believes its current cash and cash equivalents are insufficient to meet our operating cash requirements and strategic growth objectives for the next 12 months. To address capital needs and sustain operations beyond the next year, the Company is actively pursuing strategies to increase sales, reduce expenses, sell non-core assets, seek additional financing through debt or equity, and seek other strategic alternatives. While it is committed to these plans, there is no assurance that these efforts will be successful or sufficient to meet capital requirements These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company's future viability depends on the successful execution of its strategic plans, securing additional financing, and achieving profitable operations. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2atbhdfc About Biomerica, Inc. Headquartered in Irvine, Calif., Biomerica, Inc. is a global biomedical technology Company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products. The Company's diagnostic test kits are utilized in the analysis of blood, urine, nasal, or fecal samples for the diagnosis of various diseases, food intolerances, and other medical conditions. These kits also measure levels of specific hormones, antibodies, antigens, and other substances, which may exist in the human body at extremely low concentrations. The Company's products are designed to enhance health and well-being while reducing overall healthcare costs. BLACKBERRY LIMITED: Barry Mainz Appointed to Board of Directors --------------------------------------------------------------- BlackBerry Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Barry Mainz as a member of the Board. Mr. Mainz is a technology veteran with 30 years of experience in executive leadership, global sales, marketing, product-led growth, and product development. He is the Chief Executive Officer of Forescout Technologies, a global cybersecurity leader, and has previously served as President of Wind River Systems, Chief Operating Officer of Malwarebytes, as well as Chief Executive Officer and director of MobileIron. Mr. Mainz has also served as an Operating Partner at Crosspoint Capital and has held leadership roles, as well as advisory and board positions, at public and private companies such as Mercury Interactive, Makara (acquired by Red Hat), and Sun Microsystems. Mr. Mainz holds a Bachelor of Arts degree in Communications from San Francisco State University. "We're very pleased to announce Barry's appointment and the further strengthening of the BlackBerry board," said Dick Lynch, Board Chair in a press release. "Barry brings to BlackBerry a unique combination of relevant strategic, operating and go-to-market experience from across the security software industry -- from embedded software, to network security to unified endpoint management." "I'm honored to join the BlackBerry Board of Directors at a moment when the company's leadership in Secure by Design technologies has never been more critical, said Barry Mainz. "We're seeing both strong growth in the deployment of high-performance, safety-critical software at the edge and a significant increase in breaches targeting non-traditional connected devices from automotive systems to medical devices to aerospace and defense. BlackBerry's QNX platform and secure communications expertise is critical in both powering and securing the next wave of these non-traditional connected devices." Mr. Mainz will receive the same compensation for his service and the same indemnification as the Company's other non-employee directors. Aside from such compensation, there is no arrangement or understanding between Mr. Mainz and any other person pursuant to which Mr. Mainz was appointed as a director. The Board determined that Mr. Mainz is independent and meets the applicable director independence standards of the New York Stock Exchange and the Toronto Stock Exchange. There are no related party transactions between Mr. Mainz and the Company that would be reportable under Item 404(a) of Regulation S-K and Mr. Mainz does not have any familiar relationship with any director or executive officer of BlackBerry. In connection with the appointment of Mr. Mainz, the Board increased the total number of directors to eight, seven of whom are independent directors, including Mr. Mainz. About BlackBerry Headquartered in Waterloo, Canada, BlackBerry Limited provides intelligent security software solutions. As of May 31, 2025, the Company had $1.21 billion in total assets, $485.30 million in total liabilities, and $725.10 million in total equity. * * * Egan-Jones Ratings Company on May 30, 2025, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by BlackBerry Limited. BREWER MACHINE: Hires Ebelhar Whitehead PLLC as Accountant ---------------------------------------------------------- Brewer Machine & Parts, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Ebelhar Whitehead, PLLC as accountant. The firm will provide these services: a. prepare tax returns for applicable governmental units; b. consult with the Debtor regarding bookkeeping and perform adjusting entries to bookkeeping; and c. perform any and all other accounting services for the Debtor in connection with this chapter 11 case. The firm will be paid at $175 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joshua D. Meyer, a partner at Ebelhar Whitehead, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joshua D. Meyer Ebelhar Whitehead, PLLC 3317 Frederica Street, Suite 10 Owensboro, KY 42301 Tel: (270) 926-2922 Email: contact@ew-cpa.com About Brewer Machine & Parts Brewer Machine & Parts LLC manufactures woodworking and material handling equipment used in industries such as sawmills, pallet production, and cooperage. Based in Central City, Kentucky, the Company serves domestic and international markets including the U.S., Australia, Uruguay, and Saudi Arabia. Established in 1967, it offers both new and refurbished machinery. Brewer Machine & Parts LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky.Case No. 25-40336) on May 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Robert C. Chaudoin, Esq. at HARLIN PARKER. CADUCEUS PHYSICIANS: Plan Exclusivity Period Extended to Sept. 24 ----------------------------------------------------------------- Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California extended Caduceus Physicians Medical Group, a Professional Medical Corporation d/b/a Caduceus Medical Group, and Caduceus Medical Services, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 24 and November 24, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that their request for an extension of the exclusivity periods for the filing of a plan and the solicitation of acceptances to such plan satisfies the general principles established by courts as guideposts for demonstrating "cause" within the meaning of Section 1121(d). First, Debtors have made good faith progress in moving toward reorganization. The Debtors have been actively negotiating with creditors, such as BMO regarding the Cash Collateral Motion and ADP Totalsource, Inc., regarding adequate protection and modification to the automatic stay. Although Debtors cannot yet claim that it will propose a consensual plan, Debtors will continue to negotiate with creditors in the hopes of reaching an accord. Moreover, Debtors have made significant progress towards reorganization since the Petition Date. The Debtors have obtained this Court's approval the Bid Procedure and Sale Orders. On May 6, 2025, the Debtors filed a "notice of submission of back up bidder fully executed asset purchase agreement," ("Notice of Backup Bid") whereby Anchor Medical Group P.C., and Anchor Medical Management, Inc., submitted a fully executed asset purchase agreement. On May 7, 2025, the Court entered a supplemental sale order approving the Notice of the Backup Bid and the sale to Anchor ("Supplemental Sale Order"). The Debtors claim that they are pleased to report that the sale contemplated in the Notice of Backup Bid and Amended Sale Order successfully closed on or about May 9, 2025. Since the close of the sale to Anchor, the Debtors have drafted and internally circulated a proposed Plan and Disclosure Statement. The Debtors anticipate that they will be receive approval and will be able to file the proposed Plan and Disclosure Statement by the August 6, 2025, status conference, or shortly thereafter. Fourth, this is Debtors' fourth request for an extension. Debtors have made significant progress towards reorganization by filing and obtaining orders granting the first-day motions, entering into the AP Stipulation, rejecting the Lease, setting the Claims Bar Date and successfully prosecuting the Bid Procedure and Sale Orders. The Debtors anticipate that they will be receive approval and will be able to file the proposed Plan and Disclosure Statement by the August 6, 2025, status conference, or shortly thereafter. Counsel to the Debtors: David A. Wood, Esq. Matthew W. Grimshaw, Esq. Sarah R. Hasselberger, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620-3663 Tel: (949) 333-7777 Fax: (949) 333-7778 Email: dwood@marshackhays.com About Caduceus Physicians Medical Group Caduceus Physicians Medical Group, a Professional Medical Corporation, d/b/a Caduceus Medical Group, is a physician owned and managed multi-specialty medical group with locations in Yorba Linda, Anaheim, Orange, Irvine, and Laguna Beach. It specializes in primary care, pediatrics, and urgent care. Caduceus Physicians Medical Group and Caduceus Medical Services, LLC, filed Chapter 11 petitions (Bankr. C.D. Cal. Lead Case No. 24-11946) on August 1, 2024. The petitions were signed by CRO Howard Grobstein. At the time of the filing, Caduceus Physicians reported $1 million to $10 million in both assets and liabilities while Caduceus Medical reported up to $50,000 in both assets and liabilities. Judge Theodor Albert presides over the cases. David A. Wood, at Marshack Hays Wood, LLP, is the Debtors' legal counsel. CARBON CREEK: Voluntary Chapter 11 Case Summary ----------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Carbon Creek Energy, LLC 25-20387 30 N Gould St Ste N Sheridan, WY 82801 Powder River Midstream, LLC 25-20388 30 N Gould St Ste N Sheridan, WY 82801 US Realm Wyoming Ranches, LLC 25-20389 30 N Gould St Ste N Sheridan, WY 82801 Business Description: Carbon Creek Energy, LLC is the contract operator of coal-bed methane wells in Wyoming's Powder River Basin owned by US Realm Powder River, LLC, managing drilling, production, and field operations under a services agreement. Powder River Midstream, LLC provides affiliated midstream support through pipelines, compression, and natural gas transportation infrastructure that move output from the wells to market. US Realm Wyoming Ranches, LLC owns real estate in Sheridan, Wyoming, that supports field and office activities for operations. The three entities function as affiliates of US Realm Powder River, LLC, which holds mineral leases across more than 1 million acres and owns thousands of coal-bed methane wells in the basin. Chapter 11 Petition Date: September 8, 2025 Court: United States Bankruptcy Court District of Wyoming Judge: Hon. Cathleen D Parker Debtors' Counsel: Bradley T. Hunsicker, Esq. Matthew T. Faga, Esq. William G. Cross, Esq. MARKUS WILLIAMS YOUNG & HUNSICKER LLC 2120 Carey Avenue, Suite 101 Cheyenne, WY 82001 Tel: (307) 778-8178 Fax: (303) 830-0809 Email: bhunsicker@markuswilliams.com mfaga@markuswilliams.com wcross@markuswilliams.com Debtors' Noticing Agent: BMC GROUP, INC. Carbon Creek Energy's Estimated Assets: $1 million to $10 million Carbon Creek Energy's Estimated Liabilities: $100 million to $500 million Powder River Midstream's Estimated Assets: $100,000 to $500,000 Powder River Midstream's Estimated Liabilities: $100 million to $500 million US Realm Wyoming's Estimated Assets: $100,000 to $500,000 US Realm Wyoming's Estimated Liabilities: $1 million to $10 million Mark Welch signed the petitions as manager. The petitions were filed without the Debtors' list of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/I4XCLCA/Carbon_Creek_Energy_LLC__wybke-25-20387__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/UEZ5TJY/Powder_River_Midstream_LLC__wybke-25-20388__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CZNC6VI/US_Realm_Wyoming_Ranches_LLC__wybke-25-20389__0001.0.pdf?mcid=tGE4TAMA Joint Administration Sought Carbon Creek Energy, LLC, Powder River Midstream, LLC, and US Realm Wyoming Ranches, LLC seek joint administration of their cases under the existing lead case of US Realm Powder River, LLC (Bankruptcy Case No. 19-20699) in the United States Bankruptcy Court for the District of Wyoming. CASTLE US: Palmer Square Marks $1.7MM 1L Loan at 45% Off -------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $1,758,120 loan extended to Castle US Holding Corporation to market at $968,065 or 55% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Castle US Holding Corporation. The loan accrues interest at a rate of 8.84% (S +CSA + 4.25%) per annum. The loan matures on May 31, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Castle US Holding Corporation Castle US Holding Corporation is a 2020-founded IT services and software company that develops infrastructure software and provides database tools to public relations and communications professionals. CASTLE US: Palmer Square Marks $5.3MM 1L Loan at 45% Off -------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $5,375,874 loan extended to Castle US Holding Corporation to market at $2,935,227 or 55% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Castle US Holding Corporation. The loan accrues interest at a rate of 9.09% (S +CSA + 4.50%) per annum. The loan matures on May 31, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Castle US Holding Corporation Castle US Holding Corporation is a 2020-founded IT services and software company that develops infrastructure software and provides database tools to public relations and communications professionals. CHG US: Seeks to Extend Plan Exclusivity to December 8 ------------------------------------------------------ CHG US Holdings LLC, and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 8, 2025 and February 9, 2026, respectively. The Debtors explain that the initial months of these Chapter 11 Cases have been consumed with stabilizing the Debtors' operations, identifying for closure and closing certain restaurant locations, obtaining post-petition financing that would allow a fulsome Sale process, and conducting the Sale process. The Sale Order approving the Sale was entered on August 1, 2025, and the Closing occurred on August 18, 2025. With Closing having occurred just a few short weeks ago, the Debtors can now turn their focus to a Plan process, but require an extension of the Exclusive Periods to do so. The Debtors claim that they have made remarkable progress in these Chapter 11 Cases, which began as a free-fall and have resulted in a Sale that not only preserved the Debtors' operations as a going concern but may also allow for a successful Plan process. The Debtors' substantial progress to date in administering these Chapter 11 Cases with a goal of a going concern sale followed by a plan process warrants an extension of the Exclusive Periods to allow the Debtors and Committee more time to explore options for a plan. Moreover, since the Petition Date, the Debtors have paid their postpetition debts in the ordinary course or as otherwise provided by Court order, which was critical both to progression of the Sale process and to getting to a plan process. The Debtors have engaged in discussions with the Committee regarding the prospects for and contours of a confirmable plan that will result in a recovery to the Debtors' unsecured creditors. An extension of a debtor's Exclusive Periods is justified by a debtor’s progress in resolving issues facing its creditors. The Debtors assert that they are not seeking an extension of the Exclusive Periods to pressure or prejudice any of their stakeholders. The Debtors have been diligently moving these Chapter 11 Cases forward, first with the Sale process, and now with an eye towards achieving a confirmed plan that nets a recovery to creditors. Accordingly, the relief requested herein does not prejudice the Debtors' creditors and will benefit the Debtors' estates, their creditors, and all other key parties in interest. The Debtors further assert that an objective analysis of the relevant factors demonstrates that, under the circumstances of these Chapter 11 Cases, the Debtors are doing everything that they should be doing to facilitate a successful conclusion with a confirmed plan. Accordingly, sufficient cause exists to extend the Exclusive Periods as provided herein. Counsel to the Debtors: PASHMAN STEIN WALDER HAYDEN, P.C. Joseph C. Barsalona II, Esq. Michael J. Custer, Esq. 824 North Market Street, Suite 800 Wilmington, Delaware 19801 Telephone: (302) 592-6496 Email: jbarsalona@pashmanstein.com mcuster@pashmanstein.com -and- Katherine R. Beilin, Esq. Court Plaza South, East Wing 21 Main Street, Suite 200 Hackensack, NJ 07601 Telephone: (201) 488-8200 Email: kbeilin@pashmanstein.com About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CHICAGO SPORTS: Taps Crane Simon Clar & Goodman as Legal Counsel ---------------------------------------------------------------- Chicago Sports and Entertainment Group Inc. filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Law Offices of Crane, Simon, Clar & Goodman to handle its Chapter 11 case. The firm will render these services: a. prepare necessary applications, motions, answers, orders, adversary proceedings, reports and other legal papers for presentation to this Court; b. provide the Debtor advice with respect to its rights and duties involving its property as well as its reorganization efforts; c. appear in court and to litigate any issues, when necessary; and d. perform any and all other legal services that may be required from time to time in the ordinary course of the Debtor’s business during the administration of this bankruptcy case. The firm will be paid at these hourly rates: Arthur Simon, Attorney $520 Scott Clar, Attorney $520 Karen Goodman, Attorney $520 John Redfield, Attorney $450 The firm received an advance payment of $6,000 from the Debtor. John Redfield disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John Redfield, Esq. Law Offices of Crane, Simon, Clar & Goodman 135 La Salle Street, Suite 3950 Chicago, IL 60603 Telephone: (312) 641-6777 Facsimile: (312) 641-7114 Email: jredfield@cranesimon.com About Chicago Sports and Entertainment Chicago Sports and Entertainment Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09337) on June 19, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. John H. Redfield, Esq. at the Law Offices of Crane, Simon, Clar & Goodman represents the Debtor as legal counsel. CTL-AEROSPACE INC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: CTL-Aerospace, Inc. a/k/a CTL Aerospace 5616 Spellmire Drive Cincinnati OH 45246-4898 Business Description: CTL Aerospace, Inc. is a family-owned composites manufacturer based in West Chester, Ohio, specializing in advanced fiber-reinforced polymer structures and component repair and overhaul. Founded in 1946, the Company operates as a full-service NADCAP- and AS9100D-certified facility supplying the U.S. government and major aerospace firms. Its products serve aerospace and industrial markets, leveraging its location in the Cincinnati aerospace corridor for cost and supply chain advantages. Chapter 11 Petition Date: September 8, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-12226 Judge: Hon. Beth A Buchanan Debtor's Counsel: Patricia Friesinger, Esq. COOLIDGE WALL CO., L.P.A. 33 West First Street, Suite 200 Dayton OH 45402 Tel: (937) 223-8177 E-mail: friesinger@coollaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Scott Crislip as president and COO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WMEJFEA/CTL-Aerospace_Inc__ohsbke-25-12226__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. GE Aviation $4,500,000 1 Aviation Way Cincinnati, OH 45215 Email: kevin.m.grubb@geaerospace.com 2. Kawasaki Heavy Industries $2,284,000 60 East 42nd Street Suite 2001 New York, NY 10165 Email: ogino_ryo@global.kawasaki.com 3. Composites One LLC $1,288,913 955 National Parkway Schaumburg, IL 60173 Tel: (800) 334-4749 Email: dan.plunkett@compositesone.com 4. Valence Surface Technology $898,146 300 Continental Blvd., Suite 600 El Segundo, CA 90245 Tel: (413) 781-1465 Email: chris.oneill@valencest.com 5. Lockheed Martin Corp $884,790 6801 Rockledge Drive Bethesda, MD 20817 Email: joel.strickland@lmco.com 6. Rudolph Brothers $811,753 6550 Oley Speaks Way Canal Winchester, OH 43110 Tel: (800) 375-5060 Email: bcoontz@rudbro.com 7. Albany Engineered Composites $719,328 216 Airport Drive Rochester, NH 0867 Tel: (603) 330-0580 Email: ross.rucker@albaec.us 8. Paradigm Precision $689,993 3651 SE Commerce Ave Stuart, FL 34997 Email: evega@pursuitaero.com 9. Axiom Materials $576,993 2320 Pullman St. Santa Ana, CA 92705 Tel: (949) 623-3440 Email: bwebb@axiommaterials.com 10. Airtech International, Inc. $549,473 5700 Skylab Road #2055 Huntington Beach, CA 92647 Tel: (714) 899-9810 Email: gsmythe@airtech.com 11. Acuren $502,596 14434 Medical Complex Drive, Ste. 100 Tomball, TX 77377 Tel: (513) 671-1707 Email: Minh.Tran@Acuren.com 12. Rhinestahl CTS $463,381 7687 Innovation Way Mason, OH 45040 Tel: (513) 204-4628 Email: jeff.mcfarland@rhaero.com 13. R.S. Hughes $444,663 1162 Sonora Court Sunnyvale, CA 94086 Tel: (513) 772-2078 Email: bchapdelaine@rshughes.com 14. GE Avio $268,000 1 Neumann Way Cincinnati, OH 45215 Email: zuleyka.luciano@avioaero.com 15. Prospect Mold $245,050 1100 Main St. Bldg #5 Cuyahoga Falls, OH 44221 Tel: (330) 929-9331 Email: jyarchever@prospectgroup.com 16. Virtek Vision International ULC $239,642 785 Bridge Street Waterloo, ON Canada N2V 2K1 International ULC Tel: (519) 746-6719 Email: colleen.madsen@ametek.com 17. 3M Company $233,188 3M Center, 225-3S-05 St. Paul, MN 55144 Tel: (800) 235-5237 Email: 3m.TEBGcustomercol lections.US@mmm.com 18. Paragon D&E $220,365 5225 33rd St. SE Grand Rapids, MI 49512 Tel: (616) 949-9222 Email: davev@paragonde.com 19. Mainstream Waterjet $199,922 108 Northeast Dr. Loveland, OH 45140 Tel: (513) 683-3542 Email: jdaus@mainstreamwaterjet.com 20. General Dynamics Ordnance $195,063 and Tactical Systems 100 Carillon Pkwy St. Petersburg, FL 33716 Email: jeffrey.beard@gd-ots.com D & D HOUSING: Unsecureds Will Get 10% of Claims over 3 Years ------------------------------------------------------------- D & D Housing Solutions, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated September 2, 2025. The Debtor started operations in August 2024. Darwin Pasley currently owns 50% and will remain the managing member going forward. The Debtor operates a real property company. To that end, the Debtor owns 4 houses in order to operate its business. There are fully secured creditors as to the four rental houses based on the liquidation analysis and UCC filings. Any secured creditor not treated in this Plan as fully secured are therefore under secured. The need for repairs to Debtor's rental properties and temporary lack of rental income decreased Debtor's cash flow and prompted the Debtor to seek bankruptcy relief and to restructure its financial obligations. The Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor's Plan of Reorganization provides for the continued operations of the Debtor in order to make payments to its creditors as set forth in this Plan. Debtor seeks to confirm a consensual plan or reorganization so that all payments to creditors required under the Plan will be made directly by the Debtor to its creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into three classes of Claimants. These claimants will receive cash repayments over a period of time beginning on the Effective Date. While Debtor's Plan proposes to pay claims not to exceed five years, nothing prevents Debtor from prepaying its claims. Class 4 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next three years beginning not later than the 15th day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter for the additional three years remaining on this date. Debtor shall commence disbursements to the Class 4 claims beginning the first year of the plan through the third year after the effective date of confirmation. The Debtor will distribute up to $50,000.00 to the general allowed unsecured creditor pool over the 5-year term of the plan. The Debtor can make monthly, quarterly or yearly payments as to the Class 4 Claimants. The Debtor's General Allowed Unsecured Claimants will receive 10% of their allowed claims under this plan. Any creditors listed in the schedules of D & D Housing Solutions, LLC as disputed and did not file a claim will not receive distributions under this plan. Class 5 consists of Equity Interest Holders (Current Owner). The current owner will receive no payments under the Plan; however, they will be allowed to retain their ownership in the Debtor. Class 8 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=PXPtDe from PacerMonitor.com at no charge. Counsel to the Debtor: Vicky M. Fealy, Esq. The Fealy Law Firm, PC 1235 North Loop W Ste 1120, Houston, TX 77008 Tel: (713) 526-5220 Fax: (713) 526-5227 Email: vfealy@fealylawfirm.com About D & D Housing Solutions D & D Housing Solutions, LLC, owns four real properties in Houston, Texas, with a combined current value of $1.34 million. D & D Housing Solutions sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-33164) on June 2, 2025. In its petition, the Debtor reported total assets of $1,338,112 and total liabilities of $1,423,403. Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Vicky M. Fealy, Esq., at The Fealy Law Firm, PC. DEKALB-JACKSON COOPERATIVE: S&P Affirms 'BB-' Rating on 2016 Bonds ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' underlying rating on DeKalb-Jackson Cooperative District (DKJCD), Ala.'s series 2016 bonds. The outlook is stable. In July 2024, one of DJWSD's water treatment plant settlement basins failed, resulting in the need to make emergency repairs and activate its emergency connections with neighboring water systems. Because of the additional disinfectants used during this time, the district needed to work with the state department of environmental management and federal Environmental Protection Agency to ensure that disinfectant byproduct was within regulatory limits. However, the district was able to secure grants and a forgivable loan for a total of about $4 million. Completion of the repairs is expected on or around Sept. 1, 2025. While the system still has vulnerabilities, in S&P's view, related to the service area's below-average income levels and lack of formalized policies and practices, overall these are already incorporated into its current rating. Currently, management reports its gas rates to be more competitive than what customers could otherwise receive with propane services. The district does not maintain robust emergency preparedness policies, but accomplishes redundancy through the emergency water connections mentioned above and training for operations staff, and has hired personnel to make gas line extension and improvements in-house instead of via contract. For financial planning, it is our understanding that staff focuses more on current-year performance and does not have any formalized long-term planning, which elevates governance risk, in S&P's view. The stable outlook reflects an improvement in overall financial performance, supported by water rate increases in 2023, that should be sustainable in the near term, absent significant fluctuations in gas prices. S&P notes that management has a pass-through gas cost adjustment mechanism and a firm gas delivery contract for amounts in excess of expected needs, but still has exposure to price fluctuations. Economic weakening and the gas system's current weaker-than-planned market position could limit customer growth and challenge the utility's ability to maintain its financial performance. If the combined utility's liquidity position weakens and revenue enhancements or cost controls are not sufficient to stabilize its financial position, S&P could lower the rating. Given the combined utility's historical financial performance, upward rating mobility would likely focus on maintaining a trajectory of both overall system and gas system improvements, especially in light of expected operating cost savings once the new treatment plat facility is running. DITECH HOLDING: SDNY Judge Won't Rule on Florida Foreclosure ------------------------------------------------------------ The Honorable James L. Garrity, Jr. of the United States Bankruptcy Court for the Southern District of New York denied the motion of Robert Campbell to determine the scope of the automatic stay in the Chapter 11 cases of Ditech Holding Corporation, et al. On Feb. 11, 2019, Ditech Holding Corporation (f/k/a Walter Investment Management Corp.) and certain of its affiliates, including Ditech Financial, LLC, filed petitions for relief under chapter 11 of the Bankruptcy Code in this Court. The Debtors remained in possession of their business and assets as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. On Sept. 26, 2019, the Court confirmed the Debtors' Third Amended Plan, which went into effect on Sept. 30, 2019. On March 15, 2019, in the unrelated chapter 13 bankruptcy case of Tabitha Baker Cote, the United States Bankruptcy Court for the Southern District of Florida entered an order granting Bank of America, N.A. nunc pro tunc relief from the automatic stay. The order effectively validated BoA's non-judicial foreclosure sale conducted on April 3, 2018 of the real property located at 7097 Riverside Drive NW, Sandy Springs, Georgia 30328 to Najarian Capital LLC. Cote and Michael James Bourff owned the Property as joint tenants with a right of survivorship. The Florida Stay Relief Order was affirmed on appeal to the United States Circuit Court for the Eleventh Circuit. The 2018 Foreclosure Sale extinguished the Judgment Lien held against the Property by Green Tree Servicing, LLC. Ditech Financial is the successor to Green Tree. As of the Petition Date, the Debtors had no interest in the Property. After the Petition Date, Najarian conveyed the Property to Sheila Ann Gibson, Jordan A. Cole, and Courtney M. Cole pursuant to a limited warranty deed. In July 2024, Bourff filed a motion pursuant to sections 105(d), 524 and 1141 of the Bankruptcy Code, Rules 1015(c), 3020(d) and 9007 of the Federal Rules of Bankruptcy Procedure, and section 10.5 of the Plan, for an order (i) enforcing the automatic stay and the Plan Injunctions, and (ii) holding the Georgia Plaintiffs in contempt and imposing monetary sanctions for their alleged violations of the Plan Injunctions and Orders of this Court. The Court denied the Bourff Motion. Thereafter, Bourff filed a motion to amend the Order. The Court denied that motion. Before the Court is the motion of Robert Campbell, a successor to Bourff, to determine the scope of the automatic stay in these Chapter 11 Cases. Campbell contends he is a secured creditor in these Chapter 11 Cases. He bases his alleged interest on an unrecorded Assignment of Judgment Lien (Writ of Fieri Facias) from Bourff dated Jan. 20, 2019. The Assignment purports to assign to Campbell a Writ of Fieri Facias, dated October 28, 2013, that erroneously names Bourff as the plaintiff in fieri facias, and Green Tree as the defendant in fieri facias. The October 2013 FiFa was amended on Jan. 24, 2014, in Lien Book 2916, Page 498 of the Fulton County Georgia land records to correctly reflect that the judgment was against Bourff and in favor of Green Tree. In his motion, Campbell asks for substantially the same relief that Bourff unsuccessfully sought. Pursuant to sections 105(d), 524 and 1141 of the Bankruptcy Code, Bankruptcy Rules 1015(c), 3020(d) and 9007, and section 10.5 of the Plan, Campbell seeks an order declaring that entry of the Florida Stay Relief Order -- by the Florida Bankruptcy Court in the Chapter 13 Case -- violated the automatic stay in these Chapter 11 Cases, that the Florida Stay Relief Order is void, and the transfers of the Property to Najarian and then to the Georgia Plaintiffs are void and unenforceable. Campbell is acting pro se. The Georgia Plaintiffs, though counsel, filed an objection to the Campbell Motion. In support of his motion, Campbell relies on the same facts that Bourff cited, and seeks the same relief Bourff sought. According to Judge Garrity, Campbell cannot relitigate claims and issues that this Court definitively resolved in the Bourff Order. The threshold issue is whether Campbell has standing to seek relief in these cases. Campbell argues that any person may challenge the Florida Stay Relief Order as void without establishing party status, provided the order violates the automatic stay in these Chapter 11 Cases. According to Judge Garrity, Campbell erroneously contends that the Assignment gives him party-in-interest status in the Chapter 11 Cases. Judge Garrity explains, "Campbell has not demonstrated that he holds any direct contractual, financial, or statutory relationship with the Debtors. The Plan Administrator confirms that there is no record of Campbell being a creditor of the Debtors or holding any secured interest in property of the Debtors. The Campbell Motion does not identify any interest in the Chapter 11 Cases that could impact him in any way. Campbell's position as a judgment debtor's assignee of an extinguished Judgment Lien provides no such interest, and he fails to establish any other basis for standing under the Bankruptcy Code. Campbell's assertion of secured creditor status is only mentioned in the title of his motion, without any factual or legal support whatsoever. The absence of any connection between Campbell and the Debtors' estates precludes standing under sections 1109(b) and 362(d) of the Bankruptcy Code." The Court finds because Campbell lacks a legally cognizable interest in the Chapter 11 Cases, he is not a "party in interest" under the Bankruptcy Code and has no standing to assert claims related to the automatic stay, Florida Stay Relief Order, or subsequent transfers of the Property. Alternatively, the Campbell Motion fails as the Property is not, and never was, property of the Debtors' estate. The Campbell Motion is premised on the assertion that the Property became estate property on the Petition Date. According to the Court, as of the Petition Date, the Debtors held no legal or equitable interest in the Property. Campbell argues that Green Tree, as a predecessor to one of the Debtors, held an interest in the Property prior to the 2018 Foreclosure Sale and that such interest became part of the Debtors' estate. The Court disagrees. The 2018 Foreclosure Sale extinguished Green Tree's interest in the Property nearly eleven months before the Petition Date, and the estate includes only those interests that remained in effect as of the filing date. Because the Debtors held no remaining legal or equitable interest in the Property as of the Petition Date, the Property was not property of the Debtors' estate, and this Court lacks jurisdiction to grant the relief Campbell seeks. Campbell's argument that this Court should invalidate the Florida Stay Relief Order because it affects estate property lacks merit. The automatic stay, which arose on Feb. 11, 2019, in these Chapter 11 Cases, only protects property of the Debtors' estate. The Plan Administrator further characterizes the matter as "wholly unrelated" to these Chapter 11 Cases, reinforcing the conclusion that the Property bears no connection to the Debtors' estates. Because the Property was not, and is not, part of the Debtors' estate, the dispute over the effect of the stay in the Chapter 13 Case and the validity of the Florida Stay Relief Order is not a matter for this Court to decide, as it does not concern property of these Debtors' estates. A copy of the Court's Memorandum Decision and Order is available at https://urlcurt.com/u?l=HQ1Q3E from PacerMonitor.com. Attorneys for Sheila Ann Gibson, Jordan A. Cole, and Courtney M. Cole: David J. Wolkenstein, Esq. FIDELITY NATIONAL LAW GROUP 711 Third Avenue, 8th Floor New York, NY 10117 E-mail: David.Wolkenstein@fnf.com Attorneys for Plan Administrator: Richard W. Slack, Esq. Sunny Singh, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153 E-mail: richard.slack@weil.com sunny.singh@weil.com About Ditech Holding Corporation Fort Washington, Pennsylvania-based Ditech Holding Corporation and its subsidiaries -- http://www.ditechholding.com/-- are independent servicer and originator of mortgage loans. Ditech Holding and certain of its subsidiaries, including Ditech Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19 10412) on Feb. 11, 2019, after reaching terms with lenders of a Chapter 11 plan that will reduce debt by $800 million. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel, Houlihan Lokey as investment banker and AlixPartners LLP as financial advisor. Epiq Bankruptcy Solutions LLC served as claims and noticing agent. Kirkland & Ellis LLP and FTI Consulting Inc. served as the consenting term lenders' legal counsel and financial advisor, respectively. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' cases on Feb. 27, 2019. The creditors' committee tapped Pachulski Stang Ziehl & Jones LLP as its legal counsel and Goldin Associates, LLC, as its financial advisor. On May 2, 2019, the U.S. trustee appointed an official committee of consumer creditors. The consumers committee tapped Quinn Emanuel Urquhart & Sullivan, LLP, as counsel and TRS Advisors LLC, as financial advisor. On Sept. 26, 2019, the Bankruptcy Court confirmed Ditech's Chapter 11 bankruptcy plan, which became effective four days later. A Consumer Claims Trustee has been appointed in the case and is represented by Richard Levin, Esq., at Jenner & Block, LLP. DOUBLE S SIGNS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Double S Signs, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Texarkana Division, to use cash collateral. The interim order authorized the Debtor to use cash collateral for expenses set forth in its 30-day budget, which projects total cash disbursement of $42,350. The Debtor may use cash collateral to pay up to 110% of any individual expense, provided total monthly spending does not exceed 10% of the overall budget. As adequate protection, creditors Regions Bank and Simmons Bank will be granted replacement liens on cash collateral generated and assets acquired by the Debtor after its Chapter 11 filing, subject to a fee carveout. The replacement liens do not apply to any Chapter 5 causes of action. A final hearing is set for September 25. About Double S Signs, LLC Double S Signs, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-50110) on August 25, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Jared Russell Sparks, president of Double S Signs, signed the petition. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. EL VERDE: Reaches Stipulation with WM Capital; Amends Plan ---------------------------------------------------------- El Verde Associates LDP submitted an Amended Disclosure Statement describing Plan of Reorganization dated September 2, 2025. While operating as a Debtor in possession under Chapter 11 Case, the Debtor kept on leasing the residential units to low-income families, as per the contract with the United States Department of Housing and Urban Development so that funds be available to fund its proposed Chapter 11 Plan dated September 02, 2025. Class 1 consists of the Secured Claim of WM Capital Partners 76, LLC. The Debtor and WM Capital 76, LLC, Debtor's secured creditor, have reached a Stipulation (the "Stipulation") for the treatment of WM Capital 76, LLC's Claim No. 1, which is currently pending Court approval. The Stipulation was filed on August 21, 2025 and is incorporated to this this Disclosure Statement by reference as if fully set forth herein. WM Capital 76, LLC secured claim against Debtor shall be treated and will be paid as per the Stipulation. For the avoidance of doubt, in the event of any inconsistency between the terms of this Plan and the terms of the Stipulation, the Stipulation shall prevail in all respects. The Stipulation is pending the Court’s approval and any objection to such Stipulation must be filed on or before September 11, 2025. The amount of claim in this Class total $2,473,460.35. Like in the prior iteration of the Plan, 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 September 2, 2025 is available at https://urlcurt.com/u?l=c10vZJ 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. ELITE EQUIPMENT: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Elite Equipment Leasing, LLC 1302 24th Street W, Suite 392 Billings, MT 59102 Business Description: The group, anchored by Elite Equipment Leasing, LLC, provides crane rental, heavy lifting, and construction services across California, Arizona, and Nevada, with Elite owning and leasing the majority of the equipment used by its affiliates. Its operating companies, including Reliable Crane Service, Reliable Construction, Reliable Phoenix, Champion Crane Holdings, LLC, and Champion Crane Rental, Inc., hold state contractor licenses, maintain offices and storage yards in key regional locations, and employ NCCCO-certified operators, master riggers, and project management staff. The group shares a unified management team, centralized administrative functions in Anaheim, California, and a combined work backlog exceeding $80 million, participating in major projects such as the Athletics' stadium in Las Vegas and the "One Beverly Hills" development. Chapter 11 Petition Date: September 7, 2025 Court: United States Bankruptcy Court District of Montana Six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Elite Equipment Leasing, LLC (Lead Case) 25-10145 Reliable Crane Service, LLC 25-10146 Reliable Construction Services, LLC 25-10147 Champion Crane Rental, Inc. 25-10148 Champion Crane Holdings, LLC 25-10149 Reliable Phoenix, LLC 25-10150 Judge: Hon. Benjamin P. Hursh Debtors' Bankruptcy Counsel: James A. Patten, Esq. Molly S. Considine, Esq. PATTEN, PETERMAN, BEKKEDAHL & GREEN, PLLC 2817 2nd Ave N Ste 300 Billings MT 59101 Tel: (406) 629-1605 Tel: (406) 252-8500 Fax: (406) 294-9500 Email: apatten@ppbglaw.com Mconsidine@ppbglaw.com - and - Matthew A. Lesnick, Esq. Christopher E. Prince, Esq. Kaitlyn M. Husar, Esq. Lisa R. Patel, Esq. LESNICK PRINCE PAPPAS & ALVERSON LLP 315 W. Ninth Street, Suite 705 Los Angeles, CA 90015 Tel: (213) 493-6496 Fax: (213) 493-6596 Email: matt@lesnickprince.com cprince@lesnickprince.com khusar@lesnickprince.com lpatel@lesnickprince.com Debtors' Financial Advisor: SIERRACONSTELLATIONPARTNERS, LLC Debtors' Special Corporate & Transactional Counsel: GARRETT STIEPEL RYDER LLP Debtors' Claims Agent: EPIQ CORPORATE RESTRUCTURING, LLC Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Darrell Shaw as member and manager. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7WUZC6A/ELITE_EQUIPMENT_LEASING_LLC__mtbke-25-10145__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 260 Smith Partners, LLC Trade Debt $834,000 c/o Alterra Property Group, LLC 414 S. 16th Street, Suite 100 Philadelphia, PA 19146 Contact: Leo Addimando Email: leo@alterraproperty.com 2. Jorge Rodriguez Trade Debt $698,957 Transportation & Logistics LLC 8513 Saddle Creek Drive Jurupa Valley, CA 92509 United States Contact: Robert Smith Phone: (951) 453-7023 Email: jrtllc@outlook.com 3. Bigge Crane And Rigging Co Trade Debt $428,428 Po Box 511372 Los Angeles, CA 90051-7927 United States Contact: Weston Settlemier 4. Ferrara Logistics, LLC Trade Debt $255,227 8507 Antioch Road Baton Rouge, LA 70817 United States Contact: Christoper Ferrara Phone: (225) 271-5311 Ext 1002 5. Mountain Crane Service Trade Debt $198,448 393 S 2650 West Salt Lake City, UT 84104 United States Contact: Paul Belcher, CEO Email: info@mountaincrane.com 6. Federated Crane Trade Debt $179,999 1640 New Market Ave South Plainfield, NJ 07080 United States Phone: (908) 941-5136 7. Capital One Trade Debt $168,349 Attn: General Correspondence P.O. Box 30285 Salt Lake City, UT 84130-0285 United States Contact: Richard D. Fairbank, CEO 8. Liebherr USA, Co. Trade Debt $165,925 P.O. Box 603928 Charlotte, NC 28260-3928 United States Contact: Kai Friedrich Phone: (757) 245-5251 9. Buckner Heavylift Cranes, LLC Trade Debt $153,928 4732 NC 54 E. Graham, NC 27253 United States Contact: Michael Holt Email: marketing@bucknerheavylift.com 10. Sarens Trade Debt $151,669 10855 John Ralston Road Houston, TX 77044 United States Contact: Ludo Sarens Phone: (832) 536-3685 Email: info@sarens.com 11. Wolffkran Inc Trade Debt $148,230 9231 Lambright Road Houston, TX 77075 United States Contact: Duncan Salt, CFO Email: info@wolffkran.com 12. Buchanan Hauling and Trade Debt $138,058 Rigging/Buchanan Logistics P.O. Box 631526 Cincinnati, OH 45263 United States Contact: Geary Buchanan 13. Riveron RTS Trade Debt $137,528 909 Fannin Street Suite 4000 Houston, TX 77010 United States Contact: Sam Shaw 14. Western Pacific Crane Trade Debt $130,514 Po Box 83033 Chicago, IL 60691-3010 United States Contact: Robert Johnson 15. BC Wire Rope & Rigging Trade Debt $116,023 2720 E Regal Park Drive Anaheim, CA 92806-2417 United States Contact: Barry Heavican Phone: (714) 666-8000 Email: sales@bcwirerope.com 16. Cropac USA Inc. Trade Debt $111,420 339 Opal Court Streetsboro, OH 44241 United States Contact: James Graham Phone: (937) 657-4367 Email: james@cropac.com 17. Boss Crane & Rigging, LLC Trade Debt $107,505 Po Box 896807 Charlotte, NC 28289 United States Contact: Marcia G. Taylor Phone: (909) 475-0018 Ext 7862 Email: marketing@bosscrane.com 18. Russell E. Fluter as Trustee Of Trade Debt $96,000 The Russell E. Fluter Separate Property Trust Est. June 23, 2006 2025 W Balboa Blvd Newport Beach, CA 92663 United States 19. Action Heavy Haul Trade Debt $94,260 3882 Crater Lake Avenue Medford, OR 97504 United States Email: info@actionheavyhaul.com 20. DJP Investment Properties, LLC Trade Debt $90,860 2021 West Buckeye Road Phoenix, AZ 85009 United States Email: mike@arizonaautoparts.com 21. American Express Trade Debt $88,249 P.O. Box 981535 El Paso, TX 79998-1535 United States Contact: Stepehen Squeri 22. 12521 Branford Street, LLC Trade Debt $81,954 220 Highland Road Simi Valley, CA 93065 United States Contact: Jacki L Elmer Email: mwkonle@aol.com 23. Wind Power Solution LLC Trade Debt $81,950 10151 County Road Suite 1060 Hydro, OK 73048 United States 24. Cableco Trade Debt $77,349 2380 Main Street San Diego, CA 92113 United States Contact: Gaetan Bessette Email: sales@cablecorigging.com 25. Jim Beam Brands Co. Trade Debt $77,000 222 Merchandise Mart Chicago, IL 60654 United States Email: luke.ott@beamsuntory.com 26. R A Batchelor Co. Trade Debt $72,668 Po Box 96 Upland, CA 91785 United States Contact: Ronnie Batchelor Phone: (562) 673-3796 Email: batchelorpact1@aol.com 27. Trinity Logistics, Inc. Trade Debt $57,580 12700 Park Central Drive, Suite 1700 Dallas, Texas 75251 United States 28. Equipmentshare.Com, Inc. Trade Debt $48,619 Po Box 650429 Dallas, TX 75265-0429 United States Contact: Jabbok Schlacks Phone: (949) 739-0930 Email: customerservice@equipmentshare.com 29. Nxgen Group USA LLC Trade Debt $48,000 Po Box 110 Liberty, TX 77575 United States Contact: Giuseppe Caltabiano Phone: (936) 641-8558 Email: enquiries@nxgen.group 30. Radcliffe Marine & Crane NDE Trade Debt $46,575 13337 South Street Cerritos, CA 90703 United States Contact: Giscard Nuriady Phone: (562) 437-7829 ENDURANCE INTERNATIONAL: Palmer Square Marks $4.5M Loan at 46% Off ------------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $4,567,236 loan extended to The Endurance International Group, Inc. to market at $2,472,017 or 54% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to The Endurance International Group, Inc. The loan accrues interest at a rate of 7.93% (S +CSA + 3.50%) per annum. The loan matures on February 10, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About The Endurance International Group, Inc. Endurance International Group, Inc., previously named BizLand, now part of Newfold Digital, was an information technology services company specializing in web hosting. ENVERIC BIOSCIENCES: Equity Falls Below Nasdaq Minimum Requirement ------------------------------------------------------------------ Enveric Biosciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying the Company that it is not in compliance with the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires companies listed on the Nasdaq Capital Market to maintain stockholders' equity of at least $2,500,000. The Company's Quarterly Report on Form 10-Q for the period ended June 30, 2025, reported stockholders' equity of $2,184,769. As of the date of the Current Report on Form 8-K, the Company does not have a market value of listed securities of $35 million, or net income from continued operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years, the alternative quantitative standards for continued listing on the Nasdaq Capital Market. The notification received has no immediate effect on the Company's continued listing on the Nasdaq Capital Market, subject to the Company's compliance with the other continued listing requirements. In accordance with Nasdaq rules, the Company has been provided 45 calendar days, or until October 10, 2025, to submit a plan to regain compliance. If the Compliance Plan is acceptable to the Staff, they may grant an extension of 180 calendar days from the date of the Staff notification (August 26, 2025) to regain compliance with the Stockholders' Equity Requirement. If the Staff does not accept the Compliance Plan, the Staff will provide written notification to the Company that the Compliance Plan has been rejected. At that time, the Company may appeal the Staff's determination to a Nasdaq Hearings Panel. The Company intends to submit the Compliance Plan on or before October 10, 2025, monitor its stockholders' equity and, if appropriate, consider further available options to regain compliance with the Stockholders'Equity Requirement. About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated Mar. 28, 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 needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Enveric Biosciences had total assets amounting to $3.08 million, total current liabilities of $1.49 million, and total shareholders' equity of $1.59 million as of Dec. 31, 2024. ETROG PROPERTIES: Seeks to Hire Northgate as Real Estate Broker --------------------------------------------------------------- Etrog Properties LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Northgate Real Estate Group as real estate broker. The firm will market and sell the Debtor's real properties located at 938 Intervale Avenue (the "Intervale Property"), 916-918 Faile Street (the "Faile Property"), and 2734 Sedgwick Avenue (the "Sedgwick Property"). The firm will be paid a commission of 4 percent of the gross purchase price of the properties. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Greg Corbin Northgate Real Estate Group 1633 Broadway 46th Floor New York, NY 10019 Tel: (212) 369-4000 About Etrog Properties LLC Etrog Properties LLC is a single asset real estate company that owns property located at 938 Intervale Avenue in the Bronx, New York. Etrog Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43396) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor tapped Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP as counsel and FIA Capital Partners LLC as restructuring advisor. FEC RESOURCES: Sets Annual General Meeting for Sept. 11 ------------------------------------------------------- FEC Resources Inc. issued, in a Form 6-K Report filed with the U.S. Securities and Exchange Commission, a Notice of its Annual General Meeting. The Annual General Meeting of the shareholders of FEC Resources will be held at the offices of Gowling WLG (Canada) LLP, Suite 2300, 550 Burrard Street, Vancouver, British Columbia, V6C 2B5, on Thursday, September 11, 2025, at the hour of 11:00 a.m., (Vancouver time), for the following purposes: 1. To receive the report of the directors of the Corporation to the shareholders and the consolidated financial statements of the Corporation together with the Auditors' Report thereon for the financial year ended December 31, 2024; 2. To appoint the auditors of the Corporation for the ensuing year and to authorize the Directors to fix the remuneration to be paid to the Auditors; 3. To set the number of directors of the board of directors of the Corporation at three (3); 4. To elect the Directors for the ensuing year; and 5. To transact such further or other business as may properly be brought before the meeting or any adjournments thereof. About FEC Resources Inc. Vancouver, Canada-based FEC Resources, Inc. is an investment holding company, which engages in the exploration and development operation of oil and gas business. For the year ended December 31, 2024, the Company had $8.6 million in total assets, $937,244 in liabilities, and $7.6 million in total equity. Vancouver, Canada-based DMCL LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated July 14, 2025, citing that the Company has disclosed certain conditions that raise substantial doubt about the Company's ability to continue as a going concern. FINLEY DESIGN: Hires David Dracup CPA PA as Tax Accountant ---------------------------------------------------------- Finley Design, P.A. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ David Dracup, CPA, PA as tax accountant. The firm will provide accounting, bookkeeping, payroll processing, return preparation, financial statement preparation, tax return preparation and business consulting. The firm will be paid at $250 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Dracup David Dracup, CPA, PA 4550 Linden Hill Rd Suite 130 Wilmington, DE 19808 Tel: (302) 751-0794 Fax: (302) 239-3600 About Finley Design, P.A. Finley Design P.A., doing business as Finley Design PA Architecture + Interiors, provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client-centered solutions, offering design leadership and project execution across various commercial and residential sectors. Finley Design sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02252) on June 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Philip Sasser, Esq. Sasser Law Firm Tel: (919) 319-7400 Email: philip@sasserbankruptcy.com FLOW BEVERAGE: To Transfer Business to Lenders via Receivership --------------------------------------------------------------- Flow Beverage Corp. announced on September 2, 2025, that the Company and its subsidiaries entered into a Support Agreement with NFS Leasing Canada Inc. and RI Flow LLC whereby the ownership of Flow's business will be transitioned to the Lenders or their designee through a structured foreclosure (the "Restructuring Transaction") to be implemented pursuant to receivership proceedings commenced before the Ontario Superior Court of Justice (Commercial List). The Lenders have agreed to provide bridge financing to the Company while the Restructuring Transaction is implemented, which will permit the Company's business to operate in the ordinary course. The Support Agreement follows an exhaustive strategic review conducted under the supervision of a special committee of independent directors, which considered all alternatives in the circumstances to address the Company's liquidity challenges. The Special Committee had previously engaged Origin Merchant Partners as financial advisor to assist with the exploration of such alternatives. Pursuant to the Support Agreement, the key elements of the Restructuring Transaction are as follows: -- The Lenders or their assignee ("NewCo") will accept substantially all of the assets of the Company and its subsidiaries in full satisfaction and extinguishment of their indebtedness; -- NewCo will offer employment to certain of Flow's current employees; -- Certain other existing indebtedness will remain with Flow which will result in NewCo operating the business with an improved and deleveraged balance sheet; -- The receiver will be authorized to consent to the Restructuring Transaction, including the foreclosure, on behalf of the Company and its subsidiaries; and -- Following the completion of the Restructuring Transaction, the Company and its subsidiaries and their remaining assets and liabilities will be wound-down under the supervision of the receiver and the Court pursuant to proceedings commenced under the Bankruptcy and Insolvency Act (Canada). About Flow Beverage Flow Beverage Corp. engages in the developing, marketing, selling, and distributing natural alkaline spring water-based beverages under the Flow brand name in Canada and the United States. The company's spring water available in organic and natural flavours, such as blackberry+hibiscus, strawberry+rose, cucumber+mint, watermelon, grapefruit, cucumber, peach+blueberry, blood orange, meyer lemon, strawberry+kiwi, ginger+lemon, and pomegranate, as well as vitamin-infused water comprising elderberry, citrus, and cherry. It also provides co-packing services. It sells its products to distributors, logistics providers, direct customers, and other courier services. The company was formerly known as RG One Corp. and changed its name to Flow Beverage Corp. in April 2021. Flow Beverage Corp. was incorporated in 2014 and is headquartered in Aurora, Canada. FOREST GOOD: Gets One-Month Extension to Use Cash Collateral ------------------------------------------------------------ Forest Good Eats, LLC received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral from September 1 to 30. The court's order authorized the Debtor's interim use of cash collateral to fund operations in accordance with its budget, which shows total operating expenses of $348,928.05 for the interim period. Several creditors potentially holding secured interests in the Debtor's cash or receivables include Gulf Coast Bank & Trust Company, Optimal Living, LLC, Rewards Network and the U.S. Small Business Administration. Each of these creditors will have a continuing post-petition lien on and security interest in all property of the Debtor and the proceeds thereof, with the same priority as its pre-bankruptcy lien. As further protection, the Debtor must pay $6,000 to Gulf Coast Bank & Trust by Sept. 22. The fourth interim order will remain effective until it is modified or terminated by further order; a trustee or examiner is appointed; the Debtor's Chapter 11 case is dismissed or converted; a notice of default is filed; or a subsequent order approving use of cash collateral is entered by the court. The next hearing is scheduled for September 16. About Forest Good Eats Forest Good Eats, LLC operates Real McCoy's, a restaurant and sports bar in Wake Forest, North Carolina. The establishment offers American cuisine and craft beer in a casual setting. Forest Good Eats sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02018) on May 30, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge David M. Warren handles the case. Joseph Zachary Frost, Esq., at Buckmiller & Frost, PLLC is the Debtor's legal counsel. Gulf Coast Bank & Trust Company, as secured creditor, is represented by: Lisa P. Sumner, Esq. Maynard Nexsen, PC 4141 Parklake Avenue, Suite 200 Raleigh, NC 27612 Telephone: (919) 573-7423 Facsimile: (919) 573-7454 LSumner@maynardnexsen.com FOREST MEADOWS: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------- Forest Meadows Holdings, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Liquidation dated September 2, 2025. The Debtor is a Delaware limited liability company with one member, Forest Meadows Investments, LLC ("FMI"). The Debtor's leadership team consists of three individuals: Patrick Castelli, Bob Bryenton, and William Brancucci. Mr. Castelli, Mr. Bryenton, and Mr. Brancucci manage and direct Debtor and communicate with Debtor's investors. The Debtor owns and operates a one hundred and 196-unit residential apartment project located at 746 Garden Walk Boulevard, College Park, Georgia 30349 commonly known as Forest Meadows (the "Property"). Debtor generates revenue from the leasing the Property (the "Business"). The Property occupancy as of the Petition Date was 92.9% and remains at this level. The Property is insured. Debtor's appraised value of the Property is $22,000,000. The Property is encumbered by a loan between Forest Meadows Holdings, LLC and Federal National Mortgage Association ("Fannie Mae"), with the original lender being NewPoint Real Estate Capital, LLC (the "Fannie Mae Loan"). The Fannie Mae Loan is performing, and Debtor is current on its Loan payments. Fannie Mae also obtained a guaranty from Mr. Castelli, Mr. Bryenton, and Mr. Brancucci (the "Guarantors") that guarantees the Fannie Mae Loan (the "Guaranty"). In April 2025, Fannie Mae advertised for the foreclosure sale of the Property. In early April 2025, Fannie Mae filed a lawsuit in Clayton County Superior Court (the "Superior Court Case") requesting the appointment of a receiver for a fully performing Fannie Mae Loan on a 92.9% occupied Property with $785,795 in recent repairs and an equity cushion over $6.5 million. The Debtor has determined that a sale of the Property is the best course of action for Debtor, its estate, and creditors. Debtor filed an Application to Employ Real Estate Broker and the Bankruptcy Court entered the order approving the employment of Newmark. Newmark is marketing the Property and believes that Debtor will sell the Property for an amount sufficient to satisfy the Fannie Mae Loan. The Debtor intends to liquidate its Property by selling the Forest Meadows Apartments, along with all personal property, on or before the Closing Date. Newmark is marketing the Property and is soliciting offers that exceed the total Allowed Secured Claims on the Property. Debtor will have a fully executed purchase and sale agreement on or before the Effective Date of the Plan. The Property will be sold on or before the Closing Date. On the Closing Date, the Fannie Mae Allowed Secured Claim will be paid in full from the Sales Proceeds. Allowed Secured Claims of Vendor Lienholders will be paid in full from the Sales Proceeds, if sufficient proceeds are available. If sufficient proceeds are not available to pay each Allowed Secured Claim of each Vendor Lienholder after payment in full of Claim 1, they shall be paid on a pro rata basis from the Sales Proceeds. Fannie Mae and the Vendor Lienholders shall cancel and release all liens and deeds against the Property on the Closing Date. Class 3 consists of Allowed Claims of General Unsecured Creditors (the "GUCs"). Each holder of an Allowed Unsecured Claim shall be entitled to receive such holder's pro rata share of the Remaining Sales Proceeds after payment of Allowed Claims described in Sections 4.01, 4.1, and 4.2 of this Plan on the date that is thirty days after the Closing Date. The Distribution will be paid as a one-time lump-sum payment. Notwithstanding anything else in this Plan to the contrary, any holder of an Allowed Unsecured Claim shall be reduced by any payment received by the creditor holding such claim from any third party or other obligor, and Debtor's obligations hereunder shall be reduced accordingly. In the event Debtor does not sell the Property as contemplated under this Plan, Fannie Mae shall foreclose on the Property. If Fannie Mae forecloses on the Property, Class 3 creditors shall not receive any distribution under the Plan. The Claims of the Class 3 Creditors are Impaired by the Plan. Class 4 consists of Equity Interests. On the Effective Date of the Plan, FMI will be the sole owner of Debtor. It shall retain its member interest in Liquidating Debtor until the Closing Date. FMI does not receive any income or distributions from Debtor. Since the Petition Date, FMI has contributed capital to Debtor to fund operations. On the Closing Date, Liquidating Debtor shall cease to exist as an operating entity and the Equity Interests shall have no value. The Debtor owns the Forest Meadows Apartments that it values at $20,000,000 based upon an appraisal Debtor commissioned in 2024. Debtor values the personal property, which includes office equipment, resort inventory such as linens, beds, televisions, mini refrigerators, and restaurant equipment, and a used van, car, dump truck, and golf cart used at the Property, at $270,071.00 (the "Personal Property"). The Personal Property is of little to no value outside of its use at the Property in the course of Debtor's Business operations. The total value of Debtor's Property and Personal Property is $20,270,071.00. The Distributions contemplated by this Plan shall be made from the Sales Proceeds and the Remaining Sales Proceeds. Administrative Claims shall be paid from Liquidating Debtor's income on the Effective Date or from the Remaining Sales Proceeds should the Administrative Claimant and Liquidating Debtor agree to payment after the Closing Date. A full-text copy of the Disclosure Statement dated September 2, 2025 is available at https://urlcurt.com/u?l=TwhUNr from PacerMonitor.com at no charge. Counsel to the Debtor: ROUNTREE LEITMAN KLEIN & GEER, LLC Ceci Christy, Esq. Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 (404) 584-1238 Telephone Email: cchristy@rlkglaw.com About Forest Meadows Holdings, LLC Forest Meadows Holdings, LLC owns and operates a 196 unit residential apartment project located at 746 Garden Walk Boulevard, College Park, Georgia 30349 commonly known as Forest Meadows (the "Property"). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54944) on May 5, 2025. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $10,000,001 and $50 million. Judge Lisa Ritchey Craig oversees the case. Rountree Leitman Klein & Geer, LLC is Debtor's legal counsel. FORTRESS HOLDINGS: Hires Zigman & Zigman CPA as Accountant ---------------------------------------------------------- Fortress Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Zigman & Zigman CPA as accountant. The firm's services include preparing and filing the Debtor's federal and state tax returns for 2020, 2021, 2022, 2023 and 2024 The firm will be paid at a flat fee of $9,000. Robert Zigman, a partner at Zigman & Zigman CPA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert Zigman Zigman & Zigman CPA 727 North Woo Ave. Linden, NJ Tel: (908) 925-9899 About Fortress Holdings Fortress Holdings, LLC, a company in Totowa, N.J., filed Chapter 11 petition (Bankr. D.N.J. Case No. 25-10977) on January 30, 2025, listing up to $50 million in both assets and liabilities. Paul Qassis, managing member, signed the petition. Judge Vincent F. Papalia oversees the case. Richard D. Trenk, Esq., at Trenk Isabel Siddiqi & Shahdanian P.C., is the Debtor's legal counsel. FUSE GROUP: Simon & Edward Replaces KCCW as Auditor --------------------------------------------------- Fuse Group Holding Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved the dismissal of KCCW Accountancy Corp. as the Company's independent registered public accounting firm, effective immediately. KCCW's audit reports on the Company's consolidated financial statements as of and for the fiscal years ended September 30, 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, except that the audit reports on the consolidated financial statements of the Company for the fiscal years ended September 30, 2024 contained an uncertainty about the Company's ability to continue as a going concern. During the fiscal years ended September 30, 2024, and in the subsequent interim period through August 20, 2025, there were (i) no disagreements between the Company and KCCW 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 KCCW, would have caused KCCW to make reference to the subject matter of the disagreement in their reports on the financial statements for such years, and (ii) no "reportable events" as that term is defined in Item 304(a)(1)(v) of Regulation S-K, except as noted in the following paragraph: During the fiscal years ended September 30, 2024, and through the interim period ended August 20, 2025, there were the following "reportable events" (as such term is defined in Item 304 of Regulation S-K). As disclosed in Part I, Item 4 of the Company's Form 10-Q for the quarter ended June 30, 2025, the Company's management determined that the Company's internal controls over financial reporting were not effective as of the end of such period due to the existence of material weaknesses related to the following: 1. The Company does not have an Audit Committee. While the Company is not legally obligated to have an audit committee, it is the management's view that such a committee, including a financial expert member, is of the utmost importance for entity-level control over the Company's financial statements. Currently, the Board of Directors acts in the capacity of an audit committee. 2. The Company did not implement appropriate information technology controls. As of August 20, 2025, the Company was retaining copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company's data or off-site storage of the data in the event of theft, misplacement, or loss due to unmitigated factors. 3. The Company currently lacks sufficient accounting personnel with the appropriate level of knowledge, experience and training in U.S. GAAP and SEC reporting requirements. It has one employee assigned to a position that involves processing financial information, resulting in a lack of segregation of duties so that all journal entries and account reconciliations are reviewed by someone other than the preparer, heightening the risk of error or fraud. These material weaknesses have not been remediated as of the date of this Current Report on Form 8-K. The Company provided KCCW with a copy of the disclosures it is making in this Current Report on Form 8-K prior to the time the Report was filed with the Securities and Exchange Commission. The Company requested that KCCW furnish a letter addressed to the SEC stating whether or not it agrees with the statements made herein. A copy of KCCW's letter dated August 26, 2025, is available at https://tinyurl.com/hv2knxwr Following KCCW's dismissal, the Company's Board of Directors approved the engagement of Simon & Edward, LLP, as the Company's independent registered public accounting firm, effective as of August 21, 2025. The Board of Directors also approved Simon & Edward to act as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2025. During the Company's two most recent fiscal years and through August 20, 2025, neither the Company nor anyone on its behalf consulted Simon & Edward regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the consolidated financial statements of the Company; or (ii) any matter that was either the subject of a disagreement or a reportable event as described above; and there was neither a written report nor was oral advice provided to the Company by Simon & Edward that was an important factor considered by the Company in reaching a decision as to an accounting, auditing or financial reporting issue. About Fuse Group Fuse Group Holding Inc. explores business opportunities in mining, biotechnology, and consulting. The Company operates through subsidiaries including Fuse Biotech Inc., which focuses on biotech ventures. The Company is diversifying its business to new growth area of consulting services, especially in the catering and culinary consulting service business. Fuse is based in Arcadia, California, and has undergone several structural changes since 2016. In an auditor's report dated Dec. 26, 2024, KCCW Accountancy Corp. issued a "going concern" qualification, citing that the Company had recurring losses from operations, an accumulated deficit, and a negative cash flows from operating activities. As such, there is substantial doubt about its ability to continue as a going concern. GAINWELL ACQUISITION: Palmer Square Marks $2.4MM 2L Loan at 15% Off ------------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $2,400,000 loan extended to Gainwell Acquisition Corp. to market at $2,028,000 or 85% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Gainwell Acquisition Corp. The loan accrues interest at a rate of 12.38% (S +CSA + 8.00%) per annum. The loan matures on October 2, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Gainwell Acquisition Corp. Gainwell Acquisition Corp. is a U.S. company specializing in software and managed services for health and human services agencies, formerly known as Milano Acquisition Corp., and founded in 2020. GAINWELL ACQUISITION: Palmer Square Marks $3MM 2L Loan at 15% Off ----------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $3,000,000 loan extended to Gainwell Acquisition Corp. to market at $2,535,000 or 85% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Gainwell Acquisition Corp. The loan accrues interest at a rate of 12.38% (S +CSA + 8.00%) per annum. The loan matures on October 2, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Gainwell Acquisition Corp. Gainwell Acquisition Corp. is a U.S. company specializing in software and managed services for health and human services agencies, formerly known as Milano Acquisition Corp., and founded in 2020. GOOD WORKS: Unsecureds to Get 100 Cents on Dollar in Plan --------------------------------------------------------- Good Works Housing, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization for Small Business dated September 2, 2025. The Debtor is a limited liability company, established on October 24, 2018, by registration with the Secretary of State of the Commonwealth of Pennsylvania, Entity No. 6788733. Since 2018, the Debtor has been in the business of real estate investment, renovation, and management. The business operations of the Debtor started in October, 2018, and the Debtor has operated as a real estate investment company since then. The investments have consisted largely of buying and renting one to three unit residential properties in Philadelphia, Pennsylvania. At times the business has purchased and renovated single family homes for resale as part of the business model. The additional revenues from the net proceeds of such resales have assisted the Debtor in filling any shortcomings due to needed capital repairs and/or delinquent rent payments associated with the properties. A projection of revenues that support the Debtor's ability to make all payments required by the Plan, in the form of the Debtor's Rent Roll, is attached to this Plan. In addition to the rental revenues, the Debtor plans to sell two properties, Salford and 47th and to use the proceeds both to address mortgage delinquencies and to fund additional property acquisitions in order to generate additional rental revenues that will help fund the Plan. Closing on a sale of Salford is currently scheduled on September 18, 2025. A tentative agreement of sale has been reached for 47th, and should be finalized in the month of September, 2025. However, closing may be scheduled within two to six months due to a contingency in the tentative agreement of sale under which the Debtor must obtain zoning approval for three rental units in the property. During the period during which the application for zoning approval will be pending and until closing on sale of 47th, Debtor will resume regular monthly mortgage payments at the pre default interest rate. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $7,350.00 monthly, project to increase to $8,700.00 monthly as of October 1, 2025 (less post-petition mortgage payments, real estate taxes and insurance cost) at least until closing on the sale of Salford. At that juncture disposable income will decrease to $6,950.00 monthly and will continue at that amount until closing on the sale of 47th. This Plan of Reorganization proposes to pay creditors of the Debtor from sale of assets, cash flow from operations, and/or future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for full payment of administrative expenses/claims and priority claims. Class 5 consists of Non-priority unsecured creditors. To be paid in full after full payment to Classes 1 through 4 creditors, if claims of any such creditors are allowed. This Class is impaired. No payment to be made to equity security holders of the Debtor under this Plan of Reorganization; equity security holders will realize their claims by retaining their interest in the Debtor and the retained net worth of the reorganized Debtor. The primary means for the Debtor to fund implementation of this Plan, including both prepetition and post-petition obligations is the rental income received from tenants of the Debtor's properties. The Debtor is in the process of selling two properties, one of which is under an agreement of sale for which the Debtor will be promptly seeking Court approval, and with respect to the other of which the Debtor had reached a tentative pre-petition agreement of sale expected to be finalized during the month of September, 2025. The Debtor expects to close on the sale of Salford preconfirmation. The Debtor expects to close on the sale of 47th promptly upon confirmation of this Plan, no later than two to six months from the date this Plan is filed with the Court (with regular, pre-default monthly mortgage payments to resume upon the filing of this Plan and continuing until closing on the sale of 47th). A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=HBoImC from PacerMonitor.com at no charge. Counsel to the Debtor: Roger V. Ashodian, Esq. Regional Bankruptcy Center of Southeastern PA, PC 101 West Chester Pike, Suite 1A Havertown, PA 19083 Telephone: (610) 446-6800 About Good Works Housing Good Works Housing LLC filed its voluntary Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-12224) on June 2, 2025, listing up to $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Roger V. Ashodian, Esq., at Regional Bankruptcy Center of Southeastern PA, PC, serves as the Debtor's counsel. GREATER LIGHT: Hires Law Offices of Michael Jay Berger as Counsel ----------------------------------------------------------------- Greater Light Baptist Church of Sacramento seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Law Offices of Michael Jay Berger as counsel. The firm will provide these services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules to determine if amendments are needed; (c) advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; (e) prepare status reports as required by the Court; (f) respond to any motions filed in Debtor's bankruptcy proceeding; (g) respond to creditor inquiries; (h) review proofs of claim filed in Debtor's bankruptcy; (i) object to inappropriate claims; (j) prepare Notices of Automatic Stay in all state court proceedings in which the Debtor is sued during the pending of Debtor's bankruptcy proceeding; and (k) if appropriate, prepare a Chapter 11 Plan of Reorganization for the Debtor. The firm will be paid at these rates: Michael Jay Berger $695 per hour Sofya Davtyan $645 per hour Angela Gill $595 per hour Robert Poteete $475 per hour Senior paralegals and law clerks $275 per hour Bankruptcy paralegals $200 per hour The firm received a retainer in the amount of $25,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Jay Berger, Esq. Sofya Davtyan, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 E-mail: Michael.Berger@bankruptcypower.com Sofya.Davtyan@bankruptcypower.com About Greater Light Baptist Church of Sacramento Greater Light Baptist Church of Sacramento, doing business as The Light Christian Church {TLCC), is a Sacramento-based ministry focused on practical, spirit-filled teaching of the Word of God. Led by Pastor O.J. Swanigan, TLCC aims to help individuals discover and walk in their purpose to strengthen the Body of Christ. Worship services are joyful yet reverent, emphasizing God's presence and praise as a lifestyle. Greater Light Baptist Church of Sacramento sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24136) on August 6, 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 Christopher D. Jaime handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. GREEN TERRACE: Trustee Hires Fisher as Co-Real Estate Broker ------------------------------------------------------------ Daniel J. Stermer, the Chapter 11 Trustee of Green Terrace Condominium Association, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Fisher Auction Co., and Avison Young Florida LLC as real estate broker. The firms will market and sell the Clubhouse owned by the Debtor located at 2800 Georgia Avenue, West Palm Beach, Florida 33405. The firms will be paid at a commission of 5 percent of the purchase price, to be paid from a buyer's premium. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lamar Fisher Fisher Auction Co., Inc. 2112 East Atlantic Blvd. Pompano Beach, FL 33062 Telephone: (954) 942-0917 - and - John Crotty Avison Young Florida LLC 396 Alhambra Circle, Suite 207 Miami, FL 33134 Tel: (305) 447-7842 About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, P.A. GREENWICH RETAIL: Seeks to Extend Plan Exclusivity to Feb. 6, 2026 ------------------------------------------------------------------ Greenwich Retail Group LLC and Madison Westside LLC asked the U.S. Bankruptcy Court for the Southern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 6, 2026 and April 6, 2026, respectively. The Debtors explain that these Chapter 11 Cases have been pending for just under three months, and meaningful progress has already been made. However, to propose a viable plan, the Debtors must still assess the full scope of claims against the estates and determine the value that can be realized from their retail optometry operations. At present, the Debtors' limited staff and resources remain focused on stabilizing operations and monetizing remaining assets. The Debtors claim that until the Bar Dates pass and claims are reviewed and reconciled, formulating a confirmable plan would be premature. Certain claims may also require an extended resolution timeline. Extending the Exclusive Periods will ensure the Debtors can propose a Chapter 11 plan that reflects both the economic realities of the business and the claims' landscape, while also providing creditors with the information they need to evaluate the plan and disclosure statement. The Debtors assert that they remain committed to filing a consensual plan, if possible, and will endeavor to continue to work with its key constituents to maximize value for creditors. The Debtors are continuing to operate their two retail locations for high-end clothing in a manner that maximizes efficiency and the returns to the estates. The requested enlargements of the Exclusivity Periods are also appropriate because the Debtors have been substantially paying, and will continue to pay, their undisputed postpetition debts as they come due. The Debtors further assert that they commenced these Chapter 11 Cases, in part, on account of actions taken by predatory merchant cash advance lenders. The Debtors seek to maintain the status quo while they work to reorganize without the disruptive and predatory pressure commonly associated with these merchant cash advance lenders. The requested extension is necessary to preserve and restore operational stability during the reorganization process and allow the adversary proceeding to take place. The Debtors state that they cannot finalize the substantive discussions and internal assessments necessary to formulate a proposed plan until certain operational and financial uncertainties have been resolved. Chief among these contingencies is the need to stabilize business operations across the Debtors' retail establishments, which have been materially impacted by the burdensome repayment terms of various merchant cash advance obligations. The Debtors note that without first understanding the available operating capital and core business performance, any plan the Debtors may propose would be premature and speculative, and would significantly impair the likelihood of obtaining plan support and, ultimately, confirmation. Assessing the outcome of these efforts will allow the Debtors to make informed decisions regarding plan structure, creditor treatment, and feasibility. Counsel to the Debtors: Robert L. Rattet, Esq. Craig M. Price, Esq. John D. Molino, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 Email: rlr@dhclegal.com cmp@dhclegal.com jdm@dhclegal.com About Greenwich Retail Group LLC Greenwich Retail Group, LLC operates retail clothing stores under brands including Everafter, which focuses on children's and teen apparel, and The Westside, a women's fashion boutique. Greenwich Retail Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11295) on June 9, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. Hanover Bank, as secured creditor, is represented by: Mitchell Seidman, Esq. Andrew Pincus, Esq. Seidman & Pincus, LLC 777 Terrace Avenue, Suite 508 Hasbrouck Heights, NJ 07604 Tel: (201) 473-0047 ms@seidmanllc.com ap@seidmanllc.com HARMONY WELLNESS: Mark Dennis Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Mark Dennis, a certified public accountant at SL Biggs, as Subchapter V trustee for Harmony Wellness, Inc. Mr. Dennis will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dennis declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark D. Dennis, CPA SL Biggs, A Division of SingerLewak, LLP 2000 S. Colorado Blvd., Tower 2, Ste. 200 Denver, CO 80222 Phone: 303-226-5471 Email: mdennis@slbiggs.com About Harmony Wellness Harmony Wellness, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-15682) on September 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Kimberley H. Tyson presides over the case. Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C. represents the Debtor as legal counsel. HARVEST MIDSTREAM: MPLX Deal No Impact on Moody's 'Ba3' Rating -------------------------------------------------------------- Moody's Ratings said that Harvest Midstream I, L.P.'s (Harvest Midstream or the partnership, Ba3 stable) plan to acquire MPLX LP's (MPLX, Baa2 stable) natural gas gathering and processing network in the Uinta and Green River basins across Wyoming, Utah, and Colorado for $1 billion does not affect its current ratings or stable outlook. The transaction expands Harvest's asset base while further diversifying across production basins. It adds the Rockies region to its existing asset base that comprises Alaska, the Four Corners region, North Dakota, Texas and Louisiana. It creates additional platforms for future acquisitions and continued growth, supporting the company's acquisition-led growth strategy. While this transaction should meaningfully increase Harvest's scale with pro forma EBITDA likely approaching $600 million, it entails significant incremental debt and is credit neutral in the near-term. The transaction is subject to regulatory approvals and customary closing adjustments, and is expected to close by the end of the fourth quarter of 2025. Harvest expects to fund the transaction with a mix of borrowings under its revolving credit facility and a new Term Loan A. The company had $38 million of balance sheet cash at June 30. Harvest also has a $1.1 billion revolver maturing in May 2030, with $350 million of outstanding borrowings at June 30. The Uinta Basin assets include approximately 700 miles of gas gathering pipelines and approximately 345 million cubic feet (MMcf) per day of active gas processing capacity with expansion work currently underway. The Green River Basin assets include approximately 800 miles of gas gathering and transportation pipelines, and approximately 500 MMcf per day of active gas processing capacity and 10,000 barrels per day of fractionator capacity. Harvest's gross leverage metrics, such as debt to EBITDA and interest coverage, are expected to weaken from healthy levels, since the acquisition will likely be entirely debt-funded. Pro forma 2026 debt to EBITDA is expected to remain below 4.5x. While Harvest will continue to have meaningful counterparty concentration with Hilcorp Energy I, L.P. (Hilcorp, Ba1 negative), this acquisition will further diversify Harvest's counterparties and likely reduce pro forma revenue associated with Hilcorp to less than 40% of total. Although this acquisition meaningfully increases outstanding debt, Harvest's improved scale could benefit its credit profile in the medium-term assuming strong operational execution and an accelerated pace of paying down the incremental debt with cash flow. Harvest Midstream I, L.P. is engaged in the business of gathering, processing, treating, transporting, purchasing and selling natural gas, crude oil and natural gas liquids, whose assets are operated by its general partner, Harvest Midstream Company, headquartered in Houston, Texas. HELP/SYSTEMS HOLDINGS: Palmer Square Marks $3.6M 2L Loan at 24% Off ------------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $3,656,217 loan extended to Help/Systems Holdings, Inc. to market at $2,769,584 or 76% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Help/Systems Holdings, Inc. The loan accrues interest at a rate of 11.13% (S +CSA + 6.75%) per annum. The loan matures on November 19, 2027. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Help/Systems Holdings, Inc. Help/Systems Holdings, Inc. was an IT company that provided data center automation, business intelligence, and security solutions. HERITAGE GRILLE: Court Extends Cash Collateral Access to Sept. 30 ----------------------------------------------------------------- The Heritage Grille, LLC received a one-month extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The court issued a fourth interim order authorizing the Debtor to utilize cash collateral to pay its operating expenses from September 1 to 30. Cash collateral use must conform to the budget, with a 10% variance allowed on individual items. The Debtor projects total operational expenses of $348,928.05 for the interim period. Several creditors including Gulf Coast Bank & Trust and the U.S. Small Business Administration hold potential interests in the cash collateral. These creditors will have a continuing post-petition lien on and security interest in all property of the Debtor and the proceeds thereof, with the same priority as their pre-bankruptcy lien. As further protection, Gulf Coast Bank & Trust will receive $6,000 payment by Sept. 22. The fourth interim order remains effective until modified, replaced or terminated by court order; appointment of a bankruptcy trustee; or dismissal or conversion of the Debtor's Chapter 11 case to one under Chapter 7. The next hearing is set for September 16. About Heritage Grille & Wine Bar Heritage Grille & Wine Bar, LLC, doing business as The Heritage Grille & Wine Barrel, is a fine dining restaurant based in Wake Forest, North Carolina. It serves French-inspired cuisine and offers a curated wine selection. The establishment includes a formal dining room, a speakeasy-style bar, and a bottle shop. Heritage Grille & Wine Bar sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02019) on June 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge David M. Warren handles the case. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC Tel: 919-296-5040 Email: jfrost@bbflawfirm.com HONOLULU SPINE: Unsecured Creditors Will Get 10% of Claims in Plan ------------------------------------------------------------------ Honolulu Spine Center, LLC, filed with the U.S. Bankruptcy Court for the District of Hawaii a Disclosure Statement for Plan of Reorganization dated September 2, 2025. The Debtor is a Delaware limited liability company. It was formed to own and operate an ambulatory surgery center (ASC) in Honolulu, Hawaii. The Debtor has approximately 20 independent contractors and approximately 30 W-2 employees. The Debtor (or its predecessor) has operated since 2006 at the Waterfront Plaza where the Debtor leases approximately 10,974 square feet of space from Waterfront Plaza, LLC. The lease expires April 30, 2028. The Debtor's balance sheet as of July 31, 2025, showed total assets of $6,358,971.22, total liabilities of $9,050,249.64, and a net worth of ($2,691,278.42). The funding necessary for the Debtor to fund the Debtor's emergence from Chapter 11 will be provided by a new value contribution (the "New Value Contribution") by the Debtor's owners in the amount of $650,000.00. ESCH shall continue to manage the Debtor. From and after the effective date, ESCH shall continue to manage the Debtor's day-to-day operations pursuant to the Management Agreement. However, the Debtor intends to amend the Management Agreement to increase the management fee payable to ESCH from a flat fee of $25,000/month to 5% of monthly net revenue, which is more in line with the market. Class 2 consists of approximately $5,104,298.10 in General Unsecured Claims. Holders of Allowed Claims shall be paid a Pro Rata share of $500,000.00 or approximately 10% of their claims within sixty days of the effective date. Class 2 is impaired, and the holders of Allowed Claims in Class 2 are entitled to vote to accept or reject the Plan. Class 3 consists of the interests of the Allowed Equity Interests in the Debtor. Holders of Allowed Equity Interests shall retain their Equity Interests in the Debtor provided that, on or before the effective date of the Plan, they make an aggregate contribution of $650,000.00 which will be used to fund the Plan. The Plan will be implemented and funded primarily from the New Value Contribution and from the Debtor's available cash as necessary. A full-text copy of the Disclosure Statement dated September 2, 2025 is available at https://urlcurt.com/u?l=bMkzy7 from PacerMonitor.com at no charge. Counsel to the Debtor: Chuck C. Choi, Esq. Choi & Ito 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Telephone: (808) 533-1877 Facsimile: (808) 566-6900 Email: cchoi@hibklaw.com About Honolulu Spine Center Honolulu Spine Center, LLC, doing business as Honolulu Sports & Spine Surgery Center and Honolulu Sports and Spine Center, is a surgical center in Honolulu, Hawaii. Honolulu Spine Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 24-01110) on Dec. 6, 2024, with $1 million to $10 million in both assets and liabilities. Louis DiMartini, the authorized signatory, signed the petition. Judge Robert J. Faris handles the case. The Debtor is represented by Chuck C. Choi, Esq., at Choi & Ito. Tiffany Carroll, Acting U.S. Trustee for Region 15, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. HUMPER EQUIPMENT: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------ Humper Equipment LLC and RBX, Inc., filed with the U.S. Bankruptcy Court for the Western District of Missouri a Joint Plan of Liquidation and Combined Disclosure Statement dated September 2, 2025. RBX, founded in 1983 and headquartered in Strafford, Missouri, operated as a truckload carrier with a fleet of over 200 trucks. RBX contracted with companies, including many national brands, for the hauling of goods, primarily in the Midwest and Southeast United States. Humper was a related entity that leased many vehicles to RBX for use in its business operations. Over the Course of these Chapter 11 Cases, Debtors explored both the possibility of reorganization and of liquidation. Ultimately, Debtors in their business judgment determined that liquidation of assets, specifically in light of the offer Debtors received from Transportation Equipment Corporation, would provide the greatest outcome to stakeholders in these Cases. To that end, Debtors sought approval from this Bankruptcy Court to sell substantially all assets to Transportation Equipment Corporation, which was approved by this Court on May 12, 2025. The Asset Purchase Agreement with Transportation Equipment Corporation involved the sale of nearly $20 million of assets, primarily consisting of trucks and trailers that Debtors used within their business operations. Along with the rolling stock, Debtors also transferred certain office equipment and other minor assets. The majority of the funds from the Asset Purchase Agreement were used to pay secured lenders for loans related to the trucks and trailers; however, after such payments, the resulting net cash proceeds were approximately $2.6 million. Through this Plan, Debtors seek to distribute the net proceeds of the Asset Purchase Agreement and any other supplemental cash recovery to creditors or parties in interest in accordance with the priority schedule set forth in the Bankruptcy Code Presently, Debtor RBX holds approximately $4,191,036.68 and Debtor Humper holds approximately $165,7334.00 in funds. Debtor RBX has approximately $426,196.62 in receivables, of which approximately $180,000.00 are aged 30 days or less. Debtors estimate that remaining trucks and trailers have a value of approximately $190,000.00. The Plan is a liquidating plan. Pursuant to prior orders of the Bankruptcy Court, the Debtors have sold substantially all of their assets. The Plan provides for establishment of an Administrative Fund or similar vehicle, overseen by a Wind-Down Manager, that will be empowered to resolve Claims, distribute funds from the Debtors' Debtor-in-Possession Account (the "DIP Account"), prosecute any actions or proceeding which it deems necessary to recover any preferences, transfers, property or damages to which the Debtors or their Estates may be entitled under applicable provisions of the Bankruptcy Code or other federal, state, or local laws, and liquidate or dispose of all other remaining property of the Debtors pursuant to the terms of the Plan. Class 4 consists of Humper General Unsecured Claims. Following the adjudication of any claim objections and the payment of Administrative Expense Claims and Priority Claims, including claims arising from the filing of 2025 tax returns, each holder of an Allowed General Unsecured Claim against Debtor Humper will receive such holder's Pro Rata Share of distributions from the Administrative Fund, provided, however, that no holder of an Allowed General Unsecured Claim will receive distributions that aggregate to more than the amount of such holder's Allowed General Unsecured Claim against Debtor Humper. General Unsecured Claims in Class 4 are Impaired. Class 9 consists of RBX General Unsecured Claims. Following the adjudication of any claim objections and the payment of Administrative Expense Claims and Priority Claims, including claims arising from the filing of 2025 tax returns, each holder of an Allowed General Unsecured Claim against Debtor RBX will receive such holder's Pro Rata Share of distributions from the Administrative Fund, provided, however, that no holder of an Allowed General Unsecured Claim will receive distributions that aggregate to more than the amount of such holder's Allowed General Unsecured Claim against RBX. General Unsecured Claims in Class 9 are Impaired. As of the Effective Date, the Wind Down Manager shall be responsible for implementing the liquidation contemplated by this Plan, including monetizing or abandoning any Assets, pursuing, settling or abandoning all remaining causes of action, resolving all Claims filing relevant tax reporting documents, paying taxes, and causing Liquidating Debtors to comply with the Plan. On the Effective Date, Debtors shall be authorized to wind down pursuant to state law through the Wind-Down Manager. Upon the Effective Date, Debtors shall establish the Wind-Down Trust and fund such account with $500,000.00. This Plan contemplates the liquidation, to the extent possible, of all the remaining property of the Debtors and the prosecution of any and all claims or causes of action held by the Debtors' Estates on behalf of the Debtors' Estates both prior to and after the Effective Date, to the extent the Liquidating Debtors believe such prosecution to be feasible and warranted. The Plan further contemplates separate allocation of liquidation proceeds as between the Debtors and payment to each respective Debtor’s creditors based on such allocation. A full-text copy of the Joint Plan and Disclosure Statement dated September 2, 2025 is available at https://urlcurt.com/u?l=QaYKNZ from PacerMonitor.com at no charge. Counsel to the Debtors: Robert E. Eggmann, Esq. CARMODY MACDONALD P.C. 120 S. Central Avenue, Suite 1800 St. Louis, MO 63105 Telephone: (314) 854-8600 Facsimile: (314) 854-8660 Email: ree@carmodymacdonald.com About Humper Equipment Humper Equipment LLC, a company in Strafford, Mo., filed a Chapter 11 petition (Bankr. W.D. Miss. Case No. 24-60818) on Dec. 12, 2024, with up to $50,000 in assets and $10 million to $50 million in liabilities. James A. Keltner, sole member of Humper Equipment, signed the petition. Judge Brian T. Fenimore oversees the case. The Debtor is represented by Sharon L. Stolte, Esq. at Sandberg Phoenix & Von Gontard. HYPERSCALE DATA: Sets $100M Series H Preferred Stock Terms ---------------------------------------------------------- As previously reported on a Current Report on Form 8-K filed on August 1, 2025, with the Securities Exchange Commission, on July 31, 2025, Hyperscale Data, Inc. entered into a Securities Purchase Agreement with Ault & Company, Inc., a Delaware corporation, pursuant to which the Company agreed to sell to the Purchaser up to 100,000 shares of Series H convertible preferred stock that are convertible into shares of the Company's Class A common stock, par value $0.001 per share for a total purchase price of up to $100,000,000. On August 27, 2025, the Company filed a Certificate of Designation, Rights and Preferences with the Secretary of State of the State of Delaware to establish the preferences, voting powers, limitations as to dividends or other distributions, qualifications, terms and conditions of redemption and other terms and conditions of the Series H Convertible Preferred Stock. The Prior 8-K described the terms of the Series H Convertible Preferred Stock. The Certificate of Designation became effective upon filing, and a copy is available at https://tinyurl.com/yjkc2ymv. About Hyperscale Data Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $213.50 million in total assets, $205.60 million in total liabilities, $7.90 million in total stockholders' equity. HYPERSCALE DATA: Signs $125M ATM Agreement With Wilson-Davis & Co. ------------------------------------------------------------------ Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an At-the-Market Issuance Sales Agreement with Wilson-Davis & Co., Inc., as sales agent to sell shares of its Class A common stock, par value $0.001, having an aggregate offering price of up to $125,000,000 from time to time, through an "at the market offering" as defined in Rule 415 under the Securities Act of 1933, as amended. On August 29, 2025, the Company filed a prospectus supplement with the Securities and Exchange Commission relating to the offer and sale of up to $125,000,000 of Common Stock in the ATM Offering. The offer and sale of the Shares will be made pursuant to the Company's effective "shelf" registration statement on Form S-3 and an accompanying base prospectus contained therein (Registration Statement No. 333-288778) filed with the SEC on July 18, 2025, and declared effective by the SEC on August 28, 2025. Subject to the terms and conditions of the Sales Agreement, the Agent will use its commercially reasonable efforts to sell the Shares, based upon the Company's instructions, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and rules of the NYSE American. The Company will set the parameters for sales of the Shares, including the number of Shares to be sold, the time period during which sales are requested to be made, any limitation on the number of Shares that may be sold in one trading day, and any minimum price below which sales may not be made. Under the Sales Agreement, the Agent may sell the Shares by any method permitted by law deemed to be an "at the market offering," as defined in Rule 415 of the Securities Act. The Company or the Agent may, upon written notice to the other party in accordance with the terms of the Sales Agreement, suspend offers and sales of the Shares. The Company and the Agent each have the right, in its sole discretion, to terminate the Sales Agreement at any time upon prior written notice pursuant to the terms and subject to the conditions set forth in the Sales Agreement. The foregoing description of the terms of the Sales Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the Sales Agreement, which is available at https://tinyurl.com/bdzx6py7 The legal opinion of Olshan Frome Wolosky LLP, counsel to the Company, relating to the legality of the issuance and sale of the Shares is available at https://tinyurl.com/52jh62uh About Hyperscale Data Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, N.Y.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $213.50 million in total assets, $205.60 million in total liabilities, and $7.90 million in total stockholders' equity. I A P CONSTRUCTION: Court Extends Cash Collateral Access to Oct. 2 ------------------------------------------------------------------ I A P Construction, Inc. received seventh interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral until October 2. The Debtor requires access to cash collateral to pay the expenses set forth in its budget, subject to a 10% variance. American Community Bank & Trust may have an interest in the Debtor's assets, including cash collateral. As protection for the use of its cash collateral, the bank will be granted replacement liens on all post-petition property of the Debtor, including cash collateral, to the same extent, validity and priority as its pre-bankruptcy liens. The Debtor's right to use cash collateral will terminate upon entry of a court order directing the cessation of the use of cash collateral; dismissal of the Debtor's Chapter 11 case; or conversion of the case to one under Chapter 7. The next hearing is scheduled for October 1. About I A P Construction I A P Construction, Inc. filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-02709) on February 24, 2025, listing up to $1 million in both assets and liabilities. Ian Proce, president of I AP, signed the petition. Judge Deborah L. Thorne oversees the case. The Debtor is represented by: David R. Herzog, Esq. Law Offices Of David R Herzog Tel: 312-977-1600 Email: drh@dherzoglaw.com IAMGOLD CORP: Moody's Affirms B2 CFR & Hikes Unsecured Notes to B3 ------------------------------------------------------------------ Moody's Ratings upgraded the rating of IAMGOLD Corporation's (IAMGOLD) senior unsecured notes to B3 from Caa1. Moody's also affirmed IAMGOLD's B2 corporate family rating and B2-PD probability of default rating. The Speculative Grade Liquidity Rating (SGL) is unchanged at SGL-2. The outlook was changed to positive from stable. "IAMGOLD's outlook change to positive reflects Moody's expectations that the company will use its positive free cash flow toward reducing debt it incurred to fund the development of the Coté Gold project leading to a significant reduction in financial leverage", said Jamie Koutsoukis, Moody's Ratings Vice President - Senior Analyst. "It also incorporates the Coté Gold project reaching nameplate capacity, thus increasing production within Canada and improving the company's geopolitical risk profile." The senior unsecured notes were upgraded to B3 from Caa1 because of the reduction in priority ranking debt through term loan repayments that have and will occur. RATINGS RATIONALE IAMGOLD's CFR benefits from: (1) modest financial leverage that will remain below 2x; (2) its increased exposure to Canada with the ramp up of production at its Coté Gold project with a long mine life of over 15 years; and (3) free cash flow generation. The ratings are constrained by: (1) its moderate scale (3 mines and ~800 thousand attributable gold ounces expected in 2025); (2) geopolitical risk associated with its Essakane mine in Burkina Faso (3) exposure to variable gold prices; and (4) a short mine life at the Essakane mine (currently to 2028). In the second quarter of 2025, IAMGOLD successfully completed the ramp-up of the Coté Gold Mine to its nameplate processing capacity of 36,000 tonnes per day. Moody's expects the mine will produce close to 300 thousand ounces in 2026 at a cash cost below $1000 per ounce and account for about 35% of production. The project enhances the company's business profile by significantly increasing production and improving the overall cost structure. As well, IAMGOLD's geopolitical risk profile is positively impacted by incremental cash flow from Canada, considered a stable mining jurisdiction. IAMGOLD has also finalized the delivery of gold under its 150,000-ounce prepay arrangement, a financing mechanism that had constrained cash flow during the ramp-up of Coté Gold. IAMGOLD has good liquidity (SGL-2), with about $1 billion of total sources against minimal uses to June 2025. IAMGOLD's sources consist of about $225 million of cash at June 2025, approximately $400 million available on its $650 million committed facility (expiring December 2028), and Moody's expectations of about $400 million of free cash flow to June 2026. Uses are minimal with no material debt maturities or amortization over the next 12 months. IAMGOLD's credit facility and term loan include financial covenants which Moody's believes the company will remain in compliance with. Alternate liquidity is limited due to the company's small and concentrated asset base. The B3 rating on the company's senior unsecured notes, is one notch below the B2 CFR, reflecting the subordination of the unsecured notes to the secured revolving credit facility and second-lien secured term loan. The positive rating outlook reflects Moody's expectations that the company will use its free cash flow to reduce debt. It also incorporates the expectation that IAMGOLD will have a stable production profile of around 800 thousand ounces per year. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company increases its operational diversity, particularly in light of the limited lifespan of the Essakane mine; consistently produces positive free cash flow across different commodity price scenarios, supported by Coté Gold's anticipated lower operational cash costs; or achieves substantial reductions in debt balances. Moody's would also consider an upgrade if the company maintains an adjusted leverage of below 2.5x. The ratings could be downgraded if free cash flow is negative on a sustained basis or if the company experiences material operational issues at one of its mines which could result in lowered production and higher costs. Moody's would also consider a downgrade if the leverage ratio increases to and is sustained above 3.5x. IAMGOLD Corporation, based in Toronto, Canada, operates three gold mines: Coté Gold (70% ownership) and Westwood (100%) in Canada, and Essakane (85%) in Burkina Faso. The principal methodology used in these ratings was Mining published in April 2025. IAMGOLD's B2 rating is two notches below the Ba3 scorecard-indicated outcome based on its LTM June 30, 2025 financials. The difference reflects the company's small scale and concentration of production as well as its exposure to volatile commodity prices. IMSTEM BIOTECHNOLOGY: George Purtill Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 2 appointed George Purtill as Subchapter V trustee for Imstem Biotechnology, Inc. Mr. Purtill will be paid an hourly fee of $455 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Purtill declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: George M. Purtill 19 Water Street, P. O. Box 50 South Glastonbury, CT 06073 Office: (860) 659-0569 Cell: (860) 918-5442 Email: george.m.purtill@snet.net About Imstem Biotechnology Imstem Biotechnology, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20929) on September 4, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge James J. Tancredi presides over the case. Andrea M. O'Connor, Esq. at Shatz, Schwartz & Fentin, P.C. represents the Debtor as legal counsel. IVANTI SOFTWARE: Palmer Square Marks $3MM 2L Loan at 39% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $3,030,000 loan extended to Ivanti Software, Inc. to market at $1,833,150 or 61% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 11.78% (S +CSA + 7.25%) per annum. The loan matures on June 1, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Ivanti Software, Inc. Ivanti Software, Inc. is an IT software company headquartered in South Jordan, Utah, United States. It produces software for IT Security, IT Service Management, IT Asset Management, Unified Endpoint Management, Identity Management, Patch Management and supply chain management. IVANTI SOFTWARE: Palmer Square Marks $9.9MM 1L Loan at 17% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $9,942,146 loan extended to Ivanti Software, Inc. to market at $8,292,396 or 83% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 9.02% (S + 4.75%) per annum. The loan matures on June 1, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Ivanti Software, Inc. Ivanti is an IT software company headquartered in South Jordan, Utah, United States. It produces software for IT Security, IT Service Management, IT Asset Management, Unified Endpoint Management, Identity Management, Patch Management and supply chain management. J NET TRANSPORTATION: Unsecureds Will Get 2% of Claims over 5 Years ------------------------------------------------------------------- J Net Transportation, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Subchapter V Plan of Reorganization dated September 2, 2025. The Debtor is organized as a corporation. This entity was formed in 2007 and during the years of 2007 to present, the Debtor conducted 100% of its business activity in Los Angeles by operating an interstate freight carrier business. Decline in revenue caused the Debtor to fall behind on its obligations, including rent payments, which is the largest creditor of the Debtor's estate, necessitating the need for the present filing. The freight transportation industry is subject to certain business and economic risks that may affect performance under the Plan, such as fuel price fluctuation, general economic conditions, regulatory compliance costs, and competition and market conditions. Notwithstanding the risks, the Debtor's operation is steady, with consistent demand for freight services from established customer relationships. Accordingly, the Debtor is optimistic about its ability to perform under the Plan and make the required payments to creditors. The fair market value of all property of the estate is $95,500. Total liabilities are $833,217.79. Class 2b consists of General Unsecured Claims. Each creditor in Class 2b will be paid 2% of its claim beginning the first relevant date after the effective date. Over 5 years in equal monthly installments, due on the first day of each calendar month. The amount each creditor receives depends on the total amount of allowed claims in this class. Shareholders simply retain their shares of stock. A full-text copy of the Subchapter V Plan dated September 2, 2025 is available at https://urlcurt.com/u?l=HeDPEn from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About J Net Transportation, Inc. J Net Transportation, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 2:25-bk-14752) on June 4, 2025. The Debtor hired the Law Offices of Michael Jay Berger as counsel. JAMES JORDAN: S&P Assigns 'BB' ICR, Outlook Stable -------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating (ICR) to James Jordan Middle School, Calif. (JJMS). The outlook is stable. S&P views environmental, social, and governance (ESG) factors as neutral in its credit rating analysis. Although the region is exposed to elevated wildfire risk, according to data from S&P Global Sustainable1, and to seismic activity risk, S&P believes the school's urban location and its ability to operate schools remotely mitigate these risks. S&P said, "The stable outlook reflects our expectation that the school's enrollment and demand will remain stable and continue to support its positive operating margins, days' cash on hand (DCOH), and lease-adjusted MADS coverage. "We could lower the rating if the school's financial operations produce deficits, leading to thin coverage or weakened liquidity inconsistent with the rating level. "We could raise the rating over the longer term should JJMS maintain its steady enrollment while growing MADS coverage and liquidity in line with higher-rated and similarly sized peers." JEBCO PROPERTIES: Katharine Clark Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for Jebco Properties, LLC. Ms. Clark will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About Jebco Properties Jebco Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43329) on September 2, 2025, with $100,001 to $500,000 in assets and $0 to $50,000 in liabilities. Judge Mark X. Mullin presides over the case. JMC UNIT 1: Gets Interim OK to Use Cash Collateral Until Oct. 15 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division granted JMC Unit 1, LLC interim authorization to use cash collateral. The interim order authorized the Debtor to use cash collateral through October 15 to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. As adequate protection, secured creditors will be granted replacement liens on all property acquired or generated by the Debtor after its Chapter 11 filing. The replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens but junior to professional fees and costs. A final hearing is scheduled for October 9. About JMC Unit 1 LLC JMC Unit 1, LLC, doing business as WaveMAX Hialeah, operates a full-service laundromat in Hialeah, Florida, providing self-service laundry, wash-dry-fold, dry cleaning, and scheduled pickup and delivery services. The Company also offers commercial laundry solutions to businesses including colleges, health clubs, medical offices, country clubs, Airbnb rentals, and salons. Its operations emphasize modern equipment, customer convenience, and rapid turnaround. JMC Unit 1 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19413) on August 14, 2025, listing up to $1 million in assets and up to $10 million in liabilities. John Cooper, president and authorized representative of JMC Unit 1, signed the petition. Jacqueline Calderin, Esq., at Agentis PLLC, represents the Debtor as legal counsel KAHN PROPERTY: Hires LaMonica Herbst as Legal Counsel ----------------------------------------------------- Kahn Property Owner, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ LaMonica Herbst & Maniscalco, LLP as its general counsel. The firm's services include: a. providing legal advice with respect to the Debtors' powers and duties as debtors-in-possession in accordance with the provisions of the Bankruptcy Code; b. preparing, on behalf of the Debtors, all necessary schedules, applications, motions, answers, orders, reports, adversary proceedings and other legal documents required by the Bankruptcy Code and Federal Rules of Bankruptcy Procedure; c. assisting the Debtors in the development and implementation of a plan of reorganization; and d. performing all other legal services for the Debtors that may be necessary in connection with the Chapter 11 cases and the Debtors' attempts to reorganize their affairs under the Bankruptcy Code. The firm will be paid at these rates: Partners $725 per hour Associates $475 per hour Paraprofessionals $225 per hour Prior to the Filing Date, the firm was paid the total sum of $40,000, as an advance retainer, inclusive of the $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joseph S. Maniscalco, Esq., a partner at LaMonica Herbst & Maniscalco, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph S. Maniscalco, Esq., LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Tel: (516) 826-6500 Email: jsm@lhmlawfirm.com About Kahn Property Owner, LLC Kahn Property Owner, LLC owns a 22-acre estate at 135 West Gate Drive in Huntington, New York, located in the Gold Coast region of Long Island. The property includes Oheka Castle & Resort, a historic mansion that operates as a restaurant and catering venue hosting weddings, private parties, corporate functions, and other events. Kahn Property holds the real estate, while the Oheka Castle business is operated separately. Kahn Property Owner, LLC in Huntington, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 25-72946) on July 31, 2025, listing $92,813,057 in assets and $63,508,319 in liabilities. Kahn Associates LLC, the Debtor's member, signed the petition. Judge Louis A Scarcella oversees the case. LAMONICA HERBST & MANISCALCO, LLP serve as the Debtor's legal counsel. KENAN ADVANTAGE: S&P Downgrades ICR to 'B-', Outlook Stable ----------------------------------------------------------- S&P Global Ratings downgraded truck transportation service provider Kenan Advantage Group Inc. to 'B-' from 'B'. At the same time, S&P lowered its issue-level rating on the company's senior secured credit facilities to 'B-' from 'B'. The '3' recovery rating is unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The stable outlook reflects our expectation that Kenan's credit metrics will improve only slightly over the next 12 months, staying commensurate for the current rating. This is based on our view that ongoing subdued demand conditions will continue to limit profitability and cash flow growth, protracting any meaningful improvement in metrics. Kenan's profitability has weakened due to continuing unfavorable liquid bulk market conditions, higher operating costs, and recent debt-funded acquisitions. S&P now expects leverage above 6x for fiscal 2025 and 2026, and funds from operations (FFO) to debt of 7%-9%. Kenan has experienced a moderation in demand across all segments since 2023, stemming from a broader deceleration in macroeconomic activity. In 2025, tariff-related uncertainty and weakening consumer sentiment added to the softness in demand for Kenan's end markets, in particular the energy and specialty segment. S&P said, "We expect 2025 organic revenue will decline by low- to mid-single-digit percent. We expect recent acquisitions completed in the fourth quarter of 2024 and first quarter of 2025 will offset this, and we forecast reported revenue will grow around 5%-6%." The decline in volumes since 2023 has led to a decline of around one-third of Kenan's S&P Global Ratings-adjusted EBITDA (with a significant proportion due to the normalization in fuel surcharge over recoveries) compared to peak levels in early 2023. Incremental EBITDA from recent acquisitions has also only partially offset declines in its core business. Kenan operates primarily in the contractual freight segment—which is relatively insulated from spot market volatility—but its ability to implement price increases sufficient to fully offset rising cost pressures (including driver wages, insurance, repairs, and maintenance) has been limited by continued softness in freight rates. S&P said, "In addition, lower volumes, which we attributed in part to trade policy uncertainty, is contributing to weak rates in liquid bulk transportation. This has left the industry with what we believe to be near-term overcapacity. We view this differently than the structural overcapacity seen in the dry van trucking industry. We believe volumes will rebound once there is more clarity surrounding trade policy which should address the current over capacity and lead to rate improvement. As a result, we anticipate Kenan's 2026 revenue will grow 4%-5%, of which 100-150 basis points (bps) will come from the full-year contribution of recent acquisitions." S&P said, "We expect S&P Global-adjusted EBITDA will remain flat in 2025 relative to 2024 levels. We expect FFO will improve modestly, supported by lower interest costs stemming from a modest reduction in benchmark rates in the latter half of 2024. However, the company's increased debt levels ($170 million of additional debt issued to finance acquisitions from fourth-quarter 2024 through first-quarter 2025) are weighing on its credit metrics. We now project leverage will increase to approximately 6.4x in fiscal 2025 (downside threshold of 6.0x), significantly higher than our earlier expectation of 5.7x, with FFO to debt estimated at around 7.5%, slightly below our previously established downside threshold of 8%. "We anticipate a gradual recovery in demand conditions in the latter half of 2026, which we expect will support a moderate improvement in profitability. Nevertheless, we expect leverage to remain elevated above 6x, with FFO to debt improving only slightly to approximately 9%. "We expect Kenan's reported free operating cash flow (FOCF) deficits will continue through 2026. Kenan's FOCF turned slightly negative ($6 million deficit) in fiscal 2024 due to two consecutive years of declining profitability and transaction expenses associated with its tuck-in acquisitions. We project Kenan's reported FOCF will be approximately negative $35 million for fiscal 2025. Although we expect recent acquisitions will contribute modestly to profitability, we expect the benefit will likely be offset by modest working capital outflows. "In fiscal 2026, as demand conditions gradually improve later in the year, we anticipate modest improvements in profitability to support free cash flow generation. However, this will be offset by a one-time cash outflow of approximately $20 million related to executive compensation due in June 2026, keeping the FOCF deficit around $35 million, similar to 2025. We believe Kenan will need to rely on its available revolving credit facility to support its operation until FOCF turns positive, which we expect will occur in 2027. "However, we believe Kenan will maintain adequate liquidity over the forecast period. As of June 30, 2025, the company's liquidity position consisted of $43 million in cash and $115 million of availability under its $200 million revolving credit facility (after netting off $85 million undrawn letters of credit), which matures in February 2029. Our base-case assumption is for liquidity sources to deplete somewhat as the company uses its cash balances and draws on its revolving credit facility to fund its free cash flow deficits and scheduled debt amortization--at least until 2027, when we forecast its FOCF to turn slightly positive. We estimate Kenan's revolver utilization will peak at about $68 million during this period. "The stable outlook reflects our expectation that Kenan's credit metrics will improve only slightly over the next 12 months, staying commensurate for the current rating. This is based on our view that ongoing subdued demand conditions will continue to limit profitability and cash flow growth, protracting any meaningful improvement in metrics. "We could lower our rating on Kenan over the next 12 months if we view its capital structure as unsustainable over the long term. This could occur if freight transportation demand remains weaker than expected for a prolonged period, resulting in significantly lower revenue and EBITDA for the company and it generates higher-than-expected negative FOCF or its liquidity becomes constrained." S&P could raise its ratings on Kenan if: -- Improved demand conditions support profitability growth, leading Kenan's debt to EBITDA to decline below 6.0x and FFO to debt to improve to rise above 8% on a sustained basis; and -- It starts generating sufficient positive reported free cash flows to offset its debt amortization and financial lease related payments; and -- S&P believes the company and its sponsors are committed to maintaining ratios at these levels. KULA GRAIN: Plan Exclusivity Period Extended to September 19 ------------------------------------------------------------ Judge Joseph G. Rosania of the U.S. Bankruptcy Court for the District of Colorado extended Kula Grain Co., Inc. d/b/a Kula Grain Company's exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 19 and November 19, 2025, respectively. As shared by Troubled Company Reporter, the Debtor is a Colorado corporation which owns and operates a family-owned grain and agricultural products business in Fort Morgan, Colorado. Debtor also engages in grain handling, which includes trucking and transfer loading for third parties. It is currently in the process of reorganizing its debts. For the following reasons, the Debtor requires additional time to be able to formulate meaningful projections of future performance and a feasible Plan: * The Debtor made a proposal to its primary secured creditor and lender High Plains Bank, regarding treatment of its secured claims. However, the parties are still in the process of negotiations. Debtor hopes to be able to settle the matter with the Bank and agree on consensual plan terms. * The treatment of the Bank under the forthcoming plan will impact projections, as well as payments to unsecured creditors. Accordingly, additional time is required to negotiate with the Bank and formulate projections based thereon, which is of utmost importance for the Debtor and its additional creditors. Kula Grain Co. Inc. is represented by: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com Email: BPompea@allen-vellone.com About Kula Grain Co. Inc. Kula Grain Co. Inc. is a Fort-Morgan, Colorad-based grain merchant and interstate freight carrier that hauls dry-bulk farm commodities. Kula Grain Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12338) on April 22, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million. Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. LIFESCAN GLOBAL: Palmer Square Marks $3.6MM 1L Loan at 34% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $3,626,311 loan extended to Lifescan Global Corporation to market at $2,400,618 or 66% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Lifescan Global Corporation. The loan accrues interest at a rate of 10.92% (S +CSA + 6.50%) per annum. The loan matures on December 31, 2026. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Lifescan Global Corporation LifeScan Global Corporation manufactures diagnostic equipment. The Company offers blood glucose and hospital meters, test strips, lancing devices, linearity test kits, application tools, and other health care products. LifeScan Global serves patients and healthcare professionals worldwide. LOGMELN INC: Palmer Square Marks $4MM 1L Loan at 64% Off -------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $4,089,453 loan extended to LogMeIn, Inc. to market at $1,482,427 or 36% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to LogMeIn, Inc. The loan accrues interest at a rate of 9.16% (S +CSA + 4.75%) per annum. The loan matures on April 28, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About LogMeIn, Inc. LogMeIn, Inc. is the company behind remote information technology support and unified communications software. MAGENTA SECURITY: Palmer Square Marks $1.1MM 1L Loan at 53% Off --------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $1,174,081 loan extended to Magenta Security Holdings LLC to market at $555,927 or 47% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.54% (S +CSA + 7.00%) per annum. The loan matures on July 27, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Magenta Security Holdings LLC Magenta Security Holdings LLC develops a security software. The Company serves customers in the United States. MAGENTA SECURITY: Palmer Square Marks $6.2MM 1L Loan at 75% Off --------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $6,257,796 loan extended to Magenta Security Holdings LLC to market at $1,543,611 or 25% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 11.54% (S + CSA + 7.00% incl. 5.50% PIK) per annum. The loan matures on July 27, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Magenta Security Holdings LLC Magenta Security Holdings LLC develops a security software. The Company serves customers in the United States. MAGENTA SECURITY: Palmer Square Marks $641,850 1L Loan at 16% Off ----------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $641,850 loan extended to Magenta Security Holdings LLC to market at $539,334 or 84% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Magenta Security Holdings LLC. The loan accrues interest at a rate of 9.16% (S +CSA + 4.75%) per annum. The loan matures on July 27, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Magenta Security Holdings LLC Magenta Security Holdings LLC develops a security software. The Company serves customers in the United States. MARFA CABINETS: Gets Interim OK to Use Cash Collateral Until Oct. 2 ------------------------------------------------------------------- Marfa Cabinets, LLC received second interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court's order authorized the Debtor's interim use of cash collateral until October 2 to pay operating expenses in accordance with its budget, subject to a 10% variance. As adequate protection, secured creditors will be granted post-petition replacement liens on all cash collateral and other post-petition property of the Debtor, with the same extent, validity, and priority as their pre-bankruptcy liens. The secured creditors are Millennium Bank, National Funding, Inc., Syndicate Group USA, Inc., Knightsbridge Funding, LLC, Seamless Funding, LLC, Eminent Funding, LLC, and Liberty Funding Source, LLC. The next hearing is scheduled for October 1. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/P8HlH from PacerMonitor.com. About Marfa Cabinets LLC Marfa Cabinets LLC, formerly Marfa Cabinets, Inc., is a Chicago-based manufacturer of high-end kitchen cabinets and bathroom vanities that combines modern and traditional design elements to produce custom residential cabinetry. The Company operates a manufacturing facility in Illinois where an in-house team of designers and craftsmen produce cabinets and vanities using European-sourced materials from Italy and Spain and equipment imported from Europe. Marfa Cabinets operates in the household furniture and kitchen cabinet manufacturing sector, supplying custom, made-in-USA cabinetry for premium residential projects. Marfa Cabinets LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-12238) on August 11, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. is the Debtor's legal counsel. Shanna M. Kaminski, Esq., at Kaminski Law, PLLC represents secured creditors Syndicate Group USA, Inc., Seamless Funding, LLC, and Liberty Funding Source, LLC. The attorney may be reached through: Kaminski Law, PLLC Shanna M. Kaminski, Esq. P.O. Box 247 Grass Lake, MI 49240 Phone: (248) 462-7111 skaminski@kaminskilawpllc.com Millennium Bank, as secured creditor, is represented by: Edmond M. Burke, Esq. Chuhak & Tecson, P.C. 120 S. Riverside Plaza, Suite 1700 Chicago, IL 60606 Phone: (312) 855-4352 Fax: (312) 444-9027 eburke@chuhak.com MATHESON TRUCKING: Ellis Case Dismissed with Prejudice ------------------------------------------------------ Pursuant to the stipulation of the parties under Federal Rule of Civil Procedure 41(a)(1)(A)(ii), the Honorable Daniel J. Calabretta of the United States District Court for the Eastern District of California dismissed with prejudice the case captioned MICHELE ELLIS, Plaintiff, vs. MATHESON TRUCKING INC., and DOES 1 – 25, inclusive, Defendant, Case No. 2:20-cv-01481-DJC-AC (E.D. Cal.). The related bankruptcy court has authorized this dismissal. A copy of the Court's Order is available at https://urlcurt.com/u?l=axjCdf from PacerMonitor.com. Attorney for Plaintiff Michelle Ellis: Natalia D. Asbill-Bearor, Esq. ASBILL LAW GROUP APLC 100 Howe Ave., Suite 135S Sacramento, CA 95825 Telephone: (916) 438-7777 Facsimile: (916) 403-5199 E-mail: natalia@asbilllaw.com Attorneys for Defendant Matheson Trucking, Inc.: Gaurav Bobby Kalra, Esq. Jillian P. Vallejo, Esq. JACKSON LEWIS P.C. 400 Capitol Mall, Suite 1600 Sacramento, CA 95814 Telephone: (916) 341-0404 Facsimile: (916) 341-0141 E-mail: gaurav.kalra@jacksonlewis.com jillian.vallejo@jacksonlewis.com About Matheson Trucking, Inc. Matheson Trucking, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 22-21758 on July 14, 2022. In the petition signed by Charles J. Mellor, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Christopher M. Klein oversees the case. Gregory Nuti, Esq., at Nuti Hart, LLP is the Debtor's counsel. MEDICAL SOLUTIONS: Palmer Square Marks $7.7MM 1L Loan at 46% Off ---------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $7,796,266 loan extended to Medical Solutions Holdings, Inc. to market at $4,201,057 or 54% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Medical Solutions Holdings, Inc. The loan accrues interest at a rate of 7.88% (S +CSA + 3.50%) per annum. The loan matures on November 1, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Medical Solutions Holdings, Inc. Medical Solutions Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides clinical and non-clinical solutions to healthcare clients, such as nursing, allied, therapy professions, and medical services. Medical Solutions serves patients worldwide. MESEARCH MEDIA: Crivella Loses Bid for Automatic Stay Relief ------------------------------------------------------------ In the appeal styled CRIVELLA HOLDINGS LIMITED, Appellant, v. MESEARCH MEDIA TECHNOLOGIES, LIMITED, Appellee, Case No. 25-cv-00333-WSS (W.D. Pa.), the Honorable William S. Stickman IV of the United States District Court for the Western District of Pennsylvania will affirm the order of the United States Bankruptcy Court for the Western District of Pennsylvania denying Crivella Holdings Limited's motion for relief from stay. Appellees Game Creek Holdings, LLC; RMS Funding Company, LLC; and Trib Total Media, LLC request that the Court affirm the Bankruptcy Court's decision. Crivella owns software related to U.S. Patent No. 6883008 B2 and 779007 B2 which include software code, software code documentation, software design, software design documentation, testing procedures, data structure drawings, object code, executable software images, software use know-how and software training manuals. It also owns certain intellectual property and software, including data, metadata, manuals, and know-how necessary for using the patent related software. On July 1, 2019, a Software License Agreement was executed between Crivella Holdings Limited and MeSearch Media Technologies Limited. The License Agreement allows the Debtor to use two software patents owned by Crivella and provides that Crivella grants the licensee a perpetual, non-transferable, limited-exclusive license for use in the Market Segment, to commercially exploit the patent related software, the patent related intellectual property, and any future patent related intellectual property, throughout the world, with the right to provide limited sublicenses to third parties for use in the Market Segment. On Aug. 13, 2024, Mesearch Media creditors filed a petition for involuntary bankruptcy against the Debtor. The petitioning creditors also sought the appointment of a Chapter 11 trustee. On Sept. 23, 2024, the Debtor and the petitioning creditors entered a stipulation whereby the Debtor agreed to consent to the bankruptcy petition and the appointment of a Chapter 11 trustee. On Oct. 2, 2024, Crystal H. Thornton-Illar was appointed as the Chapter 11 trustee. Crivella filed a motion seeking relief from the automatic bankruptcy stay under 11 U.S.C. Sec. 362(d). It is seeking to terminate the License Agreement as it contends its interests are not adequately protected due to the Debtor's alleged violation of the License Agreement. The Bankruptcy Court denied Crivella's motion holding that the language in Sec. 9.4 of the License Agreement allows for assignment of the agreement to a party other than the debtor or debtor in possession -- thus, no cause justified relief from the stay. Crivella appealed the Bankruptcy Court's decision arguing that it erred in: (1) finding that the License Agreement authorizes assumption and assignment to a hypothetical third party; and (2) determining that the License Agreement may be assigned regardless of whether it may be assumed. Crivella contends that 11 U.S.C. Sec. 365(c) precludes assignment of the License Agreement and that its motion for a relief from the automatic stay should have been granted. Appellees filed a motion seeking to intervene in this appeal, which the Court granted on May 15, 2025. They request that the Court affirm the Bankruptcy Court's Memorandum Opinion and Feb. 28, 2025, Order denying Crivella's motion for relief from the automatic stay. Crivella argues that cause exists for the Court to grant relief from the automatic stay because its interests in the License Agreement are not adequately protected due to the allegations of the Debtor's violation of the License Agreement. It argues that, under the United States Court of Appeals for the Third Circuit's decision in Matter of West Electronics Inc., 852 F.2d 79 (3d Cir. 1988), cause exists for the Court to lift the stay because the License Agreement is not assignable absent Crivella's consent under applicable non-bankruptcy law. The Bankruptcy Court held that a successor in interest is "an entity other than the debtor" for purposes of 11 U.S.C. Sec. 365(c). Crivella argues that this holding is incorrect and contends that "a successor in interest is a party that has the same legal rights to ownership or control of the property of the Debtor." Thus, according to Crivella, a successor in interest is "not simply any third party" and does not fit within the Third Circuit's Hypothetical Test. The Appellees argue that the Bankruptcy Court correctly determined that "successor in interest" is a broad term of art that could include various entities that are not owned or controlled by, and thus that could be entities "other than," the debtor or debtor in possession. Judge Stickman holds, "The License Agreement allows assignment of the agreement to a 'successor in interest.' This language is broad enough to encompass an entity other than the Debtor or debtor in possession. In accordance with the express contractual language, Crivella has to accept performance from any party other than the Debtor that is a successor in interest to theDebtor. Under Sec. 365(c) and the Hypothetical Test adopted by the Third Circuit in West Electronics, the License Agreement is assignable. Consequently, there is no cause for the Court to grant relief from the stay imposed by 11 U.S.C. Sec. 362(d)." A copy of the Court's Memorandum Opinion is available at https://urlcurt.com/u?l=zCA3A6 from PacerMonitor.com. About MeSearch Media Technologies RMS Funding Company, LLC, Game Creek Holdings, LLC and Trib Total Media, LLC filed involuntary Chapter 11 petition against MeSearch Media Technologies Limited (Bankr. W.D. Pa. Case No. 24-21982) on August 13, 2024. Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. represents the petitioning creditors in MeSearch's bankruptcy case. Judge John C. Melaragno oversees the case. David L. Fuchs, Esq., at Fuchs Law Office, LLC serves as the Debtor's counsel. METROPOLITAN LIGHTING: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Metropolitan Lighting Co., Inc. 14231 Willard Road,Suite 700 Chantilly, VA 20151 Business Description: Metropolitan Lighting Design, Inc. is a lighting design firm that provides planning, design, and custom fixture development for a range of environments. The Company works with owners, architects, and contractors to create lighting systems for offices, restaurants, hotels, retail spaces, residences, and churches, and also offers fixture preservation and restoration services. Its expertise spans from pre- construction budgeting to the rejuvenation of existing fixtures, with a portfolio that includes both commercial and residential projects. Chapter 11 Petition Date: September 8, 2025 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 25-11857 Debtor's Counsel: Richard G. Hall, Esq. RICHARD HALL 601 King Street Suite 301 Alexandria, VA 22314 Tel: (703) 256-7159 E-mail: richard.hall33@verizon.net Total Assets: $319,919 Total Liabilities: $1,099,100 Gretchen Taylor signed the petition as executive vice president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HYCRJIQ/Metropolitan_Lighting_Co_Inc__vaebke-25-11857__0001.0.pdf?mcid=tGE4TAMA MILLROSE PROPERTY: S&P Rates New $500 Million Unsecured Notes 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue rating to Millrose Property Inc.'s proposed $500 million senior unsecured notes due 2032. The proposed issuance is leverage neutral, because the company will use the net proceeds to repay the remaining $500 million principal amount outstanding under its term loan credit agreement. As of June 30, 2025, Millrose's leverage, measured as debt to adjusted total equity (ATE), was about 0.2x, and we expect the company will maintain leverage at or below its debt-to-capital target of 0.33x (debt to equity of 0.5x). S&P views Millrose's reduced reliance on secured funding and ready access to unsecured debt markets as credit positives. Pro forma for this transaction, the company's debt profile will consist of senior unsecured notes and the $1.3 billion secured revolving credit facility. The stable outlook reflects S&P's expectation that, over the next 12 months, Millrose will keep growing its portfolio as it continues to diversify to non-Lennar homebuilders while maintaining sufficient cushions to covenants, debt to ATE below 1x, adequate liquidity, and ready access to unsecured debt markets. MODIVCARE INC: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of ModivCare Inc. and its affiliates. The committee members are: 1. Wilmington Savings Fund Society, FSB As Indentured Trustee Patrick Healy 500 Delaware Avenue Wilmington, DE 19801 (302) 888-7420 phealy@wsfsbank.com Counsel: Jon Levine Winston & Strawn LLP 200 Park Avenue New York, NY 10166 (212) 294-4641 jonlevine@winston.com 2. Madison Avenue International LP Chris Carroll, CFO 150 East 58th Street, Suite 1403 New York, NY 10155 (212) 702-8648 eli@madisonavelp.com 3. Jupiter Asset Management David Rowe, Investment Analyst 70 Victoria Street London SW1E 6SQ England +44 20 3817 1472 david.rowe@jupiteram.com 4. Uber Health, LLC Niels Melius Randall Haimovici, Associate GC 1725 3rd Street San Francisco, CA 94158 (415) 612-8582 nielsm@uber.com 5. MedEx Medical Transport Service, Inc. Dillon Lowe 902 East Memorial Drive Ahoskie, NC 27910 (252) 287-7365 dillon@medextransport.com Counsel: Zachry McKay Jackson Walker LLP 1401 McKinney, Suite 1900 Houston, TX 77010 (713) 752-4261 zmckay@jw.com 6. Randstad North America Ken Wilson, Manager, Business Services 3625 Cumberland Boulevard SE, Ste 600 Atlanta, GA 30339 (770) 937-7000 Ken.wilson@randstadusa.com 7. Marquis Hines C/O: Zev Antell Butler Curwood, PLC 140 Virginia Street, Suite 302 Richmond, VA 23219 (804) 347-5740 zev@butlercurwood.com Counsel: Zev Antell Butler Curwood, PLC 140 Virginia Street, Suite 302 Richmond, VA 23219 (804) 347-5740 zev@butlercurwood.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About ModivCare ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MY STORE–TURTLE: Hires Vogel Law Firm as Counsel -------------------------------------------------- My Store–Turtle River, LLC seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Vogel Law Firm as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Kesha Tanabe $420 per hour Collin Poolman $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Kesha L. Tanabe, Esq., a partner at Vogel Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kesha L. Tanabe, Esq. Vogel Law Firm 218 NP Avenue PO Box 1389 Fargo, ND 58107-1389 Tel: (701) 237-6983 Email: ktanabe@vogellaw.com About My Store–Turtle River, LLC My Store-Turtle River, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-60512) on August 25, 2025, listing up to $50,000 in assets and liabilities. Judge William J. Fisher presides over the case. Kesha L. Tanabe, Esq., at Vogel Law Firm represents the Debtor as bankruptcy counsel. MZS PROPERTIES: Court Extends Cash Collateral Access to Oct. 28 --------------------------------------------------------------- MZS Properties, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The Debtor was authorized to use cash collateral until October 28 under the terms set by the bankruptcy court in its prior orders. A status hearing is scheduled for October 28. The Debtor's principal asset is real estate in Chicago, Ill., secured by a mortgage in which the initial lender was Sharestates Investments, DACL LLC. The lender holds a first priority lien on the property in the initial amount of $113,000. Sharestates claims it is owed $226,211 as of the petition date. Rents collected from the property are the sole source of revenue of the Debtor. The value of the property is scheduled at $325,000. About MZS Properties MZS Properties, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01523) on January 31, 2025, listing up to $500,000 in both assets and liabilities. Mouzma Syed, manager of MZS Properties, signed the petition. Judge Jacqueline Cox oversees the case. Bradley Foreman, Esq., at the Law Offices of Bradley H. Foreman, P.C., is the Debtor's bankruptcy counsel. Sharestates Investments, DACL LLC, as lender, is represented by: Timothy R. Yueill, Esq. Law Offices of Ira T. Nevel, LLC 175 N. Franklin St., Ste. 201 Chicago, IL 60606 Telephone: 312-357-1125 TimothyY@nevellaw.com NAPA MANAGEMENT: Palmer Square Marks $9.7MM 1L Loan at 19% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $9,711,978 loan extended to NAPA Management Services Corporation to market at $7,866,702 or 81% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to NAPA Management Services Corporation. The loan accrues interest at a rate of 9.68% (S +CSA + 5.25%) per annum. The loan matures on February 23, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About NAPA Management Services Corporation NAPA Management Services Corporation offers anesthesia management services. The Company provides accounting, billing, consulting, medical personnel contracting, healthcare analyzes, financing, human resources, information technology, insurance, marketing, and operational support services. NCL CORP: S&P Rates New $1.025BB Senior Unsecured Notes 'B+' ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to NCL Corp. Ltd.'s proposed $1.025 billion senior unsecured notes due 2031 and $1.025 billion senior unsecured notes due 2033. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for noteholders in the event of a default. The company plans to use the net proceeds from this offering to redeem its existing 5.875% senior secured notes due 2027, 8.125% senior secured notes due 2029, and 5.875% senior unsecured notes due 2026. NCL also plans to issue $1.2 billion of new exchangeable notes due 2030 (up to $1.32 billion if initial purchasers exercise in full their option to purchase additional exchangeable notes). NCL will use these proceeds to repurchase an equivalent amount of its existing 1.125% exchangeable notes due 2027 and 2.50% exchangeable notes due 2027 for par in cash and any amounts over par in stock. The proposed debt-for-debt refinancing is leverage neutral. However, it will improve NCL's debt maturity profile while also decreasing the amount of secured debt in its capital structure. Additionally, the repayment of its 2027 secured notes will unencumber three ships (Jade, Epic, Sirena), which will then be available to cover its unsecured claims, improving the recovery prospects for the company's unsecured lenders. S&P said, "As a result, we revised our recovery rating on NCL's existing unsecured notes to '3' from '5' and raised our issue-level rating to 'B+' from 'B'. In addition to increased value available to unsecured lenders from these three now unencumbered ships, the revised recovery rating also reflects the lower amount of secured debt outstanding under our simulated default scenario because of the planned repayment of its secured notes due 2029, leaving more residual value for unsecured noteholders. Furthermore, we assume certain ship-level financings with low balances are not refinanced, given the debt is already materially amortized and there is clear visibility on the company's ability to meet the remaining amortization schedule. "The transaction does not affect our 'B+' issuer credit rating or positive outlook on NCL. We expect leverage will decline to the low-5x area and funds from operations (FFO) to debt will increase to 13%-15% in 2025 and above 15%, the upgrade threshold, in 2026.” ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P assigned our 'B+' issue-level and '3' recovery ratings to NCL's proposed $1.025 billion unsecured notes due 2031 and $1.025 billion unsecured notes due 2033. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for noteholders in the event of a default. -- S&P revised its recovery rating on NCL's unsecured debt to '3' from '5' and raised the issue-level rating to 'B+' from 'B'. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for noteholders in the event of a default. -- The proposed refinancing lowers assumed secured debt outstanding in our simulated default scenario and unencumbers three ships, driving higher recovery prospects for unsecured lenders. -- S&P's issue-level rating on NCL's $2.486 billion secured revolving credit facility due 2030 remains 'BB'. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default. Simulated default assumptions -- S&P's simulated default scenario contemplates a payment default occurring by 2029 due to a significant decline in the company's cash flow. This would stem from impaired demand for cruises because of a prolonged economic downturn or increased competitive pressures. -- S&P assumes any notes maturing between now and our assumed year of default are extended to the year of default on similar terms. It assumes certain ship-level financings with low balances are not refinanced, given the debt is already materially amortized and there is clear visibility on the company's ability to meet the remaining amortization schedule. -- S&P uses a discrete asset valuation (DAV) approach for NCL because its debt structure provides certain creditors with priority claims against specific assets, and S&P expects its lenders would pursue the specific collateral pledged to them. -- S&P said, "To calculate our DAV, we apply discounts to the appraised values of NCL's existing ships and to the costs of planned ships. We apply discounts ranging from 40%-50% to appraisals depending on the customer segment and age of the ship. In addition, where no appraisals are available, we apply discounts to the cost of the ships ranging from 15%-50% depending on when they were placed in service or are scheduled for delivery and whether they operate in the contemporary or premium class." -- In S&P's analysis, it includes all ships--and associated financing--to be delivered through 2028, the year prior to our assumed year of default. -- S&P said, "We assume administrative claims total 7% of gross DAV due to the complexity of NCL's capital structure, which includes multiple classes of debt at the parent and ship financings at various subsidiaries that benefit from different collateral pools, as well as our expectation multijurisdictional considerations will result in higher administrative costs." -- S&P assumes NCL's $2.486 billion revolver is 85% drawn at the time of default. Simplified waterfall -- Gross asset value: $16.5 billion -- Net asset value (after 7% administrative costs): $15.4 billion -- Value ascribed to the credit agreement/ship loans: 30%/70% -- Net value available to the revolving credit facility (including residual value from unpledged ships after satisfying ship-level debt): $6.8 billion -- Estimated claims under the revolving credit facility at default: $2.2 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Net value available to senior unsecured debt: $4.6 billion Unsecured debt, including senior notes and convertible notes: $7.5 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) Note: All debt amounts include six months of prepetition interest. NIKOLA CORP: Unsecureds Will Get 20.7% to 75.3% of Claims in Plan ----------------------------------------------------------------- Nikola Corp., and affiliates submitted a Second Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated September 2, 2025. The Debtors continued the marketing and sale process by requesting the Bankruptcy Court's approval of bidding procedures to govern the sale process, including an auction. Moreover, HL continued marketing the Debtors' assets to potential buyers after the Petition Date and continue engaging in discussions with any party that executed a confidentiality agreement, with the goal of having as many bidders as possible participate in the auction and ensure a robust sale process that will maximize the value of the Debtors' assets. Resolution of Dispute Concerning the Treatment of the SEC Claim On July 25, 2025, the Debtors filed a memorandum of law in support of their position that the entire SEC Claim is subject to subordination under Section 510(b) of the Bankruptcy Code. On August 26, 2025 the SEC filed an objection taking the position that the SEC Claim is not subject to subordination as argued by the Debtors. Both before and after these filings, the Debtors and SEC engaged in good-faith negotiations to resolve the dispute and, on August 29, 2025, came to an agreement regarding, among other things, the classification and treatment of the SEC Claim (the "SEC Claim Resolution") and notwithstanding anything to the contrary herein. First, the SEC voluntarily agreed that $40,000,000.00 of the SEC Claim would be classified and treated junior in priority to General Unsecured Claims. Thus, the SEC Junior Claim will be allowed and treated in Class 7 of the Plan. Second, the Debtors agreed to classify $43,052,974.90 of the SEC Claim as a General Unsecured Claim in Class 3 of the Plan, provided, however, that the sole distribution on account of the SEC Unsecured Claim will be a $4,000,000 Cash payment to the SEC on the Effective Date. The SEC agrees to forego any further distributions on account of the SEC Unsecured Claim under Class 3 of the Plan. Third, the Debtors, their Estates and the Liquidating Trust, including their respective successors and assigns and anyone acting on their behalf, shall release any and all Causes of Action that each may have against the SEC. The Debtors believe that the terms of the SEC Claim Resolution are fair and reasonable under the circumstances and in the best interests of the Debtors' Estates. As set forth in the Liquidation Analysis, the Debtors believe that holders of General Unsecured Claims would receive distributions in a Chapter 7 less than the projected distributions they will receive under the Plan, even with the allowance and treatment of the SEC Claim as set forth under the SEC Claim Resolution. In addition, even though the SEC Unsecured Claim will receive a $4,000,000 Cash distribution on the Effective Date, the amount of that distribution will be less in value than the projected distributions that holders of General Unsecured Claims will receive under Class 3 of the Plan. Class 3 shall consist of all General Unsecured Claims. On the Plan Distribution Date, except to the extent that a holder of an Allowed General Unsecured Claim and the Debtors (prior to the Effective Date, with the consent of the Committee) or the Liquidating Trust (after the Effective Date) agrees to less favorable treatment, in full and final satisfaction of such Claim, each holder of an Allowed General Unsecured Claim shall receive its Pro Rata Share of the Liquidating Trust Units, which shall entitle such Holder to its Pro Rata Share of the Liquidating Trust Net Assets. The SEC Unsecured Claim shall be treated in accordance with the SEC Claim Resolution. The allowed unsecured claims total $209,943,226 to $242,856,394. This Class will receive a distribution of 20.7% to 75.3% of their allowed claims. Claims in Class 3 are Impaired. Holders of Allowed General Unsecured Claims are entitled to vote to accept or reject the Plan. Class 7 consists of all Section 510(b) and Other Junior Claims. On the Effective Date, all Section 510(b) and Other Junior Claims shall be deemed automatically cancelled, released, and extinguished and shall be of no further force or effect. No holder of a Section 510(b) and Other Junior Claim will receive any Plan Distribution on account thereof. Section 510(b) and Other Junior Claims in Class 7 are Impaired. On the Effective Date, the Debtors shall make Plan Distributions in accordance with the Plan to holders of Allowed Administrative Claims, Allowed Tax Claims, Allowed Other Priority Claims, and Allowed Other Secured Claims that are due and payable as of the Effective Date using Cash on hand. Upon completion of such Plan Distributions, on the Effective Date, the Debtors shall transfer all Liquidating Trust Assets to the Liquidating Trust. After the Effective Date, the Liquidating Trustee shall fund the Reserve and shall make Plan Distributions from Liquidating Trust Net Assets on account of Allowed Claims in accordance with the Plan and the Liquidating Trust Agreement. A full-text copy of the Second Amended Combined Disclosure Statement and Plan dated September 2, 2025 is available at https://urlcurt.com/u?l=hPyqAd from PacerMonitor.com at no charge. Counsel to the Debtors: M. Blake Cleary, Esq. Brett M. Haywood, Esq. Maria Kotsiras, Esq. Shannon A. Forshay, Esq. Sarah R. Gladieux, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: bcleary@potteranderson.com bhaywood@potteranderson.com mkotsiras@potteranderson.com sforshay@potteranderson.com sgladieux@potteranderson.com Joshua D. Morse, Esq. Jonathan R. Doolittle, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP Four Embarcadero Center, 22nd Floor San Francisco, California 94111-5998 Tel: (415) 983-1000 Fax: (415) 983-1200 Email: joshua.morse@pillsburylaw.com jonathan.doolittle@pillsburylaw.com - and - Andrew V. Alfano, Esq. Caroline Tart, Esq. Chazz C. Coleman, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 31 West 52nd Street New York, New York 10019 Tel: (212) 858-1000 Fax: (212) 858-1500 Email: andrew.alfano@pillsburylaw.com caroline.tart@pillsburylaw.com chazz.coleman@pillsburylaw.com 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 Feb. 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. 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. 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. NIKOPAT & ASSOCIATES: Unsecureds Will Get 5.2% of Claims in Plan ---------------------------------------------------------------- Nikopat & Associates, Inc., submitted a Third Amended Disclosure Statement describing Plan of Reorganization dated September 2, 2025. The business is dependent on it being operated by Michael Onianwah, who is a Certified Public Accountant. The value of the business using the asset approach is estimated at $150,000.00. In light of the current revenue of the business, Debtor can satisfy its monthly operating expenses and taxes based on the monthly operating reports. The debtor will adjust the payment to Mr. Onianwah to ensure a monthly profit of approximately $1,000.00. So far, the debtor's aggressive marketing campaign to attract new clients has not shown any success. Class 1B contains the Debtor's secured prepetition judgment liens. Collateral description 7225 Hanover Parkway, Suite D, Greenbelt, MD 20770 Estate Assets valued at $147,967.00. Class 1B will be impaired and paid $500.00 per month until the property is sold before November 30, 2025. The debtor estimates that, after paying the cost of sale, administrative expenses, and Claim 1A, approximately $80,000,00.00 will be available for payment to Class 1B, resulting in approximately $341,055.05 being unsecured. Class 2 are general unsecured claims. Class 2 are general unsecured claims and will be paid approximately 5.2% of their claim. The creditors are: Internal Revenue Service $3,200.00; and Undersecured claims in Class 1B $341,055.05. Unsecured claims shall be paid $16,884.09 at the commencement date of the Plan from the funds in the DIP account and any balance will be paid at the rate of $270.00 per month, commencing thirty days after the effective date of the plan. It is expected that the debtor would have received the refund of the garnishment check of $13,406.80 before the effective date of the Plan. Class 3 are equity interest holders, and they are impaired under the plan and will receive the pro-rata share of monies available after payment to classes 1 and 2, based upon each Class 3 claimant's percentage interest in the Reorganized Debtor. Insiders in this class are not entitled to vote. Pursuant to Section 1123(a)(5) of the Code the debtor will fund the Chapter 11 Plan through sale of 7225 Hanover Parkway, Suite D, Greenbelt, MD 20770. Debtor will file a motion to approve the employment of Billy Okoye a Real Estate Broker with Sold 100 Real Estate, Inc. The broker's opinion of value suggests a marketing period of 6-8 weeks. It is expected that the property would be listed for sale upon the employment of a real estate broker which is expected to be no later than August 30, 2025. The motion to employ a real estate broker would be filed. The administration of the Plan contemplates the continuous management of the business and the revenues generated by the cash flows from clients will be used to fund the Chapter 11 Plan until the sale of the property no later than November 30, 2025, at the fair market value. It is expected that after the cost of sale, Debtor would have approximately $135,000.00 for distribution to creditors. A full-text copy of the Third Amended Disclosure Statement dated September 2, 2025 is available at https://urlcurt.com/u?l=dyPYea from PacerMonitor.com at no charge. Counsel to the Debtor: Charles Iweanoge, Esq. The Iweanoges' Firm, PC 1026 Monroe Street, NE Washington DC 20017 Tel: (202) 347-7026 Email: cci@iweanogesfirm.com About Nikopat & Associates, Inc. Nikopat & Associates, Inc., is a Maryland Stock Corporation incorporated on June 20, 2013, with its principal place of business located at 7225 Hanover Parkway, Suite D, Greenbelt, MD 20770. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 24-17524) on September 6, 2024. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Lori S. Simpson oversees the case. The Iweanoges' Firm, P.C., serves as the Debtor's legal counsel. NO LIMITS AVIATION: Amends Unsecured Claims Pay Details ------------------------------------------------------- No Limits Aviation, Inc., submitted a Third Amended Plan of Reorganization dated September 2, 2025. Subsequent to the bankruptcy filing, the Debtor has continued to operate the various businesses, but has been unable to expand or otherwise pursue new opportunities due to an injunction entered in the pre-petition state court litigation. The Debtor has investigated the secured nature of certain of the creditor claims. Through this investigation, it was discovered that the liens previously granted on two airplanes to Mtn West IRA FBO Robert McCarthy were not perfected with the Federal Aviation Administration. Additionally, while it appears McCarthy was granted a lien on the boat dock located near the lake, it does not appear that lien was perfected by recording with the Kootenai County recorder's office. However, McCarthy's claim was perfected with a lien on the Debtor's lease interest in property located at the Coeur d’Alene airport. For purposes of this plan, McCarthy's claim is treated as partially perfected and paid separately from other creditors. The Debtor has also pursued an adversary case against Brian Lysak. That adversary proceeding sought an injunction against Mr. Lysak's continued pursuit of the Debtor's owner, Shane Rogers, while the Debtor is seeking to confirm this Amended Plan. Further, the adversary proceeding objects to Mr. Lysak's claim and seeks affirmative damages against Lysak. A settlement conference was held with Judge Benjamin Hursh assisting the parties, which reached a resolution to the various claims. That resolution was later approved by the Bankruptcy Court, and portions of that agreement are incorporated into this Plan. Class 8 consists of General Unsecured Claims. This class consists of all allowed unsecured claims against the Debtor, as scheduled and asserted in filed Proofs of Claim (and subject to any claim objection proceedings), and includes the non-priority claims of the IRS and ISTC. This class, together with the Class 3 creditor, will split a monthly payment on a pro rata basis based on the allowed amount of the creditors’ claims. For months 1-12 of the plan, the aggregate monthly payment amount will be $700.00. For months 13-24 of the plan, the aggregate monthly payment amount will be $7,000.00. For months 25 – 36 of the plan, the aggregate monthly payment amount will be $15,000.00, and for months 37-60 of the plan, the aggregate monthly payment amount will be $23,000.00. This Class is impaired. The Equity Security Holder(s) shall retain their ownership interest in the Reorganized Debtor in the same amounts as they held pre-petition ownership interests. The Debtor shall retain all assets and income, except as outlined in this Amended Plan. The Debtor intends to fund its plan through monthly payments to creditors. These monthly payments will be made from the income the Debtor receives from the operation of its business. Additionally, the Debtor intends to sell three airplanes: N811DN (Beechcraft), N6989L (Cessna), and N2407T (Navion). These planes shall be marketed and sold during the first months of the Debtor’s Plan. The net proceeds from the sale of these planes (i.e., proceeds after all costs of sale, including broker and closing fees) will be used to fund the plan and are incorporated into the plan budgets attached to this plan. A full-text copy of the Third Amended Plan dated September 2, 2025 is available at https://urlcurt.com/u?l=SF5Nw4 from PacerMonitor.com at no charge. About No Limits Aviation Inc. No Limits Aviation Inc. -- https://nolimitsaviation.com/ -- is a flight school in Idaho. No Limits Aviation Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 24-20183) on May 24, 2024. In the petition signed by Shane Rogers, as president, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Bankruptcy Judge Noah G. Hillen handles the case. The Debtor is represented by: Matthew T. Christensen, Esq. Johnson May, PLLC 10390 N. Sensor Ave Hayden, ID 83835 OMIMEX PETROLEUM: 90-Day Extension for Plan Filing Granted ---------------------------------------------------------- Judge Scott Everest of the U.S. Bankruptcy Court for the Northern District of Texas extended Omimex Petroleum, Inc.'s exclusive period to file Chapter 11 plan and solicit acceptances thereof for additional ninety days. As shared by Troubled Company Reporter, the Debtor explains that the case is complex in terms of addressing and planning for which of the 339 wells shall continue production under a plan and which wells shall be plugged and/or abandoned. The Debtor claims that it has identified and has been developing a solution that would resolve some and perhaps all of the P&A work and liabilities without expense to the State of Colorado. Working thorough this scenario on the P&A piece of the puzzle has required additional time for the Debtor. The Debtor has filed a plan, but additional time to finalize and present exit financing terms, against the headwinds in the energy and credit markets. The Debtor anticipates filing an amended plan and disclosure statement by August 31, 2025 to address the remaining issues necessary to proceed to confirmation; however, this could extend into early September as financing is finalized and the Debtor and prospective lender(s) address turmoil in the energy and credit markets. The Debtor asserts that it has a plan on file and needs additional time to prepare for confirmation. Amendments to the plan and disclosure statement are necessary to present additional details, creditor input (without soliciting), and present additional details, but the basic structure of the plan already is on file and presented. Omimex Petroleum Inc. is represented by: Jeff Carruth, Esq. Weycer, Kaplan, Pulaski & Zuber, P.C. 24 Greenway Plaza, Suite 2050 Houston, TX 77046 Tel: (713) 341-1158 Fax: (713) 961-5341 E-mail: jcarruth@wkpz.com About Omimex Petroleum Omimex Petroleum Inc. provides energy and fertilizer services. It focuses on the exploration, development, acquisition and operation of oil and gas properties, and production of various fertilizers. Omimex Petroleum serves oil and gas industry internationally. Omimex sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-34018) on Dec. 10, 2024, with $1 million to $10 million in both assets and liabilities. Christopher Chambers, sole director of Omimex, signed the petition. The Debtor is represented by Jeff Caruth, at Weycer, Kaplan, Pulaski & Zuber, P.C. ONDAS HOLDINGS: Names Mark Green Head of Corporate Development, M&A ------------------------------------------------------------------- Ondas Holdings Inc. announced the appointment of Mark Green as Head of Global Corporate Development and Mergers & Acquisitions (M&A). In this role, Mr. Green will lead Ondas' corporate development activity and support its strategic growth plan. "We are building a significant and valuable company delivering AI-enabled autonomous defense and security capabilities to global markets," said Eric Brock, Chairman and CEO of Ondas Holdings. "Mark brings exceptional skill and experience that align directly with our mission and growth strategy. His extensive global network of corporate and institutional relationships will be a powerful asset as we advance our strategic objectives. We are excited to have Mark on board to help execute our strategy and accelerate growth." Mr. Green joins Ondas with over 30 years of experience in investment banking, having served as Head of Technology Investment Banking at several firms, originating and executing a wide range of equity and debt financing, M&A, and advisory transactions for public and private companies across the globe. Mark is joining Ondas after more than a decade at Ladenburg Thalmann. "I am thrilled to join Ondas at this exciting stage in its journey," said Mark Green. "Eric and his leadership team have created a compelling platform aimed at capitalizing on a multi-year investment cycle. Ondas' critical, AI-based solutions for aerial and ground autonomy are essential for protecting vital locations, infrastructure, and populations. I look forward to helping Ondas win in the market and build significant value for our stakeholders, especially our investors." Mr. Green's career also includes senior leadership roles at firms like C.E. Unterberg Towbin, where he established the firm's Israel technology investment banking practice. Earlier in his career, he held investment banking positions with Citi in Israel and founded a cross-border advisory and investment banking firm with a focus on technology and infrastructure. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, and $16.58 million in total stockholders' equity. As of June 30, 2025, the Company had $151.95 million in total assets, $39.29 million in total liabilities, and $90.82 million in total stockholders' equity. ORCHID MERGER: Palmer Square Marks $3.6MM 1L Loan at 49% Off ------------------------------------------------------------ Palmer Square Capital BDC Inc. has marked its $3,695,997 loan extended to Orchid Merger Sub II, LLC to market at $1,888,026 or 51% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Orchid Merger Sub II, LLC. The loan accrues interest at a rate of 9.23% (S +CSA + 4.75%) per annum. The loan matures on July 27, 2027. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Orchid Merger Sub II, LLC Orchid Merger Sub II, LLC is a subsidiary of System1, Inc., founded in 2021, and has been involved in various corporate transactions, including financing activities and a business combination with Trebia Acquisition Corp. in 2021, which resulted in System1's public listing. P3 HEALTH: Subsidiary Amends Term Loan, Extends Maturity to 2027 ---------------------------------------------------------------- P3 Health Partners Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that P3 Health Group, LLC, a subsidiary of the Company entered into the Tenth Amendment to that certain Term Loan Agreement, dated as of November 19, 2020, by and among P3 LLC, as borrower, the subsidiary guarantors party thereto, the lenders from time to time party thereto, and CRG Servicing LLC, as administrative agent and collateral agent (as amended). The Amendment: * amends the payment structure of the Term Loan Agreement by extending the interest-only period to September 30, 2026, extending the maturity date to December 31, 2027, and changing the principal payments to a fixed $5,000,000 per payment date; * changes the interest rate from 12% to 12% through December 31, 2025 and 15% thereafter; * includes two separate Paid In-Kind periods, replacing the previous single PIK period: the first PIK Period measures from closing of the Term Loan Agreement through December 31, 2024 and includes the option to pay 8% cash plus 4% PIK (added to the principal); and the second PIK Period measures from January 1, 2026 through December 31, 2027 and includes the option to pay 12% cash plus 3% PIK; and * updates board observation rights for lender representatives. The Amendment also includes standard conditions precedent for effectiveness and reaffirmation of existing loan obligations. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by the terms of the Amendment, a copy of which is available at https://tinyurl.com/nha4f7t9 About P3 Health Partners Henderson, Nev.-based P3 Health Partners Inc is a patient-centered and physician-led population health management company and, for accounting purposes, the successor to P3 Health Group Holdings, LLC and its subsidiaries after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. As the sole manager of P3 LLC, P3 operates and controls all of the business and affairs of P3 LLC and P3's only assets are equity interests in P3 LLC. Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 25, 2024, citing that the Company has suffered recurring losses from operations and has working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $783.4 million in total assets, $633.9 million in total liabilities, and a total stockholders' equity of $75.9 million. PACIFIC RADIO: Hires RHM Law LLP as Bankruptcy Counsel ------------------------------------------------------ Pacific Radio Exchange, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ RHM Law LLP as counsel. The firm will provide these services: -- advise and assist regarding compliance with the requirements of the United States Trustee ("UST"); -- advise regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; -- advise regarding cash collateral matters; -- conduct examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; -- advise concerning the requirements of the Bankruptcy Code and applicable rules; -- assist with the negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and -- make any appearances in the Bankruptcy Court on behalf of the Debtor; and to take such other action and to perform such other services as the Debtor may require. The firm will be paid at these rates: Partners $650 to $700 per hour Associates $400 to $550 per hour Paralegals $175 per hour The firm was paid by the Debtor $5,022 on July 18, 2025, and $11,738 on July 21, 2025. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Roksana D. Moradi-Brovia, Esq., a partner at RHM Law LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Roksana D. Moradi-Brovia, Esq. W. Sloan Youkstetter, Esq. RHM Law LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: roksana@RHMFirm.com sloan@RHMFirm.com About Pacific Radio Exchange, Inc. Pacific Radio Exchange Inc., doing business as PacRad, supplies professional audio, video, DJ, and broadcast equipment. The Company offers products such as bulk and custom cables, connectors, fiber optics, networking gear, and power management tools. It serves both individual consumers and industry professionals with AV solutions and custom services. Pacific Radio Exchange sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16614) on August 1, 2025. In its petition, the Debtor reported total assets of $94,813 and total liabilities of $1,690,315. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at RHM Law, LLP. PERATON CORP: Palmer Square Marks $2.8MM 2L Loan at 29% Off ----------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $2,898,876 loan extended to Peraton Corp. to market at $2,066,899 or 71% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Peraton Corp. The loan accrues interest at a rate of 12.18% (S +CSA + 7.75%) per annum. The loan matures on February 26, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Peraton Corp. Peraton is a leading national security company delivering mission-critical technologies and IT solutions to protect the U.S. and its allies. PINNACLE BUYER: S&P Assigns 'B' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to fire and life safety (FLS) service provider Pinnacle Buyer LLC (doing business as Summit Companies) and its 'B' issue-level ratings and '3' recovery ratings to the company's senior secured facilities. The stable outlook reflects S&P's expectation for favorable operating performance, supporting S&P Global Ratings-adjusted debt to EBITDA sustained at 5x-6x. Summit Companies plans to issue a $1.3 billion first-lien term loan, $200 million revolving credit facility, $250 million delayed-draw term loan, along with preferred equity to fund the leveraged buyout by BDT & MSD Partners. The company has a decent market position in the highly fragmented fire safety industry, demonstrating consistent top-line growth. S&P's ratings reflect Summit's growing market position in the FLS services industry, despite a small revenue base. The FLS industry is highly fragmented and competitive based on price, service quality, and geographic operations. Competition is less risky once the company wins customers as Summit has high retention rates and recurring revenue. These services and products are mission critical, and demand is often driven by regulation. The company's key credit strengths include its position as one of the largest pure-play FLS service operators, based on pro forma revenue of about $1 billion in 2024; broadly diversified client base encompassing over 10 industries served; and a well-established and recurring customer base. Even though the company has short-term contracts (typically one year), it sees strong retention while also allowing flexibility in pricing each renewal period, which supports our view for steady growth. However, the company's overall small scale and scope of operations limits its business diversification. Furthermore, Summit operates entirely in the United States, with services and offerings limited to its five key segments – inspection, maintenance & repair, retrofit/remodel, systems design & install, and consulting & engineering. Acquisitions and technology investments will likely expand margin. Summit will benefit from completed technology initiatives as one-time expenses fall off and new systems come fully implemented. These integrated systems should improve workforce management; centralized procurement process; standardized inspection; and installing, quoting, and payment on site. S&P said, "Combined with the integration of PSI, we expect margin to expand 470 basis points (bps) in 2025. PSI should increase consolidated margin due to its greater mix of recurring service revenue compared to lower margin install work, as well as add a new geographic market in the Pacific Northwest. We view integration risk of PSI as low as the company has a good track record of integrating acquisitions in the past. The company has low capital expenditure (capex) requirements as the business only typically spends on fleet vehicle maintenance and its IT platform. We view this a credit positive because it gives the company flexibility to invest generated cash flows into future growth." Summit has a history of successful business expansion through organic growth and acquisitions. Through its growth initiatives, the company has expanded to five segments, which provides a competitive edge relative to peers when pursuing business opportunities that include cross-selling and expense leveraging. S&P views Summit's services as mostly mission critical, which leads to revenues that are relatively insulated from external pressures, as demonstrated in 2020 when the company's revenue grew despite COVID-19-related disruptions and macroeconomic weakness. The company has also recently passed costs onto customers, and has maintained EBITDA margins in the low to mid-teen percentage range despite inflationary cost pressures over the last few years. S&P said, "We model further improvements in margins as the company realizes the benefits from the ramp-down of IT implementation costs and executes on acquisition synergies. Supply chain issues may pose a threat, but we believe these risks to be minimal based on Summit's preferred relationships with key vendors." Summit's private-equity ownership and aggressive acquisition strategy may limit deleveraging, potentially restricting upside on the ratings. Financial sponsor BDT plans to acquire a majority ownership in Summit. S&P said, "While we anticipate deleveraging, Summit will likely continue to pursue an aggressive acquisition strategy given the fragmented nature of the industry. Management has previously executed well on acquisitions to expand the business. However, we believe the financial sponsor's generally finite holding period and focus on maximizing shareholder returns may cause leverage to rise. We view the proposed preferred shares as equity based on the draft documentation we have seen and will review final documentation after close." S&P said, "Pro forma for acquisitions thus far, we expect leverage of around 5.5x by year-end 2025, further declining to about 5x next year based on our operating assumptions. We anticipate free operating cash flow (FOCF) to debt of about 5% in 2025, increasing to nearly 8% by year-end 2026. We do not assume any additional acquisitions in our forecast, though the company has a delayed-draw term loan that it could use for future purchases. We note that there is 1.5x leverage cushion within our ratings to absorb leveraging acquisitions. "The stable outlook reflects our belief that Summit will continue to grow organically and through M&A while improving margins and successfully integrating acquisitions. "We could lower our rating on Summit if revenue growth slows due to operational issues or problems integrating acquisitions, resulting in debt to EBITDA sustained above 7x or FOCF to debt maintained below 5%." S&P could raise its rating on Summit if: -- The company diversifies and expands its business while sustaining debt to EBITDA below 5x and FOCF to debt of high-single-digit percent; and -- Summit commits to a conservative financial policy, which S&P believes might be unlikely given the financial-sponsor ownership and the company's debt-funded growth strategy. PINSTRIPES HOLDINGS: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------------ Lead Debtor: Pinstripes Holdings, Inc. Banyan Acquisition Corporation 1150 Willow Road Northbrook, IL 60062 Business Description: Pinstripes Holding, Inc., a Delaware-based company headquartered in Northbrook, Illinois, owns and operates Pinstripes, Inc. and its subsidiaries, which run dining and entertainment venues across the United States. Founded in 2007, the Company generates revenue from food, beverages, games, and private gatherings at locations in Florida, Maryland, Illinois, Texas, California, and Washington, D.C., which feature bowling lanes, bocce courts, bars, dining rooms, and event spaces for corporate functions, weddings, and social celebrations. Chapter 11 Petition Date: September 8, 2025 Court: United States Bankruptcy Court District of Delaware Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pinstripes Holdings, Inc. (Lead Debtor) 25-11677 Pinstripes, Inc. 25-11678 Pinstripes Hillsdale LLC 25-11679 Pinstripes at Prairiefire, Inc. 25-11680 Pinstripes Illinois, LLC 25-11681 Debtors' Counsel: Sean M. Beach, Esq. Shella Borovinskaya, Esq. Michael R. Nestor, Esq. Elizabeth S. Justison, Esq. Shella Borovinskaya, Esq. Mariam Khoudari, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 N. King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Emails: sbeach@ycst.com mnestor@ycst.com ejustison@ycst.com sborovinskaya@ycst.com mkhoudari@ycst.com Debtors' Provider of Restructuring Officer and Support Personnel: CR3 PARTNERS, LLC Debtors' Investment Banker: HILCO CORPORATE FINANCE, LLC Debtors' Notice, Claims & Solicitation Agent: EPIQ CORPORATE RESTRUCTURING, LLC Total Assets of January 5, 2025: $162,863,000 Total Debts as of January 5, 2025: $258,573,000 The petitions were signed by Dale Schwartz as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XJUK3EA/Pinstripes_Holdings_Inc__debke-25-11677__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Jamestown Premier Lease $4,179,084 Georgetown Park Corp. 700 12th St NW Washington, DC 20005 Contact: Renee Finerty Phone: 571.215.5249 Email: rfinnerty@lpc.com 2. Westland Garden State Plaza LP Lease $2,618,687 2049 Century Park East 41st Foor Century City, CA 90067 Contact: Kurt Utterback Phone: 408.857.6458 Email: kutterback@us.westfield.com 3. HSC Property Owner LLC Lease $2,279,390 8080 Park Lane Ste 600 Dallas, TX 75231 Contact: Larry Ivich Phone: 650.303.0378 Email: livich@northwoodretail.com 4. Katten Muchin Rosenman Professional $2,279,052 525 W. Monroe St. Fees Ste 2200 Chicago, IL 60661-3693 Contact: Rebecca E.Thompson Phone: 312.577.8311 Email: rebecca.thompson@katten.com 5. Seritage SRC Finance LLC Lease $1,881,973 500 Fifth Ave Ste 1530 New York, NY 10110 Contact: Eric Dinenberg Phone: 610.420.1688 Email: edinenberg@seritage.com 6. Sysco Trade Payable $1,847,182 250 Wieboldt Dr. Des Plaines, IL 60016-3192 Contact: Angela Willett Phone: 224.229.7426 Email: angela.willett@sysco.com 7. Vineland Pointe Owner LLC Lease $1,753,533 c/o Oconnor Capital Partners 535 Madison Ave. 6th Floor New York, NY 10022 Contact: Frank Nuccio Phone: 212.308.7700 Email: fnuccio@oconnorcp.com 8. VCC LLC Trade Payable $1,622,189 1 Information Way Ste 300 Little Rock, AR 72202 Contact: Katherine Verdaris Phone: 510.376.4145 Email: kverdaris@vccusa.com 9. AH-River East, LLC Lease $1,228,459 c/o Group Fox, Inc. 2600 West Montrose St. Chicago, IL 60625 Contact: Jim Posluszny Phone: 773.519.4067 Email: jim@groupfox.com 10. 30 West Pershing, LLC Lease $1,170,463 909 Walnut St. Ste 200 Kansas City, MO 64106 Contact: Tom Hudak, Jolynne Zade Phone: 816.805.9659 Email: tomh@eprkc.Com, joylnne.zade.com 11. Norwalk Land Development, LLC Lease $1,141,698 350 N.Orleans St. Ste 300 Chicago, IL 60654 Contact: Brian Bacik Phone: 312.402.2133 Email: brian.bacik@bpretail.com 12. Macerich HHF Broadway Lease $950,868 Plaza, LLC 1275 Broadway Plaza Walnut Creek, CA 94596 Contact: Aaron Keswick Phone: 818.585.4349 Email: aaron.keswick@macerich.com 13. Tanger Cleveland LLC Lease $949,182 3200 Northline Ave Ste 360 Greensboro, Nc 27408 Contact: Dan Seabaugh Phone: 336.856.6019 Email: dan.seabaugh@tanger.com 14. Westfield Topanga Owner LP Lease $946,576 2049 Century Park East 41st Floor Century City, CA 90067 Contact: Kurt Utterback Phone: 408.857.6458 Email: kutterback@us.westfield.com 15. MC Prairiefire, LLC Lease $907,468 c/o Merrill Companies 6240 West 135th St. Overland Park, KS 66223 Contact: Fred L. Merrill, Jr. Phone: 913.205.7346 Email: fred@merrillcompanies.com 16. Clearfork Retail Venture LLC Lease $869,755 225 W. Washington St. Indianapolis, IN 46204 Contact: Suzanne Paul Phone: 682.324.3155 Email: supaul@simon.com 17. Federal Realty Investment Trust Lease $852,879 1626 East Jefferson St. Rockville, MD 20852 Contact: Wendy Seher Phone: 301.998.8234 Email: wseher@federalrealty.com 18. Crae Interiors Trade Payable $833,958 23424 Commerce Park Rd. Beachwood, OH 44122 Contact: Cindy Cohen Phone: 216.464.2505 Email: cindy@craeinteriors.com 19. RPT Realty LP Lease $785,112 500 N. Broadway Ste 201 Jericho, NY 11753 Contact: Tim Collier Phone: 551.587.7117 Email: tcollier@rptrealty.com 20. Alixpartners LLP Professional $740,830 2000 Town Center Fees Ste 2400 Southfield, MI 48075 Contact: Rick Abbey Phone: 248.219.2401 Email: rabbey@alixpartners.com 21. Piper Sandler & Co. Professional $642,027 350 North 5th Street Fees Ste 1000 Minneapolis, MN 55401 Contact: Damon Chandik Phone: 650.838.1340 Email: damon.chandik@psc.com 22. CP5 Kirby Collection LLC Lease $641,333 25 West 39th St 16th Floor New York, NY 1001 Contact: Coleman Pamuk Phone: 832.917.9829 Email: cpamuk@trinity-pm.com 23. Agave Plaza Retail LLC Lease $638,249 2811 Ponce De Leon Blvd. Ste 740 Coral Gables, FL 33134 Contact: Mike Contreras Phone: 305.459.8131 Email: mike.contreras@jll.com 24. Lockton Affinity Trade Payable $619,924 500 W Monroe Suite 3400 Chicago, IL 60661 Contact: Matt Dubiel Phone: 847.385.1434 Email: matt.dubiel@lockton.com 25. Oracle America Inc. Trade Payable $572,110 2300 Oracle Way Austin, TX 78741 Contact: Collections Department Phone: 888.803.7414 Email: collections_us@oracle.com 26. Bellevue Investors II, LLC Lease $552,327 505 5th Ave. S Ste 900 Seattle, WA 98104 Contact: Amy Lam Phone: 425.559.6760 Email: amy.lam@kidder.com 27. Edward Don & Company Trade Payable $440,575 9801 Adam Don Pkwy Woodridge, IL 60517 Contact: John Fahey Phone: 708.883.8362 Email: johnfahey@don.com 28. BDO USA LLP Professional $365,392 5300 Patterson Ave SE Fees Ste 100 Grand Rapids, MI 49512 Contact: Michelle Dimarzio Phone: 616.575.4236 Fax: 616.776.3690 Email: bdo_account_notification@bdo.com 29. SEATED Trade Payable $314,823 217 W. 18th St. New York, NY 10113 Contact: Patrick Lucas Phone: 703.963.8744 Email: patricklucas@seatedapp.io 30. Vestis Trade Payable $294,767 2400 Market Street Philadelphia, PA 19103 Contact: Robert Tanguma Phone: 800.504.0328 Email: tanguma-robert@aramark.com PITNEY BOWES: S&P Alters Outlook to Positive, Affirms 'B+' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Pitney Bowes Inc. to positive from stable and affirmed the 'B+' issuer credit rating and the issue-level ratings. S&P said, "The positive outlook reflects our view that revenues could start to stabilize in 2026. We believe greater shipping-related revenues and lease renewals in SendTech and better Presort pricing could offset secular headwinds in mailing industry volumes. We also expect the company to maintain a balanced capital-allocation strategy among shareholder distributions, acquisitions, and debt repayment such that long-term S&P Global Ratings-adjusted leverage does not increase and stay above 3x." Pitney Bowes has improved its S&P Global Ratings-adjusted EBITDA margin to over 20% with the exit from its loss-making global e-commerce (GEC) business and incremental savings from ongoing cost-reduction initiatives. As a result, its free operating cash flow (FOCF) has also increased significantly, and we expect leverage of 2.2x-2.4x at the end of 2025. S&P said, "Although we believe revenues could start to stabilize in 2026, we expect the company's reported revenues to decline 4%-6% this year pro forma the GEC exit, reflecting lower equipment sales in the SendTech business and some volume losses in Presort services. The company has also experienced significant changes in its management team and operations. Since such uncertainty could hinder sustained credit metric improvements, we would like to see more stability in revenues--and the business in general--before an upgrade. "We expect Pitney Bowes' S&P-adjusted leverage to remain well below 3x over the next 12 months, driven by cost savings and improved FOCF, allowing for debt reduction. The shutdown of the GEC business in 2024 and a concurrent cost-reduction plan, under which the company expects to realize $180 million-$200 million in total annualized savings by next year, have led to a significant improvement in profitability. Despite lower revenues, we expect EBITDA growth in 2025 will lead to S&P Global Ratings-adjusted leverage remaining at 2.3x-2.5x. Our adjusted leverage excludes EBITDA and gross debt, which are assumed to be allocated to captive-financing activities (about $1.05 billion of debt as of June 30, 2025), and nets accessible cash. While we expect reported FOCF will increase to at least $300 million due to EBITDA growth and lower finance receivables, we believe this will be largely returned to shareholders via dividends and share repurchases (commenced in 2025). The company also actively prepays some of its debt with internal cash flows. This is helped by the reduction of cash needs through repatriations and selectively selling finance receivables to Pitney Bowes Bank. Our adjusted FOCF excludes the cash-flow benefit from decreasing finance receivables. "We believe more stable revenues, business operations, and governance would bolster the company's long-term creditworthiness. We continue to view the revenue growth prospects for the company's remaining businesses as somewhat limited due to secularly declining mail volumes, which affect long-term postage meter sales in the SendTech business and mail sorting volumes in Presort. Nevertheless, we believe the company's revenues could start to stabilize in 2026 due to growing and largely subscription-based digital shipping revenues within SendTech (we estimate less than 20% of the segment's revenues) and better pricing in Presort. There's also potential for Presort market-share gains through tuck-in acquisitions. "Nonetheless, we are cautious regarding the scale and frequency of Pitney Bowes' recent management, governance, and operational changes in recent years. Since Hestia Capital became involved in the company's governance after a proxy battle in May 2023, there have been three CEO changes, three CFO changes, and frequent board changes. Besides the actions already taken as part of its transformation plan, we are unsure what these changes could mean for the business's future financial and operating strategy. In particular, the company's new leadership has stated that it is undertaking a strategic review to consider additional value-creation opportunities, which could include exploring ways to leverage its Global Financial Services business within SendTech. More details are to be provided over the rest of this year and in 2026 but significant shifts in strategy could lead us to change our view on the risks associated with the business. While its credit metrics currently compare favorably against other 'B+' rated peers, we would like greater stabilization in its governance and operating strategy--as well as revenues--before raising the issuer credit rating. "The positive outlook reflects our view that revenues could start to stabilize in 2026. We believe greater shipping-related revenues and lease renewals in SendTech and better Presort pricing could offset secular headwinds in mailing industry volumes. Cost savings should also support EBITDA margins above 20% and solid FOCF generation. We also expect the company to maintain a balanced capital-allocation strategy among shareholder distributions, acquisitions, and debt repayment such that long-term S&P Global Ratings-adjusted leverage does not increase and stay above 3x." S&P could revise the outlook back to stable if: -- The company's transformation plan and strategic review lead to business disruptions or operational mishaps, causing significantly worse-than-expected operating performance. This includes weaker revenues or EBITDA margins; -- A decline in the industry or macroeconomic outlook accelerates revenue declines in SendTech or causes weakness in Presort; or -- S&P expects leverage to increase to above 4x or adjusted FOCF to debt fall below 10% on a sustained basis. This could be due to a change to a more aggressive financial policy that heavily prioritizes shareholder returns or debt-funded acquisitions. S&P could raise the rating if Pitney Bowes: -- Maintains at least stable revenues. This could be due to share gains and higher revenue per mail piece in Presort or greater digital shipping revenues within SendTech offsetting weaker sort volumes and postage meter sales; -- Executes its transformation plan with minimal business disruptions while still maintaining EBITDA margins and FOCF such that S&P Global Ratings-adjusted leverage remains below 4x and adjusted FOCF to debt above 10% a sustained basis; and -- Maintains a stable long-term financial policy and business strategy that supports such credit metrics, even with Hestia Capital's involvement in its governance. S&P would also need more clarity on the company's long-term business profile following its ongoing strategic review. POWER REIT: Four Trustees Elected, Auditor Ratified at 2025 Meeting ------------------------------------------------------------------- Power REIT held its 2025 annual meeting of shareholders. Below are the final voting results for each item of business voted upon at the 2025 Annual Meeting. Proposal 1. Election of Trustees. Shareholders elected each of the four nominees to the Board of Trustees for a one-year term: 1. David H. Lesser * For: 1,340,888 * Withheld: 110,723 * Non-Broker Votes: 666,148 2. Patrick R. Haynes, III * For: 1,348,270 * Withheld: 103,341 * Non-Broker Votes: 666,148 3. William S. Susman * For: 1,325,140 * Withheld: 126,471 * Non-Broker Votes: 666,148 4. Dionisio D'Aguilar * For: 1,349,125 * Withheld: 102,486 * Non-Broker Votes: 666,148 Proposal 2. Ratification of Independent Audit Firm Shareholders ratified MaloneBailey LLP as the Trust's independent registered public accounting firm for fiscal 2025. * For: 1,994,099 * Against: 93,812 * Non-Broker Votes: 29,848 About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally-managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses, reduced revenues, and increase of expenses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $27.88 million in total assets, $21.93 million in total liabilities, and $5.95 million in total equity. POWER SOLUTIONS: Weichai America, 2 Others Hold 46.5% Stake ----------------------------------------------------------- Weichai America Corp., Weichai Power Co., Ltd., and Shandong Heavy Industry Group Co., Ltd. disclosed in a Schedule 13D (Amendment No. 9) filed with the U.S. Securities and Exchange Commission that, as of August 26, 2025, they beneficially own 10,716,152 shares of Power Solutions International, Inc.'s common stock, par value $0.001 per share, representing approximately 46.5% of the company's 23,029,846 outstanding shares as of July 31, 2025. The filing reports that between August 22, 2025 and August 26, 2025, Weichai America Corp. sold an aggregate of 232,683 shares of the issuer's common stock in open-market transactions pursuant to Rule 144, resulting in a decrease of more than 1% in their aggregate beneficial ownership compared to the prior filing. Weichai America Corp. may be reached through: Attn: Jinguang Liu (aka Jin Liu) 3100 Golf Road Rolling Meadows, Ill. 60008 Phone: (855) 922-9001 A full-text copy of the Reporting Persons' SEC report is available at https://tinyurl.com/3ph43cbw About Power Solutions Wood Dale, Ill.-based Power Solutions International, Inc., incorporated under the laws of the state of Delaware in 2011, designs, engineers, manufactures, markets and sells a broad range of advanced, emission-certified engines and power systems that are powered by a wide variety of clean, alternative fuels, including natural gas, propane, and biofuels, as well as gasoline and diesel options, within the power systems, industrial and transportation end markets. The Company manages the business as a single reportable segment. Chicago, Ill.-based BDO USA P.C., the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company will not have sufficient cash and cash equivalents to repay amounts owed under its existing debt arrangements as they become due in 2025 without additional financing and uncertainties exist about the Company's ability to refinance, amend or extend these debt arrangements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Power Solutions International had $328.2 million in total assets, $262.9 million in total liabilities, and $65.3 million in total shareholders' equity. PRETIUM PKG: Palmer Square Marks $2MM 2L Loan at 83% Off -------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $2,000,000 loan extended to Pretium PKG Holdings, Inc. to market at $347,000 or 17% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a Second Lien Senior Secured Loan to Pretium PKG Holdings, Inc. The loan accrues interest at a rate of 11.31% (S +CSA + 6.75%) per annum. The loan matures on September 30, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Pretium PKG Holdings, Inc. Pretium Packaging supplies high-quality bottles, jars and closures made of PET, HDPE and PP. PRETIUM PKG: Palmer Square Marks $5.6MM 1L Loan at 51% Off ---------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $5,620,441 loan extended to Pretium PKG Holdings, Inc. to market at $2,739,965 or 49% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Pretium PKG Holdings, Inc. The loan accrues interest at a rate of 8.86% (S + 4.60% incl. 0.70% PIK) per annum. The loan matures on October 2, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Pretium PKG Holdings, Inc. Pretium PKG Holdings, Inc. operates as a holding company. The company through its subsidiaries, manufactures rigid packaging solutions and offers beverage bottles, caps and closure, handleware, light weighted options, preforms, custom moldings, printed folding cartons, and other plastic packaging containers. Pretium PKG Holdings serves customers worldwide. PRINCE LAND: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Prince Land, Inc., according to court dockets. About Prince Land Inc. Prince Land, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18992) on August 1, 2025. In the petition signed by Bruce Prince, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC, represents the Debtor as legal counsel. PROFRAC HOLDING: Nets $7.1M From Partial Overallotment Option ------------------------------------------------------------- As previously reported, on August 14, 2025, ProFrac Holding Corp. completed an underwritten public offering of the Company's Class A common stock. The Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 25, 2025, the underwriters partially exercised their overallotment option to purchase an additional 1,840,998 shares of Class A common stock. The aggregate net proceeds to the Company for the Option Shares, after underwriting fees and commissions and before expenses, is approximately $7.1 million. The closing of the issuance and sale of the Option Shares occurred on August 27, 2025. About ProFrac Holding ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services including distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac Corp. operates in three business segments: Stimulation Services, Proppant Production and Manufacturing. As of June 30, 2025, the Company had $2.8 billion in total assets, $1.8 billion in total liabilities, and a total stockholders' equity of $952.2 million. * * * In May 2025, S&P Global Ratings lowered its issuer credit rating on Texas based hydraulic fracturing equipment and services provider ProFrac Holding Corp. to 'CCC+' from 'B'. The outlook is negative. PROJECT PIZZA: Hires J.B. Zaarour & Associates as Accountant ------------------------------------------------------------ Project Pizza Polk LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ J.B. Zaarour & Associates, Inc. as accountant. The firm will prepare and file corporate tax returns, and provide tax advice to the Debtor. The firm will be paid a flat fee of $3,625. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Sami Sahouri, a partner at J.B. Zaarour & Associates, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sami Sahouri J.B. Zaarour & Associates, Inc. 1855 Lawton St. San Francisco, CA 94122 Tel: (415) 221-1601 About Project Pizza Polk LLC Project Pizza Sunset, LLC has been operating as a full service Italian restaurant and bar doing business as Fiorella Clement on Clement Street in San Francisco, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30258) on April 1, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Hannah L. Blumenstiel oversees the case. Robert G. Harris, Esq., at Binder Malter Harris Rome-Banks, LLP, represents the Debtor as legal counsel. PROVIDENTIAL LENDING: Continued Operation & New Value to Fund Plan ------------------------------------------------------------------ Providential Lending Services, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement describing Plan of Reorganization dated September 2, 2025. The Debtor owns and operates multiple residential rental real properties located in Maricopa County, Arizona. Debtor's revenue is determined by the amount of rental units utilized. Currently, Debtor has 14 rental units in its inventory. In 2023 and 2024, Debtor was leasing multiple properties to tenants who utilized the Arizona Health Care Cost Containment System ("AHCCCS") for its operations. Many of Debtor's tenants were suspended by AHCCCS and forced to shut down their operations. Tenants stopped paying rental rates and abandoned multiple properties in extremely poor condition. Debtor was required to expend tens of thousands of dollars to repair the rental properties in order to get them re-leased. As of the Petition Date, Debtor had occupied 11 of 14 units with Tenants; however, Debtor was unable to generate revenue quickly enough to repay one of its Secured Creditors to reinstate debt prior to a scheduled trustee's sale. Thus, Debtor elected to file bankruptcy under Chapter 11 to restructure and reorganize its financial affairs. The Plan provides for the payment of Allowed Administrative Expenses incurred by professionals at confirmation, on a schedule agreed to by such professional, or within 60 months following the Effective Date. Allowed Priority Tax claims, if any, will be paid within 60 months of the Petition Date. Creditors holding secured claims whose collateral is retained by the Debtor and which collateral is not revalued will continue to receive payment on such claims in the ordinary course of business, with any pre-petition arrearages paid fifteen quarterly payments beginning the first quarter following the Effective Date, until fully paid. Creditors holding Allowed secured claims whose collateral is retained and revalued will have claims paid upon within five years of the effective date. Allowed General unsecured claims will receive its full share or pro rata share, dependent on the Debtors' projected liquidation if this matter were filed under Chapter 7 of the Bankruptcy Code. If the amount of Allowed general unsecured claims allowed is less than the liquidated amount, Allowed general unsecured claims shall be paid their full allowed claim in fifteen quarterly payments beginning the first quarter after the Effective Date of the Plan, until fully paid. Class 3 consists of the Allowed Unsecured Claims and all Claims not otherwise classified. The current amount of general unsecured claimed is $77,847.75. Unsecured Creditors holding Allowed Class 3 Claims will receive the following: The amount of the General Unsecured Creditor's Allowed Claim quarterly for fifteen quarters beginning the first quarter following the Effective Date. Unsecured Creditors shall not be entitled to any interest under this Chapter 11 Plan. Debtor's estimated obligation at the current claimed amount is $5,189.85 a quarter. Class 3 is Impaired by the Plan because payments to Class 3 allowed claims will be made over fifteen quarters at no interest rate. Class 4 consists of the Debtors' interest in their non-exempt property. On the Effective Date, the Debtor's principal John Wright shall contribute $12,500.00 in cash as new value contribution to retain the Debtor's interests in non-exempt property. Class 4 is Impaired by the Plan. The so-called "Absolute Priority Rule" generally forbids confirmation of a plan of reorganization over the objection of an impaired class of Creditors unless the holder of any claim or interest that is junior to the claims of such impaired class will not receive or retain any interest under the plan on account of such junior claim or interest in property. An exception to the absolute priority rule is the so-called "new value exception." Courts have held that old equity may only retain an equity interest in the reorganized debtor based on contributions that are (1) new, (2) substantial, (3) money or money's worth, (4) necessary for a successful reorganization, and (5) reasonably equivalent to the property that old equity is retaining. Debtor asserts that the $12,500.00 new value contribution fulfills all those requirements. The amount is substantial considering the amount of the estimated administrative claims and it is in money or money's worth. The Property retained by the Debtor is encumbered by multiple secured claims by deed of trust liens and other liens, but still retains substantial equity. The new value is necessary for a successful reorganization. Debtor expects to use the New Value Contribution to pay amounts due under the Plan on the Effective Date including the estate's Administrative Expenses required to be paid on the Effective Date. Absent the New Value Contribution, Debtor would not be able to successfully reorganize. The Plan will be funded by the following: Continued business operations; and New value contribution. Counsel to the Debtor: Joseph G. Urtuzuastegui III, Esq. REI LAW FIRM 4535 E. McKellips Rd., Suite 1093 Mesa, AZ 85215 Phone: (480) 505-7044 About Providential Lending Services Providential Lending Services, LLC, is a company based in Mesa, Ariz., primarily engaged in renting and leasing properties to residential or commercial tenants. Providential Lending Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04020) on May 5, 2025, listing up to $10 million in assets and up to $500,000 in liabilities. John Conover, manager of Providential Lending Services, signed the petition. Judge Brenda K. Martin oversees the case. Joseph G. Urtuzuastegui III, Esq., at The Real Estate Investor Law Firm, LLC, is the Debtor's bankruptcy counsel. PVKG INVESTMENT: Palmer Square Marks $1.7MM 1L Loan at 38% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $1,737,165 loan extended to PVKG Investment Holdings Inc. to market at $1,072,699 or 62% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to PVKG Investment Holdings Inc. The loan accrues interest at a rate of 8.61% (S + 4.25%) per annum. The loan matures on June 4, 2030. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About PVKG Investment Holdings Inc. PVKG Intermediate Holdings Inc. operates as an investment holding company. The Company serves clients in the United States. RAS DATA: Committee Hires Tucker Ellis as Lead Counsel ------------------------------------------------------ The official committee of unsecured creditors of RAS Data Services Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Tucker Ellis LLP as lead counsel. The firm's services include: (a) advising the Committee on all legal issues as they arise; (b) representing and advising the Committee regarding the terms of any sales of assets or plans of reorganization or liquidation, and assisting the Committee in negotiations with the Debtors and other parties; (c) investigating the Debtors' assets and pre-bankruptcy conduct, as well as the pre-bankruptcy conduct of the Debtors' officers, directors and holders of equity interests; (d) analyzing the liens, claims and security interests of any of the Debtors' secured creditors, and where appropriate, raising challenges on behalf of the Committee; (e) preparing, on behalf of the Committee, all necessary pleadings, reports, and other papers; (f) representing and advising the Committee in all proceedings in this case; (g) assisting and advising the Committee in its administration; and (h) providing such other services as are customarily provided by counsel to a creditors' committee in cases of this kind. The firm will be paid at these rates: Partners $775 to $950 per hour Associates $320 per hour Paralegals $85 to $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Brian J. Jackiw, Esq., a partner at Tucker Ellis LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian J. Jackiw, Esq. Thomas R. Fawkes Esq. Jason J. Ben Esq. Tucker Ellis LLP 233 S. Wacker Drive, Suite 6950 Chicago, IL 60606 Telephone: (312) 256-9425 Facsimile: (312) 624-6309 Email: Brian.jackiw@tuckerellis.com Thomas.fawkes@tuckerellis.com Jason.ben@tuckerellis.com About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. REDSTONE HOLDCO: Palmer Square Marks $4.8MM 1L Loan at 45% Off -------------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $4,892,258 loan extended to Redstone Holdco 2 LP to market at $2,666,281 or 55% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Redstone Holdco 2 LP. The loan accrues interest at a rate of 9.29% (S +CSA + 4.75%) per annum. The loan matures on April 14, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Redstone Holdco 2 LP Redstone Holdco 2 LP/Redstone Buyer/Archer/FRI/NetWitness/SecureID operates as a dual issuer and special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. RENT-A-CHRISTMAS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Rent-A-Christmas LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral from July 29 to October 15 in accordance with its budget, subject to a 10% variance. As adequate protection for any diminution in the value of its collateral, NYBDC Local Development Corporation, a secured creditor, will be granted replacement liens on the cash collateral, subject and subordinate only to the fee carveout. In addition, NYBDC will receive $2,487.43 per month as payment for two separate loans it provided to the Debtor. The Debtor has two active loans with NYBDC: a 2021 loan with about $26,267 remaining and a modified 2022 loan (formerly a line of credit) with about $29,483 owed. The Debtor's authority to use cash collateral terminates on the earliest of October 16; entry of an order lifting the automatic stay; case dismissal or conversion to Chapter 7; plan confirmation; or modification or revocation of the interim order without NYBDC's consent A final hearing is scheduled for October 7. Objections are due by Oct. 1. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/sVn41 from PacerMonitor.com. About Rent-A-Christmas LLC Rent-A-Christmas LLC is a seasonal decoration rental company specializing in Christmas trees, lights, and holiday displays for commercial and residential customers. Rent-A-Christmas sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22707) on July 29, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities $1 million and $10 million. Judge Sean H. Lane oversees the case. The Debtor is represented by Julie Cvek Curley, Esq. at Kirby Aisner & Curley LLP. REWA PROPERTIES: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of REWA Properties, LLC, according to court dockets. About REWA Properties LLC REWA Properties, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-18570) on July 27, 2025, listing between $100,001 and $500,000 in assets and up to $50,000 in liabilities. Judge Erik P. Kimball oversees the case. The Debtor is represented by: Mark S. Roher, Esq. Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Rd., Ste 300 Pembroke Pines, FL 33028 Phone: 954-353-2200 mroher@markroherlaw.com RHODIUM ENCORE: Court Overrules SAFE Claims Objection ----------------------------------------------------- Judge Alfredo R. Perez of the United States Bankruptcy Court for the Southern District of Texas overrules Rhodium Encore LLC's objections to certain proofs of claim filed in its bankruptcy case. On Aug. 24, 2024, Rhodium Encore LLC and its affiliates filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. Non-governmental Proofs of Claim had to be filed by Dec. 31, 2024. Multiple entities and persons filed Proofs of Claim Nos. 11, 13, 18, 19, 20, 25, 26, 28, 32, 34, 35, 41, 42, 45, 46, 51, 83, 84, 102, 107, 111, 149, 152, 183, 197, 198, 223, 224, and 231 -- Disputed Claims -- between Oct. 25, 2024, and Feb. 14, 2025. And on May 19, 2025, the Debtors filed an Omnibus Objection to Claims Pursuant to Bankruptcy Code Sections 502(b), Bankruptcy Rule 3007, and Local Rule 3007-1 Because SAFE Holders Do Not Hold Claims to the Disputed Claims". The Debtors argued that the Disputed Claims -- totaling $70,820,411 in asserted amount are actually contingent equity interests that are not claims. The Debtors stated that the Disputed Claims emanate from simple agreements for future equity (the "SAFE Agreements") with Rhodium Enterprises, security instruments that provide for the SAFE Holders to receive equity in Rhodium Enterprises upon the occurrence of certain events: equity financing or an initial public offering. The Debtors explained that between June 2, 2021, and Oct. 19, 2021, to raise equity capital, Rhodium Enterprises, Inc. entered into multiple SAFE Agreements with certain investors for a total of $87 million in aggregate. And that the SAFE Agreements specify the treatment of SAFE Holders' contingent interests in multiple scenarios. The Debtors argued that the SAFE Agreements do not create claims. Instead, the SAFE Agreements provide the Holders only with contingent equity interests and that even if the SAFE Holders could assert claims related to the SAFE Agreements, those claims are subordinated to all other general unsecured creditors pursuant to 11 U.S.C. Sec. 510(b) and statutorily on par with common equity. They request that the Court disallow the Disputed Claims. The Court finds that the SAFE Agreement provides a contingent claim to the investors and the parties who invested in REI are in fact creditors with contingent claims. The Court notes at the outset the terms of the SAFE Agreement appear to evidence a claim. 11 U.S.C. Sec. 101(5)(A) defines "claim" as "right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured." The Bankruptcy Code considers a contingent right to payment as a claim. The SAFE Agreement, upon a Liquidity or Dissolution Event, makes due and payable to an investor, the Purchase Amount/Cash-Out Amount. There can be scenarios in a Liquidity Event where the investor would receive the Conversion Amount instead if it was greater. Thus, it appears based on the plain language that the SAFE Agreement provides for a contingent claim under the Bankruptcy Code. The Debtors appear to overlook the Liquidation Priority in paragraph 1(d) that gives SAFE claimants priority with Cash-Out Amounts over the Conversion Amount which is on par with Common Stock. Judge Perez explains, "Here, while a SAFE Agreement investor can see the potential fruits of the success of REI, at the same time the SAFE Agreement provides that in the situation of a Liquidity or Dissolution event, at a minimum, the investor will receive the Purchase Amount back (or its pro-rata share of any consideration after payment of all the creditors). That is wholly different from your typical stockholder. The right to receive their Purchase Amount further supports that the SAFE Agreement provides for a contingent claim given the inclusion of the paragraphs with regard to a Liquidity or Dissolution Event. While yes, a Liquidity Event or Dissolution Event may never happen when a SAFE Agreement such as this is entered, there is still the possibility, and that is the essence of the description of a contingent claim." The Court overrules the Debtors' SAFE Claims Objection. The Debtors filed a Certificate of No Objection to their SAFE Claims Objection for which no response had been filed. The Court will hold a separate hearing to determine whether the objection should be sustained with respect to those Proofs of Claims. A copy of the Court's Memorandum Opinion is available at https://urlcurt.com/u?l=CapSDb from PacerMonitor.com. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, the Debtor reports lead debtor's estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RING CONTAINER: Moody's Rates New $1BB First Lien Term Loan 'B2' ---------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Ring Container Technologies Group, LLC's ("Ring") new $1 billion senior secured first lien term loan B due September 2032. The company's B2 corporate family rating and B2-PD probability of default rating are unchanged. The outlook remains stable. Moody's expects proceeds of this proposed debt offering will be used to refinance the existing $772 million first lien term loan due August 2028 and along with $50 million of cash, finance a $278 million distribution to shareholders. "This transaction will increase Ring's total debt and weaken the company's credit metrics, but will also extend the company's debt maturity profile. Pro-forma of the transaction leverage will increase to 5.5x from 4.4x debt/EBITDA as of June 30, 2025, which is still consistent with Moody's expectations for its B2 rating. A debt-funded distribution to shareholders is a common element of Ring's financial policy," said Scott Manduca, VP-Senior Analyst at Moody's Ratings. RATINGS RATIONALE Ring's B2 rating reflects consistency in generating free cash flow and a robust EBITDA margin near 30%. While Ring is not very active in pursuing inorganic growth opportunities to grow revenue, its free cash flow generation provides flexibility for investment in organic growth and absolute debt reduction. Ring has long standing customer relationships with its blue-chip customer base in fairly stable end markets including retail food (food at home) and food service. The rating is constrained by Ring's small scale in a fragmented and competitive industry, customer concentration with about 45% of sales generated from its top four customers, and limited product diversity, with over 50% of revenue generated from edible oil. Ring has an aggressive financial policy with a history of debt funded distributions to shareholders, but also has a track record of maintaining its credit metrics within the confines of its B2 rating. The stable outlook reflects Moody's expectations of good liquidity over the next 12-18 months, no near-term maturities, and credit metrics that are cohesive with the company's B2 rating. The B2 rating is at the same level as the CFR, reflecting the preponderance of first lien debt in the capital structure and that borrowings are modestly protected in a distressed scenario. The debt instrument's security and guarantees from subsidiaries represent about 95% of the company's EBITDA. Security consists of a first lien on all assets and stock of subsidiaries and 65% stock pledge of foreign subsidiaries, which is consistent with the existing term loan. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if there is a reduction in customer concentration and an increase in scale, maintenance of good liquidity, and debt-to-EBITDA below 5.0x. The ratings could be downgraded if debt-to-EBITDA approaches 6.0x, liquidity deteriorates, and in the case of inability to generate positive free cash flow. The principal methodology used in this rating was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. Headquartered in Oakland, Tennessee, Ring Container Technologies Group, LLC is a privately-owned manufacturer of rigid packaging container solutions. RYVYL INC: Co-founder and Chairman Ben Errez Retires from Board --------------------------------------------------------------- RYVYL Inc. announced that the Chairman and Co-founder Ben Errez has retired from the Board of Directors, in conjunction with his previously announced retirement, effective August 31, 2025. As announced on August 15, 2025, Mr. Errez retired from his management role, effective on August 31, 2025. "Leading RYVYL has been one of the greatest honors in my career," said outgoing Chairman Ben Errez. "Together with co-founder Fredi Nisan, I had the opportunity to lead a remarkable team, as we set out to transform the way businesses and consumers think about payments, security, and financial innovation. We built the company organically and via acquisitions, I am grateful to the many employees, investors, partners, and friends who have supported this journey. "As I've planned my retirement and the company is embarking on an entirely new phase in its evolution focusing on crypto treasury management, I felt the time is right to also step down from my board role. I look forward to watching RYVYL's plan unfold, while devoting more time to family, personal passions, and new opportunities. I have full confidence in the leadership team and Board as RYVYL embarks on its new chapter." On June 16, 2025, the Company announced strategic actions and an enhanced business plan to include a digital asset acquisition strategy. The company plans to accumulate crypto as a reserve asset, viewing it as both a long-term store of value and a means to strengthen financial resilience and strategic flexibility. This strategic transition in leadership is designed to align with the Company's focus on digital assets and treasury management. About Ryvyl Inc. San Diego, Calif.-based RYVYL Inc., together with its subsidiaries, is a financial technology company that develops, markets, and sells innovative blockchain-based payment solutions, which offer significant improvements for the payment solutions marketplace. The Company's core focus is to develop and monetize disruptive blockchain-based applications, integrated within an end-to-end suite of financial products, capable of supporting a multitude of industries. In its report dated March 28, 2025, the Company's auditor, Simon & Edward, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, noting that the transitioning of the Company's QuickCard product in North America led to a significant decline in processing volume and revenue, the recovery of these lost revenues is not expected until late 2025. The loss of revenue resulting from this business reorganization has jeopardized its ability to continue as a going concern. As of Dec. 31, 2024, RYVYL had $122.28 million in total assets against $123.77 million in total liabilities. As of June 30, 2025, RYVYL had $20.60 million in total assets against $27.54 million in total liabilities. SBHC HOLDINGS: S&P Raises ICR to 'CCC+' After Distressed Exchange ----------------------------------------------------------------- S&P Global Ratings raised our issuer credit rating on SBHC Holdings LLC (dba Summit Behavioral Health) to 'CCC+' from 'SD' (selective default). S&P said, "At the same time, we assigned our 'B' issue-level rating to the super-senior first-out (SSFO) revolver and SSFO term loan, with a '1' recovery rating, indicating our expectation for very high (90%-100%; rounded estimate 95%) recovery in the event of a payment default. We also assigned our 'CCC+' issue-level rating to the super-senior second-out (SSSO) term loan, with a '4' recovery rating, indicating our expectation for average (30%-50%; rounded estimate 35%) recovery. "The positive outlook reflects the possibility that we could raise our ratings on Summit over the next 12 months if the company successfully executes operational improvements and grows EBITDA, leading to sustainable deleveraging and free cash flow generation." Summit has completed its debt exchange transaction, which improved its total liquidity to about $160 million and extended debt maturities to 2030. S&P said, "However, we believe business execution risks remain for the company to sustain EBITDA growth, deleveraging, and free cash flow generation. "We believe the debt exchange provides Summit with the flexibility to focus on structural business improvements. The transaction improves the company's liquidity position to about $160 million from $61 million (as of June 30, 2025) and extends maturities to 2030. It funded the new $125 million SSFO term loan to pay down the existing revolver balance and provide growth capital. The company also expects to raise additional funds through the sale of two facilities (Johnstown Heights and Seabrook). S&P said, "While this transaction supports Summit's credit profile by providing it with liquidity and a greater maturity runway, we project S&P Global Ratings-adjusted leverage for 2025 remains high at about 9.5x, with free cash flow deficit of about $20 million. We assume cash flow strengthens in the second half of the year, driven by an expected improvement in working capital." Progress toward deleveraging and a return to sustainable cash flow generation will depend on the successful execution of productivity enhancements and growth initiatives outlined by the new management team. Summit needs good business execution to deliver consistent revenue growth and bolster EBITDA margins. The company's EBITDA margins suffered after losing a significant percentage of Department of Veterans Affairs (VA) referrals, which reimbursed at a higher rate than most payers. The company replaced most of the lost volumes with other payers, primarily commercial and Medicaid. However, run-rate margins are lower due to lower reimbursement rates. The company also expects to implement operational improvements to support facility productivity and EBITDA margins. It recently hired David Vandewater as CEO, who brings substantial behavioral health leadership experiences from time at HCA and Ardent, among others. Additionally, the company recently began receiving increased Medicaid supplemental payments for acute behavioral facilities based in West Virginia and Tennessee. In the second quarter, Summit accrued $40 million of revenue from these programs (almost entirely flowing to EBITDA after small provider tax contributions) and expects to realize this amount over the coming quarters. S&P forecasts the supplemental revenue and operational improvements implemented by the new management team will drive EBITDA margins higher to 17%-18% over the next 12 months, from 16%-17%. S&P said, "We expect Summit's growth strategy to remain focused on bed expansions and de novo facilities. Historically, Summit has utilized its revolver to fund aggressive inorganic growth, including bed expansions in existing facilities and de novos facilities. Fundamentally, the demand for behavioral health services (Substance Use Disorder and Acute) remains sound, and the company has plenty of opportunity for inorganic growth domestically. We continue to expect about $30 million in growth capital expenditure (capex) in 2025, in line with management's expectations. We project this will grow in 2026 and beyond as the company refocuses on growth. We expect Summit will again utilize its revolver to fund growth where needed. "The positive outlook reflects the possibility that we could raise our ratings on Summit over the next 12 months if the company executes business improvements and grows EBITDA, leading to sustainable deleveraging and free cash flow generation. "We could lower our ratings on Summit if the company fails to execute its improvement strategy, resulting in continued cash flow deficits and worsened liquidity, raising the risk of a near-term default or transaction we would deem as distressed. "We could raise our ratings on Summit if the company demonstrates a track record of improvement that we believe is sustainable, such that it drives positive free cash flow generation and continued deleveraging in line with our expectations." SHADYLANE HOLDINGS: Claims to be Paid from Property Sale/Refinance ------------------------------------------------------------------ Shadylane Holdings 1006 LLC filed with the U.S. Bankruptcy Court for the Central District of California an Original Disclosure Statement describing Plan of Reorganization dated September 2, 2025. On January 1, 1997, David Epstein acquired the residential real property located at 28832 Shady Lane, Laguna Beach, California 92651 (hereinafter referred to as the "Property"). Since that time the Epstein family have resided at the Property. David and Nancy Epstein raised two daughters there. Nancy passed away on August 30, 2020 from pancreatic cancer. David Epstein is an 82-year-old with medical issues. In late 2023, US Bank had scheduled a foreclosure sale of the Property for February 29, 2024. Prior to the foreclosure sale, the Debtor filed for Chapter 11 (Case No. 8:24- bk-10497 TA). However, as the Debtor was able to restructure the loan to US Bank, the Debtor allowed the case to be dismissed on April 24, 2024. Thereafter, the Debtor went into default on the payments to Hanford. A foreclosure sale was set for January 15, 2025. However, an agreement was reached with Wayne Bian on behalf of Hanford that he would postpone the sale in exchange for payments of $15,000 every two weeks. Per the agreement, the payments were to be applied first to interests, costs and attorney's fees and then principal. Pursuant to the agreement, Mr. Epstein paid a total of $45,000 in exchange for postponements of the foreclosure sale. As the sale was set for mid-March, on March 12, 2025 (hereinafter referred to as the "Petition Date"), the Debtor filed the within Chapter 11 proceeding. Concurrently, the Debtor is pursuing a refinancing of the Property and has received preliminary interest from two potential lenders. The identities of these lenders will be disclosed in a supplement to this Disclosure Statement. The Debtor anticipates that the refinancing can be consummated within thirty days following Court approval. The Plan is a reorganization plan. In other words, the Debtor seeks to accomplish payment under the Plan by the sale or refinance of the residential real property located 28832 Shady Lane, Laguna Beach, California 92651 (hereinafter referred to as the "Property") within ninety days of the Effective Date. The Effective Date of the proposed Plan is ten days after entry of the order confirming the Plan. Class 5 consists of General Unsecured Claims. The holders of allowed general unsecured claims shall receive payment in full of its Allowed General Unsecured Claim, together with interest accruing at the Federal Judgment Rate from the Petition Date until paid. Payment shall be made from the net proceeds of the sale or refinancing of the Property, which shall occur within ninety days of the Effective Date. The Allowed General Unsecured Claims shall be satisfied in cash upon the closing of such sale or refinancing. The allowed unsecured claims total $10,711.67 per Claim No. 2 filed on May 15, 2025. The Interest Holders shall retain their interests. The Plan will be funded by proceeds from the sale or refinance of the Property. A full-text copy of the Original Disclosure Statement dated September 2, 2025 is available at https://urlcurt.com/u?l=bdFATD from PacerMonitor.com at no charge. Counsel to the Debtor: Michael G. Spector, Esq. Law Offices of Michael G. Spector 2122 N. Broadway Santa Ana, CA 92706 Telephone: (714) 835-3130 Facsimile: (714) 558-7435 Email: mgspector@aol.com About Shadylane Holdings 1006 LLC Shadylane Holdings 1006 LLC qualifies as a debtor with a single real estate asset, as outlined in 11 U.S.C. Section 101(51B). The Company is the owner of the property located at 28832 Shady Lane, Laguna Beach, CA 92651, which a broker has appraised at an estimated value of $2.44 million. Shadylane Holdings 1006 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10622) on March 12, 2025. In its petition, the Debtor reports total assets of $2,435,200 and total liabilities of $1,549,275. Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by: James Mortensen, Esq. SOCAL LAW GROUP, PC 2855 Michelle Drive 120 Irvine CA 92606 Tel: (213) 387-7414 E-mail: pimmsno1@aol.com SHARP SERVICES: S&P Affirms 'B-' ICR Following Dividend Recap ------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Sharp Services LLC. S&P assigned a 'B-' issue-level rating and a '3' recovery rating (rounded estimate: 50%) to the first-lien term loan B. The stable outlook reflects S&P's expectation for mid-to high-single-digit percent revenue growth, relatively stable EBITDA margins, and free operating cash flow (FOCF) to debt of less than 3%. S&P said, "Sharp's dividend recap will increase leverage above our prior expectations, but credit metrics remain aligned with our view of its financial-sponsor ownership. Sharp plans to fund a $331 million dividend and refinance $840 million of existing debt with the proposed new debt issuance and $39 million of balance sheet cash. As of the second quarter of 2025, its S&P Global Ratings-adjusted leverage declined to 5.8x (versus 6.2x as of second-quarter 2024). The dividend recap will increase leverage to 7.5x in 2025, above our prior expectations of 5.6x due to additional debt. We expect continued strong business performance will contribute to S&P Global Ratings-adjusted leverage declining to 6.8x in 2026. "Sharp is well positioned to reduce leverage in 2026. For 2025, we project revenue growth of approximately 6% and stable S&P Global Ratings-adjusted EBITDA margins of 25.5%. Growth will primarily stem from the European commercial packaging business due to new product launches. We anticipate strong performance in oral solids packaging, while Sharp will expand its biologics offerings, including diabetes and cardiovascular therapies. This shift is advantageous because large molecule drugs typically yield higher margins and grow faster than small molecule drugs. We expect capital expenditure (capex) to increase to $77 million in 2025 to expand facilities and meet increasing demand, resulting in projected revenue growth of 8%-9% in 2026 due to the added capacity. "Additionally, Sharp is well-positioned to mitigate potential negative impacts from tariffs, as its exposure primarily involves packaging materials sourced from the U.S. We believe Sharp can pass on any increased costs from tariffs, given that packaging constitutes a small fraction of total drug costs. "In 2024, the company performed in line with our expectations, overcoming mechanical issues in the Clinical Services business that have now been resolved. Its S&P Global Ratings-adjusted leverage declined to 5.9x in 2024, down from 6.9x in 2023, with reported FOCF at $16 million and S&P Global Ratings-adjusted FOCF to debt at 1.8%. "The stable outlook reflects our expectation for mid- to high-single-digit percent revenue growth, relatively stable EBITDA margins, and FOCF to debt of less than 3%. "We could lower our rating on Sharp if we view its capital structure as unsustainable. This could occur if we expect the company will generate persistent FOCF deficits, potentially due to a weakening reputation from unanticipated operational disruptions, increased competition or insourcing, or significant biopharma industry headwinds that slow the demand for its commercial packaging and clinical trial services. "Although unlikely in the next 12 months due to its ownership by a private-equity sponsor, we could raise our rating on Sharp if we expect it will sustain S&P Global Ratings-adjusted FOCF to debt of more than 3% (FOCF of $35 million)." SHIVANI CORP: Hires Real Property Consultants LLC as Appraiser -------------------------------------------------------------- Shivani Corp seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to employ Real Property Consultants, LLC as appraiser. The firm will provide appraise the hotel under the Super 8 brand owned by the Debtor located at 2385 Riverside Dr., Danville, Virginia 24540. The firm will be paid at the rate of $100 per hour, but not to exceed a total of $3,000. Brian N. Murray, a partner at Real Property Consultants, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian N. Murray Real Property Consultants, LLC 4648 Brambleton Ave. Roanoke, VA 24018 About Shivani Corp. Shivani Corp. owns and operates a hotel at 2385 Riverside Dr., Danville, Virginia 24540, under the brand of Super 8 (the "Hotel"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-60511) on April 29, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Paul M. Black oversees the case. The Debtor is represented by: H. David Cox, Esq. Cox Law Group, PLLC Tel: (434) 845-2600 ecf@coxlawgroup.com SILVERROCK DEVELOPMENT: Plan Exclusivity Period Extended to Dec. 1 ------------------------------------------------------------------ Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware extended SilverRock Development Company, and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 1, 2025 and January 31, 2026, respectively. As shared by Troubled Company Reporter, the Debtors submit that cause exists to further extend the Exclusive Periods and that the following factors, among others, weigh in favor of such extension: * The Size and Complexity of these Chapter 11 Cases. These chapter 11 cases are large and complex. The Debtors have spent seven months of these chapter 11 cases conducting the post petition sale process, which efforts have included (i) obtaining entry of the Bid Procedures Order, (ii) selecting a Stalking Horse Bidder (iii) qualifying additional Qualified Bidders, and (iv) obtaining entry of the Auction Procedures Order. The Debtors are now poised to conduct the Auction with the goal of obtaining the highest or otherwise best offer available for their Assets from the Qualified Bidders. * A Further Extension of the Exclusive Periods Will Not Prejudice Creditors. The extension of the Exclusive Periods requested by this Motion is requested to give the Debtors and their advisors time to devote their attention to the sale process up to and including the Outside Sale Closing Date, whereupon the Debtors and their advisors will be able to devote their attention to any chapter 11 plan in these cases. Thus, the Debtors' request for an extension of the Exclusivity Periods is not being made for the impermissible purpose of pressuring creditors to agree to a plan of reorganization. * The Debtors are Paying Their Debts as They Come Due. The requested extension of the Exclusive Periods is also appropriate because the Debtors continue to timely pay their undisputed post-petition obligations. The requested extension of the Exclusive Periods will afford the Debtors a meaningful opportunity to continue negotiations with key parties in order to bring the sale process to a successful conclusion on or before the Outside Sale Closing Date and to attend to various other ongoing matters in these chapter 11 cases without prejudice to parties in interest. Counsel to the Debtors: ARMSTRONG TEASDALE LLP Jonathan M. Stemerman, Esq. Eric M. Sutty, Esq. 1007 North Market Street, Third Floor Wilmington, Delaware 19801 Telephone: (302) 416-9670 Email: jstemerman@atllp.com esutty@atllp.com - and - Victor A. Vilaplana, Esq. 823 La Jolla Rancho Rd. La Jolla, CA 92037 Telephone: (619) 840-4130 Email: vavilaplana@g - and - Benjamin M. Carson, Esq. 5965 Village Way, STE E105 San Diego, CA 92130 Telephone: (858) 255-4529 Email: ben@benjamincarsonlaw.com About SilverRock Development Company SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, Esq., at Armstrong Teasdale. SITEL GROUP: Palmer Square Marks $2.9MM 1L Loan at 45% Off ---------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $2,969,152 loan extended to Sitel Group to market at $1,643,396 or 55% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Sitel Group. The loan accrues interest at a rate of 8.19% (S +CSA + 3.75%) per annum. The loan matures on August 28, 2028. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Sitel Group Sitel Group is a a former global leader in customer experience solutions that has rebranded to Foundever after acquiring Sykes Enterprises, Inc. (SYKES) in 2021. As Foundever, the company continues to be a major player in the customer experience industry, offering business process outsourcing, digital CX, consulting, training, and technology services to brands worldwide. SJ HOLDINGS: Hires Goldberg Weprin Finkel Goldstein as Counsel -------------------------------------------------------------- SJ Holdings Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Goldberg Weprin Finkel Goldstein LLP as substitute bankruptcy counsel, replacing Law Offices of Alla Kachan. The firm will provide these services: a. provide the Debtor with all necessary representation in connection with its responsibilities as debtors-in-possession; b. represent the Debtor in all proceedings before the U.S. Bankruptcy Court and the Office of the U.S. Trustee; c. review, prepare and file all necessary legal papers, applications, motions, objections, adversary proceedings, pleadings, and reports as required in these Chapter 11 case, including all pleadings to obtain use of cash collateral and approval of a refinancing; and d. provide all other legal services required with respect to achieving confirmation of a plan of reorganization. The firm will be paid at these rates: Partner $685 per hour Associates $275 to $525 On August 25, 2025, the firm received from the Debtor a payment of $20,000 from the Levitansky family on behalf of the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Kevin J. Nash, Esq., a partner at Goldberg Weprin Finkel Goldstein LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kevin J. Nash Goldberg Weprin Finkel Goldstein LLP 125 Park Avenue, 112th Floor, New York, NY 10017 Tel: (212) 221-5700 About SJ Holdings Group SJ Holdings Group, LLC, doing business as Walden Pointe Apartments, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42207) on May 7, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. SOLEIL AT BOWIE: Hires Coyle Law Group as Legal Counsel ------------------------------------------------------- Soleil at Bowie, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Coyle Law Group as counsel. The firm will provide these services: a. legal advice in the continued possession and management of his property; b. preparation of all schedules and statements required by the Bankruptcy Code Bankruptcy Rules or Local Bankruptcy Rules; c. representation of the Debtor in connection with any proceedings for relief from stay which may be instituted in this Court; d. representation of the Debtor at any meetings of creditors convened pursuant to Section 341 of the Bankruptcy Code; e. preparation on behalf of the Debtor of all necessary applications, motions, answers, orders, reports and other legal papers and advice and assistance to and representation of the Debtor in preparing, filing and prosecuting a disclosure statement and plan under Chapter 11; f. representation of the Debtor in collateral litigation before the Bankruptcy Court and other courts; and g. such other legal services for the Debtor which may be necessary herein, and to generally represent, advise and assist the Debtor in carrying out his duties under the Bankruptcy Code. The firm will be paid at these rates: Counsel $450 per hour Paralegal and support staff $125 per hour The firm will be paid a retainer in the amount of $6,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Michael P. Coyle, Esq., a partner at Coyle Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael P. Coyle Coyle Law Group 7061 Deepage Drive, Ste 101B Columbia, MD 21045 Telephone: (443) 545-1215 About Soleil at Bowie, LLC Soleil at Bowie LLC owns 21 lots on Fletchertown Road in Bowie, Maryland, with a current estimated value of $5 million. Soleil at Bowie LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16012) on July 1, 2025. In its petition, the Debtor reports total assets of $5,000,000 and total liabilities of $4,276,221. The Debtors are represented by Michael P. Coyle, Esq. at THE COYLE LAW GROUP. SOUTHERN EXPRESS: Hires John D. Adams & Company as Accountant ------------------------------------------------------------- Southern Express Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ John D. Adams & Company CPAs, PLLC as accountant. The firm will assist in preparing the Debtor's 2024 tax returns along with the associated adjustment and close-out of its 2024 books and records. The firm will be paid at these rates: Jonathan Adams $400 per hour Janet Franco $332 per hour Staffs $122 to $172 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Ms. Franco disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Janet Franco John Adams & Company CPAs, PLLC 1266 Benson Road Garner, NC 27529 Tel: (919) 779-2020 About Southern Express Inc. Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02978) on August 5, 2025. In the petition signed by R. Vance Hoover, president, the Debtor disclosed $3,330,694 in assets and $6,321,019 in liabilities. Judge Pamela W. Mcafee oversees the case. Jason L. Hendren, Esq. at HENDREN, REDWINE & MALONE, PLLC, represents the Debtor as legal counsel. SPIRIT AIRLINES: Wins Court Approval of First-Day Motions --------------------------------------------------------- Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, LLC, on Sept. 3, 2025, announced that it has received approval from the U.S. Bankruptcy Court for the Southern District of New York for its first day motions related to the Company's voluntary Chapter 11 restructuring. The Court's approvals enable Spirit to continue operating as usual, including honoring tickets, reservations, credits and loyalty points; paying wages and honoring benefits; and paying certain critical vendors and partners for goods and services delivered prior to the filing date. In addition, Spirit intends to pay vendors and suppliers for goods and services provided on or after the filing date in the ordinary course. "We are pleased to have reached this first milestone in our restructuring process, which will support normal operations as we take decisive action to ensure that Spirit continues delivering the best value in the sky for years to come," said Dave Davis, President and Chief Executive Officer. "With these approvals in place and access to the many new tools now available to us, we can continue to implement our transformation to build a stronger foundation and future for Spirit." At the Court hearing, the Company noted the ongoing, productive discussions with its secured bondholders and revolving lenders. While the Company currently has sufficient liquidity to fund its operations, it continues working productively with its secured noteholders and other stakeholders, including with respect to potential financing that may become necessary. As previously announced, Spirit is executing a comprehensive restructuring of the airline to position the business for long-term success. Spirit intends to use the Chapter 11 process to implement the broad changes necessary to transition the Company for a sustainable future, including materially reducing its fleet and maintenance obligations and addressing its balance sheet. Additional Information The Company has created a dedicated website for stakeholders to learn about its restructuring process at www.spiritrestructuring.com. Additional information about the Company's Chapter 11 case, including access to Court filings and other documents related to the restructuring process, is available at https://dm.epiq11.com/SpiritAirlines or by calling Spirit's restructuring information line at (855) 952-6606 (U.S. toll free) or (971) 715-2831 (international). Advisors Spirit is supported by Davis Polk & Wardwell LLP as legal counsel, Debevoise & Plimpton LLP as fleet counsel, FTI Consulting as restructuring, fleet and communications advisor and PJT Partners as investment banker. 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 AVIATION: NYSE American to Delist Shares After Ch. 11 Filing ------------------------------------------------------------------- nYSE American LLC announced on September 2, 2025, that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Spirit Aviation Holdings, Inc. -- ticker symbol FLYY -- from NYSE American. Trading in the Company's common stock will be suspended immediately. NYSE Regulation has determined that the Company is no longer suitable for listing and will commence delisting proceedings pursuant to Section 1003(c)(iii) of the NYSE American Company Guide in light of the Company's disclosure on August 29, 2025. The Company has filed voluntary petitions for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. The shares are expected to be cancelled and have no value as part of the Company's restructuring. The Company has a right to a review of the staff's determination to delist the common stock by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange. The NYSE American will apply to the Securities and Exchange Commission to delist the Company's common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision. View source version on businesswire.com: https://www.businesswire.com/news/home/20250902358888/en/ 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. SUPER PROPERTIES: Hilco to Auction NJ Portfolio in Bankruptcy Sale ------------------------------------------------------------------ Hilco Real Estate Sales announced September 30, 2025, as the bid deadline for the bankruptcy sale of this legacy-caliber portfolio, located across northern New Jersey. With assets in Harrison, Kearny, Barnegat and Boonton, the available properties cater to a broad range of investment strategies. The first significant opportunity in the portfolio is the Harrison Town Square Redevelopment Area, a fully entitled, large-scale mixed-use development site located in the heart of Harrison, New Jersey. This 9.34+/- acre site, situated at 1000 Frank E. Rodgers Boulevard, lies directly between the Harrison PATH Station and the new 25,000-seat Sports Illustrated Arena, making it the final major redevelopment parcel along the coveted PATH corridor. Currently operating as a 1,050-space commuter parking lot, the property has full entitlements and an executed Redevelopment Agreement with the Town of Harrison. Approved plans envision Harrison Town Square, a high-impact, transit-oriented community featuring +/-1,500 residential units, +/-500,000 SF of Class A office space, +/-149,000 SF of retail and entertainment space, a 200-key hotel, and +/-4,163 structured parking spaces. The second piece of the portfolio consists of several diversified industrial assets and represents a rare chance to gain critical mass in a Tier One infill market in Newark's MSA. These properties, with addresses in Harrison and Kearny, New Jersey, combine in-place income, repositioning potential and long-term redevelopment upside. Notable assets included in the portfolio are: the Goodwill Building at 400 Supor Avenue, a four-story, 70,000+/- SF office building on 1.4+/- acres, ideally situated for industrial redevelopment; the Panasonic Building at 600 Guyon Drive, a 48,500+/- SF industrial asset built in 2013 with a functional and flexible layout; and a 91-unit multifamily development site at 1--15 Railroad Avenue, which is fully approved with footings already in place. The Breiderhoft Studios at 12 Breiderhoft Road is an incredibly unique property. The 50,000+/- SF shallow-bay industrial facility is currently configured as a film and television studio and is leased on a project-by-project basis. With New Jersey's rising demand for film and TV production, the site may benefit from potential generous tax credits, sales tax exemptions and grants and quick access to New York City, making it a prime investment in the state's growing entertainment market. "This portfolio presents an unmatched opportunity to acquire scale in one of the most competitive industrial markets in the country," said Jamie Cote, vice president at Hilco Real Estate Sales. "With a mix of stabilized income, ready-to-build parcels and fully entitled projects, investors can hit the ground running on multiple fronts." "From adaptive reuse and industrial redevelopment to large-scale, mixed-use projects, these offerings represent the full spectrum of value creation," added Christian Koulichkov, managing director at Hilco Real Estate Sales. "In a supply-constrained market like Northern New Jersey, opportunities of this caliber simply don't come along often." The majority of the portfolio benefits from being in the Newark, New Jersey MSA, which offers a strong foundation for real estate investment. With a population of more than 2.2 million and a median household income of approximately $103,182, the area sits well above national averages. As part of the broader New York--Newark--Jersey City MSA, which boasts nearly 20 million residents and consistent income growth, the region benefits from deep labor pools, diverse industries and sustained demand for residential, commercial and mixed-use space. This combination of affluence, population density and economic stability positions the Newark MSA as a compelling market for investors and developers seeking long-term value. The sale is subject to approval by the U.S. Bankruptcy Court, District of New Jersey, Petition No. 24-13427-slm. In re: Super Properties Enterprises LLC. Bids must be received no later than September 30, 2025, at 5:00 p.m. (ET), using the Asset Purchase Agreement (APA) available on Hilco Real Estate Sale's website. For further information, please contact Christian Koulichkov at (617) 335-3940 | ckoulichkov@hilcoglobal.com or Jamie Cote at (847) 418-2187 | jcote@hilcoglobal.com. About Hilco Real Estate Sales Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), Hilco advises and executes strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. Hilco helps clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments. The trusted, full-service HRE team has secured billions in value for hundreds of clients over 20+ years. Hilco is deeply experienced in complex transactions including artful lease renegotiation, multi-faceted sales structures, strategic asset management and capital optimization. Hilco understands the various components of the process, all of which are vital to a successful outcome. HRE can help identify the most viable options and direction for a company and its real estate portfolio, delivering impressive results in every situation. About Super Properties Enterprises LLC Super Properties Enterprises, LLC is a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). The company is based in Kearny, N.J. Super Properties Enterprises and its affiliates filed Chapter 11 petitions (Bankr. D.N.J. Lead Case No. 24-13427) on April 2, 2024. In the petition, Super Properties Enterprises disclosed $100 million to $500 million in assets and $50 million to $100 million in liabilities. Judge Stacey L. Meisel oversees the cases. Michael E. Holt, Esq., at Forman Holt, represents the Debtors as legal counsel. * * * On October 7, 2024, the Court entered an order confirming the Debtor's First Amended Plan of Reorganization and/or Liquidation. TEHUM CARE: Judge Morris' Recommendations Adopted in Berryman Case ------------------------------------------------------------------ Judge Laurie J. Michelson of the United States District Court for the Eastern District of Michigan adopted Magistrate Judge Patricia T. Morris' reports and recommendations in the case captioned as PHILIP BERRYMAN, Plaintiff, v. GEORGE STEPHENSON et al., Defendants, Case No. 21-cv-10925-LJM-PTM (E.D. Mich.). Berryman's objections to Judge Morris' reports and recommendations, and non-dispositive orders are overruled. Philip Berryman filed this pro se prisoner civil rights action in April 2021 against several defendants (many of whom have since been dismissed from the case) alleging a failure to provide medical accommodations in violation of his First, Eighth, and Fourteenth Amendment rights. After a year-long unsuccessful mediation process, all pretrial matters in this case were referred to Magistrate Judge Patricia Morris in April 2022. Then, in February 2023, Corizon Health -- a private company that used to provide healthcare services to inmates in the Michigan Department of Corrections -- declared bankruptcy. Two of the defendants in this case, Rickey Coleman and Kim Farris, were formerly employed by Corizon and did not know if Corizon was going to finance their legal expenses or indemnify them for any potential liability after its bankruptcy. In October 2023, Judge Morris administratively stayed the case pending the finalization of Corizon's bankruptcy plan. In March 2025, the Bankruptcy Court entered an Order Confirming the First Modified Joint Chapter 11 Plan of Reorganization. In a subsequent written order, Judge Morris advised that the parties and the Court agree that the stay of proceedings should now be lifted. Motion to Supplement More than two years ago now, Berryman filed a motion to supplement his complaint. He sought to add new claims against new defendants at the facility he had been transferred to. Judge Morris issued a report and recommendation to deny his motion, finding that, among other things, Berryman's proposed additions would be futile because he failed to allege viable First and Eighth Amendment claims. Berryman objected. The District Court has conducted a de novo review and agrees with Judge Morris' recommendation. Judge Morris was well within her discretion to deny Berryman's motion to amend considering that she had already allowed Berryman two previous amendments -- both well after the filing of Berryman's initial complaint. Accordingly, the District Court adopts the report and recommendation and overrules Berryman's objections. Stipulation and Order Permitting Substitution of Counsel A couple of weeks after Judge Morris issued the report and recommendation, Coleman and Farris obtained new counsel. As is standard practice, their previous attorneys and new attorneys submitted a proposed stipulation and order to substitute counsel, which Judge Morris granted. Berryman then objected. The District Court finds no merit in this argument, and no clear error in Judge Morris' order permitting substitution. So the District Court overrules Berryman's objection. Motion for Preliminary Injunction Berryman filed a motion seeking an emergency temporary restraining order and/or a preliminary injunction pursuant to Federal Rule of Civil Procedure 65(a). Berryman alleged that while he was being transferred to a hospital for medical treatment, a non-defendant correctional officer gave away his personal property -- including his clothing -- in retaliation for Berryman requesting zipper pants and snap button shirts. In recommending the denial of Berryman's request for injunctive relief, Judge Morris reasoned that his First Amendment retaliation claim was likely to fail on the merits because he did not plead a causal connection between the filing of this lawsuit and the removal of his clothing accommodations -- indeed, the corrections officer who allegedly took Berryman's clothing is not a defendant in this case, so his knowledge of this litigation and his motive for allegedly retaliating against Berryman is unclear. The District Court finds no error in Judge Morris' preliminary injunction analysis and agrees that Berryman failed to demonstrate such extreme relief is warranted in this case. Accordingly, the District Court adopts the report and recommendation and overrules Berryman's objections. Motion for an Evidentiary Hearing In his motion for a hearing, Berryman alleged that declarations from Jaquine Castillo and Deputy Warden Mark McDonald submitted by the MDOC Defendants to support their opposition to his motion for a preliminary injunction are fabricated and that the MDOC policy exhibits were manipulated. In denying his motion, Judge Morris found that Berryman has cited no authority for the proposition that the District Court may hold an evidentiary hearing to assess whether the declarations proffered by Castillo and McDonald were submitted in bad faith and the District Court has found none. In this case, Judge Morris' order resolved a non-dispositive pretrial issue. Therefore, pursuant to 28 U.S.C. Sec. 636(b)(1)(A) and Federal Rule of Civil Procedure 72(a), the District Court will uphold the order unless it is clearly erroneous or contrary to law. The District Court finds no clear error in Judge Morris' order -- it was not contrary to law. Motion to Stay Proceedings In their motion, Coleman and Farris advised that they filed a Motion and Concurrence in YesCare's Omnibus Motion to Enjoin Plaintiffs from Prosecuting Cases against Released Parties with thirty-one other Michigan former employees of Corizon. And that this case was listed in that motion as a proceeding that should be enjoined. Coleman and Farris argued that if their motion in the Bankruptcy Court is granted, Berryman will be enjoined from continuing his claims against Defendants. In denying the motion for a stay, Judge Morris explained that during an April 2025 status conference with the parties, Berryman stated that he mailed in a form to opt out of the Plan. Unless and until Coleman and Farris resolve with the Bankruptcy Court the issue of whether Berryman properly opted out of the Plan, the District Court will, as Judge Morris did, find that Berryman's representations and defense counsel's concessions are sufficient. Thus, the District Court overules Coleman and Farris' objection. A copy of the Court's Order is available at https://urlcurt.com/u?l=ugx9o2 from PacerMonitor.com. About Tehum Care Services Tehum Care Services Inc., doing business as Corizon Health Services Inc., is a privately held prison healthcare contractor in the United States. It is based in Brentwood, Tenn. Tehum Care Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb. 13, 2023. In the petition filed by Russell A. Perry, as chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Christopher M. Lopez oversees the case. The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel; Bradley Arant Boult Cummings, LLP, as special litigation counsel; and Ankura Consulting Group, LLC, as financial advisor. Russell A. Perry, senior managing director at Ankura, serves as the Debtor's chief restructuring officer. Kurtzman Carson Consultants, LLC, is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Dundon Advisers, LLC, serve as the committee's legal counsel and financial advisor, respectively. In March 2025, the Bankruptcy Court entered an Order Confirming the Debtors' First Modified Joint Chapter 11 Plan of Reorganization. TKO WORLDWIDE: Moody's Ups CFR to Ba2 & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings upgraded TKO Worldwide Holdings, LLC's (TKO, formally known as UFC Holdings, LLC) Corporate Family Rating to Ba2 from Ba3, the Probability of Default Rating to Ba2-PD from Ba3-PD, and the ratings on the senior secured first lien bank credit facilities to Ba2 from Ba3. The company's SGL-1 speculative grade liquidity rating (SGL) was maintained reflecting very good liquidity. The outlook changed to positive from stable. The upgrade of the CFR to Ba2 rating and change in outlook to positive reflects Moody's expectations that TKO will continue to deliver strong revenue growth, increase profitability and generate improving free cash flow while maintaining moderate leverage. The lack of clarity regarding the company's long term financial policy goals, including the potential for increased shareholder returns to its more levered controlling shareholder are a key credit risk. RATINGS RATIONALE TKO's Ba2 rating reflects the company's substantial scale and unique assets in live sports and entertainment, solid execution, long term revenue growth visibility, attractive and predictable profitability, and commitment to moderate leverage. The merger with WWE to form TKO Group Holdings Inc (TKO), completed in September 2023, and successfully integrated, has enhanced scale, operating leverage, diversified revenue streams, and strengthened the company's ability to monetize content across multiple platforms, as evidenced by multi-year agreements with Paramount, ESPN/Disney, Netflix, Inc. and NBCUniversal. Live sports and entertainment continue to attract strong interest from major tech firms, cable networks, and traditional broadcasters, given their ability to deliver consistent ratings and large live audiences. The rating also considers, M&A risks and the potential risks associated with being owned and controlled by Silver Lake Partners (a private equity firm based in California), through its ownership of Endeavor Group Holdings, Inc (EDR), which directly owns 61.7% of TKO Group Holdings Inc, the parent company of TKO. Though the company has communicated a commitment to maintaining moderate leverage, its acquisitive nature and the presence of a controlling shareholder accompanied by a significant debt burden at EDR introduce additional risk. Lastly, Moody's opinions also incorporates the potential for increased cash returns to all shareholders and expect the company to remain within its stated net leverage target of 3.0x or below. Under Moody's base case for 2025 and 2026, on a two year basis, Moody's project TKO (inclusive of IMG) will deliver mid teens revenue and mid 20% EBITDA growth, driven primarily by strong performance in media rights, an expanding subscriber base, and increased operating leverage at UFC and WWE. For year end 2025, Moody's project total debt-to-EBITDA (inclusive of Moody's adjustments) will be around 2.7x, but to decline to around 2.0x in year end 2026. Moody's expects TKO to maintain very good liquidity over the next 12-18 months. This is supported by (i) around $535 million in cash (as of June 30, 2025), (ii) Moody's expectations for meaningful free cash flow generation in 2025 of around $425 million and about $830 million in 2026, (iii) a $205 million fully undrawn senior secured revolving credit facility that expires in September 2030, and (iv) the recently announced $1 billion add-on to the company's existing senior secured first lien term loan credit facility. The net proceeds from the $1 billion add-on are expected to be used for general corporate purposes, which may include working capital and repurchases in connection with the company's previously announced share repurchase program. The senior secured term loan is covenant lite and the senior secured revolving credit facility has a springing maximum leverage covenant of first lien debt-to EBITDA of 8.25x, if borrowing under the revolver exceeds forty percent of capacity or $85 million. Moody's do not expect the revolver will be drawn over the next year, and if drawn, the cushion of covenant compliance should be ample. The positive outlook reflects Moody's expectations that TKO will grow revenue and EBITDA organically, successfully integrate WWE and IMG, generate material free cash flow, and maintain moderate leverage over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company achieves continued strong revenue growth and increasing free cash flow, demonstrates an extended track record and commitment to a conservative balance sheet management and liquidity such that Moody's expects TKO will sustain total debt to EBITDA (Moody's adjusted) near 3.0x. The ratings could be downgraded if the company's liquidity and operating performance deteriorates, debt-to-EBITDA (inclusive of Moody's adjustments) is sustained above 4.0x, or the company's free cash flow weakens materially. TKO Worldwide Holdings, LLC is a leading premium sports and entertainment company serving more than one billion fans, reaching viewers in 210 countries and territories, and producing more than 300 annual live events. 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. TOGETHER GOOD: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Together Good Deeds IV, 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's order authorized the Debtor's interim use of cash collateral to pay operating expenses set forth in its budget. The Debtor's weekly disbursements must not exceed 10% of the total monthly budget and no single line item must exceed 20% of the monthly budgeted amount, according to the interim order. The Debtor's authority to use cash collateral will terminate on September 19; 10 days after the appointment of a Chapter 11 or 7 trustee in its bankruptcy case; or upon occurrence of an event of default that is not cured, whichever comes first. Creditors Astra Holdings, LP and Vintree Realty, LLC claim ownership of certain receivables worth at least $700,000, asserting the assignment of those receivables was not a loan transaction but a true sale. To resolve objections to its request for interim relief, the Debtor agreed to segregate and not use the proceeds of the receivables without the creditors' consent. As adequate protection, any creditor asserting a lien on the cash collateral will be granted a replacement lien on property acquired by the Debtor after its Chapter 11 filing that is similar to its pre-bankruptcy collateral. The replacement lien will have the same validity, priority and extent as the creditor's pre-bankruptcy lien. About Together Good Deeds IV LLC Together Good Deeds IV LLC, based in Texas, provides professional architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Vickie L. Driver, Esq., at Driver Stephenson, PLLC. TOGETHER GOOD: Hires Stretto Inc. as Administrative Advisor ----------------------------------------------------------- Together Good Deeds IV, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Stretto, Inc. as administrative advisor. The firm will provide these services: a. assist with the preparation of the Debtor's schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; b. assist with the preparation of the Debtor's monthly operating reports and gather data in conjunction therewith; c. assist with, among other things, solicitation, balloting, and tabulation of votes; d. prepare any related reports, as required in support of confirmation of a Chapter 11 plan; and e. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results. The firm will be paid at these rates: Analyst Waived Consultant $70 to $200 per hour Director/Managing Director $210 to $250 per hour Solicitation Director $275 per hour Executive Management Waived The firm received an advance retainer in the amount of $15,000. Sheryl Betance, a partner at Stretto, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Tel: (714) 716-1872 Email: sheryl.betance@stretto.com About Together Good Deeds IV, LLC Together Good Deeds IV LLC, based in Texas, provides professional. architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Vickie L. Driver, Esq., at Driver Stephenson, PLLC. TRANSOCEAN LTD: Plans Sale of Five Rigs; Sees $1.9B Q3 Impairment ----------------------------------------------------------------- Transocean Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it intends to dispose of, by sale to a third party for recycling or alternative use, the following rigs which are classified as held for sale: Discoverer Clear Leader, Discoverer Americas, Deepwater Champion, Henry Goodrich and Discoverer India, as well as certain assets primarily associated with these rigs. As a result of the decisions taken by the Company to dispose of these assets, the Company expects its third quarter 2025 results to include an estimated non-cash charge of approximately $1.9 billion associated with the impairment of these assets. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. Transocean reported a net loss of $512 million in 2024, a net loss of $954 million in 2023, a net loss of $621 million in 2022, and a net loss of $591 million in 2021. As of June 30, 2025, the Company had $17.8 billion in total assets, $6.9 billion in total long-term liabilities, and $9.4 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In May 2025, S&P Global Ratings affirmed its ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' issuer credit rating and revised the outlook to negative from stable. TRB SUPPLY: Linda Gore Named Subchapter V Trustee ------------------------------------------------- J. Thomas Corbett, the U.S. Bankruptcy Administrator for the Northern District of Alabama, appointed Linda Gore as Subchapter V trustee for TRB Supply, Inc. The Subchapter V trustee can be reached at: Linda B. Gore P.O. Box 1338 Gadsden, AL 35902 Telephone No. 256-546-9262 Email: linda@ch13gadsden.com About TRB Supply TRB Supply Inc., a company in Collinsville, Alabama, provides structural steel fabrication and produces various steel products in the metal fabrication and manufacturing industry. TRB Supply sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-41170) on September 3, 2025, with $795,624 in assets and $3,218,089 in liabilities. Thomas A. Banks, president of TRB Supply, signed the petition. Judge James J. Robinson presides over the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC represents the Debtor as legal counsel. UNRIVALED BRANDS: Plan Exclusivity Period Extended to December 3 ---------------------------------------------------------------- Judge Sheru Bluebond of the U.S. Bankruptcy Court for the Central District of California extended Unrivaled Brands, Inc., and Halladay Holding, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 3, 2025 and January 30, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have already filed a joint plan and disclosure statement, and have made substantial progress by resolving all of its contested matters as to Peoples. However, Greenlane's opposition to the Abandonment Motion and the result of that contested matter will have to be taken into account in the Debtors' finalized amended plan and disclosure statement. Accordingly, the Debtors submit this factor weights in favor of a further extension so that the Debtors are allowed sufficient time to resolve the pending issues before them. The Debtors claim that they have demonstrated substantial good faith progress in these cases and have diligently sought to advance these cases since the Petition Date. The Debtors were able to put numerous years of litigation to rest with Peoples via a 9019 Motion approved by this Court. The Debtors have been working to incorporate the settlement into an amended plan and disclosure statement. The Debtors are operating in good faith and intend to work collaboratively with their creditors as evidenced by the Debtors' success on the global settlement. The Debtors assert that their request for an extension of their plan exclusivity periods is being made in good faith and is not being made for the purpose of pressuring creditors into acceding to certain plan terms. The goal of the requested extension is to continue productive negotiations with Greenlane for the benefit of all creditors. The Debtors' Counsel: John Patrick M. Fritz, Esq. Robert M. Carrasco, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: jpf@lnbyg.com About Unrivaled Brands Business Description: Unrivaled owns 100% membership interests in Halladay, and Halladay is Unrivaled's wholly owned subsidiary. Halladay's primary asset is a commercial real property building. Unrivaled Brands, Inc. in Downey, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Lead Case No. 24-19127) on Nov. 6, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sabas Carrillo as chief executive officer, signed the petition. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. serves as the Debtor's legal counsel. VERACODE INC: Palmer Square Marks $8.5MM 1L Loan at 32% Off ----------------------------------------------------------- Palmer Square Capital BDC Inc. has marked its $8,558,000 loan extended to Veracode Inc. to market at $5,818,370 or 68% of the outstanding amount, according to Palmer Square's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Palmer Square is a participant in a First Lien Senior Secured Loan to Veracode. The loan accrues interest at a rate of 8.88% (S +CSA + 4.50%) per annum. The loan matures on April 20, 2029. Palmer Square is a financial services company that primarily lends to and invests in corporate debt securities of companies, including small to large private U.S. companies. The company was organized as a Maryland corporation on August 26, 2019 and is structured as an externally managed, non-diversified closed-end management investment company. Palmer Square investment objective is to maximize total return, comprised of current income and capital appreciation. The Company's current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: Investing in corporate debt securities and, to a lesser extent, investing in collateralized loan obligation structured credit funds that typically own corporate debt securities, including the equity and junior debt tranches of collateralized loan obligations. Palmer Square is led by Christopher D. Long as Chief Executive Officer and Director; and Jeffrey D. Fox as Chief Financial Officer and Director. The Company can be reached through: Christopher D. Long Palmer Square Capital BDC Inc. 1900 Shawnee Mission Parkway, Suite 315 Mission Woods, KS 66205 Telephone: (816) 994-3200 About Veracode Inc. Veracode is an application security company based in Burlington, Massachusetts. Founded in 2006, it provides SaaS application security that integrates application analysis into development pipelines. WAG! GROUP: Emerges from Chapter 11 Under Retriever LLC Ownership ----------------------------------------------------------------- Wag! Group Co., a platform for service, product, and wellness needs of the modern U.S. pet household, announced on Sept. 2, 2025, that it has successfully emerged from Chapter 11 bankruptcy following the U.S. Bankruptcy Court for the District of Delaware's confirmation of its pre-packaged Plan of Reorganization. The Company is now a privately held entity and wholly owned by Retriever LLC, its secured lender and partner in the recapitalization process. "This milestone marks the beginning of an exciting new chapter for Wag!," said Garrett Smallwood, CEO of Wag!. "Thanks to the support and commitment of Retriever and our stakeholders, we have strengthened our financial foundation. We emerge with the resources and flexibility needed to invest in our business, serve our loyal customers and execute on our long-term strategic priorities." Under the confirmed Plan of Reorganization, Retriever assumed ownership of the Company, providing new equity capital and exit financing to support ongoing operations and potential future growth. The Company successfully completed the court-supervised process in approximately 40 days, while continuing its business operations and customer service. During the Chapter 11 process, Wag! maintained operational continuity supported by debtor-in-possession financing from Retriever. The confirmed Plan provides a stronger balance sheet and positions the Company for sustainable long-term growth as a privately held business. Wag! remains focused on delivering exceptional experience for customers and continuing innovation across its service offerings in the pet care market. Additional information regarding the Chapter 11 proceedings and emergence details are available at https://dm.epiq11.com/WagGroupCo. Advisors Wag! was represented by Young Conaway Stargatt & Taylor, LLP as restructuring counsel, Latham & Watkins LLP as corporate counsel and Portage Point Partners as restructuring advisor. Retriever was represented by The Tuhey Law Firm LLC and Honigman LLP as its legal counsel. About Retriever LLC Retriever is a privately held company with a history of success with pet related businesses. About Wag! Group Co. Wag! Group Co. is a San Francisco-based digital platform that connects pet owners with dog walkers, sitters, and various pet care professionals. Wag! Group and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11358) on July 21, 2025. In its petition, Wag! Group disclosed between $10 million and $50 million in both estimated assets and liabilities. The Debtors are represented by Young Conaway Stargatt & Taylor, LLP and Latham & Watkins, LLP, Nixon Peabody, and Littler Mendelson PC. Epiq Corporate Restructuring LLC is the Debtors' claims and noticing agent. WEBER LLC: S&P Upgrades ICR to 'B-', Outlook Stable --------------------------------------------------- S&P Global Ratings raised its ratings on U.S.-based grill manufacturer Weber LLC, including the issuer credit rating to 'B-' from 'CCC+', and removed the from CreditWatch with positive implications, where we placed them on Dec. 4, 2024. S&P said, "In addition, we assigned our 'B-' issue-level rating to the company's proposed first-lien TLB. The recovery rating is '3', indicating our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. "The stable outlook reflects our expectation that the combined entity will continue to sequentially grow EBITDA on a consolidated basis over the next several quarters and improve its pro forma FFO cash interest coverage above 2x." Weber LLC recently merged with outdoor griddle manufacturer Blackstone Products Inc. (not rated) to form Weber Blackstone, funded with $1.4 billion of cash equity from BDT & MSD Partners, which also retired around $300 million of Weber's debt Although pro forma leverage remains high, at more than 8.5x (including BDT preferred equity that we include as debt), the all-equity transaction will reduce leverage and improve the company's debt service, including funds from operations (FFO) cash interest coverage near 2x. Weber Blackstone is now refinancing its existing term loan and revolving credit facility with a proposed $1.3 billion first-lien term loan B (TLB) due 2032 and $425 million asset-based lending (ABL) revolving credit facility (RCF) due in 2030 in a leverage-neutral transaction that extends maturities and keep interest expense manageable. The acquisition of Blackstone and subsequent refinancing reduces leverage, improves the company's debt service, and extends maturities. BDT & MSD, which owns Weber Blackstone, invested approximately $1.4 billion of cash equity to fund the transaction and pay down roughly $300 million of legacy Weber's debt. S&P said, "We estimate pro forma leverage for the acquisition is more than 8.5x. This is much lower than Weber's standalone trailing 12-month leverage of well over 20x as of March 31, 2025, given its still very depressed but sequentially improving EBITDA. The company's S&P Global Ratings-adjusted debt includes around $1 billion (plus accrued paid-in-kind [PIK] dividends) of preferred stock held by BDT & MSD. Absent the preferred stock, we believe Weber Blackstone's leverage would be around 5.5x in 2025. Moreover, the transaction improves pro forma FFO cash interest coverage to 2.1x from below 0.5x for the 12-months-ended March 31, 2025. It also extends maturities and secures what we believe will be more cost-effective financing sources with a new ABL facility that will replace the more costly working capital sources it previously relied on under its cash flow revolver and accounts receivable securitization facility. Based on our expectation for further EBITDA growth (primarily from Weber) in fiscal 2026 (ending Sept. 30, 2026) and lower cost working capital financing costs, we expect FFO cash interest coverage to steadily improve above 2x." Weber Blackstone has proactively managed its tariff risk. The outdoor cooking industry has faced tariffs from China since 2019, when the first Trump administration placed 25% Section 301 tariffs on gas-fueled grills and component parts from China. Over the past six years, Weber Blackstone has invested significantly to diversify its supply chain out of China and build capability across the U.S., Poland, and a network of partners in Southeast Asia. Currently, the majority of Weber Blackstone's grills are subject to the 50% Section 232 tariff on the value of steel within each product and country-specific "reciprocal tariff" rates for remaining non-steel value within each product. Beginning in the first quarter of 2026 (December 2025), Weber Blackstone will have all U.S.-bound grills manufactured outside of China in Thailand, Malaysia, Poland, and the U.S., where there is significantly less tariff exposure. Furthermore, Weber Blackstone has been engaged in ongoing mitigation efforts that include price increases, supplier negotiations, and value engineering within the company's manufacturing to offset tariff costs and maintain gross margin rates. Costs to implement synergies and near-term volume headwinds at Blackstone will keep EBITDA from growing faster in fiscal 2026, but the company's free operating cash flow (FOCF) should still be positive. S&P said, "Although we believe synergies can further add to EBITDA growth and future deleveraging, this will take time given the costs to achieve these synergies. We expect the company will achieve planned transaction synergies of around $22 million over the next 12 months and $35 million per year thereafter. This will only be achieved after about $60 million in one-time costs incurred in fiscal years 2026 and 2027, which we view as an operating expense because they are core to the company's business execution strategy. These costs, coupled with an uncertain sales volume outlook at Blackstone in the coming quarters because retailers (that purchase Backstone products at overseas manufacturing locations) pulled forward their product orders in the first half of calendar 2025, are growth headwinds. As such, we believe they will delay reorder rates beyond the first half of fiscal 2026, which will keep EBITDA growth below 10% in fiscal 2026. Still, with sequentially improving growth at legacy Weber and manageable interest expense following the company's refinancing, we believe Weber Blackstone will generate positive FOCF." The two largest outdoor cooking brands combined further cements Weber Blackstone's category leadership across channels and price points, but also carries some integration and execution risk. Following the merger Weber Blackstone will gain a complementary brand and unlock new growth opportunities in the underpenetrated outdoor griddle market (particularly internationally), which sell at lower prices points and should perform better given currently waning consumer confidence. The merger also reduced its cost structure and improves working capital efficiency through Blackstone's direct import model (under which retailers take ownership of orders overseas and import them through their more cost-efficient supply chains). Blackstone's high margins on their relatively low-cost griddles should be immediately accretive to margins. Still, Weber Blackstone could face some integration risk, possibly delaying its deleveraging. Although S&P believes the new brand and griddle exposure improves business diversification and growth prospects, the company was previously exposed to unproven efforts to restore the growth of their legacy products and Weber brand after recent underperformance between 2022 and 2024. Fiscal year 2026 will be a strong indicator of whether Weber Blackstone's new manufacturing and supply chain footprint will enable the company to achieve greater cost efficiency and diversify its revenue base through further global expansion, positioning it for stronger, more sustainable long-term growth. S&P said, "The stable outlook reflects our expectation that Weber Blackstone will continue to grow over the next 12 months as Weber's legacy business continues to rebound so that it can sustain FFO cash interest coverage near or above 2x. It also reflects our expectation the company will integrate Blackstone and turn FOCF positive by 2026. "We could lower our ratings if Weber Blackstone faces integration challenges or the company's capital structure becomes unsustainable due to renewed weakness in outdoor grill demand that causes FFO cash interest coverage to decline below 1.5x and FOCF to turn negative on a sustained basis." This could occur if the company: -- Faces significant macroeconomic pressure, possibly including a prolonged slowdown in consumer spending on grills and outdoor cooking equipment; -- Further tariffs are levied on the countries to which Weber Blackstone is moving production to offset higher tariff rates; -- The company's brands and products fall out of favor with consumers, leading to persistently weak volumes and declining margins; -- FOCF turns negative to the point that the company needs to rely on revolver borrowings to fund operations. S&P could raise the rating if Weber Blackstone can further improve its growth trajectory for the combined business, and successfully integrate Blackstone, while sustaining FFO interest coverage above 2.5x and maintaining positive FOCF. This could occur if the company: -- Sustains its volume and EBITDA rebound into 2026 and beyond while it continues expanding Blackstone's volume and market share gains once it laps our expected volume pressure in the coming quarters; -- Successfully integrates Blackstone and achieves its targeted synergies; and -- Ownership does not undertake further debt-funded mergers and acquisitions (M&A) WELLPATH HOLDINGS: Court Dismisses McGinnis Case with Prejudice --------------------------------------------------------------- Judge Susan Paradise Baxter of the United States District Court for the Western District of Pennsylvania adopted the report and recommendation of Magistrate Judge Maureen P. Kelly that Wellpath, LLC's motion to dismiss the case captioned as VERN E. MCGINNIS, JR., Plaintiff, v. NURSE KATE HILL, et al, Defendants, Case No. 24-cv-00073-SPB-MPK (W.D. Pa.), be granted following discharge in bankruptcy. All claims against Defendant Wellpath are dismissed with prejudice. Plaintiff, an inmate incarcerated at the State Correctional Institution at Forest in Marienville, Pennsylvania initiated this pro se civil rights action on March 7, 2024, by filing a motion to proceed in forma pauperis accompanied by a complaint. The matter was referred to Judge Kelly for report and recommendation in accordance with the Magistrates Act, 28 U.S.C. Sec. 636(b)(1), and Rules 72.1.3 and 72.1.4 of the Local Rules for Magistrates. Plaintiff's IFP motion was granted by Order dated March 22, 2024, at which time the complaint was docketed. Plaintiff subsequently filed an amended complaint on April 30, 2024, and a second amended complaint on July 31, 2024, which is the operative pleading in this case. Named as Defendants in the second amended complaint are Health Care Provider Wellpath, LLC, Nurse Kate Hill, Correctional Healthcare Administrator Jana Jordan, SCI-Albion Superintendent R. Irwin, and the Pennsylvania Department of Corrections. Plaintiff alleges that Defendants were deliberately indifferent to his serious medical needs in violation of his rights under the Eighth Amendment to the United States Constitution and are liable for "general negligence." On Nov. 16, 2024, counsel for Wellpath filed a Suggestion of Bankruptcy and Notice of Stay, reflecting that on Nov. 11, 2024, Wellpath Holdings, Inc. petitioned for relief under Chapter 11 of the United States Bankruptcy Code. Accordingly, on Nov. 18, 2024, the Court stayed this action in accordance with the automatic stay provisions of Section 362(a) of the United States Bankruptcy Code. On May 1, 2025, Wellpath filed a Confirmation of the Plan of Reorganization under Chapter 11 of the Bankruptcy Code and, as a result, Wellpath was discharged from liability for all claims that arose prior to Nov. 11, 2024. The Court subsequently lifted the stay of the present action as to all non-debtor defendants on May 19, 2025. On June 26, 2025, Wellpath filed a motion to dismiss following discharge in bankruptcy, to which Plaintiff filed a response in opposition. On July 25, 2025, Magistrate Judge Kelly issued a Report and Recommendation recommending that Wellpath's motion to dismiss be granted, finding that continuation of this action against Wellpath is foreclosed by the bankruptcy discharge. Objections to the R&R were due to be filed by Aug. 11, 2025. However, no timely objections have been received by the Court. A copy of the Court's Memorandum Order is available at https://urlcurt.com/u?l=Xb7TAB from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. On May 1, 2025, the bankruptcy court entered an order confirming Wellpath's First Amended Joint Chapter 11 Plan of Reorganization. WELLPATH HOLDINGS: Court Dismisses Sutton v. Kelly, et al. Case --------------------------------------------------------------- Judge Dana L. Chistensen of the United States District Court for the District of Montana dismissed the case captioned as ROSS H. SUTTON, Plaintiff, vs. PROVIDER KELLY, and NURSE MELISSA, Defendants, Case No. 24-cv-00171-DLC (D. Mont.) after lifting stay. Sutton must pursue claims against Defendants Kelly and Melissa pursuant to the terms outlined in the Chapter 11 Plan and Trust Distribution Procedures in the United States Bankruptcy Court for the Southern District of Texas. This matter has been stayed, due to the bankruptcy proceedings of the employer of the two defendants, Wellpath, LLC. Wellpath's bankruptcy reorganization plan has been confirmed, and Wellpath is no longer a Debtor under the Bankruptcy Code. On July 9, 2025, the District Court took judicial notice that the automatic stay in the Bankruptcy Court that was applicable to Wellpath entities expired on May 9, 2025, and the stay applicable to non-debtor defendants expired on May 7, 2025. Wellpath advised that pursuant to Article IX.A of the Plan and Paragraph 3 of the June 4, 2025 Stay Order, all claims and causes of action against debtors are discharged as a result of the plan becoming effective. Under Article IX.F of the Plan, holders of claims and causes of action that are discharged or released are permanently enjoined from: (i) commencing or continuing in any manner any action or other proceeding of any kind on account or or in connection with or with respect to any such claims or interests; and (ii) commencing or continuing in any manner any action or other proceeding of any kind on account of or in connection with or with respect to any such claims or interests released or settled pursuant to the Plan; provided, that, for the avoidance of doubt, this Article IX.F shall not apply to parties that timely opt out of the Third-Party Release to preserve their claims against the Released Parties. Wellpath Defendants also noted, pursuant to the Stay Order, that holders of claims or interests that affirmatively elected to opt out of the Plan's Third-Party Release may bring or continue to pursue claims against the Non-Debtor Defendants, including employees of the Debtors or employees of the Post Restructuring Debtors. Thus, the documents filed by Wellpath Defendants indicate that the nurse defendants named in this matter are employed by Debtor Wellpath, and the Plan deals with claims against the Debtor and Debtor's employees. Paragraph 43 of the Confirmation Order provides that Reorganized Wellpath shall provide notice to all known personal injury claimants of the extended 90-day period to opt out from the Third-Party Release in Article IXD and file a certificate of service with the Bankruptcy Court. Sutton did not timely opt out of the third-party releases contained in the Plan. Pursuant to the Plan, a claim against the Debtor and Debtor's employees is discharged unless the Plaintiff elected to opt-out of the third-party releases. Accordingly, Sutton, as the holder of a general unsecured claim, must go through the Bankruptcy Court and the Plan, specifically the Liquidating Trust, to determine what amount of distribution, if any, he is entitled to. The Bankruptcy Court has exclusive jurisdiction over the Plan and all matters related to it. This matter is dismissed. A copy of the Court's Order is available at https://urlcurt.com/u?l=HhceJQ from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WELLPATH HOLDINGS: Court Tosses Huffman Civil Rights Lawsuit ------------------------------------------------------------ Senior Judge Joseph H. McKinley Jr. of the United States District Court for the Western District of Kentucky dismissed Wellpath Inc. from the action captioned as JAMES RICHARD HUFFMAN IV, PLAINTIFF v. KATHERINE WILLIAMS et al., DEFENDANTS, Case No. 3:21-CV-P217-JHM (W.D. Ky.). The remaining Wellpath Defendants' motion for summary judgment is granted. This is a pro se 42 U.S.C. Sec. 1983 prisoner civil-rights action. This matter is before the District Court on the motion for summary judgment filed by the Wellpath Inc., Defendants. Plaintiff James Richard Huffman IV was incarcerated as a convicted prisoner at Luther Luckett Correctional Complex, where Wellpath, Inc., had been contracted by the State to provide medical care to prisoners. Upon initial review of the superseding amended complaint pursuant to 28 U.S.C. Sec. 1915A, the District Court allowed Eighth Amendment claims for deliberate indifference to Plaintiff's serious medical needs to proceed against the following Wellpath, Inc., employees in both their individual and official capacities -- Nurse Practitioner Katherine Williams, Dr. Jessica Fortwengler, LPN Sasha Grey, RN Cortney Forgy, and RN Shane Johnston. At the outset, the District Court observes that Plaintiff's official-capacity claims are actually against Wellpath, the individual Defendants' employer. As the record reflects, after Defendants filed their motion for summary judgment, Wellpath filed for bankruptcy in the United States Bankruptcy Court for the Southern District of Texas. The District Court takes judicial notice that the bankruptcy court confirmed Wellpath's First Amended Joint-Chapter 11 Plan of Reorganization, which discharged Plaintiff's claim against Wellpath in this action. According to the District Court, because Wellpath is no longer a party to this action, Plaintiff's argument that Wellpath is liable for his injuries because it had an unconstitutional custom or policy of denying or delaying medical care to prisoners at LLCC will not be considered herein. Thus, the only remaining claims against the Wellpath Defendants are the individual-capacity claims against Defendants Williams, Fortwengler, Grey, Forgy, and Johnston. In response to Defendants' motion for summary judgment, Plaintiff essentially argues that each Defendant who examined him after he was injured, and then after a CT scan showed that he had multiple facial fractures, and did not send him directly to an emergency room provided treatment to him that was so woefully inadequate as to amount to no treatment at all. The District Court concludes that no jury could find that Defendants Williams, Fortwengler, Grey, Forgy, and Johnston acted with reckless disregard to Plaintiff's serious medical needs or that the treatment provided by them was so woefully inadequate as to amount to no care at all. Accordingly, the remaining Wellpath Defendants' motion for summary judgment is granted. A copy of the Court's Order is available at https://urlcurt.com/u?l=YplzBm About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. On May 1, 2025, the bankruptcy court entered an order confirming Wellpath's First Amended Joint Chapter 11 Plan of Reorganization. WELLPATH HOLDINGS: Court Tosses Martindale v. Kelly Case -------------------------------------------------------- Judge Donald W. Molloy of the United States District Court for the District of Montana dismissed the case captioned as MICHAEL MARTINDALE, Plaintiff, vs. NURSE KELLY, Defendant, Case No. 24-cv-00093-DWM (D. Mont.), after lifting stay. Martindale must pursue claims against Nurse Kelly pursuant to the terms outlined in the Chapter 11 Plan and Trust Distribution Procedures in the United States Bankruptcy Court for the Southern District of Texas. This matter has been stayed, due to the bankruptcy proceedings of the employer of the sole defendant, Wellpath, LLC. Wellpath's bankruptcy reorganization plan has been confirmed, and Wellpath is no longer a Debtor under the Bankruptcy Code. The stay is lifted. The automatic stay in the Bankruptcy Court that was applicable to Wellpath entities expired on May 9, 2025. Pursuant to Article X.A of the Plan and Paragraph 3 of the Stay order, all claims and causes of action against debtors are discharged as a result of the plan becoming effective. Under Article IX.F of the Plan, holders of claims and causes of action that are discharged or released are permanently enjoined from: (i) commencing or continuing in any manner any action or other proceeding of any kind on account of or in connection with or with respect to any such claims or interests; and (ii) commencing or continuing in any manner any action or other proceeding of any kind on account of or in connection with or with respect to any such claims or interests released or settled pursuant to the Plan; provided, that, for the avoidance of doubt, this Article IX.F shall not apply to parties that timely opt out of the Third-Party Release to preserve their claims against the Released Parties. Holders of claims or interests that affirmatively elected to opt out of the Plan's Third-Party Release may bring or continue to pursue claims against the Non-Debtor Defendants, including employees of the Debtors or employees of the Post Restructuring Debtors. The nurse defendant named in this matter is employed by Debtor Wellpath, and the Plan deals with claims against the Debtor and Debtor's employees. Paragraph 43 of the Confirmation Order provides that Reorganized Wellpath shall provide notice to all known personal injury claimants of the extended 90-day period to opt out from the Third-Party Release in Article IXD and file a certificate of service with the Bankruptcy Court. It does not appear that Martindale timely opted out of the third-party releases contained in the Plan. Pursuant to the Plan, a claim against the Debtor and Debtor's employees is discharged unless the Plaintiff elected to opt-out of the third-party releases. Martindale, as the holder of a general unsecured claim, must go through the Bankruptcy Court and the Plan, specifically the Liquidating Trust, to determine what amount of distribution, if any, he is entitled to. The Bankruptcy Court has exclusive jurisdiction over the Plan and all matters related to it. This matter is dismissed. A copy of the Court's Order is available at https://urlcurt.com/u?l=rp5eCM from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. On May 1, 2025, the bankruptcy court entered an order confirming Wellpath's First Amended Joint Chapter 11 Plan of Reorganization. WELLPATH HOLDINGS: Court Tosses Morgan Case After Plan Confirmation ------------------------------------------------------------------- The Honorable Pamela Pepper of the United States District Court for the Eastern District of Wisconsin dismissed Wellpath, LLC from the case captioned as LEVELL MORGAN, Plaintiff, v. WELLPATH, LLC and MILWAUKEE COUNTY, Defendants, Case No. No. 23-cv-00972-PP (E.D. Wis.). On July 20, 2023, the District Court received plaintiff Levell Morgan's complaint under 42 U.S.C. Sec. 1983, asserting claims of deliberate indifference to his serious medical needs against Wellpath, LLC and Milwaukee County. On Nov. 19, 2024, defendant Wellpath filed a Notice of Bankruptcy Filing and Imposition of Automatic Stay. The notice stated that on Nov. 11, 2024, Wellpath filed a Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Southern District of Texas (Houston Division). Based on the notice, the District Court issued an order staying proceedings in this case only as they related to Wellpath. On Dec. 23, 2024, the District Court stayed all proceedings and administratively closed the case until the automatic stay is lifted or until some other order of the bankruptcy court removes from Wellpath the protections of the bankruptcy code. On May 21, 2025, Wellpath provided a status update about the bankruptcy proceedings. Wellpath stated that on May 1, 2025, the bankruptcy court had entered an order confirming Wellpath's First Amended Joint Chapter 11 Plan of Reorganization. On May 9, 2025, the bankruptcy court had lifted the automatic stay, and Wellpath was discharged from liability for all claims involving incidents that happened before the bankruptcy (i.e., before Nov. 11, 2024). The plan provides that claimants still awaiting judgment on claims against Wellpath may participate in alternative dispute resolution or litigate against the liquidating trust as a nominal defendant. Wellpath also explained that incarcerated individuals who had personal injury claims pending against non-debtor defendants (Wellpath's directors, officers and other employes) had until July 30, 2025 to opt out of the third-party releases of claims against non-debtor defendants under the Plan. Wellpath explained that because the events in the instant case allegedly occurred before Nov. 11, 2024, the plaintiff's claims against Wellpath have been discharged. The plaintiff's remaining options are either to proceed with the Liquidating Trust's nonbinding alternative dispute resolution process, or litigate against the Liquidating Trust as a nominal Defendant. On June 20, 2025, Wellpath filed a motion to dismiss the plaintiff's claims against it and to dismiss Wellpath from this case. Wellpath reiterates that the plan approved by the bankruptcy court discharges all Claims and Causes of Action against Wellpath Holdings, Inc. and its affiliated debtors and enjoins the holders of such Claims and Causes of Action from, among other things, commencing or continuing any proceeding of any kind, including the instant proceeding. The approved reorganization plan calls for the discharge of all claims against Wellpath for events that occurred before Nov. 11, 2024. The plaintiff's complaint involves events that allegedly occurred from August 2021 through April 2023. Because the bankruptcy court has approved the plan and because the plaintiff has not opposed Wellpath's motion to dismiss, the District Court will grant Wellpath's motion and will dismiss Wellpath as a defendant from this case. Wellpath's motion to dismiss also asserts that the plaintiff failed to opt out of the third-party release by the July 30, 2025 deadline. But Wellpath's May 21, 2025 status update and the bankruptcy court's June 4, 2025 order both state that the third-party release extends only to claims against nondebtor defendants, which includes Wellpath employees and not Wellpath. The plaintiff did not sue any Wellpath employees; he brought a Monell claim against Wellpath itself. He was not required to opt out of the third-party release for his claims against Wellpath. But whether or not the plaintiff was required to opt out of the plan is immaterial because there is no evidence that he opted out. The plan provides that the plaintiff may pursue his claim against Wellpath by seeking recovery from the liquidating trust in alternate dispute resolution or in separate litigation. The District Court will lift the stay that it imposed on Dec. 23, 2024, reopen this case, dismiss defendant Wellpath and allow the plaintiff to proceed on his claim against defendant Milwaukee County only. A copy of the Court's Order is available at https://urlcurt.com/u?l=Zdn7II from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. On May 1, 2025, the bankruptcy court entered an order confirming Wellpath's First Amended Joint Chapter 11 Plan of Reorganization. WELLPATH HOLDINGS: Loses Bid to Dismiss Gregory Medical Care Suit ----------------------------------------------------------------- Judge Laurie J. Michelson of the United States District Court for the District of Montana denied without prejudice Wellpath's motion for summary judgment and motion to dismiss in the case captioned as LILBERT HARRIS GREGORY, Plaintiff, v. M.D.O.C. et al., Defendants, Case No. 23-cv-11957-LJM-DRG (D. Mont.). The remaining named defendants in this case are Wellpath, LLC and Grand Prairie Healthcare Services, P.C., and their medical provider employees who treated Gregory, Jeffrey Bomber, D.O. and Krystal Bryant, N.P. (the "Wellpath Defendants"). Gregory asserts claims for deliberate indifference to his serious medical needs in violation of his rights under the Eighth Amendment and also a violation of his due process rights under the Fourteenth Amendment. On Sept. 20, 2024, the Wellpath Defendants filed a motion for summary judgment. On June 18, 2025, Wellpath filed a Motion to Dismiss based on Bankruptcy Discharge and Confirmation Order. The relationship between the Wellpath Defendants is not entirely clear. At all times relevant to this litigation, it appears that Wellpath was contracted with the Michigan Department of Corrections to staff physician and mid-level medical providers at the various correctional facilities operated by the MDOC. During that same time, Wellpath subcontracted the entire MDOC contract to Grand Prairie Healthcare Services P.C. Finally, during the timeframe relevant to Gregory's Complaint, Defendant Bryant, a mid-level provider, and Dr. Bomber, a physician, were employed by Wellpath, LLC/Grand Prairie to provide medical care to the inmates at G. Robert Cotton Correctional Facility. Bryant and Bomber contend that as part of their employment they were promised complete defense and indemnity coverage for any lawsuits arising from their employment with Wellpath, LLC. Grand Prairie claims that it functioned as a subsidiary of Wellpath, LLC and was also contractually entitled to complete defense and indemnity for any claims arising out of the MDOC contract. The Wellpath Bankruptcy On Nov. 18, 2024, the Wellpath Defendants filed a Suggestion of Bankruptcy and Notice of Stay. The filing advised that Wellpath had filed a Voluntary Petition for Non-Individuals Filing Bankruptcy seeking Chapter 11 relief in the United States Bankruptcy Court for the Southern District of Texas. The Wellpath Defendants also represented that the Bankruptcy Court entered an Amended Interim Order Enforcing the Automatic Stay, pursuant to which this action was stayed in its entirety, including as to Gregory's claims against the non-Debtor defendants. On Jan. 24, 2025, those "non-Debtor" defendants—Grand Prairie, Bryant, and Bomber -- filed a Motion to Extend Bankruptcy Stay to Non-Debtor Defendants. Chief Magistrate Judge Grand granted that motion on March 11, 2025. A few months later, on June 11, 2025, the magistrate judge held a telephonic status conference and the Wellpath Defendants' counsel advised that the bankruptcy proceedings had concluded such that a stay of this case was no longer necessary. Thus, on that same day, the magistrate judge lifted the previously entered stay. Wellpath Defendants' Motion for Summary Judgment In their motion for summary judgment, the Wellpath Defendants argue that: (1) Bryant was not involved in the decision to discontinue Gregory's oxycontin prescription; (2) Bomber merely exercised his medical judgment in discontinuing that prescription, and Gregory lacks the medical evidence necessary to substantiate his deliberate indifference claim; (3) Wellpath/Grand Prairie are not liable because Gregory fails to identify any policy, practice, or custom of theirs that violated his constitutional rights; and (4) Gregory failed to specifically name Bryant and Bomber in his salient grievance. Wellpath's Motion to Dismiss One week after the magistrate judge lifted the stay, Wellpath only filed a Motion to Dismiss Based on Bankruptcy Discharge and Confirmation Order. In that motion, Wellpath asserts that the Confirmation Order in the bankruptcy case provides for a discharge, release, and injunction of all claims arising prior to the effective date of the plan and that Gregory's claims, as pled in this lawsuit, are based on alleged conduct that arose prior to the bankruptcy plan's effective date and are thus barred by operation of 11 U.S.C. Secs. 1141 and 524 and the terms of the Plan and Confirmation Order. Wellpath makes a general assertion, without any attached support, that Plaintiff's failure to timely object or opt out does not preserve their claims. Wellpath's motion to dismiss leaves some unanswered questions that should be clarified before the District Court rules on it or the Wellpath Defendants' motion for summary judgment. Wellpath's motion to dismiss does not contain sufficient information for the District Court to determine whether Gregory did indeed fail to object or opt out of the bankruptcy plan. No affidavits are provided by people able to answer those questions, nor is any other evidence attached that might answer them. Thus, even as to Gregory's claims aimed directly at Wellpath, the District Court finds that further clarification is required. Wellpath's motion to dismiss broadly references "Plaintiff's claims" and "all claims," and links them to "alleged conduct that arose prior to the bankruptcy plan's effective date." At this point, therefore, and on the current record before the District Court, it is unclear whether Wellpath is asserting that Gregory's claims against Grand Prairie, Bryant, and Bomber were compromised as part of the bankruptcy plan and/or whether Wellpath retained indemnity responsibility for any claims that may remain. The District Court finds that additional information regarding the Wellpath Defendants and their relationship to each other, as well as the impact of the bankruptcy proceedings on Gregory's claims against them, is needed before it can properly resolve the pending motions. Accordingly, the District Court will deny both motions without prejudice and give the Wellpath Defendants and Gregory an opportunity to brief those issues in more detail. A copy of the Court's Order is available at https://urlcurt.com/u?l=exuEnm About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WEST RIDGE: Hires Campbell & Levine LLC as Counsel -------------------------------------------------- West Ridge Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Campbell & Levine, LLC as counsel. The firm's services include: a. providing legal advice with respect to the Debtors' duties in this case and management of its assets; b. taking all necessary action to protect and preserve the Debtors' estate, including the prosecution of actions on behalf of the Debtor, the defense of actions commenced against the Debtors, negotiations concerning all litigation in which the Debtors are involved, and objections to claims filed against the Debtors' estate; c. preparing, on behalf of the Debtors, all necessary motions, answers, orders, reports, and other legal papers in connection with the administration of the Debtors' estate; d. performing any and all other legal services for the Debtors in connection with this case and the formulation and implementation of a plan of reorganization; e. assisting the Debtors in preparing for and the filing of a plan of reorganization at the earliest possible date; and f. performing such a legal service as the Debtors may request with respect to any matter appropriate to assisting the Debtor in its efforts to reorganize. The firm will be paid at these rates: Attorneys: Douglas A. Campbell $900 per hour Stanley E. Levine $725 per hour David B. Salzman $825 per hour Philip E. Milch $800 per hour Paul J. Cordaro $625 per hour Jeanne S. Lofgren $600 per hour Shannon M. Clougherty $550 per hour Frederick D. Rapone, Jr. $475 per hour Kathryn L. Harrison $450 per hour Joseph C. Bacharach $275 per hour Paralegals: Heather L. Penn $155 per hour Theresa M. Matiasic $140 per hour Kaitlan A. Monahan $120 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Kathryn Harrison, Esq., a member of Campbell & Levine, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David B. Salzman, Esq. Paul J. Cordaro, Esq. Kathryn L. Harrison, Esq. Campbell & Levine, LLC 310 Grant St., Suite 1700 Pittsburgh, PA 15219 Tel: (412) 261-0310 Fax: (412) 261-5066 Email: dsalzman@camlev.com pcordaro@camlev.com kharrison@camlev.com About West Ridge Inc. West Ridge Inc. engaged in real estate development and management in Morgantown, West Virginia, operating under a unified management structure. West Ridge Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Case No. 25-00451) on August 18, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by David B. Salzman, Esq. at CAMPBELL & LEVINE, LLC. Supple law Office, PLLC as local counsel. WEST RIDGE: Hires Supple Law Office PLLC as Local Counsel --------------------------------------------------------- West Ridge Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Supple law Office, PLLC as local counsel. The firm will provide these services: a. give legal advice with respect to Debtors' duties in these cases and the management of assets; b. take all necessary action to protect and preserve Debtors' respective estates; c. prepare, on behalf of Debtors, all necessary motions, answers, orders, reports and other legal papers in connection with the administration of the Debtors; d. perform any and all other legal services for the Debtors in connection with these Chapter 11 cases, including the formulation and implementation of a plan or plans of reorganization; e. assist the Debtors in the preparation of and the filing of a plan or plans of reorganization at the earliest possible date; f. perform such legal services as the Debtors may request with respect to any matter appropriate to assisting the Debtors in their efforts to reorganize; and g. coordinate with Campbell & Levine to prevent unnecessary duplication of legal services. The firm will be paid at these rates: Joe Supple, Esq. $500 per hour Paralegals $150 per hour The firm will be paid a retainer in the amount of $20,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Joe M. Supple, Esq., a partner at Supple Law Office, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joe M. Supple, Esq. Supple Law Office, PLLC 801 Viand Street Point Pleasant, WV 25550 Tel: (304) 675-6249 Fax: (304) 675-4372 About West Ridge Inc. West Ridge Inc. engaged in real estate development and management in Morgantown, West Virginia, operating under a unified management structure. West Ridge Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Case No. 25-00451) on August 18, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by David B. Salzman, Esq. at CAMPBELL & LEVINE, LLC. Supple law Office, PLLC as local counsel. WILLIAMSON RENAISSANCE: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Williamson Renaissance Development Inc. 31 East 2nd Avenue Williamson, WV 25661 Business Description: Williamson Renaissance Development Inc., engages in real estate activities, including leasing residential and nonresidential properties. Chapter 11 Petition Date: September 8, 2025 Court: United States Bankruptcy Court Southern District of West Virginia Case No.: 25-20207 Debtor's Counsel: Emmett Pepper, Esq. PEPPER AND NASON 8 Hale Street Charleston WV 25311 Tel: (304) 346-0361 E-mail: ryand@peppernason.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jody Gooslin as vice president. The Debtor failed to provide a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PNXN6GQ/Williamson_Renaissance_Development__wvsbke-25-20207__0001.0.pdf?mcid=tGE4TAMA WIRELESS SYSTEMS: Trustee Gets Favorable Ruling in Adversary Case ----------------------------------------------------------------- Judge Joseph N. Callaway of the United States Bankruptcy Court for the Eastern District of North Carolina entered a judgment for George F. Sanderson, chapter 7 trustee for Wireless Systems Solutions, LLC, and against Susan L. Gross Family Trust and Laslo Gross avoiding certain transfer on the grounds of both actual and constructive fraud. This adversary proceeding was initiated on March 5, 2024, by the Chapter 7 Trustee against the Susan L. Gross Family Trust and Laslo Gross in his capacity as trustee for the Trust seeking to avoid certain transfers from the chapter 7 debtor in the bankruptcy case, Wireless Systems Solutions, LLC, directly to the Trust. Wireless Systems Solutions, LLC acted as a supplier of SmartSky Networks, LLC for components of an Air-to-Ground (ATG) wireless communications network starting on or about Dec. 23, 2017. On April 25, 2019, the Debtor and SmartSky entered into a Teaming Agreement. The Teaming Agreement contained a provision that provided for damages for breaches of performance obligations under the Teaming Agreement of up to $10,000,000. On March 6, 2020, the Debtor transferred $1,000,000 from the Debtor to the Susan L. Gross Family Trust. On Sept. 10, 2020, SmartSky filed a Complaint against the Debtor and others for alleged violations of the Teaming Agreement. On Oct. 1, 2021, SmartSky received an award, among other relief, of $10,000,000 against the Debtor. Wireless filed a voluntary chapter 11 bankruptcy petition on March 9, 2022. SmartSky holds the largest unsecured claim against Wireless. Proof of Claim No. 5, filed July 7, 2022 lists the claim amount at $12,986,212 based on an arbitration award. The case was converted to chapter 7 on Oct. 12, 2022. Richard D. Sparkman was appointed chapter 7 trustee, and upon his retirement George F. Sanderson was appointed successor chapter 7 trustee on Aug. 17, 2023. The Trustee filed the Complaint on March 5, 2024. He contends that on March 6, 2020, monetary transfers totaling $1,000,000 were made by Wireless to the Trust that constitute a voidable transfer pursuant to 11 U.S.C. Sec. 544 and relevant sections of the North Carolina Uniform Voidable Transactions Act (N.C. Gen. Stat. Sec. 39-23.4 et seq.). Actual Fraud The Court finds the presence of several badges of fraud, including insider status, control of both entities, lack of consideration, the brewing material dispute with SmartSky, use of the Trust as the receipt vehicle rather than Mr. and Mrs. Gross, and the host of inconsistent statements by Mrs. Gross demonstrates actual fraudulent intent on the part of Mr. and Mrs. Gross acting for Wireless and the Trust in effectuating the Transfer to the Trust. According to Judge Callaway, "They were acting to protect assets in the event of an eventual loss to SmartSky, which later solidified its more than twelve million dollar claim against Wireless in arbitration. The excuse of personal "estate planning" by Mrs. Gross is merely a convenient mechanism used to camouflage the true intentions of Mr. and Mrs. Gross. Even if believable, it does not outweigh the several other factors when viewed together in the course of an examination centered on the Transfer, not the formation of the Trust. An otherwise reasonable basis for the forming the Trust does not inoculate it in later receiving fraudulent transfers." Constructive Fraud Defendants argue that the "value" Wireless received was the "proper return of equity to its interest holders," as the Transfer was a distribution of retained earnings to Mrs. Gross, an interest holder. Defendant further suggests because the transfer was not prohibited or improper under the North Carolina LLC Act, the transfer is deemed to have "value." However, the question is not whether such a distribution is in accord with the LLC Act, but rather if Wireless received value for the transfer. According the Court, because Wireless received no consideration, the Transfer was made without reasonably equivalent value. By the time of the Transfer, Wireless was facing significant financial pressure from not one but two sources for which it reasonably believed it would incur a significant debt, and it was unable to pay that debt when it became due. As a result, Mr. and Mrs. Gross orchestrated a plan to protect and transfer assets from Wireless and avoid paying creditors. The Court finds because Wireless received nothing in consideration of or exchange for the Transfer, and by the time of the Transfer, it was incurring or had incurred debts which it would not be able to pay, the Transfer is also avoidable under 11 U.S.C. Sec. 544(b)(1) and N.C. Gen. Stat. Sec. 39-23.4(a)(2). The adversary proceeding is captioned as GEORGE F. SANDERSON III, Ch. 7 Trustee, Plaintiff, v. SUSAN L. GROSS FAMILY TRUST; and LASLO GROSS, in his capacity as trustee for the Susan L. Gross Family Trust, Defendants, Adv. Pro. No. 24-00016-5-JNC (Bankr. E.D.N.C.). A copy of the Court's Memorandum Opinion dated September 2, 2025, is available at https://urlcurt.com/u?l=slH5ur from PacerMonitor.com. About Wireless Systems Solutions Wireless Systems Solutions LLC is a North Carolina Limited Liability Company formed in 2015 with a principal offices and assets in Cary, North Carolina, and Morrisville, North Carolina. WSS is a designer and developer of multi-standard, frequency band agnostic, cellular network solutions that leverage its expertise in cellular and wireless communications technology at large. WSS is able to offer a portfolio of products and platforms suitable for multiple markets including defense, first-responders, utilities, telcos, and general network infrastructure solutions. WSS sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-00513) on March 9, 2022. In the petition signed by Susan Gross, vice president, the Debtor disclosed up to $10 million in assets and up to $10 billion in liabilities. Judge Joseph N. Callaway oversees the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC is the Debtor's counsel. The case was converted to chapter 7 on October 12, 2022. WJH CONSTRUCTION: Richard Furtek Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of Furtek & Associates, LLC as Subchapter V trustee for WJH Construction, LLC. Mr. Furtek will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Furtek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richard E. Furtek Furtek & Associates, LLC Lindenwood Corporate Center 101 Lindenwood Drive, Suite 225 Malvern, PA 19355 Phone: (215) 768-8030 Email: rfurtek@furtekassociates.com About WJH Construction WJH Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13514) on September 3, 2025, with $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Ashely M. Chan presides over the case. Maggie Soboleski, Esq. represents the Debtor as legal counsel. XCEL BRANDS: Mark DiSanto Holds 7.4% Stake as of Aug. 1 ------------------------------------------------------- Mark DiSanto disclosed in a Schedule 13D (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of August 1, 2025, he beneficially owns 354,174 shares of XCEL Brands, Inc.'s common stock (par value $0.001 per share), representing approximately 7.4% of the company's outstanding common stock. The beneficial ownership includes shares acquired through both a public offering and a private placement completed on August 1, 2025. Mark DiSanto may be reached through: Mark DiSanto c/o Triple Crown Corp. 6385 Flank Drive, Suite 100 Harrisburg, Pa. 17112 Phone: (717) 657-5729 A full-text copy of Mark DiSanto's SEC report is available at: https://tinyurl.com/ykzkkpyk About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 27, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $53.8 million in total assets, $25.4 million in total liabilities, and a total stockholders' equity of $28.4 million. YELLOW CORP: Fine-Tunes Plan Documents; Plan Hearing Nov. 12 ------------------------------------------------------------ Yellow Corporation and affiliates and the Official Committee of Unsecured Creditors submitted a Revised Fourth Amended Disclosure Statement describing Fourth Amended Joint Plan dated September 2, 2025. The Third Amended Plan, and the Plan Settlement provided, was intended to resolve significant litigation that would otherwise further delay confirmation of a chapter 11 plan and distributions to unsecured creditors and diminish funds available to pay Allowed Claims. However, as further described in this Disclosure Statement, events following the Filing of the Third Amended Plan, including the Court's Preliminary MEPP Opinion and the Filing of the Motion to Convert, forced the Debtors, the Committee, and other key stakeholders to reevaluate the Plan Settlement and reengage in further discussions to determine whether the proposed settlements embodied in the Third Amended Plan were still viable. The Plan Proponents determined they were not. Accordingly, and in order to achieve an orderly conclusion to these cases, the Plan Proponents filed the Plan. Generally, the Plan: * provides for the vesting of all of the Debtors' and their Estates' assets as of the Effective Date in the Liquidating Trust for the purpose of distributions to Holders of Allowed Claims or Allowed Interests, as applicable; * provides for the transfer of all pending litigation and disputes to the Liquidating Trust for resolution after the Effective Date in accordance with the Liquidating Trust Agreement; * provides that the Committee, in consultation with the Debtors, will designate a Liquidating Trustee to wind down the Debtors' remaining affairs, pay, and reconcile Claims, and administer the Plan in an efficient manner; and * contemplates recoveries to Holders of Administrative Claims, Other Priority Claims, Employee PTO/Commission Full Pay GUC Claims, and Convenience Class Claims that will render unimpaired the Allowed Claims of such Holders. Class 5 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment with the Debtors and the Committee or as otherwise contemplated by the Liquidating Trust Agreement, in exchange for such Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive (i) its Pro Rata share of the GUC Liquidating Trust Interests and as a Beneficiary shall receive, on the applicable Distribution Date, its Pro Rata share of Distributable Proceeds derived from the Liquidating Trust Assets available for distribution on each such Distribution Date as provided under the Plan and Liquidating Trust Agreement, plus (ii) if and only to the extent Distributable Proceeds are available after all Allowed General Unsecured Claims are paid in full, in Cash, a Beneficiary shall be entitled to receive Postpetition Interest from the Petition Date through and including the date of satisfaction of such Allowed General Unsecured Claim in full, in Cash; provided, a portion of Allowed Withdrawal Liability Claims may be reduced and/or subordinated to all other Allowed General Unsecured Claims in an amount as determined by a Final Order or as otherwise agreed to by the applicable claimant, the Debtors and the Committee or as otherwise contemplated by the Liquidating Trust Agreement. For the avoidance of doubt, the Holders of Allowed General Unsecured Claims shall receive the Postpetition Interest set forth in Article III.B.6 of the Plan on a pari pasu basis with Allowed Subordinated Withdrawal Liability Claims, if any. The Debtors or Liquidating Trustee, as applicable, shall fund the distributions and obligations under the Plan with Cash on hand held by the Debtors or the Liquidating Trust, as applicable, on and after the Effective Date, net Cash proceeds generated by the sale, lease, liquidation, or other disposition of Estate property, including pursuant to the Debtors' and the Estates' Causes of Action, including, but not limited to any Avoidance Actions, Third-Party Sale Transactions, and Cash generated by the use, sale, lease, liquidation or other disposition of the Liquidating Trust Assets. Distributable Proceeds are estimated to be between $600-700 million, assuming an Effective Date on or about November 30, 2025. The Plan Proponents' estimate of aggregate Allowed General Unsecured Claims ranges from approximately $1,250.0 million to $1,700.0 million. Although the Plan Proponents' estimate of Allowed General Unsecured Claims is generally the result of the Plan Proponents' and their advisors' analysis of reasonably available information, the projected amount of Allowed General Unsecured Claims set forth herein is subject to material change (either higher or lower), which difference could materially affect recoveries to the Holders of Allowed Claims in Class 5. The Debtors have Filed thirty-two omnibus objections to Claims, which have sought to reduce the claims pool by more than $4.67 billion. The Debtors and, after the Effective Date, the Liquidating Trust, are expected to continue objecting to certain Proofs of Claim, and any such objections could cause the total amount of Allowed General Unsecured Claims to change further. These changes could affect recoveries to Holders of General Unsecured Claims and such changes could be material. The Confirmation Hearing is scheduled for November 12, 2025, at 10:00 a.m. Objections to Confirmation must be Filed and served on the Plan Proponents and certain other parties, by no later than October 29, 2025, at 4:00 p.m. in accordance with the notice of Confirmation Hearing. A full-text copy of the Fourth Amended Disclosure Statement dated September 2, 2025, is available at https://urlcurt.com/u?l=2qH2xA from Epiq Bankruptcy Solutions, claims agent. Co-Counsel for the Debtors: Patrick J. Nash Jr., P.C. David Seligman, P.C. Whitney Fogelberg, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 E-mail: patrick.nash@kirkland.com david.seligman@kirkland.com whitney.fogelberg@kirkland.com - and - Allyson B. Smith, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 E-mail: allyson.smith@kirkland.com Laura Davis Jones, Esq. Timothy P. Cairns, Esq. Peter J. Keane, Esq. Edward Corma, Esq. PACHULSLKI STANG ZIEHL JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19801 Tel: (302) 652-4100 Fax: (302) 652-4400 E-mail: ljones@pszjlaw.com tcairns@pszjlaw.com pkeane@pszjlaw.com ecorma@pszjlaw.com Co-Counsel for the Official Committee of Unsecured Creditors: Jennifer R. Hoover, Esq. Kevin M. Capuzzi, Esq. John C. Gentile, Esq. BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP 1313 North Market Street, Suite 1201 Wilmington, DE 19801 Telephone: (302) 442-7010 Facsimile: (302) 442-7012 E-mail: jhoover@beneschlaw.com kcapuzzi@beneschlaw.com jgentile@beneschlaw.com Philip C. Dublin, Esq. Meredith A. Lahaie, Esq. Kevin Zuzolo, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, NY 10036 Telephone: (212) 872-1000 Facsimile: (212) 872-1002 Email: pdublin@akingump.com mlahaie@akingump.com kzuzolo@akingump.com About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. YUNHONG GREEN: Shareholders OK All Proposals at Annual Meeting -------------------------------------------------------------- Yunhong Green CTI Ltd. convened its Annual Meeting of shareholders for the purpose of holding a shareholder vote. At the Annual Meeting, the shareholders of the Company voted: 1. To elect five director nominees named in the proxy statement to serve as directors for a one-year term that will expire at the 2026 annual meeting of shareholders. a. Yubao Li * Votes For: 17,780,605 * Withheld: 124,785 * Broker Non-Votes: 3,515,887 b. Jana M. Schwan * Votes For: 17,809,980 * Withheld: 95,410 * Broker Non-Votes: 3,065,803 c. Darlene Chiu Bryant * Votes For: 17,789,035 * Withheld: 116,355 * Broker Non-Votes: 3,065,803 d. Gerald (J.D.) Roberts, Jr. * Votes For: 17,660,551 * Withheld: 244,839 * Broker Non-Votes: 3,065,803 e. Philip Wong * Votes For: 17,466,932 * Withheld: 438,458 * Broker Non-Votes: 3,065,803 2. To ratify action by the Board of Directors to effect a reverse stock split of issued shares of the Company's common stock into a lesser number of shares by a ratio of 1-for-10, in the form as included in this proxy statement. * Votes For: 19,940,834 * Votes Against: 1,030,859 * Abstain: 0 * Broker Non-Votes: 0 3. To ratify the appointment of Wolf & Company, PC as auditors of the Company for the fiscal year ending December 31, 2026. * Votes For: 20,080,076 * Votes Against: 886,916 * Abstain: 4,201 * Broker Non-Votes: 0 4. To transact such other business as may properly come before the meeting. The proposals are described in detail in the Company's definitive proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on July 28, 2025. The number of shares of common stock entitled to vote at the Annual Meeting was 27,738,626. The number of shares of common stock present or represented by valid proxy at the Annual Meeting was 20,971,193. Proposals 1, 2, 3 and 4 submitted to a vote of the Company's stockholders at the Annual Meeting were approved. About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. Boston, Mass.-based Wolf & Company, P.C, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit of $25.9 million for the year ended December 31, 2024. This raises substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $25.6 million in total assets, $14.9 million in total liabilities, and a total stockholders' equity of $10.7 million. As of June 30, 2025, the Company had $22.7 million in total assets, $11.4 million in total liabilities, and $11.4 million in total equity. [] Choate Adds Michael Comerford to Finance & Restructuring Team ---------------------------------------------------------------- Michael E. Comerford has joined Choate as a Partner in the Firm's nationally recognized Finance and Restructuring practice. Comerford brings more than two decades of experience guiding clients through high-stakes bankruptcies, special situations, and out-of-court restructurings across numerous industries and jurisdictions. Comerford will represent a broad range of clients including financial institutions, private credit lenders, noteholders, private equity sponsors, insurance companies, and Boards of Directors in a range of complex restructurings and bankruptcies throughout the United States and abroad. Specializing in bankruptcy and insolvency matters, and with more than twenty years of experience handling Chapter 11 cases, special situation transactions and out-of-court restructurings, Comerford has built a diverse practice representing debtors, ad hoc groups of creditors, administrative agents, hedge funds, and private equity firms in a wide variety of industries throughout the capital structure. "Michael is a fantastic addition to our Finance and Restructuring team," said John Ventola, Department Chair of Choate's Finance & Restructuring Group. "He brings a depth of experience in the insolvency market that will be a valuable resource to both our existing clients and our bankruptcy and restructuring team." Prior to joining Choate, Comerford previously practiced at Katten, Paul Hastings, and Milbank. He received his JD, magna cum laude, from St. John's University School of Law and a B.S. in Economics from Rensselaer Polytechnic Institute. About Choate Hall & Stewart LLP Choate Hall & Stewart LLP, one of the nations' leading law firms, represents national and international clients with a focus on a core group of legal areas, including finance and restructuring, private equity, middle market M&A, complex investigations and litigation, intellectual property, business and financial litigation, life sciences and technology, and wealth management services. Choate partners and practice areas are consistently recognized by Chambers USA, The Legal 500, Best Lawyers and Benchmark Litigation. For more information, please visit choate.com. Media Contact: Sonia Mangino Managing Director of Marketing & Business Development Choate Hall & Stewart LLP Telephone: (617) 248-5000 [] Frost Law Expands Bankruptcy Practice With Nager Law Acquisition ------------------------------------------------------------------- Glen Frost, Founder and Managing Partner of Frost Law, is pleased to announce the firm's acquisition of Nager Law Group, led by veteran bankruptcy attorney Alon Nager. Alon joins the firm as a Director, bringing more than 17 years of experience guiding clients through Chapter 7 and Chapter 13 consumer bankruptcies, insolvency, debt settlement, and foreclosure defense. This strategic acquisition strengthens Frost Law's growing bankruptcy practice and underscores the firm's commitment to providing comprehensive legal solutions. "This acquisition is a natural fit for Frost Law and a tremendous benefit to our clients," said Glen Frost. "Alon's depth of experience in consumer bankruptcy, combined with his strong reputation for client advocacy, makes him an ideal addition as we continue to grow our bankruptcy capabilities." Alon added: "Joining Frost Law is an exciting step forward for both my practice and my clients. Frost is widely respected for its legal excellence and breadth of resources, which will allow me to better serve clients and expand into new markets." Before joining Frost Law, Alon founded and led Nager Law Group, providing clients in the Baltimore-Washington area with strategic, goal-oriented solutions in bankruptcy, insolvency, debt settlement, and foreclosure defense. He also previously held senior roles at several regional law firms, where he honed his skills in bankruptcy law and client advocacy. An active member of the Maryland State Bar Association and the Howard County Bar Association, Alon has served in leadership roles within the Consumer Bankruptcy Section. He earned his J.D. from the University of Pittsburgh School of Law in 2003, where he contributed to the Pittsburgh Journal of Technology Law and Policy, and his B.A. in Philosophy and Psychology from Binghamton University. He is admitted to practice in Maryland and Pennsylvania, as well as in the U.S. District Court for the District of Maryland and the Eastern and Western Districts of Pennsylvania. Outside the office, Alon is a proud father of twins and an avid marathon runner. About Frost Law Frost Law is the home of accomplished attorneys, certified public accountants, financial planners, and other legal, accounting, and financial professionals. Our core practice areas include civil and criminal tax controversy; tax planning for individuals and businesses; transactions involving business and general counsel services; bankruptcy; commercial and probate litigation; estate and trust law, including planning and administration; and professional grievance investigations. We serve clients throughout the country and abroad, offering virtual services for clients who prefer to meet remotely. Headquartered in Annapolis, Maryland, Frost Law has expanded its footprint across the East Coast, with office locations in New York, Pennsylvania, the District of Columbia, Virginia, Florida, and most recently, Atlanta, Georgia. View source version on businesswire.com: https://www.businesswire.com/news/home/20250904408486/en/ ********* 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. 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