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250911.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, September 11, 2025, Vol. 29, No. 253 Headlines 129 WEST CONCORD: Files Emergency Bid to Use Cash Collateral 23ANDME HOLDINGS: California Says Sale Breached Privacy Law 73 MARKET LESSEE: Seeks Chapter 7 Bankruptcy in New York 741 INC: Hires Kutner Brinen Dickey as Legal Counsel ABUELO'S INTERNATIONAL: Gets Interim OK to Use Cash Collateral ADDISON STATION: Claims to be Paid from Cash Infusion AGREETA SOLUTIONS: Taps Theodore Stapleton as Legal Counsel ALLSTAR PROPERTIES: Seeks to Use Cash Collateral ALTICE USA: Switches Advisers in Push to Restart Debt Talks AMALGAMATE PROCESSING: Files Emergency Bid to Use Cash Collateral APOGEE BREWING: Employs eXp Realty as Commercial Real Estate Broker ARCHDIOCESE OF NEW ORLEANS: Announces Multimillion Abuse Settlement ARDENT HEALTH: S&P Rates Proposed Repriced Term Loan 'BB-' ARTICON HOTEL: Seeks Cash Collateral Access ATLAGAS LTD: Fitch Assigns 'BB+' Rating on Jr. Subordinated Notes B & H MANAGEMENT: Taps Whiteford Taylor & Preston as Co-Counsel B.L.H.G. GROUP: Seeks to Hire JMFS as Accounting Professional BALANCE LIFE: Court Dismisses Chapter 11 Bankruptcy Case BELLA INVESTMENT: Seeks Chapter 11 Bankruptcy in Pennsylvania BENNY AND MARY'S: Employs AGK Business as Bookkeeper BERTUCCI'S RESTAURANTS: Closes Greater Boston Location in Ch. 11 BLUE DUCK: Unsecured Creditors to be Paid in Full over 60 Months BREWER MACHINE: Employs Ebelhar Whitehead PLLC as Accountant CANDLE 28: Case Summary & 20 Largest Unsecured Creditors CLAIRE'S STORES: Gets Court Approval to Sell US Stores for $104MM CLARIOS GLOBAL: Fitch Rates Proposed Sr. Unsecured Notes 'CCC+' COLLECTIVE INVESTMENT: Hires Conway Law Group as Legal Counsel COLLECTIVE INVESTMENT: Taps John Williams Gordon as Property Agent CTL-AEROSPACE INC: Seeks Chapter 11 Bankruptcy in Ohio CUBCOATS ACQUISITION: Hires Orantes Law Firm as General Bankruptcy DATAVAULT AI: Issuance of 5M in Waiver Agreement OK'd DB TRANSPORT: Seeks Subchapter V Bankruptcy in Mississippi DCA OUTDOOR: Seeks to Obtain $8MM DIP Loan From Summit DEEP BLUE: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable DIOCESE OF OAKLAND: Wants Ch. 11 Case Dismissed, Resume Mediation DIOCESE OF SYRACUSE: Judge Okays $176MM Bankruptcy Plan DMO NORTH: Files Emergency Bid to Use Cash Collateral EAST COAST DESIGNS: Hires Nicholson Devine LLC as Legal Counsel ELITE EQUIPMENT: Seeks Chapter 11 Bankruptcy in Montana ENERGIZER HOLDINGS: S&P Rates New $300MM Sr. Unsecured Notes 'B' ENKB-MONTICELLO LLC: Seeks Chapter 11 Bankruptcy in Texas ERIE KASH: Unsecureds to Get Share of Income for 3 Years EVANGELINE HOSPITALITY: Case Summary & 20 Top Unsecured Creditors EVERGREEN LODGING: Hires Kutner Brinen as Legal Counsel FOREST CITY REALTY: S&P Lowers ICR to 'CCC' on Refinancing Risk FREEDOM 26: To Sell SMB Properties to F&E 2012 for $16.5MM GABHALTAIS TEAGHLAIGH: Hires Bernkopf Goodman as Special Counsel GRANT ANTIQUES: Unsecureds Will Get 16% of Claims over 60 Months HAVOC BREWING: Employs Hollingsworth Avent as Accountant HAYDALE CERAMIC: Amends Unsecured Claims Pay Details IASO PARENT: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable IN HOME: To Sale East Dundee Property to Ellen R. Heffron IOVATE HEALTH: Chapter 15 Case Summary IRON HORSE: Hires Okin Adams Bartlett Curry LLP as Legal Counsel J PAUL ROOFING: Seeks to Hire Robert Lane as Legal Counsel JACKSON HOSPITAL: Lender Says Contractor's Attys Use AI in Cases JILL'S OFFICE: Seeks Cash Collateral Access Until Dec. 31 KARBONX CORP: Delays 10-K Filing for FY Ended May 31 KEESTONE PROPERTIES OF TN: Case Summary & 4 Unsecured Creditors KEESTONE PROPERTIES: Case Summary & Five Unsecured Creditors KYI ENTERPRISES: Case Summary & 15 Unsecured Creditors LAREDO OIL: Delays 10-K Filing for FY Ended May 31 LEARFIELD COMMUNICATIONS: S&P Upgrades ICR to 'B', Outlook Stable LENGENCE HOLDINGS: S&P Places 'B-' ICR on CreditWatch Positive LEONARD 17: Seeks Chapter 7 Bankruptcy in New York LION CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Pennsylvania M & M FARMS: Seeks Chapter 11 Bankruptcy in Pennsylvania MACHINE TOOL: Court OKs Terre Haute Property Sale to Curtis Gray II MARK L. OBMAN DDS: Section 341(a) Meeting of Creditors on Oct. 2 MARQUIE GROUP: Delays 10-K Filing for FY Ended May 31 MARYLAND ECONOMIC: S&P Affirms 'BB' Rating on 2013 Revenue Bonds MATADOOR RESTAURANT: Hires FranBizNetwork as Franchise Broker MAYFIELD MEDICAL: Seeks to Use Cash Collateral MIDSOUTH AUTO: Seeks Chapter 11 Bankruptcy in Mississippi MIMOSAS A CALI: Hires AGK Business Services as Bookkeeper MISSION MEDICAL: Case Summary & 20 Largest Unsecured Creditors MOD JEWELRY: Files Emergency Bid to Use Cash Collateral MODEL TOBACCO: Trustee Hires CohnReznick as Tax Accountant MOUNTAIN VIEW: Court Disapproves Motion to Sell Ardmore Mall MYELLA INC: Seeks Cash Collateral Access NAB HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B+' ICR NAVELLIER & ASSOCIATES: Seeks Chapter 11 Bankruptcy in Nevada NOBLE LIFE: Seeks $300,000 DIP Loan NW ALPINE: Goes Out of Business, Shuts Down Operations ONSITE CONSTRUCTION: Hires Griffith McDaniel as Special Counsel OPEN THROTTLE: Prepetition Funds & License Proceeds to Fund Plan OPTION CARE: S&P Rates New $678 Million First-Lien Term Loan 'BB' OUTFRONT MEDIA: S&P Rates $500MM Revolving Credit Facility 'BB' P4 EXECUTIVE: Seeks Subchapter V Bankruptcy in Texas PACKABLE HOLDINGS: Court Tosses Preference Claims in Ch. 11 PC LEARNING: Case Summary & 20 Largest Unsecured Creditors PHCV4 HOMES: Court OKs 31 Vacant Lot Sale to Team Steber PINSTRIPES HOLDINGS: Seeks Ch. 11 Bankruptcy Along w/ Affiliates PINSTRIPES HOLDINGS: Seeks to Sell Restaurant Biz at Auction PRAESUM HEALTHCARE: Suzanne Richards Appointed as PCO R.C. CONSTRUCTION: Files Emergency Bid to Use Cash Collateral RE4 GEORGIA: Continued Operations and Sale Proceeds to Fund Plan RUNITONETIME LLC: Committee Taps Morrison & Foerster as Counsel RUNITONETIME: Committee Taps Huron as Financial Advisor RYLIE DAVIS: Court OKs Alpharetta Property Sale to 4015 Discovery S&S FOODS: Unsecured Creditors Will Get 15% Dividend in Plan SAKS GLOBAL: S&P Upgrades ICR to 'CCC', Outlook Negative SAMARITAN MEDICAL: S&P Affirms 'BB' Rating on 2017A/B Revenue Bonds SAY IT VISUALLY: Unsecured Creditors to Split $14K in Plan SEBA ABODE: Unsecured Creditors Will Get 20% of Claims in Plan SF OAKLAND: Seeks to Use Cash Collateral SIGNIA LTD: Amends Unsecured Claims Pay Details SILICON VALLEY: Owes Over $76MM Taxes to State, Says California SION HOMES: Seeks Chapter 7 in Florida SIYATA MOBILE: Amends Merger Agreement With Core Gaming SOLAR BIOTECH: Judge to Approve Post-Sale Ch. 11 Liquidation SOLSTICE ADVANCED: S&P Assigns 'BB+' ICR, Outlook Stable SONOMA PHARMACEUTICALS: All Proposals Approved at Annual Meeting SOUTHWEST FT WORTH: PCO Report Raises Concern Over Resident Safety SPIRIT AIRLINES: Chapter 11 Filing Triggers Debt Acceleration SPIRIT AIRLINES: Faces $75.6M Potential Fees in AerCap Dispute SPIRIT AIRLINES: Gets Court OK to Tap Over $275MM to Fund Ch. 11 SPIRIT AIRLINES: Parent Awards $6.3M in Executive Retention Bonuses SPIRIT AVIATION: Seeks Cash Collateral Access STANTON VIEW: Gets Interim OK to Use Cash Collateral STREAMLINE SOLUTIONS: Seeks Chapter 7 Bankruptcy in Pennsylvania STRUCTURE ACE: Hires De Leo Law Firm as Legal Counsel TALLGRASS ENERGY: Fitch Rates Proposed Sr. Unsecured Notes 'BB-' TELLICO RENTALS: To Sell Plains Property to J. Trammell & R. Harris TPI COMPOSITES: Gets Court OK to Hand Over Turkish Operations TRB SUPPLY: Files Emergency Bid to Use Cash Collateral TRICOLOR AUTO GROUP: Prepares for Bankruptcy Filing TWS SERVICE: Seeks Subchapter V Bankruptcy in Texas TX NUEVA: Seeks Chapter 11 Bankruptcy in Texas UNRIVALED BRANDS: Seeks to Tap Amaren Group as Tax Accountant VENETIAN NAIL: Files Emergency Bid to Use Cash Collateral VENUS CAPITAL: Chapter 15 Case Summary VENUS GLOBAL: Chapter 15 Case Summary VILLAGES HEALTH: Judge Approves Sale to Centerwell WHITE BEHAVIORAL: Hires Osipov Bigelman as Legal Counsel WILCOV HOLDINGS: To Sell Riverdale Property to Curtis Thompson WOLFSPEED INC: Court Approves MACOM Share Sale in Private Sale YOUR MAJESTIC: Claims to be Paid from Continued Operations ZAYO GROUP: S&P Rates New $3,834MM Senior Secured Term Loan 'B-' ZOOZ POWER: Posts $7 Million Net Loss for H1 2025 [] Bankruptcy Filings in Colorado Climb 8% in August 2025 [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 129 WEST CONCORD: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------ 129 West Concord Street, LLC asks the U.S. Bankruptcy Court for the District of Massachusetts for authority to use cash collateral and provide adequate protection. Specifically, the Debtor seeks to use rental income from its real estate property located at 990-992 Tremont Street, Roxbury, Massachusetts. It continues to operate as a debtor-in-possession and is managing this income-generating property, which includes one commercial unit and three residential units, two of which are rented while the Debtor's member resides in the third. The property currently generates $6,600 per month in rental income -- $3,000 from the commercial space and $3,600 from the two residential units. This rental income constitutes cash collateral under the Bankruptcy Code. The property is subject to a first mortgage held by Hingham Institution for Savings, originally recorded in 2013, securing a claim of approximately $460,000. This mortgage is current and includes an assignment of rents clause. The Debtor values the property at approximately $2 million, indicating significant equity above the mortgage balance. The Debtor has prepared a budget for the period from September to December and seeks to use the rental income to pay ordinary operating expenses, including maintenance, property insurance, taxes, debt service, and tenant services. The Debtor emphasizes that without the ability to use the rent proceeds, the property's value would decline, posing harm to the bankruptcy estate and impairing its ability to reorganize. To provide adequate protection to the mortgage holder, the Debtor proposes the following: 1. Maintenance of insurance on the property (already in place); 2. Granting a replacement lien to Hingham Institution for Savings on post-petition property of the same type and priority as the pre-petition lien, limited to the extent of any diminution in value of the collateral resulting from the use of cash collateral; and 3. Continuation of monthly mortgage payments, which will be applied to principal, interest, taxes, and insurance. The Debtor clarifies that, as this case is in its early stages, it has not yet developed a formal plan of reorganization. However, it asserts that allowing use of cash collateral is critical to maintaining property value and preserving the Debtor's ability to propose a viable plan in the future. Hingham Institution for Savings is represented by: Kevin W. Gaughen, Jr., Esq. Gaughen, Gaughen, Lane & Hernando, LLP 528 Broad Street Weymouth, MA 02189 Tel: (781) 335-0374 Fax: (781) 340-6315 kevingaughenjr@gaughenlane.com About 129 West Concord Street 129 West Concord Street, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11705) on Aug. 16, 2025, listing up to $10 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. The Debtor is represented by the Law Offices of John F. Sommerstein. 23ANDME HOLDINGS: California Says Sale Breached Privacy Law ----------------------------------------------------------- Clara Geoghegan of Law360 reports that the state of California is urging a Missouri federal judge to overturn the $305 million bankruptcy sale of consumer DNA testing company 23andMe, saying the deal bypassed state consumer privacy protections. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 73 MARKET LESSEE: Seeks Chapter 7 Bankruptcy in New York -------------------------------------------------------- On September 8, 2025, 73 Market Lessee LLC filed a voluntary Chapter 7 bankruptcy in the Southern District of New York. The petition lists liabilities between $100,001 and $1 million, with an estimated 1–49 creditors. About 73 Market Lessee LLC 73 Market Lessee LLC is a real estate company. 73 Market Lessee LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11946) on September 1, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Todd E. Duffy, Esq. at Duffyamedeo LLP. 741 INC: Hires Kutner Brinen Dickey as Legal Counsel ---------------------------------------------------- 741, Inc. d/b/a Wisdom Rides of America seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Section 362; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm will receive these hourly rates: Jeffrey S. Brinen $540 Jenny Fujii $440 Jonathan M. Dickey $400 Keri L. Riley $390 Paralegal $100 Kutner Brinen Dickey Riley, P.C. is a "disinterested" person within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 E-mail: jmd@kutnerlaw.com About 741 Inc. 741 Inc., doing business as Wisdom Rides of America, manufactures and designs amusement rides from its base in Merino, Colorado. The Company produces attractions such as roller coasters, family rides, and thrill rides, and also provides refurbishment, parts, and maintenance services. Its products serve amusement parks, traveling carnivals, and family entertainment centers across the United States and internationally. 741 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15550) on August 28, 2025. In its petition, the Debtor reports total assets of $1,425,326 and total liabilities of $6,760,662. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Jonathan M. Dickey, Esq. at KUTNER BRINEN DICKEY RILEY. ABUELO'S INTERNATIONAL: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- Abuelo's International, L.P. and affiliates got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The court's order authorized the Debtors' interim use of cash collateral in accordance with their budget pending a final hearing. As of the petition date, the Debtors held approximately $484,665 in cash deposits and receivables, plus $643,536 in inventory, all considered cash collateral needed to sustain operations and restructure. First Bank & Trust and Ben Keith, a major supplier, are the secured creditors holding liens or other interests in the cash collateral. The Debtors' $8 million loan owed to First Bank & Trust is secured by nearly all of their assets, including leases, inventory, and receivables. Meanwhile, Mr. Keith's security interest in the Debtors' assets is subordinate to First Bank & Trust's interest. As adequate protection, the secured creditors will be granted a replacement lien on assets acquired by the Debtors after the bankruptcy filing that are similar to their pre-bankruptcy collateral. The replacement lien is subject to a fee carveout. The Debtors' authority to use cash collateral terminates on September 26 or upon the dismissal or conversion of their Chapter 11 cases; the appointment of a trustee or examiner with expanded powers; the occurrence of the effective date or consummation date of a plan of reorganization for the Debtors; or the entry of a court order reversing, staying, vacating or modifying the terms of the interim order, whichever comes first. A final hearing is set for September 22. The deadline for filing objections is on September 19. About Abuelo's International L.P. Abuelo's International, L.P. operates the Abuelo's Mexican Restaurant locations, managing day-to-day restaurant operations, customer service, and loyalty programs across the U.S. Food Concepts International, L.P., headquartered in Lubbock, Texas, owns and oversees the brand, providing management, strategic direction, employee training, and menu development. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43339) on September 2, 2025. In the petition signed by Robert L. Lin, President of ABI GP, LLC, the general partner of Abuelo's International, L.P., and as President of FC GPH, LLC LP, the general partner of Food Concepts International, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. ADDISON STATION: Claims to be Paid from Cash Infusion ----------------------------------------------------- Addison Station LLC filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement with respect to Plan of Reorganization dated September 3, 2025. In the early 2000s, William Youngblood ("Youngblood") was a Prince George's County businessman who held himself out as politically connected. In 2004, Youngblood sought funding sources for several real estate development projects in Prince George's County, touting his political connections as a means to expedite those projects. One of those projects was 20.7 acres of land near the Addison Road Metro Station in Seat Pleasant, MD ("Addison Station Property") intended for development into a residential townhome community (the "Addison Station Project"). Youngblood signed operating agreements for Addison Station LLC and Stepping Stones Development LLC ("Stepping Stones Development") on December 1, 2004, listing himself as the sole member of each entity. On December 2, 2004, Youngblood acquired the Addison Station Property for the Addison Station Project from Addison Development Company in exchange for a $3,000,000 seller take-back note due in June 2006. One source of funding for Youngblood's real estate development projects was Alan C. (Skip) Gault, Jr ("Gault"). Gault and his businesses—ABP Investment LP ("ABP") and Great American Land LC ("GAL")—loaned money to Addison Station LLC and Youngblood's other entities. Youngblood was apparently also borrowing funds from Francis and Teresa Crawford (the "Crawfords"). Youngblood did not disclose to ABP, GAL, and Gault that Addison Station had unpaid notes held by the Crawfords. Until receiving service of a lawsuit, Gault and ABP were unaware of the Crawfords' existence, let alone the fact that Addison Station LLC had issued unpaid notes to them. The events precipitating this bankruptcy were a lawsuit commenced by the Crawfords in Prince George's County, Maryland. The Plan proposes the transfer of the ABP Collateral to ABP, creating an allowed combined unsecured and deficiency claim for ABP in the amount of $17,430,927.00. Gault will cause to be paid $370,000.00 (the "Cash Infusion") which is calculated to be the amount that would be received by the estate in a Chapter 7 case for Lot 12 and the 6232 Property. After the Crawford Claim is determined and all other Claim Objections are resolved, the Debtor will distribute all cash of the estate to creditors pro rata. Class 3 consists of Unsecured Claims. On the Distribution Date, the Debtor shall pay any proceeds remaining from the Cash Infusion after payment of all costs of sale, Post-Effective Date Expenses, U.S. Trustee fees and Administrative Expenses, Secured Claims, and Priority Claims, to holders of General Unsecured Claims in full and complete satisfaction of any General Unsecured Claims pro rata. Holders of Allowed Class 3 Claims are impaired entitled to vote to accept or reject the Plan. Subject to potential objections, the unsecured claims currently are: ABP deficiency claim $8,182,839.43 (Claim 4-1); ABP unsecured claim: $9,248,087.57 (Claim 3-1); Crawfords' claim: $4,131,750.00 (Claim 2-1); Meyers, Rodbell & Rosenbaum $18,823.67 (Scheduled); Tom Mateya $5,000.00 (Scheduled); and WSSC $500.00 (Scheduled). Holders of Class 4 Interests shall have their Interests reinstated under the Plan in exchange for the Cash Infusion, and shall receive all proceeds of the Cash Infusion after payment of all costs of sale, Post-Effective Date Expenses, U.S. Trustee fees and Administrative Expenses, Secured Claims, Priority Claims, and General Unsecured Claims. Class 4 Interests are impaired. In full and complete satisfaction of the Allowed Secured Claim of ABP against the ABP Collateral, on the Effective Date, the Debtor shall convey the ABP Collateral to ABP free and clear of liens. In full and complete satisfaction of the Allowed Secured Claim of ABP against the ABP Collateral, on the Effective Date, the Debtor shall convey the ABP Collateral to ABP or its assigns free and clear of liens. Within 14 days of the Effective Date, the members of the Debtor shall cause to be paid $370,000.00 to the Bankruptcy Estate (the "Cash Infusion"). On the Effective Date, the 6232 Property and Lot 12 shall vest in the Debtor, subject to the Liens and other obligations expressly created or preserved by this Plan, but otherwise free and clear of all other liens, claims, interests and encumbrances. All rights to manage the Debtor shall be vested in the Debtor, including any right to appeal the Confirmation Order. A full-text copy of the Disclosure Statement dated September 3, 2025 is available at https://urlcurt.com/u?l=BUwqD8 from PacerMonitor.com at no charge. Counsel to the Debtor: Justin P. Fasano, Esq. McNamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Fax: 301-982-9450 Email: jfasano@mhlawyers.com About Addison Station LLC Addison Station LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-1312) on April 10, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Steven L. Goldberg, Esq. at MCNAMEE HOSEA, P.A. AGREETA SOLUTIONS: Taps Theodore Stapleton as Legal Counsel ----------------------------------------------------------- Agreeta Solutions USA, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Theodore N. Stapleton, P.C. as legal counsel in its Chapter 11 case. The firm will provide these services: (a) advise the Debtor regarding matters of bankruptcy law, including the rights, obligations, and remedies of the Debtor as Debtor-in-Possession with respect to its assets and creditors; (b) prepare and assist in the preparation of pleadings, exhibits, applications, reports, accountings, and other documents necessary to the administration of the proceedings; (c) investigate, analyze, and evaluate potential claims of the estate, including recovery of avoidable transfers under the Bankruptcy Code; (d) advise the Debtor concerning Chapter 11 plans and alternatives; (e) represent the Debtor at hearings and conferences, and prepare related pleadings and papers; and (f) represent and assist the Debtor with regard to any and all other matters relating to the administration of the case. TNS will be compensated at its customary hourly rates in effect on the date services are rendered and reimbursed for reasonable expenses, as approved by the Court. According to filings, TNS does not hold or represent an interest adverse to the Debtor's estate and is a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Theodore N. Stapleton, Esq. THEODORE N. STAPLETON, P.C. Suite 100-B 2802 Paces Ferry Road Atlanta, GA 30339 Telephone: (770) 436-3334 E-mail: tstaple@tstaple.com About Agreeta Solutions USA LLC Agreeta Solutions USA, LLC develops digital solutions for the agriculture technology sector, offering platforms that integrate smart farming, traceability, and agri-commerce tools. It operates in Peachtree Corners, Georgia, and focuses on improving farm productivity, supply chain transparency, and market connectivity. Its services include precision agriculture analytics, end-to-end food product traceability, and support for farmer networks. Agreeta Solutions USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-59677) on August 25, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by Theodore N. Stapleton, Esq. ALLSTAR PROPERTIES: Seeks to Use Cash Collateral ------------------------------------------------ Allstar Properties, LLC, Allstar Properties I, LLC, and ACH Rental Properties, LLC ask the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, for authority to use cash collateral and provide adequate protection. The Debtors argue that use of cash collateral is essential to maintain property values and ensure a successful reorganization. The cash collateral includes rental income from the commercial and residential properties (held by Allstar Properties I and ACH) and possibly some residual funds in Allstar Properties' accounts (approximately $10,000 on the petition date). The Debtors acknowledge that to the extent these rents and funds are encumbered by properly recorded Assignments of Rents or Deeds to Secure Debt, they constitute cash collateral under 11 U.S.C. section 363(a). To protect the interests of secured creditors, the Debtors propose granting replacement liens on post-petition assets to each lender, matching the scope, validity, and priority of each lender's pre-petition position. They also reserve the right to propose additional forms of adequate protection at future hearings if necessary. The Debtors' request to use cash collateral arises in the context of their Chapter 11 filings on August 31, prompted largely by impending foreclosure actions initiated by one of their major lenders, AgSouth Farm Credit, Inc. These foreclosures involved 16 parcels of real property spread across the three Debtors. The Debtors assert that they have significant equity in the properties -- substantially more than the outstanding debt -- which necessitated the Chapter 11 filings to preserve those assets. All three entities are owned or majority-owned by Andrew Heaner, who also holds interests in other businesses. His personal and business liquidity was significantly affected by issues related to RAMBO 1, LLC, an entity currently in Chapter 7 bankruptcy, which ultimately contributed to the Debtors' defaults on multiple secured loans. About Allstar Properties LLC Allstar Properties, LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq., at Small Herrin, LLP. ALTICE USA: Switches Advisers in Push to Restart Debt Talks ----------------------------------------------------------- Reshmi Basu and Irene García Perez of Bloomberg News report that Altice USA Inc. has brought on new advisers as it seeks to restart negotiations with creditors over its $26 billion debt load, according to people familiar with the matter. The company, part of French billionaire Patrick Drahi's telecom empire, is now being advised by Kirkland & Ellis and Evercore Inc., the people said, requesting anonymity because the discussions are private. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. As of December 31, 2024, Altice USA had $31.7 billion in total assets, $32.16 billion in total liabilities, and a total deficiency of $456.8 million. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMALGAMATE PROCESSING: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------------- Amalgamate Processing, Inc. asks the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, for authority to use cash collateral and provide adequate protection. The Debtor operates in the polyurethane foam and fiberfill industry, producing and supplying materials for furniture, pillows, pet bedding, and related goods. Its income is generated through these operations, and that income is used to pay employees, vendors, insurance, fees, and other operating expenses. The Debtor believes that several lenders, including De Lage Landen Financial, PNC Equipment Finance, Southside Bank and the U.S. Small Business Administration, may have secured interests in either equipment or business income. These could be considered "cash collateral" under 11 U.S.C. Section 363. Since the Debtor has no alternative funding, the Debtor seeks authorization to use its income (potentially considered cash collateral) to maintain operations. It argues that without immediate relief, it will have to shut down and suffer irreparable harm, including the inability to pay employees, facility costs, shipping, and other necessary expenses. As adequate protection for secured creditors, the Debtor proposes continuing the same liens those creditors had pre-petition; extending those liens to post-petition proceeds; maintaining those liens as perfected without further action; subjecting them to carveouts for bankruptcy fees and professionals' fees; and using the income solely for normal, necessary business operations. A 14-day emergency budget has been submitted, and the Debtor requests interim authorization for that period while seeking a final order after notice and hearing. A copy of the motion is available at https://urlcurt.com/u?l=aD1Cyw from PacerMonitor.com. About Amalgamate Processing Inc. Amalgamate Processing Inc., doing business as Advanced Foam Recycling, processes and supplies polyurethane foam, making it a major scrap foam provider to the carpet cushion industry in the U.S. The company also engages in contract filling of fiberfill, natural down, and custom foam blends for applications in furniture, pillows, pet bedding, and other home goods while offering fulfillment and cut-and-sew services for home textile brands. It operates distribution and warehouse facilities in Fort Worth and Mineral Wells, Texas, and provides custom foam and fiber products for the furniture, bedding, and pet supply markets. Amalgamate Processing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43320) on September 1, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by M. Jermaine Watson, Esq., at Cantey Hanger, LLP. APOGEE BREWING: Employs eXp Realty as Commercial Real Estate Broker ------------------------------------------------------------------- Apogee Brewing, Limited Liability Company d/b/a True Anomaly seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ eXp Realty, LLC, with Shahin Naghavi as broker, to serve as commercial real estate broker in its Chapter 11 case. eXp Realty, LLC will provide these services: (a) assist, advise and represent the Debtor relative to sale and/or lease of the property located at 4001 Navigation Boulevard, Houston, Harris County, Texas; (b) attend showing and negotiate with the representatives of the potential buyers/lessors; (c) advertise the sale/lease of the Property; and (d) take all necessary action to protect and preserve the interests of the Debtor. eXp Realty, LLC has agreed to accept a contingent fee of 6% of the sale/purchase and/or lease price. If the transaction does not close, the Debtor and/or bankruptcy estate will not be responsible for any fees or expenses. According to the Debtor, eXp Realty, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: eXp Realty, LLC 2219 Rimland Drive, Suite 301 Bellingham, WA 9822 Telephone: (833) 303-0610 E-mail: info@exprealty.net About Apogee Brewing, LLC Apogee Brewing, LLC operates a craft brewery and taproom in Houston, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34497) on August 4, 2025. In the petition signed by Michael Duckworth, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Stacey Barnes, Esq., at Kearney, McWilliams & Davis, PLLC, represents the Debtor as legal counsel. ARCHDIOCESE OF NEW ORLEANS: Announces Multimillion Abuse Settlement ------------------------------------------------------------------- Gina Christian of the Archdiocese of New Orleans has unveiled a proposed multimillion-dollar settlement aimed at resolving its yearslong Chapter 11 case and compensating survivors of clergy sexual abuse. Filed September 8, 2025 the proposal covers claims tied to the archdiocese and 157 affiliated Catholic organizations, including parishes, schools, and charitable groups. Survivors who have not yet submitted claims must do so by December 2, 2025 to remain eligible for payment. Attorneys for the survivors' committee estimate the settlement could reach $220 million, with additional recoveries possible through litigation and property sales. The package includes $130 million in cash from the archdiocese and affiliates, $30 million from insurers, and a $20 million promissory note to be repaid once senior housing owned by Christopher Homes is sold. Further sales of housing units in 2026 may generate another $40 million. In addition to financial relief, the deal includes a set of reforms that attorneys describe as "unprecedented," such as a "Survivors Bill of Rights," required law-enforcement reporting, improved investigative standards, survivor representation on diocesan review boards, and a public archive of abuse-related documents. These measures aim to bolster accountability, although some align with protections already outlined in the U.S. bishops' charter. The archdiocese filed for Chapter 11 in 2020 after hundreds of abuse claims surfaced. The case has been marked by legal fees exceeding $41 million, disputes over reorganization plans, and mounting pressure from survivors for a resolution. Alongside bankruptcy negotiations, state and federal authorities continue to investigate whether church officials concealed decades of abuse and trafficking by clergy. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need,including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARDENT HEALTH: S&P Rates Proposed Repriced Term Loan 'BB-' ---------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '2' recovery rating (70%-90%: rounded estimate 70%) to Ardent Health Inc.'s proposed first-lien term loan. This loan is intended to reprice the existing term loan issued by the company's subsidiary AHP Partners Inc. S&P' issue-level rating of 'B-' and recovery rating of '6' on the senior unsecured notes are unaffected (rounded estimate declines from 5% to 0%). The new term loan matches the size of the existing facility, making the repricing transaction leverage neutral. However, it extends the maturity by seven years, with the loan due in 2032, and reduces the company's cost of debt by 25 basis points to SOFR + 250 (from SOFR + 275), resulting in annual interest cost savings of approximately $2 million. Ardent's performance aligns with our expectations, as S&P Global Ratings-adjusted leverage decreased to 3.3x for the last 12 months ended June 30, 2025, compared to 4.3x for the same period the prior year. S&P said, "We do not anticipate any rating change as the result of the recent U.S. tax and spending bill, which aims to cut federal Medicaid spending by $911 billion over the next decade. Our forecast for the next two years remains unchanged because most bill components phase in gradually, with an estimated 75% of Medicaid reductions projected to be realized between 2030 and 2034. The bill may be revised before then, and Ardent has ample time to implement strategies to mitigate the effect of the cuts. Additionally, Ardent is somewhat insulated from the reductions because over half of the cuts apply only to states with Affordable Care Act (ACA) expansion; Texas, a non-expansion state, accounts for 36% of revenues, and only 10% of total revenues come from Medicaid. "The stable outlook reflects our expectation that Ardent's S&P Global Ratings-adjusted leverage will remain below 5x, at 3.4x-4.0x, with the potential for a temporary increase for attractive mergers and acquisitions (M&A). This also reflects the company's strong financial performance, solid patient admission trends, chronic reimbursement risk, and effective cost management strategies, which results in our expectation for S&P Global Ratings-adjusted EBITDA margin of about 10%-11%." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: -- Ardent's capital structure comprises a $325 million asset-based loan (ABL; not rated), a $778 million senior secured term loan due 2035 ($778 million outstanding), and $300 million of senior unsecured notes due 2029. -- S&P treats the $34 million collateral carve-out in favor of Ventas as well as the ABL obligations as a priority claim. -- S&P's simulated default scenario contemplates a hypothetical default occurring in 2029 stemming from reimbursement pressures and escalating rent obligations that render the company unable to meet its other expenses. -- S&P believes Ardent would reorganize in the event of a default and that it would continue to lease its facilities on comparable terms from Ventas. -- S&P assumes a 60% draw on the company's ABL at the time of default. -- S&P's '2' recovery rating on the company's senior secured term loan indicates its expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. -- S&P's '6' recovery rating on the company's unsecured notes indicates its expectations for negligible (0%-10%; rounded point estimate: 0%) recovery in the event of a payment default. Simulated default assumptions: -- Simulated year of default: 2029 -- Implied enterprise value multiple: 5.5x -- EBITDA at emergence: $157 million Simplified waterfall: -- Net enterprise value (after 5% administrative costs): $822 million -- Valuation split (obligors/nonobligors): 90%/10% -- Collateral value available to secured creditors: $559 million (after $234 million to priority claims) -- Unpledged value available to secured creditors: $10 million -- Total value available to secured creditors: $569 million -- Secured first-lien debt: $766 million --Recovery expectations: 70%-90% (rounded estimate: 70%) -- Total value available to senior unsecured claims: $29 million (from unpledged value) -- Unsecured debt claims: $591 million --Recovery expectations: 0%-10% (rounded estimate: 0%) ARTICON HOTEL: Seeks Cash Collateral Access ------------------------------------------- Articon Hotel Services, LLC asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to use cash collateral and provide adequate protection. The Debtor's cash collateral consists of $46,542 in cash and $2,044,390 in accounts receivable. The Debtor seeks to use this cash collateral to continue essential business operations and has filed with the court a 30-day budget detailing the proposed use of funds. The only secured creditor asserting an interest in the cash collateral is the U.S. Small Business Administration, which holds a claim of $514,721. To adequately protect the SBA's interests, the Debtor proposes granting a replacement lien equal to the SBA's pre-petition lien, maintaining insurance on the collateral, allowing inspections of books and records, and ensuring the collateral is properly maintained. The Debtor further seeks authority to exceed the budget by no more than 10% unless otherwise agreed or ordered by the court. The Debtor filed for Subchapter V Chapter 11 relief due to ongoing litigation with Baldwin Enterprises. It currently operates as a debtor-in-possession from leased premises in Mount Prospect, Illinois, and employs three individuals. A hearing on the matter is set for September 15. About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on September 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. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. ATLAGAS LTD: Fitch Assigns 'BB+' Rating on Jr. Subordinated Notes ----------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating to AltaGas Ltd.'s (AltaGas) issuance of fixed-to-fixed rate junior subordinated notes. The subordinated notes will rank equal in right of payment to AltaGas' existing subordinated obligations and any other pari passu subordinated indebtedness that may be incurred in the future. The notes are eligible for 50% equity credit under Fitch's Corporate Hybrids Treatment and Notching Criteria. Key features supporting equity credit include subordination of priority in rank of payment and the issuer's option to defer interest payments on a cumulative basis for up to five-years in each instance. AltaGas plans to use net proceeds from issuance of the subordinated notes to redeem or repurchase outstanding cumulative redeemable five-year rate reset preferred shares, series A and cumulative redeemable floating rate preferred shares, series B. AltaGas' Long-Term Issuer Default Rating (IDR) is 'BBB'. The Rating Outlook is Negative. Key Rating Drivers High, Albeit Improving Leverage: AltaGas' funds from operations (FFO) leverage averaged 6.8x in 2022-2024 and improved from 7.1x in 2023 to 5.9x in 2024. Pressure on FFO leverage has been driven by large midstream development projects, including Pipestone 2 and the Ridley Island Energy Export Facility (REEF), and utility investment targeting pipe replacement, system modernization and customer growth. In 2024, AltaGas issued CAD1.2 billion of hybrid securities in 2024, which qualify for 50% equity credit under Fitch criteria. The company used proceeds from the hybrid issuance to redeem about CAD800 million of senior notes. Monetization of AltaGas' 10% ownership interest in Mountain Valley Pipeline (MVP) could further reduce leverage. An inability by AltaGas to reduce FFO leverage below Fitch's 5.5x downgrade sensitivity in 2025, either through sale of MVP or other initiatives, would result in a one-notch downgrade. Midstream Business Risk Volatility: Fitch believes the relatively high proportion of midstream to consolidated AltaGas cash flows is a risk due to the segment's greater volatility compared with the utility segment. Fitch expects the more stable utility operation to contribute about 55%-60% of cash flow in the long term. The remainder will mostly come from AltaGas' midstream operation and a much smaller power generation operation (about 500MW) with total non-utility averaging between 43% and 46% over the next three years. Non-utility operations sustained at over 45% of consolidated cash flows on a sustained basis may lead to a downgrade. Midstream Segment Volatility: Failure by AltaGas to lock in pricing differentials between Asia and North America led to a squeeze in butane pricing in 3Q22. The resulting adverse price volatility materially pressured AltaGas' midstream margin and operating results in the second half of 2022. The episode underscores potential midstream business volatility, a credit negative. Hedging Policy Initiatives: Following the butane market squeeze of 3Q22, management modified its hedging strategy, adopting a systematic approach to mitigate exposure to commodity spot price volatility and prohibiting speculation. To achieve greater cash flow and earnings visibility and de-risk its operations, AltaGas continues work to increase the proportion of take-or-pay and fee for service contracts. Take-or-pay and fee for service contracts account for more than 60% of projected 2025 midstream EBITDA and, as of 2Q25, 98% of global exports were under contract or financially hedged. Roughly 85% of midstream EBITDA is under contract with investment grade counterparties. Capex Overview: AltaGas projects capex of about CAD1.4 billion in 2025, 51% of which targets utility investment and 45% midstream. The remainder is earmarked for corporate. Utility capex in 2025 is comprised primarily of pipe replacement, system betterment and growth investment. Midstream capex includes the REEF and Pipestone II development projects. The REEF development project is budgeted at CAD1.4 billion, is about 60% complete and scheduled for commercial operation by YE26. Construction of Pipestone II is about 75% complete and 100% of plant output is under long-term take-or-pay contracts. Regulatory Update: Fitch believes jurisdictional rate regulation for AltaGas's utility operation is generally credit supportive. While regulation in the District of Columbia (D.C.) can be challenging, base rate outcomes have been manageable. Fitch believes regulation in Virginia and Michigan are generally credit supportive. WGL recently filed a rate case in Virginia, and its base rate case in D.C. is pending. About 70% of rate base is protected from weather/usage variability at WGL and pipe replacement programs are in place across its four-state utility platform. Maryland Update: Changes in the governor's office and its impact on the Public Service Commission of Maryland (PSC) has injected a measure of uncertainty in the direction of the state's regulatory compact and energy policy. Fitch believes the outcome in WGL's 2023 Maryland base rate case was challenging from a credit perspective, authorizing a USD13 million rate increase, roughly 26% of WGL's USD49 million request. In addition, policy initiatives to narrow fuel choice for customers is a secular risk. Fitch believes these challenges are manageable within WGL's current ratings. However, significant unexpected deterioration in rate regulation could result in adverse credit rating actions. Peer Analysis With EBITDA of approximately CAD1.5 billion at YE 2024, AltaGas is smaller than Emera Inc. (BBB/Stable) but larger than Algonquin Power & Utilities Corp. (APUC; BBB/Stable). Emera's EBITDA exceeded $2 billion in 2024, and APUC's was $925 million. Fitch estimates AltaGas' FFO leverage will average 5.8x during 2024-2026, similar to APUC's 5.8x and Emera at just under 6.0x. Canadian utility holding company APUC benefits from regulatory diversification but owns utilities that operate in somewhat less constructive regulatory environments, in Fitch's view. Fitch expects utility operations to account for approximately 85% of consolidated APUC EBITDA. Emera de-emphasized unregulated investments to focus on utility operations in the U.S., Canada and the Caribbean in recent years. Fitch believes regulation in Emera's two largest jurisdictions, Florida and Nova Scotia, are balanced. Emera derives roughly 95% of its earnings from regulated operations. AltaGas' utility operations comprise about 55%-60% consolidated EBITDA with the remainder coming from partially contracted midstream operations that can be volatile. Like Emera and APUC, AltaGas's operations include significant low-risk utility operations. AltaGas, through WGL, provides gas utility services to affluent populations in parts of Virginia, Maryland and DC, with prospective customer growth estimated at 1% per year. AltaGas also provides gas distribution service to parts of Michigan. Collectively, AltaGas's U.S. utilities experienced customer growth of 1%, and approximately 70% of their customers are residential. Emera and APUC, unlike AltaGas, have meaningful electric utility operations. Key Assumptions - Continuation of reasonable economic regulation across AltaGas' jurisdictional service territory; - One percent annual customer growth at AltaGas' U.S. gas utility segment on average; - Regularly scheduled rate case filings as per management's schedule; - Monetization of MVP with the entire proceeds used to reduce debt; - Midstream export volumes increasing 5%-10% over the next three years, while increasing the proportion of export volumes from the facility to take-or-pay contracts from merchant; - Capex averages CAD1.3 billion per annum during 2024-2026; - Any additional midstream capex executed in a credit-friendly manner. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FFO leverage above 5.5x in 2025 and thereafter; - Significant deterioration across AltaGas' jurisdictional service territory; - Additional debt-financed midstream capex resulting in higher leverage; - Failure to raise adequate and timely financing from asset sales or other sources to maintain leverage within Fitch's downgrade thresholds; - Regulated businesses contributing less than 55% of cashflows on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is unlikely due to AltaGas' FFO leverage and business mix profile. However, an upgrade may result from more credit-supportive regulatory trends at AltaGas' U.S. utility business compared with Fitch's rating case; - Stronger-than-expected performance at AltaGas' midstream business; - Sustained FFO leverage of 4.5x or better on a consistent basis. Liquidity and Debt Structure Fitch views AltaGas' liquidity as adequate. As of June 30, 2025, AltaGas had about CAD1 billion drawn on its CAD3.6 billion of consolidated credit facilities and remaining borrowing capacity of roughly CAD2.6 billion. AltaGas' CAD2.3 billion unsecured extendible RCF is scheduled to mature in May 2029. The company had cash and cash equivalents of CAD320 million on its balance sheet as of June 30, 2025. At the end of 2Q25, WGL Holdings (WGL) had about USD741 million available to be borrowed under its USD750 million credit facility. Under the terms of the credit facility USD300 million may be borrowed by WGL and USD450 million by WGL subsidiary Washington Gas Light Company. The credit facility expires July 17, 2030. Fitch expects WGL to be cash flow negative in 2025-2027 due to the utility's large capex program, with external funding provided through a balanced mix of equity and debt. Issuer Profile AltaGas Ltd. is a Canada-based energy infrastructure company with operations in the U.S. and Canada with about CAD25 billion of total assets. The company's two primary business segments are utilities and midstream. Summary of Financial Adjustments Fitch applies 50% equity credit to about CAD2.3 billion of AltaGas' junior subordinated notes and preferred shares. Date of Relevant Committee 01-Jul-2024 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ AltaGas Ltd. Subordinated LT BB+ New Rating B & H MANAGEMENT: Taps Whiteford Taylor & Preston as Co-Counsel --------------------------------------------------------------- B & H Management, LLC, d/b/a Arkansas River Rice, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, to retain Whiteford, Taylor & Preston LLP as Virginia bankruptcy co-counsel in its Chapter 11 case. Whiteford will provide these services: (a) provide legal advice and services regarding local rules, practices, and procedures, and substantive and strategic advice on prosecuting the Bankruptcy Case; (b) review, revise, and prepare drafts of documents to be filed with the Court; (c) appear in Court and at meetings with the U.S. Trustee and creditors on behalf of the Debtor; (d) perform administrative services in connection with the Bankruptcy Case; (e) interact and communicate with the Court's chambers and Clerk's Office; (f) assist the Debtor and lead counsel in preparing, reviewing, revising, filing, and prosecuting pleadings related to contested matters, executory contracts, unexpired leases, asset sales, plan and disclosure statement issues, and claims administration; and (g) perform other services as assigned by the Debtor, in consultation with lead counsel. Whiteford Will receive hourly rates ranging from $320 to $1,250, with specific rates of $835 for partner Christopher A. Jones; $630 for partner David W. Gaffey; $560 for counsel Joshua D. Stiff; and $485 for paralegal Chris Lano. Prior to the Petition Date, Whiteford received a $10,000 retainer, plus $1,738 for the Chapter 11 filing fee, applying $7,358.50 to prepetition fees and leaving a postpetition balance of $2,641.50. Whiteford is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Christopher A. Jones, Esq. David W. Gaffey, Esq. Joshua D. Stiff, Esq. WHITEFORD, TAYLOR & PRESTON LLP Two James Center 1021 E. Cary Street, Suite 2001 Richmond, VA 23219 Telephone: (804) 977-3300 E-mail: cajones@whitefordlaw.com dgaffey@whitefordlaw.com jstiff@whitefordlaw.com About B & H Management B & H Management, LLC filed Chapter 11 petition (Bankr. E.D. Va. Case No. 25-33108) on July 29, 2025, listing between $50 million and $100 million in assets and between $1 million and $10 million in liabilities. Judge Brian F. Kenney oversees the case. The Debtor is represented by: Christopher A. Jones, Esq. Whiteford, Taylor & Preston LLP Two James Center 1021 E. Cary Street, Suite 2001 Richmond, VA 23219 Telephone: (703) 280-9263 (804) 977-3300 Facsimile: (804) 977-3299 E-mail: CAJONES@whitefordlaw.com B.L.H.G. GROUP: Seeks to Hire JMFS as Accounting Professional ------------------------------------------------------------- The B.L.H.G. Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ JMFS, Inc., through Joe Mcinerney, EA, CFP, MPAS, to assist the Debtor in the preparation of its 2024 Federal and State Tax Returns in its Chapter 11 case. JMFS, Inc. will provide these services: (a) prepare the Debtor's 2024 Federal Tax Return; (b) prepare the Debtor's 2024 State Tax Return; and (c) provide tax preparation services necessary for compliance. The firm's services will be performed for a fixed fee of $1,200, subject to Court approval, payable at the time of service. No retainer is being held or required. JMFS, Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joe Mcinerney, EA, CFP, MPAS JMFS, Inc. 6930 East Chauncey Lane, Suite 220 Phoenix, AZ 85054 Telephone: (602) 494-4100 About The B.L.H.G. Group The B.L.H.G. Group, LLC, doing business as Smile Now Dental Implant, is a dental practice based in Phoenix, Ariz., specializing in dental implants. The center offers a variety of implant services, including full-mouth dental implants, single implants, zygomatic implants, and bone grafting. The company emphasizes convenience by providing comprehensive treatment in a single location, utilizing advanced technology such as CBCT imaging and digital smile design software. The practice also offers financing options, flexible scheduling, and same-day solutions for implants. B.L.H.G. filed Chapter 11 petition (Bankr. D. Ariz. Case No. 25-02029) on March 11, 2025, listing $180,813 in assets and $2,155,970in liabilities. Blake Austin, manager and member, signed the petition. Judge Scott H. Gan oversees the case. Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C., is the Debtor's legal counsel. BALANCE LIFE: Court Dismisses Chapter 11 Bankruptcy Case -------------------------------------------------------- Judge Thomas J. Tucker of the United States Bankruptcy Court for the Eastern District of Michigan dismissed the bankruptcy case of Balance Life Better Enhancement Corporation. On Aug. 28, 2025, the Court entered an Order requiring the Debtor, by no later than Sept. 2, 2025, to file the List of Equity Security Holders for this case, required by Fed. R. Bankr. P. 1007(a)(3), the Bankruptcy Petition Cover Sheet, required by L.B.R. 1002-1(b) (E.D. Mich.), and to attach to the Bankruptcy Petition Cover Sheet a verified statement that includes several specified items of information. The Debtor has failed to comply with the Aug. 28 Order, in any respect. The Debtor has not filed any of the items required. Because of the Debtor's failure to comply with the Aug. 28 Order, the Court finds, under 11 U.S.C. Sec. 105(a), that dismissal of this case and a 180-day bar to refiling are necessary in order to prevent an abuse of the bankruptcy system. A copy of the Court's Order is available at https://urlcurt.com/u?l=LZZxhj from PacerMonitor.com. About Balance Life Better Enhancement Corporation Balance Life Better Enhancement Corporation is a Detroit-based company. Balance Life Better Enhancement Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-48617) on August 26, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Christopher S. Sinclair, Esq., at Sinclair Law. BELLA INVESTMENT: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------- On September 8, 2025, Bella Investment Properties LLC filed Chapter 11 protection in the Eastern District of Pennsylvania. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Bella Investment Properties LLC Bella Investment Properties LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Bella Investment Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13573) on September 8, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Derek J. Baker handles the case. The Debtor is represented by David B. Smith, Esq. at SMITH KANE HOLMAN, LLC. BENNY AND MARY'S: Employs AGK Business as Bookkeeper ---------------------------------------------------- Benny and Mary's Irvine, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ AGK Business Services LLC, with Manoj Gupta as lead professional, to serve as bookkeeper in its Chapter 11 case. AGK will provide these services: (a) bookkeeping and accounting of the restaurant business; (b) monthly operating report preparation and reporting as required for the plan of reorganization; (c) additional ancillary services in relation to the accounting and reporting requirements; (d) additional reporting requirements for the Debtor as required by management; (e) monthly and quarterly tax filing; (f) responding to notices in the ordinary course of business; and (g) annual income tax filing. AGK will receive a flat monthly fee of $1,250, invoiced monthly. The firm will not be required to file an interim or final fee application unless its fees exceed $1,250 per month, and no retainer will be paid. AGK Business Services is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Manoj Gupta AGK BUSINESS SERVICES LLC 36 W 44th Street, Suite 1018 New York, NY 10036 Telephone: (347) 707-0188 About Benny and Marys Irvine Benny and Marys Irvine LLC, doing business as Benny and Marys Better Together, operates a full-service restaurant in Irvine, California. The establishment offers brunch, dinner, and craft cocktails, with a menu inspired by global cuisine and California flavors. Its interior features a whimsical, maximalist design aimed at creating a distinctive dining experience. Benny and Marys Irvine sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14830) on June 6, 2025. In its petition, the Debtor reports total assets of $1,867,887 and total liabilities of $2,612,582. The Debtors are represented by Christopher A. Minier, Esq., at Golden Goodrich, LLP. Richard Sturdevant, Esq., at Financial Relief Law Center, APC, represents the Debtor as bankruptcy counsel. BERTUCCI'S RESTAURANTS: Closes Greater Boston Location in Ch. 11 ---------------------------------------------------------------- David Cifarelli of Mass Live reports that Bertucci's, the casual-dining chain that originated in New England, has closed its Reading, Massachusetts location at 45 Walkers Brook Drive. The closure, reported Sept. 3 by Reading Recap, comes after the company filed for Chapter 11 bankruptcy earlier this 2025, marking its third bankruptcy in seven years, according to the report. The restaurant chain stated that the bankruptcy filing, made in April 2025, is part of a plan to reorganize and secure a sustainable future. The company attributed the closures to reduced consumer demand for legacy casual-dining brands, compounded by a difficult economic climate for the industry. Bankruptcy documents reveal that Bertucci's carries between $10 million and $50 million in both assets and liabilities. Sales have dropped 62% from 2019 to 2024, reflecting a challenging environment for traditional sit-down dining. CEO Robert Earl cited high debt and shifting customer habits as central to the company's struggles. Bertucci's opened its first restaurant in 1981 in Davis Square, Somerville, and eventually expanded from Florida to Illinois. After multiple bankruptcy filings and closures, the chain now operates nine locations in Massachusetts, including the new fast-casual Bertucci's Pronto in downtown Boston, which management hopes will help drive a recovery. About Bertucci's Restaurants Bertucci's Restaurants, LLC operates a chain of Italian-inspired restaurants primarily across the U.S. East Coast, including New England and Virginia. Founded in 1981 in Somerville, Massachusetts, the company is known for its wood-fired brick oven dishes. It recently launched Bertucci's Pronto, a fast-casual spinoff concept aimed at catering to evolving consumer dining preferences. Bertucci's Restaurants filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-02401) on April 24, 2025. In the petition signed by Thomas Avallone, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Grace E. Robson oversees the case. R. Scott Shuker, Esq., at Shuker & Dorris, PA, serves as the Debtor's counsel. BLUE DUCK: Unsecured Creditors to be Paid in Full over 60 Months ---------------------------------------------------------------- Blue Duck Energy MVR, LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization for Small Business dated September 2, 2025. The Debtor owns working interests in oil and gas wells in West Texas. Through a contract operator, the Debtor operates certain of those wells, and third-party operators operate the others. The Debtor also owns an interest in a natural gas gathering system, which a third party also operates. Either the Debtor will sell its assets, or if not then these operations generate net revenue sufficient to carry out the terms of this Plan. On December 28, 2021, the Debtor was established pursuant to that certain Company Agreement (the "MVR Company Agreement"). The MVR Company Agreement was signed by its initial member, Blue Duck Energy, Ltd. ("Blue Duck"). The Debtor is the operating subsidiary of Blue Duck. The majority of Blue Duck's assets are held at the Debtor's level. The Debtor continues to conduct, through its contract operator and other service providers, maintenance, repair, management, and operations of certain oil and gas wells in West Texas, mostly in Roberts County, Texas. The Plan proposes to reorganize the Debtor. The Debtor proposes either to sell substantially all of its assets or to restructure the claim of its sole secured creditor and to repay its obligations to such creditor over a period of five years at the prepetition contract rate of interest. The Debtor proposes to repay its unsecured creditors in full over a period of six months or upon the sale of its assets, whichever occurs first. Class 2 consists of Unsecured Trade Claims. Allowed unsecured trade claims will be paid in full, with interest at the prime rate in effect on the Effective Date, in six equal monthly installment payments starting on the first day of the first full month following the Effective Date. In the event of a sale of substantially all the Debtor's assets, allowed unsecured claims will be paid in full from any sale proceeds remaining after the satisfaction of claims in senior classes. This Class is impaired. Class 3 consists of General Unsecured Claims. Allowed general unsecured claims will be paid in full, with interest at the prime rate in effect on the Effective Date, in sixty equal monthly installment payments starting on the first day of the first full month following the Effective Date. This Class is impaired. Blue Duck shall retain its Equity Interests in the Debtor; provided, however, that only Jason Rae in his capacity as chapter 11 trustee of Blue Duck shall have authority to exercise control over such Equity Interests unless and until the Bankruptcy Court orders otherwise. Payments required to be made under this Plan will be funded by cash on hand and revenue generated by the Debtor's continued business operations. The Debtor also reserves the right to sell all or any portion of its assets following confirmation of this Plan. The Debtor may, but shall not be required to, seek Court approval of any such sale under Section 363 of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=JKahRg from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas D. Berghman, Esq. Julian P. Vasek, Esq. James K. “Kyle” Jaksa, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Ste. 4000 Dallas, TX 75201 Telephone: (214) 855-7500 Email: tberghman@munsch.com E-mail: jvasek@munsch.com E-mail: kjaksa@munsch.com About Blue Duck Energy MVR Blue Duck Energy MVR, LLC operates in the oil and gas extraction industry in Texas. Blue Duck Energy MVR sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-20131) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. The Debtor tapped Thomas D. Berghman, Esq., at Munsch Hardt Kopf & Harr, PC as counsel and Lain, Faulkner & Co. PC as financial advisors. BREWER MACHINE: Employs Ebelhar Whitehead PLLC as Accountant ------------------------------------------------------------ Brewer Machine & Parts, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky, Owensboro Division, to hire Ebelhar Whitehead, PLLC to serve as accountant in its Chapter 11 case. Ebelhar Whitehead, PLLC 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. Ebelhar Whitehead, PLLC will receive compensation according to its standard hourly rate, currently $175 per hour. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Ebelhar Whitehead PLLC 3317 Frederica Street, Suite 10 Owensboro, KY 42301 Telephone: (270) 926-2922 E-mail: 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. Honorable Judge Charles R Merrill oversees the case. The Debtors are represented by Robert C. Chaudoin, Esq. at HARLIN PARKER. CANDLE 28: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Candle 28, LLC d/b/a Candle 388 Third Avenue, Ground Floor New York, NY 10016 Business Description: Candle 28, LLC, doing business as Candle, operates a plant-based restaurant in New York City led by Owner and Chef Jorge Pineda. The establishment continues the legacy of the Candle group of restaurants, known for nearly three decades as a destination for gourmet vegan cuisine and organic, locally sourced meals. Its menu highlights vegetables, grains, beans, tofu, and seitan, emphasizing health-conscious dining in a modern, casual setting. Chapter 11 Petition Date: September 9, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11966 Judge: Hon. Philip Bentley Debtor's Counsel: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Second Floor New York, NY 10013 E-mail: lmorrison@m-t-law.com Total Assets: $0 Total Liabilities: $1,784,113 The petition was signed by Jorge Pineda as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OZEN2VY/Candle_28_LLC__nysbke-25-11966__0001.0.pdf?mcid=tGE4TAMA CLAIRE'S STORES: Gets Court Approval to Sell US Stores for $104MM ----------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that on Tuesday, September 9, 2025, a Delaware bankruptcy judge approved Claire's request to sell certain U.S. stores and intellectual property to a private holding company for $104 million in cash, plus additional considerations, following a consensus among stakeholders. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- is a specialty retailer of jewelry, accessories, and beauty products for young women, teens, "tweens," and kids. Through the Claire's brand, the Claire's Group has a presence in 45 nations worldwide, through a total combination of over 7,500 Company-owned stores, concessions locations, and franchised stores. Headquartered in Hoffman Estates, Illinois, the Company began as a wig retailer by the name of "Fashion Tress Industries" founded by Rowland Schaefer in 1961. In 1973, Fashion Tress Industries acquired the Chicago-based Claire's Boutiques, a 25-store jewelry chain that catered to women and teenage girls. Following that acquisition, Fashion Tress Industries changed its name to "Claire's Stores, Inc." and shifted its focus to a full line of fashion jewelry and accessories. In 2007, the Company was taken private and acquired by investment funds affiliated with, and co-investment vehicles managed by, Apollo Management VI, L.P. Claire's Group employs approximately 17,000 people globally. Claire's Stores, Inc., and 7 affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018, after reaching terms of a balance sheet restructuring with their first lien lenders and sponsor Apollo Global Management, LLC. As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in total assets against $2.53 billion in total liabilities. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy counsel; Richards, Layton & Finger, P.A. as local counsel; FTI Consulting as restructuring advisor; Lazard Freres & Co. LLC as investment banker; Hilco Real Estate, LLC as real estate advisor; and Prime Clerk as claims agent and administrative advisor. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. The Committee retained Cooley LLP, as counsel, and Bayard, P.A., as co-counsel. 2nd Chapter 11 Attempt Claire' Stores sought relief under Chapter 11 of the U.S. Bankruptcy Code {Bankr. 25-11462) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. CLARIOS GLOBAL: Fitch Rates Proposed Sr. Unsecured Notes 'CCC+' --------------------------------------------------------------- Fitch Ratings has assigned a 'CCC+' rating with a Recovery Rating of 'RR6' to Clarios Global LP's (Clarios Global) proposed senior unsecured notes. Clarios Global is a subsidiary of Clarios International Inc. (Clarios). Fitch currently rates Clarios and Clarios Global's Long-Term Issuer Default Ratings (IDRs) at 'B' with Stable Rating Outlooks. Clarios' ratings reflect its strong business profile and high EBITDA margins, against a highly leveraged capital structure. Key Rating Drivers Proposed Notes: Clarios plans to use proceeds from the proposed senior unsecured notes, along with existing cash and borrowings on its asset-based lending (ABL) revolver, to redeem in full its existing $1.6 billion of senior unsecured notes due 2027. Tariff Effects Manageable: Fitch expects Clarios to manage tariff impacts without any significant negative effects on its credit profile. The company's large U.S. manufacturing footprint and the highly recyclable nature of its batteries mitigate the direct effect of tariffs. Replacement battery sales volumes tend to be relatively resilient to macroeconomic changes. Fitch expects Clarios to be able to adjust aftermarket battery pricing, if necessary, to offset any tariff-related cost increases. Higher Near-Term Leverage: Between fiscal YE 2020-YE 2024, Clarios' debt (including off-balance-sheet factoring) declined by about $2.1 billion and EBITDA leverage (according to Fitch's methodology) declined to 4.6x from 10.0x. However, Fitch expects gross EBITDA leverage to run above 6.0x over the next couple years following the January 2025 issuance of $4.5 billion of incremental debt to fund a special distribution to shareholders. Despite the substantial increase in debt, Fitch expects Clarios to look for opportunities to reduce debt over the long term as it focuses on its sub-3.0x EBITDA net leverage target. Solid FCF Expected: Fitch expects Clarios to generate solid FCF over the next several years. Fitch expects Clarios to generate FCF margins (according to Fitch's methodology) of nearly 6.0% in fiscal 2025, in line with the 5.8% margin recorded in fiscal 2024. Over the long term, Fitch expects the shift toward advanced batteries and continued cost savings will allow Clarios to maintain FCF margins in the mid-single-digit range. Fitch expects capex as a percentage of revenue to be in the 4.0%-4.5% range over the next few years. Sub-3.0x EBITDA Interest Coverage Expected: Fitch expects Clarios' EBITDA interest coverage to run below 3.0x over the intermediate term, following the January 2025 debt increase. Actual EBITDA interest coverage at fiscal YE 2024 was 3.4x. Clarios typically uses hedges to convert a portion of its floating-rate debt to fixed rates, mitigating the effect of fluctuating rates on the company's interest expense. Parent/Subsidiary Linkage: Fitch rates the IDRs of Clarios and its Clarios Global subsidiary on a consolidated basis, using the weak parent/strong subsidiary approach and open access and control factors, as discussed in Fitch's "Parent and Subsidiary Linkage Rating Criteria". This is based on the entities operating as a single enterprise with strong legal and operational ties. Peer Analysis Clarios has a strong competitive position as the largest low-voltage vehicle battery manufacturer in the world, responsible for about one-third of the industry's total global production. Although Clarios counts many global original equipment (OE) manufacturers as customers, roughly 80% of its sales are derived from the global aftermarket. Clarios' strong aftermarket presence provides a more stable revenue stream through the cycle than Tier 1 suppliers, such as BorgWarner Inc. (BBB+/Stable) or Aptiv PLC (BBB/Rating Watch Negative). Clarios' heavy aftermarket weighting makes it more comparable with global tire manufacturers like Compagnie Generale des Etablissements Michelin (A/Stable) and The Goodyear Tire & Rubber Company (BB-/Negative), or other suppliers with a significant aftermarket concentration, like First Brands Group LLC (B+/Stable) or Tenneco LLC (B/Positive). Clarios' margins are strong, with forecasted EBITDA margins (according to Fitch's methodology) in the high teens over the next several years, which is stronger than many investment-grade auto suppliers. Its forecasted FCF margins in the low- to mid-single-digit range are also consistent with investment-grade auto suppliers. However, Clarios' leverage is relatively high and consistent with auto suppliers in the 'B' rating category. Over the long term, Fitch expects Clarios' leverage to continue to decline because of higher EBITDA from sales growth tied to the rising global vehicle population and a richer mix of advanced batteries. Fitch also expects the company to continue to actively seek opportunities to reduce debt, which would further accelerate leverage reduction. Key Assumptions - Global automotive battery demand rises in the low-single-digit range over the next several years due to higher replacement battery demand and modest increases in vehicle production; - In addition to volume growth, revenue is supported over the next several years by the mix shifting to higher-priced advanced batteries, as well as modest price increases on traditional batteries; - Margins are slightly higher in fiscal 2025 (excluding section 45x credits) and then generally grow over the next several years because of operating leverage on higher production levels, positive pricing and mix, and savings associated with cost-reduction initiatives; - Capex as a percentage of revenue is in the 4.0%-4.5% range over the next few years; - The company uses a portion of its excess cash to reduce debt over the next several years; - Most debt maturities are refinanced at prevailing interest rates prior to maturity; - Fitch has not incorporated the effect of any potential IPO into its forecasts. Recovery Analysis Fitch's recovery analysis assumes Clarios would be considered a going concern (GC) in bankruptcy and would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim in the recovery analysis. Clarios' recovery analysis reflects a potential severe downturn in battery demand and estimates the GC EBITDA at $1.6 billion, which reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which the valuation of the company would be based following a hypothetical default. The GC EBITDA considers Clarios' stable operations, high operating margins, significant percentage of aftermarket revenue, and the nondiscretionary nature of its products. The $1.6 billion ongoing EBITDA assumption is 23% lower than Fitch's calculated actual EBITDA of $2.1 billion for fiscal 2024. Fitch uses a 6.0x enterprise value (EV) multiple based on Clarios' strong global market position and the nondiscretionary nature of the company's batteries. In addition, Brookfield Asset Management Inc.'s acquisition of Clarios in 2019 valued the company at an EV over 8.0x (excluding expected post-acquisition cost savings). According to Fitch's "Automotive Bankruptcy Enterprise Values and Creditor Recoveries" report published in April 2025, 52% of auto-related defaulters had exit multiples above 5.0x, with 28% in the 5.0x to 7.0x range. However, the median multiple observed across 25 bankruptcies was only 5.1x. Within the report, Fitch observed that 86% of the bankruptcy cases analyzed were resolved as a GC. The recovery analysis assumes that off-balance-sheet factoring is replaced with a super-senior facility that has the highest priority in the distribution of value. Fitch also assumes a full draw on the $800 million ABL revolver. The ABL receives second priority in the distribution of value after the factoring and receives a Recovery Rating of 'RR1'. The analysis also assumes a full draw on the $800 million cash flow revolver. Including this, the first lien secured debt totals $11.7 billion outstanding and receives a lower priority than the ABL in the distribution of value hierarchy, in part due to its second lien claim on the ABL's collateral. This results in a Recovery Rating of 'RR3'. The senior unsecured notes have the lowest priority in the distribution of value. This results in a Recovery Rating of 'RR6', owing to the significant amount of secured debt positioned above it in the distribution waterfall. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Gross EBITDA leverage above 7.0x without a clear path to de-levering on a sustained basis; - EBITDA interest coverage approaching 1.5x on a sustained basis; - A decline in the Fitch-calculated EBITDA margin below 10% and FCF margin near 1.0%, both on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Financial policy-driven debt reduction that leads to gross EBITDA leverage of 5.5x on a sustained basis; - EBITDA interest coverage of 2.5x on a sustained basis; - Fitch-calculated EBITDA margins in the low teens in percentage terms and FCF margin of 2.5%, both on a sustained basis. Liquidity and Debt Structure Liquidity as of June 30, 2025, included $225 million of cash and cash equivalents, augmented by significant revolver capacity. Revolver capacity includes both an $800 million ABL facility and an $800 million first lien secured cash flow revolver. As of June 30, 2025, a total of about $1.6 billion was available on the two revolvers, with full availability on the cash flow revolver and $756 million available on the ABL, after accounting for $44 million of letters of credit backed by the facility. The ABL and revolver mature in 2030. However, a springing maturity provision that applies to both facilities could accelerate the maturities to as early as February 2027 if the company's senior unsecured notes due 2027 are not refinanced or redeemed prior to that time. As of June 30, 2025, Clarios had about $14.6 billion of debt outstanding, including off-balance-sheet factoring. This consisted of $11.1 billion of first lien secured debt, comprised of U.S. dollar and euro term loans and secured notes, as well as about $1.6 billion of senior unsecured notes. The remaining debt consisted primarily of off-balance-sheet factoring. Fitch excludes finance leases from its debt calculations. Issuer Profile Clarios is the world's largest manufacturer and distributor of low-voltage automotive batteries. It provides one in every three automotive lead-acid batteries globally, servicing cars, heavy duty trucks, motorcycles, marine, and powersports vehicles in the original equipment and aftermarket channels. Date of Relevant Committee 18-Dec-2024 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Clarios Global LP senior unsecured LT CCC+ New Rating RR6 COLLECTIVE INVESTMENT: Hires Conway Law Group as Legal Counsel -------------------------------------------------------------- Collective Investment Holdings 5, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Conway Law Group, PC to serve as legal counsel in its Chapter 11 Subchapter V case. Conway Law Group will provide these services: (a) advise the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of the assets of its estate; (b) advise and consult on the conduct of the case, including all of the legal requirements of operating in Chapter 11; (c) attend meetings and negotiate with representatives of the Debtor's creditors and other parties in interest; (d) take all necessary action to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending actions commenced against the Debtor, and representing the Debtor's interests in negotiations concerning litigation in which it is involved, including objections to claims filed against the estate; (e) prepare all pleadings, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the estate; (f) advise the Debtor in connection with any potential sale of assets; (g) appear before the Court to represent the interests of the estate; (h) take any necessary action to negotiate, prepare, and obtain approval of a Chapter 11 plan and related documents; and (i) perform all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this case. Martin Conway's hourly rate is $550, and paralegal work is billed at $200 per hour. Conway Law Group, PC received $5,000 from the Debtor for pre-petition services and filing fees. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Martin C. Conway, Esq. Conway Law Group, PC 1320 Central Park Blvd, Ste 200 Fredericksburg, VA 22401 Telephone: (855) 848-3011 Facsimile: (571) 285-3334 E-mail: martin@conwaylegal.com About Collective Investment Holdings 5 LLC Collective Investment Holdings 5, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11741) on August 24, 2025, listing between $500,001 and $1 million in assets and between $100,001 and $500,000 in liabilities. Judge Brian F. Kenney presides over the case. Martin C. Conway, Esq., at Conway Law Group, PC represents the Debtor as bankruptcy counsel. COLLECTIVE INVESTMENT: Taps John Williams Gordon as Property Agent ------------------------------------------------------------------ Collective Investment Holdings 5, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, to employ John Williams Gordon, a licensed real estate agent in the State of Virginia, to represent the Debtor in connection with the sale of real property. Mr. Gordon will provide these services: (a) prepare the property for listing; (b) market the property to potential buyers; (c) solicit and review offers; (d) assist with negotiations; and (e) coordinate the closing of any sale approved by the Court. Mr. Gordon proposes to take zero commission on the sale. Although Mr. Gordon is a co-owner of the Debtor and therefore technically not a "disinterested person" under Section 101(14) of the Bankruptcy Code, the Debtor submits that his proposed employment is in the best interests of the estate. About Collective Investment Holdings 5 LLC Collective Investment Holdings 5, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11741) on August 24, 2025, listing between $500,001 and $1 million in assets and between $100,001 and $500,000 in liabilities. Judge Brian F. Kenney presides over the case. Martin C. Conway, Esq., at Conway Law Group, PC represents the Debtor as bankruptcy counsel. CTL-AEROSPACE INC: Seeks Chapter 11 Bankruptcy in Ohio ------------------------------------------------------ Bondoro reports that on September 8, 2025, CTL-Aerospace Inc. sought Chapter 11 relief in the US Bankruptcy Court for the Southern District of Ohio. The company's petition shows liabilities in the range of $10 million to $50 million, with funds projected to be available for unsecured creditor recoveries. About CTL-Aerospace Inc. CTL-Aerospace Inc. is an aerospace composites maker headquartered in Cincinnati, Ohio. CTL-Aerospace Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-12226) on September 8, 2025. In its petition, the Debtor reports assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Beth A. Buchanan handles the case. The Debtor is represented by Patricia Friesinger, Esq. at Coolidge Wall Co., L.P.A. CUBCOATS ACQUISITION: Hires Orantes Law Firm as General Bankruptcy ------------------------------------------------------------------ Cubcoats Acquisition Vehicle LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Giovanni Orantes of The Orantes Law Firm, P.C., to serve as general bankruptcy counsel in its Chapter 11 case. The firm will provide these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirement of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate as a debtor in possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States Trustee; (d) provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports and/or other legal documents on behalf of the Debtor; (g) assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; (h) provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; (i) prepare, negotiate, prosecute and attain confirmation of a plan of reorganization; and (j) other compensation arrangements. Mr. Orantes will receive an hourly rate of $695, and an hourly rate of $160 applies to paralegals and law clerks. The Orantes Law Firm, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Giovanni Orantes, Esq. THE ORANTES LAW FIRM, P.C. 3435 Wilshire Blvd. 27th Floor Los Angeles, CA 90010 Telephone: (213) 389-4362 Facsimile: (877) 789-5776 E-mail: go@gobklaw.com About Cubcoats Acquisition Vehicle LLC Cubcoats Acquisition Vehicle LLC is a special-purpose entity formed to acquire assets related to the "Cubcoats" children's brand, including intellectual property and character rights. The Company executed an asset purchase agreement with Peak Theory, Inc. in 2023 through a bankruptcy court-supervised sale in the District of Utah. Cubcoats Acquisition Vehicle LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal.Case No. 25-16684) on August 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Judge Neil W. Bason oversees the case. The Debtor is represented by Giovanni Orantes, Esq. at THE ORANTES LAW FIRM, A.P.C. DATAVAULT AI: Issuance of 5M in Waiver Agreement OK'd ----------------------------------------------------- As previously disclosed, Datavault AI Inc. entered into an agreement (the "Waiver Agreement") with the purchasers party to that certain securities purchase agreement dated March 31, 2025, pursuant to which the purchasers waived the provisions relating to variable rate transactions contained in the March 2025 Purchase Agreement for a period of 60 days and the provisions relating to participation rights contained in the March 2025 Purchase Agreement, and the Company agreed that until the earlier to occur of: (a) the end of the 60-day period beginning on the trading date after the date of the Waiver Agreement, and (b) when no Purchaser holds any of the Notes (as defined in the March 2025 Purchase Agreement), the Corporation will not sell shares of common stock of the Company, par value $0.0001 per share, pursuant to that certain sales agreement, dated July 21, 2025, by and between the Company and Maxim Group LLC, (a)(i) on any trading day in an amount exceeding 10% of the trading volume of the shares of Common Stock on such trading day during regular trading hours, or (ii) outside of regular trading hours, (b) at a per share price below $1.10, or (c) in an aggregate amount exceeding $25,000,000. In consideration of the waiver granted by the Purchasers under the Waiver Agreement, the Company agreed to issue an aggregate of 5,000,000 shares of Common Stock to the Purchasers on the date the Company receives stockholder approval for such issuance under applicable stock exchange rules. Written Consent: On August 27, 2025, the holders of an aggregate of 50,365,422 shares of Common Stock, representing approximately 52% of the overall voting power of the Company, executed a Written Consent in lieu of a meeting to approve the issuance of shares of Common Stock pursuant to the Waiver Agreement in the aggregate maximum amount of 5,000,000 for purposes of complying with Nasdaq Listing Rule 5635(d), to the extent required. Pursuant to rules adopted by the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, as amended, an information statement on Schedule 14C describing the actions approved in the Written Consent will be filed with the SEC and mailed to the Company's stockholders. None of the actions approved in the Written Consent may become effective earlier than 20 calendar days following the mailing of the Information Statement. About Datavault AI Datavault AI Inc. (formerly WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $120.7 million in total assets, against $46.6 million in total liabilities. DB TRANSPORT: Seeks Subchapter V Bankruptcy in Mississippi ---------------------------------------------------------- On September 4, 2025, DB Transport LLC filed Chapter 11 protection in the Southern District of Mississippi. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About DB Transport LLC DB Transport LLC provides vehicle transportation and freight services across the United States, specializing in the interstate shipment of automobiles and general cargo. The Company operates under federal registration with the U.S. Department of Transportation and maintains offices in D'Iberville, Mississippi, and Murfreesboro, Tennessee. It serves individual customers and businesses requiring open or enclosed transport solutions. DB Transport LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51307) on September 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Katharine M. Samson handles the case. The Debtor is represented by Thomas C. Rollins, Jr., Esq. at THE ROLLINS LAW FIRM, PLLC. DCA OUTDOOR: Seeks to Obtain $8MM DIP Loan From Summit ------------------------------------------------------ DCA Outdoor, Inc. and its affiliates ask the U.S. Bankruptcy Court for the Western District of Missouri for authority to obtain post-petition financing to get through bankruptcy. The Debtors request interim and final orders permitting them to access a debtor-in-possession credit facility totaling up to $8.05 million from Summit Investment Management, LLC. This financing would be secured by senior, superpriority priming liens, ahead of existing secured creditors, notably Frontier Farm Credit. The termination date is 270 days after closing on the DIP facility, subject to extension as provided in the term sheet. The DIP financing is deemed critical for DCA to continue operations, meet regulatory obligations (including H-2A visa worker compliance), and formulate a reorganization plan. The Debtors assert that without immediate access to up to $3 million under the DIP facility, they would face irreparable harm, including the potential collapse of their operations and inability to comply with environmental and regulatory requirements. The funds will be used for operating expenses, professional fees, regulatory compliance, and restructuring costs, as detailed in a 13-week cash flow projection submitted with the motion. DCA, in consultation with its chief restructuring officer and advisors, pursued alternative financing options and engaged multiple lenders. Only one other term sheet was received, and none offered terms more favorable than Summit. DCA also approached Frontier, which declined to provide DIP funding under current management. Ultimately, DCA determined that Summit's offer, though it includes certain fees such as a $200,000 upfront fee, a 2% exit fee, and a $200,000 break-up fee—was the best available and essential to preserving estate value. The DIP financing includes customary provisions for adequate protection to Frontier, including replacement liens, superpriority administrative claims, and interest payments. It also includes a carveout to preserve the rights of professionals to be paid in the event of case conversion or default. The carveout includes $25,000 for a Chapter 7 trustee, administrative fees to the clerk of court, allowed fees for estate professionals incurred prior to a default, and capped amounts for post-default fees for both the Debtors and the creditors' committee. The Debtors filed for Chapter 11 in February after facing significant financial challenges including declining revenues, the loss of a major customer, diseased inventory, and increased operating costs. DCA, a Nevada corporation headquartered in Kansas City, Missouri, is a leading supplier in the landscape industry and the largest "balled and burlapped" tree producer in the U.S., operating in over 20 states and Canada. Despite being a market leader, DCA saw its revenue fall to $63 million in 2024, down $2 million from the previous year, and incurred a $3.1 million net loss, worsened by $400,000 from 2023. As of the petition date, the Debtors carried approximately $100 million in debt, including $96 million in secured obligations under a pre-petition credit agreement with Frontier. This agreement comprised a $60 million revolving credit line and $36 million in term loans with interest rates ranging from 4.55% to 7.95%. In January, DCA and Frontier entered a forbearance agreement, which Frontier terminated in February. Frontier subsequently declined to offer further financing unless DCA's chief executive officer was removed and a trustee appointed. A copy of the motion is available at https://is.gd/Mr9HPQ from PacerMonitor.com. About DCA Outdoor Inc. Established in 2016, DCA Outdoor Inc. is a vertically integrated green industry organization headquartered in Kansas City, Missouri. DCA Outdoor connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice, LLC as legal counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. Summit Investment Management LLC, as DIP lender, can be reached through: Patrick Gilbert Summit Investment Management, LLC Wells Fargo Center 1700 Lincoln Street, Suite 2150 Denver, CO 80203 Office: 720.221.3154 Cell: 651.688.6127 pgilbert@summit-investment.com DEEP BLUE: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned a 'BB-' issuer credit rating to Texas-based water infrastructure operator, Deep Blue Operating I LLC based on its view of the company pro forma for the acquisition. S&P also assigned a 'BB-' issue-level rating to the proposed term loan B based on a '3' recovery rating, indicating its expectations for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The stable outlook reflects S&P's expectation that Deep Blue will successfully close on the acquisition in the fourth quarter of 2025 and maintain S&P Global Ratings-adjusted debt to EBITDA of less than 4.0x through 2026. S&P said, "Our assessment of Deep Blue's business risk profile reflects the company's modest scale, geographic and customer concentration, and contract terms. Deep Blue has around 783,000 dedicated acres with 1,871 miles of pipelines and 160 saltwater disposals all in the Midland Basin. Our expectation of 1.55 million barrels per day (mmbpd) and 0.89 mmbpd of water handling and water supply volumes, respectively, in 2025 results in a modest pro forma S&P Global Ratings-adjusted EBITDA forecast within $285 million-$295 million, which we expect will grow to the $300 million-$310 million range in 2026. Deep Blue's contracts are largely fee-based acreage dedications with about 8% minimum volume commitments (MVCs) that subject the company to volumetric risk because adverse oil price movement could affect the activities of its upstream customers. We tend to view MVCs favorably because they provide a revenue floor when commodity prices are low. Further, the company exhibits significant customer concentration given its anchor customer, Diamondback, is responsible for about 88% of its pro forma revenue." These factors are offset by the company's "Earnback" agreement with Diamondback where it receives cash from its anchor customer if the customer's completion footage underperforms a baseline level. This arrangement provides some downside protection through 2028. S&P said, "Although, the contract agreement with Diamondback also includes earnout payments when the upstream company performs above the baseline, which we expect to be the case. Further, our investment-grade rating on Diamondback and the long-term nature of Deep Blue's contracts (average of 14 years) with annual CPI escalators are also offsetting factors." S&P said, "We expect Deep Blue will deleverage over the next few years by paying down the drawn RCF with excess cash flow. The company will draw $150 million on the RCF to fund the transaction, which we expect it will pay down with $45 million and $105 million from excess cash flow in 2025 and 2026, respectively. Consequently, we expect the company's S&P Global Ratings-adjusted debt to EBITDA will be around 3.6x in 2025 (on a pro forma basis) and improve to 3.0x in 2026. Given we expect Deep Blue will generate about $155 million pro forma free operating cashflow (FOCF) in 2025 and $120 million in 2026, we believe it has ample capacity to fund the repayments. Our leverage forecast incorporates the mandatory amortization as per the credit agreement and the inclusion of approximately $22 million of asset retirement obligations as debt. "We do not consider Deep Blue to be a financial sponsor-controlled company. Diamondback maintains meaningful ownership of the company's voting shares, despite Five Point Energy Infrastructure owning a majority stake in the company. Under this structure, Five Point does not have control to unilaterally make key financial policy decisions such as leverage threshold and approving Deep Blue's bankruptcy. Additionally, Deep Blue's leverage ratio threshold according to its governance documents is about 3.25x, which equates to around 3.3x–3.5x on an S&P Global Ratings-adjusted basis. Any changes to this leverage target would require unanimous approval. That said, its owners have agreed to temporarily increase leverage to allow for the acquisition of the Endeavor assets. We do not expect the company will pursue debt-funded acquisitions that increase net leverage above 3.5x on a sustained basis, based on stable FOCF generation, our view that Diamondback will support a conservative financial policy, and potential access to additional equity earmarked by both Diamondback and Five Point. "We view Deep Blue as moderately strategic to Diamondback. We believe Diamondback will support Deep Blue under some circumstances irrespective of the actions of Five Point. This is because of the critical importance of Deep Blue's services to Diamondback's operations in the Midland Basin, given the water midstream company will cover 95% of Diamondback's Midland Basin production. Our moderately strategic assessment resulted in a one notch rating uplift from the company's stand-alone credit profile (SACP) of 'b+'. "The stable outlook reflects our view that Deep Blue Operating I LLC will successfully close and integrate the acquisition of the Endeavor water assets and maintain leverage under 4.0x in 2025 and 2026. "We could lower the rating if S&P Global Ratings-adjusted leverage increases to above 4.0x on a sustained basis." This could occur if: -- A sharp decline in crude oil leads to sustained reduced drilling activity; or -- The company pursues a more aggressive financial policy. Separately, S&P could lower the rating if it deems Deep Blue to be nonstrategic to Diamondback. Although unlikely in the near-term, S&P could take a positive rating action if the company increases scale and geographic footprint while maintaining leverage under 3.0x. DIOCESE OF OAKLAND: Wants Ch. 11 Case Dismissed, Resume Mediation ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that the Oakland Diocese is set to resume mediation with a committee representing almost 350 victims of clergy sexual abuse and its insurance carriers, even as it works to conclude its Chapter 11 case. The diocese announced the agreement Tuesday, September 9, 2025, shortly after informing the Northern District of California Bankruptcy Court that it has depleted its funds for legal expenses. The 2023 bankruptcy filing aimed to resolve extensive allegations of sexual abuse by clergy members. Despite submitting a proposed plan to exit bankruptcy, the diocese has so far been unable to secure a settlement with all parties involved. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DIOCESE OF SYRACUSE: Judge Okays $176MM Bankruptcy Plan ------------------------------------------------------- Catholic World News reports that the Diocese of Syracuse has finalized its Chapter 11 case with a $176 million bankruptcy plan, approved by a judge five years after the diocese initially filed. Bishop Douglas Lucia announced the decision in a public statement. In a pastoral letter, Bishop Lucia said the diocese's emergence from bankruptcy is not only a legal milestone but also a call to spiritual renewal: "We emerge to better live our Catholic Christian faith, to leave sin behind, and to answer the Universal Call to Holiness at the heart of Christian life." Syracuse joins the dioceses of Albany, Buffalo, Rochester, and Rockville Centre, all of which filed for bankruptcy following legislative changes that reopened the window for sexual abuse lawsuits in New York, the report states. About The Roman Catholic Diocese of Syracuse The Roman Catholic Diocese of Syracuse, New York -- http://www.syracusediocese.org/-- through its administrative offices (a) provides operational support to the Catholic parishes, schools and certain other Catholic entities that operate within the territory of the Diocese in support of their shared charitable humanitarian and religious missions; (b) conducts school operations by managing tuition and scholarship payments, employee payroll, and other school-related operating expenses for separately incorporated Diocesan schools, as well as providing parish schools with financial, operational and educational support; and (c) provides comprehensive risk management services to the OCEs through the Diocese's insurance program. The Roman Catholic Diocese of Syracuse, New York filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen A. Breen, chief financial officer, signed the petition. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Margaret M. Cangilos-Ruiz oversees the case. Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy counsel. The Debtor also tapped Mullen Coughlin LLC as special counsel, Arete Advisors LLC as cybersecurity consultant, and Moxfive LLC as technical advisor. Stretto is the claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Debtor's bankruptcy case. The committee tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research Group, LLC, as its bankruptcy counsel, local counsel and financial advisor, respectively. DMO NORTH: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- DMO North Hampton Realty, LLC asks the U.S. Bankruptcy Court for the District of New Hampshire for authority to use cash collateral from August 18 to September 18. The Debtor owns commercial property at 137 Lafayette Road in North Hampton, New Hampshire, currently leased to Stratham Motor Sales, Inc. (doing business as McFarland Kia), under a triple-net lease. The Debtor seeks to continue using the cash collateral -- primarily rental income from the tenant -- to pay the regular monthly mortgage payment of $15,666 to Primary Bank, which holds a mortgage and security interest on the property from a $2.8 million loan made in February 2020. In addition, Primary Bank also claims that the property serves as cross-collateral for a separate $10.8 million loan made to DMO Auto Ventures, LLC, a related entity owned by the Debtor's principal, Daniel O'Brien. This cross-collateralization claim is disputed by the Debtor and may require court intervention to resolve. Leading up to the bankruptcy filing, Primary Bank sent a demand letter in June and scheduled a foreclosure sale for August 20. Under the terms of a Collateral Assignment of Leases and Rents (CALR), Primary Bank directed the tenant to pay rent directly to the bank in July. On July 31, the bank withdrew $30,000 from one of the Debtor's accounts -- more than the usual mortgage amount. The Debtor objects to this and proposes limiting payments to the monthly mortgage amount only. The property is believed to be worth approximately $4.5 million, and the February loan payoff is estimated at $2.43 million, indicating a strong equity cushion. The motion requests the court's authorization to allow the Debtor to use cash collateral solely to make mortgage payments while granting Primary Bank a replacement lien on post-petition assets to protect its interest. The Debtor has no available funds; Primary Bank has already swept the relevant bank accounts twice (once pre-petition and once post-petition). The Debtor has no employees, no rent obligations, no unsecured creditors and is current on taxes. Meanwhile, utilities are covered by the tenant. A copy of the motion is available at https://urlcurt.com/u?l=e5O0Ct from PacerMonitor.com. About DMO North Hampton Realty LLC DMO North Hampton Realty LLC is a single-asset real estate entity, as defined in 11 U.S.C. Section 101(51B), that leases commercial and residential properties. DMO North Hampton Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.H. Case No. 25-10578) on August 19, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by William J. Amann, Esq., at Amann Burnett, PLLC. EAST COAST DESIGNS: Hires Nicholson Devine LLC as Legal Counsel --------------------------------------------------------------- East Coast Designs Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Nicholson Devine LLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) advise the Debtor with respect to its rights, powers and duties as a debtor-in-possession in the continued operation and management of its business; (b) advise the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan or plans of reorganization in this case; (c) represent the Debtor at all hearings and matters pertaining to its affairs as a debtor and debtor-in-possession; (d) prepare, on the Debtor's behalf, all necessary and appropriate applications, motions, answers, orders, reports, and other pleadings and other documents, and review all financial and other reports filed in this Chapter 11 case; (e) advise the Debtor with respect to, and assist in the negotiation and documentation of, financing agreements, debt and cash collateral orders and related transactions; (f) review and analyze the nature and validity of any liens asserted against the Debtor's property and advise the Debtor concerning the enforceability of such liens; (g) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (h) advise and assist the Debtor in connection with the potential sale of the Debtor's assets; (i) advise the Debtor concerning executory contract and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; (j) review and analyze the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; (k) commence and conduct any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's Chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization other than with respect to matters to which the Debtor retains special counsel; and (l) perform all other legal services and provide all other necessary legal advice to the Debtor as debtor-in-possession which may be necessary in the Debtor's bankruptcy proceeding. The firm will be paid at these rates: Kate E. Nicholson, Esq. $400 per hour Christine E. Devine, Esq. $400 per hour Associates $250 to $325 per hour Paralegals $125 to $150 per hour Prepetition, the Debtor paid the firm $7,700, and $5,685 remained unpaid at the time of filing. All fees are subject to Court approval under Sections 330 and 331 of the Bankruptcy Code. Nicholson Devine LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kate E. Nicholson, Esq. Angelina M. Savoia, Esq. NICHOLSON DEVINE LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Telephone: (857) 600-0508 E-mail: kate@nicholsondevine.com angelina@nicholsondevine.com About East Coast Designs Inc. East Coast Designs Inc. is a specialized design services company based in Marblehead, Massachusetts. It provides professional design services in the interior and home design sector, with operations along the East Coast. East Coast Designs Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11692) on August 13, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Nicholson Devine LLC. ELITE EQUIPMENT: Seeks Chapter 11 Bankruptcy in Montana ------------------------------------------------------- Bondoro reports that Elite Equipment Leasing LLC along with its affiliates, filed for Chapter 11 bankruptcy on September 7, 2025 in the US Bankruptcy Court for the District of Montana. The company reported liabilities between $10 million and $50 million. Court filings state that unsecured creditors are unlikely to receive any distribution once administrative expenses are covered. About Elite Equipment Leasing LLC Elite Equipment Leasing LLC is a Billings, Montana-based crane rental group. Elite Equipment Leasing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 25-10145) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtors are represented by James A. Patten, Esq. at Patten, Peterman, Bekkedahl & Green, PLLC and Lesnick Prince Pappas & Alverson LLP. Garrett Stiepel Ryder LLP is the Debtors' Special Corporate and Transactional Counsel. Curt Kroll of SierraConstellationPartners LLC is the Debtors' Financial Advisor. Epiq Corporate Restructuring LLC is the Debtors' Claims Agent. ENERGIZER HOLDINGS: S&P Rates New $300MM Sr. Unsecured Notes 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating to U.S.-based Energizer Holdings Inc.'s proposed $300 million senior unsecured notes due 2033. The recovery rating on the proposed notes is '5', indicating creditors could expect modest (10%-30%; rounded estimate: 15%) recovery in the event of a payment default. The company intends to use the net proceeds from the proposed notes offering, together with the anticipated proceeds from its recently launched $150 million term loan B facility add-on, to redeem its $300 million 6.50% senior notes due 2027 and repay a portion of borrowings under its revolving credit facility. S&P's 'B+' issuer credit rating on the company and stable outlook are unchanged. The leverage-neutral transaction will improve liquidity by increasing availability under its revolving credit facility and addressing a medium-term note maturity. S&P said, "We forecast Energizer will maintain good earnings momentum following a solid third quarter ended June 30, 2025, in which S&P Global Ratings-adjusted EBITDA grew 30%. We also expect the company will prioritize debt repayment such that S&P Global Ratings-adjusted leverage falls below 6x in fiscal 2025. Our ratings on Energizer reflect its strong market share and brand recognition in the global battery business and consistent cash flow generation, partly offset by its high debt burden and participation in the mature global battery industry and highly competitive, seasonal auto care business." ENKB-MONTICELLO LLC: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------------- On September 7, 2025, ENKB-Monticello LLC filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About ENKB-Monticello LLC ENKB-Monticello LLC and affiliates own and operate multifamily residential properties in Texas, including Monticello Apartments, La Plaza Apartments, Mar Del Sol Apartments, and Villa Nueva Apartments. The Debtors provide rental housing across their respective communities and are managed as part of a real estate investment portfolio based in Houston, Texas. ENKB-Monticello LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80418) on September 7, 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 Alfredo R. Perez handles the case. The Debtor is represented by Joyce W. Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. ERIE KASH: Unsecureds to Get Share of Income for 3 Years -------------------------------------------------------- Erie Kash Out Properties LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization under Subchapter V dated September 2, 2025. The Debtor, a Pennsylvania limited liability company, owns and operates a three-unit residential rental property located at 30 South 62nd Street, in Philadelphia, PA. The Property was purchased in June 2019 and is the Debtor's primary asset. Since acquisition, the Property experienced significant vacancy periods due to the COVID-19 pandemic and the need for substantial repairs to restore the units to rentable condition. These challenges disrupted rental income and contributed to financial difficulties, including the accumulation of secured and unsecured debts. As of March 15, 2025, all three units are fully rented, generating a stable monthly rental income. The Debtor has addressed the repair needs and stabilized operations, enabling it to propose this Plan of Reorganization under Subchapter V of Chapter 11. This Plan of Reorganization under chapter 11 of Title 11, United States Code, proposes to pay creditors of the Debtor from its future income. Non-priority unsecured creditors holding allowed claims will receive distributions from the Debtor's disposable income. This Plan also provides for the payment of administrative and priority claims. Class 5 consists of all timely-filed allowed general unsecured claims, which will receive-pro rata distributions funded by the Debtor's projected net disposable income over three years. This class is impaired and entitled to vote. Class 6 consists of all equity interests of the debtor, which will be retained, unaltered, and outstanding. This class is not impaired and not entitled to vote. The Plan will be funded exclusively through rental income generated from the Debtor's real property located at 30 South 62nd Street, Philadelphia, Pennsylvania (the "Property"). The Debtor shall retain and continue to operate the Property as an income-producing rental asset throughout the term of the Plan. A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=Kn7mM2 from PacerMonitor.com at no charge. Counsel to the Debtor: Brad J. Sadek, Esq. Michael I. Assad, Esq. Sadek Law Offices LLC 1315 Walnut St Ste 1119 Philadelphia, PA 19107 Tel: (215) 545-1055 About Erie Kash Out Properties Erie Kash Out Properties, LLC, a Pennsylvania limited liability company, owns and operates a three-unit residential rental property located at 30 South 62nd Street, in Philadelphia, PA. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11729) on May 2, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Ashely M Chan presides over the case. Brad J. Sadek, Esq., at Sadek Law Offices, LLC, is the Debtor's bankruptcy counsel. EVANGELINE HOSPITALITY: Case Summary & 20 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: Evangeline Hospitality, LLC 2235 Creswell Lane Ext, Lot B Opelousas, LA 70570 Business Description: Evangeline Hospitality, LLC owns and operates the Evangeline Downs Hotel in Opelousas, Louisiana, under a franchise agreement with Choice Hotels International's Ascend Hotel Collection. The Company provides lodging services and amenities at its property located at 2235 Creswell Lane Extension. Chapter 11 Petition Date: September 9, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-50805 Judge: Hon. John W Kolwe Debtor's Counsel: Tom St. Germain, Esq. WEINSTEIN & ST. GERMAIN 1103 West University Ave Lafayette, LA 70506 Tel: (337) 235-4001 Fax: (337) 235-4020 Total Assets: $3,318,119 Total Liabilities: $7,103,959 The petition was signed by William John Folkerts as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OJ3B5FA/Evangeline_Hospitality_LLC__lawbke-25-50805__0001.0.pdf?mcid=tGE4TAMA EVERGREEN LODGING: Hires Kutner Brinen as Legal Counsel ------------------------------------------------------- Evergreen Lodging LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; and (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree. The fees and costs charged by Kutner Brinen Dickey Riley, P.C. are subject to allowance or review by the Court in accordance with 11 U.S.C. Sections 329, 330 and 331. Kutner Brinen Dickey Riley, P.C. represents no interest materially adverse to the estate of the Debtor, according to court filings. The firm can be reached at: Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 About Evergreen Lodging LLC Evergreen Lodging LLC, owned by Sean and Susi Keating, is a Colorado-based hospitality company that operates lodging facilities and manages a 155-room Days Inn lodging facility in Golden under a 2020 franchise agreement. Evergreen Lodging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15542) on August 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Keri L. Riley, Esq. at KUTNER BRINEN DICKEY RILEY. FOREST CITY REALTY: S&P Lowers ICR to 'CCC' on Refinancing Risk --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Forest City Realty Trust Inc. to 'CCC' from 'CCC+' and its issue-level rating on its term loan to 'CCC'. Our '4' recovery rating is unchanged, indicating its expectation for average recovery in the event of a default. The negative outlook reflects S&P's expectation that Forest City will need to actively address its upcoming term loan maturity in December and revolving credit facility balance due in May 2026 to avoid a default. Forest City Realty Trust Inc.'s term loan due in December presents material refinancing risk such that absent a refinancing, the issuer could face a near-term liquidity crisis or distressed exchange. Forest City faces increased refinancing risk amid a shortening window to repay or refinance its term loan due in December. S&P said, "We believe there is an increased likelihood of a distressed exchange, redemption, or default, absent a refinancing or unforeseen positive development to Forest City's financial position. The company has yet to refinance or use asset sale proceeds to pay down its $600 million term loan due in December (with no extension options available). Macroeconomic uncertainty and market volatility earlier this year stressed an already challenging transaction environment, resulting in limited dispositions. Year to date, Forest City has sold one asset (netting $20.7 million in proceeds at its share), with $55 million of assets held for sale on the balance sheet as of June 30, 2025. While we think transaction activity could pick up in the coming months, we believe the company relies on refinancing to repay the term loan, which has yet to occur." Forest City's balance sheet remains highly leveraged, with additional material maturities over the next two years. Forest City has $250 million outstanding under its revolver $400 million revolver due in May 2026, with no extension option available. The revolver does not require the company to meet financial covenants and is subordinated to the term loan. In addition, the company has approximately $1.7 billion in nonrecourse mortgage debt due this year (including $324.7 million related to two nonrecourse mortgage loans with original 2023 maturity dates that the company is working with the servicers to extend) followed by $1.19 billion in 2026. S&P recognizes the company could walk away from its nonrecourse debt, but it expects the company will continue to exercise extension options and work with lenders to refinance mortgages when feasible. In the first quarter, Forest City extended a $352.8 million multi-asset nonrecourse loan with a maturity date of January 2025 and a $72.0 million multifamily nonrecourse mortgage loan with a maturity date of February 2025 to January 2026 and February 2026, respectively. S&P said, "Our rating on Forest City does not incorporate support from Brookfield, the sponsor, because we view the investment as nonstrategic. While we recognize the possibility that Brookfield could assist Forest City with liquidity needs, our base-case scenario does not include support. That said, we acknowledge Brookfield provided an EBITDA equity cure to Forest City in 2023 for Forest City to avoid breaching its covenants under its revolving credit facility. Affiliates of Brookfield also provided Forest City with a revolving credit facility, which does not require any minimal financial covenants and expires in May 2026. "The negative outlook reflects our view that the company's capital structure is unsustainable and current market conditions will make it challenging for the company to repay its term loan due in December absent a refinancing." S&P could lower its rating on Forest City if it: -- Cannot execute a refinancing or sufficient asset sales such that S&P would believe it does not have a viable path to repay its term loan by maturity; or -- Pursues a debt restructuring or exchange. S&P could consider revising its outlook or rating on Forest City if: -- It successfully refinances the term loan; and -- The company refinances its upcoming maturities into a more laddered schedule. FREEDOM 26: To Sell SMB Properties to F&E 2012 for $16.5MM ---------------------------------------------------------- The Accomodator Group, Inc. (TAG), Plan Administrator for the Reorganized Behnam Rafalian and Freedom 26, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Property that is up for sale is comprised of retail, office, warehouse, and residential properties located at 11900, 11914, 11918, 11922, and 11930-11932 Santa Monica Boulevard, Los Angeles, California 90025 and 1516 and 1518 Brockton Avenue, Los Angeles, California 90025 (SMB Properties). After negotiating with several potential purchasers and countering their proposals, and consulting with Debtor's broker and other interested parties, TAG enter into a purchase agreement for the SMB Properties on or about June 29, 2025 for $16.5 million with buyer, F&E 2012 Revocable Trust. The Buyer placed an initial deposit of $500,000 into escrow, with another $500,000 to be deposited at the end of the contingency period, at which time the $1 million deposit would become non-refundable and released to TAG. The original projected close of escrow was September 3, 2025. The net proceeds to be received from the sale by TAG are approximately $4,673,303.72, or higher if there is a qualified overbid. Disbursements include liens in the approximate amount of $8,500,000.00 (to first trust deed holder Regal Investment Fund, LLC), broker commissions of $290,000.00 (2% to Newmark Pacific), reimbursement of $20,000.00 to TAG for the Phase II Environmental Report and testing, and other items such as county property taxes, city and county transfer taxes, and other usual closing costs such as title and escrow fees. TAG requests authority to pay any liens it deems valid through escrow, along with ordinary costs such as, but not necessarily limited to, property and transfer taxes, reimbursements, title fees, escrow fees, and broker commissions of 2%, upon close of escrow. TAG also requests that all net proceeds of the sale after payment of the foregoing be paid to it as Plan Administrator for the benefit of the estate upon close of escrow. The sale is specifically free and clear of the Shamsam Trust's lien, and Shamsam Trust shall not receive any disbursement directly out of escrow. TAG proposes the following overbid procedures be used at the hearing on the Sale Motion for the purpose of considering bids. Each potential bidder (other than Buyer F&E Trust (or its assignee) in order to be a Qualified OverBidder at the Hearing, shall: -- Deposit by wire transfer the sum of $1 million directly with TAG, which must be received and verified by TAG no later than one day before the hearing. -- At least one day prior to the Sale Hearing, provide proof of funds to TAG and its representatives (including counsel and Newmark), showing that the overbidder has the ability to pay the balance of any bid made by such bidder. -- The initial overbid shall be a total of at least five hundred thousand dollars ($500,000.00) more than the Sales Price, and all additional/subsequent overbids must be made in minimum increments of $250,000.00. -- Whether Buyer F&E Trust or an overbidder is declared the winning bidder at the Sale Hearing, such Winning Bidder shall have seven days after entry of a court order approving the sale to close escrow. TAG also requests approval of a Backup Bidder should the Winning Bidder fail to close the sale escrow within the applicable period. TAG believes the overbid procedures are reasonable and appropriate for purposes of achieving the goals of maximizing the net proceeds of the sale, and should be approved by the Court at the Sale Hearing in conjunction with approval of the sale. About Freedom 26 LLC Freedom 26, LLC in Culver City, C, filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 23-16953) on Oct. 23, 2023, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Benham Rafalian, manager, signed the petition. Benham Rafalian later filed his own Chapter 11 petition (Bankr. C.D. Cal. Case No. 23-17417) on Nov. 8, 2023. Judge Deborah J. Saltzman oversees the cases. Freedom 26 tapped the Law Offices of Raymond H. Aver as legal counsel. GABHALTAIS TEAGHLAIGH: Hires Bernkopf Goodman as Special Counsel ---------------------------------------------------------------- Gabhaltais Teaghlaigh LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Bernkopf Goodman LLP to serve as special counsel in its Chapter 11 case. Bernkopf Goodman will provide these services: (a) resolve competing claims and priorities affected by the avoided foreclosure sale of the Real Property, including who holds the Synergy Mortgage and whether any sums are due thereunder; (b) determine any sums due under the Rockland Mortgage; (c) address OHP's improper retention of rents from July 2022 through March 2024 and other damages Debtor has suffered relating thereto; (d) challenge the validity of the Gill Mortgage with respect to the bankruptcy estate; (e) determine the entitlement of any alleged secured creditors to proceeds from the sale of the Real Property; and (f) perform all other legal services and provide all other legal advice requested by the Debtor with respect to the above matter. Bernkopf Goodman will be paid at a reduced negotiated rate that is 10% less than their standard billing rates, with the primary work to be completed by Attorney Jason A. Manekas at a rate of $589.50 per hour and Attorney Meredith Swisher at a rate of $513 per hour. In addition, Bernkopf shall be paid a $10,000 retainer, subject to Court approval. According to court filings, Bernkopf Goodman does not represent or hold any interest materially adverse to the estate with respect to the Real Property or bankruptcy estate and is therefore considered a "disinterested person" under the Bankruptcy Code. The firm can be reached at: Jason A. Manekas, Esq. Bernkopf Goodman LLP 2 Seaport Lane, 9th Floor Boston, MA 02210 Telephone: (617) 790-3000 Website: www.bg-llp.com About Gabhaltais Teaghlaigh LLC Gabhaltais Teaghlaigh, LLC is a real estate rental company that immediately prior to the petition date, owned six residential or commercial properties. Gabhaltais Teaghlaigh sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June 15, 2022. In the petition filed by Virginia Hung, as member, Gabaltais Teaghlaigh listed under $50,000 in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. David G. Baker, Esq., at Baker Law Offices is the Debtor's bankruptcy counsel. Synergy Funding is represented by: Alex F. Mattera, Esq. Pierce Atwood, LLP 100 Summer Street, 22nd Floor Boston, MA 02110 Telephone: (617) 488-8112 amattera@pierceatwood.com GRANT ANTIQUES: Unsecureds Will Get 16% of Claims over 60 Months ---------------------------------------------------------------- Grant Antiques, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida a Second Amended Plan of Reorganization dated September 2, 2025. The Debtor was formed in 2018 and is a retail store with emphasis on antiques and consignment sales. Prior to filing this case, the Debtor was having difficulty paying its creditors. One of the creditors obtained a judgment and was attempting to garnish the Debtor's bank accounts. The Debtor needed to file bankruptcy to manage which creditors would be paid and when they would be paid. The Debtor's ability to fully fund the plan and make payments is dependent on the company's future income. Since the filing of the case, the Debtor has been netting approximately $9,500.00 per month. The Debtor expects to be able to continue at least that amount each month for the duration of the plan. Pursuant to the projections, the Debtor's projected disposable income for the plan is $216,000.00. Class 4 consists of general unsecured creditors. The unsecured claims total approximately $1,316,185. The Debtor will pay $3,600.00 per month for 60 months to unsecured creditors. The unsecured creditors will receive a pro-rata share. The creditors will receive approximately 16% of their claim. This class is impaired. The owners of the Debtor shall retain all property of the estate. A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=GTR1Pc from PacerMonitor.com at no charge. The Debtor's Counsel: Brian K. McMahon, Esq. BRIAN K. MCMAHON, PA 1401 Forum Way Suite 730 West Palm Beach, FL 33401 Tel: 561-478-2500 E-mail: briankmcmahon@gmail.com About Grant Antiques Inc. Grant Antiques Inc. operates as an antique mall offering a wide range of antiques, collectibles, and vintage items. The Company is based in Grant, Florida, with additional presence in Fort Pierce, Florida. It is registered as a Florida corporation and serves antique enthusiasts through its multiple dealer booths and consignment sales. Grant Antiques sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02931) on May 15, 2025. In its petition, the Debtor estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Brian K. McMahon, Esq., at Brian K. McMahon, PA. HAVOC BREWING: Employs Hollingsworth Avent as Accountant -------------------------------------------------------- Havoc Brewing Company, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Tim Avent, CPA, of Hollingsworth Avent Averre & Purvis, PA, to serve as accountant in its Chapter 11 case. The firm will provide these services: (a) maintain financial records; (b) prepare future annual tax returns; and (c) perform any other accounting services for the Debtor as may be necessary in this Chapter 11 proceeding. Mr. Avent's representation will be on an hourly basis, with the Debtor responsible for all reasonable and necessary costs and expenses incurred. According to court filings, Mr. Avent and Hollingsworth Avent Averre & Purvis, PA, do not hold or represent any interest adverse to the bankruptcy estate and are considered "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Tim Avent, CPA HOLLINGSWORTH AVENT AVERRE & PURVIS, PA 300 W Millbrook Road Raleigh, NC 27609 About Havoc Brewing Company LLC Havoc Brewing Company, LLC is a veteran-owned craft brewery based in Pittsboro, N.C. Founded in 2023, the company operates a 6,500-square-foot taproom that features award-winning beers, a coffee bar, and regular community events such as trivia nights, live music, and food trucks. Havoc Brewing Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01498) on April 25, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Pamela W. McAfee handles the case. The Debtor is represented by: Joseph Zachary Frost Buckmiller & Frost, PLLC Tel: (919) 296-5040 Email: jfrost@bbflawfirm.com HAYDALE CERAMIC: Amends Unsecured Claims Pay Details ---------------------------------------------------- Haydale Ceramic Technologies, LLC, submitted an Amended Plan of Liquidation dated September 2, 2025. The Debtor was a manufacturer of various silicon carbide parts. During the pendency of the case, the Debtor sold substantially all its assets through a public sale that resulted in an auction that took place on April 15, 2025 in which Greenleaf Corporation was the winning bidder for the purchase price of $683,600.00. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 1 shall consist of General Unsecured Creditors ("GUCs"). Each holder of an Allowed Unsecured Claim shall be entitled to receive such holder's pro rata share of the Remaining Assets (minus the Retained Action Fund) after payment of Allowed Claims described in Sections 6.2, 6.3, 6.5, 6.6, and 6.7 of this Plan on the date that is 60 days after the Effective Date. The funds will be paid out in one lump-sum distribution; however, to the extent any funds are recovered from any Retained Actions of the Debtor ("Retained Action Proceeds"), they will be distributed to Class 1 claimants after an appropriate notice and hearing. The Debtor will seek to confirm this plan under Section 1191(a) of the Bankruptcy Code, however, if the Plan is confirmed under Section 1191(b) of the Bankruptcy Code, Class 1 shall be treated the same as if the Plan was confirmed under Section 1191(a) of the Bankruptcy Code. Notwithstanding anything else in this Plan to the contrary (except for Section 11.8), 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 the Debtor's obligations hereunder shall be reduced accordingly. The Claims of the Class 1 Creditors are Impaired by the Plan, and the holders of Class 1 Claims are entitled to vote to accept or reject the Plan. Upon confirmation, the Liquidating Debtor will be charged with administration of the Plan. The Liquidating Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. The Liquidating Debtor will file all post confirmation reports required by the United States Trustee’s office or by the Subchapter V Trustee. The source of funds for the payments pursuant to the Plan are the Remaining Assets, which are comprised of the proceeds from the sale of all Debtor’s assets to Greenleaf Corporation and the available cash in the Debtor's DIP Account. The Debtor has ceased operations and will cease to exist upon confirmation of the Plan. There is no projected revenue to be disclosed by the Debtor. A full-text copy of the Amended Liquidating Plan dated September 2, 2025 is available at https://urlcurt.com/u?l=j3i0Cr from PacerMonitor.com at no charge. Counsel to the Debtor: Will B. Geer, Esq. Rountree, Leitman, Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About Haydale Ceramic Technologies Haydale Ceramic Technologies, LLC is a manufacturer of Silicon Carbide (SiC) ceramic materials, boasting the largest installed production capacity across the Americas, Europe, and the APAC regions. Manufactured in Greer, South Carolina, the Company's cutting tools are crafted using the highest quality SiC materials, including particulates, fibers, and microfibers. Haydale Ceramic Technologies filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-20159) on February 7, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge James R. Sacca handles the case. The Debtor is represented by William Rountree, Esq. at Rountree, Leitman, Klein & Geer, LLC. IASO PARENT: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Iaso Parent Inc. (doing business as Arcadia Consumer Healthcare Inc.) and its 'B' issue-level rating to the proposed senior secured term loan B. The recovery rating on the term loan B facility is '3', indicating its expectation for meaningful recovery (50%-70%; rounded estimate 60%) in the event of a payment default. The stable outlook reflects S&P's expectation that the company will achieve solid EBITDA and free operating cash flow (FOCF) growth over the next 12 months and reduce its S&P Global Ratings-adjusted leverage below 5x. Bansk Group intends to extend the life of its investment in Iaso Parent Inc. (doing business as Arcadia Consumer Healthcare Inc.) and retain control of the business via a Bansk-managed single asset continuation vehicle (CV) fund. The transaction contemplates Bansk rolling all of their equity, management rolling a significant portion of their transaction proceeds, and certain investors exiting the investment. In addition, the company intends to raise new equity capital, enter into a new $800 million bank credit facility, and refinance existing debt. This balance sheet leveraging transaction is anticipated to close around December 15, 2025. S&P's rating reflects Arcadia's small scale, narrow business focus within the over-the-counter (OTC) consumer health care space, and heavy reliance on a few key brands. Since its founding in 2018, Arcadia has acquired approximately 12 brands across niche OTC consumer health care categories including clinical haircare, gastrointestinal health, oral care, vitamins, minerals, and supplements (VMS), foot care, first aid, and cough and cold. While it holds leading positions in medicated anti-dandruff shampoo (Nizoral), stool softeners (Colace), and natural stimulant laxatives (Senokot), its overall market share in the global OTC healthcare sector is negligible. According to Euromonitor, most of Arcadia's brands have non-leading positions (except for Nizoral) within broader categories and have limited pricing power compared with category leaders. Its key brands--Nizoral, Colace, Senokot and CloSYS--are significant contributors to Arcadia's profitability, consistently growing annually in the double-digit percent area. However, Arcadia faces intense competition from both smaller players with solid brand loyalty as well as from large, well-capitalized companies, such as Procter & Gamble Co., Kenvue Inc., Haleon plc, and Bayer AG, that have superior financial resources, enabling product development, more aggressive marketing, and premium pricing. While Nizoral and CloSYS are premium-priced, both brands have low awareness from consumers. Additionally, several of Arcadia's categories are exposed to private-label competition, which may increase during economic downturns despite the overall noncyclical nature of the industry. S&P said, "While we believe Arcadia's categories enjoy overall satisfactory growth prospects considering solid and consistent volume growth in key brands (which we attribute partially to growth on Amazon outpacing other consumer health care peers), the lack of product and brand diversity could damage the company's cash flows if unanticipated developments arise--such as product safety allegations, which can occur in the OTC health care space. While Senokot and Colace operate in more mature, steadily growing categories, benefiting from favorable category dynamics, Nizoral in particular could be hindered if rivals develop competing products because its key ingredient, ketoconazole, is not patent protected. While it could be difficult to replicate the company's U.S. Food and Drug Administration (FDA)-approved anti-dandruff formulation, the prospects of realizing returns close to Arcadia's could entice rivals to invest heavily in the space. We assume Arcadia will continue to have ready access to ketoconazole at prices comparable with recent history, although it is also a risk if usage of this ingredient for other fungal infection applications becomes more widespread, potentially driving up the cost." The rating also reflects Arcadia's ownership by financial sponsor Bansk Group, which will retain governance and control following the continuation vehicle transaction. After the transaction, Arcadia's funded debt will increase to $750 million from about $300 million. S&P said, "As a result, we estimate its pro forma S&P Global Ratings-adjusted leverage will be in the low-5x area, and the company's solid profit and ability to generate cash flow should enable steady deleveraging to the mid-4x area in 2026. Ultimately, though, we believe Arcadia's financial policy will prevent it from sustaining S&P Global Ratings-adjusted leverage below 5x for an extended period of time because of the potential for debt-financed dividends or mergers and acquisitions (M&A)." Customer and supplier concentration are risks that could lead to weaker performance, if unanticipated, unfavorable events occur. Arcadia has high customer concentration, with its top two customers contributing to about 50% of its total net sales. In our opinion, the company is heavily reliant on the profitability of Nizoral, Colace, Senokot, and CloSYS, making it dependent on favorable category dynamics and brand perception. The company also has significant supplier concentration, with its top four suppliers supplying products that equate to over 50% of its net revenues. Given its small size and brand concentration, the loss of a customer or supplier, or inroads by existing rivals or new competitors, could meaningfully depress EBITDA, cash flow, credit metrics, and liquidity. S&P said, "We view Arcadia's tariff exposure as minimal given that the majority of its suppliers are U.S.-based and benefit from pharmaceutical tariff exemptions. Even in a scenario where these exemptions were removed, we believe the company's overall exposure would remain limited due to its primarily domestic sourcing. Additionally, if supplier costs rose potentially due to input cost inflation or un-exempt tariffs, we would expect Arcadia to seek alternative suppliers or increase prices to consumers." Both scenarios pose risks if unsuccessful: potential volume declines and margin compression, or supply chain disruptions, ultimately resulting in weaker-than-expected operating performance. Arcadia demonstrates above-average EBITDA margins and robust cash flow generation relative to most peers, driven by its asset-light business model and lean operating structure. The company operates a 100% outsourced business model, allowing it to maintain a variable cost structure that limits downside even in periods of softening demand, with very low capital expenditure (capex) requirements. However, this model presents risks, including potential lack of control and oversight over the supply chain, in addition to operating challenges at suppliers that could cause disruptions. Additionally, Arcadia experiences minimal seasonality, enabling consistent quarterly FOCF generation. This contrasts with most personal care and consumer health care peers that need to invest cash or borrow under a credit facility to fund seasonal working capital needs. These factors allow Arcadia to generate positive quarterly FOCF, supported by low capex and modest working capital needs. Historically, the company has used excess cash to pursue strategic, EBITDA-accretive M&A and reduce debt. Arcadia operates with a notably small employment base--payroll costs less than 5% of selling, general, and administrative (SG&A) expenses--which contributes to its low fixed labor and overhead costs. While this lean structure supports high EBITDA margins and enables the company to reinvest a substantial portion of profits into marketing and advertising, it also introduces key person risk and the potential for operational missteps. Despite holding leading positions in a few niche categories, overall brand awareness is low. Its flagship product, Nizoral, competes directly with anti-dandruff shampoo and standard shampoo category leader Head & Shoulders (Procter & Gamble) as well as Selsun Blue (Opella Healthcare Group). While Nizoral differentiates itself by addressing the root cause of dandruff--fungal growth--through its unique active ingredient, ketoconazole (the only FDA-approved shampoo with this compound), it lacks broad-based consumer awareness. However, household penetration is high for Head & Shoulders as it benefits from significantly greater scale, shelf presence, and marketing strength. S&P believes most consumers with dandruff turn to Head & Shoulders and only discover Nizoral through research or word of mouth given Arcadia's small scale. S&P said, "Moreover, we believe competitive pressure from prescription (Rx) alternatives is low because these products typically contain higher concentrations of ketoconazole rather than a different active ingredient that would directly compete with Nizoral. As such, Rx products are not positioned as substitutes but rather as escalated treatments. "We believe management will continue to focus on growing Nizoral, including via search engine optimization (SEO), targeted social media advertising, and influencer-driven campaigns. While these efforts are aligned with improving brand awareness, they carry inherent risks. In personal care and consumer health care, brand perception among younger demographics--especially Gen Z--is increasingly shaped by word-of-mouth and social media endorsements. If sentiment were to shift negatively, the impact could be swift and damaging to brand equity, which is already low compared with competitors. "We continue to forecast solid revenue growth, although we expect growth will moderate overtime absent additional M&A. Market share gains are likely to decelerate over time as displacing entrenched brands like Head & Shoulders in anti-dandruff or MiraLAX in laxatives, for example, will require sustained and greater brand investment. While we expect marketing and advertising investment to increase, we do not anticipate Arcadia will reinvest a significant portion of revenue gains--resulting in SG&A remaining flat or declining as a percentage of revenue. Furthermore, we view Arcadia's innovation pipeline as relatively narrow, with efforts focused on refreshed packaging and new product formats. While these changes may help reinforce existing customer loyalty, they are unlikely to drive meaningful new customer acquisition or significantly shift market dynamics. "We anticipate M&A will remain central to Arcadia's strategy, targeting EBITDA-accretive acquisitions in OTC consumer health care. While not in our base-case forecast, we expect M&A would occur over the next few years and could be financed with a mix of cash and debt or equity from the sponsor. However, the company has a track record of making accretive acquisitions and reducing leverage through organic growth and debt repayment thereafter. Ultimately, we expect it will reduce leverage over the next 12 months through organic EBITDA growth but forecast leverage will fluctuate near 5x over the next few years as Arcadia pursues M&A. "While there is no history of sponsor distributions, and Bansk will not take a cash distribution as part of this transaction, we cannot rule out the possibility of future dividends. We believe Bansk pursued this transaction to extend its hold period and potentially enhance returns over the medium term, leveraging Arcadia's double-digit organic net revenue growth since its acquisition in 2021. However, with a likely exit horizon in about three to five years, the probability of near-term distributions has increased as the sponsor positions itself to monetize the asset. This dynamic reinforces our view of an aggressive financial policy, contributing to a highly leveraged financial risk profile assessment despite solid cash flow generation and our base-case forecast for deleveraging below 5x. "The stable outlook reflects our expectation that the company will achieve solid EBITDA and FOCF growth over the next 12 months and reduce its S&P Global Ratings-adjusted leverage below 5x." S&P could lower the rating if Arcadia sustains leverage above 6.5x or its view of the business risk weakens, which could occur if: -- Competition in the anti-dandruff category intensifies, either from existing players or new entrants, or negative media attention or unfavorable customer reviews emerge; -- Profitability declines due to lower overall demand for its products, the loss of a major customer, rising private-label competition, or supplier disruptions; -- Operating costs increase as a result of workforce expansion, increased marketing and advertising needs to drive growth, or other initiatives; or -- The company transacts large, debt-financed acquisitions or dividends. While unlikely, S&P could raise the rating over the next 12 months if Arcadia demonstrates a commitment to a financial policy consistent with maintaining S&P Global Ratings-adjusted leverage below 5x. This would include no debt-financed M&A or shareholder distributions. IN HOME: To Sale East Dundee Property to Ellen R. Heffron --------------------------------------------------------- In Home Personal Services Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 605 Barrington Ave, Unit 226, East Dundee, Illinois. On September 19, 2025, the Debtor accepts the offer to sell the Property to Ellen R. Heffron, a disinterested third-party purchaser, with the purchase price of $75,000. The purchaser has conditioned the contract to close on or before September 19, 2025. The Property has no current liens and all closing cost will be paid in full from the proceeds of the sale and the sale is for cash. The Debtor estimates that after expenses and HOA costs and credits, the estate of the Debtor will add approximately 50,000 to 53,000 to the Debtor's estate. About In Home Personal Services In Home Personal Services Inc. operates a health care business in Carpentersville, Ill. In Home Personal Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08842) on June 15, 2024, with total assets of $744,226 and total liabilities of $3,509,818. Michael Collura, president of In Home Personal Services, signed the petition. Judge Jacqueline P. Cox oversees the case. The Debtor tapped James A. Young, Esq., at James Young Law as bankruptcy counsel and Lois West, CPA, at KRD Accountants Ltd. as accountant. IOVATE HEALTH: Chapter 15 Case Summary -------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Iovate Health Sciences International Inc. 25-11958 381 North Service Road West Canada Oakville, ON, Canada L6M 0H4 Iovate Health Sciences U.S.A. Inc. 25-11959 Northern Innovations Holding Corp. 25-11960 Business Description: Iovate Health Sciences International Inc. is a Canadian nutrition company headquartered in Oakville, Ontario, that develops and markets active nutrition and weight management products. Founded in 1995, the Company offers brands such as MuscleTech, Six Star, Purely Inspired, and Hydroxycut, distributing them through retail, health food, and online channels. Its products are sold in more than 140 countries worldwide. Chapter 15 Petition Date: September 9, 2025 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Martin Glenn Foreign Representative: Iovate Health Sciences International Inc. 381 North Service Road West Oakville, ON, Canada L6M 0H4 Signatory: Wesley Parris Chief Executive Officer Foreign Proceeding: Ontario Superior Court of Justice (Commercial List), Court File No. 31- 3268936 Foreign Representative's Counsel: Steven W. Golden, Esq. Jeffrey M. Dine, Esq. Mary F. Caloway, Esq. Victoria A. Newmark, Esq. PACHULSKI STANG ZIEHL & JONES LLP 1700 Broadway 36th Floor New York, NY 10019 Tel: 212-561-7715 Fax: 212-561-7777 Email: sgolden@pszjlaw.com Estimated Assets: Unknown Estimated Debt: Unknown Full-text copies of the Chapter 15 petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/6L5B3EA/Iovate_Health_Sciences_International__nysbke-25-11958__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/KDCBSWQ/Iovate_Health_Sciences_USA_Inc__nysbke-25-11959__0001.0.pdf?mcid=tGE4TAMA IRON HORSE: Hires Okin Adams Bartlett Curry LLP as Legal Counsel ---------------------------------------------------------------- Iron Horse Chemicals LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Okin Adams Bartlett Curry LLP to serve as legal counsel in its Chapter 11 case. Okin Adams will provide these services: (a) advise the Debtor with respect to its rights, duties and powers in the Chapter 11 Case; (b) assist and advise the Debtor in their consultations relative to the administration of the Chapter 11 Case; (c) assist the Debtor in analyzing the claims of their creditors and in negotiating with such creditors; (d) assist the Debtor in the analysis of and negotiations with any third-party concerning matters relating to, among other things, the terms of a plan of reorganization or sale of substantially all of the Debtor's assets; (e) represent the Debtor at all hearings and other proceedings; (f) review and analyze all applications, orders, statements of operations and schedules filed with the Court and advise the Debtor as to its propriety; (g) assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and (h) perform such other legal services as may be required and are deemed to be in the interests of the Debtor in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code. The firm received an initial retainer of $50,000 on July 11, 2025, and an additional $50,000 on August 9, 2025. In total, Okin Adams was paid $95,278.51 for fees and expenses prior to the Petition Date and is holding $4,721.49 as a remaining retainer in the client trust account. Okin Adams Bartlett Curry LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Christopher Adams, Esq. John Thomas Oldham, Esq. Edward A. Clarkson, Esq. Kelley K. Edwards, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine St., Suite 240 Houston, TX 77002 Telephone: (713) 228-4100 Facsimile: (346) 247-7158 E-mail: cadams@okinadams.com joldham@okinadams.com eclarkson@okinadams.com kedwards@okinadams.com About Iron Horse Chemicals LLC Iron Horse Chemicals, LLC manufactures and supplies industrial and specialty chemicals primarily for the oil and gas industry, offering products such as corrosion inhibitors, scale inhibitors, demulsifiers, surfactants, and enhanced oil recovery agents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90304) on August 12, 2025. In the petition signed by Darryl Wiebe, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Christopher Adams, Esq., at OKIN ADAMS BARTLETT CURRY LLP, represents the Debtor as legal counsel. J PAUL ROOFING: Seeks to Hire Robert Lane as Legal Counsel ---------------------------------------------------------- J Paul Roofing & Construction Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Robert C. Lane of The Lane Law Firm, PLLC to serve as its legal counsel. The firm will provide these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and (g) perform all other necessary legal services in these cases. The firm will receive $650 per hour. Other attorneys at the firm will bill $625 per hour for Managing Associate Joshua Gordon, $575 per hour for Zach Casas, $450 per hour for Kyle Garza, and $250 per hour for bankruptcy paralegals/legal assistants. The Lane Law Firm, PLLC received a $65,000 retainer, of which $13,803.50 in attorney's fees and $3,302.20 in expenses were applied prepetition, leaving a balance of $17,894.30 in trust. The Lane Law Firm, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert C. Lane, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: notifications@lanelaw.com About J Paul Roofing & Construction Inc. J Paul Roofing & Construction Inc. operates a roofing and exteriors business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33290-mvl11) on August 28, 2025. In the petition signed by Jason Paul, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge MIchelle V. Larson oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. JACKSON HOSPITAL: Lender Says Contractor's Attys Use AI in Cases ---------------------------------------------------------------- Randi Love of Bloomberg Law reports that the lender for a bankrupt Alabama hospital is seeking sanctions against lawyers for its contractor, Progressive Perfusion Inc., accusing them of inserting fabricated case law into court documents. The lender said the flaws may have been generated by artificial intelligence, according to the report. Last August 2025, the US Bankruptcy Court for the Middle District of Alabama found that Progressive Perfusion's July 2025 motion to revisit two orders denying reimbursement and vendor status contained "pervasive inaccurate, misleading, and fabricated citations, quotations, and representations of legal authority." About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. Suzanne Koenig serves as patient care ombudsman. JILL'S OFFICE: Seeks Cash Collateral Access Until Dec. 31 --------------------------------------------------------- Jill's Office, LLC asks the U.S. Bankruptcy Court for the District of Utah for authority to use cash collateral through December 31 or until the effective date of a confirmed reorganization plan. This request follows prior approvals granted in April and July and proposes to maintain the same terms, with modifications outlined in the Debtor's budget. The Debtor, which provides virtual receptionist services across the U.S. and Canada, aims to use its cash to cover essential operating expenses. The Debtor proposes a 15% flexibility allowance in individual budget categories, provided that monthly margins are not negatively impacted. To protect secured creditors, primarily the U.S. Small Business Administration, which holds a senior lien on all assets, the Debtor will grant replacement liens on post-petition cash and receivables. The SBA is owed approximately $530,000 and has informally agreed to the continued use of cash collateral, subject to receiving reduced monthly adequate protection payments of $3,000 (down from $9,000). Other creditors, including several merchant cash advance lenders, are believed to have junior or unsecured claims, with no equity in the Debtor's assets. The Debtor generates around $480,000 in monthly receivables, although this typically dips during the winter months. It owns about $100,000 in equipment, $300,000 in regenerating accounts receivable, and approximately $200,000 in intangible assets, such as intellectual property and a customer list. The Debtor does not own any real property. Stripe, the Debtor's credit card processor, has been paid in full and may have previously held a superior lien by virtue of possession of receivables. About Jill's Office LLC Jill's Office LLC provides professional, US-based 24/7 virtual receptionist and scheduling services designed to support businesses across various industries. The Company offers a range of services, including inbound call answering, appointment scheduling, live chat support for websites, and automated lead follow-ups Lead Zap). Jill's Office specializes in delivering tailored, seamless communication solutions that enhance customer engagement while eliminating the need for businesses to hire in-house staff. The Company serves industries such as home services, real estate, health and wellness, finance, legal, and small businesses. Its mission is to ensure that businesses never miss calls or opportunities, offering reliable customer service around the clock. Jill's Office sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21625) on March 27, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Peggy Hunt handles the case. The Debtor is represented by T. Edward Cundick, Esq. at Workman Nydegger. KARBONX CORP: Delays 10-K Filing for FY Ended May 31 ---------------------------------------------------- Karbon-X Corp. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it has experienced delays in completing its financial statements for the fiscal year ended May 31, 2025. As a result, the Company is delayed in filing its Form 10-K for the fiscal year then ended. About Karbon-X Calgary, Canada-based Karbon-X Corp. provides customized transactional options, tailored insights, and scalable access to the Verified Emissions Reduction markets. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 13, 2024, citing that the Company has generated minimal revenues from its business operations and has incurred operating losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $7.31 million in total assets, $6.24 million in total liabilities, and $1.06 million in total stockholders' equity. KEESTONE PROPERTIES OF TN: Case Summary & 4 Unsecured Creditors --------------------------------------------------------------- Debtor: Keestone Properties of TN, LLC 150 Clubhouse Drive Loretto, TN 38469 Case No.: 25-03769 Chapter 11 Petition Date: September 8, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Judge: Hon. Charles M Walker Debtor's Counsel: Denis Graham "Gray" Waldron, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Blvd., Suite 316 Brentwood, TN 37027 Tel: 629-777-6519 Fax: 615 777 3765 Email: gray@dhnashville.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William Keelon, Jr. as member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S7VUSGY/Keestone_Properties_of_TN_LLC__tnmbke-25-03769__0001.0.pdf?mcid=tGE4TAMA KEESTONE PROPERTIES: Case Summary & Five Unsecured Creditors ------------------------------------------------------------ Debtor: Keestone Properties of Pulaski, LLC 322 E. Washington Street Pulaski, TN 38478 Chapter 11 Petition Date: September 8, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 25-03770 Judge: Hon. Charles M Walker Debtor's Counsel: Denis Graham "Gray" Waldron, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Blvd., Suite 316 Brentwood, TN 37027 Tel: 629-777-6519 Fax: 615 777 3765 E-mail: gray@dhnashville.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William Keelon, Jr. as member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XW4JK6Y/Keestone_Properties_of_Pulaski__tnmbke-25-03770__0001.0.pdf?mcid=tGE4TAMA KYI ENTERPRISES: Case Summary & 15 Unsecured Creditors ------------------------------------------------------ Debtor: KYI Enterprises, Inc. 6427 W Dempster St. Morton Grove, IL 60053 Chapter 11 Petition Date: September 8, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-13842 Judge: Hon. Michael B Slade Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 Email: david.freydin@freydinlaw.com Total Assets: $1,912,000 Total Liabilities: $3,661,522 The petition was signed by Mobeen Ashiq as president. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LQPHTMY/KYI_Enterprises_Inc__ilnbke-25-13842__0001.0.pdf?mcid=tGE4TAMA LAREDO OIL: Delays 10-K Filing for FY Ended May 31 -------------------------------------------------- Laredo Oil, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that the compilation, dissemination and review of the information required to be presented in the Annual Report on Form 10-K for the Period Ended May 31, 2025 has imposed time constraints that have rendered timely filing of the Annual Report on Form 10-K impracticable without undue hardship and expense to the registrant. The Company undertakes the responsibility to file such Annual Report on Form 10-K no later than 15 calendar days after its prescribed due date. About Laredo Oil Inc. Austin, Texas-based Laredo Oil, Inc. is an oil exploration and production company that focuses on acquiring and exploring mineral properties to identify and develop oil reserves. Since 2009, it has specialized in acquiring mature oil fields and recovering stranded oil reserves through enhanced oil recovery techniques. From 2011 to 2020, the company provided management services to Stranded Oil Resources Corporation, overseeing the acquisition and operation of mature oil fields in exchange for management fees and reimbursements. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. As of February 28, 2025, the Company had $5.47 million in total assets, $17.35 million in total liabilities, and $11.88 million in total stockholders' deficit. LEARFIELD COMMUNICATIONS: S&P Upgrades ICR to 'B', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Learfield Communications LLC to 'B' from 'B-'. S&P said, "We also raised our issue-level rating on the company's senior secured debt to 'B+' from 'B'. Our recovery rating on this debt remains '2'. "The stable outlook reflects our expectation for FOCF to debt to increase above 5%, and that gross leverage will improve to below 4x (both before lease and minimum guaranteed payment adjustments) given our expected 5%-7% growth in Learfield's multimedia rights (MMR) revenue over the next 12 months. "We expect FOCF to debt will improve to above 5% over the next 12 months. We expect Learfield will end its fiscal 2025 (June 30, 2025) with FOCF to debt coverage of about 4%, and leverage of 4.3x (both before lease and minimum guaranteed payment adjustments). However, we expect FOCF to debt will further improve to 6% and leverage to about 3.8x by the end of its fiscal 2026, surpassing the thresholds for the 'B-' rating. Learfield has undergone a multiyear transformation including internal investments in operational improvements, workforce reductions, exiting unprofitable contracts with underperforming schools and reducing its debt burden via a restructuring in 2023. As such, reported FOCF generation has substantially improved, and we now expect FOCF of $20 million-$30 million in 2025, increasing to $30 million-$40 million in 2026, compared to negative FOCF the past few years. We note the company does have large calls on its cash at the end of its fourth quarter and the beginning of the first quarter when it pays out its MMR fees. Learfield collects most of its cash in its second and third quarters. As such, there can be year-end fluctuations in FOCF depending on timing of cash collection and payments, but overall, we expect the company's FOCF will continue to improve as its EBITDA grows. "Learfield has a strong market position in the monetization of college sports multimedia rights. We expect the company's MMR revenue will grow by about 5%-7% over the next two years given Learfield's strong market penetration and large 17,000 plus diverse network of advertisers and sponsors as well as longstanding advertising partnerships amongst some of the largest and most popular colleges and universities. We believe this positions the company strongly to attract new business and implement price increases as interest and attendance in collegiate sporting events continues to grow. However, we expect the company's minimum guarantee payments and revenue share payments with its school partners will grow at a similar rate because these contracts typically include built-in price escalators, which could slightly offset benefits from price increases and new business wins. Although, we believe the company has gained operating leverage with the exiting of multiple unprofitable contracts last year, such that we expect MMR revenue growth will outpace expense growth by about 0.5%-1% over the next 12 months. "In our view, the company has additional growth opportunities in its digital solutions and brand management business because it continues to offer additional tools and services to its school partners. For example, we expect revenue in its brand management business will increase by about 30% in 2025 due to Learfield's partnership with EA Sports on its College Football 25 video game, in which Learfield helped promote and secure name, image, and likeness (NIL) for student athletes and teams included in the game. Although we view the large step-up as a one-time benefit, we expect the company will receive future royalty payments and can look to other potential NIL deals as an avenue for growth. "Learfield's advertising revenue remains exposed to macroeconomic risk. Despite the positive operating momentum, Learfield's performance remains strongest in periods with favorable economic conditions and growth because its advertising revenues depend on corporate advertising, marketing expenditures, and consumer discretionary spending. Its advertising also heavily skews local rather than national. Local advertising tends to perform stronger in periods of economic stress. However, the potential for macroeconomic turbulence could still affect the company, and given the majority of its expense base (MMR fees) are mostly fixed in nature, any large swings in revenue due to macroeconomic issues could have a material effect on EBITDA and cash flow. "The stable outlook reflects our expectation for FOCF to debt to increase above 5%, and that gross leverage will improve to below 4x (both before lease and minimum guaranteed payment adjustments) given our expected 5%-7% growth in Learfield's multimedia rights (MMR) revenue over the next 12 months." S&P could lower its rating on Learfield if it expects its FOCF to debt coverage will be sustained below 5% or gross leverage (both before lease and minimum guaranteed payment adjustments) increases to 6x. This could occur if: -- Macroeconomic or competitive pressures lead to the company's advertising revenue growth not keeping pace with growth in its minimum guaranteed payments; which ultimately pressures margins and causes EBITDA and cash flow to deteriorate; or -- The company's financial sponsor owners take on a more aggressive financial policy, engaging in debt-funded shareholder returns. S&P could raise its rating on Learfield over the next 12 months if: -- It is able to improve to and maintain FOCF to debt coverage of at least 10%; -- Its leverage remains comfortably below 5x; and -- S&P believes the company's financial sponsor owners are committed to maintaining leverage at these levels. LENGENCE HOLDINGS: S&P Places 'B-' ICR on CreditWatch Positive -------------------------------------------------------------- S&P Global Ratings placed its ratings on Legence Holdings LLC, including its 'B-' issuer credit rating, on CreditWatch with positive implications. S&P said, "We expect to resolve the CreditWatch placement after the company reduces its debt balance. We will also review our expectations for the company's business performance and assess its financial policy as a public company." Legence Holdings LLC launched its IPO of 26 million shares on Sept. 2, 2025. The company intends to use the expected net proceeds of $600 million-$700 million (depending on pricing) to repay a portion of the outstanding borrowing and for general corporate purposes. If the company uses most of the proceeds for debt repayment, S&P forecasts its pro forma S&P Global Ratings-adjusted leverage will decline to the 5x area or lower in 2025. S&P said, "The CreditWatch placement reflects our expectation that the IPO and subsequent debt repayment could result in Legence sustaining its S&P Global Ratings-adjusted leverage well below our 6.5x upgrade trigger for the rating. The company expects net proceeds of $600 million-$700 million. If used for debt repayment, it would lower our forecasted 2025 leverage to around 5x or lower compared to our prior forecast of 6.8x. "The company will remain controlled by a private equity sponsor, which could constrain our view of its financial policy and overall ratings. After the completion of the offering, a group of investment funds managed by Blackstone Inc. will remain as Legence's controlling shareholder and hold 74% of the voting power in the company. While the planned debt reduction likely signals that Legence will adopt a more conservative fiscal policy following the IPO, the company has historically had an aggressive financial policy, including debt-funded acquisitions and distributions. "We expect to resolve the CreditWatch placement after the equity offering is complete and the company repays a portion of its debt, at which time we will reassess its long-term financial policy. We will also reassess our recovery ratings on the company's debt at that time." LEONARD 17: Seeks Chapter 7 Bankruptcy in New York -------------------------------------------------- Leonard 17 Corp. has entered Chapter 7 bankruptcy, filing voluntarily in the Eastern District of New York on September 7, 2025. Court documents show the company's liabilities valued in the $100,001–$1 million range, with the number of creditors reported at 1 to 49. About Leonard 17 Corp. Leonard 17 Corp. is a single asset real estate company. Leonard 17 Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44281) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Chuka Steve Okenwa, Esq. LION CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Pennsylvania ------------------------------------------------------------- Lion Construction LLC filed a Chapter 7 bankruptcy in the Eastern District of Pennsylvania bankruptcy court on September 08, 2025. The bankruptcy petition showed liabilities in the range of $0-$100,000. LION CONSTRUCTION, LLC reports that the number of creditors is in the range of 1-49. About Lion Construction LLC Lion Construction LLC offers general contracting services that cover remodeling, renovations, and ground-up construction for residential and commercial customers in the New York market. Lion Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13598) on September 1, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Ashely M. Chan handles the case. The Debtor is represented by Thomas Daniel Bielli of Bielli & Klauder, LLC. M & M FARMS: Seeks Chapter 11 Bankruptcy in Pennsylvania -------------------------------------------------------- On September 8, 2025, M & M Farms Inc. filed Chapter 11 protection in the Western District of Pennsylvania. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About M & M Farms Inc. M&M Farms Inc. is a family-owned business that focuses on growing and supplying a diverse range of premium fresh fruits, vegetables, and spices. The company caters to wholesale distributors, foodservice providers, and processing clients across the Los Angeles metro area, offering products such as avocados, beans, cucumbers, hot peppers, leafy greens, squash, tomatoes, and a variety of tropical and citrus fruits. M & M Farms Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa.Case No. 25-22397) on September 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Dennis J. Spyra, Esq. MACHINE TOOL: Court OKs Terre Haute Property Sale to Curtis Gray II ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Terre Hauti Division, has granted Machine Tool Service Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. A description of the Properties to be solid can be found at: https://urlcurt.com/u?l=s35FeL The Court has authorized the Debtor to sell the Property to Curtis J. Grayless II via private sale, with the sale price of $420,000. The Property will be sold free and clear of liens or other interests and any such lienholders will be paid in full at closing. The lienholders or interest holders are Forrest Perry, Vigo County Treasurer, Internal Revenue Service, and Indiana Department of Revenue. The Court held that nothing in the Order, the Purchase Agreement, or the Motion releases, nullifies, precludes, or enjoins the enforcement of any police or regulatory liability to a governmental unit that any entity would be subject to as the post-sale owner or operator of property after the date of entry of the Order. About Machine Tool Service Inc. Machine Tool Service, Inc. filed Chapter 11 petition (Bankr. S.D. Ind. Case No. 23-80337) on Aug. 24, 2023, with $500,001 to $1 million in both assets and liabilities. Judge Jeffrey J. Graham oversees the case. Richard W. Lorenz, Esq., at Hickam & Lorenz, P.C. represents the Debtor as legal counsel. MARK L. OBMAN DDS: Section 341(a) Meeting of Creditors on Oct. 2 ---------------------------------------------------------------- On September 8, 2025, Mark L. Obman, D.D.S. P.A. filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports $1,740,074 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 2, 2025 at 2:00 p.m. telephonically via US Trustee - Tampa/Ft. Myers. Filed by U.S. Trustee United States Trustee - TPA. About Mark L. Obman, D.D.S. P.A. Mark L. Obman, D.D.S. P.A. provides general, restorative, cosmetic, and implant dentistry services from its office at 2708 Park Drive in Clearwater, Florida, serving patients in the Tampa Bay area. The practice specializes in full-mouth reconstruction, TMJ treatment, sedation dentistry, and periodontal therapy, and it integrates advanced dental technologies including laser dentistry and digital imaging. Dr. Mark L. Obman, a Creighton University School of Dentistry graduate and former Army Dental Corps officer, leads the practice. Mark L. Obman, D.D.S. P.A. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06496) on September 8, 2025. In its petition, the Debtor reports total assets of $190,528 and total liabilities of $1,740,074. The Debtor is represented by Buddy D. Ford, Esq. and Jonathan A Semach, Esq. at FORD & SEMACH, P.A. MARQUIE GROUP: Delays 10-K Filing for FY Ended May 31 ----------------------------------------------------- The Marquie Group, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that financial information to be contained in registrant's 10-K for the year ended May 31, 2025 cannot be analyzed and completed on a timely basis. About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is an emerging direct-to-consumer firm specializing in marketing, product development, and media, with a focus on a dynamic radio and digital network. The Company crafts and promotes top-tier health and beauty solutions that enrich lives, showcased through engaging radio content for its audience. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 3, 2024. The report highlights that at May 31, 2024, the Company suffered an accumulated deficit of $14,863,486 and net a loss of $165,456. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. MARYLAND ECONOMIC: S&P Affirms 'BB' Rating on 2013 Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' rating on Maryland Economic Development Corp.'s (MEDCO) series 2013 housing revenue refunding bonds, issued for the Edgewood Commons housing project on Frostburg State University's (FSU) campus. The outlook is stable. S&P said, "We have analyzed the project's environmental, social, and governance (ESG) factors related to its market position and financial performance; we view these factors as neutral in our credit rating analysis. "The stable outlook reflects S&P Global Ratings' expectation that occupancy will likely remain stable in the near term due to the current stabilization of FSU's enrollment and the continued closure of Brownsville Hall until at least fall 2026. We therefore expect rental revenue will remain generally stable and DSC will likely remain above the 1.2x covenant while MEDCO maintains expense reductions. "We could revise the outlook to negative or lower the rating if project occupancy were to decrease, if DSC were to deteriorate materially below 1.2x, or if the project were to require the use of the DSRF to make debt service payments. "We could revise the outlook to positive or raise the rating if the project were to sustain improved occupancy following the reopening of Brownsville Hall, if it were to maintain DSC above 1.2x, and if it were to increase the funding of the capital and furnishings fund to support lower-priority deferred maintenance. Furthermore, we would view sustained enrollment increases at FSU and long-term reductions in competitive housing options positively." MATADOOR RESTAURANT: Hires FranBizNetwork as Franchise Broker ------------------------------------------------------------- Matadoor Restaurant Group LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire Emily Burns of FranBizNetwork to serve as franchise broker in its Chapter 11 case. The firm will provide these services: (a) advertising the portfolio for sale; (b) finding buyers; (c) obtaining contracts; (d) working with buyers through the due diligence process; (e) helping source financing and getting approved; (f) handling the lease assignments; and (g) consulting with the Debtor for the Auction, if any. Ms. Burns and FranBizNetwork will receive a commission of 5% of the purchase price, or $15,000 per operating franchise unit, whichever is greater. The commission will be deducted from the gross purchase price at closing and remains subject to review under 11 U.S.C. Sec. 330. Emily Burns and FranBizNetwork are "disinterested persons" within the meaning of Sections 101 and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Emily Burns FranBizNetwork 14353 New Jersey Avenue San Jose, CA 95124 Telephone: (727) 207-0679 About Matadoor Restaurant Group LLC Matadoor Restaurant Group LLC, d/b/a Del Taco, operates and manages franchised and proprietary restaurant concepts in the United States. The Company serves as a franchisee of Del Taco and operates The Matador, a full-service Mexican restaurant in Greenville, South Carolina. It functions under Red Door Brands, LLC, which oversees a portfolio of foodservice operations including additional national quick-service brands. Matadoor Restaurant Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Lead Case No. 25-02698) on July 15, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. The Debtor tapped Christine E. Brimm, Esq., at Barton Brimm, PA as counsel and Jennifer Macharacek at EPC Inc. as accountant. MAYFIELD MEDICAL: Seeks to Use Cash Collateral ---------------------------------------------- Mayfield Medical Services, Inc. asks the U.S. Bankruptcy Court for the Southern District of Illinois for authority to use cash collateral and provide adequate protection. The Debtor states that access to the cash collateral is essential to continue business operations and to cover necessary expenses. The Debtor is indebted to 1st MidAmerica Credit Union in the amount of $266,676, secured by two mortgages on the Debtor's real property located in Wood River, Illinois. The Credit Union is believed to be exercising control over a bank account of the Debtor, which qualifies as cash collateral under the Bankruptcy Code. As adequate protection, the secured creditor will be granted replacement liens on pre-petition assets to the extent of any diminution in value. These replacement liens would maintain the same validity, priority, and enforceability as the original liens. A copy of the motion is available at https://urlcurt.com/u?l=ymXLwa from PacerMonitor.com. About Mayfield Medical Services Inc. Mayfield Medical Services Inc. provides repair, maintenance, and preventative services for medical, laboratory, dental, and veterinary equipment across the Midwest and through nationwide depot support. The Company delivers on-site service, equipment audits, and manufacturer-recommended maintenance, including tagging and detailed record-keeping of client assets. Mayfield Medical Services Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-30662) on August 29, 2025. In its petition, the Debtor reports total assets of $224,636 and total liabilities of $2,142,616. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtor is represented by J. D. Graham, Esq. at J. D. Graham, PC. 1st MidAmerica Credit Union, as secured creditor, is represented by: Christopher D. Lee, Esq. Sandberg Phoenix & von Gontard, P.C. 701 Market Street, Suite 600 St. Louis, MO 63101 Tel: (314) 725-9100 Fax:( 314) 725-5754 clee@sandbergphoenix.com MIDSOUTH AUTO: Seeks Chapter 11 Bankruptcy in Mississippi --------------------------------------------------------- On September 4, 2025, MidSouth Auto & Truck Sales LLC filed Chapter 11 protection in the Southern District of Mississippi. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About MidSouth Auto & Truck Sales LLC MidSouth Auto & Truck Sales LLC is a used car dealership based in Pascagoula, Mississippi, offering pre-owned cars, trucks, and sport utility vehicles across multiple brands including Ford, Chevrolet, GMC, Jeep, Nissan, and Toyota. The Company operates a virtual showroom where customers can browse inventory, view detailed vehicle information, and schedule visits. It serves the Pascagoula area through its sales lot ocated at 3635 14th Street. MidSouth Auto & Truck Sales LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51311) on September 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Katharine M. Samson handles the case. The Debtor is represented by Patrick Sheehan, Esq. at SHEEHAN AND RAMSEY, PLLC. MIMOSAS A CALI: Hires AGK Business Services as Bookkeeper --------------------------------------------------------- Mimosas a Cali Life, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire AGK Business Services LLC, with Manoj Gupta as professional, to serve as bookkeeper in its Chapter 11 case. AGK Business Services will provide these services: (a) bookkeeping and accounting of the restaurant business; (b) monthly operating report preparation and reporting as required for the plan of reorganization; (c) additional ancillary services in relation to the accounting and reporting requirements; (d) additional reporting requirements for the Debtor as required by management; (e) monthly and quarterly tax filing; (f) responding to notices in the ordinary course of business; and (g) annual income tax filing. AGK will receive a flat fee of $1,250 per month, invoiced monthly, subject to court approval. AGK will not be required to file either an interim or final fee application unless its fees exceed $1,250 per month. AGK Business Services LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Manoj Gupta AGK BUSINESS SERVICES LLC 36 W 44th Street, Suite 1018 New York, NY 10036 Telephone: (347) 707-0188 About Mimosas A Cali Life Mimosas A Cali Life, LLC, doing business as Mimosas and Story Anaheim, operates bar and restaurant venues under the names Mimosas and Story Anaheim. The establishments offer a variety of food and beverage services, including brunch, lunch, dinner, and cocktails, with a focus on spirits, wine, and beer. They are based in California and cater to weekday and weekend dining experiences. Mimosas A Cali Life sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14956) on June 12, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Vincent P. Zurzolo handles the case. The Debtor is represented by David Goodrich, Esq., at Golden Goodrich, LLP. MISSION MEDICAL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Mission Medical Investors, LLC 825 S. Barrington Ave Los Angeles, CA 90049 Case No.: 25-17926 Business Description: Mission Medical Investors, LLC, based in Los Angeles, California, is a real estate investment company focused on healthcare properties. Its primary asset is a medical office complex at 27882 Forbes Road in Laguna Niguel, California, which houses multiple healthcare providers including surgery centers, urgent care clinics, and imaging facilities. The Company generates revenue by acquiring, managing, and leasing medical office spaces to healthcare tenants. Chapter 11 Petition Date: September 9, 2025 Court: United States Bankruptcy Court Central District of California Debtor's Counsel: Gary E. Klausner, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: GEK@LNBYG.COM Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Logan Beitler as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JMIH6JQ/Mission_Medical_Investors_LLC__cacbke-25-17926__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Luis Fernando Gutierrez Landscaping $15,126 432 S. Starbord St Santa Ana, CA 92704 2. Colliers International Property $3,250 Real Estate Management Management Services (CA), Inc. Services PO Box 37182 Charlotte, NC 28237-7182 3. Erick's Paintaing Painting Services $1,600 San Juan Capistrano, CA 92675 4. Sontrol $181 23 Mauchly Suite #100 Irvine, CA 92618 5. The Bugman $150 525 N Shepard St Anaheim, CA 92806-2834 6. A&G Plumbing Services, Inc. $0 PO Box 1075 San Clemente, CA 92674 7. Ability Fire (Fire SVC Corp) $0 PO Box 4455 Santa Ana, CA 92702 8. AT&T $0 PO Box 5074 Carol Stream, IL 60197-5025 9. CR&R Environmental Services $0 PO Box 206 Stanton, CA 90680 10. Fire Safety First $0 1170 E. Fruit St Santa Ana, CA 92701 11. Hillside Heating & Air $0 9304 Magnolia Ave Riverside, CA 12. Liliana Mancilla Cortez $0 31601 Los Rios Street San Juan Capistrano, CA 92675 13. MarVista Construction $0 603 E. Alton Ave Suite H Santa Ana, CA 92705 14. McHenry Plantation, Inc. $0 PO Box 50592 Irvine, CA 92619-0592 15. Moulton Niguel Water $0 PO Box 848353 Los Angeles, CA 90084-8353 16. Post Insurance Services Inc. $0 2356 Torrance Blvd Torrance, CA 90501 17. Schindler Elevator $0 3585 Cadillac Ave Suite B Costa Mesa, CA 92626-1482 18. SDG&E $0 PO Box 25111 Santa Ana, CA 92799-5111 19. SoCal Gas $0 PO Box 1626 Monterey Park, CA 91754 20. Western Exterminator $0 PO Box 740608 Cincinnati, OH 45274-0608 MOD JEWELRY: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- Mod Jewelry Group, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, for authority to use cash collateral and provide adequate protection. The Debtor operates a branded jewelry business, specifically focused on motorcycle-themed products. Formerly a licensee of Harley-Davidson branded jewelry, the Debtor has since transitioned to a different brand, Indian Motorcycle, due to an ongoing legal dispute with HD over copyright and trademark violations, currently being litigated in the U.S. District Court for the Eastern District of Wisconsin. The Debtor shares operations, expenses, and ownership with a related entity, Steelhorse Jewelry, Inc., for which a motion for joint administration has been filed, though this request concerns only the Debtor. The Debtor has one secured creditor, the U.S. Small Business Administration, which holds a perfected lien on its assets. While the Debtor fell behind on SBA payments pre-petition, it proposes to resume payment post-petition, beginning with a $500 adequate protection payment within 30 days. In addition, the Debtor offers adequate protection in the form of replacement liens on all post-petition assets of the estate, maintaining the same priority and scope as the SBA's original security interest. The SBA has been consulted and is believed to be unopposed to the request on an interim basis. A previous UCC-1 filing by Rosenthal & Rosenthal was satisfied prior to the bankruptcy, and the debt no longer exists. About Mod Jewelry Group Inc. Mod Jewelry Group, Inc. operates a branded jewelry business, specifically focused on motorcycle-themed products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20333-PDR) on September 4, 2025. In the petition signed by Len D. Weiss, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Peter D. Russin oversees the case. Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC, represents the Debtor as legal counsel. MODEL TOBACCO: Trustee Hires CohnReznick as Tax Accountant ---------------------------------------------------------- Lynn L. Tavenner, Chapter 11 Trustee of Model Tobacco Development Group LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire CohnReznick Advisory LLC to serve as tax accountant in its Chapter 11 case. CohnReznick Advisory will provide these services: (a) prepare for filing the Company's 1065 federal and Virginia state tax returns; (b) provide general tax consulting services, both written and oral, as may be requested; and (c) perform various accounting duties needed for the proper administration of the Estate, including but not limited to filing requisite tax returns. CohnReznick estimates its fee will be between $5,000 and $7,500, exclusive of out-of-pocket expenses, and will also seek reimbursement of actual and necessary expenses at 10% of fees, along with a $175 processing fee per return. The firm's hourly rates range from $260 to $1,785, depending on the professional's level. CohnReznick is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jonathan Maakestad, Esq. CohnReznick Advisory LLC 3560 Lenox Road NE, Suite 2900 Atlanta, GA 30326, USA Telephone: (404) 847-9447 E-mail: contact@cohnreznick.com About Model Tobacco Development Group Model Tobacco Development Group, LLC is engaged in activities related to real estate. Model Tobacco Development Group filed Chapter 11 petition (Bankr. E.D. Va. Case No. 24-34863) on December 31, 2024, with assets between $50 million and $100 million and liabilities between $10 million and $50 million. Judge Brian F. Kenney oversees the case. The Debtor is represented by: Justin P. Fasano, Esq. Mcnamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Fax: (301) 982-9450 Email: jfasano@mhlawyers.com MOUNTAIN VIEW: Court Disapproves Motion to Sell Ardmore Mall ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has denied Mountain View Midstar LLC's motion seeking authority to sell Commercial Real Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a limited liability company formed on August 12, 2005, under the laws of the State of Oklahoma. The Debtor owns and operates a shopping center, located at 1211 N. Commerce, Ardmore, Oklahoma 73401, commonly known as the "Mountain View Mall" or "Mountain View Shopping Center" or "Shops at Ardmore." At the Ardmore Mall, the Debtor leases retail space to many well-known retail chains, including Ulta Salon, Cosmetics & Fragrances, Inc., Staples, Inc., GNC General Nutrition Corporation, Hobby Lobby as well as non-retails users such as Armed Forces Recruiting and The United States Government. Ardmore, Oklahoma is also considered a gateway to densely populated cities, including Norman and Oklahoma City, Oklahoma, in Oklahoma. Pursuant to Rules 7052 and 9014 of the Bankruptcy Rules, the Court issued its findings of fact and conclusions of law orally, following the scheduled hearing, on August 25, 2025. About Mountain View Midstar LLC Joseph Mountain View Midstar LLC is a real estate company that leases nonresidential properties, including land and other commercial parcels not classified under traditional building categories. The Company operates in Hurst, Texas, and is associated with the Mountain View Mall and Shops at Ardmore. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42648) on July 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Joseph Acosta, Esq. at CONDON TOBIN. United Texas Bank, as lender, is represented by Jason M. Rudd, Esq., Scott D. Lawrence, Esq., Ethan A. Minshull, Esq., Catherine A. Curtis, Esq., and Meghan D. Young, Esq., at Wick Phillips Gould & Martin, LLP, in Dallas, Texas. MYELLA INC: Seeks Cash Collateral Access ---------------------------------------- Myella, Inc. asks the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. The Debtor seeks to use the cash collateral of its first-priority secured creditor, Favo Funding, LLC, to cover ordinary business expenses pursuant to a budget. The proposed budget outlines projected expenses through September 30 and includes customary costs incurred in the ordinary course of business. The Debtor anticipates entering into a stipulation with the lender to formalize the terms of this use, including the grant of a replacement lien on all post-petition assets, excluding Chapter 5 causes of action. In the meantime, the Debtor is requesting the court to issue an interim order to allow use of the collateral immediately, to prevent the shutdown of operations and preserve the value of the estate. The lender is believed to be owed approximately $150,000. Prior to filing for bankruptcy, the Debtor faced severe financial difficulties, primarily due to inflation in food and labor costs. In 2023, the Debtor turned to merchant cash advances to cover operating shortfalls but repayment obligations reached over $16,000 per week and became unsustainable. This led to vendor disruptions and operational instability, prompting the Debtor to seek Chapter 11 protection. The Debtor proposes to grant the lender adequate protection in the form of a replacement lien on all post-petition assets to the extent of any diminution in the value of the lender's collateral. Although no formal agreement on a "carveout" for professional fees has yet been reached, the Debtor anticipates such a carveout may be negotiated in a final stipulation. A carveout for U.S. Trustee fees is included in the proposed interim order. As of the petition date, the Debtor's assets include approximately $2,000 in bank accounts, $8,500 in inventory, $2,000 in equipment, $1,500 in office electronics, and unspecified goodwill. The Debtor has no accounts receivable. The Debtor is a New York corporation operating a full-service restaurant in Roslyn Heights, New York. It is wholly owned by Brian Kauffman. About Myella Inc. Myella, Inc. operates a full-service restaurant in Roslyn Heights, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-73404) on February 9, 2025. In the petition signed by Brian J. Kauffman, Esq., owner, president, the Debtor disclosed up to $50,000 in assets and up to $500 million in liabilities. Judge Alan S. Trust oversees the case. Adam P. Wofse, Esq., at LaMonica Herbst & Maniscalco, LLP, represents the Debtor as legal counsel. NAB HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B+' ICR ------------------------------------------------------------ S&P Global Ratings affirmed all of its ratings on U.S.-based payment processing solutions provider NAB Holdings LLC (NAB), including the 'B+' issuer credit rating. S&P said, "The stable outlook reflects our view that NAB's operating performance and capital allocation plans will be consistent with maintaining leverage comfortably below 5x. Our base case assumes the company will continue making modest accretive acquisitions in the future, refraining from major shareholder dividends. "NAB reported weaker performance during the first half of 2025, largely due to noncompetitive account closures, resulting in higher S&P Global Ratings-adjusted leverage than we previously expected. "We expect leverage will remain higher than 4x this year and anticipate a modest deleveraging path, while we continue to believe earnings volatility under weaker macroeconomic conditions, or the resumption of an acquisitive growth strategy could preclude our projected deleveraging path." Headwinds from noncompetitive closing of accounts have deteriorated NAB's profitability, though we expect modest improvement going forward. Revenue declined 6.8% for the trailing-12-months ended June 2025 compared with the same period last year. This was largely due to the noncompetitive closing of some of NAB's accounts and partially offset by continued expansion into new accounts. The closure of these high take-rate accounts caused some margin compression. As a result, NAB's S&P Global Ratings-adjusted EBITDA margin for the trailing-12-months ended June 2025 was 30.3%, down from 34.1% in the same period last year. Recent performance setbacks have led us to adjust our forecast downward. S&P said, "We expect some sequential improvement this year, but we now expect full-year 2025 EBITDA margin of 28.6% from the effects of account closures. We think the company will continue to grow accounts and improve its operations in the future, driving modest margin expansion in 2026. Furthermore, we anticipate roll-outs of new offerings that enable NAB to charge higher take-rates, in addition to cost reduction efforts such as bringing external services in-house." NAB's credit measures continue to support its current rating. S&P said, "We think merchant acquirers will continue to benefit from secular growth in digital payments, with NAB growing at a mid- to high-single-digit percent growth rate in 2026 and onward as it continues its investment and expansion in the merchant acquiring and enterprise markets. Revenue growth combined with anticipated EBITDA margin improvement should contribute to reducing leverage to 4.1x in 2026 from projected 4.4x in 2025. Meanwhile, NAB continues to generate good free operating cash flow (FOCF) and we anticipate FOCF to debt will improve to about 15% in 2026 from 12.6% projected in 2025." NAB's liquidity continues to strengthen, but capital allocation priorities and macroeconomic conditions are uncertain. Despite the recent headwinds, the company generated solid cash flow, with $148.7 million of FOCF for the full year ended December 2024, and we forecast about $125 million this year. Combining cash generation with restraint from major acquisitions, NAB has accumulated an unrestricted cash balance of about $307 million as of the end of June 2025, which we do not net against its debt. If the company utilizes some of its accumulated cash cushion toward acquisitions, the associated EBITDA contribution would likely reduce leverage. However, lower interest rates could encourage more aggressive debt-funded M&A or large debt funded dividends, which could increase leverage and undermine our expectations for continued deleveraging. NAB is particularly sensitive to external factors beyond its control due to the transactional nature of its revenues and the correlation of demand to consumer spending, consumer confidence, and shifts in consumer purchasing habits. S&P said, "Its customer base is also significantly weighted predominantly to small and mid-size businesses (SMBs), which we believe lack scale and have limited financial resources. In a deteriorating economy, we would expect to see lower revenue and potentially a higher rate of closure among these merchants." S&P said, "The stable outlook reflects our view that NAB's operating performance and capital allocation plans will be consistent with maintaining leverage comfortably below 5x. Our base case assumes the company will continue making modest accretive acquisitions in the future, refraining from major shareholder dividends. "We could lower our rating if we expect leverage to increase above 5x. This could be due increased competitive pressures, industry disruption, or high merchant attrition. A more aggressive financial policy could also lead to a downgrade." S&P could raise its rating on NAB if: -- It increases its organic revenue faster than the overall industry while improving the diversity of its revenue streams; and -- S&P believes operating prospects and financial policy decisions will support sustaining leverage comfortably below 4x. NAVELLIER & ASSOCIATES: Seeks Chapter 11 Bankruptcy in Nevada ------------------------------------------------------------- On September 5, 2025, Navellier & Associates Inc. filed Chapter 11 protection in the District of Nevada. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 5,001 and 10,000 creditors. The petition states funds will be available to unsecured creditors. About Navellier & Associates Inc. Navellier & Associates Inc., based in Reno, Nevada, provides investment advisory services focused on growth investing strategies, offering portfolio management and financial planning to individual and institutional clients. The firm was founded by Louis G. Navellier and manages discretionary assets while employing a quantitative and fundamental approach to stock selection. Navellier & Associates Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev.Case No. 25-50820) on September 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The Debtor is represented by Norma Guariglia, Esq. at HARRIS LAW PRACTICE LLC. NOBLE LIFE: Seeks $300,000 DIP Loan ----------------------------------- Noble Life Sciences, Inc. asks the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, for authority to obtain post-petition financing in response to projected negative cash flow for September and October. Due to seasonal downturns in business, particularly following the August vacation period of its client base, the Debtor anticipates cash shortfalls that it cannot cover solely using existing cash collateral from Fulton Bank, which has declined to extend additional credit. To address this, a group of investors has proposed an equity infusion of up to $300,000. The funds would be interest-free, unsecured, and available for drawdown as needed to stabilize operations during the reorganization. No payments would be required until after confirmation of a reorganization plan, at which point any remaining balance would convert to "new value" under that plan. The Debtor asserts this arrangement is critical for maintaining business continuity, paying essential post-petition creditors, and avoiding a forced liquidation that would result in little or no recovery for creditors beyond Fulton Bank. The Debtor has made reasonable efforts to obtain alternative financing, including seeking more favorable terms but found no better options. The proposed funding structure complies with U.S.C. Section 364, which governs post-petition credit, and the Debtor argues it meets the statutory requirements. Citing applicable case law, the Debtor contends the financing reflects sound business judgment, was negotiated in good faith, and serves the best interests of the bankruptcy estate. A copy of the motion is available at https://urlcurt.com/u?l=rv3R8v from PacerMonitor.com. About Noble Life Sciences Inc. Noble Life Sciences, Inc. is a pre-clinical contract research organization that provides GLP and non-GLP services, including safety and efficacy testing, for drugs, vaccines, and medical devices. It offers capabilities in pharmacology, bioanalysis, analytical testing, and preclinical development across a range of therapeutic areas such as oncology, infectious diseases, and cardiovascular conditions. Noble Life Sciences sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-15637) on June 22, 2025. In its petition, the Debtor reported total assets of $488,456 and total liabilities of $5,160,511. Robert B. Scarlett, Esq., at Scarlett & Croll, P.A. is the Debtor's legal counsel. Fulton Bank is represented by Michael D. Nord, Esq. at Gebhardt & Smith, LLP. NW ALPINE: Goes Out of Business, Shuts Down Operations ------------------------------------------------------ Daniel Kline of The Street reports that Oregon-based NW Alpine, a technical climbing apparel maker known for its American-made products, is closing. Founded on a mission to support U.S. manufacturing, the company consistently tied its products to its philosophy of investing in local communities. In a statement shared on Instagram, owner Bill Amos cited cash flow challenges as the driving factor, despite growth and marginal profitability in 2025. He added that the closure was compounded by broader economic pressures, including a cooling outdoor market. Amos clarified that the decision was not a reflection of U.S. manufacturing’s viability but rather of NW Alpine's individual circumstances. He acknowledged other alpine brands still championing the "Made in USA" model. The company has begun a "Last Chance Sale" to liquidate inventory. Customers are encouraged to stock up on gear before operations officially end, though no new return policies have been announced, the report states. About NW Alpine NW Alpine creates high-performance alpine gear made in the U.S. ONSITE CONSTRUCTION: Hires Griffith McDaniel as Special Counsel --------------------------------------------------------------- Onsite Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Griffith McDaniel LLP to serve as special counsel in its Chapter 11 Subchapter V case. Griffith McDaniel LLP will provide these services: (a) render legal services to the Debtor in connection with its claim against Selective Insurance Company of the Southeast; and (b) file a Complaint and pursue recovery of Debtor’s claim against Selective Insurance Company of the Southeast. Griffith McDaniel LLP wll receive a one-third contingency fee plus reimbursement of expenses. Compensation is expected to be paid from funds recovered from Selective Insurance Company of the Southeast, subject to Bankruptcy Court approval after notice and hearing. According to court filings, Griffith McDaniel LLP does not represent or hold any interest adverse to the Debtor or the estate with respect to the matter on which it is to be employed. The firm can be reached at: Bradley E. Griffith, Esq. GRIFFITH MCDANIEL LLP 926 W. Oakland Avenue, Suite 206 Johnson City, TN 37605 Telephone: (423) 853-4410 About Onsite Construction, Inc. Onsite Construction, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-50833) on August 7, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Honorable Judge R. Rodney May oversees the case. Maurice K. Guinn, Esq. at Gentry, Tipton & Mclemore P.C. represents the Debtor as counsel. OPEN THROTTLE: Prepetition Funds & License Proceeds to Fund Plan ---------------------------------------------------------------- Open Throttle Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Liquidation dated September 2, 2025. The Debtor is a Florida corporation. From approximately 2001 through the summer of 2024, the Debtor and its affiliate, Gaetana Corporation, were involved in the operation of a bar called "316 Main Street Station" located at 316 Main Street, Daytona Beach, Florida 32118 (the "Premises"). The Debtor formerly owned the Retail Beverage License (BEV7403477 4COP) (the "Liquor License") under which 316 Main Street Station purchased and sold alcohol. Upon information and belief, Gaetana was the entity that operated the bar and collected revenues. As of the Petition Date, the Debtor's assets consisted of the Liquor License, nominal cash in its prepetition bank account ($459.87) (the "Prepetition Funds"), and potential claims and causes of action against Johns, Harper, FPLC, and Main Street Live, LLC ("Main Street Live") (collectively, the "Main Street Claims"). On June 6, 2025, the Debtor filed an Expedited Motion to Approve Sale of Liquor License (Doc. 12) (the "Sale Motion") seeking authority to the sell the Liquor License to SORRYCHARLIESCORNER LLC (the "Buyer") pursuant to the terms and conditions of a Liquor License Asset Purchase Agreement (the "Purchase Agreement"). The Court entered an order granting the Sale Motion (the "Sale Order") on June 25, 2025. The Debtor and the Buyer closed on the Purchase Agreement on June 26, 2025. As a result of the sale, the estate received net proceeds in the total amount of $87,401.87 (the "License Proceeds"). The License Proceeds and the Prepetition Funds are being held in the trust account of Erik Johanson PLLC and will be used to fund distributions under the Plan. Given that the License Proceeds and Prepetition Funds are currently sufficient to pay all allowed claims, the Debtor does not intend to prosecute the Main Street Claims. It is unclear whether those causes of action belong to the Debtor, Gaetana, and/or J. Carvagno and it is further unclear whether the potential defendants would be collectible in the event of a favorable judgment. Further, the legal fees and costs incurred bringing the Main Street Claims would deplete recovery for creditors and equity interests. This is a liquidating plan. The Plan will be funded by the License Proceeds and Prepetition Funds. This Plan proposes to pay creditors of the Debtor from the License Proceeds and Prepetition Funds (collectively, the "Funds Available for Distribution" or "Funds"). The Funds Available for Distribution is $87,861.74, which is currently held in the trust account of the counsel. Class 2 consists of All Allowed Unsecured Claims. Each holder of an Allowed Class 2 Unsecured Claim will be paid their pro rata share of the cash remaining after payment of all Class 1 and Administrative Claims and Tax Claims, in cash, upon the later of the Effective Date or the date on which such Claim is Allowed by a final non appealable order. There are presently no Allowed Class 2 Unsecured Claims entitled to receive a Distribution under this Plan. Any cash available for Distribution following the payment of any Allowed Class 2 Unsecured Claims will be distributed to the Debtor's Class 3 Equity Holder. This Class is unimpaired. Class 3 consists of Equity Interests of the Debtor. Equity will retain ownership in the Debtor post-confirmation. A full-text copy of the Liquidating Plan dated September 2, 2025 is available at https://urlcurt.com/u?l=5jI35r from PacerMonitor.com at no charge. Counsel to the Debtor: Erik Johanson, Esq. Joseph R. Boyd, Esq. Erik Johanson PLLC 4532 West Beachway Drive Tampa, FL 33609 Telephone: (813) 210-9442 Email: erik@johanson.law jr@johanson.law2148 About Open Throttle Inc. Open Throttle Inc., which is engaged in the retail of beverages, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:25-bk-03433-LVV) on June 4, 2025. Judge Lori V. Vaughan presides over the case. Erik Johanson at Erik Johanson PLLC is the Debtor's legal counsel. OPTION CARE: S&P Rates New $678 Million First-Lien Term Loan 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '2' recovery rating to Option Care Health Inc.'s proposed $678 million first lien term loan due in 2032. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of default. Option Care will use the proceeds to refinance its existing first lien debt and add $50 million cash to the company's balance sheet. Although the transaction modestly increases debt, it is leverage neutral due to EBITDA growth. S&P Global Ratings-adjusted leverage was 2.6x as of June 30, 2025. S&P said, "Our 'BB-' issuer credit rating and stable outlook on Option Care reflect our expectation that the company will continue to increase both revenue and EBITDA and maintain S&P Global Ratings-adjusted leverage below 4x. It also reflects our expectation that revenue improvement and solid operating cash flow will provide capacity to fund growth and shareholder returns." Issue Ratings--Recovery Analysis Key analytical factors -- Option Care's capital structure (post refinancing) comprises a $400 million cash flow revolver maturing in 2030, new $678 million first-lien term loan maturing in 2032, and $500 million of unsecured notes maturing in 2029. -- S&P's '2' recovery rating on the secured debt indicates its expectation for substantial (70%-90%; rounded estimate: 80%) recovery, and its '6' recovery rating on Option Care's unsecured notes indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery. -- S&P's hypothetical default scenario considers a default in 2029 because of weak operating performance stemming from Option Care's inability to effectively manage its cost structure, including managing collections, or because of increased reimbursement pressure from third-party payers. -- Under this scenario, S&P assumes Option Care would need to restructure because it could not service its financial obligations. -- S&P's recovery analysis assumes a reorganization value of $890 million, which reflects emergence EBITDA of about $162 million and a 5.5x multiple. -- S&P's distressed scenario assumes the $400 million cash flow revolver is 85% drawn at default. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $162 million -- EBITDA multiple: 5.5x Simplified waterfall -- Valuation split (obligors/nonobligors): 100%/0% -- Value available to first-lien creditors (after asset-based lending facility claims): $845 million -- Secured first-lien debt: $1.019 billion --Recovery expectations: 70%-90% (rounded estimate: 80%) -- Value available to unsecured claims: 0% -- Senior unsecured debt: $511 million --Recovery expectations: 0%-10% (rounded estimate: 0%) All debt amounts include six months of prepetition interest. OUTFRONT MEDIA: S&P Rates $500MM Revolving Credit Facility 'BB' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '1' recovery rating to Outfront Media Inc.'s (B+/Stable) $400 million term loan B due 2032 and $500 million revolving credit facility due 2030, issued by subsidiaries Outfront Media Capital LLC and Outfront Media Capital Corp. The '1' recovery rating indicates S&P's expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default. The company plans to use proceeds from the transaction to repay its existing term loan B. The revolver will be undrawn at the close of the transaction. S&P's 'B+' issuer credit rating and stable ratings outlook on Outfront remain unchanged. P4 EXECUTIVE: Seeks Subchapter V Bankruptcy in Texas ---------------------------------------------------- On September 7, 2025, P4 Executive Investments LLC filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About P4 Executive Investments LLC P4 Executive Investments LLC, based in Longview, Texas, provides real estate services, including buying, selling, and renting properties, and operates under NAICS code 5312 (Offices of Real Estate Agents and Brokers). P4 Executive Investments LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43393) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Richard Grant, Esq. at CM LAW PLLC. PACKABLE HOLDINGS: Court Tosses Preference Claims in Ch. 11 ----------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that the unsecured creditors' committee in Packable Holdings' Chapter 11 case saw most of its adversary claims dismissed after a Delaware bankruptcy judge ruled the complaint failed to sufficiently state grounds for recovering alleged preference payments from a prepetition lender and supplier. About Packable Holdings Packable Holdings, LLC, now known as Pack Liquidating, LLC, is a multi-marketplace e-commerce enablement platform. Packable Holdings and five affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10797) on Aug. 29, 2022. In the petition filed by its chief legal officer, Maria Harris, Packable Holdings reported between $100 million and $500 million in both assets and liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Cooley LLP and Potter Anderson & Corroon, LLP as legal counsels; Alvarez and Marsal North America, LLC as financial advisor; and Hilco Merchant Resources, LLC as liquidation agent. Epiq Corporate Restructuring, LLC is the claims agent. On Sept. 13, 2022, the U.S. Trustee for Region 3 appointed the official committee of unsecured creditors in the Debtors' cases. The committee selected Kelley Drye & Warren, LLP and A.M. Saccullo Legal, LLC as bankruptcy counsel; ASK, LLP as special litigation counsel; and Dundon Advisers, LLC as financial advisor. JPMorgan Chase Bank, N.A., as administrative agent, is represented by Richards, Layton & Finger, P.A. and Morgan, Lewis & Bockius LLP. PC LEARNING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: PC Learning Centers, Inc. d/b/a NYC Seminar and Conference Center d/b/a PC Learn NYC Seminar and Conference Center 114 W 26th Street, 3rd Floor New York, NY 10001 Business Description: PC Learning Centers, Inc., doing business as NYC Seminar and Conference Center (NYCSCC), operates a 9,300-square-foot event and conference facility in New York City's Flatiron District, Chelsea neighborhood. The center provides flexible seminar and meeting spaces accommodating 6 to 200 participants, supporting hybrid events with integrated audiovisual and technology infrastructure, including internet connectivity, video conferencing, and on- site tech support. NYCSCC offers event planning services, catering options, customizable room configurations, and online booking, targeting corporate meetings, training sessions, and professional seminars. Chapter 11 Petition Date: September 9, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11964 Judge: Hon. Michael E Wiles Debtor's Counsel: Kenneth L. Baum, Esq. LAW OFFICES OF KENNETH L. BAUM, LLC 201 W. Passaic Street, Suite 104 Rochelle Park, NJ 07662 Tel: (201) 853-3030 Fax: (201) 584-0297 E-mail: kbaum@kenbaumdebtsolutions.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Tod Shapiro as vice president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IISWMWA/PC_Learning_Centers_Inc__nysbke-25-11964__0001.0.pdf?mcid=tGE4TAMA PHCV4 HOMES: Court OKs 31 Vacant Lot Sale to Team Steber -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, has permitted PHCV4 Homes LLC and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor proposes to sell its interest in certain real estate consisting of 31 vacant lots in the community known as Viking Cove, in the municipality of Jasper, Walker County, Alabama. The Court has authorized the Debtor to sell the Property to Team Steber, Inc. in the total purchase price of $1,250,000.00. The Debtor is permitted to complete and consummate the sale transaction detailed in the sale contract included with the Motion to Sell, except as otherwise required by the terms. The property to be sold in connection with the Sale shall be sold free and clear of all liens, interests, and encumbrances. However, CoreVest's lien rights specifically and fully attach to all proceeds of the Sale. The closing of the Sale shall occur no earlier than the expiration of the 14-day appeal period as to the Order, but in no event later than September 30, 2025, unless such date is extended by CoreVest in writing in its sole and absolute discretion. No proceeds of the Sale shall be paid to the Debtor or to any person or party related to the Debtor. The entire Portfolio Purchase Price in the amount of $1,250,000.00 shall be paid directly to CoreVest at closing, free and clear of all liens, interests, and encumbrances, with the sole exception of de minimus routine and necessary sale-related disbursements due at closing, each of which disbursements shall be subject to CoreVest's approval, following its receipt of a proposed settlement statement by the closing agent reasonably in advance of closing. No other creditors or lienholders shall receive any proceeds of the Sale. If the Sale does not close on or before the Outside Closing Date, in full compliance with the terms of the Order, then it is null and void and the Sale cannot thereafter be completed without further approval of this Court. With respect to the Admin Fee Surcharge in the amount of $18,750.00, such amount shall be paid to the Debtor, held by the Debtor's estate, and shall be subject to the terms hereof and that certain consent order granting Debtors’ emergency motions to use cash collateral. The Debtors stipulate and agree that CoreVest has valid, senior-priority claims secured by the assets being approved for sale by this Order, which claims equal or exceed the proceeds of the sale approved by the Order, both on a global and parcel-by-parcel basis. CoreVest's receipt of the Sale proceeds shall not constitute a full payoff as to any loans or obligations owed by the Debtors to CoreVest, however, CoreVest may apply the Sale proceeds to reduce amounts owed by the Debtors to CoreVest. The Debtor is authorized to take all such actions as are necessary or appropriate to implement the terms of the Order. About PHCV4 Homes, LLC PHCV4 Homes LLC is part of the residential building construction industry. PHCV4 Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02751) on September 10, 2024. In the petition filed by Misty M. Glass, as manager, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Tamara O. Mitchell presides over the case. The Debtor is represented by Frederick M. Garfield, Esq., at SPAIN & GILLON, LLC. PINSTRIPES HOLDINGS: Seeks Ch. 11 Bankruptcy Along w/ Affiliates ---------------------------------------------------------------- Bondoro reports that Pinstripes Holdings, Inc. and its affiliates filed for Chapter 11 protection on September 8, 2025 in the US Bankruptcy Court for the District of Delaware. The Chapter 11 filing is intended to support an expedited §363 sale of the company as a going concern. According to the report, the process is backed by its largest creditor, Silverview, which holds more than $115 million in secured debt. Silverview has agreed to serve as the stalking horse bidder with an offer that includes a $15 million credit bid, $1.6 million in cash, and the assumption of certain liabilities. To finance the case, Silverview will provide up to $3.8 million in debtor-in-possession funding. The facility includes approximately $3.3 million in new capital along with a $540,000 roll-up of a recent bridge loan. The sale timeline anticipates a hearing within 45 days, the report states. According to court filings, Pinstripes Holdings lists between $100 million and $500 million in liabilities. The company has also indicated that funds will be available for distribution to unsecured creditors. The matter is proceeding under case number 25-11677. About Pinstripes Holdings Inc. Pinstripes Holdings Inc. is a Northbrook, Illinois-based “eatertainment” chain that combines Italian-American dining with bowling, bocce, and private events. Pinstripes Holdings Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11677) on September 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge handles the case. The Debtors are represented by Sean M. Beach, Esq. at Young Conaway Stargatt & Taylor, LLP. James Katchadurian of CR3 Partners, LLC is the Debtors'Financial Advisor/CRO. Hilco Corporate Finance, LLC is the Debtors' Investment Banker. Epiq Corporate Restructuring, LLC is the Debtors' Claims Agent. PINSTRIPES HOLDINGS: Seeks to Sell Restaurant Biz at Auction ------------------------------------------------------------ Pinstripes Holdings Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets in an auction, free and clear of liens, claims, interests, and encumbrances. The Debtors' Chapter 11 case is over a year in the making, during which time the the Debtors' financial situation has plummeted and lenders and vendors started disassociating with the Debtors and their restructuring efforts. The Silverview Agent, and the parties its represents, which hold in excess of $115 million in secured debt, have agreed to a structure that contemplates a DIP and Stalking Horse Bid that provides a stabilizing last-gasp opportunity for the Debtors to maximize value through an Auction, while providing a backstop Stalking Horse Bid that preserves the going concern and jobs for the Debtors' eight remaining locations. The Debtors operated 18 restaurant locations in Florida, Maryland, Illinois, Ohio, Minnesota, Texas, Connecticut, Kansas, New Jersey, California, and Washington, D.C., with several additional locations under construction in Washington and Florida. Each of the Debtors’ locations offers 26,000 to 38,000 square feet of interior space, including bowling alleys, plus additional outdoor patio space that includes outdoor dining, bocce courts, fire-pits, and decorative fountains. In addition to offering dining room service, the Debtors hosted, and continue to host, thousands of events, including weddings, bat mitzvahs, corporate events, and birthday parties, and also offer catering services. The Debtors have suffered from a series of challenges, including inflationary pressure across various sectors that have drastically and negatively affected the Debtors’ performance. In particular, increases in the cost of labor and commodities in recent years have raised the cost of "dining out." Like many other similarly situated restaurant and entertainment businesses, the Debtors' performance is acutely impacted by consumer preferences. As inflationary pressures have made consumers increasingly cost-conscious, preferences for out-of-home experiences began to shift to more cost-efficient alternatives. As a result, the Debtors began facing an increasingly tight liquidity crunch at the same time that they most needed cash reserves to adapt to industry-wide changes. At the same time, the Debtors continued to expand, incurring costs for new store openings that were not yet generating revenue. As a result of these factors, the Debtors’ revenue and EBITDA became insufficient to support their debt service, working capital, and capital expenditure needs. the Debtors, with Piper Sandler's assistance, explored all Potential Alternatives in the approximately nine months leading to the Petition Date. On March 7, 2025, the Debtors entered into a letter of intent with their then second lien lender, Oaktree Capital Management, L.P., an affiliate of Oaktree Fund Administration, LLC for a recapitalization transaction, which was subject to definitive documentation and closing conditions. The Oaktree Recapitalization did not close, the Debtors' financial position continued to deteriorate, and Oaktree subsequently exited its position for a fraction of the face amount of its debt by selling its debt to certain entities associated with the Existing Silverview Agent. The Debtors continued to engage with all potential interested parties, ultimately culminating in the Debtors’ entry into the Support Agreement with the Consenting Lenders on August 27, 2025. The Debtors terminated Piper Sandler's engagement and engaged Hilco Corporate Finance, LLC as their investment banker to continue marketing their assets. The Debtors seek the relief, including an expedited marketing and sale timeline, to ensure that a value-maximizing sale process is implemented, and to provide alternative purchasers with as much information as possible as soon as possible, so that they may frame competitive offers for the Debtors' eight remaining operating restaurant locations and other assets. The Debtors submit that the proposed procedures set forth herein are reasonable, value-maximizing, and in the best interest of their estates and all interested parties. The Assets consist of, without limitation, certain intellectual property, inventory, cash and cash equivalents, accounts receivable, executory contracts and unexpired leases, permits, licenses, customer lists, books and records, claims and causes of action, and other related personal property, but exclude any assets subject to the Granite Parties' liens. The Stalking Horse Bid will include cash in the amount of $1.6 million, plus a credit bid by the Stalking Horse Bidder of an aggregate amount of $15 million for the Transferred Assets (which debt may be conditionally assigned to the Stalking Horse Bidder by the Consenting Lenders prior to the closing of the Sale), plus the payment obligation to the Debtors' investment banker in the amount of up to $300,000, administrative rent incurred through the date of closing and the assumption of certain other obligations and claims, including, but not limited to, Cure Costs related to Transferred Contracts, in each case acceptable to the Stalking Horse Bidder, provided that the Stalking Horse Bid may be increased at any subsequent Auction for the Sale of the Assets (including a credit bid of all of the Consenting Lenders' secured debt, including the debt under the Second Lien Documents). To ensure that the highest or otherwise best offer is received for the Assets, the Debtors crafted the proposed Bidding Procedures to govern the submission of competing bids at an Auction, all of which are contemplated and expressly permitted under the Stalking Horse Agreement. The Debtors' proposed timeline with respect to the Bidding Procedures, the Auction, the Sale Hearing, and the Sale is as follows: -- Hearing to Consider Approval of Bidding Procedures: September 22, 2025, subject to the Court's availability -- Contract Objection Deadline October 9, 2025 at 4:00 p.m. (ET); 14 days after service of a Cure Notice for Previously Omitted Contracts -- Sale Objection Deadline October 9, 2025 at 4:00 p.m. (ET) -- Bid Deadline October 13, 2025 at 4:00 p.m. (ET) -- Auction (if applicable) October 17, 2025 at 10:00 a.m. (ET) -- Sale Hearing October 23, 2025, subject to the Court's availability The Debtors' believe that selling the Assets is critical to maximizing value in the chapter 11 cases and should be approved as reflecting a sound exercise of the Debtors' business judgment. The Debtors determined to undertake a sale of substantially all of their Assets after careful consideration of all potential alternatives. About Pinstripes Holdings, Inc. Pinstripes Holdings, Inc. operates a dining and entertainment concept restaurants. The company provides Italian-American cuisine with bowling, bocce, and private event services. It also offers off-site events catering services. The company was incorporated in 2006 and is based in Northbrook, Illinois. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.De. Case No. 25- 11677) on September 8, 2025. Shella Borovinskaya, Mariam Khoudari, Sean Matthew Beach, and of Young Conaway Stargatt & Taylor, LLP, serve the Debtors as legal counsel. PRAESUM HEALTHCARE: Suzanne Richards Appointed as PCO ----------------------------------------------------- Guy Van Baalen, the Acting U.S. Trustee for Region 21, appointed Suzanne Richards as patient care ombudsman for Praesum Healthcare Services, LLC and affiliates. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Southern District of Florida on August 18. Ms. Richards disclosed in a court filing that she is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Section 333 of the Bankruptcy Code provides that the patient care ombudsman shall: * Monitor the quality of patient care provided to patients of the debtor, to the extent necessary under the circumstances, including interviewing patients and physicians; * Not later than 60 days after the date of this appointment, and not less frequently than at 60-day intervals thereafter, report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the debtor; * If such Ombudsman determines that the quality of patient care provided to patients of the debtor is declining significantly or is otherwise being materially compromised, file with the court a motion or a written report, with notice to the parties in interest immediately upon making such determination; and * Shall maintain any information obtained by such Ombudsman under section 333 of the Bankruptcy Code that relates to patients (including information relating to patient records) as confidential information. Such Ombudsman may not review confidential patient records unless the court approves such review in advance and imposes restrictions on such Ombudsman to protect the confidentiality of such records. The ombudsman may be reached at: Suzanne Richards, 4525 Dean Martin Drive, Unit 2308 Las Vegas, Nevada 89103 Phone: 714-290-6226 suzanne@smrhealth.com About Praesum Healthcare Services Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reported estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by: Alexandra D. Blye, Esq. Carlton Fields, P.A. 525 Okeechobee Boulevard, Suite 1200 West Palm Beach, FL 33401 Telephone: (561) 659-7070 ablye@carltonfields.com R.C. CONSTRUCTION: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------- R.C. Construction, LLC asks the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral and provide adequate protection. The Debtor is a single-member LLC owned and operated by Rui Da Silva Costa, who also serves as its sole employee. It currently has five active residential projects in New Jersey and plans to begin three additional projects shortly. The Debtor's primary assets are construction tools, a utility trailer, and anticipated receivables from ongoing projects. It does not own or lease real property and operates from Mr. Costa's residence in Westfield, N.J. Mr. Costa is paid a monthly wage of $4,000, and the Debtor also pays for a work-related truck lease. An accounting firm, Spanner Consulting LLC, is assisting the Debtor in managing financial disclosures. Over time, the Debtor has struggled with rising costs and was forced to rely on short-term merchant cash advances to maintain liquidity. These MCA debts, many of which Mr. Costa personally guaranteed, became unmanageable, prompting the bankruptcy filing. In addition to the MCA debts, the Debtor holds a $140,000 loan from the U.S. Small Business Administration, which it intends to continue paying post-petition. The Debtor asserts that the SBA is adequately protected through projected disposable income and that MCA creditors are not secured creditors and thus not entitled to adequate protection. A detailed four-month cash flow budget shows projected gross sales of over $313,000, with average monthly net income of $5,006. Monthly expenses are projected at approximately $78,271, covering payroll and operational costs. The Debtor proposes offering replacement liens to any secured creditors, including the SBA, to the extent their interests are impacted by the use of the collateral, while expressly reserving the right to challenge the secured status of the MCA lenders. The Debtor argues that the SBA's interest is adequately protected through equity cushion and post-petition income and further contends that MCA lenders have access to other sources of recovery via personal guarantees from Mr. Costa. The Debtor filed for Chapter 11 due to increasing financial strain caused by inflation, rising costs, and accumulating merchant cash advance debt, which led to state court collection actions and the threat of liens on its business. A court hearing is scheduled for September 23. About R.C. Construction LLC R.C. Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-19241) on September 3, 2025. In the petition signed by Rui Da Silva Costa, managing member, the Debtor disclosed up to $50,000 in both assets and liabilities. Melinda Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., represents the Debtor as legal counsel. RE4 GEORGIA: Continued Operations and Sale Proceeds to Fund Plan ---------------------------------------------------------------- RE4 Georgia LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated September 2, 2025. The Debtor was formed in 2018 and invests in single family homes that it rents out to tenants. The Debtor's properties are marketed to section 8 tenants and other lower income individuals. The Debtor is owned by RE4 Capital Holdings, LLC. The members of RE4 Capital Holdings, LLC are Luis Pailles, Juan Vazquez, and Alejandro Espinosa. The Debtor's former management company was not aggressively collecting rent which caused the Debtor to fall behind on its debt service payments. The Debtor filed the instant chapter 11 case to stop foreclosures on several of the properties. The Debtor has new property managers who are collecting rent, enforcing late fees, and evicting tenants who are not paying. The Debtor currently has tenants in five of the properties: 408 Ben Park, 1389 Ben Park, Belhaven, Blueridge, and W. Waren. The Debtor has determined that it is in its best interest to sell the properties that are currently vacant: 1410 Ben Park and Rock Cut. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 6 shall consist of General Unsecured Claims held by non insiders including any potential deficiency claims. The only General Unsecured Claim in the case was filed by the Georgia Department of Revenue in the amount of $1,598.49. The Debtor shall file the Class 6 claims in full on the Effective Date. Class 6 is Impaired and entitled to vote on the Plan. Nothing herein shall constitute an admission as to the nature, validity, or amount of claim. Debtor reserves the right to object to any and all claims. Class 7 consists of the Equity Security Holders of the Debtor. The Equity Security Holders will retain their interest in the reorganized Debtor as such interest existed as of the Petition Date. This class is not impaired and is not eligible to vote on the Plan. Upon confirmation, Debtor will be charged with administration of the Plan. Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. Debtor will file all post-confirmation reports required by the United States Trustee's office or by the Subchapter V Trustee. Debtor will also file the necessary final reports and may apply for a final decree as soon as practicable after substantial consummation and the completion of the claims analysis and objection process. The source of funds for the payments pursuant to the Plan is Debtor's continued business operations, the sale of 1410 Ben Park and Rock Cut, and capital contributions from Luis Pailles where necessary. A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=pkWB37 from PacerMonitor.com at no charge. Counsel to the Debtor: William A. Rountree, Esq. Elizabeth A. Childers, Esq. Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 Email: wrountree@rlkglaw.com About RE4 Georgia LLC RE4 Georgia LLC leases residential, commercial, and self-storage properties, operating primarily as a property lessor in the real estate sector. RE4 Georgia LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-56171) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtors are represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. RUNITONETIME LLC: Committee Taps Morrison & Foerster as Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors of RunItOneTime LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Morrison & Foerster LLP to serve as legal counsel in the jointly administered Chapter 11 cases. Morrison & Foerster will provide these services: (a) advising the Committee in connection with its powers and duties under the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules; (b) assisting and advising the Committee in its consultation with the Debtors relative to the administration of these Chapter 11 Cases; (c) attending meetings and negotiating with the representatives of the Debtors and other parties in interest; (d) assisting and advising the Committee in its examination and analysis of the conduct of the Debtors' affairs; (e) assisting and advising the Committee in connection with any sale of the Debtors' assets pursuant to Section 363 of the Bankruptcy Code; (f) assisting the Committee in the review, analysis, and negotiation of any Chapter 11 plan of reorganization or liquidation that may be filed and assisting the Committee in the review, analysis, and negotiation of the disclosure statement accompanying any such plan; (g) taking all necessary action to protect and preserve the interests of the Committee; (h) generally preparing on behalf of the Committee all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the Committee; (i) appearing, as appropriate, before this Court, the appellate courts, and the U.S. Trustee, and protecting the interests of the Committee before those courts and before the U.S. Trustee; and (j) performing all other necessary legal services in these cases as may be directed by the Committee. Morrison & Foerster's hourly billing rates are: -- Partners and Senior Of Counsel: $2,475 to $1,500 -- Of Counsel: $2,100 to $1,25 -- Associates: $1,330 to $795 -- Paraprofessionals: $645 to $390 Morrison & Foerster has agreed to defer payment of 10% of its total compensation to the Court's approval of a final fee application. The firm will also seek reimbursement for actual out-of-pocket expenses incurred, including travel expenses, meals, research, photocopying, courier costs, and other disbursements. Morrison & Foerster is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtors, their estates, or creditors, according to court filings. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Morrison & Foerster responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Morrison & Foerster has agreed to defer payment of 10% of its total compensation to the Court’s approval of a final fee application. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Morrison & Foerster did not represent the Committee prior to these Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Committee and Morrison & Foerster expect to develop a prospective budget and staffing plan to comply with the U.S. Trustee's requests, recognizing that in the course of these Chapter 11 Cases there may be unforeseeable fees and expenses. The firm can be reached at: Morrison & Foerster LLP 250 West 55th Street New York, NY 10019 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 Website: www.mofo.com About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RUNITONETIME: Committee Taps Huron as Financial Advisor ------------------------------------------------------- The Official Committee of Unsecured Creditors of Runitonetime LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Huron Consulting Services LLC as its financial advisor, effective as of July 30, 2025. Huron will provide these services: (a) review the Debtors' financial information, including analyses of cash receipts and disbursements, financial statement items, and proposed transactions; (b) review and analyze the Debtors' proposed business plans and general financial condition; (c) assist in assessing and monitoring short-term cash flow, liquidity, and operating results; (d) review and analyze the Debtors' reporting on cash collateral and debtor-in-possession financing arrangements; (e) assist in reviewing reports or filings as required by the Bankruptcy Court or the U.S. Trustee; (f) evaluate proposed employee incentive, retention, severance and separation plans; (g) analyze assumption and rejection matters with respect to executory contracts and leases; (h) engage on behalf of the Committee with the Debtors in their postpetition sale process; (i) analyze cost containment and redeployment opportunities; (j) assist in the evaluation of proposed asset sales; (k) review and analyze the Debtors' capital structure; (l) prepare enterprise, asset, and liquidation valuations; (m) assist in the review and preparation of information necessary for plan confirmation; (n) conduct solvency analysis in connection with potentially avoidable transfers and preferences; (o) assist in evaluating reorganization strategy and alternatives for unsecured creditors; (p) provide advice and assistance in negotiations with Debtors and stakeholders; (q) attend meetings and teleconferences on behalf of the Committee; (r) provide litigation consulting services and expert witness testimony regarding confirmation issues; and (s) perform other financial advisory functions requested by the Committee or its counsel. Huron's requested compensation will be based on these hourly billing rates: –- Managing Director: $1,075 to $1,400 –- Senior Director: $985 –- Director: $825 –- Manager: $675 –- Associate: $550 –- Analyst: $475 Huron is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Huron Consulting Services LLC 2651 N Harwood St Dallas, TX 75201, USA Telephone: (214) 365-2500 About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RYLIE DAVIS: Court OKs Alpharetta Property Sale to 4015 Discovery ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, has granted Rylie Davis Property LLC, to sell Property located at 4015 Discovery Dr., Alpharetta, Georgia 30004, free and clear of liens, claims, interests, and encumbrances. The Property is the location of a daycare facility owned and operated by Hart & Hart Investments, Inc. under a franchise agreement with Discovery Point Franchising, Inc (Franchisor). The Debtor and Hart & Hart are affiliates of each other by virtue of common ownership. Mr. David Hart and Ms. Tammy Hart each hold 50% ownership interest in both the Debtor and Hart & Hart. The Court has authorized the Debtor to sell the Property to 4015 Discovery LLC for $3,390,000.00. The Debtor may sell the Property free and clear of all liens, claims and encumbrances. Upon closing of the Sale, all liens, claims, and encumbrances on the Property shall attach to the proceeds of the Sale to the same extent, validity, and priority as they existed on the Petition Date. The Debtor is authorized to take all actions necessary to close the Sale and to comply with the Purchase Agreement. The closing agent is authorized to pay all closing-related expenses, including but not limited to, outstanding property taxes, utilities, brokerage fees or commissions, or other associated itemized closing expenses, and then all undisputed amounts owed to the holder of the first priority lien on the Property, the second priority lien on the Property, and the third priority lien on the Property. Any remaining proceeds shall be held in escrow with the Debtor’s attorney. About Rylie Davis Property, LLC Rylie Davis Property, LLC leases commercial and residential real estate and participates in equity REITs focused on property leasing. Rylie Davis Property sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.: 25-21226) on August 29, 2025. In the petition was signed by David Hart as owner, the Debtor reports an estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. William Rountree, Esq., at ROUNTREE, LEITMAN, KLEIN & GEER, LLC, represents the Debtor as legal counsel. S&S FOODS: Unsecured Creditors Will Get 15% Dividend in Plan ------------------------------------------------------------ S&S Foods, Inc. filed with the U.S. Bankruptcy Court for the District of Massachusetts a Plan of Reorganization under Subchapter V dated September 2, 2025. The Debtor is a Massachusetts business corporation formed in March 2018, and does business at 721 Gloucester Crossing Road, Gloucester, Ma. Sideir Oliveira is President and holds a 50% shareholder interest in the corporation. His spouse Stefany Gomes-Marques is the holder of the other 50% interest in the corporation and serves as its Treasurer and Secretary. Its main business consists of preparing and serving Italian food and pizza for dining in and take out as well as delivery. Prior to the Petition Date, the Debtor operated its Pizza and Grill restaurant located in the Gloucester Mall, purchasing it as an ongoing entity in 2019 from Firing Up Pizza & Grill, Inc. in 2019. Mr. DeOliveira, the Debtor's principal, was a long time employee of Firing Up Pizza and Grill, Inc. Beginning with COVID-19 national pandemic, the Debtor was faced with loss of income and with the potential loss of employees. Beginning in 2023, the Debtor started falling in arrears to the Massachusetts Department of Revenue for meals taxes. The Debtor made the choice to seek financing from several merchant cash advance entities in 2024 and 2025. These companies had access to the point of sales systems of the Debtor and while it was hoped that the cash flow would improve, the exact opposite occurred and each of merchant cash advance lenders became more aggressive at the same time that the meals taxes arrears became more acute. Class One shall include all general unsecured non-priority claims of S & S Foods, Inc. The total for filed and scheduled General Unsecured Claims against the Debtor is approximately $584,158.00. This includes the undersecured portion ($34,000.00) of Paz Funding Source's claim, the claim of Essential Funding Group of $13,244.32, and the $120,000.00 claim of Corporation Service Company aka Forward Financing, LLC is entirely unsecured. In full and complete satisfaction, settlement, release and discharge of the Class 1 Claims, each holder of the Allowed Class 1 Claim shall receive a pro rata share of the net disposable income as set forth in the Debtor's projections. Pursuant to Section 1191 of the Code, the plan provides that all of the projected disposable income of the Debtor to be received in the 3-year period, beginning on the date that the first payment is due under the plan will be applied to make payments under the plan. Corporation Service Company, As Representative, aka Forward Finance LLC at the time of the petition, had a security interest in all accounts receivables of the Debtor pursuant to a UCC Filing dated May 13, 2025. Debtor held assets as of September 2, 2025 valued at $71,000. Corporation Service Company aka Forward Financing's claim of $120,000.00 is subject to the $34,000.00 secured claim of Olympus Lending and $37,000.00 secured claim of Paz Funding Source LLC. Therefore, this claim is unsecured. The claim of $120,000.00 is treated as an unsecured claim. Essential Funding Group, Inc. at the time of the petition, had a security interest in all of the assets of the Debtor pursuant to a UCC Filing dated May 28, 2025. Debtor held assets as of September 2, 2025 valued at $71,000. Essential Funding Group, Inc's claim of $13,245.00 is subject to the $34,000.00 secured claim of Olympus Lending and $37,000.00 secured claim of Paz Funding Source LLC. Therefore, this claim is unsecured. The claim of $13,245.00 is treated as an unsecured claim. The members of this Class have claims totaling approximately $584,000.00. Based on the attached Budget Exhibit B, the Debtor will pay this class a minimum of $87,600.00, representing a fifteen percent dividend of the allowed amount of such claim. Notwithstanding the monthly projections noted for Class 1 general unsecured creditors, The Debtor shall make quarterly disbursements within ten days of the beginning of each quarter. The amounts to be paid to general unsecured creditors are based on the Debtor's projections and is a guaranteed floor amount and may be increased based on the Debtor's actual disposable income as defined under Section 1191 of the Code. To the extent that the actual disposable income is greater than projected, this would lead to a correspondingly higher dividend to Class 1 claimants. Class 1 is impaired under the Plan. The holders of Class 4 Interests will retain such Interests in the Debtor. This Plan will be funded with available cash or working capital, and cash flow from ongoing business operation. The Debtor will continue to operate in the ordinary course of business. Pursuant to section 1190(2) of the Bankruptcy Code, the Plan provides for the submission of all or such portion of the future earnings of the Debtor as is necessary for the execution of the Plan. A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=Q1hJDh from PacerMonitor.com at no charge. About S&S Foods, Inc. S&S Foods, Inc., is a Massachusetts business corporation formed in March 2018, and does business at 721 Gloucester Crossing Road, Gloucester, Ma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11148) with $0 to $50,000 in assets and $0 to $50,000 in liabilities. Judge Christopher J Panos oversees the case. The Debtor is represented by: John F. Sommerstein Law Offices Of John F. Sommerstein 1091 Washington Street Gloucester, MA 01930 Tel: (617) 523-7474 Email: jfsommer@aol.com SAKS GLOBAL: S&P Upgrades ICR to 'CCC', Outlook Negative -------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on luxury retailer Saks Global Enterprises LLC to 'CCC' from 'SD' (selective default). At the same time, S&P withdrew its issue-level rating on the former $2.2 billion senior secured notes following the exchange at the issuer's request. The negative outlook reflects that S&P could lower its rating if there is a short-term default risk should Saks Global cannot build a sufficient liquidity position while it invests to stabilize operating performance. Saks Global completed its debt restructuring in August 2025, including almost $600 million of new money ($300 million prefunded in June) and an exchange of its $2.2 billion senior secured notes. S&P said, "We believe the capital structure remains unsustainable, and a continued free operating cash flow (FOCF) deficit is likely to pressure liquidity over the next 12 months. "Our 'CCC' rating reflects default risk in the next 12 months without improvement. Saks Global exchanged its $2.2 billion maturity notes into $762.5 million special purpose vehicle notes ($162.5 million from the exchange and $600 million of new money) issued by SGUS LLC, $1.4 billion second-out notes, and $441 million third-out notes issued by Saks Global, all maturing in 2029. A small portion of nonconsenting lenders remained in the existing facility issued in December 2024, with covenants removed and a lower priority in the capital structure. The transaction resulted in a discount of approximately $115 million of the original face value. Saks Global plans to use the proceeds to pay down part of its $1.8 billion asset-based lending (ABL) facility, which had $1.1 billion outstanding as of July 16, 2025; repay vendors; and invest in synergies from the Neiman Marcus Group acquisition. "While the new capital structure provides a much-needed infusion of cash, we expect liquidity will be rapidly depleted by the investments required to stabilize the business amid a challenging macroeconomic environment. Longer-term, the elevated outstanding debt is an additional hurdle to the company's ability to generate FOCF. "We expect EBITDA will be lower than interest expenses. Reported FOCF deficit improved to $184 million in the first quarter compared to $197 million in the prior year, driven by a working capital inflow of $74 million. Saks Global has focused on improving working capital management. We expect the company to generate about $500 million of reported FOCF deficit in this year, partially driven by nonrecurring expenses related with the capital structure transaction, acquisition and higher interest expenses. We forecast interest expense of about $400 million over the next 12 months compared to $234 million in fiscal 2024. As a result, we expect the company will continue to heavily rely on its ABL facility. We believe there's risk of another default absent significant improvement. We continue to view liquidity as less than adequate despite the financial package. "In-stock inventory improvement is critical for Saks Global's competitive position. While the Neiman Marcus Group acquisition meaningfully increased its business operation scale and customer base, continued inventory issues following the COVID-19 pandemic have constrained sales. Revenue increased 78% on a reported basis in the first quarter due to the acquisition but decreased 14% on a pro forma basis. This follows declines of 15% in fiscal 2024 and 11% in fiscal 2023 due to a disruption of inventory flow. Saks Global has stretched payables in response to liquidity challenges in the past, which caused vendors to withhold inventory receipts. As part of its turnaround initiatives, the company has focused on improving its in-stock inventory position and working capital management by negotiating longer terms with its main vendors and addressing overdue payments. In addition, the company has capitalized on partnerships with Amazon.com Inc., Authentic Brands Group LLC, Reliance Premium Brands and Salesforce Inc. to leverage asset-light growth. "We forecast pro-forma revenue will decline 4% in 2026 as Saks continues to improve inventory and implement turnaround initiatives. In our view, the company's competitive advantage will weaken as competitors with more financial capacity increase share, which will require additional effort and resources to reengage its customer base. "Saks Global operates in the luxury segment and has exposure to high-income customers, with the top 5% responsible for about 50% of gross merchandise value, which we view as more resilient. The company has underperformed the industry because of a less-than-adequate in-stock inventory position, despite a loyal following and market position. "We expect the company will continue to invest in synergies. S&P Global Ratings-adjusted EBITDA margin remained compressed ending the first quarter at negative 3.1%. Saks Global has identified $100 million in additional synergies in the first quarter, now totaling about $600 million, and expects to realize up to 80% over the next two years. A large portion of the synergies will come from labor expense. We forecast an adjusted EBITDA margin of 2% this year, further improving to 5% in 2026 due to synergies and fewer nonrecurring expenses related with the transaction and debt restructuring. While potential cost savings from synergies are significant, we believe liquidity constraints can delay implementation. In addition, we believe operating deleverage will continue to compress profitability if Saks cannot stabilize its business. "The negative outlook reflects that we could lower our rating if there is a short-term default risk should Saks Global cannot build a sufficient liquidity position while it invests to stabilize operating performance." S&P could lower its rating on Saks Global if it envisions a specific default scenario over the next six months. This could occur if the company: -- Cannot improve its in-stock inventory position; -- Cannot improve its FOCF deficit and liquidity deteriorates; or -- Is likely to execute another debt restructuring that S&P would view as tantamount to default. S&P could raise the rating on Saks Global if S&P expects it to improve FOCF and alleviate liquidity pressure. SAMARITAN MEDICAL: S&P Affirms 'BB' Rating on 2017A/B Revenue Bonds ------------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term rating on Jefferson County Civic Facility Development Corp., N.Y.'s series 2017A and 2017B hospital revenue bonds, issued for Samaritan Medical Center (SMC). The outlook is stable. SMC's higher social capital risk, tied to a limited population base with negative population and employment growth projections, is incorporated into our credit view and could affect performance given vulnerability to volume shifts related to the limited patient base. S&P said, "We also view SMC's reliance on state supplemental funding as increasing its social risk, as it leaves the hospital and affiliated entities, such as its two long-term care facilities, particularly vulnerable to potential changes in the programs' payment methodologies and reimbursement rates. We believe the recently passed U.S. tax and spending bill further exacerbates this risk, as it includes cost-cutting Medicaid provisions that will likely constrain supplemental funding at the state level. However, as noted earlier in this report, we believe the extended implementation timeline for some of the provisions partially mitigates this risk by allowing ample time for both the state and SMC to adapt and prepare for the expected changes." S&P said, "We have also analyzed SMC's environmental and governance factors and determined that both are neutral within our credit rating analysis. "The stable outlook reflects our expectation that SMC's operating performance improvement will be sustained, resulting in healthy MADS coverage and an incremental replenishment of unrestricted reserves, while enterprise characteristics remain in line with its existing profile. The outlook assumes no meaningful new debt issuances over the next two years and a continuation of the current deleveraging trend. "An unfavorable outlook revision or lower rating could be warranted if financial performance declines to levels that we see as no longer consistent with the rating or if there is meaningful deterioration in balance sheet metrics, particularly DCOH. A significant reduction in supplemental funding beyond our expectations or a rapid erosion of enterprise profile characteristics, particularly market share or additional economic weakness, could also result in rating pressure. "We could consider a favorable outlook revision if SMC continues its current trend of positive operating performance, including growth in margins through year-end 2025, while growing unrestricted reserves and strengthening balance sheet-related metrics, particularly DCOH. We would also expect SMC to maintain its current enterprise profile strengths." SAY IT VISUALLY: Unsecured Creditors to Split $14K in Plan ---------------------------------------------------------- Say it Visually, Inc., filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated September 2, 2025. The Debtor creates video content which is then licensed to various businesses. The company has created and copyrighted hundreds of "explainer" videos, and has developed a proprietary software system enabling branding and management of individual sets of videos for the end customers. The customers are businesses in the vertical markets for which the Debtor has created content for, which include title insurance, real estate, mortgage, and lawyers. The content is only available to the Debtor's customers as a streaming service. The Debtor filed a petition under Chapter 11 Subchapter V on August 1, 2025 (herein the "Petition Date") in an effort to reorganize the outstanding debt owed and allow the Debtor to continue operating. This Plan provides for unclassified administrative claims, one class of secured claims, one class of unsecured claims, and one class of equity security holders. Class 2 consists of General Unsecured claims. Allowed Class 2 claims will be paid a prorata share of $14,100.00. Payments will be made in the amount of $100.00 per month beginning October, 2025 and increase to $600.00 per month after payment of allowed administrative fees to the Subchapter V Trustee and Neeleman Law Group. Payments will continue until the amount set forth is paid. This Class is impaired. The Plan will be funded with revenue from the Debtor's operation. The Debtor's projected Income and Expenses from October, 2025 to September, 2028 as supported by the attached declaration of Matthew Dunn. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Debtor expects the income and expenses to remain consistent through the life of the Plan. The Reorganized Debtor shall continue to own, maintain, operate and manage the Business without further notice or order of the Bankruptcy Court. Creditors may not take any actions against the Debtor/Reorganized Debtor (including, without limitation, lawsuits or other legal actions, levies, attachments, or garnishments) to enforce or collect either pre-confirmation obligations of the or obligations due under the Plan, so long as the Debtor is not in material default under the Plan. A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=gclvys from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas D. Neeleman, Esq. Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 Email: jennifer@neelemanlaw.com About Say It Visually Inc. Say It Visually Inc., doing business as Fast Forward Stories, a visual communication services provider based in Bellingham, Washington. Say It Visually Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12153) on August 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Timothy W. Dore handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq. and Thomas D. Neeleman, Esq. at Neeleman Law Group, P.C. SEBA ABODE: Unsecured Creditors Will Get 20% of Claims in Plan -------------------------------------------------------------- Seba Abode, Inc., filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Plan of Reorganization for Small Business dated September 2, 2025. The Debtor is a home, non-medical health care business. It is a Franchisee of Brightstar Franchising, LLC. The Debtor provides in home care for seniors, adults and children. The Debtor was established in 2010 and at 400 Mount Lebanon Blvd., Pittsburgh, Pennsylvania 15234. The business was formed and started by Uday Roy, who passed away in approximately 2023. His spouse, Ranjana Roy, succeeded to his ownership interest. The Debtor's case was necessitated by economic and business conditions that occurred in the prior three to four years. In particular, due to financial difficulties, the Debtor was the subject of two class action suits alleging unpaid wages and/or other benefits to its employees. One filed in the United States District Court for the Western District of Pennsylvania, and one in the Court of Common Pleas of Allegheny County. The Plan proposes to pay the Debtor's creditors from cash flow from operations and a sale of assets. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates 20% will be paid on account of general unsecured claims pursuant to the Plan. Additional amounts may be paid to the extent that the Debtor recovers additional proceeds on the recovery of outstanding loans. Class 4 consists of General Unsecured Claims. The total amount of this class of creditors is $128,308.11. This class of Creditor will receive a distribution of 20%, totaling with the total being paid to this class of $19,246.22. The monthly payment to these creditors being $320.77. These creditors will be paid the same percentage as the creditors in class 5. This Class is impaired. Class 5 consist of the class action wage claims. The total amount of this class of creditors is $3,657,795.71, which amount is disputed. This class of Creditor will receive a distribution of 15%, of their allowed claim, with the total payment to this class of $548,669.36, presuming their entire claim amount is not objected to or is otherwise confirmed after a claim objection. The monthly payment to these creditors will be $9,144.49. These creditors will be paid the same percentage as the creditors in class 4. Class 7 consists of Equity ownership of Ranjana Roy, Vishal Sheth and Neeta Sheth. No payments will be made to this class. The Plan will be funded through ongoing revenue generated by continued business operations as well as the sale of the Monroeville and Erie Location of the Debtor. It is anticipated that the sales will generate approximately a gross sale price $150,000.00, which amount may in fact be higher at time of sale. The sales will negatively impact monthly revenue in the short term but will allow the Debtor to fund this Plan and allow the Debtor to optimize operations at its two remaining locations. The proceeds of the sale will be utilized to make Plan payments as well as to fund the continued operations of the Debtor. To the extent that the claim of the IRS is required to be paid from the proceeds of the sale, the IRS will receive a distribution at that time and its claim will be reduced accordingly until such time as it is paid in full. Furthermore, all expenses of the Debtor in completing the sale will be paid from the proceeds thereof, with any necessary funds withheld to ensure that all taxes and other obligations that arise from the sale are timely paid. A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=6ZCsgW from PacerMonitor.com at no charge. Counsel to the Debtor: David L. Fuchs Fuchs Law Office LLC 554 Washington Avenue Carnegie, PA 15106 Telephone: (412) 223-5404 Facsimile: (412) 223-5406 Email: dfuchs@fuchslawoffice.com About Seba Abode Seba Abode Inc. operating as BrightStar Care, a home health care services provider in Pittsburgh, Pennsylvania. Seba Abode Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21000) on April 18, 2025. In its petition, the Debtor estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by David L. Fuchs, Esq. at Fuchs Law Office, LLC. SF OAKLAND: Seeks to Use Cash Collateral ---------------------------------------- SF Oakland Bay, LLC asks the U.S. Bankruptcy Court for the Northern District of California for authority to use cash collateral and provide adequate protection. The Debtor seeks to use revenues generated from its parking garage and funds in its JP Morgan bank accounts to cover ordinary operating and administrative expenses. These funds constitute cash collateral secured by these creditors: 1. Bank of Hawaii, which holds a first-position deed of trust on the garage, including a security interest in "rents" and "personalty" (which encompasses the Debtor's bank accounts). The Bank of Hawaii has stipulated in writing to the Debtor's use of its cash collateral. 2. U.S. Small Business Administration, which holds a second-position lien securing a loan, perfected by a financing statement. The Debtor proposes to maintain current payments on the loan and offer a replacement lien on newly generated cash as adequate protection. 3. 21st Century Corporation, which holds a third-position lien via a second deed of trust recorded in April, with a standard clause granting an interest in rents and profits. 21st Century is an insider and has consented to the use of cash collateral. 4. Continental Casualty Insurance, which holds a fourth-priority lien created via a personal property judgment lien filed on June 27 to enforce a judgment by the Portside Homeowners' Association (its assignor). This lien was recorded less than 90 days prior to the bankruptcy petition, rendering it a preferential transfer. The Debtor asserts that no adequate protection is required for this lien and asks the court to disregard it when granting the motion. The Debtor operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby condominiums, offices, and residences. The entire operating revenue of the Debtor derives from monthly parking fees, which are essential for maintaining ongoing business operations. The financial distress prompting the bankruptcy filing stems from long-standing license agreements recorded in the 1980s and 1990s that restrict the Debtor's ability to raise parking fees, even as its operating costs have continued to rise without similar limits. The Debtor initiated the Chapter 11 case to reject those outdated agreements, raise parking rates to market levels, and restore the parking facility's financial sustainability. A copy of the motion is available at https://urlcurt.com/u?l=xoJvdM from PacerMonitor.com. About SF Oakland Bay LLC SF Oakland Bay, LLC operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby condominiums, offices, and residences. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30699) on September 3, 2025, listing up to $10 million in assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Peter Hadiaris, Esq., at the Law Office of Peter N. Hadiaris, represents the Debtor as bankruptcy counsel. SIGNIA LTD: Amends Unsecured Claims Pay Details ----------------------------------------------- Signia, Ltd., submitted a Disclosure Statement describing Second Amended Plan of Reorganization dated September 3, 2025. The Plan provides for the continued operation of the Debtor, payments as required under the Bankruptcy Code to the Holders of Allowed Administrative and Tax Claims, the subordination of certain Insider Allowed Unsecured Claims, and payments over a five-year period to the Holders of non-Insider Allowed Unsecured Claims, initially funded with 75% of the Debtor's Net Profits until reserves in the amount of $120,000 have been established, after which time the Debtor will pay 100% of Net Profits to such claimants. As set forth in the projections, the Debtor projects distributing $2,409,274 to the Holders of Allowed Administrative Claims and Allowed Unsecured Claims over the life of the Plan. The Debtor projects Holders of non-Insider Allowed Unsecured Claims will receive payment of 51% of their Allowed Claims, if the Claim of Male Excel Medical P.A. and Male Excel Inc. is Allowed in its entirety. If the Claim of Male Excel is disallowed, the Debtor projects Holders of non-Insider Allowed Unsecured Claims will be paid in full and a substantial distribution will be made to the Holders of Insider Allowed Unsecured Claims. Class 3 consists of all Allowed Unsecured Claims except those Allowed Unsecured Claims treated under Class 4. The Holders of Allowed Class 3 Claims shall be paid their pro rata share of the Reorganized Debtor's Net Profits Fund, on a quarterly basis for 20 quarter beginning after the first full calendar quarter after the effective date. Distributions to Class 3 claimants shall not exceed the amount of the Allowed Unsecured Claims. As of the effective date, Class 3 will consist of 25 Unsecured non-Insider claims in the total filed and scheduled amount of $4,763,799.50. Of this amount, approximately 94% is attributable to the $4,469,565.48 contested claim of Male Excel. Class 4 consists of the Allowed Unsecured Claims of Sulit Group, Ltd, National Research and Polling Group, Ltd., JAFT, Vero Investment Company, Alfred Trexler and DialCloud LLC. In the event Allowed Class 3 Claims are paid in full and only after such Claims are paid in full, the Holders of Allowed Class 4 Claims shall be paid their pro rata share of the Reorganized Debtor's Net Profits Fund, on a quarterly basis, for the remainder of the five-year period after the effective date. Distributions to Class 4 claimants shall not exceed the amount of the Allowed Unsecured Claims. Payments due under the Plan will be made from cash generated from the Reorganized Debtor's post-Confirmation operations. Administrative Claims and Tax Claims shall be paid on the effective date of the Plan or as otherwise agreed by the Holder of the Claim. The Secured Claim of the SBA will be paid in twelve or less regular monthly installments. Payments to the Holders of Allowed Class 3 and Class 4 Claims will be made over a five-year period, initially funded with 75% of the Debtor's Net Profits until reserves in the amount of $120,000 have been established, after which time the Debtor will pay 100% of Net Profits to such claimants. The purpose of establishing a reserve is to ensure that the Debtor has adequate cash available to fund its operating expenses in the event of periods in which the Debtor's revenues do not exceed expenses. A full-text copy of the Disclosure Statement dated September 3, 2025 is available at https://urlcurt.com/u?l=ibcI64 from PacerMonitor.com at no charge. Signia, Ltd., is represented by: David V. Wadsworth, Esq. Aaron J. Conrardy, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: dwadsworth@wgwc-law.com aconrardy@wgwc-law.com About Signia, Ltd. SIGNIA provides the full spectrum of customer service and care from order and payment processing to customer inquiries and timely follow-up to Tier 1 support. Signia, Ltd., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. 24-13438) on June 20, 2024, listing $507,431 in assets and $10,081,009 in liabilities. The petition was signed by Jeffrey Fell as CEO. Judge Thomas B. McNamara presides over the case. David V. Wadsworth, at WADSWORTH GARBER WARNER CONRARDY, P.C., is the Debtor's counsel. SILICON VALLEY: Owes Over $76MM Taxes to State, Says California --------------------------------------------------------------- Anna Scott of Law360 reports that the former parent company of Silicon Valley Bank is facing more than $76 million in tax liabilities to California on investment income earned in the years before its failure, the state's taxing authority said in a New York bankruptcy filing. About Silicon Valley Bank Silicon Valley Bank was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, 2023, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC on March 13, 2023, disclosed that it transferred all deposits -- both insured and uninsured -- and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated "bridge bank" in an action designed to protect all depositors of Silicon Valley Bank. SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin Glenn is the bankruptcy judge. The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. Centerview Partners LLC is proposed financial advisor, Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed restructuring advisor to SVB Financial Group as debtor-in-possession. Kroll is the claims agent. On June 13, 2023, a collective of depositors of the Silicon Valley Bank (Cayman Islands Branch) filed a petition with the Court seeking an order that SVB Cayman be wound up and liquidators be appointed under the provisions of the Companies Act (2023 Revision) on the grounds that the Company is insolvent. On June 29, 2023, the Grand Court of the Cayman Islands appointed Andrew Childe and Michael Pearson of FFP limited in the Cayman Islands and Niall Ledwidge from Stout in New York, United States as Joint Official Liquidators of SVB Cayman. Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan. 18, 2024. The Liquidators' counsel in the U.S. case is Warren E. Gluck, Esq. at Holland & Knight LLP. SION HOMES: Seeks Chapter 7 in Florida -------------------------------------- Eman Elshahawy of South Florida Business Journal reports that after more than 20 years of building multimillion-dollar mansions across South Florida, Sion Homes Construction has sought Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Florida on August 29, 2025. The Miami-based luxury developer disclosed in its filing that it owes over $1 million in debts while holding less than $1,000 in its bank accounts. Its petition lists multiple unsecured creditors, including subcontractors and suppliers tied to its high-end residential projects, the report related. Court records show that despite its reputation for constructing upscale estates, the company has limited assets to offset its mounting obligations. The filing indicates that Sion Homes will attempt to reorganize while addressing outstanding liabilities. About Sion Homes Construction Sion Homes Construction is a Miami-based general contractor recognized for building luxury custom estates throughout South Florida, with projects in exclusive communities such as Miami Beach, Key Biscayne, Coconut Grove, and Coral Gables. Sion Homes Construction sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20111) on August 29, 2025. In its petition, the Debtor reports more than $1 million in debt. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by Timothy S Kingcade, Esq. SIYATA MOBILE: Amends Merger Agreement With Core Gaming ------------------------------------------------------- Siyata Mobile Inc. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that the Company, as purchaser, entered into an Amended and Restated Merger Agreement (the "A&R Merger Agreement") with Siyata Core Acquisition U.S., Inc., Core Gaming, Inc. and certain other parties, which amends and restates the Merger Agreement dated as of February 26, 2025, pursuant to which Core Gaming will merge with and into Siyata Core Acquisition U.S., with Core Gaming continuing as the surviving entity and a wholly owned subsidiary of the Company (the "Surviving Corporation"). Among other things, the A&R Merger Agreement adds Siyata PTT, Siyata Mobile Israel Ltd. and Signifi Mobile Inc. (collectively, the "PTT Subsidiaries") as limited-purpose parties for specified provisions and designates Marc Seelenfreund as a limited-purpose party in respect of certain covenants. The A&R Merger Agreement also contemplates additional ancillary agreements, including an option grant agreement between BSD Capital Group Ltd., which is wholly owned by Marc Seelenfreund, and Purchaser and a director agreement between Purchaser and Mr. Seelenfreund to be entered into prior to the closing of the transactions contemplated by the A&R Merger Agreement. The A&R Merger Agreement provides that, prior to the effective time of the Merger, Core Gaming will procure and prepay a one-year "tail" policy extending Purchaser's and its subsidiaries' existing directors' and officers' liability coverage with an aggregate limit of at least $10 million; Purchaser may, at its discretion, obtain an additional "tail" policy providing up to five additional years of coverage for pre-Closing events. The A&R Merger Agreement provides that, from and after the Effective Time, cash on hand and cash equivalents of the PTT Subsidiaries will be segregated from Purchaser and the Surviving Corporation and used solely to operate the PTT Retained Business (as defined in the A&R Merger Agreement) under the oversight contemplated thereby, and that operations of the PTT Retained Business will be funded exclusively from such cash on hand and future operating cash flows or asset sales of the PTT Subsidiaries. The parties also agreed that, from and after the Effective Time, the PTT Subsidiaries will not: (i) incur any new indebtedness or amend or extend the term of any existing indebtedness, other than intercompany indebtedness and trade payables in the ordinary course of business, or (ii) authorize for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of their securities. In addition, Purchaser agreed to certain negative covenants that require Mr. Seelenfreund's prior written consent before Purchaser takes specified actions with respect to the PTT Subsidiaries, including amendments to organizational documents, equity issuances or transfers, asset sales, dividends or distributions, loans or guarantees, incurrence of liens, material accounting changes, liquidations or restructurings, or agreements to take any of the foregoing. The A&R Merger Agreement includes a post-Closing indemnification regime under which the PTT Subsidiaries, jointly and severally, will indemnify Purchaser, the Surviving Company and their affiliates (other than the PTT Subsidiaries and their affiliates) against specified "Damages," together with customary procedural provisions for third-party claims. The A&R Merger Agreement also provides for certain post-Closing disbursements by the Surviving Corporation and Purchaser to Siyata PTT (or another designated PTT Subsidiary), including: (i) an aggregate of $1,080,000 payable upon the occurrence of defined Subsequent Financings, (ii) $100,000 for each $10 million raised in any Subsequent Financing, up to the amount Purchaser paid for any "tail" insurance policy, and (iii) reimbursement of Core Gaming's legal fees and expenses up to $250,000 upon the Purchaser's, the Surviving Corporation's or any of the Surviving Corporation's subsidiaries' receipt of at least $30 million in aggregate gross proceeds from Subsequent Financings, in each case subject to the conditions set forth in the A&R Merger Agreement. If the A&R Merger Agreement is terminated and Purchaser (or any subsidiary) within 90 days thereof enters into an agreement, agreement-in-principle or letter of intent for, or within nine months thereof consummates, a Post-Termination Transaction, as defined in the A&R Merger Agreement, Purchaser will pay Core Gaming a $4 million termination fee, which fee is agreed to be Core Gaming's sole and exclusive remedy for such termination, subject to exceptions described in the A&R Merger Agreement. The A&R Merger Agreement further addresses expenses, including that all Purchaser expenses will be paid by Purchaser on or before Closing, that Core Gaming will deliver a report of its expenses at Closing, and that, within five business days after the Closing Date, the PTT Subsidiaries will pay or reimburse Core Gaming's reasonable and documented expenses. Consulting Agreement: Simultaneously on August 25, 2025, Siyata Mobile Israel Ltd. and Signifi Mobile Inc. entered into a Consulting Agreement with BSD and Mr. Seelenfreund, effective as of the Effective Time, under which BSD/Mr. Seelenfreund will provide day-to-day management services ordinarily associated with the role of Chief Executive Officer. The Consulting Agreement has a two-year term, automatically renewable for additional two-year periods, and may be terminated by Mr. Seelenfreund or Siyata Mobile Israel or Signifi Mobile for convenience on 12 months' prior written notice (with specified immediate-termination rights). The Consulting Agreement provides that BSD is entitled to monthly consideration of the higher of $35,000 or 120,000 NIS (approximately $420,000 per year), a quarterly bonus equal to 5% of Signifi Mobile Inc.'s EBITDA, and an annual and/or discretionary bonus of up to 100% of the monthly consideration based on Mr. Seelenfreund's performance as determined by the Board of Directors of Siyata Mobile Israel (or, in the absence thereof, of Signifi Mobile). The Consulting Agreement also includes change-of-control protections that provide, upon a qualifying termination within 12 months following a Change of Control or Hostile Change of Control, in each case as defined therein (or upon a qualifying resignation during such period), for a lump-sum payment equal to 36 months of Base Consideration and continued quarterly Incentive Bonus payments for three years, accelerated vesting of outstanding equity awards, and a requirement that Core Gaming deposit 36 months of the monthly consideration into escrow immediately prior to a Change of Control or Hostile Change of Control if those provisions are triggered. The Consulting Agreement also provides that BSD and Mr. Seelenfreund will be included under Core Gaming's directors' and officers' insurance program and will receive indemnification arrangements consistent with those provided to directors and officers. The foregoing summaries of the A&R Merger Agreement and the Consulting Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of each document, filed as Exhibits 2.1 and 10.1, respectively, to the Report on Form 6-K, available at https://tinyurl.com/eweesefp About Siyata Mobile British Columbia, Canada-based Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories. As of Dec. 31, 2024, the Company had $14,889,205 in total assets, $10,967,934 in total liabilities, and a total stockholders' equity of $3,921,271. Jerusalem, Israel-based Barzily and Co., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, citing that the Company has suffered recurring losses from operations, has accumulated significant losses, has an outstanding loan to financial institutions, and has an outstanding balance related to the sale of future receipts, which raise substantial doubt about its ability to continue as a going concern. SOLAR BIOTECH: Judge to Approve Post-Sale Ch. 11 Liquidation ------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that on Tuesday, September 9, 2025, a Delaware bankruptcy judge said she would confirm Solar Biotech Inc.'s Chapter 11 liquidation plan, following the company's $20 million asset sale and settlement of disputes between its largest secured lender and the unsecured creditors' committee. About Solar Biotech Solar Biotech, Inc. and Noblegen Inc. are biotechnology companies with nearly five years of experience in scaling biotech designs and prototypes on a commercial scale. They provide services to customers in the form of various phases, which are as follows: (i) concept development; (ii) develop prototypes; (iii) optimize costs; (iv) use prototype samples for business development and sampling; and (v) commercialization agreements to help transfer developed technology into commercial products. By offering a wide range of services, the Debtors are able to successfully meet the varying needs of its customers across the biotech market. Solar Biotech and Noblegen filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11402) on June 23, 2024, with $10 million to $50 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Porzio, Bromberg & Newman, P.C. as bankruptcy counsel; Newpoint Advisors Corporation as financial advisor; and Epiq Corporate Restructuring, LLC as claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Brinkman Law Group, PC as bankruptcy counsel, Esbrook, PC as Delaware counsel, and Young America Capital, LLC as financial advisor. SOLSTICE ADVANCED: S&P Assigns 'BB+' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issuer credit rating to refrigerants and specialty materials company Solstice Advanced Materials Inc. (Solstice), assuming the spin-off will be successfully completed at the end of October 2025 or shortly thereafter. The outlook is stable. S&P said, "At the same time, we assigned our 'BBB-' issue-level ratings on the proposed senior secured credit facilities; the recovery ratings are '1', indicating our view of very high recovery (rounded estimate: 95%, capped) in the event of a payment default. "The stable outlook reflects expectations that the spin-off will progress smoothly without setbacks to the operations, earnings, and cash flow. Additionally, we forecast total S&P Global Ratings-adjusted debt to EBITDA will average less than 2x and free operating cash flow (FOCF) to S&P Global Ratings-adjusted debt will average just under 15% over the next 12-24 months." On Aug. 21, 2025, diversified industrials company Honeywell International Inc. announced the filing of a Form 10 registration statement detailing information regarding its planned spin-off of refrigerants and specialty materials company Solstice Advanced Materials Inc. (Solstice). Honeywell will also hold an investor day on Oct. 8, 2025, where it will yield more insight into Solstice's business and value creation strategy. As part of the spin-off, Solstice will issue a proposed $1.0 billion revolving facility due 2030 and a $1.0 billion senior secured term loan B due 2032. The company plans to use the proceeds to help fund a $1.5 billion dividend to Honeywell in connection with the spin-off. Solstice benefits from a leading position in refrigerants, which is assisted by secular growth tailwinds. A key product in Solstice's Refrigerants & Applied Solutions (RAS) segment is refrigerants, which account for almost half of the segment's sales. The company produces conventional refrigerants (which use hydroflourocarbons; HFCs) and are being phased out; and low-global-warming-potential (LGWP) refrigerants (which use hydrofluoroolefins; HFOs) with zero ozone depletion potential and are a fast-growing, environmentally friendly product. Solstice's refrigerants are sold to air conditioning/refrigeration (HVAC/R) original equipment manufacturers, automotive makers, and aftermarket wholesalers. They are used by over 60,000 supermarkets and benefit from strong aftermarket sales. The company's portfolio of refrigerants is protected by intellectual property patents. Solstice's other specialty material product offerings also support its strong profitability. The company also has capabilities in other specialty materials and chemicals, including LGWP blowing agents with unique customer-specific formulations; pharmaceutical packaging with moisture barrier properties; uranium hexafluoride (UF6) enrichment, which is critical in nuclear power generation; copper manganese sputtering targets, which are used in semiconductor manufacturing; high-performance fibers used in military applications; and research chemicals used in authentication processes. Its solid market positions and customer-specific formulations allow it to generate margins at the high end of the range within the chemicals industry. S&P believes the company's EBITDA margins in 2024 were comparable with DuPont's 25% and exceeded those of Element Solutions Inc., Eastman Chemical Co., and competing refrigerants supplier The Chemours Co. (whose Opteon line is quite profitable, but companywide profitability has been weighed down by its titanium dioxide business). S&P said, "We believe Solstice's margins will stay strong as the company's operational expertise will drive various profit-enhancing initiatives through the organization and manufacturing functions. We believe Solstice's operating system will be akin to Honeywell's operational expertise in advancing operational safety, efficiency, and profitability. "Solstice appears appropriately capitalized with solid credit measures, following the spin-off and dividend payment to the parent. We expect Solstice to generate S&P Global Ratings-adjusted debt to EBITDA of less than 2.0x and FOCF to debt averaging just under 15% during the next two years. These credit measures are appropriate for the ratings. Our credit measures include over $60 million of separation costs in 2026." The company is undertaking roughly $375 million of capital spending per year during 2026 and 2027, which is higher than our projected long-term average. It intends to double the site capacity at its Spokane, Wash. plant to serve fast-growing demand for high bandwidth memory chips and advanced packaging. It is also spending on a project at its Colonial Heights, Va. location to develop lighter-weight, high-performance fibers for the military. Solstice's cash flow-related credit measures may be temporarily lighter than normal but should strengthen in the out years as growth-related capital spending winds down. The $1.5 billion dividend to Honeywell is a one-time event, and future dividend outlays averaging roughly 30% of FOCF should be manageable. S&P said, "We expect Solstice's financial policies to be appropriate for the ratings, but establishing a track record of conservatism would be helpful for higher ratings in the future. We believe Solstice's management is likely to operate the business at a reported net debt to EBITDA ratio of below 2.0x. We anticipate this ratio may exceed this figure in the event of opportunistic acquisition activity, but we expect management will embrace austerity measures to drive the leverage ratio back below this long-term target during the near-term period subsequent to the acquisition's completion. This level, if publicly embraced as a long-term target, would be sufficiently conservative for higher ratings, but we would await evidence of the company establishing a track record of solid operating performance and disciplined adherence to sound financial policies before we consider a rating upgrade." Environmental liabilities are manageable. Solstice is likely to retain $53 million of environmental liabilities related to asset retirement obligations at legacy sites, like Honeywell's Delaware Valley Works facility. S&P views this amount as manageable. The company does not have any known legacy liabilities related to PFAS (including PFOA and PFOS), nor does it have any pending or incoming PFAS-related litigation. The company is unaware of having ever manufactured or sold those molecules. As such, S&P currently does not assume any PFAS litigation liabilities in its financial metric calculations. However, attention has increased regarding this issue, and future material cases could present downside risk to our base-case. Solstice's credit quality is still comparably unfavorable at present with those of investment-grade companies. Given its status as an upcoming spin-off entity, Solstice has yet to prove its performance as a stand-alone company without experiencing operational disruptions and unexpected charge-offs. S&P expects a large majority of the separation costs have been identified and will have been paid for by Honeywell, though Solstice could be responsible for roughly an additional $60 million of separation costs. These relate to implementing information technology systems and exiting transaction services agreements (TSAs). There is uncertainty around whether the company will incur additional significant business stand-up costs, as S&P has seen in other spin-off situations. Solstice's operational scale is smaller relative to the broader peer group of chemical producers with similar business risk assessments, and the company has some concentration in its customer (particularly within refrigeration and applied solutions) and supplier bases (China exposure). Management is still in the early stages of establishing a track record of adhering to conservative financial discipline. S&P said, "The stable outlook on Solstice reflects our expectation that the company's credit metrics will remain appropriate for the rating over the next 12 months. As the company attempts to establish itself as a stand-alone entity this year, Solstice's funds from operations (FFO) to debt could exceed 40%, which would outpace the 25% we expect at this rating. We expect Solstice to continue generating solid operational performance through secular demand growth for refrigerants, performance chemicals, and electronic materials. In our view, management is likely to maintain an appropriately capitalized balance sheet for the ratings, exercising prudence about dividend outlays, acquisition spending, and other capital expenditures. "We could lower our issuer credit rating on Solstice in the next 12 months if we expect its weighted-average FFO to debt to decline to less than 25% and remain there for a sustained period. This could occur if operating performance is worse than expected due to weakening demand across its end markets, higher-than-expected post-spin-off stand-alone costs, operational challenges, or unexpectedly large environmental or litigation expenses. This could also occur if management undertakes a large, debt-funded acquisition or shareholder reward that adds a significant amount of debt leverage to the balance sheet. "Although unlikely within the next year, we could consider an upgrade if the company demonstrates a solid stand-alone operating performance, successfully expands its product portfolio, and builds a consistent track record of adhering to its financial policies--including a public commitment to maintaining strong credit measures--and follows through on that commitment. In that scenario, we would expect the company to continually generate earnings and cash flows that allow for weighted-average FFO to debt that exceeds 35% on a sustained basis." SONOMA PHARMACEUTICALS: All Proposals Approved at Annual Meeting ---------------------------------------------------------------- Sonoma Pharmaceuticals, Inc. held its Annual Meeting of Stockholders. Proxies were solicited pursuant to its definitive proxy statement filed on July 11, 2025, with the Securities and Exchange Commission under Section 14(a) of the Securities Exchange Act of 1934. The number of shares of the Company's common stock entitled to vote at the annual meeting was 1,642,765. The number of shares of common stock present or represented by valid proxy at the annual meeting was 718,469. Each share of common stock was entitled to one vote with respect to matters submitted to the Company's stockholders at the annual meeting. At the annual meeting, stockholders voted on these matters: Proposal 1 – Election of Class II Director * Dr. Jay Birnbaum was duly elected as our Class II director. Proposal 2 – Advisory Vote to Approve Executive Compensation * Stockholders voted upon and approved, by non-binding advisory vote, the compensation of the Company's named executive officers for the year ended March 31, 2025, as described in the proxy statement dated July 11, 2025. Proposal 3 – Ratification of the Appointment of Independent Registered Public Accounting Firm * Stockholders voted upon and approved the ratification of the appointment of Frazier & Deeter, LLC as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2026. Proposal 4 – Adjournment to Solicit Additional Proxies * Stockholders voted upon and approved a proposal to authorize the adjournment of the meeting to permit further solicitation of proxies, if necessary or appropriate, if sufficient votes are not represented at the meeting to approve any of the foregoing proposals. About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in fifty-five countries worldwide. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of March 31, 2025, the Company had $13,693,000 in total assets, $9,282,000 in total liabilities, and total stockholders' equity of $4,411,000. SOUTHWEST FT WORTH: PCO Report Raises Concern Over Resident Safety ------------------------------------------------------------------ Susan Goodman, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her second report regarding the quality of patient care provided at Southwest Ft. Worth Memory Care, LLC and Cypresswood Spring Memory Care, LLC's memory care assisted living facilities. At the time of PCO's unannounced follow-up site visit, Cityview's resident census was 38. Resident care staffing was below the matrix by one caregiver due to a staff call-out on the date of the site visit. Across the reporting period, census as high as 40 was reported. The PCO's second site visit occurred one day before the weekly food delivery. Nonetheless, the volume of food observed on this visit -- dry stock, refrigerated, and frozen -- was greater than what the PCO witnessed on her first site visit, and more diverse. Emergency water was noted in the dry stock supply items. Protein-rich dry stock items were not present in sufficient amounts to feed all residents at the time of the PCO's visit. These additional food stock items were reported as purchased after the PCO's site visit. The PCO observed four new staff members orienting on-site at the time of her follow-up site visit. The Administrator reported hiring to replace operational turnover unrelated to the reorganization. Compared to initial site visit observations, the timeliness of new hire tuberculosis screening (due to availability of tuberculin) and levels of direct care supplies was notable. Shortly after the PCO's visit, the annual, unannounced fire marshal inspection occurred. The visit was prior to renewal due dates for various sprinkler and alarm panel testing, maintenance, and inspections. The fire hydrant, alarm, and devices annual testing have been completed. The sprinkler systems have not and are currently yellow tagged as not in compliance with licensure regulations. All open items have a nexus to resident safety. The yellow tags must be cleared and an annual fee paid to obtain a current fire marshal certificate. In addition to the outstanding sprinkler system items, the PCO notes that Cityview continues to have a backflow system that needs repairs to pass inspection. Backflow devices are what prevents sewage back-up into the facility's water system. The PCO remains concerned that this repair is outstanding, as, again the nexus to resident safety is clear. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=EMFTUT from PacerMonitor.com. The ombudsman may be reached at: Susan N. Goodman PIVOT HEALTH LAW, LLC P.O. Box 69734 Oro Valley, Arizona 85737 P: (520) 744-7061 | F: (520) 575-4075 Email: sgoodman@pivothealthaz.com About Southwest Ft Worth Memory Care Southwest Ft Worth Memory Care, LLC, doing business as Autumn Leaves of Cityview, is a U.S. senior-living operator that specializes exclusively in assisted-living and stand-alone communities for residents with Alzheimer's disease and other forms of dementia. Headquartered in Grapevine, Texas, Southwest designs, owns or manages purpose-built "Autumn Leaves" communities in Texas and Illinois, offering 24-hour nursing, dementia-trained staff, "Inspired Connections" life-engagement programs and on-site dining, salon and rehab services. Southwest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41419) on April 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. PSF II Dutch Branch, LLC, as secured lender, is represented by: Kevin M. Lippman, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7565 Facsimile: (214) 978-5335 klippman@munsch.com SPIRIT AIRLINES: Chapter 11 Filing Triggers Debt Acceleration ------------------------------------------------------------- Spirit Aviation Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 29, 2025, the Company, as well as Spirit Airlines, LLC (formerly known as Spirit Airlines, Inc.), Spirit IP Cayman Ltd. ("Brand IP Issuer"), Spirit Loyalty Cayman Ltd. ("Loyalty IP Issuer" and, together with Brand IP Issuer, the "Co-Issuers"), Spirit Finance Cayman 1 Ltd., Spirit Finance Cayman 2 Ltd. each a direct or indirect subsidiary of Spirit, filed a petition under chapter 11 of title 11 of the United States Code in the Bankruptcy Court. Spirit will continue to operate its business as a "debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The filing of the Chapter 11 Cases described above in Item 1.03 constitutes an event of default that accelerated obligations of Spirit Airlines under the following debt instruments: * Approximately $856 million of PIK Toggle Senior Secured Notes due 2030 (the "Senior Secured Notes") issued pursuant to that Indenture, dated March 12, 2025, as amended, by and among the Co-Issuers, the Company, Spirit Airlines, the subsidiary guarantors and Wilmington Trust, National Association, as trustee and collateral custodian. * Approximately $275 million of borrowings (plus any accrued but unpaid interest in respect thereof) under the Amended and Restated Credit and Guaranty Agreement (the "Revolving Credit Agreement"), dated as of March 12, 2025, by and among Spirit Airlines, the guarantors party thereto, the lenders party thereto, Citibank, N.A., as administrative agent, and Wilmington Trust, National Association as collateral agent, relating to our Revolving Loans (as defined in the Revolving Credit Agreement). * Approximately $636 million of borrowings (plus any accrued but unpaid interest in respect thereof) under certain enhanced equipment trust certificates ("EETCs") debt agreements between Spirit Airlines and Wilmington, as trustee. * Approximately $849 million owed pursuant to individual aircraft loans issued to finance the purchase of specific aircraft. The Debt Instruments provide that, as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments are automatically stayed as a result of the commencement of the Chapter 11 Cases, and the creditors' rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AIRLINES: Faces $75.6M Potential Fees in AerCap Dispute -------------------------------------------------------------- As previously disclosed, on July 30, 2024, Spirit Airlines entered into a direct lease transaction with certain affiliates of AerCap Holdings N.V. for 36 aircraft scheduled for delivery between 2027 and 2028, which were originally part of the order book for Spirit Airlines. Under the terms of the transaction, AerCap agreed to assume the delivery positions for the Leased Aircraft and related pre-delivery payment obligations. AerCap additionally agreed to lease each Leased Aircraft to Spirit Airlines upon delivery by Airbus, pursuant to 36 lease agreements, each dated as of July 30, 2024, by and between Wilmington Trust Company, acting solely as owner trustee and Spirit Airlines, as lessee. On August 25, 2025, the Company received a written notice from the Lessor asserting that certain events of default under the Undelivered Aircraft Leases had occurred and were continuing and that the Lessor was terminating the Undelivered Aircraft Leases. Under each Undelivered Aircraft Lease, in the event that the termination date of the leases occurs prior to delivery date of the relevant aircraft, a lease termination fee of $2.1 million becomes immediately due and payable to the Lessor under the lease. The Company disagrees with the assertion that an event of default has occurred and is continuing under any Undelivered Aircraft Lease and asserts that no such event of default has occurred or is continuing, and consequently that the termination of the Undelivered Aircraft Leases is invalid. The Company is currently in discussions with AerCap with respect to the Undelivered Aircraft Leases. No assurance can be given that the parties will reach an amicable resolution on a timely basis, on favorable terms, or at all. If an amicable resolution is not reached promptly, the Company will take legal action to contest the alleged events of default and terminations to enforce its rights under the Undelivered Aircraft Leases. If the Company is unable to resolve the alleged events of default and termination under the Undelivered Aircraft Leases, it could have a material adverse effect on the Company's liquidity, financial condition and results of operations. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AIRLINES: Gets Court OK to Tap Over $275MM to Fund Ch. 11 ---------------------------------------------------------------- Alex Wittenberg of Bloomberg Law reports that Spirit Airlines won approval from a New York bankruptcy judge on Monday, September 8, 2025, to borrow up to $275 million and tap additional funds to sustain operations as it prepares to reject aircraft leases in its Chapter 11 case. About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on Dec. 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities, while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. Brian P. Hall, Esq., is the Debtors' legal counsel. Brigade Agency Services, LLC, as lender, is represented by Frank P. Terzo, Esq., at Nelson Mullins Riley & Scarborough, LLP. Argent Funding LLC and Volant SVI Funding LLC, as lenders, are represented by Regina Stango Kelbon, Esq., at Blank Rome, LLP. Lawyers at Tucker Arensberg, PC represent Argentum Acquisition Co., LLC, emerged as the winning bidder for the airline's assets with an offer of $5,755,000 in cash plus additional amounts and the assumption of certain liabilities. SPIRIT AIRLINES: Parent Awards $6.3M in Executive Retention Bonuses ------------------------------------------------------------------- Spirit Aviation Holdings, Inc., the parent company of Spirit Airlines, disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into retention award agreements with each of the Company's current executive officers, pursuant to which these executive officers received payment of one-time cash retention awards: * David Davis, President & Chief Executive Officer - $2,918,000 * Frederick S. Cromer, Executive Vice President & Chief Financial Officer - $1,185,000 * Thomas Canfield, Executive Vice President & General Counsel - $1,082,000 * John Bendoraitis, Executive Vice President & Chief Operating Officer - $1,132,000 Pursuant to the terms of each Retention Agreement, if the named executive officer ceases to be actively employed by the Company in good standing prior to the earliest to occur of (i) the one-year anniversary of the effective date of the Retention Agreement; (ii) the date that is 90 days following the date of a "change in control" (as defined in the Retention Agreement); and (iii) the date that is 90 days following the date that the Company emerges from its restructuring pursuant to Chapter 11 of the U.S. Bankruptcy Code, the named executive officer is required to repay to the Company the Retention Award (on a post-tax basis) within 10 days following such termination, except if the executive's employment terminates due to death or "disability," by the Company without "cause" or due to the executive's resignation for "good reason." In addition, pursuant to the Retention Agreement entered into with David Davis, President and Chief Executive Officer of the Company, the second installment of the sign-on bonus payment payable to Mr. Davis pursuant to his existing employment agreement with the Company dated as of April 16, 2025, the amount of which was previously transferred by the Company to a third-party escrow fund in April 2025, was disbursed to Mr. Davis as of the date of the Retention Agreement. Under the Retention Agreement, this second installment of the sign-on bonus will be subject to repayment to the Company on the same terms as Mr. Davis's Retention Award. Pursuant to the Retention Agreements, the named executive officers have agreed that they will have no further rights to participate in, or otherwise receive any payments under, the Company's short-term cash incentive program for 2025. In addition, Mr. Davis has agreed that he will have no further rights or entitlements to receive his prorated annual short-term incentive for 2025 nor the existing $4 million retention incentive payable to Mr. Davis in certain circumstances under his Employment Agreement. About Spirit Airlines Spirit Airlines, LLC (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: Seeks Cash Collateral Access --------------------------------------------- Spirit Aviation Holdings, Inc., parent company of Spirit Airlines, LLC, asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. Spirit is not seeking to use any secured party's cash collateral at this time, but instead intends to rely on unencumbered liquidity, including $275 million available under its revolving credit facility, cash in foreign accounts, post-petition operational cash, and other cash not subject to liens or security interests. The secured parties involved -- the holders of secured notes and lenders under the revolving credit facility -- have not conceded that these funds are unencumbered but have agreed to allow Spirit to use them on a consensual, without prejudice basis under the terms of a proposed interim order. This limited agreement excludes the use of certain encumbered accounts and approximately $23 million in credit card receipts that span the pre-petition and post-petition periods, although approximately $24.6 million in other pre-petition receivables may be used over the next four months. Spirit has agreed to provide secured creditors with adequate protection, including replacement liens, superpriority administrative expense claims under 11 U.S.C. Section 507(b), and reimbursement of reasonable fees and expenses -- all subject to court review. As of the petition date, Spirit reported approximately $2.79 billion in total funded debt, comprising $275 million in RCF obligations, $856.1 million in secured notes, $1.525 billion in aircraft debt, and $136.3 million in unsecured term loans maturing in 2031. The capital structure involves intercreditor arrangements where the RCF lenders and secured noteholders share collateral on a first and second lien basis, depending on asset category. Spirit emphasizes the urgent need to access unencumbered funds to continue day-to-day operations, including payroll, vendor payments, and capital expenditures. Maintaining liquidity is critical to preserving the value of the enterprise and avoiding disruptions as Spirit works toward a broader restructuring plan. Although Spirit does not currently require secured creditor consent to use unencumbered cash, such consent has been obtained to ensure clarity and avoid litigation in the early phase of the case. The proposed interim order reflects a narrowly tailored, consensual arrangement that allows Spirit to remain operational without diminishing secured creditor collateral. Future orders, including a proposed final order, may address broader issues such as the use of actual cash collateral or debtor-in-possession (DIP) financing. For now, Spirit seeks only to maintain liquidity and stability while these longer-term matters are negotiated. A copy of the motion is available at https://urlcurt.com/u?l=quqc3W from PacerMonitor.com. About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit offers ultra-low fares, digital booking options, and a young, fuel-efficient fleet while employing approximately 25,000 direct employees and independent contractors. The Company offers scheduled flights, seating upgrades, self-service baggage options, and customer support available both in-person and through digital channels. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, the Debtor disclosed up $8.5 billion in assets and $8.1 billion in liabilities. Judge Sean H. Lane oversees the case. Jeffrey M. Orenstein, Esq., at Wolff & Orenstein, LLC, represents the Debtor as legal counsel. The Debtor tapped FTI Consulting, Inc. as restructuring, fleet and communications advisor; PJT Partners, LP as investment banker; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Epiq Corporate Restructuring, LLC as claims, noticing, solicitation and administrative agent. STANTON VIEW: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Stanton View, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The interim order signed by Judge Sage Sigler authorized the Debtor to use cash collateral through September 16 in accordance with its budget, subject to a 10% variance. White Oak Assets, LLC, the Debtor's lender, will be provided with adequate protection in the form of replacement liens on the Debtor's property, with the same validity, priority and extent as the lender's pre-bankruptcy liens. The replacement liens do not apply to any avoidance claims. Events of default under the interim order include failure by the Debtor to maintain required insurance; unauthorized payment of cash collateral to an insider; appointment of a Chapter 11 trustee; conversion of the Debtor's case to one under Chapter 7; and non-compliance with the interim order. The next hearing is set for September 16. The Debtor's cash collateral consists of post-petition rental income from its sole asset: an 88-unit apartment complex located at 2040 Stanton Road, East Point, Georgia. White Oak Assets holds a secured interest in the property's rental income while Glass Doctor may have a potential interest based on its lien although the Debtor disputes that any creditor other than the lender is entitled to cash collateral proceeds at this stage. The Debtor borrowed $7.1 million from White Oak Assets to purchase the property through a promissory note and Deed to Secure Debt, which matured on August 5. The Debtor was actively pursuing a refinance to satisfy the loan, however, the refinancing was delayed and the lender scheduled a foreclosure sale for September 2, the same day the Debtor filed for bankruptcy to protect what it claims is substantial equity in the property. A recent appraisal dated June 18 valued the property at $11.4 million, suggesting an equity cushion of at least $5.3 million, given that the total secured debt is approximately $6.1 million, plus a minor mechanic's lien of $1,022 held by Glass Doctor. About Stanton View LLC Stanton View, LLC owns and operates an apartment complex located at 2040 Stanton Road in East Point, Georgia, which has an appraised value of $11 million. The company is classified as a single-asset real estate entity under U.S. law, focusing on the management of this property. Stanton View sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60053) on September 2, 2025. In its petition, the Debtor reported total assets of $11,137,378 and total liabilities of $6,170,665. Honorable Bankruptcy Judge Sage M. Sigler handles the case. The Debtor is represented by Michael D Robl, Esq., at Robl & Bowen, LLC. STREAMLINE SOLUTIONS: Seeks Chapter 7 Bankruptcy in Pennsylvania ---------------------------------------------------------------- Streamline Solutions LLC voluntarily filed for Chapter 7 bankruptcy in the Eastern District of Pennsylvania on September 8, 2025. The company reported liabilities the range of $0–$100,000, with a creditor count estimated between 1 and 49. About Streamline Solutions LLC Streamline Solutions LLC is a multifaceted company operating in various industries across the United States. It offers development, acquisitions, realty, and property management for residential and commercial properties. Streamline Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13595) on September 8, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Ashely M. Chan handles the case. The Debtor is represented by Thomas Daniel Bielli, Esq. at Bielli & Klauder, LLC. STRUCTURE ACE: Hires De Leo Law Firm as Legal Counsel ----------------------------------------------------- Structure Ace LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Robin R. De Leo of The De Leo Law Firm LLC to serve as legal counsel in its Chapter 11 Subchapter V case. The firm will provide these services: (a) represent the Debtor as counsel in connection with this Subchapter V Chapter 11 case; (b) provide legal advice regarding bankruptcy matters; (c) review financial documentation and prepare bankruptcy schedules; and (d) perform all other services required in connection with the Debtor's Chapter 11 proceeding. The Debtor has paid the firm the total sum of $21,738 of which $5,097 was used for pre-petition fees. The remaining pre-petition retainer totals $14,903 and is held in trust to fund post-petition attorney's fees and costs. The firm will be paid an hourly rate of $390 for Ms. De Leo and $125 for paralegal time. The De Leo Law Firm LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robin R. De Leo, Esq. THE DE LEO LAW FIRM LLC 800 Ramon Street Mandeville, LA 70448 Telephone: (985) 727-1664 E-mail: elaine@northshoreattorney.com About Structure Ace LLC Structure Ace LLC, led by Reshaud Henry, provides roofing, construction, and solar energy services, specializing in storm damage remediation, roof inspections, and installations using materials such as Atlas Shingles, CertainTeed Shingles, Wood Shake, Spanish Tile, TPO, Modified Bitumen, and EDPM. The Company operates primarily in Madisonville, Louisiana. Its services target residential and commercial clients. Structure Ace LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11911) on August 28, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Robin R. De Leo, Esq. at THE DE LEO LAW FIRM, LLC. TALLGRASS ENERGY: Fitch Rates Proposed Sr. Unsecured Notes 'BB-' ---------------------------------------------------------------- Fitch Ratings has assigned Tallgrass Energy Partners, LP's (Tallgrass) proposed senior unsecured notes a 'BB-' with a Recovery Rating of 'RR4'. The notes are being co-issued by Tallgrass Energy Finance Corp. Tallgrass intends to use the net proceeds to redeem all its outstanding 2027 notes and to repay a portion of the outstanding balance of its revolving credit facility, with any excess to be used for general partnership purposes. Until Tallgrass uses the net proceeds to fund the redemption, it will use such proceeds to repay amounts outstanding under its revolving credit facility. Fitch views this transaction as neutral to Tallgrass' credit profile. The ratings and Rating Outlook continue to reflect the merits and demerits concerning the issuer previously stated by Fitch on March 10, 2025. Fitch has reviewed preliminary terms for the proposed transactions, and the assigned ratings assume no material variations in the final terms. Key Rating Drivers Leverage Neutral Transaction: Total debt balance and EBITDA leverage are not expected to meaningfully change by this refinancing transaction. The assigned rating for the proposed senior unsecured notes is consistent with the ratings of Tallgrass' existing senior unsecured notes. TPCO2 Project Execution Risk: The project is on track and within budget for its mid-2H25 initial service launch. It has secured multiple contracts as the sole CO2 capture, transport, and sequestration provider. Archer Daniels Midland Company (ADM; A/Negative) is the anchor customer, accounting for one-fourth of the currently signed contracts. While exclusivity prevents competitive volume loss, the absence of minimum volume guarantees poses volumetric risks. 100% right of way for tier 1 laterals and 99% for tier 2 laterals have been secured, with construction proceeding as planned. Ethanol plants linked to tier 1 laterals are currently producing slightly over 4 mmtpa of CO2. Most contracts include a fixed fee for CO2 captured and sequestered, with one capture facility having direct 45Q tax credits exposure under the Inflation Reduction Act. Any substantial adverse changes to the 45Q law or executive branch administration of the law could significantly impact the project. However, Fitch assumes no adverse changes in either the law or in management expectations that tax credit applications will be promptly reviewed and fulfilled. Elevated Near-Term Leverage: The capital-intensive debt-funded TPCO2 project will raise Tallgrass' leverage to the mid-8.0x range, according to Fitch's forecast, likely staying high until 2027. Delays or budget issues could extend this elevated leverage period. Tallgrass has achieved important milestones in obtaining non-recourse project financing, which closed in April 2025, with funding starting in July 2025. TPCO2 project's success is vital for Tallgrass to maintain leverage within the 7.0x-8.0x range (per Fitch's calculations) which is consistent with its current rating. The other recently announced growth projects are still in their initial stages, hence currently having limited impact. Liberty Express Contract Renewals: Tallgrass' second-largest asset, the crude oil carrying Liberty Express Pipeline (LEP), accounts for nearly 20% of EBITDA. LEP historically has had a shorter-term contract life. The current remaining weighted average contract life is two years. LEP volumes have consistently exceeded contractual minimums and shown year-over-year growth. Refinery utilization rates in LEP's region and related demand for refined products are expected to be stable. Tallgrass has managed similar contract renewals in the past and is expected to timely re-contract LEP's expiring capacity. Long-Term Contracts Support Cash Flows: Fitch expects Tallgrass to generate over 95% of its EBITDA from fee-based contracts, including 85% from long-term take or pay (TOP) and minimum volume commitment (MVC) contracts with creditworthy customers. This provides meaningful stability and clarity into future cash flows, particularly during industry downturns, thereby lowering business risk. Diversified Asset Portfolio Enhances Stability: Tallgrass boasts a robust portfolio of midstream assets spread across various oil and gas regions in the U.S., with major assets like LEP and Rockies Express Pipeline, LLC (ROCKIE; BB/Negative, a natural gas pipeline) being highly contracted and well-utilized assets. Its diverse asset ownership, coupled with commodity and geographic diversity, minimizes the risk of simultaneous impacts across its businesses during downturns, unlike midstream companies with single asset concentration in specific regions or commodities. Supportive Sponsor Relationship: Tallgrass' sponsors have shown support for its credit profile, demonstrated by dividend cuts in 2020 to conserve capital during the pandemic downturn. The sponsors aim for leverage below 6.5x (as per management calculations at the Prairie ECI Acquiror, LP level), with distributions limited to servicing the debt at Prairie. Fitch anticipates continued sponsor support for Tallgrass' credit profile, at least in the near term. Ratings Constrained by Parent Linkage: Tallgrass is a subsidiary of Tallgrass Energy, LP, which is party to debt issued at Prairie ECI Acquiror, LP, and is collectively referred as HoldCo. Fitch assesses HoldCo's standalone credit profile (SCP) using consolidated metrics, noting that Tallgrass' SCP is stronger. Per Fitch's "Parent and Subsidiary Linkage Criteria," Tallgrass' ratings will be limited to one notch from HoldCo, which is viewed to have a credit profile in line with a 'b+' rated midstream issuer. Peer Analysis The Williams Companies, Inc. (Williams; BBB/Positive) is a close peer to Tallgrass. Both Williams and Tallgrass operate FERC-regulated long-distance pipelines central to their credit profiles, alongside gathering and processing (G&P) businesses. They both feature highly contracted long-term revenue profiles with creditworthy customers and have stronger subsidiaries rated higher than their parents. While Williams has a larger operating size, that is partially offset by its larger, riskier gathering and processing business. Fitch projects Williams's near-term leverage to be lower than that of Tallgrass. Tallgrass' smaller scale and higher leverage account for the difference in IDR with Williams. Howard Midstream Energy Partners, LLC (Howard; BB-/Stable), like Tallgrass, operates long-distance pipelines and other assets across multiple oil and gas producing regions in the U.S. Howard is smaller, yet more diversified. Howard has a larger, riskier G&P business and only about 45% of EBITDA underpinned by revenue assurance contracts, resulting in a weaker cash flow profile. However, Howard's lower near-term leverage expectations in the low 4.0x range contrast with much higher leverage expectations at Tallgrass, leading to similar IDRs. Howard, however, does not contain the execution risks Tallgrass faces with the TPCO2 project. Key Assumptions - Fitch's oil and gas price deck; - Oil and gas activity levels in the regions where Tallgrass operates consistent with Fitch's base case for oil and gas prices; - Base interest rate for the credit facility reflects Fitch's "Global Economic Outlook"; - Fitch makes a conservative adjustment to management's construction plan for the TPCO2 project, and assumes continuation and smooth administration of the 45Q tax credits law; - Successful re-contracting at the Liberty Express Pipeline (Pony Express) for contracts expiring in the next two years, and transport volumes consistent with prevailing volumes in recent months; - Distributions upstream consistent and limited to the amounts required to service the HoldCo debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - An inability to fund the TPCO2 project in a credit supportive manner or failures to execute on the project within budget and on schedule; - Proportionate consolidated EBITDA leverage (measured at the HoldCo level) that is expected to be above 8.0x for a sustained period; - A large customer with a long-term take or pay (ROCKIE) contract or MVC (Liberty Express) contract has a financial condition that is consistent with a potential bankruptcy filing, and the current market for Tallgrass' transportation service indicates the potential for a contract rejection; - Fitch's change in view of the company's relationship with its sponsors that is less supportive of its credit profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch would revise the Outlook to Stable upon gaining further confidence in Tallgrass' ability to successfully execute on the TPCO2 project in a credit supportive manner, and its demonstrated ability to sustain leverage under 8.0x (per Fitch's calculations); - Proportionate consolidated EBITDA leverage (measured at the HoldCo level) that is expected to be below 7.0x for a sustained period; - A decrease in business risk, such as might occur with ROCKIE and/or Pony Express contracting a significant part of their capacity in a long-term revenue-assured relationship with an investment grade shipper. Liquidity and Debt Structure Tallgrass had total liquidity of approximately $783 million as of June 30, 2025. The company had roughly $22 million cash on its balance sheet, and approximately $760 million available under its $1.5 billion first lien secured revolving credit facility (net of roughly $57 million in outstanding letters of credit). The credit facility matures on May 31, 2028, subject to repayment of the $430 million 6.00% senior unsecured notes due 2027 and the $750 million 5.50% senior unsecured notes due 2028 by the respective established deadlines. The credit agreement requires Tallgrass to maintain a total leverage ratio of less than 5.5x, a senior secured leverage ratio of less than 3.5x, and an interest coverage ratio of more than 2.5x. As of June 30, 2025, the company was compliant with all the covenants on its credit agreement. Fitch expects Tallgrass to remain compliant with all the covenants on its credit agreement over the forecast period. Issuer Profile Tallgrass owns and operates a variety of midstream assets, primarily long-distance interstate pipelines located in the United States. Summary of Financial Adjustments Fitch typically adjusts midstream energy companies' EBITDA to exclude equity in earnings of unconsolidated affiliates but includes cash distributions from unconsolidated affiliates. For Tallgrass and HoldCo, Fitch calculates leverage metrics including ROCKIE (for part of 2024) and LEP distributions as described above. Fitch also considers metrics on a proportionately consolidated basis, including ROCKIE (previously 75%, now 100% common ownership post-buy-in) and LEP (75% common ownership) EBITDA and debt, proportional to their ownership interest in the pipelines. LEP EBITDA is handled similarly as the joint venture's distribution structure changes in accordance with its terms. Lastly, Fitch measures leverage at Tallgrass with HoldCo's debt (including the Term Loan at Prairie ECI Acquiror LP) imputed due to the PSL relationship, in the above sensitivities and other parts of this rating action commentary. Date of Relevant Committee 07 March 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Tallgrass Energy Partners, LP has an ESG Relevance Score of '4' for Group Structure due to the high number of entities in the family, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Tallgrass Energy Partners, LP has an ESG Relevance Score of '4' for Financial Transparency due to debt at other entities in the group structure which Fitch doesn't rate and doesn't have access to the financials, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Tallgrass Energy Partners, LP senior unsecured LT BB- New Rating RR4 Tallgrass Energy Finance Corp. senior unsecured LT BB- New Rating RR4 TELLICO RENTALS: To Sell Plains Property to J. Trammell & R. Harris ------------------------------------------------------------------- Tellico Rentals, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 170 Rafter Road, Tellico Plains, Tennessee and described as a building containing 11 overnight rental units on 2.58 acres of land, and its contents which are composed of kitchen appliances, cookware and furniture. Jennifer Trammell and Rachel Harris have entered into a written contract with the Debtor to purchase the property, including items of personal property such as kitchen appliances, cookware, and furniture, for $2,000,000.00. The buyers are employees of VSM Management Group, LLC, which is a Tennessee limited liability company related to the Debtor. The sale is to be made by private sale. The sale will be for cash to the bankruptcy estate. The sale will be free and clear of all liens and encumbrances with the lien rights of creditors, if any, attaching to the proceeds of sale. The Debtor in Possession is aware of no liens other than that of Mary Jane Saunders pursuant to a recorded deed of trust, and Monroe County, Tennessee for property taxes. Mary Jane Saunders has a first position deed of trust on the property securing a debt with a purported balance of $8,820,313.28 as of the petition date. There are property taxes due to Monroe County, Tennessee in the approximate amount of $3,601.00 for 2023 and $3,747.00 for 2024. Property taxes will be prorated for 2025. The property is being sold without a realtor, there will be no realtor commission. The Debtor proposes to pay from the sale proceeds, after the expenses of the sale, the real property taxes in full, including the 2025 proration, and the balance to Mary Jane Saunders. The Debtor believes that $2,000,000.00 is the highest price that can be obtained for the property and that the sale is in the best interests of creditors. About Tellico Rentals LLC Tellico Rentals, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31173) on June 19, 2025, listing up to $10 million in both assets and liabilities. Mohit Mankad, Tellico manager, signed the petition. Judge Suzanne H. Bauknight oversees the case. Edward J. Shultz, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC represents the Debtor as legal counsel. TPI COMPOSITES: Gets Court OK to Hand Over Turkish Operations ------------------------------------------------------------- Rick Archer of Law360 reports that TPI Composites won court approval on Tuesday, September 9, 2025, from a Texas bankruptcy judge to turn over its Turkish operations to a local buyer, a transaction expected to relieve the company of $31 million in intercompany obligations. About TPI Composites Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRB SUPPLY: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ TRB Supply, Inc. asks the U.S. Bankruptcy Court for the Northern District of Alabama, Eastern Division, for authority to use cash collateral and provide adequate protection. The Debtor seeks to use cash collateral, arguing it is critical for covering payroll, employee benefits, utilities, and operating expenses necessary for reorganization. It requests emergency interim approval for 30 days and a final hearing to consider continued use of cash collateral. A proposed budget was filed with the court, showing a small shortfall of $741 during the requested period, but the Debtor argues the U.S. Small Business Administration is adequately protected through replacement liens on post-petition accounts receivable and existing equity in equipment. The Debtor previously obtained an SBA EIDL loan with a balance of approximately $350,000, secured by a lien on the Debtor's tangible and intangible personal property, including accounts receivable and deposit accounts. While other creditors may assert liens, the Debtor argues the SBA holds the priority position and that some other lien claims are invalid or inferior. A copy of the motion is available at https://urlcurt.com/u?l=phhsEb from PacerMonitor.com. About TRB Supply Inc. TRB Supply Inc. based in Collinsville, Alabama, provides structural steel fabrication and produces various steel products in the metal fabrication and manufacturing industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-41170) on September 3, 2025. In the petition signed by Thomas A. Banks, the Debtor disclosed $795,624 in assets and $3,218,089 in liabilities. Judge James J. Robinson oversees the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC, represents the Debtor as legal counsel. TRICOLOR AUTO GROUP: Prepares for Bankruptcy Filing --------------------------------------------------- Anna del Villar News Car Dealership Guy reports that Tricolor Auto Group (TAG), the seventh-largest independent used car retailer in the United States, is preparing to file for bankruptcy, according to sources familiar with the matter. The move comes just days after an unidentified bank assumed control of the company, triggering a widespread suspension of operations in Texas, Arizona, and California. On September 5, 2025, TAG halted business activity and placed 80–90% of its employees on unpaid leave. Payroll systems were shut down, and staff were told they would receive updates on possible reinstatement by early October 2025. However, insiders now suggest permanent layoffs are more likely as the company moves through bankruptcy proceedings. The abrupt collapse comes as a surprise to many within the organization. As recently as three weeks ago, TAG's leadership had been pursuing expansion strategies and negotiating potential lending partnerships. Those discussions were quickly abandoned when senior stakeholders signaled no further interest in a turnaround, according to report. According to one source, the decision to pursue bankruptcy was influenced by serious financial complications tied to the company's lending operations, though the full extent of those issues remains unclear. While no official announcement has been made, insiders expect the bankruptcy filing will formalize large-scale workforce reductions and a restructuring of TAG's operations, the report states. About Tricolor Auto Group Tricolor Auto Group is the seventh-largest independent used car retailer in the United States TWS SERVICE: Seeks Subchapter V Bankruptcy in Texas --------------------------------------------------- On September 7, 2025, TWS Service Corporation filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About TWS Service Corporation TWS Service Corporation provides general freight trucking services across the United States. TWS Service Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43394) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Richard Grant, Esq. at CM LAW PLLC. TX NUEVA: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------- TX Nueva 2021 LLC voluntarily filed for Chapter 11 bankruptcy in the Southern District of Texas on September 7, 2025. The company reported liabilities in the range of $10 million to $50 million, with an estimated 1–49 creditors listed in the filing. About TX Nueva 2021 LLC TX Nueva 2021 LLC is a single asset real estate company. TX Nueva 2021 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80421) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Joyce Williams Lindauer, Esq. at Joyce W. Lindauer Attorney, PLLC. UNRIVALED BRANDS: Seeks to Tap Amaren Group as Tax Accountant ------------------------------------------------------------- Unrivaled Brands, Inc. and Halladay Holding, LLC seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Amaren Group as tax accountant. The firm will provide these services: (a) prepare the Debtors' 2024 tax returns and advise the Debtors on tax matters which may arise in connection with the Debtors' bankruptcy cases; (b) include in the 2024 tax return the tax returns of Unrivaled's multiple wholly-owned subsidiaries, which Unrivaled divested from in 2024 prior to the Petition Date (Black Oak Gallery, Inc.; Blum San Leandro, Inc.; IVXX Gardens 1, Inc.; 3242 Enterprises Inc.); and (c) provide additional services such as tax planning, consulting, compliance services, business process improvement consulting, GAAP accounting and SEC financial statement preparation, audits, and regulatory, reporting, permitting, and licensing services. The Debtors will provide Amaren with a $10,000 post-petition retainer, and a flat fee of $90,000 (to which the $10,000 retainer will be applied) for preparation of the 2024 tax returns. Amaren's hourly rates range from $150 to $660 depending on staffing level. Amaren Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stacey K. Arnold AMAREN GROUP 260 Newport Center Drive Newport Beach, CA 92660 Telephone: (949) 415-8408 E-mail: info@amarengroup.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. Honorable Judge Sheri Bluebond oversees the case. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. serves as the Debtor's legal counsel. VENETIAN NAIL: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Venetian Nail Spa MMP, LLC asks the U.S. Bankruptcy Court for the Southern District of Florida for authority to use cash collateral. The Debtor asserts that immediate access to cash is essential to its daily operations, including the ability to purchase supplies and inventory, pay vendors, cover fixed operating costs, and pay staff wages. Without court authorization to use its own funds, the business would face disruption, potentially harming its ability to serve customers and reorganize successfully under Chapter 11, according to the Debtor. The Debtor operates a nail salon and intends to continue the business after filing for Chapter 11 bankruptcy relief on August 13. Venetian has opened a debtor-in-possession account at Wells Fargo, and states that Wells Fargo is not a creditor and no creditor has placed a lien or asserted control over the funds in its accounts. It believes no creditor currently holds a perfected security interest in its cash. About Venetian Nail Spa MMP LLC Venetian Nail Spa MMP, LLC is a nail salon operating in Miami, Florida. It offers nail care services including manicures, pedicures, and related spa treatments to customers in the Miami area. Venetian sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19379) on August 13, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Aubrey Rudd, Esq. VENUS CAPITAL: Chapter 15 Case Summary -------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Venus Capital Management Company (Lead) 25-10709 c/o Rogers Capital Corporate Services Limited 3rd Floor Rogers House, No. 5 Pres. John Kennedy Street Port Louis Republic of Mauritius Venus India Structured Finance Master Limited 25-10710 Venus Master Fund 25-10711 Business Description: Venus Capital Management Company, incorporated in Mauritius in 2010 and licensed as a Global Business entity, operates as a Collective Investment Scheme Manager under the Mauritius Securities Act, overseeing investment funds focused on India and broader macro strategies. Its managed entities include Venus India Structured Finance Master Limited, a fund originally formed in 2013 and restructured under its current name in 2022 to provide India-focused financing strategies, and Venus Master Fund, established in 2016 to pursue global macro investment opportunities. The firm functions under the regulatory framework of the Mauritius Financial Services Commission. Chapter 15 Petition Date: September 5, 2025 Court: United States Bankruptcy Court District of Rhode Island Judge: TBD Foreign Proceeding: Companies in Insolvency Proceedings in the Republic of Mauritius under the Mauritius Insolvency Act, 2009 Foreign Representative: Bavesh Huns Biltoo KPMG Mauritius, KPMG Centre 31 Cybercity Ebene, Mauritius 72201 Republic of Mauritius Foreign Representative's Counsel: H. Frances Kleiner, Esq. AERMAN LLP 1251 Avenue of the Americas, 37th Floor New York, NY 10020 Tel: (212) 880-3800 Fax: (212) 880-8965 Email: frances.kleiner@akerman.com AND R. Adam Swick, Esq. 500 West 5th Street, Suite 1210 Austin, TX 78701 Tel: (737) 999-7103 Fax: (512) 623-6701 Email: adam.swick@akerman.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Lead Debtor's Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/X35EJBA/Venus_Capital_Management_Company__ribke-25-10709__0001.0.pdf?mcid=tGE4TAMA VENUS GLOBAL: Chapter 15 Case Summary ------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Venus Global Macro Fund, Ltd. (Lead) 25-10713 Jayla Place Wickhams Cay, Tortola VG1110 British Virgin Islands Venus India Structured Finance (Offshore) Fund Limited 25-10714 Business Description: Venus Global Macro Fund, Ltd. is an investment fund incorporated in the British Virgin Islands and structured as a company limited by shares. It operates as a private fund under the oversight of the British Virgin Islands Financial Services Commission. Chapter 15 Petition Date: September 5, 2025 Court: United States Bankruptcy Court District of Rhode Island Judge: Foreign Representatives: Russell Crumpler and Christopher Farmer 3rd Floor, Banco Popular Building Road Town, Tortola VG British Virgin Islands Foreign Proceeding: Insolvency Proceedings Pending in the British Virgin Islands under the BVI Insolvency Act, 2003 Foreign Representatives' Counsel: H. Frances Kleiner, Esq. AKERMAN LLP 1251 Avenue of the Americas 37th Floor New York, NY 10020 Tel: (212) 880-3800 Fax: (212) 880-8965 Email: frances.kleiner@akerman.com AND R. Adam Swick, Esq. 500 West 5th Street, Suite 1210 Austin, TX 78701 Tel: (737) 999-7103 Fax: (512) 623-6701 Email: adam.swick@akerman.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Lead Debtor's Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YYC65BY/Venus_Global_Macro_Fund_Ltd__ribke-25-10713__0001.0.pdf?mcid=tGE4TAMA VILLAGES HEALTH: Judge Approves Sale to Centerwell -------------------------------------------------- Christie Zizo of News6 reports that the planned sale of The Villages Health System has advanced after a federal bankruptcy judge approved CenterWell's winning bid. Court documents filed Monday, September 8, 2025, revealed that CenterWell, a senior health care provider owned by Humana, secured the auction with a $68 million cash offer. The sale, part of TVHS's Chapter 11 proceedings, also includes the assumption of cure costs and liabilities. According to News 6, the approval came after TVHS revised certain contract terms at the request of federal officials. Attorneys for the U.S. government, which is TVHS's largest creditor owed more than $360 million -- much of it tied to Medicare overbilling -- objected to language they argued was overly broad. They contended it could shield the buyer from liability and hinder potential civil or criminal action against TVHS insiders. Following adjustments, the sale was cleared by the court. CenterWell initially entered the process as the stalking horse bidder with a $50 million offer but later increased its bid after competition from The Villages Buyer LLC, an affiliate of Kinderhook Industries. Under the final agreement, CenterWell will pay up to $1 million for cure costs and assume certain liabilities. The company also agreed to a closing date no earlier than October 31, 2025, while dropping some conditions tied to employee retention and agreements with UnitedHealthcare, the report relays. As part of the acquisition, CenterWell will take ownership of TVHS's assets, including patient records, contracts, intellectual property, inventory, and regulatory licenses. However, the transaction excludes real estate interests, organizational documents, payroll files, and provider numbers for Medicare and Medicaid. If CenterWell’s purchase fails to close, The Villages Buyer LLC remains the designated backup bidder, report states. About The Villages Health ("TVH") The Villages Health (TVH) is a leading healthcare provider in North Central Florida, offering comprehensive primary and specialty care through a collaborative, team-based approach. In addition to primary care, TVH delivers specialized services in audiology, behavioral and mental health, cardiology, dietetics, endocrinology, gastroenterology, gynecology, interventional pain management, neurology, podiatry, rheumatology, and urology. To learn more, visit thevillageshealth.com. The Village Health sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04156) on July 3, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Elizabeth A. Green at Baker & Hostetler LLP. About CenterWell CenterWell is a leading healthcare services organization dedicated to delivering integrated, patient-centered care experiences. By placing patients at the heart of everything it does, CenterWell provides high-quality, accessible, and personalized care. As the nation's largest provider of senior-focused primary care and a top provider of home health services, CenterWell also offers comprehensive pharmacy solutions including home delivery, specialty, hospice, and retail pharmacy services. Focused on whole-person health, CenterWell addresses the physical, emotional, and social well-being of its patients. CenterWell is a part of Humana Inc. (NYSE: HUM). WHITE BEHAVIORAL: Hires Osipov Bigelman as Legal Counsel -------------------------------------------------------- White Behavioral Consultants, PC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Osipov Bigelman, P.C. to serve as its legal counsel. Osipov Bigelman will provide these services: (a) represent and assist the Debtor in all facets of this case; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports, and other legal papers; (c) provide the Debtor with legal advice with respect to its powers and duties in these proceedings; and (d) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary. Osipov Bigelman, P.C. received $10,000 as Chapter 11 Bankruptcy retainer from the Debtor. The firm will be paid at these hourly rates: Jeffrey H. Bigelman, Esq. $550 Yuliy Osipov, Esq. $550 Anthony Miller, Esq. $475 David P. Miller, Esq. $400 Paralegal $150 Osipov Bigelman, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Anthony J. Miller, Esq. Yuliy Osipov, Esq. OSIPOV BIGELMAN, P.C. 20700 Civic Center Dr., Ste. 420 Southfield, MI 48076 Telephone: (248) 663-1800 Facsimile: (248) 663-1801 E-mail: yo@osbig.com am@osbig.com About White Behavioral Consultants PC White Behavioral Consultants PC, dba WBC Counseling, is a behavioral health provider offering mental health counseling and consultation services in southeastern Michigan. It specializes in providing professional behavioral health services through its locations in Ypsilanti and Ann Arbor, serving patients in Washtenaw County. White Behavioral Consultants PC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47920) on August 6, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Thomas J. Tucker handles the case. The Debtor is represented by Yuliy Osipov, Esq. at Osipov Bigelman, P.C. WILCOV HOLDINGS: To Sell Riverdale Property to Curtis Thompson -------------------------------------------------------------- Wilcov Holdings, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns three separate commercial properties located in Georgia. One property is located at 5610 Old National Highway, College Park, Georgia 30349 (College Park), the second property is located at 4849 Mercer University Drive, Macon, Georgia 31210 (Macon), and the third property is located at 827 Highway 138 SW, Riverdale, Georgia 30296 (Riverdale). After analysis of the Debtor’s operations, the Debtor has determined in its business judgment that a downsizing of its operations is appropriate and will result in significant cost savings for the Debtor’s estate. Additionally, as there appears to be equity in the Riverdale Property, a sale would also be in the best interest of the creditors. The Debtor seeks authority to sell said Riverdale. The Debtor receives an offer on August 13, 2025, regarding the Riverdale property, wherein the potential buyer, Curtis Thompson, has offered $975,000, subject to certain conditions. One of said conditions includes a lease back to the Debtor for a period of seven years at a monthly rent of $7650 on a triple net basis, wherein the Debtor is responsible for the property taxes, insurance and maintenance. The sale is in the best interest of the Debtor, the secured lien holder and all creditors. The Debtor purposes the following priority distribution and use of funds upon the sale of the Riverdale property: i. the respective secured lien in the amount of $700,000 plus any deficit amount, if applicable, will attach to all proceeds to the benefit of Bridgewell Capital, LLC. The Debtor proposes that the closing attorney for said sale pay directly to Bridgewell Capital, LLC said agreed amount plus any deficit amount, if applicable; ii. immediately after sale proceeds clear Debtor's debtor-in-possession account, $1000.00 or up to the remaining proceeds, if less, to be paid to the IRS toward the $1000 priority claim portion of Amended Claim #7; iii. immediately after sale proceeds clear Debtor's debtor-in-possession account, $10,000.00 or up to the remaining proceeds, if less, to be paid in pro rata proportion, to all general unsecured creditors as defined therein, wherein said distributions will be credited toward the amount a general unsecured creditor would receive, if any, under a confirmed Chapter 11 plan. Alternatively, Debtor may negotiate an agreed amount with one or more general unsecured creditor to settle in full the respective claim; and iv. any proceeds remaining, thereafter, would be retained by the Debtor in its debtor-in-possession account as reserve operational funds to be utilized for continued operations and to pay remaining creditors in accordance with the non-confirmed Plan or confirmed Plan, as applicable. In the event the sale does not close and/or the funds payable to Bridgewell Capital, LLC are not distributed on or before October 31, 2025, Bridgewell Capital, LLC will be entitled to its full claim, unless the parties mutually agree otherwise. In the event the net proceeds, after all closing costs, remediation cost, concessions and other costs are not sufficient to pay Bridgewell Capital, LLC its full agreed upon amount plus the deficit amount, if any, then Debtor shall not commence with the sale. About Wilcov Holdings Wilcov Holdings Inc. is a real estate holding company owned and operated by Adrienne Williford and Oliver Williford. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55970) on May 30, 2025. The Debtor tapped Joel D. Myers, Esq., at Myers Law, LLC as counsel, and Ginnett Zabala LLC as accountant. WOLFSPEED INC: Court Approves MACOM Share Sale in Private Sale -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has permitted Wolfspeed Inc. and its affiliates, to sell Macom Share, free and clear of liens, claims, interests, and encumbrances. The Debtors, together with their non-debtor affiliates are a leading producer of wide bandgap semiconductors, silicon carbide materials, and gallium nitride materials. The Company's products are used in a broad range of applications, including electric vehicles, motor drives, power supplies, military communications, radar, satellite, and telecommunications. Established in 1987, the Company's headquarters are located in Durham, North Carolina and the majority of the Company's products are manufactured at the Company's production facilities in North Carolina, New York, and Arkansas. The Debtors believe the MACOM Shares Sale is fully in the ordinary course of the Debtors' business. All stakeholders, including the Consenting Creditors, support the Macom Shares Sale. The transaction will not prejudice any party in interest, and is the most efficient and value maximizing approach to administering the Macom Shares Sale. The Court has authorized the Debtor to sell the MACOM Shares through a private sale. All objections to the Motion or the relief requested therein, the MACOM Shares Sale, the entry of this Order, or the relief granted herein that have not been withdrawn, waived, settled, or otherwise resolved are hereby overruled on the merits with prejudice. Any objections withdrawn are deemed withdrawn with prejudice. All parties who did not object to the Motion or the entry of this Order, or who withdrew their objections, are deemed to have consented to the relief granted. The Debtors are authorized to sell and transfer the MACOM Shares to the purchaser free and clear of all Interests, with any such Interests attaching to the net proceeds of the MACOM Shares Sale with the same validity, priority, and enforceability as such Interests had in the MACOM Shares immediately prior to the sale. The consideration provided by the purchaser for the MACOM Shares is fair and reasonable and shall constitute reasonably equivalent value and fair consideration under the Bankruptcy Code and applicable non-bankruptcy law, including without limitation the Uniform Fraudulent Transfer Act and the Uniform Voidable Transactions Act. The automatic stay imposed by section 362 of the Bankruptcy Code is modified to the extent necessary, without further order of the Court, to allow the Debtors, the Broker, and the purchaser to implement the MACOM Shares Sale and the provisions of this Order. The Court shall retain jurisdiction over any disputes arising. Upon consummation of the MACOM Shares Sale, the transfer of the MACOM Shares to the purchaser shall constitute a legal, valid, binding, and effective transfer of the MACOM Shares, and shall vest the purchaser with all right, title, and interest of the Debtors in and to the MACOM Shares, free and clear of all Interests. The purchaser shall not have any liability or responsibility for any obligations or liabilities of the Debtors arising prior to Closing. The MACOM Shares Sale has been undertaken by the Debtors in good faith, without collusion, and from arm’s-length bargaining positions. About Wolfspeed, Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. YOUR MAJESTIC: Claims to be Paid from Continued Operations ---------------------------------------------------------- Your Majestic Maid LLC filed with the U.S. Bankruptcy Court for the District of Arizona a Subchapter V Plan of Reorganization dated September 2, 2025. The Debtor is a business offering residential and commercial janitorial and cleaning services. The Debtor is owned 100% by Lisa Underwood. Ms. Underwood became the owner of the business in February of 2017. At the time of the bankruptcy filing, the Debtor faced problems including high interest hard money loans, UCC lien holds and a lawsuit in state court. By this Plan the Debtor is seeking to retain all of its personal property, and continue its business offering residential and commercial janitorial and cleaning services, as the Reorganized Debtor. In accordance with Section 365 of the Bankruptcy Code, the Debtor hereby assumes the executory contract and unexpired lease for Castle Rock Mini Storage located at 55 Castle Rock Road, Sedona, Arizona 86351. The Debtor shall timely make all post-petition monthly rent payments. Further, the Debtor shall cure any defaults on or before the Effective Date and make all post-petition payments. The Debtor is seeking to: * Pay its Secured Creditor, Bankers Healthcare Group LLC, in full for its Allowed Secured Claim determined under Section 506 of the Bankruptcy Code. * Pay its Secured Creditors, Ally Financial and Ford Motor Credit Company LLC, the secured portion of their Claims, as determined under Section 506 of the Bankruptcy Code, including interest; * Pay all Administrative Creditors in full; * Pay all Priority Creditors in full; and * Pay the remaining balance of Plan payments to the Class Four General Unsecured Creditors, to be divided pro rata. Class Four shall consist of all Allowed General Unsecured Claims. Class Four will be paid the balance under the Plan, pro rata. Class Four is Impaired. The Plan will be implemented, in part, as follows: * Months 1-12. The Debtor shall pay $4,106.68 per month, to be distributed as follows: Bankers Healthcare Group, LLC ($1,734.55); Ally Capital ($1,318.09); Ford Motor Credit Company, LLC ($789.04); and General Unsecured Creditors, pro rata, $265.00 per month. * Months 13-24. The Debtor shall pay $4,311.68 per month, to be distributed as follows: Bankers Healthcare Group, LLC ($1,734.55); Ally Capital ($1,318.09); Ford Motor Credit Company, LLC ($789.04); and General Unsecured Creditors, pro rata, $470.00 per month. * Months 25-36. The Debtor shall pay $4,997.64 per month, to be distributed as follows: Bankers Healthcare Group, LLC ($1,734.55); Ally Capital ($1,318.09); and General Unsecured Creditors, pro rata, $1,945.00 per month. * Months 37-48. The Debtor shall pay $5,237.64 per month, to be distributed as follows: Bankers Healthcare Group, LLC ($1,734.55); Ally Capital ($1,318.09); and General Unsecured Creditors, pro rata, $2,185.00 per month. The Subchapter V Trustee will continue to act as Trustee post confirmation if the plan is confirmed pursuant to Section 1191(b) of the Bankruptcy Code. After the Effective Date, the Trustee will invoice the Reorganized Debtor monthly for services the Trustee provides, at the same hourly rate as may be approved by the Court for services the Trustee renders prior to confirmation. The terms of payment for any such invoices shall be on ordinary business terms as agreed by the Trustee and Debtor. A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=P8U874 from PacerMonitor.com at no charge. About Your Majestic Maid Your Majestic Maid, LLC is a business offering residential and commercial janitorial and cleaning services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-05019) on June 2, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Madeleine C. Wanslee presides over the case. The Debtor is represented by: Ronald J. Ellett, Esq. Ellett Law Offices, P.C. Tel: 602-235-9510 rjellett@ellettlaw.com ZAYO GROUP: S&P Rates New $3,834MM Senior Secured Term Loan 'B-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '4' recovery rating to Zayo Group Holdings Inc.'s proposed $3,834 million senior secured term loan due 2030, EUR620 million term loan due 2030, and $1,309 million of senior secured notes due 2030. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of payment default. S&P said, "In addition, we assigned our 'CCC' issue-level rating and '6' recovery rating to Zayo Group Holdings Inc.'s proposed $880 million second-out senior secured notes due 2030. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of payment default." The issuance follows Zayo's announcement to exchange its $4,436 million term loan due 2027, EUR835 million term loan due 2027, and $1,477 million of senior secured notes due 2027 at par, with a $2 billion cash paydown at close, paid pro rata across the participating secured debt. In addition, the $726 million ESG term loan due 2027 will be exchanged at par, plus a 1.75% cash fee, and will be collapsed with the U.S. term loan. About $200 million of the existing $1,080 of senior unsecured notes due 2028 will be fungible with the senior secured notes, leaving $880 million to be exchanged into the second-out senior secured notes due 2030. S&P said, "Furthermore, as part of the exchange, about 90% of future asset backed securitization transactions will be allocated to paydown secured debt at par, which we believe reduces the risk of a decline in the rounded recovery estimate on Zayo's secured debt. We expect the exchange will close on Sept. 25, 2025." S&P said, "Our 'B-' issuer credit rating and stable outlook on Zayo are unchanged. We view the exchange as modestly credit positive since it will help the company address near-term maturities and lower its S&P Global Ratings-adjusted gross leverage to about 8.7x from about 10x as of June 30, 2025. Although the company's leverage is still elevated, we believe it has good prospects to improve its credit metrics over the next couple of years through EBITDA growth. We forecast earnings will increase 7%-9% in 2025 due to 3%-4% revenue growth, combined with margin improvement from recent cost-savings initiatives and lower transaction costs. In 2026, we forecast organic revenue growth of about 5% because of higher net installs due to favorable AI data demand, resulting in 8%-9% earnings growth and leverage in the low-7x area. "Our base-case forecast includes the proposed acquisition of Crown Castle Inc.'s fiber solutions business, which we expect will be modestly deleveraging given the $4,250 billion purchase price, which is about 7.5x EBITDA. Longer term, we believe likely cost synergies of about $70 million, combined with continued high-single-digit percent earnings growth could support leverage reduction to the 6x area. We expect the acquisition will close in the first half of 2026." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: -- S&P applies a combination approach to estimate the value from the intercompany loan to Zayo Global Reach UK Ltd., which was added to the collateral package as part of the exchange. S&P said, "For the intercompany loan, we use a discrete asset valuation (DAV) and apply an 80% haircut to it. We then combine this value with a cash flow multiple approach for the operations at Zayo Group Holdings to derive an enterprise value of about $4.1 billion." -- S&P said, "Our simulated scenario contemplates a default because of speculative capital spending for expansion, margin compression due to higher costs, and increased customer churn. We believe this decline in operating results would result in a payment default when the company's liquidity and cash flow is insufficient to cover cash interest expenses, mandatory debt amortization, and maintenance-level capital spending requirements." -- Other default assumptions include the revolver being 85% drawn and that all debt includes six months of prepetition interest. Simulated default assumptions: -- Simulated year of default: 2027 -- EBITDA at emergence: $675 million -- EBITDA multiple: 6x -- DAV: $89 million -- Gross enterprise value: $4.1 billion Simplified waterfall: -- Net enterprise value (after 5% administrative costs): $3.9 billion -- Valuation split (obligors/nonobligors): 66%/34% -- Collateral value available to first lien creditors: $3.9 billion -- First-lien debt: $6.9 billion --Recovery expectations: 30%-50% (rounded estimate: 35%) -- Collateral value available to second priority debt claims: $0 -- Second priority debt claims: $956 million --Recovery expectations: 0%-10% (rounded estimate: 0%) ZOOZ POWER: Posts $7 Million Net Loss for H1 2025 ------------------------------------------------- ZOOZ Power Ltd. filed its unaudited condensed consolidated financial statements as of and for the six-month period ended June 30, 2025. The Company had net losses for the six months ending June 30, 2025, and June 30, 2024, in the amounts of $7.045 million and $5.237 million, respectively, and negative cash flows from operating activities in the amounts of $4.95 million and $6.04 million, respectively. The Company has historically financed its operations over the years by raising funds from investors. On April 4, 2024, the Company finalized a merger deal with a SPAC. As part of the merger, 10.875 million USD was invested in the Company. Since the Company has just started commercial sales of its products and considering the Company's expected cash usage, the Company's cash balance as of June 30, 2025, and as of the date of approval of the financial statements is not sufficient to continue the Company's operations for at least 12 months from the date of approval of the financial statements. These circumstances raise substantial doubt about the Company's ability to continue as a going concern. In order to continue the Company's operations, including research and development and sales and marketing, the Company is looking to secure financing from various sources, including additional investment funding. There is no assurance that the Company will be successful in obtaining the level of financing necessary to finance its operations. As of June 30, 2025, the Company had $6.551 million in total assets, against $6.697 million in total liabilities, and $146,000 in total deficit. A copy of the financial statement is available at https://is.gd/r1HXwP About ZOOZ Power Headquartered in St. Lod, Israel, ZOOZ is a provider of flywheel-based power boosting and energy management solutions, enabling the widespread deployment of ultra-fast charging infrastructure for electric vehicles (EVs) while overcoming existing grid limitations. ZOOZ pioneers its unique flywheel-based power-boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure. ZOOZ Power's sustainable, power-boosting solutions are built with longevity and the environment in mind, helping its customers and partners accelerate the deployment of fast-charging infrastructure, thus facilitating improved utilization rates, better efficiency, greater flexibility, and faster revenues and profitability growth. ZOOZ is publicly traded on NASDAQ and TASE under the ticker ZOOZ. As of December 31, 2024, the Company had $12.3 million in total assets, $6.1 million in total liabilities, and a total equity of $6.7 million. Jerusalem, Israel-based Kesselman & Kesselman, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 7, 2025, citing that the Company has net losses and has generated negative cash flows from operating activities for the years ended Dec. 31, 2024, 2023 and 2022. These conditions create significant uncertainty regarding the Company's ability to continue as a going concern. [] Bankruptcy Filings in Colorado Climb 8% in August 2025 --------------------------------------------------------- BizWest reports that bankruptcy filings in Colorado increased by 8% in August 2025 compared with the same month last 2024. This follows a 10% rise in June, reflecting ongoing financial challenges statewide. The types of filings were not broken down, but the rise suggests that both individuals and companies may be struggling amid inflation, higher interest rates, and economic uncertainty. This increase mirrors broader national trends, as other states are reporting similar spikes in bankruptcies. Colorado's June 2025 filings had already jumped 10% from the prior year, the report states. Keeping an eye on these trends through the rest of 2025 will be important for understanding their effect on the state's economy and population. Insights into the underlying causes can help guide policy decisions and financial support strategies, the report relays. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Daniels Real Estate Holdings LLC Bankr. N.D. Ga. Case No. 25-59876 Chapter 11 Petition filed August 29, 2025 Filed Pro Se In re Hart & Hart Investments, Inc. Bankr. N.D. Ga. Case No. 25-21225 Chapter 11 Petition filed August 29, 2025 See https://www.pacermonitor.com/view/IOX55VI/Hart__Hart_Investments_Inc__ganbke-25-21225__0001.0.pdf?mcid=tGE4TAMA represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wrountree@rlkglaw.com In re Drongo LLC Bankr. W.D. Tex. Case No. 25-52028 Chapter 11 Petition filed August 31, 2025 See https://www.pacermonitor.com/view/XTPUKDI/Drongo_LLC__txwbke-25-52028__0001.0.pdf?mcid=tGE4TAMA represented by: Morris E. "Trey" White, III, Esq. VILLA & WHITE LLP E-mail: treywhite@villawhite.com In re Rapid Marine Fuels, LLC Bankr. S.D. Tex. Case No. 25-35152 Chapter 11 Petition filed September 1, 2025 See https://www.pacermonitor.com/view/T2KFTJQ/Rapid_Marine_Fuels_LLC__txsbke-25-35152__0001.0.pdf?mcid=tGE4TAMA represented by: Mark P. Yablon, Esq. YABLON LAW PLLC E-mail: bankruptcy@yablonlaw.com In re Danny Clarke Owens Bankr. W.D. Tex. Case No. 25-60630 Chapter 11 Petition filed September 1, 2025 represented by: Manolo Santiago, Esq. In re 7243 April Court, LLC Bankr. N.D. Ga. Case No. 25-60025 Chapter 11 Petition filed September 1, 2025 See https://www.pacermonitor.com/view/A2ZC6AQ/7243_April_Court_LLC__ganbke-25-60025__0001.0.pdf?mcid=tGE4TAMA represented by: Will Geer, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC E-mail: wgeer@rlkglaw.com In re Ted Booher Bankr. S.D. Tex. Case No. 25-35153 Chapter 11 Petition filed September 1, 2025 represented by: Mark Yablon, Esq. In re Los Angeles OZF, LLC Bankr. C.D. Cal. Case No. 25-11611 Chapter 11 Petition filed September 2, 2025 See https://www.pacermonitor.com/view/SZ22CPY/LOS_ANGELES_OZF_LLC__cacbke-25-11611__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Louis J LaFond Bankr. D. Colo. Case No. 25-15654 Chapter 11 Petition filed September 2, 2025 represented by: Daniel Garfield, Esq. In re Elina Magaly Santana Bankr. S.D. Fla. Case No. 25-20266 Chapter 11 Petition filed September 2, 2025 represented by: Chad Van Horn, Esq. In re Laura Ann Luzzi Bankr. N.D. Ga. Case No. 25-60111 Chapter 11 Petition filed September 2, 2025 represented by: Angelyn Wright, Esq. THE WRIGHT LAW ALLIANCE, P.C. In re Making Ways LLC Bankr. N.D. Ga. Case No. 25-60064 Chapter 11 Petition filed September 2, 2025 Filed Pro Se In re E.O. Properties LLC Bankr. N.D. Ga. Case No. 25-60071 Chapter 11 Petition filed September 2, 2025 Filed Pro Se In re My Store-Waskish LLC Bankr. D. Minn. Case No. 25-60538 Chapter 11 Petition filed September 2, 2025 See https://www.pacermonitor.com/view/5YYQGAQ/My_Store-Waskish_LLC__mnbke-25-60538__0001.0.pdf?mcid=tGE4TAMA represented by: Kesha Tanabe, Esq. VOGEL LAW FIRM E-mail: ktanabe@vogellaw.com In re Intrex, Inc. Bankr. E.D.N.C. Case No. 25-03407 Chapter 11 Petition filed September 2, 2025 See https://www.pacermonitor.com/view/DRJFYHY/Intrex_Inc__ncebke-25-03407__0001.0.pdf?mcid=tGE4TAMA represented by: William Kroll, Esq. GASKINS HANCOCK TUTTLE HASH LLP E-mail: bill@ghthlaw.com In re RCL 106 Bankr. E.D.N.Y. Case No. 25-44184 Chapter 11 Petition filed September 2, 2025 See https://www.pacermonitor.com/view/P3HHVEY/RCL_106__nyebke-25-44184__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 1132 39 St LLC Bankr. E.D.N.Y. Case No. 25-44195 Chapter 11 Petition filed September 2, 2025 See https://www.pacermonitor.com/view/FNOOO2Y/1132_39_ST_LLC__nyebke-25-44195__0001.0.pdf?mcid=tGE4TAMA represented by: Vivian Sobers, Esq. SOBERS LAW PLLC E-mail: vsobers@soberslaw.com In re Nathanael P. Anderton and Megan M. Anderton Bankr. S.D. Ohio Case No. 25-53836 Chapter 11 Petition filed September 2, 2025 represented by: David Whittaker, Esq. In re Michael J. Raczkowski Bankr. W.D. Pa. Case No. 25-22342 Chapter 11 Petition filed September 2, 2025 represented by: David Valencik, Esq. CALAIARO VALENCIK Email: dvalencik@c-vlaw.com In re Jebco Properties, LLC Bankr. N.D. Tex. Case No. 25-43329 Chapter 11 Petition filed September 2, 2025 See https://www.pacermonitor.com/view/6AL73II/Jebco_Properties_LLC__txnbke-25-43329__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Epiphany Investments Group Limited Liability Company Bankr. S.D. Tex. Case No. 25-35181 Chapter 11 Petition filed September 2, 2025 Filed Pro Se In re Claudia Elena Serna Bankr. W.D. Tex. Case No. 25-11371 Chapter 11 Petition filed September 2, 2025 represented by: Lauren Schoener, Esq. In re Jammie B. Floyd Bankr. E.D. Va. Case No. 25-33497 Chapter 11 Petition filed September 2, 2025 represented by: Hunter Wells, Esq. In re Steven D Dye, Jr and Rebecca L Bluemel Bankr. E.D. Wisc. Case No. 25-24951 Chapter 11 Petition filed September 2, 2025 represented by: Colton Chase, Esq. In re Hospitality Management Associates, Inc. Bankr. M.D. Ala. Case No. 25-32090 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/R3KAXUY/Hospitality_Management_Associates__almbke-25-32090__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Patricia Lynn Stephens Bankr. E.D. Cal. Case No. 25-12997 Chapter 11 Petition filed September 3, 2025 In re Helen Bach Dang Bankr. N.D. Cal. Case No. 25-30700 Chapter 11 Petition filed September 3, 2025 represented by: Matthew Metzger, Esq. In re Sirke Brothers Bankr. S.D. Cal. Case No. 25-03702 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/NHYIF5A/Sirke_Brothers__casbke-25-03702__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Palazzo Development Group Inc. Bankr. M.D. Fla. Case No. 25-01721 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/EUHSD3I/Palazzo_Development_Group_Inc__flmbke-25-01721__0001.0.pdf?mcid=tGE4TAMA represented by: Jonathan Bierfeld, Esq. MARTIN LAW FIRM, P.L. Email: jonathan.bierfeld@martinlawfirm.com In re Justin C. Raprager Bankr. M.D. Fla. Case No. 25-06401 Chapter 11 Petition filed September 3, 2025 represented by: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. Email: jake@jakeblanchardlaw.com In re Wright Houses NOLA LLC Bankr. E.D. La. Case No. 25-11964 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/H7LBZYY/Wright_Houses_NOLA_LLC__laebke-25-11964__0001.0.pdf?mcid=tGE4TAMA represented by: Edwin M. Shorty Jr., Esq. EDWIN M. SHORTY, JR. & ASSOCIATES Email: EShorty@eshortylawoffice.com In re 177 Hampshire Road, LLC Bankr. D. Mass. Case No. 25-40936 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/2EGYIAY/177_Hampshire_Road_LLC__mabke-25-40936__0001.0.pdf?mcid=tGE4TAMA represented by: John Sommerstein, Esq. JOHN F. SOMMERSTEIN Email: jfsommer@aol.com In re CM Holdings USA LLC Bankr. D. Nev. Case No. 25-15206 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/GSZP42Q/CM_HOLDINGS_USA_LLC__nvbke-25-15206__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re R.C. Construction LLC Bankr. D.N.J. Case No. 25-19241 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/H7AE57Y/RC_Construction_LLC__njbke-25-19241__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. Email: middlebrooks@middlebrooksshapiro.com In re 63 Mill River Road LLC Bankr. E.D.N.Y. Case No. 25-73371 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/JRCWBVY/63_Mill_River_Road_LLC__nyebke-25-73371__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 132 Woodside LLC Bankr. E.D.N.Y. Case No. 25-73370 Chapter 11 Petition filed September 3, 2025 Filed Pro Se In re 1918 East Nine Street LLC Bankr. E.D.N.Y. Case No. 25-44212 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/K3YGYGY/1918_East_Nine_Street_LLC__nyebke-25-44212__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Rasheed Ola Olayinka Trust Bankr. E.D.N.Y. Case No. 25-44205 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/FNEUSSA/Rasheed_Ola_Olayinka_Trust__nyebke-25-44205__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re WJH Construction, LLC Bankr. E.D. Pa. Case No. 25-13514 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/JVLRKPI/WJH_CONSTRUCTION_LLC__paebke-25-13514__0001.0.pdf?mcid=tGE4TAMA represented by: Maggie Soboleski, Esq. CENTER CITY LAW OFFICES, LLC Email: msoboles@yahoo.com In re Tiffany Michelle Maciejack and Michael Scott Maciejack Bankr. E.D. Tex. Case No. 25-42622 Chapter 11 Petition filed September 3, 2025 represented by: Daniel Herrin, Esq. In re Oysterbay Integrated Services Incorporated Bankr. S.D. Tex. Case No. 25-35221 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/YR45M3I/Oysterbay_Integrated_Services__txsbke-25-35221__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Excell Aerofab, LLC Bankr. W.D. Wash. Case No. 25-12455 Chapter 11 Petition filed September 3, 2025 See https://www.pacermonitor.com/view/C4NJTXY/Excell_Aerofab_LLC__wawbke-25-12455__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. Email: courtmail@expresslaw.com In re Dennis William Murphy Bankr. C.D. Cal. Case No. 25-12493 Chapter 11 Petition filed September 4, 2025 See https://www.pacermonitor.com/view/QCPF2RA/Dennis_William_Murphy__cacbke-25-12493__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Town & Country West LLC Bankr. E.D. Cal. Case No. 25-24784 Chapter 11 Petition filed September 4, 2025 See https://www.pacermonitor.com/view/74MFDNI/Town__Country_West_LLC__caebke-25-24784__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Harmony Wellness, Inc. Bankr. D. Colo. Case No. 25-15682 Chapter 11 Petition filed September 4, 2025 See https://www.pacermonitor.com/view/QKTNBKI/Harmony_Wellness_Inc__cobke-25-15682__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey A. Weinman, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. Email: jweinman@allen-vellone.com In re CPW Corp. Bankr. D. Conn. Case No. 25-20930 Chapter 11 Petition filed September 4, 2025 See https://www.pacermonitor.com/view/D6XEAII/CPW_Corp__ctbke-25-20930__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey M. Sklarz, Esq. GREEN & SKLARZ LLC Email: jsklarz@gs-lawfirm.com In re Ashland Pacific Integrated UCSB Holdings I, LLC Bankr. D. Del. Case No. 25-11641 Chapter 11 Petition filed September 4, 2025 See https://www.pacermonitor.com/view/KXCKXHY/Ashland_Pacific_Integrated_UCSB__debke-25-11641__0001.0.pdf?mcid=tGE4TAMA represented by: Mette H. Kurth, Esq. PIERSON FERDINAND LLP Email: mette.kurth@pierferd.com In re Steel Horse Jewelry, Inc. Bankr. S.D. Fla. Case No. 25-20334 Chapter 11 Petition filed September 4, 2025 See https://www.pacermonitor.com/view/QWA6CDY/Steel_Horse_Jewelry_Inc__flsbke-25-20334__0001.0.pdf?mcid=tGE4TAMA represented by: Jordan L. Rappaport, Esq. RAPPAPORT OSBORNE & RAPPAPORT, PLLC In re Inca Boot Company, LLC Bankr. W.D. Tex. Case No. 25-11382 Chapter 11 Petition filed September 4, 2025 See https://www.pacermonitor.com/view/M77RH3Q/Inca_Boot_Company_LLC__txwbke-25-11382__0001.0.pdf?mcid=tGE4TAMA represented by: An Nguyen, Esq. NGUYEN LAW, PLLC Email: an@anwinlaw.com In re 3 Queens Company LLC Bankr. N.D. Cal. Case No. 25-51373 Chapter 11 Petition filed September 5, 2025 See https://www.pacermonitor.com/view/FIBX3AA/3_Queens_Company_LLC__canbke-25-51373__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Murrays Countryside Insurance Services Inc. Bankr. E.D. Cal. Case No. 25-24821 Chapter 11 Petition filed September 5, 2025 See https://www.pacermonitor.com/view/7337J2A/MURRAYS_COUNTRYSIDE_INSURANCE__caebke-25-24821__0001.0.pdf?mcid=tGE4TAMA represented by: David Foyil, Esq. EQUAL JUSTICE LAW GROUP Email: davidfoyil@equaljusticelawgroup.com In re CLNG Homes, LLC Bankr. M.D. Fla. Case No. 25-03106 Chapter 11 Petition filed September 5, 2025 See https://www.pacermonitor.com/view/WKXZFWY/CLNG_Homes_LLC__flmbke-25-03106__0001.0.pdf?mcid=tGE4TAMA represented by: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP Email: bkmickler@planlaw.com In re 381 Investments Inc. Bankr. N.D. Ind. Case No. 25-21809 Chapter 11 Petition filed September 5, 2025 See https://www.pacermonitor.com/view/VOH6MJQ/381_Investments_INC__innbke-25-21809__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Marita Victoria Ferriter and Michael Ferriter Bankr. D. Md. Case No. 25-18208 Chapter 11 Petition filed September 5, 2025 represented by: Daniel Staeven, Esq. In re 307 Troy Ave LLC Bankr. E.D.N.Y. Case No. 25-44236 Chapter 11 Petition filed September 4, 2025 See https://www.pacermonitor.com/view/JVNNEMA/307_TROY_AVE_LLC__nyebke-25-44236__0001.0.pdf?mcid=tGE4TAMA represented by: Joseph Y. Balisok, Esq. BALISOK & KAUFMAN PLLC Email: bankruptcy@lawbalisok.com In re Bushwick 1098 Corp Bankr. E.D.N.Y. Case No. 25-44239 Chapter 11 Petition filed September 4, 2025 See https://www.pacermonitor.com/view/SGG5ASI/Bushwick_1098_Corp__nyebke-25-44239__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Rich Lucky Food Group LLC Bankr. E.D.N.Y. Case No. 25-44266 Chapter 11 Petition filed September 5, 2025 See https://www.pacermonitor.com/view/QCXP2VY/Rich_Lucky_Food_Group_LLC__nyebke-25-44266__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Bean Brothers Landscaping, LLC Bankr. W.D.N.C. Case No. 25-40201 Chapter 11 Petition filed September 5, 2025 See https://www.pacermonitor.com/view/USNCSXY/Bean_Brothers_Landscaping_LLC__ncwbke-25-40201__0001.0.pdf?mcid=tGE4TAMA represented by: John C. Woodman, Esq. ESSEX RICHARDS PA Email: jwoodman@essexrichards.com In re Bean Brothers Hardware & Supply, LLC Bankr. W.D.N.C. Case No. 25-40202 Chapter 11 Petition filed September 5, 2025 See https://www.pacermonitor.com/view/2D7SENI/Bean_Brothers_Hardware__Supply__ncwbke-25-40202__0001.0.pdf?mcid=tGE4TAMA represented by: John C. Woodman, Esq. ESSEX RICHARDS PA Email: jwoodman@essexrichards.com In re Marie A Young Bankr. W.D. Wisc. Case No. 25-11983 Chapter 11 Petition filed September 5, 2025 represented by: Tibby Madison, Esq. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***