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250912.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, September 12, 2025, Vol. 29, No. 254 Headlines 143 COURT ST: Court Extends Cash Collateral Access to Oct. 31 216 HOLBROOK: Hires Coldwell Banker Professionals as Realtor 23ANDME HOLDINGS: Creditors' Committee Gets $5.8MM Legal Fees 541 HOLDINGS: Seeks to Hire Alex Aaronson as Real Estate Broker AAA OUTDOOR: Hires Rountree Leitman Klein & Geer as Attorney ABC CHILDREN'S: Case Summary & 20 Largest Unsecured Creditors ACCURADIO LLC: Gets Extension to Access Cash Collateral ACLCP CINCINNATI: Case Summary & 17 Unsecured Creditors ADCOCK FAMILY: Hires Rountree Leitman Klein & Geer as Attorney ADVENTURE COAST: Hires Intown Financial Services as Accountant AFFORDABLE IRRIGATION: Taps Steidl and Steinberg as Counsel ALBERT WHITMAN: Seeks to Hire JJ Miki Inc as Tax Accountant ALLSTAR PROPERTIES: Seeks to Hire Small Herrin LLP as Attorney ARIZONA STATE: Seeks to Use Cash Collateral BARTRAM LOGISTICS: Case Summary & 20 Largest Unsecured Creditors BEAR'S FRUIT: Taps Davidoff Hutcher & Citron as Bankruptcy Counsel BIEN-AIME CONFIANCE: Unsecureds to Get Share of Sale Proceeds BLUE SUN: Hires VerStandig Law Firm as Reorganization Counsel BRAVO BRIO: Taps Shuker & Dorris P.A. as Bankruptcy Counsel CANDE HOFFMAN: Claims to be Paid from Asset Sale Proceeds CANDLE 28: Section 341(a) Meeting of Creditors on October 7 CANTON WALESKA: Hires Jones & Walden LLC as Bankruptcy Counsel CAPITAL WHOLESALE: Section 341(a) Meeting of Creditors on Oct. 16 CARBON CREEK: Section 341(a) Meeting of Creditors on October 15 CARTER LEASING: Case Summary & Nine Unsecured Creditors CBRM REALTY: Updates Several Unsecureds & Secured Claims Pay CHARGE ENTERPRISES: Mediation with AI Amped I Fails CIVIL LLC: Seeks to Hire Steptoe & Johnson PLLC as Legal Counsel CIVIL LLC: Taps Barry Tackett of Total Control Consulting as CRO CIVIL LLC: Taps HR Jackson Law as Ordinary Course Professional CK BUILDERS: To Sell San Antonio Property to GHG Property CLAIRE'S HOLDINGS: Hires Alvarez & Marsal as Financial Advisor CLAIRE'S HOLDINGS: Hires Houlihan Lokey as Investment Banker CLAIRE'S HOLDINGS: Hires Katten Muchin Rosenman LLP as Counsel CLAIRE'S HOLDINGS: Hires Richards Layton & Finger as Co-Counsel CLAIRE'S HOLDINGS: Seeks to Hire BDO USA as Tax Services Provider CLAIRE'S HOLDINGS: Seeks to Hire Kirkland & Ellis as Legal Counsel CLAIRE'S HOLDINGS: Seeks to Tap Omni Agent as Administrative Agent CLEVELAND-CLIFFS INC: Fitch Rates New Unsec. Notes Due 2034 'BB-' CONFLUENCE CORP: Committee Gets OK to Tap Tsugawa Lau as Attorney CUBCOATS ACQUISITION: Hires Fensterstock Law as Special Counsel CYANOTECH CORP: Raises Loan to $4.6M, Extends Maturity to 2027 DESERT CITY: Hires Berkshire Hathaway as Real Estate Agents DESERT CITY: Seeks to Hire Shaw & Hanover PC as General Counsel DFND SECURITY: Hires Goe Forsythe & Hodges as Bankruptcy Counsel DMO NORTH: Seeks to Hire Amann Burnett as Legal Counsel DOVGAL EXPRESS: Court Extends Cash Collateral Access to Oct. 3 EASTERN COLORADO: Seeks to Hire Norco CPAs LLC as Accountant ENVERIC BIOSCIENCES: Moves Headquarters to Cambridge, Mass. ERMAJO LLC: Voluntary Chapter 11 Case Summary EVANGELINE HOSPITALITY: Sec. 341(a) Meeting of Creditors on Oct. 9 EVENTIDE CREDIT: Ch. 11 Trustee Not Needed, Says Consumer Counsel EVENTIDE CREDIT: Faces Scrutiny Over Trustee Appointment EVERGREEN LODGING: Seeks Cash Collateral Access EYM CAFE: Hires Spector & Cox PLLC as Bankruptcy Counsel EYM CAFE: Hires Spector & Cox PLLC as Bankruptcy Counsel FINANCE OF AMERICA: Leon Cooperman Holds 11.6% of Class A Shares FOREST MEADOWS: Seeks to Hire Newmark as Real Estate Agent GENESIS HEALTHCARE: Comm. Taps FTI Consulting as Financial Advisor GENESIS HEALTHCARE: Comm. Taps Proskauer Rose LLP as Co-Counsel GENESIS HEALTHCARE: Committee Taps Stinson LLP as Co-Counsel GENUINE GENIUS: Hires CliftonLarsonAllen LLP as Tax Accountant GILBERT LEGGETT: Poyner Spruill Represents AgCarolina & Zions GLOBAL CONSULTING: Hires R.O.I. Properties as Real Estate Broker GOLDEN STATE: S&P Affirms 'B' Rating, Outlook Stable GREEN INFRASTRUCTURE: S&P Assigns 'B' ICR, Outlook Stable GREEN SAPPHIRE: Hires Modestas Law Offices as Bankruptcy Counsel GRETNA PLUMBING: Unsecureds to Split $119K over 3 Years HERITAGE PORTRAITS: Gets Final OK to Use Cash Collateral HOOPERS DISTRIBUTING: Gets Extension to Access Cash Collateral HOUWELING'S ARIZONA: Hires Mesch Clark Rothschild as Legal Counsel HOVNANIAN ENTERPRISES: S&P Raises ICR to B+' on Recapitalization IMSTEM BIOTECHNOLOGY: Files Emergency Bid to Use Cash Collateral INNOVATIVE TECHNOLOGIES: Seeks Cash Collateral Access INNOVATIVE TECHNOLOGIES: Taps Wolff & Orenstein LLC as Attorney INTEGRATED ENDOSCOPY: Gets Interim OK to Use Cash Collateral INTEGRATED ENDOSCOPY: Hires Haberbush LLP as Bankruptcy Counsel INTEGRATED ENDOSCOPY: Taps Wiezorek & Payne as Litigation Counsel INTREX INC: Hires Gaskins Hancock Tuttle as Bankruptcy Counsel IROKOS GROUP: Seeks to Hire Paul E. Saperstein Co. as Appraiser J PAUL ROOFING: Gets OK to Use Cash Collateral Until Sept. 23 J.C. PENNEY: Ch. 11 Estate Reaches Settlement with Jackson Walker J.R. BUTLER: Hires Allen Vellone Wolf Helfrich & Factor as Counsel JAM TRUCKING: Hires Johns & Associates PLLC as Bankruptcy Counsel JAM TRUCKING: Seeks to Hire Iron Auction Group as Auctioneer JDI CUMBERLAND: Unsecureds Will Get 100% of Claims in Plan KEESTONE PROPERTIES: Seeks Subchapter V Bankruptcy in Tennessee KINGPIN INTERMEDIATE: S&P Rates Proposed Senior Secured Debt 'B' KITCHEN MAN: Seeks to Hire Beverly Holmes CPA PC as Accountant KLIMA CONTROL: Gets Final OK to Use Cash Collateral KOLAY FLOORING: Hires Goe Forsythe & Hodges as Bankruptcy Counsel KRONOS WORLDWIDE: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable KYI ENTERPRISES: Section 341(a) Meeting of Creditors on October 16 L & D CAFE: Gets Interim OK to Use Cash Collateral Until Oct. 1 LAMUMBA INC: Hires Law Offices of Michael Jay Berger as Counsel LAVENDER LANDSCAPE: Gets Extension to Access Cash Collateral LEGACY DRAYAGE: Gets Interim OK to Use Cash Collateral LG SOLAR: Seeks to Hire Accurate Tax & Services as Accountant LG SOLAR: Seeks to Hire The Lane Law Firm as Bankruptcy Counsel LIGHT & WONDER: S&P Rates $1.0BB Senior Unsecured Notes 'B+' LYNDA FAY LAYTON: Court Allows $41,500 in Attorney Fees, Costs MATADOOR RESTAURANT: U.S. Trustee Unable to Appoint Committee MAVERICK RESTAURANT: U.S. Trustee Unable to Appoint Committee MEMPHIS MADE: Seeks to Hire Toni Campbell Parker as Legal Counsel METROPOLITAN LIGHTING: Sec. 341(a) Meeting of Creditors on Oct. 10 MICHAEL ERICH HOFMANN: Court Distributes Partition Sales Proceeds MID-COLORADO INVESTMENT: Hires Plummer Assoc. as Water Consultant MILLROSE PROPERTIES: Moody's Rates New $500MM Unsecured Notes 'Ba3' MISSION MEDICAL: Section 341(a) Meeting of Creditors on October 7 MMEX RESOURCES: Issues 9.1B Shares to Settle Consultant Obligations MOBIVITY HOLDINGS: Reports $2.71 Million Net Loss in Fiscal Q2 MODIVCARE INC: Shareholder Ends Cash Flow Suit Against Former Execs MURPHDOG LLC: Available Cash & Accounts Receivable to Fund Plan MVP GROUP: Seeks to Hire Seese P.A. as Legal Counsel NABORS INDUSTRIES: Amends $250-Mil. Receivables Purchase Agreement NATIONAL BUILDERS: Seeks to Hire Cooney Law Offices as Counsel NCL CORP: Moody's Rates New Senior Unsecured Notes 'B3' NDO LLC: Seeks to Hire Luxman Law Firm as Bankruptcy Counsel NEW RITE: Claims to be Paid from Asset Sale Proceeds NOW SOLUTIONS: Section 341(a) Meeting of Creditors on Oct. 15 NUMALE CORP: Trustee Taps RubinBrown LLP as Accountant NUMERICAL CONCEPTS: Hires Kroger Gardis & Regas LLP as Counsel OAKTREE OCALA: Seeks to Hire Leshkowitz & Company as Accountant OMNICARE INC: Hires Alvarez & Marsal to Help w/ Operations ONDAS HOLDINGS: Launches $150M Ondas Capital for Defense Systems OSCAR A. LOPEZ: Case Summary & 12 Unsecured Creditors PARAGON INDUSTRIES: Committee Taps Titus Hillis as Local Counsel PARTNERS PHARMACY: Seeks to Hire Ordinary Course Professionals PAW ORIGINS: Unsecureds Will Get 20% of Claims over 36 Months PEPPERMILL LIMITED: Court Tosses Belton Appeal on Bankruptcy Order PET HOTELS: Hires Jim Davis of NAI Beverly-Hanks as Broker PET RINSE: Court Extends Cash Collateral Access to Sept. 30 PINSTRIPES INC: Seeks Chapter 11 Bankruptcy in Delaware PLANET GREEN: Stockholders OK All Proposals at Annual Meeting PLATE RESTAURANT: Seeks to Hire Devin Smith as Tax Preparer POLAR US: Moody's Cuts CFR to Caa3 & Secured 1st Lien Debt to Caa2 POSH QUARTERS: Gets Interim OK to Use Cash Collateral PREDICTIVE ONCOLOGY: Raises $413,093 via Private Placement PRND3L INC: Court Extends Cash Collateral Access to Nov. 30 PROGRAM INSITE: Hires Marc A. Ominsky as Bankruptcy Counsel PYLE TRANSPORTATION: Court Says Modified Exit Plans Confirmable QVC GROUP: Asymmetry Point, 2 Others Hold 5.52% Equity Stake RAS DATA: Hires Livingstone Partners LLC as Investment Banker RAS DATA: Seeks to Hire Adelman & Gettleman as Legal Counsel RAS DATA: Taps Sandor Jacobson of Plante & Moran as CRO RED DOOR PIZZA: U.S. Trustee Unable to Appoint Committee RED DOOR SANDWICH: U.S. Trustee Unable to Appoint Committee RITE AID: US Trustee Urges Court to Reject Bankruptcy Plan RYVYL INC: 2025 Annual Meeting Set for Oct. 23 SAN MATEO IG: Files Emergency Bid to Use Cash Collateral SCHAFER FISHERIES: Court Extends Cash Collateral Access to Sept. 19 SCIENTIFIC ENERGY: Posts $73K Net Income on $24M Revenue in Q2 SEMILEDS CORP: Elects 5 Directors, Ratifies Appointment of Auditor SHARITY MINISTRIES: Steele, et al. Case Can't Proceed to Mediation SOAP BOX: Unsecureds Will Get 6.49% of Claims over 3 Years SPIRIT AVIATION: Seeks to Hire Epiq as Claims and Noticing Agent STANTON VIEW: Hires Robl & Bowen LLC as Reorganization Counsel SUNBELT PLANTATIONS: Hires Rountree Leitman as Bankruptcy Counsel SUNNOVA ENERGY: Davis Polk Advises ABS Holders on 363 Asset Sale SUNRISE FINANCIAL: Case Summary & One Unsecured Creditor SVB FINANCIAL: Capital Bank Sues FDIC for $150MM Overbill T&S FOOD: Seeks to Sell Restaurant Business at Auction TEXAS SOLAR: Gets Final OK to Use Cash Collateral Until Oct. 4 THOMPSON'S PHARMACY: Hires Smith Conerly LLP as Bankruptcy Counsel TIBERTI COMPANY: Hires Larson & Zirzow as Bankruptcy Counsel TOWN & COUNTY: To Sell Sacramento Property to Prime Party Rentals TRIBECA AUTOMOTIVE: Continues to Defend Labor Class Suit in NJ TRICOLOR AUTO GROUP: Seeks Ch. 7 Bankruptcy w/ Over $1B Debt TRIPLESHOT HOLDINGS: Gets Extension to Access Cash Collateral TRUE BLUE: $3,500 Payment Application for Johnny M. Wilson Tossed UNIVERSAL DESIGN: Hires OSCO Commercial as Real Estate Broker UPHEALTH HOLDINGS: Gets Court Approval for Chapter 11 Plan US MAGNESIUM: Case Summary & 20 Largest Unsecured Creditors US MAGNESIUM: Seeks Chapter 11 Bankruptcy After Plant Failures US STEEL: Moody's Upgrades CFR to Ba2 & Alters Outlook to Positive USA STAFFING: Gets Extension to Access Cash Collateral VAN'S EQUIPMENT: Gets OK to Use Cash Collateral Until Oct. 5 VERENDA 2021: Voluntary Chapter 11 Case Summary WEABER INC: Gets Extension to Access Cash Collateral WELLPATH HOLDINGS: Dropped From Jones Civil-Rights Lawsuit WESTRIDGE COMMERCE: Involuntary Chapter 11 Case Summary WHITEHALL PHARMACY: Bankruptcy Counsel Averts Court Sanctions WHITESTONE INDUSTRIAL: Plan Agent Taps Lain Faulkner as Accountant WHITTAKER CLARK: Ch. 11 Moves Forward Despite Creditors' Pushback WILLIAMS TREE: Taps Magee Goldstein Lasky & Sayers as Counsel WILLIAMSON RENAISSANCE: Seeks Subchapter V Bankruptcy in Virginia WINDTREE THERAPEUTICS: OKs Reverse Split, ELOC Shares Issuances WOLFSPEED INC: Shares Surge After Court Okays Restructuring Plan WYNN RESORTS: Kevyn Wynn, 2 Others Hold 9.17% Equity Stake XCEL BRANDS: Potomac Entities Hold 6.6% Equity Stake YARA TEST: Case Summary & Eight Unsecured Creditors [] Peter Amend Joins Alston & Bird's Financial Restructuring Group [^] BOOK REVIEW: Transcontinental Railway Strategy ********* 143 COURT ST: Court Extends Cash Collateral Access to Oct. 31 ------------------------------------------------------------- 143 Court St. Associates, LLC received second interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. The interim order authorized the Debtor, through its receiver Dean Horowitz, to use cash collateral from September 5 to October 31 pursuant to its budget, subject to a 10% variance. Funds may be used for asset maintenance, business operations, taxes, insurance, utilities, and U.S. trustee fees. The Debtor projects total monthly operational expenses of $2,642.94. As adequate protection for the use of its cash collateral, the lender 143 Court Street Funding, LLC will be granted replacement liens on assets acquired by the Debtor after its Chapter 11 filing. The replacement liens do not apply to any avoidance actions. In addition, the lender will continue to receive a monthly payment of $18,280.54 monthly starting June 1, 2025 (9% of the lender's judgment of foreclosure and sale). In case of any diminution in value of its collateral, the lender will have a superpriority administrative expense claim, subordinate only to a fee carveout. The Debtor's authority to use cash collateral will terminate upon dismissal or conversion of its Chapter 11 case; plan confirmation; non-compliance with the interim order; or termination of business. Despite termination of consensual rights, the Debtor may seek nonconsensual use of cash collateral with proper notice and court hearing. About 143 Court St. Associates LLC 143 Court St. Associates LLC is a real estate debtor holding a single asset, as outlined in 11 U.S.C. Section 101(51B). The Debtor owns the property at 143 Court Street, Brooklyn, NY, in fee simple, and the property's current value is $4 million. 143 Court St. Associates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41056) on March 4, 2025. In its petition, the Debtor reports total assets of $4,000,000 and total liabilities of $3,745,332. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP, is the Debtor's legal counsel. 143 Court Street Funding, LLC, as lender, is represented by: Evan M. Newman, Esq. Jacobowitz Newman Tversky, LLP 377 Pearsall Avenue, Suite C Cedarhurst, NY 11516 Tel: (516)-545-0343 Fax: (212) 671-1883 enewman@jntllp.com 216 HOLBROOK: Hires Coldwell Banker Professionals as Realtor ------------------------------------------------------------ 216 Holbrook St, MI, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Pamela LeBlanc and Coldwell Banker Professionals as realtor. Ms. LeBlanc will market and sell the Debtor's property located at 216 Holbrook, Detroit, MI 48202. The Broker has agreed to charge the Debtor a contingency percentage of 3 percent of the sales price for the property. Ms. LeBlanc assured the court that her firm is a disinterested person according to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Pamela LeBlanc Coldwell Banker Professionals 102 Kercheval Ave, Grosse Pointe Farms, MI 48236 Phone: (240) 498-5573 Email: Pamela.leblanc@cbpmichigan.com About 216 Holbrook 216 Holbrook St, MI, LLC filed Chapter 11 petition (Bankr. E.D. Mich. Case No. 25-42623) on March 17, 2025, listing between $100,001 and $500,000 in both assets and liabilities. Judge Thomas J. Tucker oversees the case. The Debtor is represented by Robert McClellan, Esq. at Resurgent Legal Services, PLC. 23ANDME HOLDINGS: Creditors' Committee Gets $5.8MM Legal Fees ------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Missouri bankruptcy judge on Tuesday, September 9, 2025, approved $5.8 million in legal fees and expenses for the unsecured creditors committee of bankrupt consumer DNA testing company 23andMe, covering bills from Stinson LLP, Kelley Drye & Warren LLP, and a financial adviser. 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. 541 HOLDINGS: Seeks to Hire Alex Aaronson as Real Estate Broker --------------------------------------------------------------- 541 Holdings, LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of Oregon to employ John L. Scott Real Estate as real estate broker. The firm will market and sell the Debtor's real property known as 30033 Redwood Highway, Cave Junction, OR 97523. The firm will be paid a commission 2.5 percent of the gross sales price. An additional 2.5 percent of the gross sales price will be payable to the buyer's real estate broker. Alex Aaronson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alex Aaronson John L. Scott Real Estate 871 Medford Center Medford, OR 97504 Tel: (541) 779-3611 About 541 Holdings, LLC 541 Holdings, LLC was converted under Chapter 11 on June 17, 2025 (Bankr. D. Or. Case No. 24-60832). The Debtor hires Michael D. O'Brien & Associates, P.C. as counsel. AAA OUTDOOR: Hires Rountree Leitman Klein & Geer as Attorney ------------------------------------------------------------ AAA Outdoor Advertising Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Rountree, Leitman, Klein & Geer, LLC as its attorneys. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property; b. preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary. The firm will be paid at these hourly rates: Attorney: William A. Rountree $595 Will B. Geer $595 Michael Bargar $535 Hal Leitman $425 William Matthews $425 David S. Klein $495 Elizabeth Childers $395 Ceci Christy $425 Caitlyn Powers $375 Shawn Eisenberg $300 Paralegals: Dorothy Sideris $200 Elizabeth Miller $290 Megan Winokur $175 Catherine Smith $150 Law Clerk $175 Rountree received a pre-petition retainer of $50,000 from the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Powers disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William A. Rountree, Esq. Caitlyn Powers, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wrountree@rlkglaw.com cpowers@rlkglaw.com About AAA Outdoor Advertising Inc. AAA Outdoor Advertising Inc. provides static billboard advertising services across South Georgia. The Company offers location-based outdoor advertising solutions and strategic market guidance, serving clients with over 30 years of industry experience. It operates as a family-owned business focused on regional outreach and personalized service. AAA Outdoor Advertising Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21012) on July 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. ABC CHILDREN'S: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: ABC Children's Eye Specialists, P.C. ABC Children's Eye ABC Kids ABC Kids Eye CBA Children's Brain Academy 1010 E McDowell Rd Suite 301 Phoenix, AZ 85006 Case No.: 25-08546 Business Description: ABC Children's Eye Specialists, P.C. provides pediatric ophthalmology and optometry services through offices in Phoenix, Avondale, and Mesa, Arizona. The practice offers diagnostic and treatment care for infants, children, and teenagers with conditions including amblyopia, strabismus, retinopathy of prematurity, ptosis, blepharitis, and other ocular disorders, as well as routine eye exams. It also provides surgical and nonsurgical interventions, vision correction with glasses and contact lenses, and support for families in navigating insurance and financing options. Chapter 11 Petition Date: September 10, 2025 Court: United States Bankruptcy Court District of Arizona Judge: Hon. Scott H Gan Debtor's Counsel: Grant L. Cartwright, Esq. Andrew A. Harnisch, Esq. Eric W. Moats, Esq. MAY, POTENZA, BARAN & GILLESPIE, P.C. 2850 N Central Ave., Suite 1600 Phoenix, AZ 85004 Tel: 602-252-1900 Fax: 602-252-1114 Email: gcartwright@maypotenza.com aharnisch@maypotenza.com emoats@maypotenza.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brendan Cassidy as owner. 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/YWIZEDA/ABC_Childrens_Eye_Specialists__azbke-25-08546__0001.0.pdf?mcid=tGE4TAMA ACCURADIO LLC: Gets Extension to Access Cash Collateral ------------------------------------------------------- AccuRadio, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The Debtor was authorized to use cash collateral to pay ordinary and necessary business expenses for the period from May 15 to October 10, as set forth in its budget, subject to a 10% variance. The budget projects monthly operational expenses of $478,500. As adequate protection, Sound Exchange, Inc. was granted replacement liens on the Debtor's property, including the secured creditor's cash collateral and pre-bankruptcy collateral. In addition, Sound Exchange will continue to receive monthly royalty payments of $210,000, subject to adjustment. The order will remain effective until the earlier of October 10 or entry of a final order. A status hearing is set for October 6. About AccuRadio Inc. AccuRadio Inc. is a Chicago-based company that offers streaming radio service. Accuradio sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07366) on May 14, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Judge Michael B. Slade handles the case. The Debtor is represented by Derek D. Samz, Esq., at Golan Christie Taglia, LLP. ACLCP CINCINNATI: Case Summary & 17 Unsecured Creditors ------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- ACLCP Cincinnati, LLC (Lead) 25-11691 1000 Brickell Ave, Ste 720 Miami FL 33131 ACLCP Gratiot, LLC 25-11692 1000 Brickell Ave, Ste 720 Miami FL 33131 ACLCP Port Huron, LLC 25-11693 1000 Brickell Ave, Ste 720 Miami FL 33131 Business Description: ACLCP Cincinnati, LLC; ACLCP Gratiot, LLC; ACLCP Port Huron, LLC are U.S.-based real estate companies primarily engaged in owning and leasing commercial and residential properties in Ohio and Michigan. The companies operate properties in Cincinnati, Fort Gratiot, and Port Huron, including retail and mixed-use buildings. Chapter 11 Petition Date: September 10, 2025 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Mary F Walrath Debtors' Counsel: Kevin S. Mann, Esq. CROSS & SIMON, LLC 1105 N. Main Street, Suite 901 Wilmington DE 19801 Tel: 302-777-4200 Email: kmann@crosslaw.com ACLCP Cincinnati's Estimated Assets: $1 million to $10 million ACLCP Cincinnati's Estimated Liabilities: $1 million to $10 million ACLCP Gratiot's Estimated Assets: $1 million to $10 million ACLCP Gratiot's Estimated Liabilities: $1 million to $10 million ACLCP Port Huron's Estimated Assets: $10 million to $50 million ACLCP Port Huron's Estimated Liabilities: $1 million to $10 million The petitions were signed by Allan Rothschild as president. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/LQICBEI/ACLCP_Cincinnati_LLC__debke-25-11691__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/L2TUM3I/ACLCP_Gratiot_LLC__debke-25-11692__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/Q6FSXQQ/ACLCP_Port_Huron_LLC__debke-25-11693__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 17 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Cuyahoga County Treasurer Taxes $107,306 2079 E 9th St. Cleveland, OH 44115 2. Schneider Bell Legal $63,539 1375 E. Ninth St, Ste 900 Cleveland, Ohio 44114 3. Varnum, LLP Legal $43,451 333 Bridge Street NW Suite 1700 4. Jennings County Treasurer Taxes $10,921 200 E Brown St. Vernon, IN 47282 5. Rosen Hagood Legal $7,461 40 Calhoun St, Ste 450 Charleston, SC 29401 6. The Illuminating Company Utilities $3,562 c/o FirstEnergy Corp. 341 White Pond Drive Akron, OH 44320 7. Lee Cleveland Select Mgm't Trade Debt $1,275 P.O. Box 24863 Cleveland, OH 44124 8. Cogency Global Inc. Trade Debt $422 850 New Burton Rd., Ste. 201 Dover, DE 19904 9. Cleveland Water Department Utilities Unknown 1201 Lakeside Avenue Cleveland, Ohio 44114 10. Colleton County Treasurer Taxes Unknown 118 Benson Street Walterboro, SC 29488 11. Detroit Taxpayer Service Ctr. Taxes Unknown 2 Woodward Ave, Ste 130 Detroit, MI 48226 12. Hamilton County Treasurer Taxes Unknown 138 E. Court Street, Room 402 Cincinnati, Ohio 45202 13. Lancaster County Treasurer Taxes Unknown 101 N Main St Lancaster, SC 29720 14. Nicol Jacoby LLP Legal Unknown 50 Main St, Ste 1000 White Plains, NY 10606 15. Northeast Ohio Regional Sewer Utilities Unknown District 3900 Euclid Avenue Cleveland, Ohio 44115 16. St. Clair County Treasurer Taxes Unknown 200 Grand River, Suite 101 Port Huron, MI 48060 17. Sullivan County Trustee Taxes Unknown 3411 Highway 126 Suite 104 Blountville, TN 37617 ADCOCK FAMILY: Hires Rountree Leitman Klein & Geer as Attorney -------------------------------------------------------------- Adcock Family Properties LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Rountree, Leitman, Klein & Geer, LLC as its attorneys. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property; b. preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary. The firm will be paid at these hourly rates: Attorney: William A. Rountree $595 Will B. Geer $595 Michael Bargar $535 Hal Leitman $425 William Matthews $425 David S. Klein $495 Elizabeth Childers $395 Ceci Christy $425 Caitlyn Powers $375 Shawn Eisenberg $300 Paralegals: Dorothy Sideris $200 Elizabeth Miller $290 Megan Winokur $175 Catherine Smith $150 Law Clerk $175 Rountree received a pre-petition retainer of $50,000 from the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Rountree disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William A. Rountree, Esq. Caitlyn Powers, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wrountree@rlkglaw.com cpowers@rlkglaw.com About Adcock Family Properties LLC Adcock Family Properties LLC is a real estate holding company based in Blue Ridge, Georgia operating under NAICS code 5311 (Lessors of Real Estate), has filed for Chapter 11 bankruptcy protection. Adcock Family Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21013) on July 21, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $500,000. The Debtor is represented by William Rountree of Rountree, Leitman, Klein & Geer, LLC. ADVENTURE COAST: Hires Intown Financial Services as Accountant -------------------------------------------------------------- Adventure Coast, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Intown Financial Services, LLC as accountant. The firm's services include: a. preparing and filing the Debtor's 2024 Federal and State Tax Returns; b. adjusting journal entries as needed for the preparation of federal and state tax returns; and c. providing other accounting and bookkeeping services/assistance as requested including cash flow projections, assistance with improving the collection process and billing for services provided to clients, and projecting cash available for vendor payables. The firm has agreed to a monthly fee of $800 for preparation of 2024 tax returns. If additional accounting work is required, the accountant will perform the work for $175 per hour. Scott Levine, CPA, owner of Intown Financial Services, assured the court that the firm is a "disinterested person," as defined by Section 101(14) of the Bankruptcy Code. The firm can be reached through: Scott Levine, CPA Intown Financial Services, LLC 936 Boulevard SE Atlanta, GA 30312 Phone: (404) 210-6550 About Adventure Coast, LLC Adventure Coast, LLC is an equipment rental service provider specializing in trailers, restrooms, showers, generators, and other production essentials for the film, broadcast, live events, private events, and sports industries. With locations across major cities like Atlanta, Nashville, and Orlando, the Company provides nationwide service for everything from large-scale productions to intimate events. Its extensive inventory includes talent trailers, RVs, office trailers, shower trailers and heavy equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N. D. Ga. Case No. 25-50682) on January 22, 2025. In the petition signed by Marcus Cooley, CEO, the Debtor disclosed up to $10 million in both assets and liabilities. Benjamin Keck, Esq., at Keck Legal, LLC, represents the Debtor as legal counsel. AFFORDABLE IRRIGATION: Taps Steidl and Steinberg as Counsel ----------------------------------------------------------- Affordable Irrigation, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Steidl and Steinberg, P.C. to handle its Chapter 11 case. Christopher Frye, Esq., the primary attorney in this representation, will be paid at his hourly rate of $350 plus expenses. The firm received a retainer of $6,000 plus a filing fee of $1,738 from the Debtor. Mr. Frye disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher M. Frye, Esq. Steidl & Steinberg, P.C. Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 Telephone: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Affordable Irrigation, Inc. Affordable Irrigation, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa Case No. 25-22261) on August 28, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Christopher M. Frye, Esq. at Steidl & Steinberg, P.C. represents the Debtor as counsel. ALBERT WHITMAN: Seeks to Hire JJ Miki Inc as Tax Accountant ----------------------------------------------------------- Albert Whitman & Co. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ JJ Miki Inc. as tax accountant. Miki will provide necessary tax accounting services for the Debtor's bankruptcy estate. Such services include preparing tax returns and working on related tax matters. The Debtor proposes to compensate Miki at its ordinary and customary rates for such services. As disclosed in the court filings, Miki is a “disinterested person” as that term is defined in Section 101(14) of the Bankruptcy Code, does not hold or represent any interest adverse to the Debtor's estate, and has no connection to the Debtor, its creditors, or any other party in interest in this case. The firm can be reached through: Jon Miki JJ Miki, Inc. 2551 Havens Drive West Chicago, IL 60185 About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. The Law Office of William J. Factor, Ltd. is the Debtor's legal counsel. ALLSTAR PROPERTIES: Seeks to Hire Small Herrin LLP as Attorney -------------------------------------------------------------- Allstar Properties LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Small Herrin, LLP as its attorneys. The firm will render these services: (a) prepare schedules, statement of financial affairs, pleadings and applications in this case; (b) conduct examinations incidental to administration of this case; (c) develop the relationship of the Debtor to the claims of creditors; (d) advise the Debtor of its rights, duties, and obligations; (e) consult with the Debtor and represent it with respect to a Chapter 11 plan; (f) represent the Debtor in litigation that is currently pending or that may be brought at a later date; and (g) take any and all other necessary action incident to the proper preservation and administration of the Debtor's bankruptcy estate. Small Herrin received a retainer of $24,300.50 from the Debtor. The firm's counsel and staff will be paid at these hourly rates: Gus H. Small $600 Anna M. Humnicky $450 Brent W. Herrin $450 Benjamin S. Klehr $450 Q. Andy T. Nguyen $245 Paralegals & Law Clerk $100 - $220 Anna Humnicky, Esq., a partner at Small Herrin, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anna Humnicky, Esq. Small Herrin LLP 100 Galleria Parkway, Suite 350 Atlanta, GA 30339 Telephone: (770) 783-1800 Email: ahumnicky@smallherrin.com About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP. ARIZONA STATE: Seeks to Use Cash Collateral ------------------------------------------- Arizona State Masonry, LLC asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral and provide adequate protection. The Debtor, a commercial contractor specializing in masonry and steel work, asserts that without access to this cash, it will be unable to meet critical obligations such as payroll, utility payments, and ongoing project expenses -- jeopardizing both current operations and the possibility of a successful reorganization. The Debtor's cash on hand at the time of filing was about $15,685, and it held receivables totaling approximately $2.3 million. However, a significant portion of those receivables are contingent on subcontractor and vendor payments due to the Debtor's general contractor role. Potential secured creditors include the U.S. Small Business Administration, MCA Funding Group, PIRS Capital and First Western Trust Bank, which holds the largest claim at over $4.5 million. The Debtor also notes some financing statements were filed by agents such as CT Corporation and Corporation Service Company, likely on behalf of merchant cash advance lenders. To protect the rights of any secured creditors, the Debtor proposes granting them replacement liens of equal validity and priority on post-petition assets, including receivables and deposit accounts, to the extent their collateral is diminished due to the use of cash collateral. Given recent economic strain, the Debtor reports lower-than-usual receivables but anticipates that it will generate new receivables during the reorganization period that exceed the current amounts. It argues that this expected growth, combined with replacement liens and enhanced security interests in post-petition accounts, provides sufficient "adequate protection" to meet legal standards under 11 U.S.C. sections 361 and 363 for use of cash collateral. First Western Trust Bank is represented by: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. Osborn Maledon, P.A. 2929 North Central Avenue, 20th Floor Phoenix, AZ 85012-2793 (602) 640-9000 csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com About Arizona State Masonry LLC Arizona State Masonry LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-08405-DPC) on September 5, 2025. In the petition signed by Shannon Dean, member, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Daniel P. Collins oversees the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the Debtor as legal counsel. BARTRAM LOGISTICS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Bartram Logistics LLC Bartram Electric 406 Santa Fe Pike Columbia, TN 38401 Case No.: 25-03788 Business Description: Bartram Logistics, LLC, doing business as Bartram Electric, operates as an electrical subcontractor providing installation and related services for construction projects in the Southeastern United States. The Company focuses on multifamily, hotel, and restaurant developments and undertakes electrical scopes of work under general contractors. It has completed more than 70 projects in the region and continues to work on dozens of active and contracted assignments. Chapter 11 Petition Date: September 9, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Judge: Hon. Randal S Mashburn Debtor's Counsel: Erin Malone-Smolla, Esq. BRADLEY ARANT BOULT CUMMINGS LLP 1221 Broadway, Suite 2400 Nashville, TN 37203 Tel: 615-252-3805 Email: esmolla@bradley.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jacob Bartram as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YB7GJOI/Bartram_Logistics_LLC__tnmbke-25-03788__0001.0.pdf?mcid=tGE4TAMA BEAR'S FRUIT: Taps Davidoff Hutcher & Citron as Bankruptcy Counsel ------------------------------------------------------------------ Bear's Fruit LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Davidoff Hutcher & Citron LLP as attorneys. The firm will render these services: (a) advise the Debtors with respect to their powers and duties and the continued management of their property and affairs; (b) negotiate with creditors of the Debtors and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan; (c) prepare legal papers required for a debtor who seeks protection from its creditors under Chapter 11 of the bankruptcy code; (d) appear before the bankruptcy court to protect the interest of the Debtors and to represent them in all matters pending before the court; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; (f) advise the Debtors in connection with any potential refinancing of secured debt and any potential sale of the business; (g) represent the Debtors in connection with obtaining post-petition financing; (h) take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (i) perform all other legal services for the Debtors which may be necessary for the preservation of their estates and to promote their best interests, their creditors and the estate. The hourly rates of the firm's counsel and staff are as follows: Robert L. Rattet, Partner $850 Jonathan S. Pasternak, Partner $825 Craig M. Price, Senior Counsel $750 John D. Molino, Associate $500 Eric R. Schachter, Associate $450 Melanie Spenser, Paralegal $275 In addition, the firm will seek reimbursement for expenses incurred. Robert Rattet, Esq., an attorney at Davidoff Hutcher & Citron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert L. Rattet, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About Bear's Fruit LLC Bear's Fruit, LLC operates an asset-light model, outsourcing manufacturing, warehousing, and distribution. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-43951) on August 15, 2025. In the petition signed by Amy Driscoll, co-founder, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Jill Mazer-Marino oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron LLP, represents the Debtor as legal counsel. BIEN-AIME CONFIANCE: Unsecureds to Get Share of Sale Proceeds ------------------------------------------------------------- Bien-Aime Confiance LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement for Plan of Reorganization dated September 3, 2025. The Debtor is a Wyoming limited liability company created by Articles of Incorporation filed with the Wyoming Secretary of State on or around November 18, 2022. The Debtor's sole asset is the real property located at 5237 Isleworth Country Club Drive, Windermere, Florida, 34786 (the "Property"), which is valued at approximately $4,400,000.00. The Property is encumbered by a mortgage that secures indebtedness in the approximate amount of $3,249,265,57 owed to Giles Kemp. The loan has matured, and Kemp has obtained a foreclosure judgment and scheduled a foreclosure sale of the Property. Although the Debtor was working diligently prepetition to attempt to refinance the existing mortgage, the Debtor had difficulty refinancing the loan due to increased interest rates. The Debtor was able to obtain a Letter of Intent from CASTLE HILL GROUP, LLC ("Castle Hill"), a copy of which is attached hereto as Exhibit A (the "LOI"). The LOI offers a loan at a favorable interest rate that would pay off and satisfy the indebtedness owed to Kemp and then take a new first-priority mortgage on the Property. Castle Hill has also expressed that it may structure the transaction as a purchase of the note and current indebtedness from Kemp, and the Debtor is hopeful that it will be able to refinance the loan with the new lender to pay off and satisfy the matured loan through the plan confirmation process. In summary, the Debtor's proposed Plan contemplates the emergence of a Reorganized Debtor through the continued operation of the business. All Claims against the Reorganized Debtor are classified and treated pursuant to the terms of the Plan, or as otherwise stated in the Confirmation Order. Class 2 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. In full satisfaction of the Allowed Class 2 Claims, Holders of Allowed Class 2 Claims shall receive a pro rata distribution of the net proceeds from a sale or other disposition of the Property, after Class 1 is paid in full and satisfied (if any). If the Property is sold for an amount that is less than or equal to the amount of the Allowed Giles Kemp Secured Claim, or if is surrendered to Giles Kemp, then there will be no surplus proceeds, and the Class 2 Allowed General Unsecured Claims will receive $0.00. The Class 2 Allowed General Unsecured Claims will receive their pro rata distribution (if any) on the first business day after the date that is sixty days after the Effective Date. Class 3 consists of any and all membership interests currently issued or authorized in the Debtor. Class 3 shall receive the excess proceeds (if any) from a sale or other disposition of the Property, after payment in full of Classes 1 through 2. On the Effective Date, all currently issued and outstanding membership interests in the Debtor shall be extinguished, and new membership interests shall be issued to the same persons and in the same percentages that were Holders of membership interests on the Petition Date; or, if the Property is sold or surrendered, the Debtor or Reorganized Debtor may be dissolved in accordance with state law. The Debtor is seeking post-petition financing as a means of implementing the Plan. In the event Debtor is able to obtain and the Court approves post-petition financing, the proceeds from said financing will fund this Plan. If Debtor is unable to obtain postpetition financing, the Plan contemplates the sale of substantially all of the Debtor’s assets, consisting primarily of the Property, by private sale or auction. The Debtor believes the proceeds from the sale of the Property will be sufficient to fund the Plan. In the event Debtor is unable to obtain post-petition financing or to sell or auction the Property or the Debtor determines in its sole discretion that said options would be unsuccessful or otherwise impracticable, Debtor will surrender the Property to Giles Kemp as the indubitable equivalent of his Allowed Secured Claim. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation; however, subject to the projections attached to the Disclosure Statement, cash on hand as of Confirmation will be available for Administrative Expenses. A full-text copy of the Disclosure Statement dated September 3, 2025 is available at https://urlcurt.com/u?l=dinUqn from PacerMonitor.com at no charge. The Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com About Bien-Aime Confiance Bien-Aime Confiance LLC owns a residential property located at Lot 232, Isleworth, in Windermere, Florida. The property spans approximately 0.50 acres within a luxury golf community and was last valued at $4.4 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04315) on July 11, 2025, with $4,400,000 in assets and $3,348,480 in liabilities. David Townsend, manager, signed the petition. Judge Grace E. Robson presides over the case. Jeffrey S. Ainsworth, at BRANSONLAW, PLLC, is the Debtor's legal counsel. BLUE SUN: Hires VerStandig Law Firm as Reorganization Counsel ------------------------------------------------------------- Blue Sun Scientific LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire VerStandig Law Firm, LLC as general reorganization counsel. The firm will render these services: a. prepare and file all necessary pleadings, motions, and other court papers, on behalf of the Debtor; b. negotiate with creditors, equity holders, and other interested parties; c. represent the Debtor in any adversary proceedings, contested matters, and other proceedings before this Honorable Court; d. prepare a plan of reorganization on behalf of the Debtor; and e. tend to such other and further matters as are necessary and appropriate in the prism of this case. The firm's current hourly rates are: Partners $600 Associate $300 Paralegals $100 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Maurice VerStandig, a managing member of VerStandig Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Maurice B. VerStandig, Esq. The Belmont Firm 1050 Connecticut Avenue, NW Suite 500 Washington, DC 20036 Tel: (202) 991-1101 Email: mac@dcbankruptcy.com About Blue Sun Scientific LLC Blue Sun Scientific LLC, a majority-owned subsidiary of Innovative Technologies Group and Co., develops, manufactures, distributes, and services analytical solutions for global markets, including agriculture, chemical, and food industries. The Company offers rapid, non-destructive analysis tools such as Phoenix NIR analyzers for applications in forage, animal feed, pet food, oilseeds, and plant breeding, supported by instruments, software, reagents, sample handling systems, training, and long-term services. Headquartered in Jessup, Maryland, it operates internationally through representatives and distributors in over 50 countries. Blue Sun Scientific LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17998) on August 29, 2025. In its petition, the Debtor reports total assets of $451,175 and total liabilities of $6,329,907. The Debtor is represented by Maurice Verstandig, Esq. at THE BELMONT FIRM. BRAVO BRIO: Taps Shuker & Dorris P.A. as Bankruptcy Counsel ----------------------------------------------------------- Bravo Brio Restaurants, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Shuker & Dorris, P.A. as its counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of the estate. The firm's counsel and staff will be paid at these hourly rates: R. Shuker, Partner $725 M. Dorris, Partner $600 L. Stricker, Associates $500 M. Franklin, Paraprofessional $225 A. Tillman, Paraprofessional $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received an advanced fee of $207,429.68 for post-petition services and expenses. Mr. Shuker disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: R. Scott Shuker, Esq. Shuker & Dorris, PA 121 S. Orange Avenue, Suite 1120 Orlando, FL 32801 Telephone: (407) 337-2060 Facsimile: (407) 337-2050 Email: rshuker@ShukerDorris.com About Bravo Brio Restaurants, LLC Bravo Brio Restaurants, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05224) on August 18, 2025, listing $50,000,001 to $100 million in both assets and liabilities. Judge Lori V Vaughan presides over the case. R Scott Shuker, Esq. at Shuker & Dorris, P.A. represents the Debtor as counsel. CANDE HOFFMAN: Claims to be Paid from Asset Sale Proceeds --------------------------------------------------------- CandE Hoffman Holdings Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a Plan of Reorganization dated September 3, 2025. Eric J. Hoffman and Cheryl A. Hoffman (the "Hoffmans") are the owners and sole equity holders of CandE Hoffman Holdings Inc. The Hoffmans formed CandE in June 2019. In December 2019, they decided to use their 401(k) retirement funds utilizing a ROBS account to purchase a franchise. The Hoffmans initially invested $822,480 of their 401(k) retirement funds and purchased 15 SmartStyle(R) hair salons from Regis Corp. ("Regis") and The Barbers, Hairstyling for Men & Women, Inc. ("Barbers" or the "Franchisor"; collectively, Regis and Barbers are often referred to as "Regis"). Afterwards, CandE purchased additional locations with the last purchase closing on February 27, 2020, immediately before the COVID-19 pandemic. Due to the COVID-19 pandemic, obtaining MCA financing, higher than anticipated remodeling costs and the inability to make poorly performing salons profitable, CandE determined that it had no alternative but to file for protection under chapter 11, which it did on October 11, 2024, under subchapter V (the "Petition Date"). CandE's owners, the Hoffmans, also filed chapter 11 on the Petition Date. They had guaranteed virtually all of Cande's debts. Under the Plan as modified, CandE will sell the operating business relating to four salons to Lynn and Chris Krauss or their assignees ("Franchisee Krauss") and two salons to David McGovern ("Franchisee McGovern"), two existing franchisees approved by Regis, as of October 1, 2025 (collectively, the "Purchasers"), free and clear of liens, claims and interests. The sale will include all assets of CandE relating to the six salons except cash and bank accounts. As consideration to CandE, Regis will receive nothing on its administrative expense or for curage of the subleases and franchise agreements assumed and assigned to the Purchasers. Regis will receive a distribution on its unsecured claim along with other unsecured creditors. From the available assets, creditors will be paid in order of their priority. The Debtor's best estimate is that general unsecured creditors would receive 4.6% on or before November 1, 2025, which is the 30th day after the Effective Date. This Plan is being proposed under subchapter V of chapter 11 of the Bankruptcy Code. It proposes to pay creditors of the Debtor from the sale of the Debtor's business operations. Class 3 consists of Nonpriority, unsecured claims against the Debtor. All non-priority unsecured claims allowed under Section 502 of the Code, estimated to be $1,086,754, will share pro-rata basis from available assets on the 30th day after the Effective Date. The available assets are estimated to be $60,465. This Class is impaired. Class 4 consists of Equity Interests in the Debtor. The equity interest holders shall retain their interests in the Debtor. Their rights are unaltered by the Plan. On the Effective Date, the Debtor will transfer the salons listed on Addendum 6.01(a) to the Purchasers. On the Effective Date, the Debtor will transfer all assets associated with the salons listed on Addendum 6.01(a). Those assets include the assignment of the subleases and the franchise agreements, all furnishings, equipment and fixtures associated with the salons, all inventory located at the salon and any other assets that are used to operate the salons, including without limitation point of sale equipment and software. The assets will be transferred to the respective Purchasers free and clear of all liens, claims and interests. The assets do not include cash, bank accounts, advances to employees, the lease for the 2016 Cadillac Escalade, and fraudulent transfer action against Rise Alliance. The Purchasers will have no successor liability for any obligations of or claims against the Debtor or Cheryl or Eric Hoffman. A full-text copy of the Plan of Reorganization dated September 3, 2025 is available at https://urlcurt.com/u?l=pZ31iz from PacerMonitor.com at no charge. Counsel to the Debtor: Jerome R. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202 Telephone: (414) 277-8200 Facsimile: (414) 277-0100 Email: jkerkman@kerkmandunn.com About CandE Hoffman Holdings, Inc. CandE Hoffman Holdings Inc. -- https://www.candehoffman.org/ -- is a franchise owner of hair salons. CandE filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-25415) on October 11, 2024. Eric J. Hoffman, president of CandE, signed the petition. The Debtor reported total assets of $710,919 and total liabilities of $1,090,460 as of August 21, 2024. Judge Beth E. Hanan handles the case. The Debtor tapped Jerome R. Kerkman, Esq., at Kerkman & Dunn as counsel and BPA & Associates, LLC as accountant. CANDLE 28: Section 341(a) Meeting of Creditors on October 7 ----------------------------------------------------------- On September 9, 2025, Candle 28 LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports $1,784,113 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 7, 2025 at 02:00 PM at Zoom.us - USTrustee 8: Meeting ID 160 3800 9567, Passcode 3161409153, Phone 1 (202) 794-9236. About Candle 28 LLC 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. Candle 28 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11966) on September 9, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and liabilities of $1,784,113. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Lawrence Morrison, Esq. at MORRISON TENENBAUM PLLC. CANTON WALESKA: Hires Jones & Walden LLC as Bankruptcy Counsel -------------------------------------------------------------- Canton Waleska Flower and Gift Shop, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Jones & Walden LLC as counsel. The firm will provide these services: a. preparing pleadings and applications; b. conducting of examination; c. advising the Debtor of its rights, duties and obligations as a debtor-in-possession; d. consulting and representing the Debtor with respect to a Chapter 11 plan; e. performing those legal services incidental and necessary to the day-to-day operations of the Debtor's business; and f. taking any and all other action incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these rates: Attorneys $350 to $500 per hour Paralegals and law clerks $150 to $250 per hour The firm holds a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Leslie M. Pineyro, Esq., a partner at Jones & Walden LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Leslie M. Pineyro, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: lpineyro@joneswalden.com About Canton Waleska Flower and Gift Shop Canton Waleska Flower and Gift Shop, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41305) on August 29, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Paul W. Bonapfel presides over the case. Leslie M. Pineyro, Esq., at Jones and Walden, LLC represents the Debtor as legal counsel. CAPITAL WHOLESALE: Section 341(a) Meeting of Creditors on Oct. 16 ----------------------------------------------------------------- On September 7, 2025, Capital Wholesale Group 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. A meeting of creditors under Section 341(a) to be held on October 16, 2025 at 03:00 PM by TELEPHONE. About Capital Wholesale Group LLC Capital Wholesale Group LLC is a used car dealership based in Longview, Texas, selling pre-owned vehicles and providing related automotive services. Capital Wholesale Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43395) 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. CARBON CREEK: Section 341(a) Meeting of Creditors on October 15 --------------------------------------------------------------- On September 8, 2025, Carbon Creek Energy LLC filed Chapter 11 protection in the District of Wyoming. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 15, 2025 at 11:00 AM via Chapter 11 Telephone Conference: Dial-in number is 888-330-1716 and the Access Code is 9525780#. About Carbon Creek Energy LLC Carbon Creek Energy LLC is the contract operator of coal-bed methane wells in Wyoming's Powder River Basin owned by US Realm Powder River, LLC, managing drilling, production, and field operations under a services agreement. Powder River Midstream, LLC provides affiliated midstream support through pipelines, compression, and natural gas transportation infrastructure that move output from the wells to market. US Realm Wyoming Ranches, LLC owns real estate in Sheridan, Wyoming, that supports field and office activities for operations. The three entities function as affiliates of US Realm Powder River, LLC, which holds mineral leases across more than 1 million acres and owns thousands of coal-bed methane wells in the basin. Carbon Creek Energy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20387) on September 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Bradley T. Hunsicker, Esq., Matthew T. Faga, Esq., and William G. Cross, Esq. at MARKUS WILLIAMS YOUNG & HUNSICKER LLC. BMC GROUP, INC. is the Debtors' Noticing Agent. CARTER LEASING: Case Summary & Nine Unsecured Creditors ------------------------------------------------------- Debtor: Carter Leasing Company, Inc. 420 N. Ventura Ave. Oak View, CA 93022 Case No.: 25-11207 Business Description: Carter Leasing Company, Inc., based in Oak View, California, provides heavy equipment leasing and rental services, primarily serving the Ojai Valley area. Chapter 11 Petition Date: September 10, 2025 Court: United States Bankruptcy Court Central District of California Judge: Hon. Ronald A Clifford III Debtor's Counsel: William C. Beall, Esq. BEALL & BURKHARDT, APC 1114 State Street, Suite 200 Santa Barbara, CA 93101-6722 Tel: 805-966-6774 Fax: 805-963-5988 Email: will@beallandburkhardt.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Greg Webster as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YZ4PC3A/Carter_Leasing_Company_Inc__cacbke-25-11207__0001.0.pdf?mcid=tGE4TAMA CBRM REALTY: Updates Several Unsecureds & Secured Claims Pay ------------------------------------------------------------ CBRM Realty Inc. and its affiliates submitted a Revised Disclosure Statement for the Modified Joint Chapter 11 Plan dated September 3, 2025. The Debtors are now advancing a chapter 11 plan that contemplates a court-approved sale of the NOLA Properties (the "NOLA Sale Transaction"). On August 15, 2025, the Bankruptcy Court entered an order approving: (a) bidding procedures, including the sale timeline and form and manner of notice for the potential sale of one or more of the NOLA Properties; (b) a process for selecting a stalking horse bidder and approving bid protections; and (c) procedures for the potential assumption and assignment of executory contracts and unexpired leases (the "NOLA Bidding Procedures Order"). Class 3 consists of CIF Mortgage Loan Claims. In full and final satisfaction of and in exchange for such Allowed CIF Mortgage Loan Claim, each Holder of an Allowed CIF Mortgage Loan Claim shall receive: (i) Sale Proceeds that are proceeds of the sale of the Lakewind Property to the extent set forth in and subject to the waterfall provisions of the NOLA DIP Order; or (ii) to the extent the Allowed CIF Mortgage Loan Claim is not satisfied by the applicable Sale Proceeds in full as set forth in clause (i), its Pro Rata share of the Debtors' Cash on hand (if any) and the Cash proceeds (if any) of any other property available for distribution to Holders of Allowed Other NOLA Unsecured Claims that is not otherwise distributed or transferred under this Plan or the CBRM Plan. The amount of claim in this Class total $4,500,000. Class 4 consists of NOLA Go-Forward Trade Claims. In full and final satisfaction of and in exchange for such Allowed NOLA Go Forward Trade Claim, each Holder of an Allowed NOLA Go-Forward Trade Claim shall receive a treatment determined by the NOLA Purchaser in accordance with the terms of the NOLA Purchase Agreement. Class 5 consists of Other NOLA Unsecured Claims. On the Effective Date, in full and final satisfaction of and in exchange for such Allowed Other NOLA Unsecured Claim, each Holder of an Allowed Other NOLA Unsecured Claim shall receive its Pro Rata share of the Debtors' Cash on hand (if any) and the Cash proceeds (if any) of any other property available for distribution that is not otherwise distributed or transferred under this Plan or the CBRM Plan. The amount of claim in this Class total $6,539,869. Class 6 consists of Crown Capital Unsecured Claims. In full and final satisfaction of and in exchange for such Allowed Crown Capital Unsecured Claim, each Holder of an Allowed Crown Capital Unsecured Claim shall receive its Pro Rata share of the Distributable Value of the Creditor Recovery Trust (as such terms are defined in, and subject to the terms of, the CBRM Plan). The amount of claim in this Class total $201,500,000. Class 7 consists of RH New Orleans Unsecured Claims. In full and final satisfaction of and in exchange for such Allowed RH New Orleans Unsecured Claim, each Holder of an Allowed RH New Orleans Unsecured Claim shall receive its Pro Rata share of the Distributable Value of the Creditor Recovery Trust (as such terms are defined in, and subject to the terms of, the CBRM Plan) provided to such Holder on account of its Allowed CBRM Unsecured Claim. The amount of claim in this Class total $201,500,000. Class 8 consists of Intercompany Claims. On or after the Effective Date, except as otherwise provided in the Plan Supplement, each Intercompany Claim shall be canceled, released, and extinguished and of no further force or effect without any distribution on account of such Intercompany Claim; provided, however, that any such Intercompany Claim shall not be canceled, released or extinguished and shall remain in force to the extent necessary to allow the Creditor Recovery Trustee to seek recovery from any non Debtor. The Debtors intend to fund distributions under the Plan through a combination of (a) the Sale Proceeds from the NOLA Sale Transaction; (b) the NOLA Debtor Contributed Creditor Recovery Trust Assets to be transferred in accordance with the CBRM Plan and this Plan; and (c) other available assets, as further described in the Plan. The NOLA Sale Transaction contemplates the sale of the NOLA Properties pursuant to one or more purchase agreements with the successful bidder(s) following conclusion of the sale process. In addition to the proceeds from the NOLA Sale Transaction, distributions under the Plan will be funded from: (i) the NOLA Debtor Contributed Creditor Recovery Trust Amount, consisting of, to the extent not expended prior to the Effective Date solely with respect to the development and investigation of Claims and Causes of Action held by the Debtors or their Estates to be pursued for the benefit of creditors, Cash in an amount equal to $1,000,000 of the proceeds of the NOLA DIP Facility, which shall be funded on the Effective Date; (ii) any recoveries from the NOLA Debtor Contributed Creditor Recovery Trust Causes of Action, Contributed Claims, and NOLA Debtor Contributed Insurance Causes of Action, which will be pursued and administered by the Creditor Recovery Trust; and (iii) the Interests of RH New Orleans Holdings MM LLC and Crown Capital. A full-text copy of the Revised Disclosure Statement dated September 3, 2025 is available at https://urlcurt.com/u?l=x2Bpcj from Verita Global, claims agent. Counsel to the Debtors: Andrew Zatz, Esq. Barrett Lingle, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Tel: (212) 819-8200 Email: azatz@whitecase.com barrett.lingle@whitecase.com - and - Gregory F. Pesce, Esq. Adam Swingle, Esq. WHITE & CASE LLP 111 South Wacker Drive Chicago, Illinois 60606 Tel: (312) 881-5400 E-mail: gregory.pesce@whitecase.com adam.swingle@whitecase.com Co-Counsel to the Debtors: Kenneth A. Rosen, Esq. KEN ROSEN ADVISORS PC 80 Central Park West New York, New York 10023 Tel: (973) 493-4955 E-mail: ken@kenrosenadvisors.com About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CHARGE ENTERPRISES: Mediation with AI Amped I Fails --------------------------------------------------- Pursuant to Section 1 of the Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for the District of Delaware, dated July 19, 2023, Magistrate Judge Christopher J. Burke of the United States District Court for the District of Delaware determined that mediation is not appropriate in the appeal styled AI AMPED 1 LLC, et al., Appellants, v. CRAIG DENSON, et al., Appellees, Case No. 25-cv-00520-MN (D. Del.). The parties to the appeal participated in mediation before a private mediator on July 29, 2025. The parties filed a status report on Aug. 19, 2025, stating that the mediation did not result in a settlement. The Court recommends that the assigned District Judge issue an order withdrawing the matter from mediation. A copy of the Court's Order dated September 3, 2025, is available at https://urlcurt.com/u?l=OMYW4p About Charge Enterprises Charge Enterprises, Inc. is an electrical, broadband, and electric vehicle charging infrastructure company that provides clients with end-to-end project management services, from advising, designing, engineering, acquiring, and installing equipment, to monitoring, servicing, and maintenance. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10349) on March 7, 2024, with $114,368,349 in assets and $48,718,180 in liabilities. Craig Harper-Denson, authorized officer, signed the petition. The Debtor tapped Ian J. Bambrick, Esq. at FAEGRE DRINKER BIDDLE & REATH LLP as bankruptcy counsel; BERKELEY RESEARCH GROUP, LLC as financial restructuring adviser; and SQUIRE PATTON BOGGS (US) LLP as special litigation counsel. CIVIL LLC: Seeks to Hire Steptoe & Johnson PLLC as Legal Counsel ---------------------------------------------------------------- Civil, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Steptoe & Johnson PLLC as their counsel. The firm's services include: a. providing legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business and management of their property; b. preparing on behalf of the Debtors all necessary applications, motions, answers, orders, reports, and other legal papers in connection with these Chapter 11 Cases; c. appearing in Court on behalf of the Debtors in order to protect the interests of the Debtors before the Court; d. representing and advising the Debtors in negotiations with their lenders, other creditors, equity holders and other parties in interest; e. representing and advising the Debtors in litigation matters related to these Chapter 11 Cases; and f. performing all other legal services for the Debtors that may be necessary and proper in the Chapter 11 Cases. The firm will be paid at these hourly rates: Daniel V. Baker, Associate $300 J. Zachary Balasko, Member $525 William C. Ballard, Of Counsel $350 Jonathan R. Ellis, Member $475 Sarah C. Ellis, Member $525 Russell D. Jessee, Member $475 Peter J. Raupp, Member $475 Ancil G. Ramey, Member $475 Arthur M. Standish, Member $475 Devon J. Stewart, Member $375 Shelby R. Turley, Associate $300 Misty Casto, Paralegal $200 Kellie Laraba, Paralegal $225 Susan D. Oxley, Paralegal $225 Paul Thomas, Paralegal $200 S&J therefore provides the following statements in response to the request for additional information set forth in Part D.1 of the Appendix B Guidelines: QUESTION: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? RESPONSE: Yes. The standard billing rates for the Members proposed to handle this matter range from $460-805 per hour. Standard rates for Associates and Of Counsels proposed to work on this matter range from $300-490 per hour. In considering the Debtors' financial condition, case projections, and reorganization goals, the Debtors and S&J, in their business judgment, negotiated a fee structure for this matter in which S&J attorneys would charge hourly rates based upon the following criteria: Bankruptcy Members $525 Commercial Litigation Members $475 All other Members $375 Of Counsels $350 Associates $300 Business/Bankruptcy Paralegals $225 Litigation Paralegals $200 The rate structure above results in a cost savings for the Debtors compared to if S&J attorneys were each billed at their standard rate in this matter. QUESTION: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? RESPONSE: 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 postpetition, explain the difference and the reasons for the difference. RESPONSE: The Debtors and S&J executed the Engagement Agreement for this matter on August 18, 2025. Due to the exigent nature of the Debtors' need to file these chapter 11 cases, S&J began work on prepetition case preparations on August 12, 2025. In the approximately one-week period in which S&J was retained by the Debtors for this matter prepetition, S&J charged the same rates disclosed and described herein. Since 2022, in various litigation and corporate matters for the Debtors, S&J charged the Debtors customary rates for the nature of each matter, which in some cases included discounts from S&J's standard billing rates. QUESTION: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? RESPONSE: S&J and the Debtors have agreed on a budget and staffing plan for these Chapter 11 Cases. Mr. Balasko disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: J. Zachary Balasko, Esq. Steptoe & Johnson PLLC 1250 Edwin Miller Blvd. Martinsburg, WV 25404 Telephone: (304) 262-2519 Email: Zak.Balasko@Steptoe-Johnson.com About Civil LLC Civil, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.V. Case No. 2:25-bk-20179) on August 20, 2025. In the petition signed by Barry W. Tackett, chief restructuring officer, the Debtor disclosed between $50 million and $100 million in assets and between $10 million and $50 million in liabilities. Judge B. Mckay Mignault oversees the case. J. Zachary Balasko, Esq., at Steptoe and Johnson PLLC, represents the Debtor as legal counsel. CIVIL LLC: Taps Barry Tackett of Total Control Consulting as CRO ---------------------------------------------------------------- Civil, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Total Control Consulting, LLC to provide Barry W. Tackett as chief restructuring officer. The firm will render these services: a. provide oversight and support to the Debtors and the Debtors' other professionals in connection with execution of the Debtors' business plan, reorganization plan, any sales process, and the overall administration of activities within the chapter 11 proceeding; b. provide oversight and assistance in connection with the preparation of financial reporting and related disclosures required by the bankruptcy court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports, and any other disclosures required by the Debtors in connection with the bankruptcy process; c. provide oversight and assistance in connection with the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursements analysis of various asset and liability accounts, and analysis of proposed transactions for which court approval is sought; d. review and analyze the financial and operational position of the Debtors, and provide an overview to management in connection with same; e. with prior approval of the Debtors' management team, recommend and advise on the retention and termination of financial advisors and consultants, accountants, attorneys, claims and noticing agents, and other professional advisors; f. recommend or advise on the retention and termination of employees, independent contractors, affiliate relationships, suppliers, and other trade partners; provided that the CRO will consult and request approval by the independent board member(s) of the Debtors prior to any termination of employees, independent contractors or financial advisors who are in an executive management role with the Debtors; g. assess the Debtors' current cash-flow model, analyze the key assumptions for those models, and provide an overview on the projected range of liquidity, or work with the Debtors' personnel to develop a cash-flow model if one does not exist or is inadequate; h. in accordance with the budget presented and approved by the Debtors' board of directors and first-lien lender, direct the management and control of the Debtors' near- and medium-term cash flow and working capital availability through interaction with financial staff, financial advisors, customers and/or vendors; i. in accordance with the budget presented and approved by the Debtors' management and DIP lender, exercise control of the Debtors' cash, credit facilities, checking accounts, deposit accounts and other financial assets, including, without limitation, authority to open and close deposit accounts and enter into agreements relating to same, and establish signing and approval authority on all cash and cash equivalent accounts; j. recommend and advise on the use, sale, or lease of assets of the Debtors both in the ordinary course of business and otherwise, including negotiation or termination of same; k. with prior approval and/or consent from the Debtors' board of directors, negotiate with creditors and other constituencies regarding modification, settlement, restructuring or other consensual arrangements, including without limitation, credit agreements, forbearance agreements, loan document amendments, and/or a plan of reorganization or liquidation, and the implementation thereof, in each case, with full power and authority to enter into, execute, deliver, and perform the same; l. provide advisory oversight and consultation for cash and liquidity to ensure the preservation or enhancement of the Debtors' financial condition, collection of past due accounts receivable, and to supervise the preparation of financial statements, borrowing base certificates, other loan document reporting, and financial models and budgets, including weekly preparation and reconciliation of a 13-week cash flow forecast; m. evaluate and advise the Debtors or board of directors and its advisors on strategic planning, which may include, without limitation, refinancing, restructuring, reorganization, sale of assets, additional equity partners, bankruptcy, or the appointment of a receiver; n. recommend coordination and participation in significant correspondence, discussion, and negotiation by and between the Debtors' lenders, creditors, suppliers, vendors, customers, and other constituencies; o. evaluate and investigate potential strategies for restructuring and refinancing of the Debtors, and provide advice to the Debtors' management in connection with same; p. implement the Debtors' management restructuring strategies; q. establish communication protocol with all stakeholders; and r. perform such other tasks that are mutually agreed upon from time to time between the Debtors management and TCC, or as deemed appropriate by TCC in keeping with its ethical and professional responsibilities. Mr. Tackett will receive a monthly, non-refundable advisory fee of $30,400. Mr. Tackett disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Barry W. Tackett Total Control Consulting, LLC 4033 Matthews Mint Hill Rd Charlotte, NC Email: info@totalcontrolconsulting.com Phone: (980) 372-7772 About Civil LLC Civil, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.V. Case No. 2:25-bk-20179) on August 20, 2025. In the petition signed by Barry W. Tackett, chief restructuring officer, the Debtor disclosed between $50 million and $100 million in assets and between $10 million and $50 million in liabilities. Judge B. Mckay Mignault oversees the case. J. Zachary Balasko, Esq., at Steptoe and Johnson PLLC, represents the Debtor as legal counsel. CIVIL LLC: Taps HR Jackson Law as Ordinary Course Professional -------------------------------------------------------------- Civil, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCP include: HR Jackson Law P.L.L.C. - Legal Services Fee Cap: $4,000 About Civil LLC Civil, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.V. Case No. 2:25-bk-20179) on August 20, 2025. In the petition signed by Barry W. Tackett, chief restructuring officer, the Debtor disclosed between $50 million and $100 million in assets and between $10 million and $50 million in liabilities. Judge B. Mckay Mignault oversees the case. J. Zachary Balasko, Esq., at Steptoe and Johnson PLLC, represents the Debtor as legal counsel. CK BUILDERS: To Sell San Antonio Property to GHG Property --------------------------------------------------------- CK Builders LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is described as 2023 Hays, San Antonio, TX 78212. The Property is subject to a Deed of Trust lien to Citizens State Bank. The Bexar Appraisal District values the real property in the amount of $185,000 for 2025. The Debtor has been unable to lease the real property due to its declining condition. The real property needs a new roof, foundation issues, and plumbing issues. The Debtor believes that the proposed sale of the real property to GHG Property Investments LLC for the cash sales price in the amount of $82,400 represents a fair price for the real property. The sale is a cash sale and not subject to financing requirements. The Debtor has been using its best efforts to sell the real property, which will generate cash the Debtor needs going forward with its efforts to pay its creditors. The sale is scheduled to close on or before September 23, 2025. The Debtor believes that the proposed sale of the real property generates a reasonable value based upon the asset proposed to be sold and its marketability/condition under the circumstances of the case. The Debtor will use the sales proceeds to pay its debt to Citizens State Bank, which will assist the Debtor with confirming its Subchapter V Plan. The Debtor requests that the sale of the Property be free and clear of all liens, claims, and encumbrances. The Debtor asserts that the sale proposed sale is in good faith and in the best interest of the Debtor and its creditors. About CK Builders LLC CK Builders, LLC provides home improvement and general contracting services in the Pipe Creek and San Antonio areas of Texas. The Company holds a home improvement contractor license and has completed various residential remodeling and repair projects. CK Builders sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51458) on June 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and up to $50,000 in liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by William R. Davis, Jr., at Langley & Banack, Inc. CLAIRE'S HOLDINGS: Hires Alvarez & Marsal as Financial Advisor -------------------------------------------------------------- Claire's Holdings LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Alvarez & Marsal North America, LLC as financial advisors. The firm's services include: (a) assistance to the Debtors in the preparation of financial-related disclosures required by the Court, including the Debtors' schedules of assets and liabilities, statements of financial affairs, and monthly operating reports; (b) assistance with the identification and implementation of short-term cash management procedures; (c) assistance with the identification of executory contracts and leases and performance of cost/benefit evaluations with respect to the affirmation or rejection of each; (d) assistance to Debtors' management team and counsel focused on the coordination of resources related to the ongoing chapter 11 efforts; (e) assistance in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which Court approval is sought; (f) attendance at meetings and assistance in discussions with potential investors, banks, and other secured lenders, any official committee(s) appointed in these chapter 11 cases, the U.S. Trustee, other parties in interest, and professionals hired by same, as requested; (g) analysis of creditor claims by type, entity, and individual claim, including assistance with development of databases, as necessary, to track such claims; (h) assistance in the preparation of information and analysis necessary for the confirmation of a plan in these chapter 11 cases, including information contained in the disclosure statement; (i) assistance in the analysis and preparation of information necessary to assess the tax attributes related to the confirmation of a plan in these chapter 11 cases, including the development of the related tax consequences contained in the disclosure statement; (j) litigation advisory services with respect to accounting and tax matters, along with expert witness testimony on case related issues as directed by the Debtors; and (k) rendering such other general business consulting or such other assistance as Debtors' management or counsel may deem necessary consistent with the role of a financial advisor to the extent that it would not be duplicative of services provided by other professionals in this proceeding. The firm's hourly rates are: Managing Directors $1,100 to $1,575 Directors $850 to $1,100 Associates $625 to 825 Analysts $450 to 600 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received retainers in the total amount of $250,000 from the Debtors. William Kosturos, a managing director at Alvarez & Marsal North America, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William Kosturos Alvarez & Marsal North America, LLC 6060 Center Drive, Suite 950 Los Angeles, CA 90045 Tel: (310) 975-2600 Fax: (310) 975-2601 About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com - and - L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com CLAIRE'S HOLDINGS: Hires Houlihan Lokey as Investment Banker ------------------------------------------------------------ Claire's Holdings LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Houlihan Lokey Capital, Inc. as their financial advisor and investment banker. The firm's services include: (a) assisting the Debtors in the development and distribution of selected information, documents and other materials, including, if appropriate, advising the Debtors in the preparation of an offering memorandum (it being expressly understood that the Company will remain solely responsible for such materials and all of the information contained therein); (b) assisting the Debtors in evaluating indications of interest and proposals regarding any Transaction(s) from current and/or potential lenders, equity investors, acquirers, and/or strategic partners; (c) assisting the Debtors with the negotiation of any Transaction(s), including participating in negotiations with creditors and other parties involved in any Transaction(s); (d) attending meetings of the Debtors Board of Directors, creditor groups, official constituencies and other interested parties, as the Debtors and Houlihan Lokey mutually agree; (e) providing expert advice and testimony regarding financial matters related to any Transaction(s), if necessary; and (f) providing such other financial advisory and investment banking services as may be agreed upon by Houlihan Lokey and the Debtors. Houlihan Lokey will receive these compensation: (a) Initial Fee. In addition to the other fees provided for herein, upon the execution of this Agreement, the Company shall pay Houlihan Lokey a nonrefundable cash fee of $175,000, which shall be earned upon Houlihan Lokey's receipt thereof in consideration of Houlihan Lokey accepting this engagement ("Initial Fee"). (b) Monthly Fees. In addition to the other fees provided for herein, upon the first monthly anniversary of the Effective Date, and on every monthly anniversary of the Effective Date during the term of this Agreement, the Company shall pay Houlihan Lokey in advance, upon receipt of an invoice, a nonrefundable cash fee of $175,000 ("Monthly Fee"); provided, however, that no additional Monthly Fee shall accrue or be paid after the effective date of any plan of reorganization or liquidation under chapter 11 or chapter 7 of the Bankruptcy Code . Each Monthly Fee shall be earned upon Houlihan Lokey's receipt thereof in consideration of Houlihan Lokey accepting this engagement and performing services as described herein. Beginning with the payment of the sixth Monthly Fee, 50 percent of such Monthly Fee and any Monthly Fees paid thereafter (to the extent paid on a timely basis) shall be credited against the next Transaction Fee to which Houlihan Lokey becomes entitled hereunder (it being understood and agreed that no Monthly Fee shall be credited more than once), except that, in no event shall such Transaction Fee be reduced below zero. (c) Transaction Fee(s). In addition to the other fees provided for herein, the Company shall pay Houlihan Lokey the following transaction fee(s): (i) Restructuring Transaction Fee. Upon the earlier to occur of: (I) in the case of an out-of-court Restructuring Transaction (as defined below), the closing of such Restructuring Transaction; and (II) in the case of an in-court Restructuring Transaction, the effective date of a confirmed plan of reorganization or liquidation under Chapter 11 or Chapter 7 of the Bankruptcy Code pursuant to an order of the applicable bankruptcy court, Houlihan Lokey shall earn, and the Company shall promptly pay to Houlihan Lokey, a cash fee ("Restructuring Transaction Fee") of $5,500,000. (ii) Sale Transaction Fee. Upon the closing of the Sale Transaction, Houlihan Lokey shall earn, and the Company shall thereupon pay to Houlihan Lokey immediately and directly from the gross proceeds of such Sale Transaction, as a cost of such Sale Transaction, a cash fee ("Sale Transaction Fee") of $5,500,000. (iii)Financing Transaction Fee. Upon the closing of each Financing Transaction, Houlihan Lokey shall earn, and the Company shall thereupon pay to Houlihan Lokey immediately and directly from the gross proceeds of such Financing Transaction, as a cost of such Financing Transaction, a cash fee ("Financing Transaction Fee") equal to the sum of: (I) 1.0 percent of the gross proceeds of any indebtedness raised or committed that is senior to other indebtedness of the Company, secured by a first priority lien and unsubordinated, with respect to both lien priority and payment, to any other obligations of the Company (including with respect to debtor-in-possession financing), (II) 2.0 percent of the gross proceeds of any indebtedness raised or committed that is secured by a lien (other than a first lien), is unsecured and/or is subordinated, and (III) 4.0 percent of the gross proceeds of all equity or equity-linked securities (including, without limitation, convertible securities and preferred stock) placed or committed. Notwithstanding the immediately preceding sentence, if the gross proceeds of any indebtedness raised or committed or of all equity and equity-linked securities placed or committed is (i) provided solely by Elliott Investment Management L.P., Monarch Alternative Capital LP and/or Redwood Capital Management, LLC (together, the "Ad Hoc Group") prior to June 1, 2025, then the percentage in each clause (I), (II) and (III) shall be reduced by 100 percent or (ii) either (a) provided solely by the Ad Hoc Group after May 31, 2025 or (b) provided at any time by a consortium of holders (or advisors or managers of certain funds and accounts that are holders) under the Company's Term Loan B due 2026 (which may include certain members of the Ad Hoc Group but would also include other holders), then the percentage in each clause (I), (II), and (III) shall be reduced by 50 percent. Any warrants issued in connection with the raising of debt or equity capital shall, upon the exercise thereof, be considered equity for the purpose of calculating the Financing Transaction Fee, and such portion of the Financing Transaction Fee shall be paid upon such exercise and from the gross proceeds thereof, regardless of any prior termination or expiration of this Agreement. It is understood and agreed that if the proceeds of any such Financing Transaction are to be funded in more than one stage, Houlihan Lokey shall be entitled to its applicable compensation hereunder upon the closing date of each stage. The Financing Transaction Fee(s) shall be payable in respect of any sale of securities whether such sale has been arranged by Houlihan Lokey, by another agent or directly by the Company or any of its affiliates. Any non-cash consideration provided to or received in connection with the Financing Transaction (including but not limited to intellectual or intangible property) shall be valued for purposes of calculating the Financing Transaction Fee as equaling the number of Securities issued in exchange for such consideration multiplied by (in the case of debt securities) the face value of each such Security or (in the case of equity securities) the price per Security paid in the then current round of financing. The fees set forth herein shall be in addition to any other fees that the Company may be required to pay to any investor or other purchaser of Securities to secure its financing commitment. (d) Disposition Transaction Fee. Upon the closing of the Disposition Transaction, Houlihan Lokey shall earn, and the Company shall thereupon pay to Houlihan Lokey immediately and directly from the gross proceeds of such Disposition Transaction, as a cost of such Disposition Transaction, a cash fee ("Disposition Transaction Fee") of $3,000,000. (e) Expenses. In addition to all of the other fees and expenses, and regardless of whether any Transaction is consummated, the Company shall, upon Houlihan Lokey's request, reimburse Houlihan Lokey for its reasonable and documented out-of-pocket expenses incurred from time to time. Houlihan Lokey bills its clients for its reasonable out-of-pocket expenses including, but not limited to (i) documented travel-related and certain other expenses, without regard to volume-based or similar credits or rebates Houlihan Lokey may receive from, or fixed-fee arrangements made with, travel agents, airlines or other vendors, and (ii) research, database and similar information charges paid to third party vendors, and reprographics expenses, to perform client-related services that are not capable of being identified with, or charged to, a particular client or engagement in a reasonably practicable manner, based upon a uniformly applied monthly assessment or percentage of the fees due to Houlihan Lokey. Houlihan Lokey shall, in addition, be reimbursed by the Company for the reasonable and documented fees and expenses of Houlihan Lokey's legal counsel incurred in connection with the negotiation and performance of this Agreement and the matters contemplated hereby. If (i) a Financing Transaction is consummated, (ii) the Financing Transaction Fee exceeds $2,000,000, and (iii) contemporaneous with or subsequent to such Financing Transaction, a Restructuring Transaction, Sale Transaction, or Disposition Transaction is consummated, Houlihan Lokey will credit 50 percent of the portion (if any) of the Financing Transaction Fee that is above $2,000,000 against the Restructuring Transaction Fee, Sale Transaction Fee, or Disposition Transaction Fee, except that, in no event, shall such Restructuring Transaction Fee, Sale Transaction Fee, or Disposition Transaction Fee be reduced below zero. Any Restructuring Transaction Fee, Sale Transaction Fee, Financing Transaction Fee, and Disposition Transaction Fee is each referred to herein as a "Transaction Fee" and are collectively referred to herein as "Transaction Fees." All payments received by Houlihan Lokey pursuant to this Agreement at any time shall become the property of Houlihan Lokey without restriction. No payments received by Houlihan Lokey pursuant to this Agreement will be put into a trust or other segregated account. David Salemi, managing director of Houlihan Lokey Capital, Inc., assures the Court that his firm is a "disinterested person," as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Salemi Houlihan Lokey Capital, Inc. 10250 Constellation Blvd. 5th Fl. Los Angeles, CA 90067 Telephone: (310) 553-8871 Facsimile: (310) 553-2173 About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com - and - L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com CLAIRE'S HOLDINGS: Hires Katten Muchin Rosenman LLP as Counsel -------------------------------------------------------------- Claire's Holdings LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Katten Muchin Rosenman LLP as counsel at the sole direction of David Barse and William Transier in their capacity as independent managers. Katten will render independent legal services at the sole direction of the Independent Managers to assist in, among other things, conducting an independent investigation into any and all potential estate claims and causes of action against various related parties arising from the Company's prepetition transactions. Katten's hourly rates are: Partner $1,205 to $2,380 Of Counsel $1,110 to $2,100 Counsel and Special Staff $610 to $1,615 Associate $715 to $1,210 Paralegal $230 to $860 Katten received a retainer in the amount of $200,000. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Fee Guidelines. Question: Did the Firm agree to any variations from, or alternatives to, the Firm's standard billing arrangements for this engagement? Answer: No. Katten and the Debtors have not agreed to any variations from, or alternatives to, Katten's standard billing arrangements for this engagement. The rate structure provided by Katten is appropriate and is not significantly different from (a) the rates that Katten charges for other non-bankruptcy representatives, or (b) the rates of other comparably skilled professionals. Question: Do any of the Firm professionals in this engagement vary their rate based on the geographical location of the Debtors' chapter 11 cases? Answer: No. The hourly rates used by Katten in representing the Debtors at the sole direction of the Independent Managers are consistent with the rates that Katten charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If the Firm has represented the Debtors in the twelve months prepetition, disclose the Firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve months prepetition. If the Firm's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: From Katten's engagement by the Debtors on behalf of and at the sole direction of the Independent Managers, as of July 23, 2025, to the Petition Date, Katten has followed the hourly billing rates set forth in this Declaration and set forth in Exhibit A of the Engagement Letter, attached to the Application as Annex 1 to the Proposed Order. Question: Have the Debtors approved the Firm's budget and staffing plan, and if so, for what budget period? Answer: Yes. Katten, in conjunction with the Independent Managers, has developed a budget and staffing plan for these Chapter 11 Cases for the period from the Petition Date through and including Nov. 30, 2025. Steven J. Reisman, a partner at Katten Muchin Rosenman LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Steven J. Reisman, Esq. Katten Muchin Rosenman LLP 50 Rockefeller Plaza New York, NY 10020 Tel: (212) 940-8800 About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com - and - L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com CLAIRE'S HOLDINGS: Hires Richards Layton & Finger as Co-Counsel --------------------------------------------------------------- Claire's Holdings LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Richards, Layton & Finger, P.A. as co-counsel. The firm's services include: a. assisting in pre-bankruptcy preparation and planning; b. assisting in preparing necessary petitions, motions, applications, orders, reports, and papers necessary to commence these chapter 11 cases; c. advising the Debtors of their rights, powers, and duties as debtors and debtors in possession under chapter 11 of the Bankruptcy Code; d. preparing, on behalf of the Debtors, motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtors' estates; e. taking all necessary actions to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors in these chapter 11 cases, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; f. assisting with any sale or sales of assets, including preparing any necessary motions and papers related thereto; g. assisting in preparing the Debtors' disclosure statement and any related motions, pleadings, or other documents necessary to solicit votes on any plan of reorganization; h. assisting in preparing any Chapter 11 plan; i. prosecuting on behalf of the Debtors any chapter 11 plan and seeking approval of all transactions contemplated therein and in any amendments thereto; and j. performing all other necessary and desirable legal services in connection with these chapter 11 cases. Richards's current hourly rates Directors $1050 to $1,500 Counsel $975 to $1025 Associates $575 to $900 Paraprofessionals $425 In addition, the firm will seek reimbursement for expenses incurred. The Debtors made retainer payments to Richards in the aggregate amount of $100,000. Consistent with the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases Effective as of November 1, 2013, I submit the following information: a. Richards did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; b. None of Richards' professionals included in this engagement have varied their rate based on the geographic location for these chapter 11 cases; c. Richards has advised the Debtors in connection with its restructuring efforts and in contemplation of the chapter 11 cases since on or about July 7, 2025. The billing rates, except for Richards's standard and customary periodic rate adjustments as set forth above, and material financial terms have not changed postpetition from the prepetition arrangement; and d. Richards, in conjunction with the Debtors, is developing a prospective budget and staffing plan for these chapter 11 cases; Zachary I. Shapiro, a director of the firm of Richards, Layton & Finger, P.A. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Zachary I. Shapiro, Esq. Richards, Layton & Finger, PA 920 N. King St., Ste. 200 Wilmington, DE 19801 Telephone: (302) 651-7700 About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com - and - L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com CLAIRE'S HOLDINGS: Seeks to Hire BDO USA as Tax Services Provider ----------------------------------------------------------------- Claire's Holdings LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire BDO USA, P.C. as their tax services provider. BDO USA has agreed to perform certain tax advisory, tax preparation, and accounting advisory services for the Debtors in accordance with these terms and conditions: (a) federal and state income tax return preparation; (b) federal and state income tax provision; (c) business property rendition preparation and administrative hearing representation; (d) research and development expense deduction analysis; (e) sales and use tax reports; (f) sale and use tax audit defense; (g) sales and use tax return preparation; (h) sales tax refund claim preparation; (i) sales and use tax consulting; and (j) other related tax services requested by the Debtors. BDO USA's standard hourly rates are: Principals/ Managing Director $725 to $1,150 Director $650 to $850 Manager $550 to $750 Seniors $375 to $625 Associates $175 to 375 The firm received a retainer in the amount of $215,000. In addition, the firm will seek reimbursement for expenses incurred. Kevin Wilkes, a principal at BDO, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin Wilkes BDO USA, PC 330 North Wabash Avenue, Suite 3200 Chicago, IL 60611 Telephone: (312) 856-9100 About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com - and - L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com CLAIRE'S HOLDINGS: Seeks to Hire Kirkland & Ellis as Legal Counsel ------------------------------------------------------------------ Claire's Holdings LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Kirkland & Ellis LLP and Kirkland & Ellis International LLP as their attorneys. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; b. advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e. preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. representing the Debtors in connection with obtaining authority to continue using cash collateral and post petition financing; g. advising the Debtors in connection with any potential sale of assets; h. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; i. advising the Debtors regarding tax matters; j. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and k. performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases. Kirkland's current hourly rates are: Partners $1,295 to $2,675 Of Counsel $875 to $2,245 Associates $785 to $1,625 Paraprofessionals $355 to $705 On May 15, 2025, the Debtors paid $250,000 to Kirkland which constituted a "special purpose retainer". Subsequently, the Debtors paid to Kirkland additional special purpose retainer totaling $16,100,000 in the aggregate. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: a. Question: Did Kirkland agree to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement? Answer: No. Kirkland and the Debtors have not agreed to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement. The rate structure provided by Kirkland is appropriate and is not significantly different from (a) the rates that Kirkland charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. b. Question: Do any of the Kirkland professionals in this engagement vary their rate based on the geographic location of the Debtors' chapter 11 cases? Answer: No. The hourly rates used by Kirkland in representing the Debtors are consistent with the rates that Kirkland charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. c. Question: If Kirkland has represented the Debtors in the 12 months prepetition, disclose Kirkland's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Kirkland's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Kirkland's current hourly rates for services rendered on behalf of the Debtors range as follows: Partners $1,29 to $2,675 Of Counsel $875 to $2,245 Associates $785 to $1,625 Paraprofessionals $355 to $705 Kirkland represented the Debtors during the three-month period before the Petition Date using the hourly rates listed above. d. Question: Have the Debtors approved Kirkland's budget and staffing plan, and, if so, for what budget period? Answer: Yes. Specifically, pursuant to the Interim DIP Order, the Debtors must furnish to the Directing Cash Collateral Agent and the DIP Lender a budget report every month and a variance report every week to the DIP Lender, the Prepetition ABL Agent, the Prepetition Existing Term Loan Agent, the Prepetition Priority Term Loan Agent, the Majority Priority Term Loan Lenders, the Majority Existing Term Loan Lenders, the advisors to each of the foregoing, and the U.S. Trustee, which includes detail regarding the fees and expenses incurred in these chapter 11 cases by professionals proposed to be retained by the Debtors. Alexandra F. Schwarzman, Esq., president of Alexandra F. Schwarzman, P.C., a partner of Kirkland & Ellis LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alexandra F. Schwarzman, Esq. Alexandra F. Schwarzman, P.C. Kirkland & Ellis LLP Kirkland & Ellis International LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: alexandra.schwarzman@kirkland.com About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com - and - L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com CLAIRE'S HOLDINGS: Seeks to Tap Omni Agent as Administrative Agent ------------------------------------------------------------------ Claire's Holdings LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Omni Agent Solutions, Inc. as administrative agent. The firm will provide these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting, and other administrative services described in the Engagement Agreement. Prior to petition date, the firm received a retainer of $100,000 from the Debtors. Paul Deutch, an executive vice president of Omni Agent Solutions, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul H. Deutch Omni Agent Solutions Inc. 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367 Telephone: (818) 906-8300 Facsimile: (818) 783-2737 Email: lacontact@omniagnt.com About Claire's Holdings LLC Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com - and - L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com CLEVELAND-CLIFFS INC: Fitch Rates New Unsec. Notes Due 2034 'BB-' ----------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' rating with a Recovery Rating of 'RR4' to Cleveland-Cliffs Inc.'s (Cliffs) proposed new senior unsecured guaranteed notes due 2034. Proceeds will be used to repay its senior unsecured notes due 2027. Key Rating Drivers Profitability to Improve: Fitch expects EBITDA margins to average roughly 9% beginning in 2026, due to its steel price and cost expectations. However, profitability could outperform expectations, particularly if average realized steel prices are higher than anticipated. EBITDA margins declined significantly beginning in 2H24 to negative territory and have remained negative through 2Q25, in line with lower steel prices and higher costs. The company has idled unprofitable mining and steel production capacity and expects unit costs to decline $50 per net ton in 2025. Fitch views Cliffs' near-term losses and expectations for negative FCF in 2025 as offset by Fitch's expectation for positive FCF on average beginning in 2026 through 2028, in addition to solid liquidity, due to $2.6 billion of availability as of June 30, 2025, under the $4.75 billion asset-based lending (ABL) credit facility due 2028. Section 232 Tariff Expectations: On March 12, 2025, Section 232 steel tariffs went into effect, imposing a 25% tariff on imports of steel and aluminum from all countries into the U.S. On June 4, 2025, the tariffs increased to 50% for most countries including Canada. Cliffs directed that all of Stelco Inc.'s shipments go to Canadian customers post implementation of the tariffs. Fitch believes this will reduce Stelco's shipments and earnings absent trade protective actions by the Canadian government. Elevated Leverage: Cliffs' outstanding debt increased by roughly $3.96 billion in 2024, mostly in connection with the Stelco acquisition. As of Dec. 31, 2024, EBITDA leverage was 16.5x as EBITDA declined approximately 75% in 2024 from the prior year. EBITDA leverage remains elevated in 2025 as EBITDA has been negative in 1H25 and Cliffs has not reduced debt. Fitch expects Cliffs to prioritize debt repayment and for EBITDA to improve with better margins and a full year of Stelco earnings. Fitch believes EBITDA leverage will likely remain challenged in the near term but will trend below 3.5x over the forecast period. Stelco Acquisition Near-Term Neutral: Fitch believes Cliffs' $2.5 billion acquisition of Stelco Holdings Inc. (Stelco), completed in 3Q24, is neutral to Cliffs' credit profile through 2025 due to the initial increase in EBITDA leverage. Fitch views the transaction as increasing Cliffs' scale and diversification, as well as yielding synergies and efficiencies over time. The transaction could eventually have a positive impact if there is sustained margin improvement and deleveraging despite Section 232 impacts. High-Value Add Focus: Cliffs is the largest supplier of steel to the automotive sector and one of the few North American steel producers capable of producing some of the most sophisticated grades of advanced high-strength steels and value-added stainless-steel products. The company is also the only producer of grain-oriented electrical steel in the U.S., which is used in the production of transformers and can facilitate the modernization of the electrical grid. Cliffs is one of only two producers of non-oriented electrical steel in the U.S., a critical component of motors used in hybrid and electric vehicles. Peer Analysis Cliffs is comparable in size but less diversified compared with integrated majority blast furnace steel producer United States Steel Corporation (BB/Stable), although it has weaker credit metrics. Cliffs is larger compared with electric arc furnace (EAF) long steel producer Commercial Metals Company (BB+/Positive) in terms of steel capacity, although Cliffs has less favorable credit metrics. Cliffs is also larger in terms of annual capacity, although it has less favorable credit metrics, compared with EAF producer Steel Dynamics, Inc. (BBB+/Stable), and it is smaller with weaker credit metrics compared with EAF steel producer Nucor Corporation (A-/Stable). Key Assumptions - Annual steel shipments of around 19 million tons, including Stelco shipments, on average through 2028; - Relatively flat average steel prices; - EBITDA margins average roughly 9% through 2028; - Capex of $600 million in 2025, increasing slightly thereafter; - No additional acquisitions; - Excess cash allocated to debt repayment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to prioritize debt repayment and/or further borrowing. - EBITDA leverage sustained above 3.5x; - EBITDA margins sustained below 8.5%; - Materially lower-than-expected or sustained negative FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA margins sustained above 10%;- - Mid-cycle leverage expected to be sustained below 2.5x. Liquidity and Debt Structure As of June 30, 2025, Cliffs had $61 million in cash and cash equivalents and approximately $2.6 billion available under its $4.75 billion ABL credit facility due 2028. The ABL credit facility matures on June 9, 2028, or 91 days prior to the stated maturity date of any portion of existing debt if the aggregate amount of existing debt that matures on the 91st day is greater than $100 million. After the proposed new note issue and redemption of the 2027 maturities, the next meaningful maturities are the $900 million, 6.875% and the $368 million, 4.625%, senior notes due in 2029. Issuer Profile Cleveland-Cliffs is a majority blast furnace producer of steel which also has some EAF production. The company is the largest flat-rolled steel producer and largest producer of iron ore pellets in North America. Date of Relevant Committee 28 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 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 ----------- ------ -------- Cleveland-Cliffs Inc. senior unsecured LT BB- New Rating RR4 CONFLUENCE CORP: Committee Gets OK to Tap Tsugawa Lau as Attorney ----------------------------------------------------------------- The official committee of unsecured creditors of Confluence Corporation received approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Tsugawa Lau & Muzzi LLLC as its attorneys. The firm will be paid based upon its normal and usual hourly rates and will be reimbursed for out-of-pocket expenses incurred. Christopher Muzzi's current rate is $495 per hour. Christopher Muzzi, Esq., a partner at Tsugawa Lau, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher J. Muzzi, Esq. Tsugawa Lau & Muzzi LLLC 1132 Bishop St. Suite 2400 Honolulu, HI 96813 Tel: (808) 531-0490 Email: cmuzzi@hilaw.us About Confluence Corporation Confluence Corporation doing business as Regal Service Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00623) on July 17, 2025, listing between $1 million and $10 million in both assets and liabilities. Christopher W. Caliedo, president of Confluence, signed the petition. Judge Robert J. Farris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. CUBCOATS ACQUISITION: Hires Fensterstock Law as Special Counsel --------------------------------------------------------------- Cubcoats Acquisition Vehicle LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Fensterstock Law PLLC as special counsel. The firm will represent the Debtor in its claims against Ingeniis LLC with respect to certain moneys due to Cubcoats as a result of the lender's failure to fund a loan facility. The firm's fees for such services shall be 35 percent of the sum recovered. Joshua G. Fensterstock, Esq., founder of Fensterstock Law PLLC, disclosed in the court filings that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Joshua G. Fensterstock, Esq. Fensterstock Law PLLC 521 Fifth Avenue, Suite 1700 New York, NY 10175 Phone: (212) 286-1810 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. The Debtor is represented by Giovanni Orantes, Esq. at THE ORANTES LAW FIRM, A.P.C. CYANOTECH CORP: Raises Loan to $4.6M, Extends Maturity to 2027 -------------------------------------------------------------- Cyanotech Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Fifth Amendment to the Amended and Restated Promissory Note with Skywords Family Foundation, Inc., dated as of April 12, 2021 and amended on December 14, 2022, August 13, 2023, August 9, 2024 and May 2, 2025. The Amendment increases the amount that the Company may borrow from time to time under the Note from $4,000,000 to $4,600,000 on a revolving basis, lowers the minimum draw amount from $250,000 to $200,000, and amends the maturity date of the Revolver from April 12, 2026 to April 12, 2027. All other terms of the Note remain the same. Skywords is controlled by Michael Davis, the Company's Chairman of the Board of Directors and largest stockholder. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is available at https://tinyurl.com/358fwuad About Cyanotech Corp. Cyanotech Corporation, located in Kailua-Kona, Hawaii, was incorporated in the state of Nevada on March 3, 1983, and is listed on the NASDAQ Capital Market under the symbol "CYAN." The Company is engaged in the production of natural products derived from microalgae for the nutritional supplements market. Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows from operations, including for the fiscal year ended March 31, 2025. Further, the Company was not in compliance with two debt covenant requirements as of March 31, 2025. These conditions, along with other matters raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2025, the Company had $23.5 million in total assets, $14.6 million in total liabilities, and total stockholders' equity of $8.9 million. As of June 30, 2025, the Company had $23 million in total assets, $15 million in total liabilities, and total stockholders' equity of $8 million. DESERT CITY: Hires Berkshire Hathaway as Real Estate Agents ----------------------------------------------------------- Desert City Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Clarence Yoshikane, dba Berkshire Hathaway Home Services CA Properties, and Jasper Lansky as its real estate agents. The agents will sell the Debtor's only real property asset located at 6 Big Sioux Falls, Rancho Mirage, California 92270. The agents will render these services: a. develop a sales strategy with the Debtor; b. solicit interested parties for the sale of the Property and marketing of the Property for sale through a managed qualifying bid process including creating an offering package; c. conduct negotiations, at the Debtor's direction, for the sale of the Property; and d. handle all paperwork necessary to accomplish a sale of the Property. The agents will receive a combined amount equal to 4.5 percent of the purchase price, which they will be required to share with the buyer's agent. Of the 4.5 percent total commission, 2 percent will be equally split between the agents and 2.5 percent will be paid to the buyer's agent. If the Agents act as both the listing agents and the buyer's agent, the agents will be allowed the full 4.5 percent which will be split equally between the Agents. As disclosed in the court filings, the agents are a disinterested person within the meaning of 11 U.S.C. Section 101(14). The agents can be reached at: Clarence Yoshikane Jasper Lansky Berkshire Hathaway HomeServices California Properties 12770 El Camino Real Suite 100 San Diego, CA 92130, Phone: (858) 792-6085 About Desert City Enterprises LLC Desert City Enterprises LLC was classified as a single-asset real estate debtor under U.S. bankruptcy law, with its principal property located at 6 Big Sioux in Rancho Mirage, California. Desert City Enterprises LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-16227) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Summer Shaw, Esq. at SHAW & HANOVER, PC. DESERT CITY: Seeks to Hire Shaw & Hanover PC as General Counsel --------------------------------------------------------------- Desert City Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Shaw & Hanover, PC as general counsel. The firm's services include: a. advising and assisting the Debtor in complying with the requirements of the Office of the U.S. Trustee; b. conducting examinations of witnesses, claimants or adverse parties, and preparing related court documents; c. advising the Debtor regarding matters of bankruptcy laws, including its rights and remedies with respect to its assets and claims of its creditors; d. representing the Debtor in court proceedings or hearings; e. advising the Debtor concerning the requirements of the bankruptcy court, the Federal Rules of Bankruptcy Procedure, and the Local Bankruptcy Rules; f. filing legal papers to effectuate the Debtor's reorganization; g. reviewing claims filed in the Debtor's Chapter 11 case, and, if appropriate, preparing objections to disputed claims; h. representing the Debtor in litigation in the bankruptcy court; i. assisting the Debtor in the negotiation, formulation and implementation of a Chapter 11 plan; and j. providing other necessary legal services related to the bankruptcy case. Shaw & Hanover will be paid at these rates: Summer Shaw, Managing Attorney $595 per hour Alina Mamlyuk, Associate Attorney $495 per hour Teresa Stone, Paralegals $195 per hour Kyla Rist, Administrative Assistant $75 per hour The firm received a retainer in the amount of $20,000. As disclosed in court filings, Shaw & Hanover is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Summer Shaw, Esq. Shaw & Hanover, PC 42-600 Cook Street, Suite 210 Palm Desert, CA 92211 Telephone No: (760) 610-0000 Facsimile No: (760) 687-2800 Email: ss@shaw.law About Desert City Enterprises LLC Desert City Enterprises LLC was classified as a single-asset real estate debtor under U.S. bankruptcy law, with its principal property located at 6 Big Sioux in Rancho Mirage, California. Desert City Enterprises LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-16227) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Summer Shaw, Esq. at SHAW & HANOVER, PC. DFND SECURITY: Hires Goe Forsythe & Hodges as Bankruptcy Counsel ---------------------------------------------------------------- DFND Security Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Goe Forsythe & Hodges LLP as general bankruptcy counsel. Goe Forsythe & Hodges LLP will provide these services: (a) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; (b) advise the Debtor regarding matters of bankruptcy law, including the rights and remedies of the Debtor with respect to its assets and creditor claims; (c) advise the Debtor regarding assumption and rejection of executory contracts and leases; (d) represent the Debtor in bankruptcy proceedings or hearings where its rights may be litigated or affected; (e) conduct examinations of witnesses, claimants, or adverse parties, and assist in the preparation of reports, accounts, and pleadings; (f) advise the Debtor concerning the requirements of the Bankruptcy Court and applicable rules; (g) assist the Debtor in the negotiation, formulation, confirmation, and implementation of a Chapter 11 plan of reorganization; (h) make appearances in bankruptcy court on behalf of the Debtor; and (i) take such other actions and perform such other services as required in connection with this Chapter 11 case. Goe Forsythe & Hodges LLP professionals bill at hourly rates ranging from $200 to $750. The Debtor paid the firm a pre-petition retainer of $60,000, with $48,058.50 remaining in trust as of the petition date. Goe Forsythe & Hodges 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: Marc C. Forsythe, Esq. Goe Forsythe & Hodges LLP 17701 Cowan, Lobby D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 E-mail: rgoe@goeforlaw.com About DFND Security Inc. DFND Security Inc. is a California-headquartered cybersecurity and IT strategy firm that provides enterprise-level technology architecture, security solutions and talent sourcing for global corporations. It partners with organizations across North and South America, Europe and beyond, drawing on a team of former C-suite IT and security leaders with experience at Oracle, NetApp, Broadcom, Sony and Intuit. Through a flexible engagement model, DFND Security helps clients address complex IT and cybersecurity challenges at scale. DFND Security Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12150) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by Marc C. Forsythe, Esq. at GOE FORSYTHE & HODGES LLP. DMO NORTH: Seeks to Hire Amann Burnett as Legal Counsel ------------------------------------------------------- DMO North Hampton Realty LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to hire Amann Burnett, PLLC as legal counsel. The firm will provide these services: (a) advising the Debtor with respect to its powers and duties in the continued management and operation of its businesses and properties; (b) advising and assisting in formulating and filing First-Day Motions such as cash collateral, Monthly Operating Reports, determining and paying UST Quarterly Fees, opening a DIP bank account, reviewing the UST Region One (1) Operating Guidelines, providing insurance information, preparing and attending the Initial Debtor Interview; (c) attending meetings and negotiating with representatives of creditors and other parties in interest, responding to creditor inquiries, and advising and consulting on the conduct of the case; (d) negotiating and preparing on behalf of the Debtor a Plan or Plans of reorganization and all related documents and prosecuting the Plan or Plans through the confirmation process; (e) representing the Debtor in connection with any adversary proceedings or automatic stay litigation that may be commenced in the proceedings and any other action necessary to protect and preserve the Debtor's estates; (f) advising the Debtor in connection with any sale, use or lease of assets; (g) representing and advising the Debtor regarding post-confirmation operations and consummation of a Plan, Decree of reorganization; (h) appearing before this court, any appellate courts, and administrative hearings conducted by the Office of the United States Trustee and protecting the interests of the Debtor and the estate before such courts and the United States Trustee; (i) preparing necessary legal papers necessary to the administration of the estate; and j. performing all other legal services for and providing all other legal advice to the Debtor that may be necessary and proper in these proceedings. The firm will be paid at the rate of $345 per hour for William Amann, Esq., attorney, and $165 per hour for paralegal. Mr. Amann disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William J. Amann, Esq. Amann Burnett, PLLC 757 Chestnut Street Manchester, NH 03104 Telephone: (603) 696-5401 Email: wamann@amburlaw.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 LLC 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 reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by William J. Amann, Esq. at Amann Burnett, PLLC. DOVGAL EXPRESS: Court Extends Cash Collateral Access to Oct. 3 -------------------------------------------------------------- Dovgal Express, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use its lenders' cash collateral. The seventh interim order signed by Judge Timothy Barnes extended the Debtor's authority to use cash collateral through October 3 to pay the expenses set forth in its budget. The budget projects total monthly expenses of $95,211.08. As protection for the use of their cash collateral, the lenders were granted replacement liens on their collateral and will receive payments in accordance with the budget. In addition, the Debtor was ordered to make total payments of $93,211.08 to its lenders as further protection. The next hearing is scheduled for October 1. The lenders asserting interests in the cash collateral are 777 Equipment Finance LLC, Alliance Funding Group as servicer for Amur Equipment Finance Inc., Commercial Credit Group, Inc., Daimler Truck Financial Services USA, LLC, Equify Financial, LLC, M & T Equipment Finance Corp., Siemens Financial Services, Inc, Stride Bank N.A., Trans Lease Inc., Transportation Alliance Bank, Inc., Webster Capital Finance, and Wells Fargo Equipment Finance, Inc. About Dovgal Express Inc. Dovgal Express, Inc. is a transportation services provider specializing in dry van truckload, less-than-truckload, and refrigerated shipments. Dovgal Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18991) on Dec. 20, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Oleksandr Dovgal, president of Dovgal Express, signed the petition. Judge Timothy A. Barnes handles the case. The Debtor is represented by: O Allan Fridman, Esq. Law Office Of O. Allan Fridman Tel: 847-412-0788 Email: allanfridman@gmail.com EASTERN COLORADO: Seeks to Hire Norco CPAs LLC as Accountant ------------------------------------------------------------ Eastern Colorado Seeds, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Norco CPAs LLC as accountants. The firm will assist the Debtor with the preparation and filing of federal and state income tax returns and associated tax compliance obligations for 2024. The firm will charge $250 per hour for the preparation of state and federal tax returns. Norco CPAs LLC is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Dianne G. Spencer Norco CPAs LLC 6500 29th Street, Suite 260 Greeley, CO 80634 Phone: (970) 351-7480 Fax: (970) 351-8990 Email: contact@norcocpas.com About Eastern Colorado Seeds, LLC Eastern Colorado Seeds LLC s a full-service seed company offering a wide range of agricultural seeds, including grains, forages, reclamation seeds, and specialty products like pulses, millets, and sunflowers. With locations in Burlington, CO, Dumas, TX, and Clovis, NM, the company ensures efficient delivery and a consistent supply of high-quality products to its customers. The knowledgeable team at Eastern Colorado Seeds specializes in crop advisory, precision technology, and livestock nutrition. Eastern Colorado Seeds LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No.: 25-10244) on January 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Joseph G Rosania Jr. handles the case. The Debtor is represented by Andrew W. Johnson, Esq. at Onsager Fletcher Johnson LLC. ENVERIC BIOSCIENCES: Moves Headquarters to Cambridge, Mass. ----------------------------------------------------------- Enveric Biosciences announced the relocation of its corporate headquarters to Cambridge, Massachusetts. Enveric believes the move will foster stronger collaborations, facilitate top-tier talent recruitment, and enhance visibility within one of the world's most vibrant life sciences clusters where world-class scientific expertise, leading biopharma companies, premier academic institutions, and a dynamic investor community converge. "Relocating our headquarters to Cambridge represents an important step in Enveric's growth trajectory," said Joseph Tucker, Ph.D., Director and CEO of Enveric. "The Greater Boston biotech hub offers unparalleled access to scientific innovation, industry leadership, and capital markets. These advantages will be beneficial as we prepare to advance our lead molecule, EB-003, into first-in-human clinical trials and pursue our vision of transforming the treatment landscape for patients living with serious neuropsychiatric conditions." EB-003 is designed to deliver the therapeutic benefits of neuroplastogens while minimizing hallucinatory effects. Enveric recently unveiled that its lead development candidate, EB-003, is believed to be the first representative of a novel potential pharmacological class of neuroplastogens, defined by dual engagement of the 5-HT₂A and 5-HT₁B receptors. With encouraging preclinical data supporting its differentiated profile, the company is advancing EB-003 toward an Investigational New Drug (IND) submission, with first-in-human studies anticipated in 2026. About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Enveric Biosciences had total assets amounting to $3.08 million, total current liabilities of $1.49 million, and total shareholders' equity of $1.59 million as of Dec. 31, 2024. ERMAJO LLC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Ermajo LLC 492 Third Street Brooklyn, NY 11215 Case No.: 25-44337 Business Description: Ermajo LLC operates in the real estate sector under NAICS 5313, providing specialized services such as property management, appraisal, listing, and related support functions. Chapter 11 Petition Date: September 10, 2025 Court: United States Bankruptcy Court Eastern District of New York Judge: Hon. Elizabeth S Stong Debtor's Counsel: Jonathan S. Pasternak, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212-286-1884 Email: jsp@dhclegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Erminia Costantino as managing member. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DJLBDHI/Ermajo_LLC__nyebke-25-44337__0001.0.pdf?mcid=tGE4TAMA EVANGELINE HOSPITALITY: Sec. 341(a) Meeting of Creditors on Oct. 9 ------------------------------------------------------------------ On September 9, 2025, Evangeline Hospitality LLC filed Chapter 11 protection in the Western District of Louisiana. According to court filing, the Debtor reports $7,103,959 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 9, 2025 at 02:00 PM at 341 Meeting - Telephone Conference, UST. Call: 888-330-1716, Passcode: 5240151#. About Evangeline Hospitality LLC 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. Evangeline Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50805) on September 9, 2025. In its petition, the Debtor reports total assets of $3,318,119 and total liabilities of $7,103,959. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by Tom St. Germain, Esq. at WEINSTEIN & ST. GERMAIN. EVENTIDE CREDIT: Ch. 11 Trustee Not Needed, Says Consumer Counsel ----------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that the attorneys for Eventide Credit Acquisitions told a Texas bankruptcy judge on Wednesday, September 10, 2025, that appointing a Chapter 11 trustee is unnecessary, claiming the unsecured creditors committee's motion is a tactic aimed at delaying a November 2025 trial over borrower claims. About Eventide Credit Acquisitions, LLC Eventide Credit Acquisitions, LLC, a Dallas-based company, filed voluntary Chapter 11 petition (Bankr. N.D. Tex. Lead Case No. 23-90007) on Sept. 6, 2023. On October 9, 3023, its affiliate, BWH Texas LLC, filed its voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code. In the petition signed by Matt Martorello, manager, Eventide Credit disclosed up to $100 million in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped Forshey Prostok as bankruptcy counsel and Donlin, Recano & Company, Inc. as notice, claims and balloting agent. EVENTIDE CREDIT: Faces Scrutiny Over Trustee Appointment -------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that the counsel for Eventide Credit Acquisitions faced questions from a Texas bankruptcy judge regarding why a Chapter 11 trustee had not been deemed necessary to oversee the company's bankruptcy. About Eventide Credit Acquisitions, LLC Eventide Credit Acquisitions, LLC, a Dallas-based company, filed voluntary Chapter 11 petition (Bankr. N.D. Tex. Lead Case No. 23-90007) on Sept. 6, 2023. On October 9, 3023, its affiliate, BWH Texas LLC, filed its voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code. In the petition signed by Matt Martorello, manager, Eventide Credit disclosed up to $100 million in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped Forshey Prostok as bankruptcy counsel and Donlin, Recano & Company, Inc. as notice, claims and balloting agent. EVERGREEN LODGING: Seeks Cash Collateral Access ----------------------------------------------- Evergreen Lodging, LLC asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. The Debtor's hotel property is owned by Ephesians 320 Partners, LLC, which also filed for Chapter 11 case. Evergreen Lodging was formed in 2020 to purchase and operate the hotel, with acquisition funding provided primarily through a secured loan from High Plains Bank in the original amount of $6.5 million, now totaling over $7 million. Additional secured debts include an SBA-backed loan from Colorado Lending Source and merchant cash advances from Rapid Finance and On-Deck. The Debtor also owes the Colorado Department of Revenue approximately $81,720 in unpaid taxes, and the CDOR may assert a statutory lien on its assets. The Debtor's assets include the hotel franchise, operational equipment, and approximately $35,000 in liquid funds from accounts and credit card deposits. the Debtor argues that without access to cash collateral, it will be forced to cease operations, resulting in irreparable harm, business closure, and significant value loss for creditors. It intends to continue operating the hotel during the bankruptcy proceeding and ultimately sell the business and real estate to maximize asset value. To enable this, the Debtor seeks immediate interim approval for the use of cash collateral, with a final hearing to be scheduled later. The majority of the Debtor's revenue is derived from the hotel's continued operation, making cash collateral essential for ongoing expenses such as payroll, vendor payments, and supply orders. To protect the interests of secured creditors -- High Plains Bank, Colorado Lending Source, and CDOR -- the Debtor proposes a set of adequate protection measures. These include: (a) granting post-petition replacement liens on receivables and income generated during operations, maintaining the same priority as pre-petition liens; (b) making monthly adequate protection payments of $20,000 to High Plains and $6,675 to CDOR; (c) limiting the use of cash collateral to a budget (attached as Exhibit B) with a 15% variance; (d) ensuring full insurance coverage of collateral; (e) providing monthly financial reports and complying with creditor requests for information; (f) proposing sale-related milestones to be included in the final order; and (g) maintaining all collateral in good repair. If the Debtor fails to comply with these protections, authorization to use cash collateral will cease, and creditors may seek further relief from the court. The Debtor stresses that its cash flow is projected to remain positive during the interim period, although it may decline due to seasonality. Approval of the proposed use of cash collateral is asserted to be in the best interest of the estate, as it will enable the Debtor to preserve business value, support a future sale, and ultimately benefit creditors. About Evergreen Lodging LLC Evergreen Lodging LLC, owned by Sean and Susi Keating, is a Colorado-based hospitality company that operates lodging facilities and manages a 155-room Days Inn lodging facility in Golden under a 2020 franchise agreement. Evergreen Lodging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15542) on August 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Keri L. Riley, Esq. at KUTNER BRINEN DICKEY RILEY. EYM CAFE: Hires Spector & Cox PLLC as Bankruptcy Counsel -------------------------------------------------------- EYM Cafe of Texas LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Spector & Cox, PLLC as its counsel. The firm's services include: a. providing legal advice with respect to their powers and duties as Debtor-in-possession; b. preparing and pursuing confirmation of a plan and approval of a disclosure statement to the extent required; c. preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; d. appearing in Court and protecting the interests of the Debtor before the Court; and e. performing all other legal services for the Debtor which may be necessary and proper in these proceed The firm will be paid at these rates: Howard Marc Spector $435 per hour Other member $395 per hour Paralegals $150 per hour The firm tendered a retainer in the amount of $38,717. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Howard Marc Spector, Esq., a partner at Spector & Cox, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Howard Marc Spector Spector & Cox, PLLC Banner Place 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About EYM Cafe of Texas LLC EYM Cafe of Texas LLC, doing business as Panera Bread, operated a group of Panera Bread franchise locations in Texas. The Company was part of EYM Group, a multi-brand restaurant franchisee based in Irving, Texas. EYM Cafe of Texas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Tex. Case No. 25-42271) on August 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Howard Marc Spector, Esq. at SPECTOR & COX, PLLC. EYM CAFE: Hires Spector & Cox PLLC as Bankruptcy Counsel -------------------------------------------------------- EYM Cafe of Texas LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Spector & Cox, PLLC as its counsel. The firm's services include: (a) providing legal advice with respect to their powers and duties as Debtor-in-possession; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement to the extent required; (c) preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and protecting the interests of the Debtor before the Court; and (e) performing all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these rates: Howard Marc Spector $435 per hour Other member $395 per hour Paralegals $150 per hour The firm tendered a retainer in the amount of $38,717. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Howard Marc Spector, Esq., a partner at Spector & Cox, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Howard Marc Spector, Esq. Spector & Cox, PLLC Banner Place 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About EYM Cafe of Texas LLC EYM Cafe of Texas LLC, doing business as Panera Bread, operated a group of Panera Bread franchise locations in Texas. The Company was part of EYM Group, a multi-brand restaurant franchisee based in Irving, Texas. EYM Cafe of Texas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Tex. Case No. 25-42271) on August 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Howard Marc Spector, Esq. at SPECTOR & COX, PLLC. FINANCE OF AMERICA: Leon Cooperman Holds 11.6% of Class A Shares ---------------------------------------------------------------- Leon G. Cooperman disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of April 1, 2021, he beneficially owns 1,286,040 shares of Finance of America Companies Inc.'s Class A Common Stock (par value $0.0001 per share), representing approximately 11.6% of the company's 11,079,270 outstanding shares as of August 6, 2025, according to the issuer's latest Form 10-Q filed on August 11, 2025. The filing notes that this does not include 789,473 additional shares issuable upon the conversion of convertible notes held by Omega Capital Partners, L.P. However, due to a 9.99% ownership blocker, these shares cannot currently be converted if doing so would result in Mr. Cooperman beneficially owning more than 9.99% of the issuer's outstanding shares. Leon G. Cooperman may be reached through: Edward Levy, Attorney-in-Fact St. Andrews Country Club 7118 Melrose Castle Lane Boca Raton, Fla. 33496 A full-text copy of Leon G. Cooperman's SEC report is available at: https://tinyurl.com/5ecm79ff About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. As of June 30, 2025, Wynn Resorts had $30.15 billion in total assets, $29.67 billion in total liabilities, and a total stockholders' equity of $473.43 million. * * * As reported by the Troubled Company Reporter in November 2024, Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries,Finance of America Equity Capital LLC and Finance of America Funding LLC (together, FOA) to 'RD' (Restricted Default) from 'C'. The action follows the completion of the company's debt restructuring on Oct. 31, 2024, which Fitch views as a distressed debt exchange (DDE). Fitch has also upgraded FOAs IDRs to 'CCC' from 'RD' subsequent to the DDE. Fitch has assigned a rating of 'CCC-' with a Recovery Rating of 'RR5' to Finance of America Funding, LLC's new $196 million senior secured notes due in 2026 and $147 million convertible senior secured notes due in 2029 issued as part of the exchange. Concurrently, Fitch has also downgraded Finance of America Funding LLC's unsecured debt rating to 'RD' from 'C'/'RR6' and withdrawn the rating as 98% of the notes were exchanged into the new secured notes. FOREST MEADOWS: Seeks to Hire Newmark as Real Estate Agent ---------------------------------------------------------- Forest Meadows Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Newmark as real estate agent. The firm will market and sell the Debtor's property located at 746 Garden Walk Blvd., College Park, Georgia, 30349. Compensation for the broker is .85 percent up to a gross sales price of $19,999,999. For any gross sales price of $20,000,000 or more, the broker shall receive an additional 5 percent commission for each dollar over $20,000,000. Newmark is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, according to court filings. The broker can be reached through: John A. Sanders Newmark 3455 Peachtree Road NE, Suite 1800 Atlanta, GA 30326 Tel: (770) 552-2400 About Forest Meadows Holdings, LLC Forest Meadows Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54944) on May 5, 2025. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $10,000,001 and $50 million. Judge Lisa Ritchey Craig oversees the case. Rountree Leitman Klein & Geer, LLC is Debtor's legal counsel. GENESIS HEALTHCARE: Comm. Taps FTI Consulting as Financial Advisor ------------------------------------------------------------------ The statutory unsecured claimholders' committee of Genesis Healthcare Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire FTI Consulting, Inc., as its financial advisors. The firm's services include: a. assistance in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; b. assistance in the preparation of preliminary analyses required to assess the reasonableness of the Debtors' proposed Debtor-In-Possession ("DIP") financing and use of cash collateral; c. assistance with the assessment and monitoring of the Debtors' short-term cash flow, liquidity, and operating results; d. assistance with the review of the Debtors' proposed employee compensation and benefits programs; e. assistance with the review of the Debtors' potential disposition or liquidation of both core and non-core assets for the purposes of assessing the impact to liquidity and the cash flow forecast; f. assistance with the review of the Debtors' cost/benefit analysis with respect to the affirmation or rejection of various executory contracts and leases; g. assistance with the review of the Debtors' identification of potential cost savings, including overhead and operating expense reductions and efficiency improvements; h. assistance with review of any tax issues associated with, but not limited to, claims/stock trading, preservation of net operating losses, refunds due to the Debtors, plans of reorganization, and asset sales; i. assistance in the review of the claims reconciliation and estimation process; j. assistance in the review of other financial information prepared by the Debtors, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which Court approval is sought; k. attendance at meetings and assistance in discussions with the Debtors, banks, other secured lenders, the Committee and any other official committees organized in these chapter 11 proceedings, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; l. assistance in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in these chapter 11 proceedings; m. assistance in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; n. assistance in the prosecution of Committee responses/objections to the Debtors' motions, including attendance at depositions and provision of expert reports/testimony on case issues as required by the Committee; o. assistance in the review of insurance policies and coverage, including but not limited to D&O, Workers Compensation, and PL/GL; p. assistance with electronic discovery services, including but not limited to identification, extraction, and preservation of files from Debtors systems, storage of files, analysis of files as directed by Counsel; and q. render such other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. FTI's customary hourly rates: Senior Managing Directors $1,185 to 1,525 Directors / Senior Directors / Managing Directors 890 to 1,155 Consultants/Senior Consultants 485 to 820 Administrative / Paraprofessionals 355 to 385 Narendra Ganti, a managing director with FTI Consulting, Inc., assured the court that the firm is a "disinterested person" as defined in Bankruptcy Code section 101(14). The firm can be reached through: Narendra Ganti FTI Consulting, Inc. 8251 Greensboro Drive McLean, VA 22102 Tel: (571) 830-1029 Email: narendra.ganti@fticonsulting.com About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GENESIS HEALTHCARE: Comm. Taps Proskauer Rose LLP as Co-Counsel --------------------------------------------------------------- The Statutory Unsecured Claimholders' Committee of Genesis Healthcare Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Proskauer Rose LLP as its co-counsel. The firm's services include: (a) advising the Committee in connection with its powers and duties under the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy 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) providing lead counsel in assisting the Committee in the review, analysis, and negotiation of any chapter 11 plan(s) 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(s); (g) 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; (h) leading in the negotiations and revisions of the Debtors' proposed orders on various motions for relief; (i) leading in the analysis and investigation into potential infirmities with asserted security interests, liens, claims, and leases; (j) taking all necessary actions to protect and preserve the interests of the Committee, including: (i) possible prosecution of actions on its behalf; (ii) if appropriate, negotiations concerning all litigation in which the Debtors are involved; and (iii) if appropriate, review and analysis of claims filed against the Debtors' estates; (k) 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; and (l) performing all other necessary legal services in these chapter 11 cases. Proskauer Rose's standard hourly rates are: Partners $1,705 to $2,350 Associates $1,200 to $1,605 Paralegals $320 The following is provided in response to the request for additional information set forth in paragraph D.1 of the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases Effective as of November 1, 2013 (the "U.S. Trustee Fee Guidelines"): Question: Did the Firm agree to any variations from, or alternatives to, the Firm's standard billing arrangements for this engagement? Answer: No. Proskauer did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. Question: Do any of the Firm professionals included in this engagement vary their rate based on the geographical location of the Debtors' chapter 11 cases? Answer: No rate for any Proskauer professionals included in this engagement varies based on the geographic location of the bankruptcy cases. Question: If the Firm has represented the client in the 12 months prepetition, disclose the Firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. Answer: Proskauer did not represent any member of the Committee in the Debtors' chapter 11 cases prior to its retention by the Committee. Question: Has your client approved the Firm's budget and staffing plan, and if so, for what budget period? Answer: Proskauer expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, to which Proskauer reserves all rights. Proskauer Rose 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 through: Brian S. Rosen, Esq. Timothy Q. Karcher, Esq. Ehud Barak, Esq. Daniel S. Desatnik, Esq. Proskauer Rose LLP Eleven Times Square New York, NY 10036-8299 Telephone: (212) 969-3000 Facsimile: (212) 969-2900 Email: brosen@proskauer.com tkarcher@proskauer.com ebarak@proskauer.com ddesatnik@proskauer.com About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GENESIS HEALTHCARE: Committee Taps Stinson LLP as Co-Counsel ------------------------------------------------------------ The Statutory Unsecured Claimholders' Committee of Genesis Healthcare Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Stinson LLP as its co-counsel. The firm's services include: a. assisting and advising the Committee in its consultation with the Debtors regarding administration of these Bankruptcy Cases; b. advising the Committee with respect to its rights, powers, and duties under the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules, as refined and interpreted by applicable caselaw, as they relate to the case; c. leading negotiations and revisions of the Debtors' proposed orders on various motions for relief, including the Debtors' request to extend application of the automatic stay, their request related to the Debtors' customer programs, the Debtors' request related to the payment of estate professionals, their request to pay critical vendors and certain other creditors, the Debtors' request to obtain post-petition financing, and the Debtors' proposed bidding procedures as part of the sale of the Debtors' assets; d. assisting in negotiations and revisions of the Debtors' proposed orders on various motions for relief, including the Debtors' request to obtain postpetition financing, their request regarding the Debtors' cash management system, their motion seeking relief related to the Debtors' current and future insurance policies, the Debtors' proposed lease and contract rejection procedures, and the Debtors' proposed procedures for filing proofs of claim against the Debtors; e. assisting the Committee in analyzing the Debtors' pre-petition and postpetition relationships with its creditors, equity interest holders, employees, and other parties in interest; f. assisting and advising the Committee in its examination and analysis of the conduct of the Debtors' affairs; g. assisting and advising the Committee in connection with any sale of the Debtors' assets pursuant to section 363 of the Bankruptcy Code; h. assisting the Committee in the review, analysis, and negotiation of any chapter 11 plan(s) 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(s); i. assisting and advising the Committee as to all necessary actions to protect and preserve the interests of the Committee, including: (i) possible prosecution of actions on its behalf; (ii) if appropriate, negotiations concerning all litigation in which the Debtors are involved; and (iii) if appropriate, review and analysis of claims filed against the Debtors' estates; j. assisting with, preparing, and filing on behalf of the Committee all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the Committee; k. 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; l. researching, analyzing, investigating, filing and prosecuting litigation on behalf of the Committee in connection with issues including but not limited to avoidance actions or fraudulent conveyances; m. reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee regarding all such materials; n. serving as a contact and resource for creditors and relevant third-party advocacy groups to address questions and hear creditors' concerns about the Bankruptcy Cases, including but not limited to issues involving the claims process, notices to claimants, the automatic stay, motion practice, and insurance issues; o. assisting the Committee in advising its constituents of the Committee's decisions, including the collection and filing of acceptances and rejections to any proposed plan; p. handling all filings and ensuring all pleadings conform to Local Rules and Complex Case Procedures; and q. assisting with any other tasks as appropriate or required based on expediency, efficiency, appropriate leverage of favorable professional rates, or other considerations which prompt the Committee or its collaborative professionals to determine the assistance and involvement of Stinson attorneys would be in the best interest of the estate. Stinson's standard hourly rates are: Partners $620 to $965 Associates $435 to $600 Paralegals $300 to $350 The following is provided in response to the request for additional information set forth in paragraph D.1 of the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases Effective as of November 1, 2013 (the "U.S. Trustee Fee Guidelines"): Question: Did the Firm agree to any variations from, or alternatives to, the Firm's standard billing arrangements for this engagement? Answer: No. Stinson did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. Question: Do any of the Firm professionals included in this engagement vary their rate based on the geographical location of the Debtors' chapter 11 cases? Answer: No rate for any Stinson professionals included in this engagement varies based on the geographic location of the bankruptcy case. Question: If the Firm has represented the client in the 12 months prepetition, disclose the Firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. Answer: Stinson did not represent any member of the Committee in the Debtors' chapter 11 cases prior to its retention by the Committee. Question: Has your client approved the Firm's budget and staffing plan, and if so, for what budget period? Answer: Stinson, in conjunction with Proskauer, expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, to which Stinson reserves all rights. Stinson 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 through: Zach Hemenway Stinson LLP 1201 Walnut Street, Suite 2900 Kansas City, MO 64106 Tel: (816) 691-2647 Email: zachary.hemenway@stinson.com About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GENUINE GENIUS: Hires CliftonLarsonAllen LLP as Tax Accountant -------------------------------------------------------------- Genuine Genius Technologies LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire CliftonLarsonAllen LLP as its tax accountant. CLA is being retained to provide preparation of all federal and state corporate income tax returns for the Debtor for TY 2024, and sales and use tax returns for TY 2025 and such other related work as the Debtor may request related thereto. CLA's range of billing rates for the work is $160 to $815 per hour. Jake Barke, a principal at CliftonLarsonAllen, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jake Barke, Esq. CliftonLarsonAllen, LLP 220 South Sixth Street, Suite 300 Minneapolis, MN 55402-1436 Tel: (612) 376-4769 About Genuine Genius Technologies LLC Genuine Genius Technologies LLC DBA XVoucher is a global platform that simplifies the management and distribution of learning and credentialing programs. It offers businesses a streamlined solution for voucher management, e-commerce, and payment processing, ensuring tax compliance and operational efficiency. Xvoucher enables organizations to scale their learning programs and improve access to educational resources for resellers, enterprises, and their customers. Genuine Genius Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-11946) on April 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge August B. Landis handles the case. The Debtor is represented by Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC. GILBERT LEGGETT: Poyner Spruill Represents AgCarolina & Zions ------------------------------------------------------------- Matthew P. Weiner of Poyner Spruill LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of Gilbert Leggett Farms, Inc., the firm represents: 1. AgCarolina Farm Credit, ACA ("AgCarolina"); and 2. U.S. Bank, National Association, as Custodian / Trustee for Federal Agricultural Mortgage Corporation Programs, by and through its servicer, Zions Bancorporation, N.A. d/b/a Zions First National Bank ("Zions"), Attorney in Fact. Poyner Spruill represents AgCarolina as a creditor and party in interest. Poyner Spruill represents Zions as a creditor and party in interest. AgCarolina and Zions have each been informed of the firm's representation of additional parties and believe that there is no conflict of interest with respect to such representation. Poyner Spruill claims no interest or amounts with respect to this case and represents only the clients named herein and their claims and/or interests. The law firm can be reached at: POYNER SPRUILL LLP Matthew P. Weiner, Esq. PO Box 1801 Raleigh, NC 27602 Telephone: (919) 783-6400 E-mail: mweiner@poynerspruill.com About Gilbert Leggett Farms Inc. Gilbert Leggett Farms, Inc. grows and sells sweet potato seed plants, including the Covington variety, and is also involved in cultivating crops such as peanuts, sweet corn, and cotton. Gilbert Leggett Farms sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02668) on July 14, 2025. In its petition, the Debtor reported total assets of $2,329,639 and total liabilities of $2,340,328. Judge Pamela W. McAfee handles the case. David J. Haidt, Esq., at Ayers & Haidt, P.A. is the Debtor's legal counsel. Ag Resource Management/Agrifund, LLC, as secured creditor, is represented by: Ciara L. Rogers, Esq. Waldrep Wall Babcock & Bailey, PLLC 3600 Glenwood Avenue, Suite 210 Raleigh, NC 27612 Telephone: 919-589-7985 crogers@waldrepwall.com AgCarolina Farm Credit, ACA, as secured creditor, is represented by: Matthew P. Weiner, Esq. Poyner Spruill, LLP P.O. Box 1801 Raleigh, NC 27602-1801 Telephone: (919) 783-6400 Facsimile (919) 783-1075 mweiner@poynerspruill.com GLOBAL CONSULTING: Hires R.O.I. Properties as Real Estate Broker ---------------------------------------------------------------- Global Consulting, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Beth Jo Zeitzer and R.O.I. Properties, LLC as real estate broker. ROI will market and sell the Debtor's Dixileta Property located at 17047 E. Dixileta Dr., Rio Verde, AZ 85263 to prospective purchasers; represent the estate as seller in connection with the sale of the Dixileta Property; and consult with and advise the Debtor with respect to obtaining the highest and best offers available in the present market for the Dixileta Property. ROI's compensation will be 5 percent of the total price for which the Dixileta Property is sold. If ROI identifies the eventual purchaser and is not required to split the commission, ROI shall be paid a 2.5 percent commission. Beth Jo Zeitzer, ceo of R.O.I. Properties, assured the court that her firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Beth Jo Zeitzer R.O.I. Properties, LLC 3333 E. Camelback RD, #252 Phoenix, AZ 85018 Phone: (602) 319-1326 About Global Consulting Global Consulting, LLC is an independent advisory firm in Windermere, Fla. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00353) on January 25, 2024, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Pedro Alfonsi, manager, signed the petition. Judge Grace E. Robson oversees the case. Kenneth D. Herron, Jr., Esq., at Herron Hill Law Group, PLLC represents the Debtor as bankruptcy counsel. GOLDEN STATE: S&P Affirms 'B' Rating, Outlook Stable ---------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on California-based food manufacturer and distributor Golden State Foods LLC (GSF) and its 'B' issue-level rating on the existing senior secured credit facility, including the $250 million fungible term loan B add-on. The recovery rating on the company's upsized senior secured credit facility remains '3', indicating our expectation for meaningful recovery (50%-70%; rounded estimate 50%) in the event of a payment default. The stable outlook reflects S&P's expectation that the company will achieve steady EBITDA growth over the next 12 months, and it will be able to deleverage to below 6x in 2026. S&P said, "Pro forma for the dividend recapitalization, leverage increases but remains well below our downgrade trigger. Pro forma S&P Global Ratings-adjusted leverage will increase to 6.2x compared with 5.3x on a last-12-month basis as of June 30, 2025. Still, leverage remains more than a half-turn below our 7x downgrade trigger. The $250 million incremental term loan B add-on will fully fund a $250 million one-time distribution. Despite the increase in leverage, we view GSF's operating outlook as stable, and we believe EBITDA growth over the next few years will be achievable, which should enable leverage to decline to 5.7x by fiscal-year-end 2026. Moreover, GSF continues to generate good cash flow, including our expectation annual free operating cash flow (FOCF) to be sustained above $60 million over the next two years. These metrics continue to support the 'B' issuer credit rating and stable outlook. "We believe the company's profits will remain steady in a challenging operating environment. So far in 2025, macroeconomic uncertainty in the U.S. drove down foot traffic and increased consumer trade down to value broadly at QSRs, which constitutes the core customer channel that GSF serves. Nevertheless, the company continues to perform well in this environment because of its ability to achieve high service levels without operating disruptions as a key supplier partner for many of the most important industry participants in the QSR space. Moreover, we believe the company will continue winning new customers and entering new markets with its existing customers due to its reliable operating execution track record and highly customizable offerings, leading to low-single-digit percentage volume growth for its manufacturing segment and about flat volumes in its distribution segment in 2025. We expect S&P Global Ratings-adjusted EBITDA will be about flat in fiscal 2025 compared with the prior year." GSF maintains good customer retention despite moderate concentration risk. The company's revenue and EBITDA are heavily concentrated in its top five customers. S&P said, "That said, GSF has not experienced significant customer losses historically, and we believe it has deep and entrenched relationships with blue chip customers. As such, the company's revenue and profitability growth trajectory has been stable over the last 10 years with product margin and company-defined EBITDA growing at 10.2% and 11.0% compound annual growth rates (CAGR), respectively. Nevertheless, the loss of any key customer could have a significant negative impact on the company's top line, EBITDA, and cash flows. Our base case does not contemplate materialization of this risk, as we expect the company's customer base to remain stable—in line with the historical trend." The stable outlook reflects S&P's expectation that the company will achieve steady EBITDA growth over the next 12 months, and it will be able to deleverage to below 6x in 2026. S&P could lower its ratings if leverage is sustained above 7x. This could occur if: -- The company loses a key customer or experiences an operational disruption in one of its key facilities; -- A weaker macroeconomic environment or a recession drive down demand at its key QSR customers, directly affecting GSF's volume and revenue; or -- The company's financial policy becomes more aggressive, such as large, debt-funded acquisitions or shareholder returns. While unlikely, S&P could raise its ratings if the company is committed to and demonstrates a more conservative financial policy that leads it to believe S&P Global Ratings-adjusted leverage would be sustained below 5x. This could occur if: -- It demonstrates a track record of not pursing large debt-funded acquisitions or shareholder distributions; -- It exhibits sustained organic revenue growth; and -- Profitability improves, leading to higher EBITDA and FOCF generation. GREEN INFRASTRUCTURE: S&P Assigns 'B' ICR, Outlook Stable --------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Green Infrastructure Partners Inc. (GIP). S&P also assigned its 'B' issue-level rating and '4' recovery rating to the company's proposed US$1.0 billion term loan B due 2032. The stable outlook reflects S&P's expectation that GIP will generate S&P Global Ratings-adjusted debt to EBITDA of 6x-7x, while continuing to expand through acquisitions. This assumes annual organic revenue growth of about 3% while modestly improving margins. GIP, a Toronto-based construction and infrastructure company, is planning to refinance its capital structure with a C$450 million revolving credit facility and a term loan B of about US$1.0 billion. S&P said, "The rating reflects our view of GIP's vertically integrated operations, growth opportunities, and steady demand for roadbuilding and maintenance in Canada. GIP provides roadbuilding and civil transportation infrastructure maintenance services across Canada. The company owns 73 aggregate pits and quarries, 35 asphalt plants, eight concrete plants, and three material engineering sites that it can source from for its operations. In our view, this vertical integration and national footprint provides a competitive advantage compared with smaller, local competitors because it allows the company to secure supply for critical resources required in their projects and enhances its margin profile across the value chain." Aggregate pits and quarries, in particular, are hard-to-permit assets that offer supply chain efficiencies. During 2024, the company sourced more than 70% of material inputs for projects internally, providing greater control over its supply chain and stronger margins. S&P said, "Our rating also incorporates GIP's small, but growing, market share in the highly fragmented Canadian civil transportation market. We estimate GIP has a market share of 5%-10% in Canada, with a larger share in Ontario where we estimate it generates about 70% of its revenue. Given the fragmented nature of the industry (the top six players control around 20% of the market in Canada) and GIP's strategy of growth through acquisitions, there is ample opportunity to grow market share across Canada and capture synergies through further vertical integration in our view. Furthermore, we expect demand for public transportation infrastructure maintenance, particularly road maintenance in Ontario, to grow steadily over the next several years. Canada's combination of harsh winter conditions and heavy traffic that is concentrated on a few main roads (for example, Highway 401 in Ontario is the busiest highway in North America) accelerates road degradation, leading to steady investment from provincial governments to issue road maintenance contracts each year. In a typical 15-year lifecycle for roadway maintenance, we estimate about 85% of the original construction cost is spent on maintenance. GIP's Integrated Infrastructure (IIS) segment (about 68% of the company's revenue in 2024) derives more than 95% of its revenue from this recurring maintenance work on existing roads, providing high revenue visibility in our view. "Our view of GIP's competitive position incorporates its limited geographic diversity, scale, and track record of executing large-projects. GIP generates all of its revenue within Canada, with the majority (approximately 70%) earned in the province of Ontario. In 2024, it generated about 20% of revenue from the provincial government transportation authority, Ministry of Transportation of Ontario (MTO), mostly in relation to maintenance of the major highways in Ontario (primarily highways 400, 401, 403). This geographic and customer concentration exposes the company to local economic cycles, weather disruptions, and regulatory risks within the regions it serves. Moreover, we believe the company has a limited track record of successfully executing on large projects. GIP was formed in 2022 from GFL Environmental Inc.'s acquisition of Coco Paving, and added the specialty infrastructure division (which is focused on larger scale projects) soon thereafter. However, we recognize that GIP has long-standing operating subsidiaries such as Coco Paving, which has operated in Canada for over 60 years. "We expect the company to follow an aggressive growth strategy centered around acquisitions. The company plans to use a portion of the proceeds from the transaction to fund near-term acquisitions of about C$160 million. This is in line with its growth strategy to expand the company's geographic footprint and further vertically integrate. Since inception in 2022, GIP has completed four acquisitions, two in 2023 and two earlier this year, and has entered into an agreement to acquire two other businesses which we expect will close before the end of the year. In total, we estimate the company would have spent about C$800 million on these acquisitions. "Given the fragmented nature of the construction infrastructure market in Canada and management's growth strategy, we expect the company to fund acquisitions with a mix of cash flow and debt that should preclude meaningful deleveraging. As a result, we forecast S&P Global Ratings-adjusted debt to EBITDA of 7.4x in 2025 and 6.4x in 2026. This would be 6.7x and 6.1x, respectively, if we pro forma earnings by assuming acquisitions were completed at the beginning of the year. We assume the company spends C$200 million annually on acquisitions, however we believe GIP could pursue larger platform businesses that push leverage temporarily higher than we expect and adds integration risk. That said, we recognize that GIP's management team, through GFL's leadership and its private equity sponsors, have a strong record of successfully integrating acquisitions. "GIP will be majority owned by private equity, which contributes to our view that leverage will likely remain elevated. The company will be owned by GFL Environmental Inc., a Canadian-based waste management company, HPS Investment Partners, Energy Capital Partners, and certain members of management. HPS and Energy Capital are private equity firms that we consider financial sponsors, that together will own a 58% stake in GIP. In our view, these firms are likely to promote an aggressive financial policy that includes debt-funded acquisitions for GIP, supporting our expectation for leverage to remain above 5x over the next several years. "The stable outlook reflects our expectation that GIP will generate S&P Global Ratings-adjusted debt to EBITDA of 6x-7x, while continuing to expand through acquisitions. This assumes annual organic revenue growth of about 3% while modestly improving margins. "We could lower our ratings on GIP within the next 12 months if we expect the company to sustain S&P Global Ratings-adjusted debt to EBITDA above 6.5x or negligible free operating cash flow (FOCF). This could occur if GIP is unable to improve its margin profile after repricing contracts because of inflation or if the company is more aggressive with debt-funded acquisitions than we currently anticipate. "We could raise our ratings on GIP within the next 12 months if the company generates S&P Global Ratings-adjusted debt-to-EBITDA below 5x while expanding its scale and diversification. In this scenario, the company and its owners would need to demonstrate a financial policy that is more conservative." GREEN SAPPHIRE: Hires Modestas Law Offices as Bankruptcy Counsel ---------------------------------------------------------------- Green Sapphire Holdings Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Modestas Law Offices, P.C. as its bankruptcy counsel. The firm's services include: (a) negotiating with creditors; (b) preparing a plan and financial statements; (c) examining and resolving claims filed against the estate; (d) preparing pleadings filed in the case; (e) interacting with the trustee in this case; (f) attending court hearings; and (g) representing the Debtor in matters before the Court. Saulius Modestas, Esq., founder of Modestas Law, will charge $535 per hour for his services. The firm received an initial retainer in the amount of $30,000. Mr. Modestas assured the court that he does not hold or represent an interest adverse to the Estate, and that he is a disinterested person within the meaning of Sec. 327(a). The firm can be reached through: Saulius Modestas, Esq. Modestas Law Offices, P.C. 401 S. Frontage Rd. Burr Ridge, IL 60527-7115 Telephone: (312) 251-4460 Facsimile: (312) 277-2586 Email: smodestas@modestaslaw.com About Green Sapphire Holdings Inc. Green Sapphire Holdings Inc., f/d/b/a Organic Fuels Holdings, Inc., provides specialized financial investment services, including portfolio management and investment advisory, operating within the broader financial sector. Green Sapphire Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07412) on May 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtors are represented by Steven B. Chaiken, Esq. at ADELMAN & GETTLEMAN, LTD. GRETNA PLUMBING: Unsecureds to Split $119K over 3 Years ------------------------------------------------------- Gretna Plumbing and Drain, LLC, filed with the U.S. Bankruptcy Court for the District of Nebraska a Plan of Reorganization for Small Business dated September 3, 2025. The Debtor is a Nebraska limited liability company. Since 2010, it has been in the business of performing water treatment, drain and sewer cleaning, and repairs to residential and commercial customers. John Ellis is the sole owner of Debtor and operates the day-to-day business of the company. Debtor employs 15 full-time employees, including owner and co-Debtor, John Ellis. As of the date of this Plan of Reorganization, Gretna Plumbing has total assets of $163,030, all of which have been pledged to its secured lender Northeast Bank under a term loan, and the U.S. Small Business Administration in connection with an Economic Injury Disaster Loan ("EIDL Loan"). As of the date of the Petition, Northeast Bank was owed $55,218, and the SBA was owed $556,968.02. In a liquidation, unsecured creditors and the equity interest owner (John Ellis) would receive $0 and therefore a 0% distribution on their claims. This amount is significantly less than the amount provided for under the Plan, which currently provides that unsecured claimants be paid $119,434.05 over a three-year period of time. Gretna Plumbing projects that its disposable income for the three-year period will be $119,434.05. Subchapter V of Chapter 11 allows for a confirmation of a plan providing for payment of debtor's projected disposable income over a three-year period of time. The projections are based on historical revenues with a slight increase in anticipation of inflation. This Plan under chapter 11 of the Bankruptcy Code (the Code) proposes to pay creditors of Gretna Plumbing as follows: (1) administrative claims in full on the Effective Date, unless otherwise agreed, (2) the secured claim of Northeast Bank in full; (3) secured claims which Gretna Plumbing disputes based on the value of their respective collateral; (4) unsecured claims (priority and non-priority) the total amount of $119,434.05 (which is equivalent to Gretna Plumbing's projected disposable income over a three-year period) payable through quarterly payments commencing on December 31, 2025. Class 3 consists of Unsecured Claimants. Class 3 claimants are those holders of priority and nonpriority undisputed unsecured claims, as well as creditors who have asserted secured claims treated in Class 2, to the extent such creditors' claims exceed the value of their respective collateral. Creditors in Class 3 will receive the total amount of $119,434.05. This amount will be paid via quarterly payments starting December 31. 2025. Priority unsecured claimants will be paid in full by the quarterly payments, with non-priority unsecured claimants getting paid, on a pro rata basis, after the priority claimants are paid in full. Unsecured claimants would receive nothing if Gretna Plumbing liquidated, whereas, the proposed recovery for each nonpriority unsecured claimant under the Plan is in the range of 1% to 8%. Class 4 equity security holder will retain his equity interest. The Plan will be implemented through Gretna Plumbing's projected disposable income. A full-text copy of the Plan of Reorganization dated September 3, 2025 is available at https://urlcurt.com/u?l=VkyzBv from PacerMonitor.com at no charge. Counsel to the Debtor: Lauren R. Goodman, Esq. McGrath North Mullin & Kratz P.C. LLO First National Tower, Suite 3700 1601 Dodge Street Omaha, NE 68102 Telephone: (402) 341-3070 Facsimile: (402) 341-0216 Email: lgoodman@mcgrathnorth.com About Gretna Plumbing and Drain Gretna Plumbing and Drain, LLC, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No. 25-80549) on June 5, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. John August Ellis, president of Gretna Plumbing and Drain, signed the petition. The Debtor tapped Lauren Goodman, Esq., at McGrath North as counsel and Timko Tax & Accounting Services as accountant. HERITAGE PORTRAITS: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Heritage Portraits and Albums, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Eastern Division, to use cash collateral. The final order authorized the Debtor to use cash collateral to fund operations in accordance with its budget, which projects total expenses of $8,666.00 for September; $10,066.00 for October; and $8,666.00 for November. As protection for the Debtor's use of its cash collateral, the U.S. Small Business Administration will be granted a replacement lien on assets acquired by the Debtor after the petition similar to its pre-bankruptcy collateral. The replacement lien will have the same priority as SBA's pre-bankruptcy lien. The escrowed Subchapter V trustee's funds are exempted from the replacement liens. As further protection, SBA will continue to receive a monthly payment of $731 until its Chapter 11 plan is confirmed. Any pre-bankruptcy or post-petition arrearage will be provided for by the plan. About Heritage Portraits and Albums Inc. Heritage Portraits and Albums, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-40780) on June 13, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge James J Robinson presides over the case. Robert C Keller, Esq., at Russo, White & Keller represents the Debtor as legal counsel. HOOPERS DISTRIBUTING: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Hoopers Distributing, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The eighth interim order authorized the Debtor to use cash collateral for its operating expenses in accordance with its budget, subject to a 10% variance. The budget shows the Debtor's projected expenses of $123,553.86 for the period from September 1 to 30. As protection, Kapitus, LLC's and Kalamata Capital Group, LLC's first-priority liens will extend to the Debtor's post-petition cash generated from sales and all other assets against which the secured creditors held liens. As additional protection, Kapitus will receive a cash payment of $1,334.17 by September 15. The interim order will remain in full force and effect until September 25; the replacement of or termination of the eight interim order by a subsequent order; or the filing of a notice of default, whichever comes first. The next hearing is scheduled for September 25. The Debtor's only significant source of income is through continued operations and the cash proceeds generated thereby. Certain proceeds generated from the Debtor's continuing operations may constitute cash collateral of Kapitus and Kalamata. Both secured creditors filed UCC-1 financing statements in 2024, purporting to cover all assets of the Debtor. However, the Debtor believes that any claim that may be asserted by the creditors against it is unenforceable. About Hoopers Distributing Hoopers Distributing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00447) on February 7, 2025, listing between $500,001 and $1 million in both assets and liabilities. J.M. Cook serves as Subchapter V trustee. Judge Joseph N. Callaway presides over the case. Benjamin E.F.B. Waller, Esq., at Hendren, Redwine & Malone, PLLC is the Debtor's legal counsel. Kapitus, LLC, as secured creditor, is represented by: Byron L. Saintsing, Esq. Smith Debnam Narron Drake Saintsing & Myers, LLP P.O. Box 176010 Raleigh, NC 27619-6010 Telephone: (919) 250-2000 bsaintsing@smithdebnamlaw.com HOUWELING'S ARIZONA: Hires Mesch Clark Rothschild as Legal Counsel ------------------------------------------------------------------ Houweling's Arizona Inc. seeks approval from U.S. Bankruptcy Court for the District of Arizona to hire Mesch Clark Rothschild as attorneys. The firm will render these legal services: (a) advise the Debtor regarding its powers and duties in the continued operation and management of its property; (b) take required action to recover certain property and money owed to the Debtor, if necessary; (c) prepare legal papers; and (d) perform all other legal services the Debtor deems necessary. The hourly rates of the firm's counsel and staff are: Frederick J. Petersen $575 Isaac D. Rothschild $525 David J. Hindman $525 Other Attorneys $300 to $650 Paraprofessionals $125 to $265 In addition, the firm will seek reimbursement for expenses incurred. Isaac Rothschild, Esq., a partner at Mesch Clark Rothschild, disclosed in court filings that his firm neither holds nor represents any interest adverse to the Debtor's bankruptcy estate. The firm can be reached through: Isaac D. Rothschild, Esq. Mesch Clark Rothschild 259 N. Meyer Ave. Tucson, AZ 85701-1090 Tel: (520) 624-8886 Email: ecfbk@mcrazlaw.com About Houweling's Arizona Inc. Houweling's Arizona Inc. based in Willcox, Arizona, operates in the agriculture sector, specializing in greenhouse cultivation of vegetables, including tomatoes and cucumbers, and related produce for domestic and international markets. Houweling's Arizona Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08256) on August 31, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Isaac D. Rothschild, Esq. at MESCH CLARK ROTHSCHILD. HOVNANIAN ENTERPRISES: S&P Raises ICR to B+' on Recapitalization ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S. homebuilder Hovnanian Enterprises Inc. (HOV) to 'B+' and its issue-level rating ratings on its aggregate proposed and existing senior unsecured debt to 'BB-' from 'CCC+', with a recovery rating of 2, rounded estimate 75%. Additionally, S&P raised the issue-level ratings on its series A preferred stock to 'CCC+' from 'CCC'. The stable outlook reflects S&P's expectation that over the next 12 months the company will maintain debt to EBITDA of 4x-5x and EBITDA to interest coverage of 2.5x-3.5x. HOV announced its plans to issue $450 million of senior unsecured notes due 2031 and $450 million of senior unsecured notes due 2033. HOV will use the proceeds to redeem its outstanding senior secured notes due 2028 and 2029 along with its term loan B due 2028. The proposed refinancing would extend the company's maturity profile, decrease its overall interest burden, simplify its capital structure such that it is more in line with its publicly traded peers, and further demonstrate its commitment to a stronger credit profile. HOV is better positioned to withstand softer conditions if macroeconomic conditions are weaker than expected, with a now elongated maturity schedule and lower overall interest burden. The opportunistic transaction alleviates its heavily secured leverage profile and aligns its now predominately unsecured capital structure with its publicly rated peers. The company has extensively paid down gross debt by approximately $725 million since 2019, and has extended its nearest maturity to 2028, when its fully available $125 million senior secured revolving credit facility is due. The company is executing on its long-term capital restructuring plans, and S&P believes this transaction will allow it to focus its internally generated cash flows to reinvest back into land and land development. S&P said, "We now believe HOV will maintain S&P Global Ratings-adjusted leverage between 4x and 5x for the next 12 months. We forecast EBITDA interest coverage of 2.5x-3.5x. Although we expect community count to grow 10%-15%, flat year over year revenues, and stable selling, general, and administrative expenses over the next 12 months, we believe S&P Global Rating-adjusted EBTIDA margins will fall to and remain between 8.5%-9.5% over the next 12 months. This is lower than the 12.9% at the company's fiscal-year-end 2024. We expect the company will generate $250 million-$275 million S&P Global Ratings-adjusted EBITDA. As our adjusted gross debt calculation is approximately $1.1 billion, which includes nonrecourse mortgages, financial services liabilities, and a portion of the company's series A preferred debt, we believe the company will operate at 4x-5x over the next 12 months.” The company's focus to an asset-light model has limited its need for long-term hold land-based risks. While also bolstering its operating cash flows, HOV continues to steadily lift the option portion of its total lot position. Currently, approximately 86% of its seven-year lot supply are optioned, which is the fourth highest among rated builders (after Dream Finders, NVR Inc., and Lennar). Additionally, HOV's inventory turns now are approximately 1.7x, which is the third highest among rated builders (after NVR and Lennar) and nearly double that of most of its peers. With the entire industry facing volatile markets and consumer behavior, the company's ability to deliver homes to its customers at quick-turn rates has risen in importance as a risk reduction measure. HOV's cash flows stemming from replacement inventory (spending) levels have contributed to its $750 million overall decline in debt since 2019. S&P now expects HOV to focus its internally generated cash flows in growing the business rather than further debt reduction. The stable outlook reflects S&P's expectation that over the next 12 months, the company will maintain debt to EBITDA of 4x-5x and EBITDA to interest coverage of 2.5x-3.5x. S&P could lower its rating on HOV to 'B' if: -- Debt to EBITDA deteriorates, rising above 5x, most likely driven by debt-funded initiatives, operating setbacks, or weaker-than-anticipated earnings; or -- HOV's profitability margins are compressed beyond S&P's forecast, such that EBITDA to interest falls toward 2x. Although highly unlikely, S&P could raise the rating if: -- HOV's diversified product base, leading positions in geographically diverse markets, and profitability metrics lead S&P to believe its credit profile is in line with higher rated peers; or -- Leverage improves below 3x with no sign of degradation; and -- EBITDA interest coverage ratios improve to the stronger end of the 3x-6x range. IMSTEM BIOTECHNOLOGY: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------------- IMSTEM Biotechnology, Inc. asks the U.S. Bankruptcy Court for the District of Connecticut for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to fund necessary business expenses, such as employee wages, vendor payments, operational supplies, administrative costs of the bankruptcy estate, and other standard business expenditures. The Debtor argues that without access to these funds, it would face immediate and irreparable harm, which could result in the collapse of its operations and a rapid decline in the value of its assets. As of the petition date, the Debtor's assets are estimated at approximately $300,000, primarily consisting of cash and used lab equipment. The Debtor's liabilities include a modest secured debt of about $10,000 owed to Yu Jin, and approximately $2.6 million in unsecured debt, a significant portion of which is disputed. The $10,000 secured loan was issued just two days before the bankruptcy filing, on September 2, and is secured by a first-priority lien on all of the Debtor's assets, including accounts, equipment, and intellectual property. The security interest was properly perfected through a UCC-1 filing. To provide adequate protection to the Secured Party, the Debtor proposes granting post-petition replacement liens on all post-petition assets of the same nature, extent, and priority as the existing prepetition lien. The Debtor believes this protection is sufficient, especially considering the relatively low amount of secured debt and the value of the secured assets, which the Debtor asserts exceed the amount owed. Even if the Secured Party does not consent, the Debtor argues that the equity cushion and replacement liens constitute adequate protection as required by law. The Debtor specializes in developing regenerative and cellular therapies for autoimmune and degenerative diseases and has received FDA clearance to conduct a Phase 1/2a clinical trial for multiple sclerosis, which has shown promising early results. Despite its scientific progress, the Debtor has encountered significant financial difficulties stemming from litigation with former professionals and challenges in raising capital for ongoing clinical development. About IMSTEM Biotechnology, Inc. IMSTEM Biotechnology, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20929) on September 4, 2025. In the petition signed by Dr. Xiaofang Wang, chief technology officer and vice president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge James J. Tancredi oversees the case. Andrea M. O'Connor, Esq., at Shatz, Schwartz and Fentin, P.C., represents the Debtor as legal counsel. INNOVATIVE TECHNOLOGIES: Seeks Cash Collateral Access ----------------------------------------------------- The Innovative Technologies Group & Co., Ltd. asks the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, for authority to use cash collateral and provide adequate protection. The Debtor's assets and operating cash constitute Sandy Spring's cash collateral under 11 U.S.C. section 363(a). Sandy Spring has consented to the Debtor's use of this cash collateral, provided it receives adequate protection. The Debtor emphasized the urgent need for this relief, as the cash collateral is essential to preserving its operations and the value of its estate. Monthly payments on the Sandy Spring debt had remained current through July, but the August payment was missed due to the garnishment of funds by KPM, leaving the payment of $533.29 outstanding on the petition date. The Debtor, formed in 1997, has operated for nearly 30 years as a specialized manufacturer of optical instruments used in process and quality control for the food, agriculture, packaging, and oil analysis industries. Many of its products are highly technical, sole-source components, and the Debtor holds patents for several inventions, one of which remains its property. After selling its Unity Scientific Spectrastar product line in 2008, the Debtor continued to focus on manufacturing components and consumables and launched a new NIR (Near-Infrared) product line under its own name in 2014, marketed through its wholly-owned subsidiary Blue Sun Scientific, LLC beginning in 2019. With a small but experienced team of ten employees, the Debtor earned annual revenues between $1.2 million and $1.8 million while maintaining its obligations to employees, vendors, and customers. However, in 2021, the Debtor became embroiled in a legal battle when competitor KPM Analytics North America Corporation sued the Debtor and Blue Sun in the District of Massachusetts for alleged trade secret misappropriation and tortious interference. Although the Debtor ultimately prevailed on the trade secret claims, it was found liable for tortious interference, and in 2023, a judgment of $1.8 million was entered against it. KPM's aggressive legal tactics, including misleading social media campaigns and jurisdictional overreach, harmed the Debtor's reputation and disrupted its growth, particularly in the sales of its Phoenix NIR product line. Legal fees and management distraction over the course of two years drained the Debtor's resources and negatively impacted cash flow. In early 2025, the District Court issued a final judgment against the Debtor totaling over $9 million, including interest and attorney's fees, and imposed a 10-year injunction preventing the Debtor from selling its NIR products to 46 specified U.S. companies. Despite the marketing restrictions, the Debtor believes the injunction clarifies its legal standing and anticipates a return to growth. An appeal of the judgment was filed in the First Circuit Court of Appeals on March 4, 2025, with counsel optimistic about a reversal due to jurisdictional and substantive legal errors. However, before the appellate process could proceed, KPM enrolled the judgment in Maryland and, prematurely, obtained garnishments on the Debtor's bank accounts, freezing its funds and triggering the bankruptcy filing. Until the garnishments, the Debtor had remained current on its obligations and could have continued operating outside bankruptcy. However, recognizing the financial strain from the judgment and pending collection efforts, the Debtor consulted with counsel at Wolff & Orenstein to prepare for a possible Chapter 11 filing. When its accounts were frozen in July 2025 due to garnishments, the Debtor filed for bankruptcy protection on August 29, 2025. The Debtor's operations are located at leased premises owned by ITPROP LLC, an insider entity, and as of the Petition Date, the Debtor owed $58,953 to Sandy Spring Bank under a series of loan agreements secured by inventory, accounts, equipment, and general proceeds. In addition to its own obligations, the Debtor had guaranteed a separate debt of $220,492 owed by ITPROP to Sandy Spring, and its assets were pledged as additional collateral for that debt. Both debts are secured by valid and perfected liens recorded via UCC filings. A court hearing is scheduled for September 15. About Innovative Technologies Group & Co., Ltd. Innovative Technologies Group & Co., Ltd. based in Jessup, Maryland, designs, manufactures, and deploys analytical instruments, primarily using near-infrared (NIR) and electro-optical technologies, for global customers. Established in 1997, the Company develops solutions across electrical, mechanical, optical, software, and firmware engineering disciplines, serving both OEM and direct markets. ITG also operates proprietary product lines and business units, providing full turnkey development, sales, and service of its instruments. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-18000) on August 29, 2025. In the petition signed by Robert Wilt, chairman and director, the Debtor disclosed $3,744,482 in assets and $11,900,961 in liabilities. Jeffrey M. Orenstein, Esq., at WOLFF & ORENSTEIN LLC, represents the Debtor as legal counsel. Sandy Spring Bank, as secured creditor, is represented by: Michael D. Nord, Esq. Gebhardt and Smith, LLP One South Street, Suite 2200 Baltimore, MD 21202 Tel: (410) 385-5072 MNord@gebsmith.com INNOVATIVE TECHNOLOGIES: Taps Wolff & Orenstein LLC as Attorney --------------------------------------------------------------- The Innovative Technologies Group & Co., Ltd. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Wolff & Orenstein, LLC as attorneys. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties as a Debtor-in-Possession and in the operation of its business and management of its assets; b. representing the Debtor in defense of proceedings instituted to reclaim property or to obtain relief from the automatic stay under Sec. 362(a) of the Bankruptcy Code; c. preparing any necessary applications, motions, answers, orders, reports and other pleadings, and appearing on the Debtor's behalf in proceedings instituted by or against the Debtor; d. assisting the Debtor in the preparation of schedules, statements of financial affairs, and any amendments thereto that the Debtor may be required to file in this case; e. assisting the Debtor in the preparation of a plan of reorganization; f. representing the Debtor at any hearings before this Court and/or meetings with the Office of the United States Trustee or the Subchapter V Trustee; and g. assisting the Debtor with all bankruptcy legal work or other legal services for the Debtor that may be necessary or desirable in the course of this case. The firm will be paid at these rates: Jeffrey M. Orenstein $510 per hour Matthew E. Abbott $310 per hour Paralegal/legal assistants $150 per hour On June 3, 2024, Wolff & Orenstein received a retainer in the amount of $25,000. On June 12, 2025, an additional payment of $9,126 was received on account of anticipated post-petition services. Wolff & Orenstein is a "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road Suite 465, North Lobby Rockville, MD 20850 Tel: (301) 250-7232 Email: jorenstein@wolawgroup.com About The Innovative Technologies Innovative Technologies Group & Co., Ltd. (ITG), based in Jessup, Maryland, designs, manufactures, and deploys analytical instruments, primarily using near-infrared (NIR) and electro-optical technologies, for global customers. Established in 1997, the Company develops solutions across electrical, mechanical, optical, software, and firmware engineering disciplines, serving both OEM and direct markets. ITG also operates proprietary product lines and business units, providing full turnkey development, sales, and service of its instruments. The Innovative Technologies Group & Co., Ltd. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-18000) on August 29, 2025, listing $3,744,482 in assets and $11,900,961 in liabilities. The petition was signed by Robert Wilt as chairman and director. Jeffrey M. Orenstein, Esq. at WOLFF & ORENSTEIN LLC represents the Debtor as counsel. INTEGRATED ENDOSCOPY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, granted Integrated Endoscopy, Inc. interim approval to use cash collateral to fund operations. The interim order authorized the Debtor to access cash collateral until October 31; the effective date of its Chapter 11 plan; or the dismissal or conversion of its bankruptcy case, whichever comes first. Cash collateral use must follow the budget, subject to a 10% variance per line item and in aggregate. As adequate protection for the Debtor's use of their cash collateral, secured creditors will be granted replacement liens on all assets acquired by the Debtor after its Chapter 11 filing, with the same validity, priority, and extent as their pre-bankruptcy liens. The replacement liens do not apply to any avoidance actions. The secured creditors include Research Corporation Technologies, Inc., Knobbe Martens Olson & Bear LLP, and David Chou. Research Corporation Technologies is represented by: Jeffrey R. Gleit, Esq. Brett D. Goodman, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Telephone: 212.484.3900 Facsimile: 212.484.3990 jeffrey.gleit@afslaw.com brett.goodman@afslaw.com -- and -- Aram Ordubegian, Esq. Christopher K.S. Wong, Esq. ArentFox Schiff, LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013-1065 Telephone: 213.629.7400 Facsimile: 213.629.7401 aram.ordubegian@afslaw.com christopher.wong@afslaw.com About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. INTEGRATED ENDOSCOPY: Hires Haberbush LLP as Bankruptcy Counsel --------------------------------------------------------------- Integrated Endoscopy, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Haberbush, LLP as general bankruptcy counsel. The firm will provide these services: (a) advise, consult, prosecute for, and defend the Debtor concerning issues arising in regard to the conduct of the estate, its rights and remedies with regard to the estate's assets, and the claims of secured, priority and unsecured creditors; (b) appear for and represent the Debtor's interest in obtaining court approval for the hiring of professionals, and assist and advise regarding the liquidation of the estate's property; (c) investigate and prosecute, if appropriate, preference, fraudulent transfer, and other actions arising under the Debtor's avoiding powers, should such causes of action exist; (d) assist in the preparation of such pleadings, applications, and orders as are required for the orderly administration of this estate; (e) advise, consult and represent Debtor in such legal actions as are necessary concerning the use and disposition of property of the estate; (f) advise and consult with Debtor, prosecute for it, and defend concerning claims made against the estate or claims made by the estate; (g) advise, consult and prosecute the approval of a plan of reorganization; and (h) advise, consult, and assist the Debtor with the Guidelines of the United States Trustee, the Local Bankruptcy Rules of this court, Title 11 of the United States Code, and the Federal Rules of Bankruptcy Procedure. The firm will be paid at these rates: David Haberbush, Attorney $550 per hour Richard Brownstein, Attorney $550 per hour Vanessa Haberbush, Attorney $350 per hour Lane Bogard, Attorney $325 per hour Alexander Haberbush, Attorney $250 per hour The firm received a retainer in the amount of $47,476.37. In addition, the firm will seek reimbursement for expenses incurred. Mr. Haberbush disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David R. Haberbush, Esq. Haberbush LLP 444 West Ocean Boulevard, Suite 1400 Long Beach, CA 90802 Telephone: (562) 435-3456 Facsimile: (562) 435-6335 Email: dhaberbush@lbinsolvency.com About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. INTEGRATED ENDOSCOPY: Taps Wiezorek & Payne as Litigation Counsel ----------------------------------------------------------------- Integrated Endoscopy, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Wiezorek & Payne, APC as special legal litigation counsel. The firm will assist the Debtor in preparing the document lists and questions for 2004 Examinations, conducting examinations and other discovery related to the 2004 Examinations and any contested matters, assisting in document review in discovery, assisting in preparing the plan of reorganization, assisting Debtor in preparing budgets and other financial information, assisting Debtor with any required document production and providing of information for purposes of the bankruptcy case, assisting Debtor comply with any necessary corporate formalities, negotiating and drafting loan documents in relation to Debtor's postpetition financing, litigating and/or assisting litigating any claims against third parties that Debtor may bring during the course of the bankruptcy proceeding, and general assistance Debtor may need throughout the course of the bankruptcy proceeding. The firm received a pre-petition retainer of $28,000. On or about July 15, 2025, the firm received an additional payment of $35,000. The firm's hourly rates are: Geoffrey S. Payne, Esq. $550 Paralegal $135 Wiezorek & Payne, APC is a disinterested person as defined in Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Geoffrey S. Payne, Esq. Wiezorek & Payne, APC 3711 Long Beach Blvd, Ste 925 Long Beach, CA 90807-3359 Phone: (562) 433-0386 About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. INTREX INC: Hires Gaskins Hancock Tuttle as Bankruptcy Counsel -------------------------------------------------------------- Intrex, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Gaskins Hancock Tuttle Hash LLP as bankruptcy counsel. The firm's services include: a. undertaking any and all steps and actions necessary to authorize the use of cash collateral pursuant to Section 363 of the Bankruptcy Code, if applicable; b. advising the Debtor with respect to its powers and duties as debtor-in-possession in the continued management, operation, and reorganization of its business; c. reviewing any and all claims asserted against the Debtor by its creditors, equity holders, and parties in interest; d. representing the Debtor's interests at the Meeting of Creditors under Sec. 341 of the Bankruptcy Code ("341 Meeting"), and at any other hearing or conference scheduled in the Bankruptcy Case before the Court related to the Debtor; e. attending any meetings, conferences, and negotiations with representatives of creditors and other parties in interest; f. reviewing and examining, if necessary, any and all transfers which may be avoided as preferential or fraudulent transfers under the appropriate provisions of the Bankruptcy Code; g. taking any and all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any action commenced against the Debtor, negotiations concerning all litigation in which the Debtor is, or may become involved, and objections to any claims filed against the bankruptcy estate of the Debtor; h. preparing, on behalf of the Debtor all motions, applications, answers, orders, reports, and pleadings necessary to the administration of the bankruptcy estate; i. preparing, on behalf of the Debtor, any plan of reorganization, disclosure statement, and all related agreements and/or documents, and take any necessary actions on behalf of the debtor to obtain confirmation of such plan of reorganization and approval of such disclosure statement; j. representing the Debtor in connection with any potential post-petition financing; k. advising the Debtor in connection with the sale or liquidation, if applicable, of any assets and property to third parties; l. appearing before the Court, or any such appellate court, and the Office of the Bankruptcy Administrator to protect the interests of the Debtor and the bankruptcy estate; m. representing the Debtor with respect to any general, corporate, or transactional matters that arise during the course of the administration of the Bankruptcy Case; and n. assisting and advising the Debtor with respect to negotiation, documentation, implementation, consummation, and closing of any corporate transactions, including sales of assets, in the Bankruptcy Case. The firm's hourly rates are: William H. Kroll, Attorney $400 James M. Hash, Attorney $400 Andrew Simpson, Attorney $275 Mindy T. Lee, Paralegal $150 The firm received a retainer in the amount of 11,738 on August 8, 2025. William H. Kroll, Esq., an attorney with Gaskins Hancock Tuttle Hash, assured the court that the firm is a "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: William H. Kroll, Esq. Gaskins Hancock Tuttle Hash LLP 220 Fayetteville Street, Suite 300 P.O. Box 911 Raleigh, NC 27602 Email: bill@ghthlaw.com Tel: (919) 755-0025 Fax: (919) 755-0009 About Intrex, Inc. Intrex, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03407) on September 2, 2025. William H. Kroll, Esq. at Gaskins Hancock Tuttle Hash LLP represents the Debtor as counsel. IROKOS GROUP: Seeks to Hire Paul E. Saperstein Co. as Appraiser --------------------------------------------------------------- Irokos Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Paul E. Saperstein Co., Inc. as appraiser. The firm will prepare an appraisal of the Debtor's various pieces of equipment, raw materials, inventory and other personal property used in the course of its business. The firm's compensation will be a flat fee of $1,200 to be paid in full upon completion of the appraisal services and submission of the appraisal report. Michael Saperstein, president of Paul E. Saperstein Co., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Saperstein Paul E. Saperstein Co., Inc. 144 Centre Street Holbrook, MA 12343 Tel: (617) 227-6553 About Irokos Group, LLC Irokos Group, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 25-11270) on June 23, 2025. At the time of filing, the Debtor estimated $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. The Debtor hires Lipton Law Group LLC as counsel. J PAUL ROOFING: Gets OK to Use Cash Collateral Until Sept. 23 ------------------------------------------------------------- J Paul Roofing & Construction, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral to fund operations. The interim order authorized the Debtor to use its revenue and other cash collateral through September 23 to pay business expenses as outlined in its 14-day and 30-day budget. The Debtor's 30-day budget shows total operational expenses of $155,135.28. The Debtor may spend up to 110% of individual expense in the budget without further court approval. As adequate protection for the Debtor's use of their cash collateral, secured creditors with valid liens will be granted replacement liens on cash collateral generated and assets acquired by the Debtor after its Chapter 11 filing, subject to a fee carveout. Replacement liens do not attach to Chapter 5 avoidance actions or their proceeds. The Debtor has secured loans from the U.S. Small Business Administration and Mulligan Funding, with liens on accounts receivable and cash, which constitute their cash collateral. A final hearing is scheduled for September 23. 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. J.C. PENNEY: Ch. 11 Estate Reaches Settlement with Jackson Walker ----------------------------------------------------------------- James Nani of Bloomberg Law reports that the wind-down trustee for JCPenney's bankruptcy estate has reached a $1.4 million settlement with Jackson Walker LLP over the firm's failure to disclose a long-term relationship between a former partner and a former Houston bankruptcy judge. The agreement, detailed in a motion filed Thursday, September 11, 2025, in the U.S. District Court for the Southern District of Texas, requires court approval and resolves potential claims related to the undisclosed romance, according to the report. Under the settlement, Jackson Walker, which represented JCPenney during its 2020 Chapter 11 bankruptcy, will receive liability releases in exchange for the payment. The dispute arose amid broader litigation involving allegations by the U.S. Trustee that the firm breached ethical duties by failing to disclose the relationship between ex-judge David R. Jones and former Jackson Walker partner Elizabeth Freeman. The Trustee seeks to recover over $23 million in fees the firm collected across 33 cases involving Jones, including JCPenney's, according to Bloomberg Law. The relationship, which reportedly began in 2013, led to Jones resigning from the bench in 2023 and Freeman leaving Jackson Walker in late 2022. The couple co-owned a home starting in 2017. Jackson Walker has maintained it acted appropriately once it became aware of the relationship. JCPenney's plan administrator had previously alleged that the firm ignored its duties to clients and courts, accusing it of attempting to conceal the affair, the report states. The case has also triggered a federal criminal investigation. Old Copper Co. Inc., the former JCPenney company, is represented by Streusand, Landon, Ozburn & Lemmon LLP, while Jackson Walker is represented by Norton Rose Fulbright US LLP and Rusty Hardin & Associates LLP. Spokesman Jim Wilkinson for Jackson Walker declined to comment. The case is J.C. Penney Direct Marketing Services LLC and Dean Grantham, Bankr. S.D. Tex., No. 20-20184, motion 9/11/25, the report cites. About J.C. Penney Co. Inc. J.C. Penney Company, Inc. -- @ www.jcpenney.com/ -- is an apparel and home retailer, offering merchandise from an extensive portfolio of private, exclusive, and national brands at over 850 stores and online. It sells clothing for women, men, juniors, kids, and babies. On May 15, 2020, J.C. Penney entered into a restructuring support agreement with lenders holding 70% of its first lien debt. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that is expected to reduce several billion dollars of indebtedness. To implement the plan, J.C. Penney and its affiliates on May 15, 2020, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182). At the time of the filing, J.C. Penney disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversaw the cases. The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as legal counsel; Katten Muchin Rosenman, LLP as special counsel; Lazard Freres & Co. LLC as investment banker; AlixPartners, LLP as restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk was the claims agent. The committee of unsecured creditors retained Cole Schotz, P.C., and Cooley, LLP. * * * J.C. Penney in November 2020 won approval to sell substantially all of its retail and operating assets ("OpCo") to a group formed by landlords Brookfield Asset Management, Inc. and Simon Property Group and senior lenders through a combination of cash and new term loan debt. Paul, Weiss, Rifkind, Wharton & Garrison LLP was the legal counsel, and BRG Capital Advisors, LLC, served as financial adviser to Simon and Brookfield. J.R. BUTLER: Hires Allen Vellone Wolf Helfrich & Factor as Counsel ------------------------------------------------------------------ J.R. Butler Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Allen Vellone Wolf Helfrich & Factor P.C. as counsel. The firm's services include: a. providing legal advice and representation in connection with the general administration of the Estate; b. confirming of any proposed plan of reorganization, all other contested and adversary matters that may arise in this case; and c. investigating and litigating any avoidance or other action the Estate may have, and other legal services for the Debtor related to or arising out of contested matters in this bankruptcy case. The firm will be paid at these hourly rates: Partners $475 to $725 Associates $350 to $450 Paralegal $195 to $250 The firm has received a $50,000 retainer pre-petition from the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey A. Weinman, Esq., a partner at Allen Vellone Wolf Helfrich & Factor, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey A. Weinman, Esq. Jeremy T. Jonsen, Esq. Baily C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com Email: JJonsen@allen-vellone.com Email: BPompea@allen-vellone.com About J.R. Butler Inc. J.R. Butler Inc. is an Englewood, Colorado-based specializing in unitized glazing systems. The company designs, engineers, and manufactures glazing systems for commercial construction projects. J.R. Butler Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-15598) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. JAM TRUCKING: Hires Johns & Associates PLLC as Bankruptcy Counsel ----------------------------------------------------------------- JAM Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Virginia to hire Johns & Associates, PLLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the management of its business; (b) prepare legal papers; and (c) perform all other necessary legal services. The hourly rates of the firm's counsel and staff are: Brian R. Blickenstaff $400 Paralegal $125 The firm received an initial retainer of $20,000. Brian Blickenstaff, Esq., an attorney at Johns & Associates, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian R. Blickenstaff, Esq. Johns & Associates, PLLC 808 Greenbrier Street Charleston, WV 25311 Telephone: (304) 720-2300 Facsimile: (304) 720-2311 Email: bblickenstaff@johnswvlaw.com About JAM Trucking, Inc. JAM Trucking, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.W.V. Case No. 25-50061) on August 1, 2025, listing up to $50,000 in both assets and liabilities. Judge B Mckay Mignault presides over the case. Brian Richard Blickenstaff, Esq. at Johns & Associates, PLLC represents the Debtor as counsel. JAM TRUCKING: Seeks to Hire Iron Auction Group as Auctioneer ------------------------------------------------------------ JAM Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Virginia to hire Iron Auction Group, LLC as auctioneer. The firm will assist the Debtor in the sale of its personal property located at 974 Greasy Ridge Road, Princeton, WV 24739. The auctioneer's commission and buyer's premium will not to exceed 15 percent of the sales price of the personal property. As disclosed in the court filings, Iron Auction is a "disinterested person" within the meaning of § 101(14) of the United States Bankruptcy Code. The auctioneer can be reached through: Matthew McGaffee Iron Auction Group LLC 669 Marina Dr STE B2 Charleston, SC 29492 Phone: (864) 546-1216 About JAM Trucking, Inc. JAM Trucking, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.W.V. Case No. 25-50061) on August 1, 2025, listing up to $50,000 in both assets and liabilities. Judge B Mckay Mignault presides over the case. Brian Richard Blickenstaff, Esq. at Johns & Associates, PLLC represents the Debtor as counsel. JDI CUMBERLAND: Unsecureds Will Get 100% of Claims in Plan ---------------------------------------------------------- JDI Cumberland Inlet LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Reorganization dated September 3, 2025. The Debtor is a Georgia limited liability company formed in 2020 with Jacoby Development, Inc. being the sole member of Debtor. James Jacoby is the sole shareholder of Jacoby Development, Inc. The Debtor owns approximately 1300 acres of undeveloped land in Camden County, Georgia that extends to the east coast of St. Marys, Georgia (the "Property"). The Property includes approximately 560 acres of land that can be developed and approximately 740 acres of undevelopable salt marsh along the North River in Camden County. A recent appraisal of the Property values the undeveloped land at $172,000,000. The Debtor was unable to pay the February 15, 2025 payment due under the JDA Loan. In February 2025, the JDA sent a notice of default to Debtor and accelerated the amounts due under the JDA Loan Documents. In March 2025, the JDA initiated foreclosure proceedings against Debtor with the intention of foreclosing on the Property in May 2025. The Debtor realized that that filing for bankruptcy protection was the best option for Debtor to protect its Property. On May 5, 2025, Debtor filed this Bankruptcy Case. The Debtor has continued speaking with potential investors and possible purchasers of the Property. Debtor currently is negotiating with two different parties. One of these parties will provide funding for this Plan in an amount to pay in full the JDA and Matsco, as well as all priority tax claims and allowed unsecured creditor claims. The Plan provides for one class of unsecured creditors: Class 3 consists of the General Unsecured Creditors Allowed Claims that will be paid in a lump sum distribution thirty days after the Effective Date from the Investment Proceeds. If Debtor does not receive the Investment Proceeds, Class 3 shall not receive any Distribution under the Plan. The Class 1 Allowed Secured Claim of the JDA shall be paid in full on the Effective Date from the Investment Proceeds. If Class 1 is not paid in full on the Effective Date, the JDA shall have relief from the automatic stay under Section 362 of the Bankruptcy Code to pursue its rights and remedies against Debtor. The Class 2 Allowed Secured Claim of Matsco, Inc. shall be paid in full on the Effective Date from the Investment Proceeds. If Class 2 is not paid in full on the Effective Date, Matsco, Inc. shall have relief from the automatic stay under Section 362 of the Bankruptcy Code to pursue its rights and remedies against Debtor. Class 3 consists of Allowed Claims of General Unsecured Creditors (the "GUCs"). The Debtor estimates, based on its schedules and filed proofs of claims, that as of the date of the Plan, that undisputed General Unsecured Creditors Allowed Claims total approximately $120,885.00 of nine unsecured creditors. Debtor scheduled as disputed the unsecured claim of Safe and Green Development Corporation. The Allowed Claims of General Unsecured Creditors shall be paid $120,885 in full on the Effective Date of the Plan. The claims shall be paid from the Investment Proceeds. Class 4 consists of Equity Interests. On the Effective Date of the Plan, Jacoby Development will be the sole member of Reorganized Debtor. It shall retain its member interest in Reorganized Debtor as of the Effective Date. JDI does not receive any income or distributions from Debtor. Distributions and payments under the Plan shall be paid from the Investment Proceeds. All interest payments due to the JDA through the Effective Date shall be paid by Jacoby Development. Here, in a chapter 7 case, a Chapter 7 Trustee will not have the opportunity to liquidate Debtor's Property. The JDA and Matsco would obtain relief from the automatic stay and foreclose on the Property. Debtor has no other assets that a Chapter 7 Trustee could liquidate to pay unsecured creditors. Under this Plan, Debtor is paying the undisputed General Unsecured Creditors 100% of their Allowed Claims. A full-text copy of the Disclosure Statement dated September 3, 2025 is available at https://urlcurt.com/u?l=YkGdnk from PacerMonitor.com at no charge. Counsel to the Debtor: Ceci Christy, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, Georgia 30329 Tel: (404) 584-1238 Email: cchristy@rlkglaw.com About JDI Cumberland Inlet LLC JDI Cumberland Inlet LLC is engaged in real estate-related activities. The Company focuses on property development and related investment ventures. JDI Cumberland Inlet LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55072) on May 5, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. KEESTONE PROPERTIES: Seeks Subchapter V Bankruptcy in Tennessee --------------------------------------------------------------- Keestone Properties of Pulaski LLC has sought Chapter 11 bankruptcy protection, filing voluntarily in the Middle District of Tennessee on September 8, 2025. Court documents indicate liabilities valued between $1 million and $10 million, and note the company has 1–49 creditors. About Keestone Properties of Pulaski LLC Keestone Properties of Pulaski LLC is a limited liability company Keestone Properties of Pulaski LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03770) on September 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Charles M. Walker handles the case. KINGPIN INTERMEDIATE: S&P Rates Proposed Senior Secured Debt 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' long-term issue-level rating to Lucky Strike Entertainment Corp.'s (B/Stable) proposed senior secured revolving credit facility, term loan B, and senior secured notes. The debt will be issued by subsidiary Kingpin Intermediate Holdings LLC. S&P expects it will use the proceeds primarily to refinance existing debt, including its bridge facility, and pay related fees and expenses. The recovery rating is '3', reflecting its expectation for meaningful (50%-70%; rounded estimate 60%) recovery in the event of a payment default. The transaction is essentially leverage neutral with an immaterial amount of expected interest expense savings at current rates. The proposed transaction provides additional liquidity due to the upsized revolver and paydown of current revolver balance with term debt. This transaction follows a purchase of 58 bowling centers earlier in the year funded with the $230 million bridge loan, which resulted in a modest net annual cash savings. The company also agreed to purchase five water parks in July, expanding its base of parks. S&P said, "Our 'B' long-term issuer credit rating and stable outlook are unaffected. For fiscal 2026, we expect Lucky Strike's S&P Global Ratings-adjusted debt to EBITDA to be 8x and S&P Global Ratings-adjusted EBITDA to interest to be 1.6x. Our expectations for fiscal 2026 reflect flattish same-store sales growth and about 100 basis points of S&P Global Ratings-adjusted EBITDA margin contraction from an increase in advertising expenses and some cost inflation, partly offset by cost efficiencies. We expect credit metrics to improve modestly in fiscal 2027 due to low-single-digit percent same-store sales growth, margin improvement due to higher revenue, and lower interest rates." S&P said, "Although Lucky Strike has seen soft same-store sales growth (down 3.7% in fiscal 2025) due to economic uncertainty, particularly affecting its corporate events, we think revenue is flattening out and the company's investments in rebranding existing locations will offset the impact from a softer economy. Also, in tougher economic conditions, we think bowling is a relatively affordable form of entertainment and water parks are affordable alternatives to more elaborate vacations." ISSUE RATING--RECOVERY ANALYSIS Key analytical factors -- S&P said, "We assigned our 'B' issue-level rating to Lucky Strike's proposed senior secured notes maturing in 2032 and the proposed senior secured credit agreement comprising a $400 million revolving credit facility and $1 billion term loan. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a payment default." -- S&P's ratings incorporate Lucky Strike's real estate assets, appraised at about $490 million. S&P assumes a realization rate of about 80% leading to a net residual value of $400 million. -- S&P said, "Our simulated default scenario contemplates a payment default in 2028 stemming from a substantial decline in Lucky Strike's cash flow and liquidity, impairing its ability to cover its fixed-charge obligations, including debt service, minimum capital expenditures, and lease obligations. We anticipate this can be caused by fewer visits to its venues and lower food and beverage spending because of greater competition from other forms of entertainment, as well as prolonged economic weakness." -- S&P's recovery analysis utilizes the discrete asset valuation (DAV) approach for the real estate and an EBITDA multiple approach for the remainder of the company's operations. -- S&P assumes a reorganization following the default and use an emergence EBITDA multiple of 5.5x to value the remainder of the company's operations. -- S&P assumes $318 million of borrowings under the cash flow revolver would be outstanding at default, which reflects 85% utilization of the $400 million commitment (net of outstanding letters of credit). -- In S&P's simulated default scenario, it assumes a restructuring would entail center closures and the rejection of 20% of its lease contracts. S&P believes these lease claims would be unsecured debt and would not have an impact on its recovery expectations for the secured lenders. Simulated default assumptions -- Simulated year of default: 2028 -- Cash flow revolver: 85% drawn at default -- EBITDA at emergence: $169.2 million (excluding EBITDA generated at company-owned properties) -- EBITDA multiple: 5.5x -- Estimated gross enterprise value (EV) attributable to operations: $931 million -- Gross real estate DAV: $400 million -- Combined gross EV at emergence: $1.331 billion Simplified waterfall -- Net EV (after 5% administrative costs): $1.264 billion -- Obligor/nonobligor valuation split: 100%/0% -- Estimated first-lien debt claims: $2.061 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) Note: All debt amounts include six months of prepetition interest. Unsecured claims include estimated claims for rejected operating leases. KITCHEN MAN: Seeks to Hire Beverly Holmes CPA PC as Accountant -------------------------------------------------------------- The Kitchen Man Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Beverly Holmes CPA PC as accountant. The firm will prepare and provide tax returns, tax consultation, accounting, and related services. Any services by the accountant for the Debtor shall be based on the hourly rate of $335 per hour for Beverly Zaza; and, administrative billing $75/hour. The accountant does not hold an interest that is adverse to the estate and is disinterested under 11 U.S.C. Secs. 101(14) and 327(a), according to court filings. The firm can be reached through: Beverly Zaza Beverly Holmes CPA PC 11 Long Key Hitchcock, TX 77563 Phone: (631) 848-0571 About The Kitchen Man Inc. The Kitchen Man Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03176) on August 18, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Judge Joseph N. Callaway oversees the case. Richard P. Cook, PLLC serves as the Debtor's counsel. KLIMA CONTROL: Gets Final OK to Use Cash Collateral --------------------------------------------------- Klima Control Air Conditioning & Heating, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The final order authorized the Debtor to use cash collateral to fund its operations and provide Gemaire Distributors, LLC with adequate protection in the form of replacement liens on post-petition cash. All terms and provisions from previous interim orders were ratified and fully incorporated into the final order. The Debtor's cash collateral is subject to a lien held by Gemaire, a creditor that previously extended credit to the Debtor and secured its interest via a UCC-1 financing statement recorded in 2020. After a prior default by the Debtor, the parties settled a related lawsuit, with the Debtor owing Gemaire $472,958 as of the bankruptcy filing date. The settlement included 18 monthly payments of $27,042, of which only one had been made before the bankruptcy. About Klima Control Air Conditioning & Heating Klima Control Air Conditioning & Heating, LLC is an air conditioning and heating services provider operating as Super Cool in Florida. It specializes in HVAC installation, maintenance, and repair services with locations in Pompano Beach and West Palm Beach. Klima Control Air Conditioning & Heating sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17717) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Scott M. Grossman handles the case. Shirley Palumbo, Esq., is the Debtor's legal counsel. Gemaire Distributors, LLC, as secured creditor, is represented by: Scott S. Sheffler, Esq. Worman & Sheffler, P.A. 2600 Lake Lucien Drive, Suite 405 Maitland, FL 32751 Phone: (407) 843-5353 Fax: (407) 841-9516 ssheffler@wormanlaw.com KOLAY FLOORING: Hires Goe Forsythe & Hodges as Bankruptcy Counsel ----------------------------------------------------------------- Kolay Flooring International LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Goe Forsythe & Hodges LLP as general bankruptcy counsel. Goe Forsythe & Hodges LLP will provide these services: (a) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; (b) advise the Debtor regarding matters of bankruptcy law, including the rights and remedies of the Debtor with respect to its assets and creditor claims; (c) represent the Debtor in bankruptcy proceedings or hearings where its rights may be litigated or affected; (d) conduct examinations of witnesses, claimants, or adverse parties, and assist in the preparation of reports, accounts, and pleadings; (e) advise the Debtor concerning the requirements of the Bankruptcy Court and applicable rules; (f) assist the Debtor in the negotiation, formulation, confirmation, and implementation of a Chapter 11 plan of reorganization; (g) make appearances in bankruptcy court on behalf of the Debtor; and (h) take such other actions and perform such other services as required in connection with this Chapter 11 case. Goe Forsythe & Hodges LLP professionals bill at hourly rates ranging from $200 to $750. The Debtor paid the firm a pre-petition retainer of $57,500. Goe Forsythe & Hodges 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: Marc C. Forsythe, Esq. Goe Forsythe & Hodges LLP 17701 Cowan, Lobby D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 E-mail: rgoe@goeforlaw.com About Kolay Flooring International LLC Kolay Flooring International, LLC is an Iowa limited liability company having a principal place of business at 20819 Currier Road, Suite 300, City of Industry, CA 91789. Kolay Flooring International LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-186880) on October 24, 2025. Judge Deborah J Saltzman presides over the case. The Debtor is represented by Marc C. Forsythe, Esq. at GOE FORSYTHE & HODGES LLP. KRONOS WORLDWIDE: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Kronos Worldwide, Inc. (Kronos) and its wholly owned subsidiary, Kronos International, Inc.'s Long-Term Issuer Default Rating (IDRs) at 'B+'. Fitch has also affirmed Kronos' ABL and Kronos International's 2029 senior secured notes at 'BB+' with a Recovery Rating of 'RR1'. The Rating Outlook remains Stable. Kronos' ratings reflect its plan to issue add-on senior secured notes to refinance its remaining EUR75 million senior secured notes due September 2025. Kronos has strong liquidity, a modest debt load, conservative financial policy, and low capex needs. However, limited scale and exposure to the cyclical titanium dioxide (TiO2) industry contribute to cash flow volatility. Fitch expects TiO2 market conditions to remain soft through 2026, but Kronos' recent dividend reduction will support liquidity until conditions improve. The Stable Outlook reflects Fitch's expectations for EBITDA leverage to trend to 4.0x or below through 2026, despite below mid-cycle EBITDA, while maintaining comfortable liquidity. Key Rating Drivers Add-On Transaction Preserves Liquidity: Kronos plans to issue add-on senior secured notes to refinance its remaining EUR75 million senior secured notes due September 2025. The transaction extends the 2025 maturity, preserves near-term liquidity amid prolonged industry weakness, and modestly increases long-term debt expectations relative to earlier plans to retire the note with cash on hand. Kronos' financial structure remains solid despite the incremental issuance and softer near-term demand outlook, with EBITDA leverage forecast to trend around or below 4.0x through 2026 on below mid-cycle EBITDA. Financial Flexibility Amid Cyclical Volatility: Fitch believes Kronos has sufficient financial flexibility to manage near-term earnings volatility, supported by adequate pro forma liquidity and management actions to curb discretionary spending until conditions stabilize. The company faces a weaker 2H25 outlook due to elevated trade uncertainty and deteriorating cyclical conditions in key TiO2 end-markets, notably architectural coatings and plastics. Longer-term fundamentals are underpinned by demand in these end-markets, EU anti-dumping resolutions regarding China, and capacity rationalization of higher-cost assets. Fitch anticipates a gradual recovery, with demand returning to historical levels by 2027 and supporting margin recovery to 10%. Reduced Dividend Supports Liquidity: Kronos' decision to reduce its quarterly dividend underscores solid financial flexibility and a credit‑conscious stance by its majority owners amid ongoing TiO2 market softness. While the lower dividend does not alter Fitch's expectation for slightly negative FCF through 2026, it will help preserve liquidity until a cyclical recovery normalizes earnings. Fitch expects management to continue aligning dividends with operating cash flow. The reduced dividend should support a return to positive FCF around 2027 under mid‑cycle conditions. Modest Debt Load: Fitch views Kronos' pro forma debt load as modest compared with normalized EBITDA for the company. Fitch expects leverage to be temporarily elevated above 4.0x by year-end 2025 on a softer 2H25 cyclical demand outlook, before trending toward 3.0x by 2027 as performance normalizes. Limited Size and Diversification: Kronos is a pure-play pigment producer with limited scale and no diversification to buffer TiO2 industry volatility, exposing its cash flow and credit profile to market swings. This exposure is partially offset by solid liquidity and strong market positions in Europe and North America, though Fitch sees limited ability to affect global market dynamics. During the 2015-2016 TiO2 price downturn, Kronos' European EBITDA was severely constrained, despite its status as the largest TiO2 producer in Europe. Parent-Subsidiary Linkage: Under its parent-subsidiary linkage criteria, Fitch rates the IDRs of Kronos and its wholly owned issuing subsidiary, Kronos International Inc., using the parent consolidated profile. The approach reflects open legal ring-fencing and open access and control between the stronger subsidiary and Kronos. Peer Analysis Kronos' ratings reflect its relatively small size and limited diversification compared with peers in the TiO2 segment, while also reflecting its typically healthy leverage and generally neutral-to-positive cash flow profile. Compared with industry leaders The Chemours Co. and Tronox Ltd. (both unrated), Kronos has limited ability to influence TiO2 supply dynamics as a pure-play pigment producer. Tronox also benefits from a relatively greater degree of vertical integration, resulting in a stronger EBITDA margin profile than Kronos. Fitch believes Kronos' asset profile compares favorably to Venator Materials PLC (unrated), which emerged from a chapter 11 restructuring process in 2023, due to Kronos' increased production capacity of chloride-process TiO2 assets. Chloride-process TiO2 is considered a preferred product for most high-end applications and is produced at lower conversion costs. Key Assumptions - Sales growth is minimal through 2026 on continued weakness in coatings end-markets, followed by moderate growth in 2027 and thereafter; - EBITDA margins trend around the mid-single digits through 2026 on weak fixed cost absorption stemming from low utilization, before recovering to 10% by 2027; - Capex of around $50 million annually in 2025, held around similar levels thereafter; - Dividends held around $20 million annually through 2027, increasing towards historical levels thereafter; - The 2025 notes are fully redeemed prior to maturity with proceeds from the 2029 notes add-on. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes Kronos would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. - Fitch assumes Kronos draws approximately $297 million under its ABL, representing about 85% of the full $350 million amount. This is due to the likelihood the ABL borrowing base will be lessened in a distressed scenario as the TiO2 pricing environment declines over time, which would gradually reduce the borrowing base. Going-Concern (GC) Approach Fitch used a going-concern EBITDA of $162 million to reflect a mid-cycle amount in a post-bankruptcy scenario, which would likely be around 2014/2016 levels. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Specifically, the GC EBITDA depicts a sustained economic contraction in North America and EMEA, resulting in an extended period of severe volume headwinds, which leads to a material decline in EBITDA and cash generation. An enterprise value multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The 5.5x multiple acknowledges the commoditized nature of Kronos' TiO2 products and its lack of diversification. The choice of this multiple considered historical bankruptcy case study exit multiples for peer companies, including Tronox Incorporated (2011) and Venator Materials PLC (2023). Under the pro forma scenario, Kronos' ABL and 2029 senior secured note recoveries both correspond to an 'RR1'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Mid-cycle EBITDA leverage sustained above 4.0x, potentially stemming from material debt-funded acquisition activity; - EBITDA interest coverage sustained below 3.5x, or sustained high utilization under the ABL, signaling deteriorating liquidity; - Expectations of sustained negative FCF generation, potentially stemming from continued maintenance of dividend payments under persistently weak operating conditions, or a structural deterioration in the TiO2 market. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increases in size, scale, or diversification leading to improved mid-cycle EBITDA size or cost position; - Maintenance of current financial policies, leading to mid-cycle EBITDA Leverage sustained below 3.0x and continued robust financial flexibility; - A structurally improved sector outlook that results in EBITDA margin resiliency and reduced FCF variability. Liquidity and Debt Structure Pro forma for the notes add-on, Fitch expects to retain strong liquidity consisting of around $30 million of cash and cash equivalents and $310 million in availability under its ABL revolver. The company has cut its dividend payment and paused certain growth capex projects in recent periods amidst the prolonged TiO2 slowdown, aiding liquidity. Pro forma for the notes add-on transaction, Kronos has no debt maturities until the senior secured notes in 2029. Issuer Profile Kronos Worldwide, Inc. is a pure-play TiO2 producer and the fifth largest producer of TiO2 in the world. 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 Kronos Worldwide, Inc. has an ESG Relevance Score of '4' for Governance Structure due to significant "key man risk" presented by its dominant shareholder. Approximately 81% of Kronos' common stock is indirectly owned by a family trust. Fitch expects the family trust to continue to be supportive of Kronos' conservative capital allocation policy and current operating strategy. This factor has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Kronos International Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ Kronos Worldwide, Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ KYI ENTERPRISES: Section 341(a) Meeting of Creditors on October 16 ------------------------------------------------------------------ On September 8, 2025, KYI Enterprises Inc. filed Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports $3,661,522 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 16, 2025 at 01:30 PM at Appear by Teams. About KYI Enterprises Inc. KYI Enterprises Inc., established in 2013 in Morton Grove, Illinois, is a privately held retailer that offers fishing, hunting, and camping products primarily through mail-order channels. KYI Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13842) on September 8, 2025. In its petition, the Debtor reports total assets of $1,912,000 and total Liabilities of $3,661,522. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by David Freydin, Esq. at LAW OFFICES OF DAVID FREYDIN. L & D CAFE: Gets Interim OK to Use Cash Collateral Until Oct. 1 --------------------------------------------------------------- L & D Cafe, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral through a further hearing to be held on October 1 in accordance with its budget. As adequate protection, secured lenders will be granted replacement liens on their collateral and all property (excluding avoidance actions) acquired by the Debtor after its Chapter 11 filing that is similar to their collateral. The replacement liens will have the same validity, priority and extent as the lenders' pre-bankruptcy liens. These liens are subject to a fee carveout. As additional protection, the Debtor was ordered to keep the secured lenders' insured. The Debtor was directed to transfer $1,000 per month to its legal counsel for Subchapter V trustee fees and may transfer an additional $5,000 per month for other professional fees. These amounts constitute the budgeted line items for professional fees in the Debtor's latest budget, remain property of the estate, and must be held in counsel's trust account pending further court order. If the Debtor's estate becomes administratively insolvent or its Chapter 11 case is converted to Chapter 7, all undisbursed trust funds held by its counsel must be used to pay administrative claims, regardless of prior allocations, according to the interim order. The lenders asserting an interest in the cash collateral include the U.S. Small Business Administration, WebBank, Rapid Finance, and CFG Merchant Solutions, LLC. However, only the SBA appears to be secured. As of the petition date, the SBA is owed $168,240 and holds a first-position lien on substantially all of the Debtor's assets, backed by a UCC-1 financing statement filed in September 2020. The other creditors have filed more recent UCC-1 statements -- WebBank in April 2024, Rapid Finance in January 2025, and CFG Merchant Solutions in January 2025 -- and are likely unsecured due to the SBA's senior lien and the limited value of the Debtor's assets. CFG, in particular, obtained a judgment against the Debtor just prior to the bankruptcy and froze its bank account, which the Debtor is currently working to unfreeze. About L & D Cafe Inc. L & D Cafe, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19748-PDR) on August 22, 2025. In the petition signed by Constantine N. Manos, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Peter D. Russin oversees the case. Chad P. Pugatch, Esq., at Lorium Law represents the Debtor as bankruptcy counsel. LAMUMBA INC: Hires Law Offices of Michael Jay Berger as Counsel --------------------------------------------------------------- Lamumba Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire the Law Offices of Michael Jay Berger as counsel. The firm will provide these services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules to determine if amendments are needed; (c) advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; (e) prepare status reports as required by the Court; (f) respond to any motions filed in Debtor's bankruptcy proceeding; (g) respond to creditor inquiries; (h) review proofs of claim filed in Debtor's bankruptcy; (i) object to inappropriate claims; (j) prepare Notices of Automatic Stay in all state court proceedings in which the Debtor is sued during the pending of Debtor's bankruptcy proceeding; and (k) if appropriate, prepare a Chapter 11 Plan of Reorganization for the Debtor. The firm will be paid at these rates: Michael Jay Berger $695 per hour Sofya Davtyan $645 per hour Angela Gill $595 per hour Robert Poteete $475 per hour Senior paralegals and law clerks $275 per hour Bankruptcy paralegals $200 per hour The firm received a retainer in the amount of $25,000, plus $1,738 filing fee. Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Jay Berger, Esq. Sofya Davtyan, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 E-mail: Michael.Berger@bankruptcypower.com Sofya.Davtyan@bankruptcypower.com About Lamumba Inc. Lamumba Inc. -- geoffreyslive.com -- doing business as Geoffrey's Inner Circle, is an entertainment venue and nightclub located in Oakland, California that offers live music, events, and dining experiences. Lamumba Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41554) on August 26, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Michael Jay Berger, Esq. at Law Offices Of Michael Jay Berger. LAVENDER LANDSCAPE: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Lavender Landscape Design Co., LLC received second interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. The second interim order authorized the Debtor to use cash collateral for the expenses listed in its monthly budget, subject to a 10% variance. This includes the previously disallowed $3,000 in marketing expenses and $2,655.52 in vehicle lease expenses. The Debtor's budget projects total operational expenses of $889,781.35 for September and $889,781.35 for October. Fox Funding Group, LLC, a secured creditor, will be granted a replacement lien on post-petition assets as adequate protection, with the same validity, priority and extent. In addition, the Debtor was ordered to make monthly payments of $4,900 to Fox, $1,033.84 to Ally Financial, and $587.91 to Stellantis Financial. The Debtor's use of cash collateral is conditioned on paying those who provided labor, preferred service, materials, machinery, fixtures or tools under A.R.S. Section 33-1005. The final hearing is scheduled for October 30. Objections are due by October 22. About Lavender Landscape Design Co. LLC Lavender Landscape Design Co. LLC, based in Tempe, Arizona, provides luxury landscape architecture, design, and construction services for residential clients, offering features such as 3D renderings, custom fire pits, water features, swimming pools, hardscaping, and outdoor lighting. Founded in 2019 by Haley Tew, the Company operates from a 20,000-square-foot facility and serves clients across Arizona with an emphasis on personalized, high-end outdoor environments. The firm handles both design and build phases in-house, catering to projects ranging from mid-sized renovations to multimillion-dollar estate landscapes. Lavender Landscape Design Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-07403) on August 9, 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 Madeleine C. Wanslee handles the case. The Debtor is represented by Ronald J. Ellett, Esq., at Ellett Law Offices, P.C. LEGACY DRAYAGE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Legacy Drayage, Inc., received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division to use cash collateral. The interim order authorized the Debtor to use cash collateral in accordance with its latest budget, with permitted variances of up to 20% per line item and in the aggregate, and any unused variances may carry forward to subsequent weeks. The Debtor was authorized to perform under the Invoice Purchase and Sale Agreement (IPSA) with Alterna Capital Solutions, LLC. Since Alterna refuses to continue purchasing receivables post-petition, the Debtor may sell receivables to another financing company on similar terms. As adequate protection for the use of their cash collateral, Alterna and another secured creditor, Global Merchant Cash Inc., will be granted replacement liens on the Debtor's assets, with the same validity, priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 avoidance actions. As additional protection, both creditors will receive payments and will receive superpriority administrative expense claims in case of any diminution in the value of their collateral. The final hearing is scheduled for September 16. As of the petition date, Alterna and Global were owed approximately $720,000 and $380,000, respectively. The Debtor's assets, including cash, receivables, and equipment totaled roughly $1.5 million, indicating an equity cushion of over 100% for both creditors. The Debtor's key assets as of the petition date included $151,849 in cash, $720,423 in factored receivables with Alterna, $597,071 in unfactored receivables, and $31,568 in equipment. The Debtor also noted that it had various leased vehicles and potentially valuable goodwill. About Legacy Drayage Inc. Legacy Drayage, Inc provides trucking, freight logistics, and transportation services, offering solutions such as drayage, transloading, hazardous materials handling, overweight cargo transport, and over-the-road trucking. The Company serves customers with route planning, warehousing, and logistics management, and emphasizes technology-driven operations to improve service levels and delivery efficiency. It also engages in zero-emissions trucking and logistics initiatives as part of its operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17226) on August 20, 2025. In the petition signed by Walter Umana, president and chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Barry Russell oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP, represents the Debtor as legal counsel. LG SOLAR: Seeks to Hire Accurate Tax & Services as Accountant ------------------------------------------------------------- LG Solar, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Accurate Tax & Services LLC as accountant. The Debtor requires an accountant to prepare its monthly operating reports and tax returns, and provide other accounting services. The firm will charge these rates: Monthly Accounting/Bookkeeping $425 Monthly Payroll $125 Quarterly Reports $250 2025 Tax Return Services $1,350 Martha Robles, a certified public accountant at Accurate Tax & Bookkeeping Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Martha Robles Accurate Tax & Services LLC 2858 N Belt Line Rd Ste 500 Sunnyvale, TX 75182-9303 Phone: (972) 661-1061 About LG Solar, LLC LG Solar, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33315) on August 28, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Scott W Everett presides over the case. Robert Lane, Esq. at The Lane Law Firm PLLC represents the Debtor as counsel. LG SOLAR: Seeks to Hire The Lane Law Firm as Bankruptcy Counsel --------------------------------------------------------------- LG Solar, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire The Lane Law Firm, PLLC as 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 its 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 the Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm will be paid at these hourly rates: Robert Lane, Attorney $650 Joshua Gordon, Senior Associate $625 Zach Casas, Attorney $575 Kyle Garza, Attorney $450 Grant Bullwinkel, Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received multiple payments from Debtor totaling $35,000. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About LG Solar, LLC LG Solar, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33315) on August 28, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Scott W Everett presides over the case. Robert Lane, Esq. at The Lane Law Firm PLLC represents the Debtor as counsel. LIGHT & WONDER: S&P Rates $1.0BB Senior Unsecured Notes 'B+' ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating and '5' recovery rating to Light & Wonder Inc.'s $1.0 billion senior unsecured notes due 2033. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 10%) recovery for noteholders in the event of a payment default. Subsidiary Light & Wonder International Inc. will issue the new notes. The company will use proceeds from the notes issuance to repay all outstanding revolver borrowings (approximately $190 million as of Sept. 10, 2025), redeem its existing $700 million 7% senior unsecured notes due 2028, add cash to the balance sheet, and pay fees and expenses. The proposed refinancing is largely leverage neutral, although it improves the company's maturity profile. In its recovery analysis, S&P assumes the company's revolver is 85% drawn at the time of default. Therefore, despite the repayment of revolver borrowings, the proposed issuance increases debt outstanding in our simulated default scenario. The higher level of unsecured debt assumed to be outstanding at default modestly lowers unsecured recovery prospects, but not enough to change its '5' recovery rating on Light & Wonder's unsecured debt. All S&P's other ratings on the company are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: -- S&P said, "We assigned our 'B+' issue-level rating and '5' recovery rating to Light & Wonder's proposed $1.0 billion senior unsecured notes due 2033. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 10%) recovery for noteholders in a payment default." -- S&P's 'B+' issue-level rating and '5' recovery rating on Light & Wonder's existing senior unsecured notes are unchanged. -- S&P said, "Our 'BB' issue-level rating on Light & Wonder's $1 billion revolver, $800 million term loan A, and $2.2 billion term loan B and '2' recovery rating is also unchanged. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery for lenders in a payment default." Simulated default assumptions: -- In its simulated default, S&P contemplates a default occurring in 2029 due to a prolonged economic downturn that reduces consumer spending on gaming, decreases the company's installed base, extends the gaming equipment replacement cycle, and significantly cuts spending on new equipment. -- S&P said, "We assume Light & Wonder will reorganize under a distressed scenario, and we use a 6x multiple to value the company, which is modestly lower than the average multiple we use for the leisure industry. The lower multiple reflects the highly volatile nature of the company's product sales (due to its reliance on new casino openings and the strength or weakness of the replacement cycle), the sensitivity of consumer discretionary spending in casinos to economic conditions, and the revenue mix shift to digital gaming, which we view as more volatile and highly competitive." -- S&P assumes the $1 billion revolving credit facility is 85% drawn at the time of default. -- S&P said, "In our analysis, we assume Light & Wonder's domestic operating subsidiaries, which are guarantors of the credit facility, generate about 65% of its total revenue and that foreign subsidiaries generate about 35%. As a result, we attributed 65% ($2 billion) of the net available recovery value to domestic operating entities and 35% ($1.1 billion) to foreign operating entities." -- Under S&P's analysis, the senior secured debtholders have a priority claim against substantially all the available domestic value ($2 billion) and a priority claim against 65% ($0.7 billion) of the foreign value ($1.1 billion), which represents the value it has attributed to the foreign stock pledge. -- Total value attributable to senior secured claims is $2.8 billion. S&P estimated total first-lien senior secured claims of $3.7 billion at default, leaving a first-lien unsecured deficiency claim of about $0.9 billion. The first-lien senior credit facilities' unsecured deficiency claim and the senior unsecured notes' claim (which S&P estimates at about $2.1 billion at default) would constitute pari passu unsecured claims against the remaining $0.4 billion of recovery value, which represents the value we attribute to the 35% unpledged foreign equity. Simplified waterfall: -- Emergence EBITDA: $552 million -- EBITDA multiple: 6.0x -- Gross recovery value: $3.3 billion -- Net recovery value (after 5% administrative expenses): $3.1 billion -- Valuation split (obligor/nonobligor): 65%/35% -- Estimated secured debt claims at default: $3.7 billion -- Total value available to secured debt, including its pro rata share of value available to unsecured claims: $2.9 billion --Recovery expectations: 70%-90% (rounded estimate: 75%) -- Estimated senior unsecured claims and pari passu secured deficiency claims: $3.0 billion -- Value available to unsecured claims: $0.4 billion --Recovery expectations: 10%-30% (rounded estimate: 10%) Note: All debt amounts include six months of prepetition interest. LYNDA FAY LAYTON: Court Allows $41,500 in Attorney Fees, Costs -------------------------------------------------------------- Judge Timothy A. Barnes of the United States Bankruptcy Court for the Northern District of Illinois issues his findings of fact and conclusions of law in support of the order awarding to Gregory K. Stern, Monica C. O'Brien, Dennis E. Quaid and Rachel S. Sandler, of Gregory K. Stern, P.C., attorneys for debtor Lynda Fay Layton, for allowance of final compensation and reimbursement of costs and expenses. TOTAL FEES REQUESTED: $41,525.00 TOTAL COSTS REQUESTED: $1,738.00 TOTAL FEES REDUCED: $1,808.00 TOTAL COSTS REDUCED: $0.00 TOTAL FEES ALLOWED: $39,717.00 TOTAL COSTS ALLOWED: $1,783.00 TOTAL FEES AND COSTS ALLOWED: $41,500.00 The Debtor's Attorneys' Application for Allowance of Final Compensation and Reimbursement of Costs and Expenses is granted. Gregory K. Stern, Monica C. O'Brien, Dennis E. Quaid and Rachel S. Sandler are allowed final compensation of $39,717.00 and reimbursement of costs of $1,738.00 for services rendered. The Attorneys are authorized to apply any remaining amount of the retainer or funds previously received from the Debtor to the unpaid balance of the total fees and costs allowed. The total of disallowed amounts for lumping is $88.00. The Court may impose a ten percent penalty on entries that appear to be "lumping." The Court will reduce each entry marked as such per the penalty. The total of disallowed amounts for duplication of services is $1,720.00. The Court denies the allowance of compensation for services that duplicate those of another professional or paraprofessional. A copy of the Court's Findings of Fact and Conclusions of Law dated September 3, 2025, is available at https://urlcurt.com/u?l=xAWaCf from PacerMonitor.com. Lynda Fay Layton filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 25-05385) on April 8, 2025. The Debtor is represented by Gregory K. Stern, Monica C. O'Brien, Dennis E. Quaid and Rachel S. Sandler. Judge Timothy A. Barnes handles the case. MATADOOR RESTAURANT: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Matadoor Restaurant Group, LLC. 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. Case No. 25-02698) on July 15, 2025. In its petition, the Debtor reported estimated assts and liabilities between $1 million and $10 million. The Debtor is represented by: Christine E. Brimm, Esq. Barton Brimm, PA Tel: 803-256-6582 Email: cbrimm@bartonbrimm.com MAVERICK RESTAURANT: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Maverick Restaurant Group, LLC. About Maverick Restaurant Group LLC Maverick Restaurant Group, LLC operates a portfolio of restaurant brands including Red Door Pizza and Red Door Sandwich, with its base of operations in Greenville, South Carolina. The company is affiliated with Red Door Brands, which manages multiple fast-casual and quick-service dining concepts across the Southeastern United States. Maverick Restaurant Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C Case No. 25-02699) on July 15, 2025, listing between $1 million and $10 million in assts and liabilities. The petition was signed by Argus Wiley as manager. The Debtor is represented by: Christine E. Brimm, Esq. Barton Brimm, PA Tel: 803-256-6582 Email: cbrimm@bartonbrimm.com MEMPHIS MADE: Seeks to Hire Toni Campbell Parker as Legal Counsel ----------------------------------------------------------------- Memphis Made Brewing, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Toni Campbell Parker, Esq., an attorney practicing in Memphis, Tenn., to handle its Chapter 11 case. The attorney will be billed at $400 per hour and paralegal will be billed at $100 per hour. The firm has received a $10,000 retainer. Mr. Parker disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Toni Campbell Parker, Esq. 45 North Bb King Blvd., Ste. 201 Memphis, TN 38103 Tel: (901) 483-1020 Email: Tparker002@att.net About Memphis Made Brewing Company Memphis Made Brewing Company, LLC operates a small-batch craft brewery and taproom in downtown Memphis, Tennessee. It produces a variety of beers that are distributed locally to restaurants, bars, and retail establishments across the Memphis area. Memphis Made Brewing Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-23931) on August 7, 2025, with $1 million to $10 million in assets and liabilities. Andrew Ashby, vice president, signed the petition. Judge M Ruthie Hagan presides over the case. Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell Parker represents the Debtor as bankruptcy counsel. Guaranty Bank and Trust Company, as lender, is represented by: R. Lee Webber, Esq. Martin, Tate, Morrow & Marston, PC 6410 Poplar Avenue, Suite 900 Memphis, TN 38119 Telephone: (901) 522-9000 Facsimile: (901) 527-3746 E-mail: lwebber@martintate.com METROPOLITAN LIGHTING: Sec. 341(a) Meeting of Creditors on Oct. 10 ------------------------------------------------------------------ On September 8, 2025, Metropolitan Lighting Co. Inc. filed Chapter 11 protection in the Eastern District of Virginia. According to court filing, the Debtor reports $1,099,100 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 10, 2025 at 01:00 PM at ALX division (11): Office of the U.S. Trustee, Telephonic meeting. About Metropolitan Lighting Co. Inc. Metropolitan Lighting Co. Inc. is a lighting design firm that provides planning, design, and custom fixture development for a range of environments. The Company works with owners, architects, and contractors to create lighting systems for offices, restaurants, hotels, retail spaces, residences, and churches, and also offers fixture preservation and restoration services. Its expertise spans from pre-construction budgeting to the rejuvenation of existing fixtures, with a portfolio that includes both commercial and residential projects. Metropolitan Lighting Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11857) on September 8, 2025. In its petition, the Debtor reports total assets of $319,919 and total liabilities of $1,099,100. The Debtor is represented by Richard G. Hall, Esq. at RICHARD HALL. MICHAEL ERICH HOFMANN: Court Distributes Partition Sales Proceeds ----------------------------------------------------------------- Judge Ronald H. Sargis of the United States Bankruptcy Court for the Eastern District of California distributed the proceeds from the sale of a residence property in Valley Home, California in the bankruptcy case of Michael Erich Hofmann. Before the Court are the following motions: 1. MOTION FOR ORDER DISTRIBUTING FUNDS FROM SALE OF RESIDENCE, FILED IN BANKRUPTCY CASE 23-90111, DCN: DB-2 AND 2. MOTION FOR SUMMARY JUDGMENT FILED IN ADVERSARY PROCEEDING 23-9006, DCN: BSH-1 Through the Subchapter V Bankruptcy Case filed by Debtor Michael Hofmann, 23-90111, and related Adversary Proceedings, 23-09006, which is the removed California Superior Court Action, for Stanislaus County, Michael Hofmann v. Sharon Hofmann et al, Case No. 2200623, (the "State Court Partition Action"), this Court has been given the responsibility to enforce the Second Amended Partition Judgment entered in the State Court Partition Action. Debtor and Gary Hofmann and Sharon Hofmann (the "Petitioners"), as provided in the Confirmed Subchapter V Plan and Confirmation Order; have presented the Court with counter motions for the distribution of the Partition Sales Proceeds from the Court ordered sale (the "Partition Sale") of the real property commonly known as 13330 Valley Home Road, Valley Home, California (the "Residence Property") in this Bankruptcy Case. The proceeds from the Partition Sale total $406,241.01 (the "Partition Sales Proceeds") and are being held by the Subchapter V Trustee pending this court's ruling on the two Motions. The Second Amended Partition Judgment determined that the Debtor had an 8.333% interest in the Residence Property and the Petitioners each had a 45.833% (for a combined 91.666%) interest in the Residence Property. Following the entry of the Second Amended Partition Judgment, the Debtor, who resided in and controlled the Residence Property, was "unable" to sell the Residence Property and have the Partition Sales Proceeds disbursed as ordered by the State Court. Then, on the eve of the State Court taking action to enforce the Second Amended Partition Judgment, the Debtor filed this Bankruptcy Case. The Second Amended Partition Judgment In the Second Amended Partition Judgment, the State Court Judge determines that the Residence Property cannot be partitioned in kind, but must be sold and the proceeds thereof be "partitioned" between the owners. The Second Amended Partition Judgment first determines the percentage ownership interests of the Debtor and Petitioners in the Residence Property itself. The Second Amended Partition Judgment then continues, determining specific credits and surcharges that the Debtor and Petitioners have as part of the Second Amended Partition Judgment in determining the partition of the proceeds from the sale of the Residence Property. Thus, the first credits that Debtor and Petitioners have for division of the proceeds from the sale of the Residence Property are for their percentage ownership in the Residence Property. The Second Amended Partition Judgment then continues to determine additional credits for and surcharges against the Debtor and Petitioners in determining the partition of the proceeds from the sale of the Residence Property. The Second Amended Partition Judgment goes further beyond the partition of the sales proceeds and allowances of credits and the surcharge, and awards Petitioners attorney's fees and costs of $122,395.71 and $10,485.00, respectively. These attorney's fees and costs are not designated as a credit or surcharge. The Second Amended Partition Judgment then totals the surcharge, attorney's fees, and costs to compute the total monetary judgment of what Debtor owes Petitioners, totaling $223,457.62. When the Second Amended Partition Judgment was entered on Jan. 21, 2022, the Residence Property had not yet been sold, and the application of the credits and surcharges could not be computed to determine whether what, if any, monetary obligation remains after distributing proceeds from the sale of the Residence Property. By the plain language of the Second Amended Partition Judgment, Debtor will be allowed a credit of $142,122, so long as "he," the Debtor, does not remove them. In this Bankruptcy Case the Debtor did not remove the grain tanks from the Residence Property. Rather, it was the Subchapter V Trustee, who was granted possession and sole control over the Residence Property as part of the Bankruptcy Estate, who removed the grain tanks. According to the Court, reading the plain language of the Second Amended Partition Judgment, it is the Debtor whose credit would be reduced if he, the Debtor, removes the grain tanks. No reference is made to a successor in interest or a Subchapter V Trustee under operation of Federal Law taking control of property of a bankruptcy estate and making decisions concerning the property without regard to the desires of the Debtor in Possession. Relief Sought by Petitioners In their Motion, Petitioners assert the right to 100% of the Partition Sale Proceeds. They argue that their credits and the surcharges against the Debtor exhaust any value in the Partition Sale Proceeds that the Debtor may claim. Relief Sought by Debtor Debtor's request for Disbursement of the Partition Sale Proceeds is based on an analysis that the credits are first disbursed, and that any surcharge amount has been reduced to a monetary judgment, which obligation is asserted to have been discharged. Debtor lays out the grounds for this in the Points and Authorities he has file. He asserts that there cannot be a setoff or recoupment for the surcharge amount since it was made part of the Second Amended Partition Judgment. Petitioners assert the right to all of the Partition Sale Proceeds from the sale, stating that there are mutual debts to be offset. What they assert is that the surcharges against Debtor's interests are personal obligations owed to each of them. However, that does not obviate the need to follow the Second Amended Partition Judgment and apply the credits (which includes the portion of the proceeds based on the ownership interest in the Residence Property itself) and surcharges to compute the distribution of the Partition Sale Proceeds. As Petitioners assert, Debtor failed and refused to execute deeds or to distribute the trust assets to them. Petitioners assert that pursuant to 11 U.S.C. Sec. 553 they can exercise the right of offset on the mutual debts between the Debtor and Petitioners. They argue that since there are surcharges and credits that must be applied, there are mutual obligations owed between the Petitioners. Additionally, they assert that these include the attorney's fees and costs awarded them against the Debtor. Petitioners cite to 11 U.S.C. Sec. 553 in asserting the right that any interests of Debtor in the Partition Sales Proceeds from the sale of the Residence Property may be offset against any obligations owed by the Debtor to Petitioners. Request for Post-Judgment Credits As part of the Motion, Petitioners request a credit for the post-judgment property taxes for the years 2020 through 2025. This credit was not awarded in the Second Amended Partition Judgment because the property taxes were paid post-judgment while Debtor continued to reside in the Residence. The Court allows as an additional credit the sum of $13,238.40 for Petitioners for payment of the Residence Property Taxes for the 2019-2020 through 2024-2025 tax years Post-Judgment Underground Tank Remediation Gary Hofmann testifies that he paid $11,145.96 to remove and remediate the underground storage tank on the Residence so that it could be sold. In this case, the Court finds that the expense of $11,145.96 for the remediation was a necessary expense that was paid by Petitioners, and led to the Residence Property being sold by the Subchapter V Trustee. The Court awards a credit in the amount of $11,145.96 to Petitioners for improving the Residence Property and removing the underground tanks. Request for Additional Surcharge by Petitioners Sharon Hofmann and Gary Hofmann In their Motion for the Distribution of the Partition Sales Proceeds, Petitioners request that this Court allow them additional credits as part of the distribution computation. The additional amounts they seek to "recover" are $59,000.00 for rent (which would actually be in the nature of a surcharge under the Second Amended Partition Judgment) post-judgment, and $27,684.36 for insurance, taxes, and improvements paid post-judgment. Petitioners assert that the Debtor owes at least $59,000.00 for rent during the period from May 2019 through April 2024. The Court first notes that Debtor commenced his Bankruptcy Case on March 20, 2023. Thus, as of March 2023, the Residence Property was property of the Bankruptcy Estate, which was then under the control of the Debtor, serving in his fiduciary capacity as the Debtor in Possession. With the Residence Property becoming property of the Bankruptcy Estate March 20, 2023, the Court concludes that the exceptions to the normal cotenant rule are not applicable. Once it becomes property of the Bankruptcy Estate, the fiduciary thereof had to take control of and protect such property. For the period of May 2019 through February 2023, the Court concludes that while it may have been unsettling to Petitioners that Debtor, as the Trustee of the Eric Hofmann Trust, was continuing to reside in and occupy the Residence Property, the Court does not award a further surcharge for this time spent occupying the Residence. Though the Debtor continued to use the State Court to litigate his dispute and delay the ultimate sale of the Residence Property and the Farm Property, it was as part of that post-Second Amended Partition Judgment Litigation. Debtor has argued that because there is a confirmed Subchapter V Plan in this Case and that Subchapter V Plan was premised on Petitioners having filed Proof of Claim 12-1 for a $334,038.37 unsecured claim based upon the Second Amended Partition Judgment, that forecloses the Court in applying the surcharge against Partition Sale Proceeds in dividing those proceeds between Debtor and Petitioners. The Court disagrees. Debtor's contention that the confirmation of the Subchapter V Plan locked the Petitioners into a determination of the distribution of the Partition Sale Proceeds based on Proof of Claim 12-1 and that the Court could not consider the application of a surcharge in determining the partition of the Partition Sale Proceeds is without merit, such limitations having been expressly stricken from the Subchapter V Plan. For the surcharge, the $121,450.14 is deducted from Debtor's side of the balance sheet and added to Petitioners. Therefore, the entire surcharge for rent and applicable interest is assessed against Debtor's credit and awarded in favor of Petitioners. Therefore, credits and surcharges total $178,566.24, which is first distributed from Partition Sale Proceeds. That leaves $227,674.77 of the Partition Sale Proceeds for this Court to partition between the Debtor and Petitioners. In addition to the above distribution, Walter Dahl, the Subchapter V Trustee shall distribute all interest that will have accrued on the $406,241.01 in Partition Sale Proceeds to Michael Hofmann, the Debtor. A copy of the Court's Order is available at https://urlcurt.com/u?l=kfNgd4 Michael Erich Hofmann filed for Chapter 11 bankruptcy protection (Bankr. E.D. Cal. Case No. 23-90111) on March 20, 2023, listing under $1 million in both assets and liabilities. The Debtor is represented by Brian S. Haddix, Esq. MID-COLORADO INVESTMENT: Hires Plummer Assoc. as Water Consultant ----------------------------------------------------------------- Mid-Colorado Investment Company, Inc seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Plummer Associates, Inc. as water consultant. The firm will render these services: (a) provide general professional engineering services; and (b) assist with water-rate setting, including evaluating system costs, estimating user rates, analyzing rate structures, and conducting a comparison of water rates charged by similar nearby systems to support the Debtor's pricing for water delivered to the Sage Water Users Association. The Plummer consultants who will work on this case are primarily Brett W. Gracely and Kelly Fearney, P.E., whose respective hourly billing rates are $300 and $400. As disclosed in the court filings, Plummer is a "disinterested person," as defined under Bankruptcy Code Sec. 101(14). The firm can be reached through: Brett W. Gracely Kelly Fearney Plummer Associates, Inc. 1221 Auraria Parkway Denver, CO 80204 Tel: (303) 300-3464 About Mid-Colorado Investment Company, Inc. Mid-Colorado Investment Company provides bulk water services to a community in El Paso County and operates a small cattle ranch. Mid-Colorado Investment Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-11742) on March 31, 2025, listing up to $10 million in assets and up to $50,000 in liabilities. Charles A. Hagedorn, president and treasurer of Mid-Colorado Investment Company, signed the petition. Judge Joseph G. Rosania, Jr. oversees the case. The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods, PC as bankruptcy counsel and Hackstaff Snow Atkinson & Griess, LLC as special counsel. MILLROSE PROPERTIES: Moody's Rates New $500MM Unsecured Notes 'Ba3' ------------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Millrose Properties, Inc.'s (Millrose) proposed $500 million senior unsecured notes due 2032. Millrose's other ratings, including its Ba2 Corporate Family Rating, and stable outlook remain unchanged. The proceeds of the new notes offering will be used to repay the $500 million outstanding balance on the company's delayed draw term loan (unrated) due June 2026. The transaction will be leverage neutral while laddering the company's debt maturities. RATINGS RATIONALE Millrose's Ba2 Corporate Family Rating benefits from the structural strengths of its option contracts, which include non-refundable deposits, predictable takedown schedules, asset pooling, and high termination fees that discourage homebuilders from terminating agreements. Even if a builder walks away, they must complete the agreed land development, offering further protection. Millrose benefits from a strategic relationship with Lennar Corporation (Baa2 positive), supporting stable cash flows but also creating customer concentration risk. Millrose faces challenges due to its short operating history as a standalone public company in a cyclical industry. Economic downturns may prompt homebuilders to renegotiate or terminate contracts, potentially forcing Millrose to hold or sell land at a discount. Its reliance on public capital markets for growth also limits financial flexibility during weaker periods. Additional rating considerations include the countercyclical nature of its cash flows and the involvement of Kennedy Lewis as external manager, though the short three-year management contract introduces uncertainty. Millrose's future success depends on diversifying its customer base and maintaining access to cost-effective capital. Millrose's proposed and existing senior unsecured notes are junior in claim to the company's $1.335 billion senior unsecured revolving credit facility. The Ba3 ratings assigned to the senior unsecured notes, one notch below the Ba2 CFR, results from their subordination to the company's revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if the company demonstrates a consistent operating track record through cycles, improves customer diversification, maintains good liquidity – as supported by robust free cash flow before dividends – and sustains debt-to-book capitalization ratio below 35% and EBIT-to-interest coverage above 7.0x during various industry cycles. The rating could be downgraded if the company's gross margins and liquidity profile deteriorate significantly, revenues drop meaningfully and impairments expand, debt-to-book capitalization leverage is sustained above 45% and EBIT-to-interest coverage below 6.0x, or if the company shifts to a more aggressive financial policy. The principal methodology used in this rating was Homebuilding And Property Development published in October 2022. Millrose Properties, Inc., headquartered in Miami, Florida, is a land banker providing operational and capital solutions for home builders and land development companies to finance the acquisition and development of land assets. Millrose acquires land subject to executed option contracts and development agreements with the homebuilder. When land is sold it is based on a pre-agreed takedown schedule. MISSION MEDICAL: Section 341(a) Meeting of Creditors on October 7 ----------------------------------------------------------------- On September 9, 2025, Mission Medical Investors LLC filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors Section 341(a) to be held on October 7, 2025 at 09:30 AM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About Mission Medical Investors LLC 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. Mission Medical Investors LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17926) on September 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Gary E. Klausner, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. MMEX RESOURCES: Issues 9.1B Shares to Settle Consultant Obligations ------------------------------------------------------------------- As previously disclosed, MMEX Resources Corporation has entered into agreements with key consultants to provide necessary services and expertise for the development of the Company's proposed projects. The Company has agreed to issue shares of its common stock to the consultants in lieu of cash compensation in order to conserve working capital and to align the interests of the consultants with those of its shareholders. The consultants include parties related to the Company's two directors, Jack W. Hanks and Bruce N. Lemons. MMEX Resources has been unable to issue the shares earned by the consultants due to a lack of available authorized shares of its common stock. Effective August 26, 2025, the Company issued an aggregate of 8,025,000,000 shares of common stock and effective September 2, 2025, an aggregate 1,114,749,216 shares of common stock to the consultants in order to satisfy a portion of the past due obligations to issue shares or upon conversion of convertible notes previously issued to the consultants. The issuance of common stock described in this Item 3.02 were not registered under the Securities Act of 1933, as amended, or any state securities laws in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act and Regulation D promulgated thereunder About MMEX Since 2016, the focus of MMEX Resources Corporation's business has been to build crude oil distillation units and refining facilities (CDUs) in the Permian Basin in West Texas. The Company revised its business plan in 2021 to move MMEX to clean energy production, leveraging its history, management and business relationships from the traditional energy sector. Since 2021 MMEX has expanded its focus to the development, financing, construction and operation of clean fuels infrastructure projects powered by renewable energy. The Company has formed three special purpose entities of the Company - one to transition from legacy refining transportation fuels by producing them as ultra clean fuels with carbon capture, a second which plans to produce blue hydrogen from natural gas and utilize the hydrogen to produce electric power and a third which plans to produce green hydrogen converted to green ammonia in the United States and internationally. These three sub-divisions will be operating respectively as Pecos Clean Fuels & Transport, LLC, Trans Permian H2Hub, LLC and Hydrogen Global, LLC. The planned projects are designed to be powered by solar and wind renewable energy. Through April 30, 2024, the Company has had no revenues and has reported continuing losses from operations. Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2013, issued a "going concern" qualification in its report dated July 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has recurring net losses, working capital deficit, and stockholders' deficit, which raises substantial doubt about its ability to continue as a going concern. As of April 30, 2025, the Company had $1,013,094 in total assets, $6,995,979 in total liabilities, and $5,982,885 in total stockholders' deficit. MOBIVITY HOLDINGS: Reports $2.71 Million Net Loss in Fiscal Q2 -------------------------------------------------------------- Mobivity Holdings Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.71 million for the three months ended June 30, 2025, compared to a net loss of $2.52 million for the three months ended June 30, 2024. Total revenue for the three months ended June 30, 2025, was $939,535, compared to a revenue of $374,136 for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net loss of $5.30 million, compared to a net loss of $4.77 million for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $1.45 million, compared to a revenue of $673,372 for the same period in 2024. As of June 30, 2025, the Company had $1.33 million in total assets, $22.62 million in total liabilities, and $21.29 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4am9s87d About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. MODIVCARE INC: Shareholder Ends Cash Flow Suit Against Former Execs ------------------------------------------------------------------- Gillian R. Brassil of Bloomberg Law reports that management at ModivCare Inc. escaped a shareholder lawsuit alleging they concealed weakening contracts in the company's non-emergency medical transportation segment that were cutting into its free cash flow. On Wednesday, September 10, 2025, shareholder Zane Whitfield filed a joint stipulation with current and former executives and directors in the U.S. District Court for the District of Colorado to dismiss his derivative complaint, the report relates. ModivCare sought Chapter 11 protection in August 2025. About ModivCare ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MURPHDOG LLC: Available Cash & Accounts Receivable to Fund Plan --------------------------------------------------------------- MurphDog LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a First Plan of Reorganization dated September 3, 2025. The Debtor is a Georgia limited liability company. The Debtor was engaged in the business of brewing and canning beer, and distilling spirits, which were offered for sale at its brewery/bar location and also (in the case of beer) through sales of canned beer offsite. The Debtor experienced declining sales following the COVID-19 pandemic, as the large number of microbreweries or craft breweries experienced a drop in consumption. Debtor attempted to reorganize, prepetition, by exploring various methods to increase revenue, including by adding additional product lines, and also by seeking additional investors. Those efforts were not successful in staving off bankruptcy, as Debtor was unable to pay rent and its landlord commenced a dispossessory action prepetition. The Debtor filed bankruptcy to protect its assets from a pending eviction action so that there could be some recovery for creditors. After filing bankruptcy, Debtor made a motion to sell its assets through an auction as the stope that, in its business judgment, was in the best interest of its creditors. That auction would minimize expenses of disassembling moving a large amount of bear brewing equipment, and bring an end to the accrual of administrative expense rent for having the equipment remain at a leased location. The Debtor's remaining assets consist of (a) cash from the auction of brewing equipment, (b) the potential for payment by the federal government of an ERTC tax credit, and (c) the potential for payment of an old account receivable. This Plan proposes to pay creditors of Debtor from (1) cash on hand, (2) any future receipt of ERTC credit payments, and (3) any future receipt of AR. Class 3 consists of Non-priority unsecured claims, also known as general unsecured claims. Class 3 claimants are creditors who do not hold secured claims or claims entitled to priority. The Debtor will fund the Plan payments through (1) cash on hand, (2) any future receipt of ERTC credit payments, and (3) any future receipt of AR. A full-text copy of the Plan of Reorganization dated September 3, 2025 is available at https://urlcurt.com/u?l=bhm1UH from PacerMonitor.com at no charge. Counsel to the Debtor: Michael D. Robl, Esq. Maxwell W. Bowen, Esq. ROBL & BOWEN, LLC 3754 Lavista Road, Suite 250 Tucker, GA 30084 Tel: (404) 373-5153 Fax: (404) 537-1761 Email: max@roblgroup.com Email: michael@roblgroup.com About MurphDog, LLC MurphDog LLC, d/b/a Ironmonger Brewing Company, Naughty Soda, Ironmonger Brewing & Distilling, and Ironmonger Taproom + Axe Throwing, operates in Marietta, Georgia, under various trade names including Ironmonger Brewing Company, Naughty Soda, Ironmonger Brewing & Distilling, and Ironmonger Taproom + Axe Throwing. The Company is engaged in the beverage and entertainment industry, offering craft brewing, soda production, and recreational services. MurphDog LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56326) on June 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Michael D. Robl, Esq. at ROBL & BOWEN LLC. MVP GROUP: Seeks to Hire Seese P.A. as Legal Counsel ---------------------------------------------------- MVP Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire the law firm of Seese, P.A. The Debtors require legal counsel to: a. advise the Debtor regarding matters of bankruptcy law in connection with the Debtors' Chapter 11 cases; b. advise the Debtors of the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules, and U.S. Trustee Guidelines related to the daily operation of their business and administration of the estates; c. prepare legal papers; d. negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtors with implementation of the plan; e. review executory contracts and unexpired leases; f. negotiate and document any debtor-in-possession financing and exit financing; and g. Render such other services as the Debtors may require in their Chapter 11 cases. Michael Seese, Esq., is the firm's attorney who will be handling the cases. He will be compensated at $600 per hour and will be reimbursed for work-related expenses incurred. The retainer fee is $40,000. Mr. Seese disclosed in a court filing that he and his firm are "disinterested persons" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael D. Seese, Esq. Seese, P.A. 101 N.E. 3rd Avenue, Suite 1500 Ft. Lauderdale, FL 33301 Tel: (954) 745-5897 Email: mseese@seeselaw.com About MVP Group LLC MVP Group LLC is a Fort Lauderdale-headquartered distributor of commercial food service equipment. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. MVP Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20199) on August 29, 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 Scott M. Grossman handles the case. The Debtor is represented by Michael D. Seese, Esq. at SEESE, P.A. NABORS INDUSTRIES: Amends $250-Mil. Receivables Purchase Agreement ------------------------------------------------------------------ Nabors Industries Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Nabors Industries, Inc. a Delaware corporation, Nabors A.R.F., LLC, a bankruptcy remote special purpose entity organized under the laws of Delaware, Wells Fargo Bank, N.A. as administrative agent and the purchasers party thereto, entered into the Fifth Amendment to the Receivables Purchase Agreement, amending that certain Receivables Purchase Agreement dated September 13, 2019 (as amended by that certain First Amendment to the Receivables Purchase Agreement dated July 13, 2021, by that certain Second Amendment to the Receivables Purchase Agreement dated May 13, 2022, by that certain Third Amendment to the Receivables Purchase Agreement dated June 29, 2022, and by that certain Fourth Amendment to the Receivables Purchase Agreement dated April 1, 2024, the "Existing Purchase Agreement" and, as amended by the Fifth Purchase Agreement Amendment, the "Purchase Agreement"). NARF, Nabors Delaware, and certain operating subsidiaries of Nabors Industries Ltd., a Bermuda exempted company, also entered into the First Amendment and Joinder to Receivables Sale Agreement, amending and joining additional parties to that certain Receivables Sale Agreement dated September 13, 2019. Furthermore, the Company and the Administrative Agent also entered into the Amended and Restated Indemnification Agreement dated August 29, 2025 amending and restating that certain Indemnification Agreement dated September 13, 2019. The First Sale Agreement Amendment amends the Sale Agreement to, among other things, add certain subsidiaries of Parker Drilling Company, an indirect wholly-owned subsidiary of the Company, as originators. The Fifth Purchase Agreement Amendment amends the Purchase Agreement to make changes to reflect the joinder of the Additional Originators. The Fifth Purchase Agreement Amendment does not increase the Facility Limit, which remains $250 million. The A&R Indemnification Agreement revises the Existing Indemnification Agreement to guarantee the indemnification and other payments obligations of the Additional Originators to NARF, the Administrative Agent and the Purchasers (as applicable) under the Purchase Agreement and the Sale Agreement. Under the A&R Indemnification Agreement, the Company will also reimburse the Administrative Agent for all costs incurred in connection with the Administrative Agent's enforcement of the Guarantee, with such obligations to incur interest at a rate equal to the lesser of Adjusted Daily One Month Term SOFR or the maximum rate allowed by applicable law. Copies of the Fifth Purchase Agreement Amendment, the First Sale Agreement Amendment and the A&R Indemnification Agreement, of which are filed as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3, respectively, to the Report on Form 8-K, are available at https://tinyurl.com/23km7ds4 About Nabors Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. As of June 30, 2025, the Company had $5.04 billion in total assets, $3.59 billion in total liabilities, and $640.33 million in total stockholders' equity. * * * Egan-Jones Ratings Company on June 10, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Nabors Industries, Inc. NATIONAL BUILDERS: Seeks to Hire Cooney Law Offices as Counsel -------------------------------------------------------------- National Builders & Acceptance Corporation seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Cooney Law Offices LLC as legal counsel. The firm will provide these services: (a) assist in, among other things, the administration of its Estate and to represent the Debtor on matters involving legal issues that are present or are likely to arise in the case; (b) prepare any legal documentation on behalf of the Debtor; (c) review reports for legal sufficiency; (d) furnish information regarding legal actions and their resulting consequences; and (e) render all necessary legal services connected with Chapter 11 proceedings. The firm will be paid at these hourly rates: James Cooney, Attorney $425 Ryan Cooney, Attorney $400 Paul Toigo, Attorney $325 Paralegal $150 Mr. Cooney disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan J. Cooney, Esq. Cooney Law Offices LLC 223 Fourth Avenue, 4th Fl. Pittsburgh, PA 15222 Telephone: (412) 546-1234 Facsimile: (412) 546-1235 Email: rcooney@cooneylawyers.com About National Builders & Acceptance Corporation National Builders & Acceptance Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Penn. Case No. 25-22277) on August 28, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Ryan J Cooney, Esq. at Cooney Law Offices LLC represents the Debtor as counsel. NCL CORP: Moody's Rates New Senior Unsecured Notes 'B3' ------------------------------------------------------- Moody's Ratings assigned a B3 rating to the senior unsecured notes that NCL Corporation Ltd. (NCL) announced earlier. The company will use the net proceeds of the new notes plus cash on hand to redeem its $225 million 5.875% senior unsecured notes due 2026, $1 billion 5.875% senior secured notes due 2027 and its $790 million 8.125% senior secured notes due 2029 plus paid accrued interest and any fees related to the tender offers for these issues. Contemporaneously with the new notes, Moody's expects NCL will also issue new exchangeable notes, the proceeds of which will be used to retire significant amounts of its $1.15 billion 1.125% exchangeable notes due 2027 and its $473 million 2.500% exchangeable notes due 2027. The company's exchangeable notes are unrated. Moody's existing ratings assigned to NCL, including the B1 corporate family rating (CFR), Ba3 senior secured rating and B3 senior unsecured rating are unaffected by the debt issuance. The SGL-2 speculative grade liquidity rating and positive outlook are also unaffected. RATINGS RATIONALE The B1 CFR reflects the company's solid business profile balanced by somewhat elevated financial leverage. The company's brands, Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises are well-known and will continue to support growth in the customer base as aggregate demand for cruise vacations increases in upcoming years. Moody's projects debt/EBITDA below 5.0x by the end of 2026, which compares to 3.7x when the company's CFR was Ba1 at the end of 2019. Moody's expects operating margin and operating cash flow expansion as the company executes its three-year, Charting the Course strategic plan through 2026. The company will introduce larger vessels with more amenities into the fleet, promoting higher returns on invested capital, but slowing the pace of debt reduction. NCL will seek to increase customers' spending on board and on shoreside amenities like its Great Stirrup Cay and Harvest Caye properties to promote expansion in yields while seeking to limit growth in costs to below that of inflation, mainly through efficiency programs. Risks include cost inflation, demand's exposure to economic cycles, customers' competing options for land-based vacations and the industry maintaining capacity discipline in key markets. The positive outlook reflects Moody's views that demand and pricing trends will remain favorable, leading to debt/EBITDA declining below 5.0x by the end of 2026. Moody's expects NCL to maintain good liquidity. NCL had $184 million of cash and equivalents at June 30, 2025 and $2.0 billion of availability under its $2.5 billion revolving credit facility that expires in 2030. Moody's expects negative free cash flow of around $400 million and $200 million in 2025 and 2026, respectively. Deliveries of new ships in these years will weigh on free cash flow generation. However, new ships are financed with loans backed by export credit agencies (ECAs) at attractive rates. Nonetheless, Moody's projects annual operating cash flow to reach $2.5 billion in 2025 and $2.8 billion in 2026, more than covering annual amortization of the company's various vessel financings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Ratings could be upgraded if Moody's expects debt/EBITDA to be sustained below 5x and EBITA/interest expense to be sustained above 2.5x. Ratings could be downgraded if EBITDA materially declines, leading to debt/EBITDA being sustained above 6.5x. EBITA/interest approaching 1.5x could also lead to a ratings downgrade. The principal methodology used in this rating was Business and Consumer Services published in November 2021. NCL Corporation Ltd., headquartered in Miami, FL, is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. Norwegian operates 34 cruise ships with approximately 71,000 berths under three brand names; Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. Gross revenue was around $9.6 billion and net revenue around $7.0 billion for the twelve months ended June 30, 2025. NDO LLC: Seeks to Hire Luxman Law Firm as Bankruptcy Counsel ------------------------------------------------------------ NDO, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Luxman Law Firm as counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as Debtor-in-Possession in the management of its property; b. assisting the Debtor in the preparation of its statement of financial affairs, schedules, statement of executory contracts and unexpired leases, and any papers or pleadings, or any amendments thereto that the Debtor is required to file in this case; c. representing the Debtor in any proceeding that is instituted to reclaim property or obtain relief from the automatic stay imposed by Section 362 of the Bankruptcy Code or that seeks the turnover or recovery of property; d. providing assistance, advice and representation concerning the formulation, negotiation and confirmation of a Plan of Reorganization (and accompanying ancillary documents); e. providing assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtor that may be required; f. representing Debtor at hearings or matters pertaining to affairs as Debtor-In-Possession; g. prosecuting and defending litigation matters and such other matters that might arise during and related to this Chapter 11 case; h. providing counseling and representation with respect to the assumption or rejection of executory contracts and leases and other bankruptcy-related matters arising from this case; i. representing the Debtor in matters that may arise in connection with its business operations, its financial and legal affairs, its dealings with creditors and other parties-in-interest and any other matters, which may arise during the bankruptcy case; j. rendering advice with respect to the myriad of general corporate and litigation issues relating to this case; and k. performing such other legal services as may be necessary and appropriate for the efficient and economical administration of these Chapter 11 cases. The firm will be paid at these rates: Bo Luxman $300 per hour Paraprofessionals $100 per hour Bo Luxman, Esq., a partner at Luxman Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bo Luxman, Esq. Luxman Law Firm 44 N. 2nd Street, Suite 1004 Memphis, TN 38103 Tel: (901) 526-7770 Fax: (901) 526-7957 Email: Bo@luxmanlaw.com About NDO LLC NDO, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24003) on August 11, 2025, with $0 to $50,000 in assets and liabilities. Judge Denise E. Barnett presides over the case. Bo Luxman, Esq., represents the Debtor as legal counsel. NEW RITE: Claims to be Paid from Asset Sale Proceeds ---------------------------------------------------- New Rite Aid, LLC and its debtor affiliates filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Joint Chapter 11 Plan dated September 3, 2025. Rite Aid, a leading full-service pharmacy and drug store chain, has served millions of Americans since its inception in 1962, when it began as a single location discount drug store in Scranton, Pennsylvania. The Company and its advisors commenced a fulsome marketing process to solicit transaction proposals for substantially all of the Company's assets. Based on the proposals and indications of interest received, it became apparent to the Debtors that the marketing process was unlikely to yield a third-party purchaser that could facilitate an out-of-court sale transaction, and further, that an orderly, court-supervised sales process was required not only to maximize the value of the Debtors' most significant assets, its prescription files and related records (the "Pharmacy Assets"), but also to maintain the integrity of regional pharmacy systems across the country. On the Petition Date, and in furtherance of the marketing and sale process commenced prepetition, the Debtors filed a bidding procedures motion that established formal bidding procedures to govern a two-stage process for the sale of substantially all of the Debtors' assets (the "Bidding Procedures Motion"), which the Court approved. Following a robust marketing process that began prepetition and continued postpetition, as well as several auctions, each with multiple interested buyers, the Debtors entered into, and the Court approved, binding purchase agreements memorializing the sales of substantially all of the Debtors' assets, including the Pharmacy Assets of over 800 Rite Aid pharmacy locations, and the Debtors' "Thrifty Ice Cream" business and related assets (the "Thrifty Assets"). Additionally, the Debtors have monetized, and continue to monetize, the value of their front-end inventory through various "going-out-of-business" and other sales conducted in accordance with the relief granted in the Final Order (I) Authorizing the Debtors to Assume and Perform Under the Consulting Agreement, (II) Authorizing and Approving the Sale of Closing Location Assets, With Such Sales to be Free and Clear of all Liens, Claims, and Encumbrances, and (III) Granting Related Relief (the "Store Closing Order"). Upon obtaining Court approval of the Administrative Claims Procedures, the Debtors continued to engage their stakeholders in extensive discussions regarding the best path available to conclude the Chapter 11 Cases. These negotiations were ultimately successful as the Debtors, McKesson Corporation, and BoA, Wells Fargo Bank, National Association and Capital One, National Association (each in its capacity as a DIP Lender and a lender under the Prepetition FILO Facility (a "Prepetition FILO Lender"), and collectively the "Consenting Banks"), executed a restructuring support agreement (the "Restructuring Support Agreement"). The Restructuring Support Agreement memorializes the RSA Parties' agreements with respect to a plan of reorganization and related transactions (the "Global Settlement"). These transactions and settlements and include: (i) the transfer of the Reorganized Debtors' equity to McKesson in exchange for full satisfaction of any claims held by McKesson arising under section 503(b)(9) of the Bankruptcy Code (such claims, the "McKesson 503(b)(9) Claims"); (ii) McKesson's payment of $15 million of cash consideration; (iii) McKesson's agreement to the mutual releases described in the Restructuring Support Agreement; (iv) the settlement of certain litigation claims by and among McKesson and the Debtors; (v) McKesson's agreement to purchase certain pharmaceutical inventory; and (vi) the RSA Parties' agreement to the mutual releases set forth in the Plan (clauses (i) through (vi), collectively, the "Plan Transaction"). The Plan rests on the settlement of all disputes among the RSA Parties. The Global Settlement outlined in the Restructuring Support Agreement and incorporated into the Plan (to the extent applicable) contemplates that the applicable RSA Parties will, among other things: (i) consummate the McKesson Inventory Sales, (ii) implement the Litigation Stay; (iii) consent to accepting certain treatment in respect of their claims; (iv) agree to the mutual releases described in the Plan; (v) pay $15 million in cash consideration; and (vi) support and vote in favor of the Plan. Class 4 consists of all General Unsecured Claims, including Deficiency Claims. Pursuant to section 506(a) of the Bankruptcy Code, all 1.5L Notes Claims, 3L Notes Claims, and McKesson Secured Claims are Deficiency Claims, and shall be treated in accordance with Article III.B.4 of the Plan (excluding, for the avoidance of doubt, any Deficiency Claim held by McKesson which is a McKesson 503(b)(9) Claim). General Unsecured Claims shall be discharged, cancelled, released, and extinguished without any distribution to Holders of such Claims. Class 4 is Impaired under the Plan. Holders of Allowed General Unsecured Claims are conclusively deemed to have rejected the Plan. Therefore, Holders of General Unsecured Claims are not entitled to vote to accept or reject the Plan. As of the date hereof, the Debtors have entered into agreements to sell, or have consummated the sales of, substantially all of their assets. At this stage, Rite Aid intends to carry out four primary directives: (i) consummating sales agreed to in the course of the Chapter 11 Cases, including the McKesson Inventory Sales; (ii) overseeing and executing monetization efforts in respect of those Remaining Assets that remain in the Debtors' estates; (iii) managing and winding down the Wind-Down Debtors; and (iv) implementing the Plan Transaction. The Plan provides for, among other things, the distribution of the Debtors' Distributable Assets after the completion of the transactions described therein. For purposes of determining whether the Plan meets this feasibility requirement, the Debtors have analyzed their ability to meet their obligations under the Plan. The Plan contemplates and requires appropriate reserves for payment of certain administrative and priority Claims, and mechanisms for consummation of distributions to all Holders of Claims entitled to them. The Debtors, with the assistance of their advisors, will file the Wind-Down Budget with the Plan Supplement, which will provide for the activities and expenses to be incurred by the Wind-Down Debtors pursuant to the Plan, including, for the avoidance of doubt, all Statutory Fees relating to any of the Debtors or their Chapter 11 Cases, and other amounts necessary to fund the Administrative/Priority Claims Reserve, the Professional Fee Escrow Amount, and the Wind-Down Reserve. A full-text copy of the Disclosure Statement dated September 3, 2025 is available at https://urlcurt.com/u?l=aE70Gf from Kroll Restructuring Administration LLC, claims agent. Co-Counsel for the Debtors: Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. Seth Van Aalten, Esq. COLE SCHOTZ P.C. 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com svanaalten@coleschotz.com - and - Andrew N. Rosenberg, Esq. Alice Belisle Eaton, Esq. Christopher Hopkins, Esq. Sean A. Mitchell, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, New York 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: arosenberg@paulweiss.com aeaton@paulweiss.com chopkins@paulweiss.com smitchell@paulweiss.com About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. NOW SOLUTIONS: Section 341(a) Meeting of Creditors on Oct. 15 ------------------------------------------------------------- On September 7, 2025, NOW Solutions Inc. filed Chapter 11 protection in the Eastern 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. A meeting of creditors under Section 341(a) to be held on October 15, 2025 at 02:30 PM via Telephonic Dial-In Information. About NOW Solutions Inc. NOW Solutions Inc. provides human resources management systems (HRMS) and payroll software solutions, serving clients across education, healthcare, technology, insurance, manufacturing, public sector, retail, and transportation industries. Its primary product, emPath, is a web-based platform integrating HR and payroll functions, including employee self-service, performance reviews, and benefits tracking. The Company operates in the U.S. and Canada. NOW Solutions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42648) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Brandon Tittle, Esq. at TITTLE LAW FIRM, PLLC. ARMANINO LLP is the Debtor's Financial Advisor. NUMALE CORP: Trustee Taps RubinBrown LLP as Accountant ------------------------------------------------------ Michael Carmel, the Chapter 11 Trustee of Numale Corporation and its affiliates, seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ RubinBrown, LLP as accounting professionals. The firm will prepare the federal tax returns for the Debtors for calendar year 2024, and assist with annual tax compliance requirements and provide related tax consultation services. The firm will bill these hourly rates: Partner $325 to $675 Manager $275 to $500 Senior Accountant $225 to $275 Staff Accountant $150 to $225 Administrative $160 Thomas Butterfield, a partner at RubinBrown, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas Butterfield, CPA RubinBrown, LLP 10801 W Charleston Blvd, Suite 300 Las Vegas, NV, 89135 Tel: (702) 579-7035 Email: thomas.butterfield@rubinbrown.com About Numale Corporation Numale Corporation and six affiliates filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 25-10341) on January 22, 2025. At the time of the filing, Numale reported up to $50,000 in both assets and liabilities. Judge Natalie M. Cox oversees the cases. The Debtors are represented by David A. Riggi, Esq., at Riggi Law Firm. NUMERICAL CONCEPTS: Hires Kroger Gardis & Regas LLP as Counsel -------------------------------------------------------------- Numerical Concepts Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Kroger Gardis & Regas, LLP as counsel. The firm will render these services: a) prepare filings and applications and conducting examinations necessary to the administration of this matter; b) advise regarding Debtor's rights, duties, and obligations as debtor-in-possession; c) perform legal services associated with and necessary to the day-today operations of the business, including, but not limited to, institution and prosecution of necessary legal proceedings, loan restructuring, and general business and corporate legal advice and assistance, all of which are necessary to the proper preservation and administration of the estate; d) negotiate, prepare, confirm, and consummate a plan of liquidation; and e) take any and all other necessary action incident to the proper preservation and administration of the estate in the conduct of Debtor's business. The firm will be paid at these rates: Harley K. Means, Partner $425 per hour Weston E. Overturf, Partner $425 per hour Kevin D. Koons, Partner $425 per hour Jason T. Mizzell, Associate $360 per hour Anthony T. Carreri, Associate $360 per hour Kimberly Whigham, Paralegal $195 per hour Deidre Gastenveld, Paralegal $195 per hour Kenyatta Peerman, Paralegal $175 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Kroger received a retainer in the amount of $10,000. Jason Mizzell, Esq., a partner at Kroger Gardis & Regas, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jason T. Mizzell, Esq. Kroger Gardis & Regas, LLP 111 Monument Circle, Suite 900 Indianapolis, IN 46204 Tel: (317) 777-7434 Email: jtm@kgrlaw.com About Numerical Concepts Inc. Numerical Concepts Inc. is a woman-owned manufacturer established in 1973, specializing in the design and fabrication of both custom-built machines and individual components for various industries worldwide. Operating from a 78,000-square-foot facility, the Company offers comprehensive services including machining, assembly, inspection, and testing with minimal subcontracting. Leveraging over 450 years of combined management and machinist experience, Numerical Concepts serves as a one-stop provider of complex equipment and parts with a focus on quality and customer satisfaction. Numerical Concepts Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-80405) on August 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor is represented by Jason T. Mizzell, Esq. at KROGER, GARDIS & REGAS, LLP. OAKTREE OCALA: Seeks to Hire Leshkowitz & Company as Accountant --------------------------------------------------------------- Oaktree Ocala JV, LLC and ASAP Highline Ocala, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Leshkowitz & Company LLP as accountants. The firm's services include: (a) analyzing the financial history of the Debtors; (b) assisting the Debtors with or preparing an analysis of all assets and liabilities; (c) attending meetings and conferring with representatives of the Debtors; (d) preparing federal, state and local tax returns; (e) assisting the Debtors with or preparing monthly operating reports; (f) assisting the Debtors with or preparing projections and other analyses necessary to prepare a plan of reorganization; (g) analyzing transactions and identifying potential preferential transfers, fraudulent conveyances, and/or other potential claims or causes of action; and (h) performing such other services that the Debtors and their counsel may deem necessary in these Chapter 11 cases. Leshkowitz’s hourly rates are: Partners $595 to $950 Managers $475 to $650 Senior Staff $350 to $425 Junior Staff $225 to $335 The Debtors provided Leshkowitz with a $20,000 retainer in respect of prepetition and postpetition fees. Joshua Weichselbaum, a partner of Leshkowitz, assured the court that Leshkowitz does not hold or represent any interest adverse to the Debtors' estates, and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Joshua Weichselbaum Leshkowitz & Company LLP 45 Broadway New York, NY 10006 Tel: (212) 532-5550 Email: inquiries@leshkowitz.com About Oaktree Ocala JV LLC Oaktree Ocala JV, LLC is a real estate lessor operating under NAICS code 5311. It is based in Suffern, N.Y., with apparent operations in Ocala, Florida. It operates as a joint venture in the real estate leasing sector. Oaktree Ocala JV and ASAP Highline Ocala, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-22701) on July 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor is represented by Kenneth M. Lewis, Esq., at Paul M. Nussbau, Esq. OMNICARE INC: Hires Alvarez & Marsal to Help w/ Operations ---------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Omnicare Inc., a CVS unit, is working with Alvarez & Marsal Inc. on operational and liquidity matters after a court ordered the pharmacy-services firm and its parent, CVS Health, to pay $949 million in a drug-fraud case, according to people with knowledge of the talks. CVS offered no comment, and Alvarez did not respond to messages, according to the report. The judgment traces back to a 2015 whistleblower lawsuit filed by ex-Omnicare pharmacist Uri Bassan, which the government joined in 2019, accusing Omnicare of improperly filling prescriptions for long-term care patients. About Omnicare Inc. Omnicare is a pharmaceutical distribution company. ONDAS HOLDINGS: Launches $150M Ondas Capital for Defense Systems ---------------------------------------------------------------- Ondas Holdings Inc. announced the launch of Ondas Capital, a new business unit focused on accelerating the global deployment of unmanned and autonomous systems to Allied defense and security markets. The Company also announced that James Acuna, who recently joined the Ondas Autonomous Systems Advisory Board, will lead the investment program for the Ondas Capital business unit. Ondas Capital will combine advisory services with direct investment to support rapid scaling of mature and combat-proven defense technologies. The unit will initially emphasize activity in Eastern Europe, with a particular focus on Ukraine, and build bridges to Allied markets in the United States and Europe. Ondas expects to deploy at least $150 million to this initiative over the next two years, with investments expected to begin in the fourth quarter of 2025. "Ondas Capital represents an important evolution of our business model," said Eric Brock, Chairman and CEO of Ondas Holdings. "We are creating new financial and operating structures aimed to rapidly scale critical defense and security capabilities globally. We believe our ability to bring in exceptional leaders like James Acuna, combined with the broader Ondas team and coalition, ensures that we can accelerate market development while meeting the critical requirement to localize these efforts. This strategy is designed to drive significant value creation for customers, governments, partners, and shareholders alike." Ondas Capital will target investments in unmanned aerial and ground robotics, advanced simulation, and AI solutions for autonomous operations, applying lessons from modern battlefields in Ukraine and beyond. The advisory services platform will also be available to companies outside the investment portfolio, providing independent expertise to strengthen innovation, operations, and market positioning. "In recent years, we have witnessed a rapid acceleration of new technologies that are changing the way militaries project power, secure borders, and protect critical infrastructure," said James Acuna. "We believe there is an urgent need to scale how these next-generation capabilities are delivered to Allied nations. Through Ondas Capital, we intend to identify leading platform technologies and talent and provide both the capital and operational expertise to accelerate growth across global markets for the benefit of governments, citizens, and investors." In addition to its U.S. operations, Ondas Capital intends to establish a European headquarters through which it will have a presence in Estonia, Ukraine and the United Kingdom, operating under professional governance with a board of directors and advisors drawn from both the public and private sectors across the U.S. and Europe. This structure will ensure disciplined management, transparency, and alignment with stakeholders' expectations. Mr. Acuna brings more than 30 years of international security and technology leadership, including two decades in CIA field operations across Eurasia and Central Asia. In the private sector, he founded Frontier Vectors LLC and Baltic Ghost Wing, a drone training and testing facility in Estonia shaped by battlefield experience in Ukraine. He has advised governments, defense ministries, and major manufacturers on unmanned and autonomous systems across both defense and commercial domains. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, and $16.58 million in total stockholders' equity. As of June 30, 2025, the Company had $151.95 million in total assets, $39.29 million in total liabilities, and $90.82 million in total stockholders' equity. OSCAR A. LOPEZ: Case Summary & 12 Unsecured Creditors ----------------------------------------------------- Debtor: Oscar A. Lopez Trucking, LLC 5523 Nightingale Dr Houston, TX 77017-6328 Case No.: 25-35337 Business Description: Oscar A. Lopez Trucking, LLC provides freight transportation services from its headquarters in Houston, Texas, operating primarily in interstate general freight. The Company owns a fleet of trucks and flatbed trailers, including Kenworth and Peterbilt tractors. It employs drivers to manage its operations. Chapter 11 Petition Date: September 10, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Alfredo R Perez Debtor's Counsel: David L. Venable, Esq. DAVID L. VENABLE 13201 Northwest Fwy Suite 800 Houston TX 77040 Email: david@dlvenable.com Total Assets: $728,750 Total Liabilities: $1,108,680 The petition was signed by Oscar A. Lopez as managing member. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5FISJAY/Oscar_A_Lopez_Trucking_LLC__txsbke-25-35337__0001.0.pdf?mcid=tGE4TAMA PARAGON INDUSTRIES: Committee Taps Titus Hillis as Local Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Paragon Industries Inc. filed an amended application seeking approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to hire Titus Hillis Reynolds Love as local counsel. The firm will provide legal services necessary to enable the Committee to fulfill its duties under the Bankruptcy Code, specifically of a local nature, relating to this Court's Local Rules and Procedures. Titus will advise the Committee on Oklahoma law and local procedures, interface with the staff of the court clerk's office, and assist lead counsel in the filing of pleadings and preparing for in-person hearings and other proceedings, as needed. The hourly rates currently charged by Titus are: J. Schaad Titus $525 Kelley G. Loud $450 Associate Attorneys $225 to 375 Paraprofessionals $150 to 175 As disclosed in the court filings, Titus Hillis Reynolds Love a "disinterested person" as that term is defined in Bankruptcy Code Sec. 101(14). The firm can be reached through: J Schaad Titus, Esq. Titus Hillis Reynolds Love 15 E 5th St #3700 Tulsa, OK 74103 Phone: (918) 262-5255 About Paragon Industries Inc. Paragon Industries Inc. manufactures steel pipe products used in the oil and gas, construction, and fire protection industries. Based in Sapulpa, Oklahoma, the Company offers services such as heat treatment, threading, and fabrication. Its product range includes mechanical, sprinkler, line pipe, OCTG, and construction pipes, with a customer base extending across North and South America. Paragon Industries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Clayton D. Ketter, Esq. at PHILLIPS MURRAH P.C. PARTNERS PHARMACY: Seeks to Hire Ordinary Course Professionals -------------------------------------------------------------- Partners Pharmacy Services, LLC, and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Clinton Mikel, Esq. Health Law Partners, PC 32000 Northwestern Hwy, Suite 240 Farmington Hills, MI 48170 -- Regulatory Counsel Ryan, LLC Three Galleria Tower 13155 Noel Road, Suite 100 Dallas, TX 75240 -- Tax Consulting Services About Partners Pharmacy Services LLC Partners Pharmacy Services LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy Services LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. of PILLSBURY WINTHROP SHAW PITTMAN LLP. SSG CAPITAL ADVISORS, LLC is the Debtors' Investment Banker. GIBBONS ADVISORS, LLC is the Debtors' Financial Advisor. ROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Notice, Claims & Balloting Agent and Administrative Advisor. PAW ORIGINS: Unsecureds Will Get 20% of Claims over 36 Months ------------------------------------------------------------- Paw Origins LLC filed with the U.S. Bankruptcy Court for the District of Wyoming a Subchapter V Plan of Reorganization dated September 3, 2025. The Debtor is engaged in the business of online retail sales of pet care products and services. Debtor's source of revenue is revenue from its operations. In 2024 the company entered into a number of merchant cash advance ("MCA") agreements with Wayflyer whereby the debtor, in exchange for an aggregate total of approximately $300,000, would pay thirty percent of its receivables each month to Wayflyer. The Debtor's average revenue in the first quarter of 2025 was approximately $192,000. Although Paw Origins in good faith productively used the MCA funds from Wayflyer and Clearco in the ordinary course of its business operations, the margin on its sales was not sufficient to make a 30 percent payment feasible. Paw Origins LLC suffered cash flow problems and, on June 5, 2025, filed a subchapter V chapter 11 petition for bankruptcy. In this Plan, the Debtor proposes to pay existing debts from its disposable income from ongoing operations over a three-year period. The Debtor believes the terms of this Plan will maximize distributions to the creditors of the Debtor. Under agreements reached with all of its secured creditors, the Plan proposes to pay its secured creditors lump sum amounts that are less than the face value of their claims but payable in full on the Effective Date, with the source of funds being a new loan or capital contribution from Equity Interests. Based upon prior negotiations, Paw Origins expects each class of secured but impaired creditors to vote in favor of the Plan. No unsecured creditors filed a proof of claim and there is just one undisputed unsecured claim, which Paw Origins proposes to pay from its disposable income over a 36-month period. Class 3 consists of General Unsecured Claims. The sole Class 3 Claim shall be paid beginning within 30 days after the Effective Date from the Debtor's disposable income. The Debtor estimates that this Class will be paid approximately $12,340.00 over the life of the plan, or approximately twenty percent of the face amount of the unsecured general nonpriority Claim. PAW ORIGINS LLC proposes to pay the sum of at least $342.83 per month per month for 36 months with the first such payment commencing within 30 days of the Effective Date. In the event that Paw Origins LLC's Disposable Income is greater than anticipated, the Class 3 claimant could receive up to the full amount of its claim over a period not to exceed 36 months. Class 3 is impaired. Class 4 includes the Equity Interests of the Debtor, which interests are unimpaired by the Plan. Upon confirmation of the Plan, the sole shareholder of the Debtor, Mike Eli, shall continue to maintain his identical ownership interests in the Debtor. Except as otherwise noted, commencing within thirty days of the Effective Date and thereafter, the Debtor shall make the payments required by this Plan to the holders of Allowed Claims. The payments pursuant to the Plan shall be in full and complete payment, settlement and satisfaction of all claims against the Estate and the Debtor. A full-text copy of the Plan of Reorganization dated September 3, 2025 is available at https://urlcurt.com/u?l=rb1142 from PacerMonitor.com at no charge. Counsel to the Debtor: Clark Stith, Esq. 505 Broadway Rock Springs, WY 82901 Tel: (307) 382-5565 Fax: (307) 382-5552 Email: clarkstith@yahoo.com About Paw Origins LLC Paw Origins, LLC is engaged in the business of online retail sales of pet care products and services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20234) on June 5, 2025, listing up to $1 million in both assets and liabilities. Mike Yap Xin Cheng, sole member, signed the petition. Judge Cathleen D. Parker oversees the case. Clark D. Stith, Esq., represents the Debtor as legal counsel. PEPPERMILL LIMITED: Court Tosses Belton Appeal on Bankruptcy Order ------------------------------------------------------------------ In the case captioned as WILL J BELTON VERSUS PEPPERMILL LIMITED PARTNERSHIP 1 ET AL, Case No. 2:25-cv-00993 (W.D. La.), Judge James D. Cain, Jr. of the United States District Court for the Western District of Louisiana ruled that the second notice of appeal filed by pro se creditor Will J. Belton relating to an order issued on June 11, 2025, by the United States Bankruptcy Court for the Western District of Louisiana in Chapter 11 bankruptcy cases concerning Peppermill Limited Partnership and Pecan Acres Limited Partnership I, d/b/a La Maison Apartments, Case Nos. 25-30282 and 25-20112, is stricken and that this matter remain dismissed without prejudice. Belton filed a Notice of Appeal and Motion to Withdraw Reference on June 24, 2025. On that date he was advised by the Clerk of the Bankruptcy Court that he must pay filing fees of $199.00 for the Motion for Withdrawal of Reference and $298.00 for the Notice of Appeal. On July 23, 2025, the court ordered that the appeal be dismissed without prejudice due to Mr. Belton's failure to pay the fee or request a waiver. On Aug. 11, 2025, Mr. Belton filed another Notice of Appeal from rulings in the same bankruptcy proceedings and requested that these be docketed in the instant case. The clerk's office informs the court that Mr. Belton has still failed to pay the appropriate fee or request a waiver. Mr. Belton has still failed to cure the defects with his original notice of appeal or comply with the court's procedural rules in filing his second notice of appeal. Mr. Belton is warned that he may face sanctions from this court if he continues to file defective notices of appeal. A copy of the Court's Memorandum Order is available at https://urlcurt.com/u?l=Dze6hG from PacerMonitor.com. About Peppermill Limited Partnership 1 Peppermill Limited Partnership 1 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 25-30282) on March 11, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge John W Kolwe presides over the case. Wade N. Kelly, Esq., at Packard Lapray, represents the Debtor as counsel. PET HOTELS: Hires Jim Davis of NAI Beverly-Hanks as Broker ---------------------------------------------------------- Pet Hotels LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jim Davis of NAI Beverly-Hanks as real estate broker. Mr. Davis will market and sell the Debtor's property located in North Carolina. The terms of the contract include 6 percent commission on the sale of the property, plus reimbursement of out-of-pocket expenses. Mr. Davis assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. 101(14). Mr. Davis can be reached at: Jim Davis NAI Beverly-Hanks 300 Executive Park Asheville, NC 28801 Cell: (330) 718-3311 Office: (828) 210-3940 Email: jdavis@naibeverly-hanks.com About Pet Hotels LLC Pet Hotels LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-02627) on June 10, 2025. At the time of filing, the Debtor estimated $1,000,001 to $10 million in both assets and liabilities. Robert Millan, Esq., at Millan Law Offices serves as the Debtor's bankruptcy counsel. PET RINSE: Court Extends Cash Collateral Access to Sept. 30 ----------------------------------------------------------- Pet Rinse Repeat, LLC received a one-month extension from the U.S. Bankruptcy Court for the Western District of Missouri to use cash collateral. The court's third interim order authorized the Debtor to use cash collateral from August 31 to September 30 to pay its expenses in accordance with its budget. The budget projects total monthly operational expenses of $57,121.88. Arvest Equipment Finance, a secured creditor, will be provided with protection in the form of a replacement lien on property acquired by the Debtor after its Chapter 11 filing that is similar to its pre-bankruptcy collateral, and monthly payments totaling $6,167.88 for the three separate loans it obtained from the secured creditor. In addition, Arvest will be granted an administrative expense claim if collateral value diminishes beyond the protection of the replacement liens. Arvest asserts a first priority security interest in and liens on the Debtor's assets, including, but not limited to, cash, bank accounts and accounts receivable, which constitute its cash collateral. As of the petition date, Arvest is owed $310,976.79 by the Debtor. The final hearing is scheduled for September 30. Objections due by September 23. About Pet Rinse Repeat LLC Pet Rinse Repeat, LLC operates a mobile and in-store dog grooming and boarding business in the Kansas City area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-40747-btf11) on May 19, 2025. In the petition signed by Amy Ramatowski, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Brian T. Fenimore oversees the case. Erlene W. Krigel, Esq., Krigel Nugent Moore, P.C. is the Debtor's legal counsel. Arvest Equipment Finance, as secured creditor, is represented by: Sharon L. Stolte, Esq. Pamela R. Putnam, Esq. Sandberg Phoenix & von Gontard P.C. 4600 Madison Avenue, Suite 1000 Kansas City, MO 64112 Tel: 816.627.5543 Fax: 816.627.5532 sstolte@sandbergphoenix.com pputnam@sandbergphoenix.com PINSTRIPES INC: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------- Jonathan Maze of Restaurant Business reports that Pinstripes, the bowling- and bocce-themed "eatertainment" chain, has filed for Chapter 11 bankruptcy and will seek a buyer through a court-supervised auction. According to the report, the Northbrook, Illinois-based company confirmed that it has a stalking horse bid valued at $16.6 million from one of its lenders, Silverview, with most of the offer consisting of converted debt. The filing follows months of financial strain and comes after Pinstripes was delisted from the New York Stock Exchange in March, just a year after going public through a reverse merger with a SPAC. Founded in 2007, Pinstripes grew to 18 locations at its peak but has since downsized to just eight after a series of closures. Its large-format venues, averaging between 26,000 and 38,000 square feet, generate about 80% of revenue from food and beverages. Despite raising menu prices to counter rising food and labor costs, the company said its value-conscious customer base cut back on dining and entertainment spending, eroding sales and draining liquidity, according to Restaurant Business. The company disclosed $143 million in secured debt owed to multiple lenders, a burden that proved unsustainable as revenues declined. Earlier this year, Pinstripes began receiving default notices from lenders, which led to several temporary forbearance agreements. The company noted that its financial challenges had been building "for over a year," pointing to inflation, mounting operating costs, and weaker consumer demand as key factors in its decision to restructure, the report states. To stabilize operations during bankruptcy, Pinstripes secured financing from lenders and retained Piper Sandler as its financial advisor and investment banker. Silverview's stalking horse bid includes $15 million in converted debt and $1.6 million in cash, establishing a floor for other potential bidders. The company emphasized that while the process is "not where the debtors wished they were," the auction will provide a path forward. Pinstripes' struggles mirror broader challenges faced by experiential dining chains such as Dave & Buster’s and Topgolf, both of which have also reported weaker sales as consumer spending tightens, the report relays. About Pinstripes Inc. Pinstripes Inc. is a dining and entertainment company known for its venues featuring bowling, bocce, and food service. Pinstripes Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11678) on September 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. PLANET GREEN: Stockholders OK All Proposals at Annual Meeting ------------------------------------------------------------- At the Annual Meeting of Stockholders of Planet Green Holdings Corp., each of the proposals described was approved by the Company's stockholders of record. Each of the proposals is described in detail in the Company's Proxy Statement. Final results for the votes regarding each proposal: Proposal 1: Approval of electing five directors to serve as members of the Board of Directors to hold office until the next annual meeting of stockholders or until their respective successors have been elected and qualified: 1. Bin Zhou * For: 4,596,116 * Withheld: 819 2. Lili Hu * For: 4,596,217 * Withheld: 718 3. Luojie Pu * For: 4,596,112 * Withheld: 823 4. King Fai Leung * For: 4,596,213 * Withheld: 722 5. Yang Cao * For: 4,596,112 * Withheld: 823 Proposal 2: Approval of ratifying the appointment of YCM CPA, INC. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025: * For: 5,802,327 * Against: 23,957 * Abstain: 5,294 Proposal 3: Approval, on an advisory basis, a non-binding resolution of the compensation of our named executive officers as disclosed in the Proxy Statement.: * For: 4,595,440 * Against: 1,335 * Abstain: 160 Proposal 4: Approval and adoption of a proposal for amendment to the Company's Articles of Incorporation to increase the total number of common shares which the Company has authority to issue to 1,500,000,000 shares, par value $0.001 per share as well as to increase the total number of preferred shares which the Company has authority to issue to 100,000,000 shares, par value $0.001 per share, each class of shares to be issued from time to time with such rights, preferences and priorities as the Board of Directors shall designate: * For: 4,595,440 * Against: 1,422 * Abstain: 73 Proposal 5: Approval of the 2025 Equity Incentive Plan, a copy of which is attached to the accompanying proxy statement as Annex A: * For: 4,595,462 * Against: 1,311 * Abstain: 162 Proposal 6: Approval of an adjournment of the Annual Meeting to a later date or dates to permit further solicitation of proxies: * For: 5,797,516 * Against: 28,768 * Abstain: 5,294 About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of June 30, 2025, the Company had $28.14 million in total assets, $18.07 million in total liabilities, and $10.07 million in total stockholders' equity. PLATE RESTAURANT: Seeks to Hire Devin Smith as Tax Preparer ----------------------------------------------------------- Plate Restaurant Group LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Kansas to employ Devin Smith to perform tax preparation services. The Debtor requires the services of a tax preparer to handle the filing of the annual tax return, and desires to employ Devin Smith for this purpose. Mr. Smith is paid $500 to $750 per month to perform accounting services. Mr. Smith assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Devin Smith, CPA 9325 PFlumm Rd. Lenexa, KS 66215 About Plate Restaurant Group LLC Plate Restaurant Group LLC is a Kansas City-based restaurant business. Plate Restaurant Group LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 25-20996) on July 18, 2025. The case is jointly administered in Case No. 25-20996. In its petition, Plate Restaurant Group disclosed estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Dale L. Somers handles the case. The Debtors tapped Phillips & Thomas LLC as counsel and Olivier Griot as accountant. POLAR US: Moody's Cuts CFR to Caa3 & Secured 1st Lien Debt to Caa2 ------------------------------------------------------------------ Moody's Ratings has downgraded the Corporate Family Rating of Polar US Borrower, LLC (dba SI Group) to Caa3 from Caa1 and the Probability of Default Rating to Caa3-PD from Caa1-PD. Moody's also downgraded its senior secured first lien revolving credit facility (first out) to Caa2 from B3, its senior secured first lien term loan B1 (second out) to Caa3 from Caa1, its senior secured first lien term loan B2 (third out) to Ca from Caa2, and its backed senior unsecured notes to C from Caa3. The outlook remains negative. RATINGS RATIONALE The downgrade and negative outlook reflects the continued challenges for SI Group to improve financial performance and generate positive free cash flows amid the weak demand conditions and intense competitive pressures. These factors have contributed to its high financial leverage and weak liquidity, which are unsustainable in Moody's views and will likely lead to a financial restructuring. SI Group reported weaker than expected results in 1H2025 with falling volumes and rising pricing pressures at both Industrial Solutions and Polymer Solutions segments. Its leverage, as measured by Moody's-adjusted debt/EBITDA, rose to more than 24.0x for the twelve months ending June 2025, up from 18.5x in 2024. With weak earnings and high interest expenses, SI Group generated negative free cash flow in 1H2025 and its total available liquidity fell to $89 million at end June 2025, which will be insufficient to cover its cash needs for the next twelve months. Given the company's elevated leverage and constrained liquidity, a financial restructuring appears increasingly likely with Moody's expectations of challenging outlook for SI Group's business performance in the coming quarters. SI Group's credit profile is supported by its good geographic scope with slightly more than half of its sales coming from outside North America. SI Group exhibits good end market diversification despite the exposure to several cyclical industries including automotive, construction and industrials. The business profile also benefits from the long-term relationships with a broad customer base historically. SI Group's liquidity is weak with about $56 million of availability under its $218 million revolver and approximately $33 million of balance sheet cash. The revolving credit facility is subject to a maximum leverage covenant of 2.5x on revolver drawings, and Moody's expects the company to remain in compliance. The total available liquidity of $89 million at end June 2025 will not be sufficient to cover its cash needs in the next 12 months including negative free cash flows, CapEx and the $33 million senior unsecured notes due in May 2026. SI Group's debt capital includes a Caa2 rated $218 million first lien first out revolving credit facility due August 2028, which has a payment priority and a springing maturity 3 months before the Caa3 rated first lien second out term loan B1 totaling $1,439 million due October 2028. The first lien term loan B1 is rated Caa3 and commensurate with the CFR because it accounts for majority of SI Group's debts and has a priority status only after 1st lien first out revolver in the capital structure. SI Group also has a $209 million first lien third out term loan B2 rated Ca. The one notch differential from the CFR is due to the preponderance of revolver and term loan B1 ahead of the term loan B2. SI Group also has $33 million senior unsecured notes due May 2026, rated C. The two notch differential from the CFR reflects limited recovery prospects given the amount of secured debt in the capital structure. The term loan B1 and B2 do not contain financial maintenance covenants. RATING OUTLOOK The negative outlook reflects SI Group's high financial leverage and weak liquidity which is unsustainable in the absence of material debt reduction through a financial restructuring and a meaningful earning recovery over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade the rating if SI Group's liquidity continues to deteriorate or operating performance fails to improve. A distressed exchange would be considered a default under Moody's definitions. Although it's highly unlikely, Moody's would consider an upgrade to the rating if SI Group can improve performance and deleverage capital structure while maintaining adequate liquidity on a more sustainable level. ESG CONSIDERATIONS Environmental, social, and governance factors are important factors influencing SI Group's credit quality, but not driver of the actions. SI Group's (CIS-5) score indicates that the rating is lower than it would have been if ESG risk exposures did not exist. The credit profile is tempered by its exposure to governance risks given its elevated debt leverage and weak cash flow generation. Environmental risks reflect mainly its physical climate risks and carbon transition risks, mitigated partly the company's precautious actions on managing such risks and its committed goals to reduce carbon emissions. Polar US Borrower, LLC is the pass-through entity of ultimate parent, SK Blue Holdings, LP, an affiliate of private investment firm, SK Capital Partners. SI Group manufactures performance additives for use in polymer, rubber, lubricants, fuels, adhesives applications, surfactants in addition to some specialty chemicals. The company serves a broad array of industries including plastics, automotive, fuel and lubricants, construction and oil and gas. SI Group generated revenue of approximately $1.4 billion for the last twelve months ended June 30, 2025. The principal methodology used in these ratings was Chemicals published in October 2023. SI Group's Caa3 CFR rating is two notches below the scorecard-indicated outcome based on its financials at the end June 2025. The difference reflects the company's very high leverage metrics, negative free cash flows and weak liquidity. POSH QUARTERS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- POSH Quarters, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral to pay its business expenses pending a further hearing set for September 24. The Debtor cannot use cash collateral to pay pre-bankruptcy expenses, officer salaries, professional fees or insiders without further court order. As adequate protection, BSI Financial will be granted a replacement lien on cash accounts, accounts receivable and other property acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as its pre-bankruptcy lien. In addition, the Debtor was ordered to make a monthly payment of $5,337.50 to BSI Financial starting October 1 and keep the secured creditor's collateral insured. The Debtor's authority to use cash collateral terminates if it ceases operations; the Chapter 11 case is dismissed or converted; the replacement liens are altered; liens senior to or equal to the replacement liens are approved; or the automatic stay is lifted, allowing any creditor to proceed against material assets of the Debtor that constitute cash collateral. About Posh Quarters Posh Quarters, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02748) on August 8, 2025, with $1,178,812 in assets and $1,639,809 in liabilities. Lisa Adams, manager, signed the petition. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. PREDICTIVE ONCOLOGY: Raises $413,093 via Private Placement ---------------------------------------------------------- Predictive Oncology Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Securities Purchase Agreement with an accredited investor for the sale by the Company of 543,544 shares of its common stock, par value $0.01 per share at a purchase price of $0.76 per Share in a private placement. The offering closed on August 26, 2025. The Purchase Agreement contains customary representations and warranties and agreements of the Company and the investors and customary indemnification rights and obligations of the parties. Pursuant to the terms of the Purchase Agreement, the Company has agreed to certain restrictions on the issuance and sale of its Common Stock or Common Stock Equivalents (as defined in the Purchase Agreement) following the closing of the offering through October 31, 2025, subject to certain exceptions contained therein. In addition, pursuant to the terms of the Purchase Agreement, the Company granted the Investor a 100% participation right in future offerings of equity securities by the Company through October 31, 2025. The gross proceeds to the Company from the offering are approximately $413,093, before deducting offering expenses. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. Pursuant to the terms of the SPA, the Company is required to prepare and file with the Securities and Exchange Commission a registration statement (registering the Shares for resale on or prior to the ninetieth (90th) day after the date of the Purchase Agreement. About Predictive Oncology Predictive Oncology Inc., headquartered in Pittsburgh, Pennsylvania, is a science- and knowledge-driven company that leverages artificial intelligence (AI) to advance the discovery and development of optimal cancer therapies. By combining AI with a proprietary biobank of over 150,000 tumor samples, categorized by tumor type, the Company delivers actionable insights into drug compounds, enhancing the drug discovery process and increasing the likelihood of clinical success. Predictive Oncology offers a comprehensive suite of solutions that support oncology drug development from early discovery through to clinical trials, ultimately aiming to improve treatment effectiveness and patient outcomes. In its report dated March 31, 2025, the Company's auditor, KPMG LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Predictive Oncology had $4.97 million in total assets, $5.18 million in total liabilities, and a total stockholders' deficit of $202,610. PRND3L INC: Court Extends Cash Collateral Access to Nov. 30 ----------------------------------------------------------- PRND3L, Inc. received another extension from the U.S. Bankruptcy Court for the District of Massachusetts, Worcester Division, to use the cash collateral of First Internet Bank of Indiana. The court's order authorized the Debtor's interim use of cash collateral through November 30 to pay the expenses set forth in its budget. As adequate protection for any diminution in the value of its collateral, First Internet Bank of Indiana will be granted a replacement lien on assets acquired by the Debtor after its Chapter 11 filing, with the same priority, validity, and enforceability as its pre-bankruptcy lien. As additional protection, the Debtor was authorized to pay the bank $5,113.42, representing the regular monthly principal and interest payment on its debt. First Internet Bank of Indiana, the Debtor's sole secured creditor, holds a $331,062 claim. The next hearing is set for November 20. Objections are due by November 12. The Debtor, a franchisee of MY SALON SUITES, filed for bankruptcy to protect its business from cross-default provisions triggered by the financial troubles of a related business, Bay State Suites, Inc., owned by the same principals, Edward and Amy Boulter. Although the Debtor is profitable, its franchise and loan agreements contain clauses linking its obligations to Bay State's defaults. About PRND3L Inc. PRND3L Inc., operating as MY SALON Suite of Westborough, operates a salon suite rental facility at 153 Turnpike Rd. in Westborough, Mass., where beauty professionals can lease private, fully-equipped salon suites to run their independent businesses. PRND3L Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40801) on July 29, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. The Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Joseph S.U. Bodoff, Esq. and Rion Vaughan, Esq., at Rubin and Rudman LLP. PROGRAM INSITE: Hires Marc A. Ominsky as Bankruptcy Counsel ----------------------------------------------------------- Program Insite LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire The Law Offices of Marc A. Ominsky, LLC as counsel. The firm's services include: a. preparing pleadings and applications and conducting examinations incidental to any related proceedings or to the administration of this case; b. determining the status of the DIP with respect to the claims of creditors in this case; c. advising the DIP of its rights, duties, and obligations as a Debtor operating under Chapter 11 of the Bankruptcy Code; d. taking any and all other necessary action incident to the proper preservation and administration of this Chapter 11 case; and e. advising and assisting the DIP in the formation and preservation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement, and any and all matters related thereto. The firm's hourly rates are as follows: Marc A. Ominsky, Esq. $600 per hour Attorneys $350 per hour Paralegals/Law clerk $250 per hour Marc Ominsky, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marc A. Ominsky, Esq. Law Offices of Marc A. Ominsky, LLC 10632 Little Patuxent Pkwy, Ste 249 Columbia, MD 21044 Tel: (443) 539-8712 Email: info@mdlegalfirm.com About Program Insite LLC Program Insite LLC is an Olney, Maryland-based IT services and program management firm. Program Insite LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-18080) on September 2, 2025. In its petition, the Debtor reports $4.8 million in assets against $17.6 million in liabilities. The Debtor is represented by Marc A. Ominsky, Esq. at Law Offices of Marc A. Ominsky, LLC. PYLE TRANSPORTATION: Court Says Modified Exit Plans Confirmable --------------------------------------------------------------- Chief Judge Thad J. Collins of the United States Bankruptcy Court for the Northern District of Iowa overrules the objections filed by Larry Donley and MHC Financial Services to Pyle Transportation, Inc.'s plan confirmation. The Court finds that the Modified Plans of Pyle Transportation, Brian Pyle, and Justin Pyle are confirmable. Pyle Transportation is a trucking company that hauls freight for customers in and around the lower 48 states. Its business operates a fleet of roughly 30 trucks and approximately 50 refrigerated trailers. On average, Pyle employs between 25–35 employees at any given time. Pyle is owned by Brian and Justin Pyle, who are both also employees of Pyle. Brian is the company's president and office manager, performing administrative functions and overseeing operations. Justin serves as the company's chief mechanic, performing necessary maintenance and repairs to the trucks. Both brothers also own a number of the trucks that are used in Pyle's business. Pyle, Brian, and Justin each filed their chapter 11 subchapter V petition on June 20, 2024, and modified chapter 11 plans on May 9, 2025. Debtors now seek confirmation of the amended plans over the objections of two creditors -- MHC Financial Services and Larry Donley. MHC Financial Services filed its objection to Brian and Justin's individual plans on May 14, 2025. Larry Donley filed his objection to Pyle's proposed plan on June 4, 2025. Debtors seek consensual confirmation of Brian and Justin Pyle's individual amended plans. The only two elements of section 1129(a) that are disputed in relation to the individual plans are (a)(7) (best interests of creditors test) and (a)(11) (feasibility). The Court concludes, after thorough review of the record, that Debtors Brian and Justin Pyle have proven, by a preponderance of the evidence, that the amended plans satisfy the remaining undisputed elements of section 1129(a). MHC's Objection MHC objects to the proposed treatment of its claim under Brian Pyle's Amended Plan and Justin Pyle's Amended Plan. The bases for MHC's objections are the same for each: (1) the plans do not provide for payment of MHC's attorney fees and other charges arising post-petition as required under 11 U.S.C. Sec. 506(b) to the extent that MHC's claims are oversecured; (2) the proposed interest rate of 6% is inadequate and inappropriate; (3) the proposed treatment of its claims is not "fair and equitable" as required under 11 U.S.C. Sec. 1129(b)(2) because (i) the plans do not provide for MHC to retain its liens on the collateral; and (ii) the proposed payments do not provide MHC with deferred cash payments totaling at least the allowed amount of MHC's claims with a value as of the effective date of the plan that is at least equal to MHC's interest in the collateral; and (4) the plans are not feasible. According to the Court, MHC's objection simply states that the interest rate on its claim should be higher, but it offers no proof that it is not getting the minimum required under section 1129(a)(7) or that the interest rate is inadequate. MHC's declaration does not address the issue or mention how the interest is deficient. The Court concludes that both Brian and Justin Pyle have shown by a preponderance of the evidence that the 6% interest rate is sufficient to satisfy section 1129(a)(7). MHC also argues that Brian and Justin Pyle's plans are not feasible. The Court finds the record supports the conclusion that Debtors' plans are feasible under section 1129(a)(11). Both Brian and Justin's plans provide for payment of their projected disposable income over a period of three years. Remaining funding will be derived from the business operations of Pyle. Pyle's Schedules show gross revenue of $7,095,327 for 2023 and $9,712,363 for 2022. The proposed plan projects gross revenue of roughly $5,600,000 per year for the next four years. Considering the Debtors' monthly operating reports, revenue from years prior to bankruptcy, and the declarations of both Brian and Justin, the Court finds the plans' financial projections to be reasonable. With those projections in mind, the Court also finds that confirmation of the Debtors' plans is not likely to be followed by liquidation or the need for further financial reorganization. MHC has not pointed to any evidence that would suggest otherwise, and thus its objection to the feasibility of the proposed plans is overruled. Pyle Transportation's Amended Plan Debtors seek non-consensual confirmation of Pyle Transportation's Amended Plan under 11 U.S.C. Sec. 1191(b). The sole creditor objecting to confirmation, Larry Donley, argues that the Plan does not meet the requirements set forth in section 1129(a)(1) (compliance with applicable code provisions) and section 1191(b) (unfair discrimination). The remaining elements of sections 1129(a) and 1191(b) are not in dispute. The Court thus concludes, after thorough review of the record, that Debtor Pyle Transportation has carried its burden of proof on the undisputed confirmation requirements of sections 1129(a) and 1191(b). The Modified Plan is confirmable subject to the Court's findings on the remaining disputed elements -- whether the Modified Plan complies with applicable code provisions, namely section 1122(a) governing classification of claims, and whether the Plan's treatment of Larry Donley's claim constitutes unfair discrimination. Donley objects to confirmation of Pyle's Modified Plan, arguing that the Plan improperly classifies his claim and does not address the payment of future medical costs awarded to him in the underlying state court judgment. He also argues that because his claim has not been placed in a separate class, the Plan unfairly discriminates against him. Donley is not arguing that unfair discrimination exists between classes of creditors in this case. Section 1191(b) is therefore not at issue in this case, and in the absence of other objections, the Court concludes that the Plan satisfies the requirement that it not unfairly discriminate. According to the Court, Donley's claim is not so dissimilar from the other general unsecured claims that it warrants separate classification. While the future medical payment obligation adds another variable to his claim, it is still an unsecured claim that entitles him to the same rights as the other general unsecured creditors. The Court finds that the Plan properly classifies Donley's claim. The objection is overruled. Debtors are to submit proposed confirmation orders for the Court's consideration. A copy of the Court's Opinion and Order is available at https://urlcurt.com/u?l=yUPEHC from PacerMonitor.com. About Pyle Transportation Pyle Transportation, Inc. is a trucking company that hauls freight for customers in and around the lower 48 states. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No. 24-00578) on June 20, 2024. In the petition signed by Brian A. Pyle, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Lauren R. Goodman, Esq., at McGrath North Mullin & Kratz, P.C. LLO serves as the Debtor's counsel. QVC GROUP: Asymmetry Point, 2 Others Hold 5.52% Equity Stake ------------------------------------------------------------ Asymmetry Point LP, Asymmetry Point Capital LLC, and Mr. Aviv Argaman, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of August 27, 2025, they beneficially own 435,000 shares of QVC Group, Inc.'s Series A Common Stock, representing approximately 5.52% of the company's 7,885,884 outstanding shares as of May 28, 2025, according to the issuer's Form 10-Q filed on August 7, 2025. Asymmetry Point LP may be reached through: Asymmetry Point Capital LLC, General Partner 100 Biscayne Blvd, Floor 12 Miami, Fla. 33132 Tel: 248-622-2848 A full-text copy of Asymmetry Point LP's SEC report is available at: https://tinyurl.com/ys7fp7zr About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of June 30, 2025, QVC had $6.69 billion in total assets against $9.58 billion in total liabilities. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its issuer credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+'. S&P said, "At the same time, we lowered our issue-level ratings on the secured notes to 'CCC' from 'B-' and lowered the recovery rating to '3' from '2', indicating our expectation for meaningful (50%-70%, rounded estimate 55%) recovery in the event of a payment default . . . The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." RAS DATA: Hires Livingstone Partners LLC as Investment Banker ------------------------------------------------------------- RAS Data Services Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Livingstone Partners LLC as investment bankers. The firm's services include: (a) analyzing and evaluating the Debtor's business, operations, and financial position; (b) assisting in preparing a comprehensive information presentation for distribution and presentation to potential purchasers; (c) assisting in the development, preparation, and implementation of a marketing plan; (d) assisting in the screening of interested prospective purchasers; (e) identifying and contacting selected prospective purchasers on the Debtor's behalf; (f) assisting in coordinating the data from and with potential purchasers' due diligence investigations; (g) assisting in evaluating proposals which are received from potential purchasers; (h) assisting in structuring and negotiating the section 363 sale(s); (i) conducting an auction for the Debtor's assets (if necessary); (j) communicating with the Debtor's representatives, representatives of the Committee, secured lenders, and other parties-in-interest, to discuss the proposed section 363 sale and its financial implications; and (k) rendering such other services as may be agreed upon by Livingstone in connection with any of the foregoing. The firm will be compensated as follows: (a) A monthly fee of $25,000 (the "Monthly Fee"), with payment to begin three business days following the entry of an order by the Court on the Application, and payable each month thereafter until the earlier of: i. the consummation (closing) of the Sale, or ii. Termination of the Agreement. (b) an accomplishment fee to be paid in cash at the closing of the transaction, equal to $600,000 plus ten percent (10%) of the total consideration in excess of $7,000,000 (the "Accomplishment Fee"). (c) reimbursement of all reasonable out-of-pocket expenses and the reasonable fees and expenses of Livingstone's counsel (if any), subject to the Debtor's prior approval of expenditures cumulatively in excess of $15,000 (the "Expense Reimbursement"). Out-of-pocket expenses include all travel-related expenses. Joseph Greenwood, a member at Livingstone Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph Greenwood Livingstone Partners LLC 443 N. Clark St. Chicago, IL 60654 Telephone: (312) 670-5913 Email: greenwood@livingstonepartners.com About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. RAS DATA: Seeks to Hire Adelman & Gettleman as Legal Counsel ------------------------------------------------------------ RAS Data Services Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Adelman & Gettleman, Ltd. as counsel. The firm's services include: (a) reviewing and analyzing bank documentation, corporate documentation, contracts to which the Debtor is a party, and other necessary documentation and information regarding the Debtor or otherwise evidencing claims which have been or may be asserted against the Debtor or its properties; (b) taking appropriate steps in the Chapter 11 Case to seek approval of a contemplated sale of a substantial portion or substantially all of the Debtor's assets as a going concern on an expedited basis (the "Asset Sale"); (c) working with the UST and the Committee to seek approval of the Asset Sale; (d) identifying potential claims of the Debtor's estate and prosecuting or otherwise preserving the claims for the benefit of the estate; (e) working with various constituencies which may have claims to particular assets of the Debtor, with a view toward reaching resolutions or otherwise prosecuting the rights of the Debtor before the Court; (f) preparing various motions and other Court filings required by the Bankruptcy Code to allow the Debtor to operate in the ordinary course of business in the Chapter 11 Case as debtor-in-possession; and (g) advising the Debtor and preparing the appropriate pleadings on actions to be taken in the Chapter 11 Case, including to (i) obtain authority, if necessary, for the expenditure of cash in the ordinary course of business; (ii) establish and implement post-petition operating procedures to preserve owner confidence; (iii) seek approval of an expedited sale of substantially all of the Debtor's assets as a going concern under section 363 of the Bankruptcy Code; (iv) assist in communications and negotiations with owners, creditors, and other stakeholders to maintain business relationships and maximize value; (v) identify, preserve, and prosecute potential claims of the Debtor's estate for the benefit of creditors; (vi) formulate and draft a Chapter 11 plan of liquidation, if feasible; and (vii) perform such other duties and responsibilities of counsel to the Debtor-in-possession in the Chapter 11 Case. The firm will be paid at these rates: Howard L. Adelman $645/hr. Chad H. Gettleman $645/hr. Henry B. Merens $645/hr. Adam P. Silverman $565/hr. Steven B. Chaiken $525/hr. Erich S. Buck $525/hr. Alexander F. Brougham $450/hr. Nicholas R. Dwayne $450/hr. Tevin D. Bowens $375/hr. Dina A. Kostrow $375/hr. Paralegals/Law Clerks $150/hr. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Adam P. Silverman, a partner at Adelman & Gettleman, Ltd, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Howard L. Adelman, Esq. Adam P. Silverman, Esq. Steven B. Chaiken, Esq. Alexander F. Brougham, Esq. Nicholas R. Dwayne, Esq. Tevin D. Bowens, Esq. Adelman & Gettleman, Ltd. 53 West Jackson Boulevard, Suite 1050 Chicago, IL 60604 Tel: (312) 435-1050 Email: hadelman@ag-ltd.com asilverman@ag-ltd.com schaiken@ag-ltd.com abrougham@ag-ltd.com ndwayne@ag-ltd.com tbowens@ag-ltd.com About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. RAS DATA: Taps Sandor Jacobson of Plante & Moran as CRO ------------------------------------------------------- RAS Data Services Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Plante & Moran, PLLC to provide the services of Sandor Jacobson as the Debtor's restructuring officer, chief executive officer, secretary, and treasurer, and to provide related temporary staff. The specific tasks to be provided by Mr. Jacobson and the Temporary Staff are: (a) provide finance, accounting, sales and marketing, purchasing, human resources, information technology, operations, and all other functional areas; (b) oversee vendor management and disbursements; (c) facilitate communications with the Board, counsel, and other stakeholders; (d) facilitate communications with employees, key customers, and critical vendors; (e) oversee personnel hiring/terminating and compensation decisions; (f) oversee liquidity management and related financial projections; and (g) conduct financial forecasting and reporting. The fees to be charged by Plante Moran are: Standard Discounted Hourly Rate Hourly Rate Partner $645 $600 Principal $565 $495 Senior Manager $395 $345 Manager $300 $265 Senior Consultant $255 $225 Consultant $205 $185 Sandor Jacobson, CPA, a partner at Plante & Moran, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sandor Jacobson, CPA Plante & Moran, PLLC 10 South Riverside Plaza Chicago, IL 60606 Tel: (312) 207-1040 About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. RED DOOR PIZZA: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Red Door Pizza, LLC. About Red Door Pizza LLC Red Door Pizza LLC operates in the restaurant industry, specializing in pizzas made with fresh ingredients and cooked in wood-fired ovens. It is 100% owned by Red Door Brands, LLC, a company that manages multiple fast-casual and quick-service dining concepts across the Southeastern United States. Red Door Pizza sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02701) on July 15, 2025. In its petition, the Debtor reported estimated up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Helen E. Burris oversees the case. The Debtor is represented by: Christine E. Brimm, Esq. Barton Brimm, PA Tel: 803-256-6582 Email: cbrimm@bartonbrimm.com RED DOOR SANDWICH: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Red Door Sandwich, LLC. About Red Door Sandwich LLC Red Door Sandwich, LLC operates restaurant franchises and is a subsidiary of Red Door Brands, a company based in Greenville, South Carolina. It manages multiple food service concepts across the Southeastern United States. Red Door Sandwich sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02700) on July 15, 2025. In its petition, the Debtor reported estimated assts and liabilities between $1 million and $10 million. The petition was signed by Argus Wiley as manager. The Debtor is represented by: Christine E. Brimm, Esq. Barton Brimm, PA Tel: 803-256-6582 Email: cbrimm@bartonbrimm.com RITE AID: US Trustee Urges Court to Reject Bankruptcy Plan ---------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Rite Aid's plan to wind down operations through bankruptcy while selling assets to McKesson Corp. fails to meet legal standards and should not be circulated for a creditor vote, the Justice Department's bankruptcy unit said. The U.S. Trustee's office argued in an objection filed Wednesday, September 10, 2025, in the U.S. Bankruptcy Court for the District of New Jersey that the plan improperly releases potential claims against nonbankrupt third parties and could leave administrative claims unpaid, according to the report. The struggling pharmacy chain, seeking to resolve its second bankruptcy in two years, requested conditional approval to distribute materials for creditors to vote on a plan filed last week, the report relates. The proposal relies heavily on an agreement with McKesson under which the distributor would take equity in a reorganized entity controlling Rite Aid's intellectual property and a central New Jersey fill facility, while purchasing both generic and branded pharmaceutical assets. according to Bloomberg Law. The agreement includes provisions releasing potential litigation between the parties, including a recent suit filed by Rite Aid seeking the return of about $90 million it transferred to McKesson prior to its May 2025 bankruptcy filing. The plan also allows for a "toggle" in which Rite Aid could abandon efforts to confirm the plan and instead pursue a structured dismissal if the transaction is deemed "impossible or impractical," the report states U.S. Trustee Andrew R. Vara called the plan "patently unconfirmable" because it imposes third-party releases without creditor consent and could prevent the company from paying administrative claims according to bankruptcy law priorities. Vara urged the company to revise the plan and extend the timeline for creditor review ahead of a court hearing. Rite Aid did not immediately respond to requests for comment, according to report. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RYVYL INC: 2025 Annual Meeting Set for Oct. 23 ---------------------------------------------- RYVYL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it will host its 2025 Annual Meeting of Shareholders virtually on October 23, 2025. The Company's Board of Directors has set a record date of September 10, 2025, entitling shareholders of record as of such date to notice of and to vote at the Annual Meeting. Because the Company is holding the 2025 Annual Meeting more than 30 days prior to the anniversary of last year's Annual Meeting of Shareholders, as provided in Rule 14a-8 of the Securities Exchange Act of 1934, as amended (Rule 14a-8), the Company is hereby providing the date by which shareholder proposals must be received by the Company to be included in the proxy statement for the 2025 Annual Meeting. The Company will provide additional details regarding the matters to be voted on and instructions for accessing the Annual Meeting in the Company's proxy statement to be filed with the Securities and Exchange Commission prior to the 2025 Annual Meeting. Deadline for Rule 14a-8 Stockholder Proposals: To be considered for inclusion in proxy materials for the 2025 Annual Meeting, stockholder proposals submitted pursuant to Rule 14a-8 and intended to be presented at the Annual Meeting must be received by the Company at 3131 Camino Del Rio North, Suite 1400, San Diego, CA 92108 no later than the close of business on September 12, 2025. Any proposal received after such date will be considered untimely. All Rule 14a-8 proposals must be in compliance with applicable laws and regulations in order to be considered for inclusion in the Company's proxy materials for the 2025 Annual Meeting. The public announcement of an adjournment or postponement of the date of the Annual Meeting will not commence a new time period (or extend any time period) for submitting a proposal pursuant to Rule 14a-8. Advance Notice Deadline for Director Nominations: To be considered for inclusion in proxy materials for the 2025 Annual Meeting to bring nominations for directors, any such nominations must be received by the Company at the same address provided above no later than the close of business on September 12, 2025. Any proposal received after such date will be considered untimely. Further, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than the Company's nominees must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act by September 12, 2025. About Ryvyl Inc. San Diego, Calif.-based RYVYL Inc., together with its subsidiaries, is a financial technology company that develops, markets, and sells innovative blockchain-based payment solutions, which offer significant improvements for the payment solutions marketplace. The Company's core focus is to develop and monetize disruptive blockchain-based applications, integrated within an end-to-end suite of financial products, capable of supporting a multitude of industries. In its report dated March 28, 2025, the Company's auditor, Simon & Edward, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, noting that the transitioning of the Company's QuickCard product in North America led to a significant decline in processing volume and revenue, the recovery of these lost revenues is not expected until late 2025. The loss of revenue resulting from this business reorganization has jeopardized its ability to continue as a going concern. As of Dec. 31, 2024, RYVYL had $122.28 million in total assets against $123.77 million in total liabilities. As of June 30, 2025, RYVYL had $20.60 million in total assets against $27.54 million in total liabilities. SAN MATEO IG: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- San Mateo IG, LLC asks the U.S. Bankruptcy Court for the Southern District of Texas, McAllen Division, for authority to use cash collateral and provide adequate protection. The Debtor seeks authorization to use cash collateral strictly in accordance with a budget, which allows limited use for property insurance, property taxes, and Subchapter V Trustee fees. All other operating expenses such as property maintenance, marketing, and management will be covered by related parties or insiders without use of cash collateral. ABL RPC Residential Credit Acquisition, LLC, the Debtor's secured creditor, holds a senior lien on virtually all of the Debtor's assets, including real estate, accounts, and intangible property, pursuant to a loan and security agreement dated April 22, 2024, and documented by a UCC-1 filing with the Texas Secretary of State. Despite negotiations, ABL has not consented to the use of cash collateral, requiring the Debtor to seek court approval. The Debtor agrees that any post-petition rental income will remain subject to ABL's liens and security interests, and excess funds will be retained in a debtor-in-possession account pending further court order. It argues that ABL is adequately protected by replacement liens on post-petition income and proceeds. The Debtor owns 12 leased residential townhomes in McAllen, Texas, which generate rental income used to pay for insurance, taxes, and bankruptcy-related services. Formed in 2024, San Mateo continues to operate as a debtor-in-possession following its Chapter 11 filing on August 4. About San Mateo IG San Mateo IG, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-70219) on August 4, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Eduardo V. Rodriguez presides over the case. Michael G. Colvard, Esq. at Martin & Drought, P.C. represents the Debtor as legal counsel. ABL RPC Residential Credit Acquisition, LLC, as secured creditor is represented by: Travis H Gray, Esq. Jack O'Boyle & Associates P.O. Box 815369 Dallas, TX 75381 Phone: 972.247.0653 Fax: 972.247.0642 ecf@jackoboyle.com SCHAFER FISHERIES: Court Extends Cash Collateral Access to Sept. 19 ------------------------------------------------------------------- Schafer Fisheries, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to use the cash collateral of Newtek Small Business Finance, LLC. The court's order authorized the Debtor's interim use of cash collateral through September 19 to pay the expenses listed in its latest budget under the same terms and conditions as previously authorized. As of the petition date, Newtek, in coordination with a loan guaranteed by the U.S. Small Business Administration, held a blanket lien on substantially all of the Debtor's assets, including accounts receivable constituting cash collateral. The Debtor requires the continued utilization of cash collateral, representing the proceeds of accounts receivable in order to conduct its business on an ongoing basis. About Schafer Fisheries Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. Newtek Small Business Finance, LLC, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Tel: 312-876-1700 pgarga@dykema.com SCIENTIFIC ENERGY: Posts $73K Net Income on $24M Revenue in Q2 -------------------------------------------------------------- Scientific Energy, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $73,165 for the three months ended June 30, 2025, compared to a net income of $799,123 for the three months ended June 30, 2024. Total revenue for the three months ended June 30, 2025, was $24.06 million, compared to a revenue of $20.78 million for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net income of $216,700, compared to a net income of $786,561 for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $43.38 million, compared to a revenue of $31.18 million for the same period in 2024. As of June 30, 2025, the Company had $58.06 million in total assets, $26.62 million in total liabilities, non-controlling interests of ($2.59 million) and $34.03 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/95rjnxxj About Scientific Energy Scientific Energy, Inc. is a mobile platform of ordering and delivery services for restaurants or other merchants in Macau. The Company's businesses are built on its platform, Aomi App. The Platform connects restaurants/merchants with consumers and Delivery riders. The Platform is created to serve the needs of these three key areas and to become more intelligent and efficient with every customer order. Hong Kong-based Centurion AOGB CPA Limited, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 23, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and had a working capital deficit that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company has $55,551,046 in total assets against $24,344,657 in total liabilities. SEMILEDS CORP: Elects 5 Directors, Ratifies Appointment of Auditor ------------------------------------------------------------------ SemiLEDs Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company held its 2025 Annual Meeting of Stockholders. At the Annual Meeting, holders of the Company's common stock voted on two proposals: (1) election of Trung T. Doan, Walter Michael Gough, Dr. Edward Hsieh, Scott R. Simplot, and Dr. Chris Chang Yu as directors to hold office until the 2026 Annual Meeting of Stockholders. (2) ratification of the appointment of YCM CPA Inc. as the Company's independent registered public accounting firm for the fiscal year ending August 31, 2025. Both proposals were approved at the Meeting. About SemiLEDs Corporation Headquartered in Taiwan, R.O.C., SemiLEDs Corporation develops, manufactures, and sells light-emitting diode (LED) chips, LED components, LED modules, and systems. The Company's products serve a range of specialty industrial applications, including ultraviolet (UV) curing of polymers, LED light therapy for medical and cosmetic purposes, counterfeit detection, horticultural lighting, architectural lighting, and entertainment lighting. SemiLEDs packages its LED chips into LED components, which are sold to distributors and a customer base primarily concentrated in key markets, such as the Netherlands, Taiwan, the United States, and Japan. The Company also offers its "Enhanced Vertical" (EV) LED product series in blue, white, green, and UV variations in select markets. The Company's lighting products are primarily sold to original design manufacturers (ODMs) of lighting products, as well as to the end users of lighting devices. In its report dated Nov. 26, 2024, the Company's auditor, KCCW Accountancy Corp., issued a "going concern" qualification citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. As of May 31, 2025, SemiLEDs had $23.18 million in total assets against $19.19 million in total liabilities. SHARITY MINISTRIES: Steele, et al. Case Can't Proceed to Mediation ------------------------------------------------------------------ Pursuant to Section 1 of the Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for the District of Delaware, dated July 19, 2023, Magistrate Judge Christopher J. Burke of the United States District Court for the District of Delaware determined that mediation is not appropriate in the appeal styled SHELLY STEELE, et al., Appellants, v. RON MOELLER, et al., Appellees, Case No. 25-cv-00987-CFC (D. Del.). The parties jointly agree that their disputes in this case cannot be resolved through mediation and the Court agrees. The Court recommends that the assigned District Judge issue an order withdrawing the matter from mediation. A copy of the Court's Order dated September 3, 2025, is available at https://urlcurt.com/u?l=EHnkGY About Sharity Ministries Established in 2018, Sharity Ministries Inc. is a 501(c)(3) faith-based nonprofit corporation in Roswell, Ga., that operates a health care sharing ministry, a medical cost-sharing arrangement among persons of similarly and sincerely held religious beliefs. Sharity Ministries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 21-11001) on July 8, 2021. As of March 31, 2021, the Debtor had total assets of $4,496,871 and total liabilities of $2,922,214. Judge John T. Dorsey oversees the case. The Debtor tapped Landis Rath & Cobb, LLP and Baker & Hostetler, LLP as legal counsel, and SOLIC Capital Advisors, LLC as restructuring advisor. Neil Luria of SOLIC serves as the Debtor's chief restructuring officer. BMC Group, Inc. is the claims and noticing agent and administrative advisor. On Aug. 20, 2021, the U.S. Trustee for Region 3 appointed an official committee to represent members of Sharity Ministries Inc. in its Chapter 11 case. The committee is represented by Stevens & Lee, P.C., Sirianni Youtz Spoonemore Hamburger, PLLC and Mehri & Skalet, PLLC. SOAP BOX: Unsecureds Will Get 6.49% of Claims over 3 Years ---------------------------------------------------------- Soap Box Cleaners submitted an Amended Small Business Plan of Reorganization under Subchapter V dated September 3, 2025. The Debtor's financial projections show that the Debtor will have projected disposable income of $225,736.93. The final Plan payment is expected to be paid on September 1, 2028 which is anticipated to be 36 months after the effective date. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 6.49 cents on the dollar, consistent with the liquidation analysis and projected disposable income. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. The allowed unsecured claims total $1,681,989.75. This Class will be paid $109,161.13 from the Debtor's disposable income over 3 years, approximately 6.49%. This Class will receive a monthly payment of $3,032.25. The claims are impaired. Class 4 consists of Equity security holders of the Debtor. The Debtor's ownership interests shall be retained. The Debtor will retain possession of the property of the estate. The Debtor will continue operations and generate income through its dry-cleaning business. All projected disposable income ($64,841.76) will be applied toward payments to creditors over the 3-year plan period. No new financing is anticipated. A full-text copy of the Amended Plan dated September 3, 2025 is available at https://urlcurt.com/u?l=BvSjm7 from PacerMonitor.com at no charge. Counsel to the Debtor: Eric J. Gravel, Esq. Law Offices of Eric J. Gravel 1390 Market St, Suite 200 San Francisco, CA 94102 Phone: (650) 931-6000 Email: ejgravel@gmail.com About Soap Box Cleaners Soap Box Cleaners is engaged in the laundry and dry-cleaning industry, providing laundry pickup and delivery services. Soap Box Cleaners sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30084) on January 31, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. The Debtor tapped The Law Offices of Eric J. Gravel as counsel and Fang & Associates LLC as tax consultant. SPIRIT AVIATION: Seeks to Hire Epiq as Claims and Noticing Agent ---------------------------------------------------------------- Spirit Aviation Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Epiq Corporate Restructuring, LLC as claims and noticing agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The hourly rates of the firm's professionals are: IT/Programming $55 to $80 Case Managers $85 to $180 Consultants/Directors $185 Solicitation Consultant $185 Executive Vice President, Solicitation $195 The Debtors provided Epiq a retainer in the amount of $25,000. Kathyrn Tran, a consulting director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kathryn Tran Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 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 Aviation Holdings, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. Marshall Scott Huebner, Esq. at Davis Polk & Wardwell LLP represents the Debtors as counsel. STANTON VIEW: Hires Robl & Bowen LLC as Reorganization Counsel -------------------------------------------------------------- Stanton View LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Robl & Bowen LLC as reorganization counsel. The firm's services include: a. advising Debtor regarding potential benefits and potential disadvantages of the Chapter 11 process, as applicable to Debtor's circumstances; b. preparing the bankruptcy petition, Schedules of Assets and Liabilities, Statement of Financial Affair, and similar documents; c. reviewing the Debtor's governing corporate agreements and preparing a Resolution authorizing a bankruptcy filing consistent with the requirements of those agreements; d. assisting Debtor with the preparation of such "first day motions" as may be necessary, including employment applications, motions to authorize payment of pre-petition claims, motions to authorize use of cash collateral, and similar filings; e. assisting Debtor in providing documents to the United States Trustee's ("U.S. Trustee's") office for review in advance of the Initial Debtor Interview ("IDI"); f. assisting Debtor in preparing for the IDI and participating in the IDI with Debtor's representative; g. assisting Debtor in preparing for the examination provided for by Bankruptcy Code Section 341 (the "341 Meeting") and participating in the 341 Meeting with Debtor's representative; h. advising Debtor of Debtor's rights, duties and obligations as debtor-in-possession; i. reviewing claims filed in the case and assisting Debtor in evaluating such claims for potential objections; j. conducting or defending examinations pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure as may be deemed desirable or necessary; k. consulting with Debtor and representing Debtor with respect to formulating a Chapter 11 plan of reorganization, drafting that plan; and in the Chapter 11 plan confirmation process; l. assisting Debtor with the preparation of monthly operating reports; m. performing such legal services as are incidental and necessary to carrying out the day-to-day operations of Debtor's business activities; n. instituting and prosecuting necessary adversary proceedings and contested matters; and o. taking any and all other actions incident to the proper preservation and administration of Debtor's estate and business activities. The firm's current hourly rates are: Michael Robl, Esq. $500 Max Bowen, Esq. $425 Rene Pennington, Esq. $375 Dejanae Bridges (paralegal) $175 The firm received a retainer from Debtor in the amount of $40,000. Robl & Bowen is "disinterested" and does "not hold or represent an interest adverse to the estate" within the meaning of Section 327 of the bankruptcy code, according to court filings. The firm can be reached through: Michael D. Robl, Esq. Maxwell W. Bowen, Esq. ROBL & BOWEN, LLC 3754 Lavista Road, Suite 250 Tucker, GA 30084 Tel: (404) 373-5153 Fax: (404) 537-1761 Email: max@roblgroup.com Email: michael@roblgroup.com 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 LLC 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 reports 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. SUNBELT PLANTATIONS: Hires Rountree Leitman as Bankruptcy Counsel ----------------------------------------------------------------- Sunbelt Plantations Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Rountree, Leitman, Klein & Geer, LLC as its attorneys. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the management of its property; b. preparing on behalf of the Debtor as Debtor-in-Possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for the Debtor as Debtor-in-Possession that may be necessary. The firm will be paid at these hourly rates: Attorney: William A. Rountree $595 Will B. Geer $595 Michael Bargar $535 Hal Leitman $425 William Matthews $425 David S. Klein $495 Elizabeth Childers $395 Ceci Christy $425 Caitlyn Powers $375 Shawn Eisenberg $300 Paralegals: Dorothy Sideris $200 Elizabeth Miller $290 Megan Winokur $175 Catherine Smith $150 Law Clerk $175 Rountree received a pre-petition retainer of $10,000 on May 14, 2025 and $40,000 on July 8, 2025 from the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Powers disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Will B. Geer, Esq. Caitlyn Powers, 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 cpowers@rlkglaw.com About Sunbelt Plantations Inc. Sunbelt Plantations Inc., doing business as Adcock Pecan Co., produces and distributes pecans, peanuts, jams, jellies, fruit butters, and chutneys. The Company operates from Tifton, Georgia, and offers its products through retail and online channels, including its Website at http://www.adcockpecans.com/ Sunbelt Plantations Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21011) on July 21, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. SUNNOVA ENERGY: Davis Polk Advises ABS Holders on 363 Asset Sale ---------------------------------------------------------------- Davis Polk is advising an ad hoc group of holders of Sunnova's approximately $5.5 billion of asset-backed securities in connection with the cases commenced in the Southern District of Texas by Sunnova Energy International Inc. and certain of its subsidiaries under chapter 11 of the United States Bankruptcy Code. Sunnova has effectuated a sale of substantially all its assets pursuant to section 363 of the Bankruptcy Code to Solaris Assets, LLC and certain of its affiliates, entities owned by the lenders under Sunnova's $90 million DIP facility. Consummation of the sale required amendments to over 150 ABS documents. Among other things, the amendments provided for transfer of Sunnova's management and servicing businesses to SunStrong Management, LLC. Consents to the amendments required to consummate the sale were obtained pursuant to a consent solicitation process from the requisite thresholds of holders of each of the 26 series of Sunnova's ABS. As of the petition date of June 8, 2025, the aggregate outstanding principal amount of Sunnova's ABS was approximately $5.5 billion. Founded in Houston, Texas, in 2012, Sunnova was one of the nation's leading installers and servicers of residential solar systems, with approximately 440,000 residential solar customers across the country and Puerto Rico. As of the petition date, Sunnova managed and serviced 26 securitization trusts holding more than $7 billion of homeowner contracts and leases. The Davis Polk restructuring team includes partners Damian S. Schaible, Angela M. Libby and Jonah A. Peppiatt, counsel Joanna McDonald and Brian Hecht and associates Stephanie Rosner and Jonathan (Zhenyang) He. The finance team includes partner Ryan D. McNaughton, counsel Demitrios (Jimmy) T. Moustakis and associate A.J. Koch. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNRISE FINANCIAL: Case Summary & One Unsecured Creditor -------------------------------------------------------- Debtor: Sunrise Financial LLC 11766 Wilshire Blvd., Suite 260 Los Angeles, CA 90025 Case No.: 25-17896 Business Description: Sunrise Financial LLC, a single-asset real estate entity, holds its principal property at 144 E. Palmdale Blvd. in Palmdale, California. Chapter 11 Petition Date: September 9, 2025 Court: United States Bankruptcy Court Central District of California Judge: Hon. Barry Russell Debtor's Counsel: Giovanni Orantes, Esq. THE ORANTES LAW FIRM, A.P.C. 3435 Wilshire Blvd., 27th Floor Los Angeles, CA 90010 Tel: (888) 619-8222 Fax: (877) 789-5776 Email: go@gobklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Shahram Elyaszadeh as managing member. The Debtor listed E & E Mortgage Bankers Corp., addressed to its president or corporate officer at 11766 Wilshire Blvd., Suite 260, Los Angeles, California 90025, as its only unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LBEPKAQ/Sunrise_Financial_LLC__cacbke-25-17896__0001.0.pdf?mcid=tGE4TAMA SVB FINANCIAL: Capital Bank Sues FDIC for $150MM Overbill --------------------------------------------------------- Evan Weinberger of Bloomberg Law reports that Capital One Financial Corp. claims the Federal Deposit Insurance Corp. improperly inflated its contribution to the Deposit Insurance Fund by almost $150 million, following the regulator's effort to recoup costs from last year's failures of Silicon Valley Bank and Signature Bank. According to a lawsuit filed Wednesday, September 10, 2025, in federal court in Virginia, Capital One contends the FDIC incorrectly treated an account used by one of its subsidiaries for credit card securitizations as uninsured deposits, the report related. The bank says the error increased its assessment to over $474 million. About SVB Financial Group SVB Financial Group (Pink Sheets: SIVBQ) 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. 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, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co. LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. T&S FOOD: Seeks to Sell Restaurant Business at Auction ------------------------------------------------------ T&S Food Services II LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets at auction, free and clear of liens, claims, interests, and encumbrances. The proposed sale process is the product of substantial discussion and planning by the Debtor and its franchise broker, National Franchise Sales, Inc. (NFS). The damage to the restaurant industry, including the Debtor's franchises, began during the COVID pandemic, but recovering from those industry headwinds was no simple process. Following the pandemic, the Debtor experienced staffing issues and shifting customer preferences at multiple locations. Further, the Debtor's restaurant traffic did not return to pre-pandemic levels as expected. On top of the circumstances, regulatory issues have caused the Debtor to pay for real estate that cannot be used for restaurants. The Debtor seeks to formalize bidding procedures designed to maximize value for all stakeholders and minimize disruptions to the Debtor's continued stabilization of operations. The Bidding Procedures provide sufficient time for the Debtor to market the Assets, receive and evaluate bids, and negotiate the highest and best offers from prospective purchasers. The NFS has prepared the marketing materials and, subsequently, has actively marketed the Assets for sale. NFS has commenced a robust marketing process for the sale or sales of all or a subset of the Debtor's Assets, including, without limitation, sending notice of the pending sale to more than 40,000 recipients, marketed the Assets on restaurantnews.com, and directly sent information about the restaurants to 563 participants in the "bizbuysell" platform. The Debtor will solicit the highest or otherwise best proposals according to the following proposed schedule, subject to Court approval and availability: -- October 1, 2025, at 2:00 p.m. (ET): Bidding Procedures Hearing -- October 29, 2025, at 4:00 p.m. (ET): Bid Deadline -- November 3, 2025: Deadline for Debtor to select the Successful Bidder(s) and Next-Highest Bidder(s) -- December 31, 2025: Deadline to close the Sale(s) of the Assets The Debtor has determined that the proposed schedule is in the best interests of the Debtor's estate, will assist in establishing whether and to what extent a market exists for the Assets, and provides interested parties with sufficient opportunity to participate in any Sale Transaction. Each respective franchise agreement for the restaurants requires the express approval from the franchisor, DFO, LLC (Denny’s) for any assignment of the franchise. NFS will undertake efforts with each eligible prospective purchaser to obtain preapproval from Denny's. However, if such preapproval is not obtained, the Bidding Procedures provide the Successful Bidder(s) 25 days following their selection as a Successful Bidder to negotiate and obtain approval from Denny's. Denny’s has reviewed the timeline for the Bidding Procedures and approved of the 25 day approval period. The Bid must be accompanied by a cash deposit in the amount of $20,000 per restaurant sought to be acquired in the Bid. Each Bid must (i) clearly set forth the purchase price to be paid, assuming a purchase of the applicable Assets and any assumption liabilities (Purchase Price); (ii) identify separately the cash and non-cash components of the Purchase Price; and (iii) indicate the allocation of the Purchase Price among the different restaurants, if the Bid pertains to more than one of the restaurants. The Debtor reserves the right, in consultation with NFS, to ask any Qualified Bidder to allocate the value ascribed to a Bid for any particular Asset and to inquire about any significant assumptions on which such valuations are based. To the extent that the Bid is not accompanied by evidence of the Qualified Bidder's capacity to consummate the transaction(s) set forth in its Bid with cash on hand, the Bid must include committed financing, documented to the Debtor's satisfaction, that demonstrates that the Qualified Bidder has received sufficient debt and/or equity funding commitments to satisfy the Qualified Bidder's obligations under the proposed transaction(s) and other obligations under its Bid. A Qualified Bid must include a statement that the Bid does not entitle such bidder to any break-up fee, termination fee, expense reimbursement, or similar type of payment or reimbursement and a waiver of any substantial contribution administrative expense claim. Each Bid must identify with particularity each and every condition to Closing, including the Executory Contracts and Unexpired Leases for which assumption and assignment is required. The Debtor is seeking the sale of its Assets free and clear of any claims, liens, encumbrances or any other interests. The Bid Deadline by which Bids must be actually received by the Debtor and its advisors is 4:00 p.m. (prevailing Eastern Time) on October 29, 2025. The Debtor further seeks entry of the Assumption and Assignment Procedures to facilitate the fair and orderly assumption and assignment of the Assigned Contracts in connection with the Sale Transactions. About T&S Food Services II T&S Food Services II LLC operates franchise locations of national restaurant brands, including Starbucks and Denny's. T&S Food Services II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11178) on June 19, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Thomas M. Horan handles the case. The Debtor is represented by Karen M. Grivner, Esq., at Clark Hill. Reliable Companies doing business as Reliable is the Debtor's claims and noticing agent. TEXAS SOLAR: Gets Final OK to Use Cash Collateral Until Oct. 4 -------------------------------------------------------------- Texas Solar Integrated, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Texas to use the cash collateral of its secured creditors. The final order authorized the Debtor to use the cash collateral of International Bank of Commerce and Wesco Distribution, Inc. through October 4 in accordance with its budget, subject to a variance of 10% per line item and 10% of the overall budget. The Debtor projects total operational expenses of $4,347,193 from August 31 to October 4. As adequate protection for any diminution in the value of its collateral, Wesco will be granted replacement liens on all assets of the Debtor and the proceeds thereof, with the same priority as its pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. Meanwhile, the Debtor was ordered to make significant payments to International Bank of Commerce: $2,865,314 toward the line of credit note and $1,364,733 to fully satisfy another note, along with maintaining a $175,000 reserve for disputed amounts. A copy of the final order is available at https://is.gd/VtpEAz About Texas Solar Integrated Texas Solar Integrated, LLC is a solar panel installation company in San Antonio, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52297) on November 14, 2024, with $50 million to $100 million in assets and $10 million to $50 million in liabilities. Mike Sardo, manager, signed the petition. Judge Michael M. Parker oversees the case. Ray Battaglia, Esq., at the Law Offices of Ray Battaglia, PLLC, represents the Debtor as bankruptcy counsel. International Bank of Commerce, as secured creditor, is represented by: Diann M. Bartek, Esq. Dykema Gossett, PLLC 112 E. Pecan Street, Suite 1800 San Antonio, TX 78205 (210) 554-5500 (Telephone) (210) 226-8395 (Facsimile) dbartek@dykema.com THOMPSON'S PHARMACY: Hires Smith Conerly LLP as Bankruptcy Counsel ------------------------------------------------------------------ Thompson's Pharmacy, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Smith Conerly LLP as its bankruptcy counsel. The Debtor requires the firm to: (a) assist the Debtor in preparing schedules of assets and liabilities and statement of financial affairs; (b) provide legal advice with respect to the Debtor's powers and duties as a debtor-in-possession in the continued operation of its business and management of its property; (c) prepare and file all necessary motions, notices, and other pleadings necessary to sell some or substantially all of the Debtor's assets; (d) attend meetings and negotiate with representatives of the Debtor's creditors and other parties-in-interest; (e) assist the Debtor in reviewing and maintaining its executory contracts and unexpired leases, and negotiating with parties thereto; (f) prepare and pursue approval of a disclosure statement and confirmation of a plan of reorganization (or liquidation); (g) prepare on behalf of the Debtor all necessary applications, motions, answers, orders, reports and other legal papers; (h) review the nature and validity of liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of any liens; (i) appear in Court on behalf of the Debtor and protect the interests of the Debtor before the Court; (j) prosecute and defend litigation matters and such other matters that might arise during this Chapter 11 case; and (k) perform all other legal services for the Debtor which may be necessary and proper in these proceedings. Smith Conerly's hourly rates are: Partners $400 Associates $350 Paralegals $95 Smith Conerly holds a retainer of $23,262. Smith Conerly does not hold or represent any interest adverse to the Debtor's estates and is a "disinterested person" as that phrase is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: J. Nevin Smith, Esq. SMITH CONERLY LLP 402 Newnan Street Carrollton, GA 30117 Telephone: (770) 834-1160 Facsimile: (770) 834-1190 E-mail: jsmith@smithconerly.com About Thompson's Pharmacy, Inc. Thompson's Pharmacy, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. 25-11312) on Sep. 2, 20225, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. J. Nevin Smith, Esq. at Smith Conerly LLP represents the Debtor as counsel. TIBERTI COMPANY: Hires Larson & Zirzow as Bankruptcy Counsel ------------------------------------------------------------ The Tiberti Company LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Larson & Zirzow, LLC as its bankruptcy counsel. The firm will render these services: (a) prepare on behalf of the Debtor all necessary or appropriate legal papers in connection with the administration of its bankruptcy estate; (b) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. The firm will be paid at these rates: Zachariah Larson, Esq., Principal $650 per hour Benjamin Chambliss, Esq., Associate $500 per hour Patricia Huelsman, Paralegal $295 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor a retainer of $50,000. Mr. Zirzow disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com About The Tiberti Company LLC The Tiberti Company LLC, doing business as Tiberti Fence Company, offers fencing products and installation services across Nevada, serving residential, commercial, and industrial customers. Based in Las Vegas and holding an AB Unlimited License as a full-phase general contractor, the Company specializes in ornamental iron, chain link fencing, and custom-built iron. Tiberti Fence Company operates as part of the wider Tiberti organization, which has a history in construction projects including hotels, gaming facilities, schools, reservoirs, museums, and civic buildings. The Tiberti Company LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-15112) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Natalie M. Cox handles the case. The Debtor is represented by Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC. TOWN & COUNTY: To Sell Sacramento Property to Prime Party Rentals ----------------------------------------------------------------- Town and Country West, LLC, seeks permission from the U.S. Bankruptcy Court for the Eastern District of California, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is commonly known as 2961 Fulton Avenue, Sacramento, California 95821. The Debtor wants to sell the Property to Prime Party Rentals, LLC for $8,000,000. The Debtor believes that the present offer provides a realistic price based upon the market value of the collateral. The sale will extinguish the secured portion of the loan leaving the unsecured portion to be resolved in a Chapter 11 plan. The Debtor also asserts that the sale is in the best interests of the estate as the debtor will satisfy the lien against the property and the lender will be paid the fair market value of its collateral. About Town & Country West, LLC Town & Country West LLC is a Single Asset Real Estate (as defined in 11 U.S.C. § 101(51B)). Town & Country West LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 24-24493) on October 7, 2024. In the petition filed by Waqar Khan, as manager, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Ronald H. Sargis oversees the case. TRIBECA AUTOMOTIVE: Continues to Defend Labor Class Suit in NJ -------------------------------------------------------------- Proficient Auto Logistics Inc. disclosed in its Form 10-Q Report for the quarterly period ending June 30, 2025 filed with the Securities and Exchange Commission on August 14, 2025, that the Company's subsidiary, Tribeca Automotive, continues to defend itself from a labor class suit in the Essex County Superior Court of New Jersey. In 2016, a truck driver who contracted with Tribeca Automotive, Inc. filed a Complaint in Essex County Superior Court of New Jersey, bringing claims on behalf of himself and those similarly situated against Tribeca and its owners. An amended class complaint was filed in April 2022. The putative class alleges Tribeca misclassified contracted truck drivers as independent contractors, rather than "employees" under applicable law. As a result, the class claims overtime and unlawful deductions violations of New Jersey Wage and Hour Law and New Jersey Wage Payment Law. Tribeca denies liability and the parties are engaged in mediation. The Company is entitled to the stated indemnity in the Purchase Agreement from the sellers of Tribeca relating to this potential liability. Tribeca Automotive is an auto logistics transport company offering services in Newark, NJ and nearby areas. TRICOLOR AUTO GROUP: Seeks Ch. 7 Bankruptcy w/ Over $1B Debt ------------------------------------------------------------ Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites, filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas, according to court records. The Irving, Texas–based subprime auto lender's petition follows reports of location closures and impending layoffs, according to the report. The company disclosed that its loan portfolio was worth about $1.4 billion as of March 31, 2025, and listed both assets and liabilities in the range of $1 billion to $10 billion. More than 25,000 creditors were named in the filing, including secured lenders Fifth Third Bank, JPMorgan, and Barclays, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Group and affiliates sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRIPLESHOT HOLDINGS: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Tripleshot Holdings, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court's interim order extended the Debtor's authority to use cash collateral until October 20 to pay the amounts expressly authorized by the court, including payments of U.S. trustee quarterly fees; the expenses set forth in its budget; and additional amounts subject to approval by its senior creditor, Gulf Coast Bank and Trust Company. The Debtor projects total operational expenses of $18,600.04 for September and $18,808.06 for October. As adequate protection for the Debtor's use of its cash collateral, Gulf Coast Bank and any other secured creditors will have a first priority perfected post-petition lien on the cash collateral with the same priority as their pre-bankruptcy lien. In addition, Gulf Coast Bank will receive interest-only payments of $7,500 this month and in October. The Debtor's authority to use cash collateral will terminate before October 20 upon dismissal or conversion of its Chapter 11 case; the appointment of a trustee; the confirmation of its Chapter 11 plan; termination after service of notice in accordance with the interim order; or a further hearing on cash collateral use. The next hearing is set for October 16. About Tripleshot Holdings LLC Tripleshot Holdings, LLC, doing business as Carver's Olde Iron, imports and sells cast-iron home decor products through its online storefront. Its offerings include doorstops, bookends, ashtrays, candle holders, and novelty pieces in rustic, western, vintage, and industrial styles. Tripleshot Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04544) on July 3, 2025. In its petition, the Debtor reports total assets of $15,000 and total liabilities of $1,173,564. Judge Roberta A. Colton handles the case. The Debtor is represented by Samantha L Dammer, Esq., at Bleakley Bavol Denman & Grace. Gulf Coast Bank and Trust Company, as lender, is represented by: Dora F. Kaufman, Esq. Jonathan Camacho Villamil, Esq. Liebler, Gonzalez & Portuondo 44 West Flagler Street, 25th Floor Miami, FL 33130 Tel: (305) 379-0400 dfkf@lgplaw.com ec@lgplaw.com service@ lgplaw.com jcamacho@lgplaw.com TRUE BLUE: $3,500 Payment Application for Johnny M. Wilson Tossed ----------------------------------------------------------------- Judge Thomas B. McNamara of the United States Bankruptcy Court for the District of Colorado denied the application filed by True Blue Heating & Air, LLC requesting authorization to pay $3,500 to Johnny M. Wilson, P.C. in connection with the Chapter 11 reorganization case. The United States Trustee objected to the Application. The Application is denied for the following fundamental reasons: 1. Neither Johnny M. Wilson nor Johnny M. Wilson P.C. have requested authorization to represent the Debtor in the Chapter 11 Case under 11 U.S.C. Sec. 327(a). Accordingly, the Court has not approved the retention of Counsel by the Debtor. Generally, without approval under 11 U.S.C. Sec. 327(a), professionals are considered volunteers and may not be compensated. 2. Counsel failed to comply with the requirements for professional compensation pursuant to 11 U.S.C. Secs. 328, 329, 330, and 331; Fed. R. Bankr. P. 2016; and L.B.R. 2016-1 and 2016-2. A copy of the Court's Order dated September 3, 2025, is available at https://urlcurt.com/u?l=nL33pX About The Blue Heating and Air Conditioning The Blue Heating and Air Conditioning, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-14585) on July 23, 2025, listing up to $50,000 in assets and between $100,001 to $500,000 in liabilities. Johnny Wilson, Esq., represents the Debtor as legal counsel. UNIVERSAL DESIGN: Hires OSCO Commercial as Real Estate Broker ------------------------------------------------------------- Universal Design Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Sidney O. Jones of OSCO Commercial Real Estate, Inc. as real estate broker. Ms. Jones will assist the Debtor in selling its property located at located at 11555 Central Parkway, Jacksonville, FL 32224. Ms. Jones, president of OSCO Commercial Real Estate, assured the court that she has no interest materially adverse to the interest of the estate or any class of creditors or equity holders, by reason of any direct or indirect relationship to, connection with, or interest in the Debtors, the Debtors' creditors, the estate or for any other reason. She is a disinterested party. The broker can be reached at: Sidney O. Jones, CCIM OSCO Commercial Real Estate, Inc. 565 Edgewood Avenue South, Suite 2A Jacksonville, FL 32205 Tel: (904) 993-7964 Email: sid@oscocommercial.com About Universal Design Solutions Universal Design Solutions, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01970) on June 13, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million on liabilities. Judge Jason A Burgess presides over the case. Thomas C Adam, Esq. at Adam Law Group, P.A. represents the Debtor as counsel. UPHEALTH HOLDINGS: Gets Court Approval for Chapter 11 Plan ---------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on Wednesday, September 10, 2025, a Delaware bankruptcy judge approved UpHealth's Chapter 11 liquidation plan along with settlements resolving two long-running legal disputes, one of which the company said pushed it into bankruptcy. About UpHealth Holdings UpHealth Holdings Inc. is a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management. UpHealth Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11476) on Sept. 19, 2023. In the petitions filed by Samuel J. Meckey, chief executive officer, UpHealth Holdings disclosed up to $500 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Stuart M. Brown, Esq., at DLA Piper LLP (US) as counsel; Morrison & Foerster LLP as litigation counsel; and FTI Consulting, Inc. as financial advisor. Omni Agent Solutions is the Debtors' claims agent and administrative agent. US MAGNESIUM: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: US Magnesium LLC 238 N 2200 W Salt Lake City, UT 84116 Case No.: 25-11696 Business Description: US Magnesium LLC, a Delaware limited liability company and wholly owned subsidiary of The Renco Group, Inc., produces primary magnesium at a facility in Rowley, Utah, adjacent to the Great Salt Lake, where magnesium has been extracted since 1972. Once among the world's largest magnesium producers, the Company supplies a critical material for automotive, aerospace, and defense industries, though its operations have faced pressure from low-cost international competition, equipment failures, and the loss of key customers. The Rowley facility extracts magnesium from concentrated brine gathered in solar evaporation ponds and processes it through an electrolytic system, a method that draws on the lake's essentially non-depleting mineral resource, and has also historically produced chlorine, hydrochloric acid, ferric chloride, calcium chloride, and potassium salts. USM has operated the Rowley facility since 2002, when it acquired substantially all assets of Magnesium Corporation of America out of bankruptcy. Chapter 11 Petition Date: September 10, 2025 Court: United States Bankruptcy Court District of Delaware Judge: TBD Debtor's General Reorganization Counsel: Michael Busenkell, Esq. GELLERT SEITZ BUSENKELL & BROWN, LLC 1201 N. Orange Street Suite 300 Wilmington, DE 19801 Tel: 302-425-5812 Fax: 302-425-5814 Email: nbusenkell@gsbblaw.com Debtor's Restructuring Advisor: CARL MARKS LLC Debtor's Investment Banker: SSG ADVISORS, LLC Debtor's Claims/ Noticing Agent: STRETTO Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petition was signed by Ron Thayer as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NB4OGLI/US_Magnesium_LLC__debke-25-11696__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ameri-Source Specialty Trade Debt $526,399 Products 5123 South Commerce Drive Murray, UT 84107 Ajay Goel Email: agoel412@aol.com 2. Blank Rome LLP Trade Debt $427,965 One Logan Square Philadelphia, PA 19103-6998 Martin Krezalek Email: martin.krezalek@blankrome.com Phone: 212-885-5130 3. Burbidge Mitchell & Gross Trade Debt $1,346,162 215 S State Street Suite 920 Salt Lake City, UT 84111 Richard Burbidge Email: rburbidge@burbidgemitchell.com Phone: 801-355-6677 4. Five Peak Inc Trade Debt $681,724 Po Box 1865 Roosevelt, UT 84066 Email: shane@5peakequipment.com Phone: 435-323-1228 5. Forgen, LLC Trade Debt $6,082,336 6020 W Oaks Blvd Suite 220 Rocklin, CA 95765 George Little Email: glittle@forgen.com Phone: 916-335-0349 6. Indeck Power Equipment Trade Debt $412,648 Company 1111 Willis Avenue Wheeling, IL 60090 Alan Langsam Email: alangsam@indeck-power.com Phone: 847-547-8300 X3534 7. Kaiser Aluminum Judgment $67,863,406 Warrick, LLC 4000 West State Road 66 Newburgh, In 47630 John Donnan Phone: 629-252-7040 8. Linde Inc. Trade Debt $579,686 P.O. Box 91385 Chicago, IL 60693-1385 Jeffrey Weiss Email: jeffrey.weiss@linde.com Phone: 203-417-4968 9. Mammoth Machinery Trade Debt $923,498 205 S 1200 W North Salt Lake, UT 84054 Ken Allen Email: ken@mammothmachinery.com Phone: 801-699-3037 10. Michael Edmonds Deferred $735,084 Address On File Compensation 11. Odin Construction Trade Debt $1,708,849 Solutions 2901 Douglas Blvd. Suite 300 Roseville, CA 95661 Jordan Brown Email: lbrown@odinenv.com Phone: 916-793-9919 12. Parsons, Behle & Latimer Trade Debt $420,458 P.O. Box 45898 Salt Lake City, UT 84145-0898 Michael A. Zody Email: mzody@parsonsbehle.com Phone: 801-532-1234 13. Sisecam Chemicals Trade Debt $2,220,648 Resources LLC 400 Perimeter Center Terrace NE Suite #350 Atlanta, GA 30346 Ronny Cain Email: rcain@sisecam.com Phone: 307-371-4677 14. Susan Slade Deferred $587,253 Address On File Compensation 15. Thatcher Chemical Co Trade Debt $330,485 Po Box 27407 Salt Lake City, UT 84127 Aaron Cox Email: aaron.cox@tchem.com Phone: 801-972-4587 16. Tooele County Treasurer Property Taxes $6,690,507 47 South Main Street Room 218 Tooele, UT 84074-2194 Michael Jensen Email: michael.jensen@tooeleco.gov Phone: 435-843-3191 17. Trinity Industries $0 Leasing Company Po Box 358041 Pittsburgh, PA 15251-5041 Joel Bailey Email: joel.bailey@trin.net Phone: 214-589-6530 18. Union Pacific Railroad Trade Debt $1,665,802 Po Box 843465 Dallas, TX 75284-3465 Email: uprr_acct_2@up.com Phone: 603-257-9056 19. Univar Solutions Trade Debt $1,268,175 62190 Collections Center Drive Chicago, IL 60693-0621 Dave Lundin Email: david.lundin@univarsolutions.com Phone: 614-613-3350 20. US Environmental Protection Gov't Oversight $919,567 Agency Superfund Fees Payments-Cincin NATI Finance CE P.O. Box 979076 St. Louis, MO 63197-9000 Max Greenblum Email: cinwd_acctsreceivable@epa.gov Phone: 303-312-6108 US MAGNESIUM: Seeks Chapter 11 Bankruptcy After Plant Failures -------------------------------------------------------------- Alex Wittenberg of Law360 reports that US Magnesium LLC, previously North America's top producer of primary magnesium, has filed for Chapter 11 in Delaware, carrying up to $500 million in debt, following years of halted production due to major equipment failures at its Utah plant. About US Magnesium LLC US Magnesium LLC is a Salt Lake City, UT-based magnesium producer. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Michael Busenkell, Esq. of Gellert Seitz Busenkell & Brown, LLC. The Debtor's Financial Advisor/CRO is Ron Mayo of Carl Marks LLC.SSG Advisors, LLC is the Debtor's Investment Banker and Stretto, Inc. is the Debtor's Claims Agent. US STEEL: Moody's Upgrades CFR to Ba2 & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings upgraded United States Steel Corporation's ("U. S. Steel", "Company") corporate family rating to Ba2 from Ba3, its probability of default rating to Ba2-PD from Ba3-PD and its senior unsecured debt rating to Ba3 from B1. Moody's also upgraded Big River Steel LLC's ("Big River Steel") senior secured debt rating to Ba1 from Ba2. The ratings outlook was changed to positive from rating under review. Previously, the rating was on review for upgrade. This concludes the review that was initiated on June 17, 2025 after President Trump signed the executive order approving the acquisition of U. S. Steel by Nippon Steel Corporation ("NSC", "Parent", Baa2 stable) and the signing of the national security agreement ("NSA") between the US government, U. S. Steel, Nippon Steel North America, Inc. and its parent, NSC. The transaction was completed on June 18, 2025. U. S. Steel's SGL-1 Speculative Grade Liquidity Rating (SGL) has been withdrawn. "The upgrade of U. S. Steel's ratings and the change in outlook to positive reflects Moody's expectations for the improvement in the company's standalone credit profile as it begins to capitalize on its recent capital investments and the benefits of the ownership by NSC, which has a much stronger credit profile, larger and more diversified asset base, and greater financial resources", said Botir Sharipov, Moody's Ratings' VP - Senior Credit Officer and lead analyst for United States Steel Corporation. Governance considerations were a key driver of the rating action reflecting the acquisition by NSC. RATINGS RATIONALE U. S. Steel's Ba2 corporate family rating reflects the Company's large scale and strong market position as a leading US flat-rolled steel producer whose footprint is enhanced by its diversification in Central Europe. U. S. Steel's asset base in the US complements NSC's assets in the region and provides further geographic diversity from its operation in Slovakia. The Company's rating incorporates one notch uplift relative to the Company's standalone credit profile, which reflects Moody's expectations that NSC is likely to provide financial support to the Company during periods of distress given the strategic importance of U. S. Steel to NSC. The rating is also supported by the anticipated improvement in the Company's credit metrics following the repayment of $350 million in senior convertible notes and as it begins to benefit from the recently completed significant capital investments in non-grain oriented electrical steel capabilities, a new EAF mini mill and a new dual Galvalume®/galvanized coating line. U. S. Steel is expected to maintain moderate leverage, ample interest coverage and good liquidity. The rating also considers the variability of the Company's operating performance due to its exposure to cyclical end markets and volatile steel prices and the risks that the significant flat rolled steel capacity additions and potentially weaker demand from certain interest sensitive and industrial sectors will lead to lower steel prices and earnings. The rating differential between NSC and the Company reflects the absence of explicit debt guarantees from the parent, short operating track record under the new ownership and the terms of the NSA and considers the Golden Share issued by U. S. Steel to the US government, which could reduce the Company's strategic flexibility. After three consecutive years of EBITDA declines following the record high earnings in 2021, U. S. Steel's earnings will increase in 2025. Moody's forecasts that U. S. Steel will generate EBITDA, as adjusted of Moody's, of about $1.6 billion in 2025 and $2 billion in 2026, up from $1.4 billion in 2024, as it begins to achieve the benefits of its recent capital investments in expanded capacity and enhanced capabilities. These investments are expected to enhance the Company's product mix and earnings potential. U. S. Steel also benefits from the current import protections which could result in stronger domestic demand, persistently elevated steel prices and greater cash flow generation. However, the effects could be tempered by the high level of US import protections already in place, excess domestic steelmaking capacity and potential retaliatory tariffs. Pursuant to the terms of the NSA, NSC has pledged to make approximately $11 billion in new investments during 2025-2028 period, including $2.7 billion in 2026, $2.6 billion in 2027 and $4.6 billion in 2028. The NSA also includes commitments related to governance, domestic production and trade matters. Moody's expects U. S. Steel to be free cash flow negative in 2025 despite capital investments declining to under $1.0 billion from over $2.0 billion in the past two years, in a large part due to material buildup in working capital in the first half. Moody's expects the Company to turn free cash flow positive in H2 2025. Unless steel prices increase materially from current levels, the Company's cash flow from operations in 2026 will also be insufficient to cover the pledged $2.7 billion in capex if the Company invests this amount of cash capex, requiring material cash infusion from NSC or an increase in ABL borrowings. Alternatively, if 2026 capex remains at about $1 billion, Moody's would expect the Company to generate material positive free cash flow next year. Assuming near-spot steel prices and stable gross debt levels, Moody's expects the Company's credit metrics will strengthen over the next 12-18 months with a leverage ratio (Debt/EBITDA) declining to below 2x and interest coverage (EBIT/Interest Expense) rising to about 2x. U. S. Steel is expected to maintain good liquidity. It had $869 million of unrestricted cash and borrowing availability of $1.746 billion on its $1.75 billion asset based revolving credit facility as of June 30, 2025. The facility had no borrowings outstanding and $4 million of letters of credit issued. The ABL facility requires the Company to maintain a fixed charge coverage ratio of 1.0x should availability be less than the greater of 10% of the maximum facility availability and $140 million. Moody's don't expect this covenant to be tested and anticipate the Company would be comfortably in compliance. The Company's U. S. Steel KoÂšice, s.r.o. (USSK) subsidiary in Europe has a Euro 150 million unsecured credit facility with no borrowings outstanding as of June 30, 2025. Its Big River Steel subsidiary had full availability on its $350 million senior secured asset-based revolving credit facility. The Ba1 rating on Big River Steel's senior secured debt reflects its priority position in the consolidated capital structure. The Ba3 ratings on U. S. Steel's senior unsecured notes and IRB's reflects their effective subordination to the secured ABL as well as priority payables. The positive ratings outlook reflects Moody's expectations for an improvement in the Company's operating performance over the next 12-18 months driven by its enhanced capabilities, higher shipments, elevated steel prices as well as operating and administrative synergies from the merger with NSC. The positive outlook also incorporates Moody's expectations that U. S. Steel's gross debt levels and its credit metrics will remain supportive of a higher rating and that it will maintain its good liquidity profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS U. S. Steel's ratings could be considered for an upgrade if NSC and U. S. Steel build a solid track record of continuing to effectively operate the business following recent capital investments, adhering to conservative financial policy and disciplined business strategy and if steel prices, metal spreads and profit margins are sustained above historical averages. U. S. Steel's ratings could also be upgraded if NSC extends parent guarantees to U. S. Steel's debt. Quantitatively, if U. S. Steel is able to sustain leverage of no more than 3x through varying steel price points, its RCF/Net Debt is in excess of 25%, then its ratings could be positively impacted. The Company's ratings could be downgraded should steel sector conditions materially deteriorate or if the Company increases its borrowings to fund new capex such that its leverage ratio is sustained above 4x, its RCF/Net Debt falls below 15% or it fails to maintain a very good liquidity profile. Headquartered in Pittsburgh, Pennsylvania, United States Steel Corporation is the third largest flat-rolled steel producer in the US in terms of production capacity. The company manufactures and sells a wide variety of steel sheet, tubular and tin products across a broad array of industries including service centers, transportation, appliance, construction, containers, oil, gas and petrochemicals. It also has an integrated steel plant and coke production facilities in Slovakia (USSK). Revenues for the twelve months ended June 30, 2025 were about $15.3 billion. LIST OF AFFECTED RATINGS Issuer: United States Steel Corporation Upgrades: Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD LT Corporate Family Ratings, Upgraded to Ba2 from Ba3 Senior Unsecured, Upgraded to Ba3 from B1 Withdrawals: Speculative Grade Liquidity Rating, Withdrawn , previously rated SGL-1 Outlook Action: Outlook, Changed To Positive From Rating Under Review Issuer: Big River Steel LLC Upgrades: Backed Senior Secured, Upgraded to Ba1 from Ba2 Outlook Action: Outlook, Changed To Positive From Rating Under Review Issuer: Allegheny County Industrial Dev. Auth., PA Upgrades: Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B1 Issuer: Arkansas Development Finance Authority Upgrades: Senior Secured, Upgraded to Ba1 from Ba2 Issuer: Hoover (City of) AL, Industrial Devel. Board Upgrades: Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B1 Issuer: Indiana Finance Authority Upgrades: Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B1 Issuer: Southwestern Illinois Development Authority Upgrades: Senior Unsecured Revenue Bonds, Upgraded to Ba3 from B1 The principal methodology used in these ratings was Steel published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. USA STAFFING: Gets Extension to Access Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued a third interim order authorizing Staffing Management Group, LLC, an affiliate of USA Staffing Services, LLC, to continue using cash collateral. The third interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by senior creditor, Change Capital Holdings I, LLC. As adequate protection, Change Capital will be granted first-priority perfected post-petition security interests in and liens on all assets of the Debtor existing on or after the petition date that are similar to its pre-bankruptcy collateral. These replacement liens will have the same validity, extent and priority as those that existed on the petition date. In addition, Change Capital will receive a weekly payment of $5,000. As further protection, the Debtor was ordered to keep its property insured in accordance with its loan agreement with the senior creditor. The next hearing is scheduled for September 30. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/l7JOl from PacerMonitor.com. About USA Staffing Services LLC USA Staffing Services, LLC provides staffing solutions across the United States through a network of locally owned partner offices. It offers temporary staffing, direct hire, and customized workforce solutions for businesses across various industries and locations. USA Staffing Services and its affiliates, Staffing Management Group, LLC and MK Ultra Investments, LLC filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-04358) on June 27, 2025. In its petition, USA Staffing Services reported total assets of $6,315,418 and total liabilities of $3,239,607. Judge Catherine Peek McEwen handles the cases. The Debtors are represented by Daniel E. Etlinger, Esq., at Underwood Murray, P.A. Change Capital Holdings I, LLC, as senior creditor, is represented by: Steven J. Brotman, Esq. Troutman Pepper Locke, LLP 777 South Flagler Drive Suite 215 East Tower West Palm Beach, FL 33401 Telephone: 561-833-7700 Facsimile: 561-655-8719 steven.brotman@troutman.com -- and -- Sean A. Feener, Esq. Troutman Pepper Locke, LLP 875 Third Avenue, New York, NY 10022 Telephone: 212.912.2724 sean.feener@troutman.com VAN'S EQUIPMENT: Gets OK to Use Cash Collateral Until Oct. 5 ------------------------------------------------------------ Van's Equipment, Co. received interim approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral through October 5. The interim order authorized the Debtor to use cash collateral to pay post-petition operating expenses in accordance with its budget, subject to a 15% variance per line item. The Debtor projects total operational expenses of $78,445.48 for the week ending September 6; $69,462.50 for the week ending September 13; $88,472.50 for the week ending September 20; $96,382.50 for the week ending September 27; and $125,212.48 for the week ending October 4. As adequate protection, KeyBank National Association will receive payments of $5,000 from the Debtor. In addition, KeyBank and the U.S. Small Business Administration will be granted replacement liens on post-petition cash, receivables, inventory and the proceeds thereof. These liens are equal in extent, validity, and priority to the secured creditors' pre-bankruptcy liens. The replacement liens granted to the secured creditors do not attach to equipment leased from Alliance Funding, except to the extent of the Debtor's leasehold interest. Alliance Funding will be granted replacement liens on sublessee rents generated by the leased equipment and will receive monthly lease payments from the Debtor. A final hearing is set for September 25. Objections are due by September 18. As of the petition date, the Debtor held $213,912 in cash collateral and had total collateral, including tools, equipment, and office furniture, valued at over $5.87 million. The outstanding secured debt exceeds $6.2 million across three security filings. About Van's Equipment Co. Van's Equipment Co. sells and rents new and used heavy equipment, specializing in dirt equipment such as excavators, loaders, and dozers. Based in Burlington, Washington, Van's Equipment serves contractors and homeowners and operates as an authorized dealer for Yanmar, Canycom, Okada, and Felling Trailers. Its services include equipment sales, rentals, maintenance, and customization. Van's Equipment sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11750) on June 26, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Christopher M. Alston handles the case. The Debtor is represented by Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C. VERENDA 2021: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Verenda 2021 LLC Veranda Village Apartments 8600 Woodway Dr. Houston, TX 77063 Business Description: Verenda 2021 LLC operates as a real estate company based in Houston, Texas, with its principal assets consisting of the Veranda Village Apartments, a multifamily residential community located at 3635 S. Shaver St., Pasadena, Texas. Chapter 11 Petition Date: September 10, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-80423 Judge: Hon. Alfredo R Perez Debtor's Counsel: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Fercan E. Kalkan as manager. The Debtor failed to include a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OHUQW7A/Verenda_2021_LLC__txsbke-25-80423__0001.0.pdf?mcid=tGE4TAMA WEABER INC: Gets Extension to Access Cash Collateral ---------------------------------------------------- Weaber, Inc. received third interim approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral pending a further hearing. The third interim order authorized the Debtor to use cash collateral for weeks 5–7 as outlined in the budget. Such use is limited to (i) $1,514,250 as shown in the "Subtotal Cash Disbursements" line, and (ii) up to $350,000 per week as shown in the "Lumber" line. As adequate protection for the Debtor's use of their cash collateral, JPMorgan Chase Bank, N.A. and Cyprium Investors IV AIV I, LP will be granted replacement liens on their pre-bankruptcy collateral and additional post-petition security interests in and liens on other property that is currently owned or will be acquired by the Debtor after the petition date (excluding avoidance actions). In addition, the Debtor will pay interest on its obligations to JPMorgan and the other lenders under the 2017 credit agreement in cash at the non-default rate of 9.25% per annum on a weekly basis. As further protection, JPMorgan and Cyprium will have an allowed administrative claim against the Debtor. The next hearing is scheduled for September 16. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/dS1T3 from PacerMonitor.com. The Debtor produces oak and poplar hardwood products and operates entirely within the U.S., employing approximately 295 individuals. It is primarily financed by JPMorgan, which holds a first lien on its assets, with approximately $24.3 million in outstanding debt. Additional secured creditors include Cyprium Investors (with a junior lien of approximately $8 million) and Pathward N.A. (which holds a $3.88 million first-priority lien on certain machinery and equipment). The Debtor values its secured assets as follows: $6 million in accounts receivable, $23.3 million in inventory, $17.5 million in real estate, and $4.5 million in machinery and equipment. About Weaber Inc. Weaber, Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In the petition signed by Matthew G. Weaber, president and CEO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Henry W. Van Eck oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin, is the Debtor's legal counsel. JPMorgan Chase Bank, N.A., as secured creditor, is represented by: Su Jin Kim, Esq. Morgan, Lewis & Bockius, LLP 2222 Market Street Philadelphia, PA 19103 Telephone: (215) 963-5000 Facsimile: (215) 963-5001 su.kim@morganlewis.com -- and -- Michael Luskin, Esq. Stephan E. Hornung, Esq. Morgan, Lewis & Bockius, LLP 101 Park Avenue New York, NY 10178-0060 Tel: 212-309-6000 michael.luskin@morganlewis.com stephan.hornung@morganlewis.com Cyprium Investors IV AIV I, LP, as secured creditor, is represented by: Michael J. Roeschenthaler, Esq. Raines Feldman Littrell LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 (412) 899-6472 mroeschenthaler@raineslaw.com WELLPATH HOLDINGS: Dropped From Jones Civil-Rights Lawsuit ---------------------------------------------------------- Senior Judge Joseph H. McKinley Jr. of the United States District Court for the Western District of Kentucky granted Wellpath's motion to dismiss the case captioned as RICKY BERNARD JONES, PLAINTIFF v. CORRECT-CARE SOLUTIONS et al. Case No. 23-cv-00070-JHM (W.D. Ky.). The motions for summary judgment filed by State Defendants, Wellpath Employee Defendants and Wellpath are granted. Plaintiff Ricky Bernard Jones was formerly incarcerated as a convicted prisoner at Kentucky State Penitentiary. Plaintiff brought this pro se 42 U.S.C. Sec. 1983 prisoner civil-rights action asserting Eighth Amendment medical-care claims against State Defendants, Kentucky Department of Corrections Commissioner Cookie Crews, KSP Warden Scott Jordan, and former KSP Warden DeEdra Hart; Wellpath Employee Defendants, APRN Karen Ramey and Kristi Ponzetti, and Defendant Wellpath. In his verified complaint and amended complaints, Plaintiff alleges that he suffered injury to his shoulder on May 8, 2020, from a fight with another inmate, but that he was not taken out for surgery for his shoulder until December 6, 2022, his shoulder was nearly broken in two. On initial review of the amended complaint, the Court allowed Plaintiff's Eighth Amendment claims for deliberate indifference to a serious medical need to proceed against Defendants regarding the alleged significant delay of medical treatment for the shoulder injury Plaintiff incurred. In their motions for summary judgment, both the State and Wellpath Employee Defendants argue that they are entitled to judgment in their favor on the merits of Plaintiff's Eighth Amendment claims against them, because Plaintiff failed to exhaust his administrative remedies, and because Plaintiff's claims are barred by the statute of limitations. Because the Court is deciding the motions on the merits, the Court does not address either exhaustion or the statute of limitations. State Defendants In their motion for summary judgment, the State Defendants argue that they are entitled to judgment on this claim because they have presented evidence which shows that they did not know of Plaintiff's injuries until he filed the instant action, and even if they did know of Plaintiff's injuries, they are entitled to rely on the medical judgments of KSP's medical staff, who were employed by Wellpath. Wellpath contracts with the Commonwealth of Kentucky to provide medical care for inmates housed in Kentucky Department of Corrections facilities. The Court concludes that no reasonable jury could find that Plaintiff's evidence establishes that the State Defendants acted with deliberate indifference to his serious medical needs by failing to intervene in the medical care they knew Plaintiff was receiving from KSP's medical staff. Thus, the Court concludes that the State Defendants are entitled to judgment in their favor as a matter of law as to Plaintiff's clams against them. Wellpath Employee Defendants In response to the Wellpath Employee Defendants' motion for summary judgment, Plaintiff essentially argues that the care from KSP medical staff, including Wellpath Employee Defendants Ramey and Ponzetti, was so woefully inadequate as to amount to no treatment at all. Upon consideration, the Court concludes that the evidence shows that Defendant Ramey did not act with deliberate indifference to Plaintiff's injuries. The Court concludes that no jury could conclude that Defendant Ramey acted with reckless disregard to Plaintiff's serious medical needs or that she provided treatment to Plaintiff that was so woefully inadequate as to amount to no treatment at all. As such, summary judgment in favor of Defendant Ramey is proper. In his verified complaint and amended complaints, Plaintiff alleged that Defendant Ponzetti is liable for the actions of Defendant Ramey and other non-defendant medical providers, who were her subordinates, and for the delays in care of his shoulder. Plaintiff's allegations against Defendant Ponzetti are based on her supervisory authority; he does not allege that she was personally involved in his care or treatment. The Court concludes that no reasonable jury could find that Defendant Ponzetti acted with reckless disregard to Plaintiff's serious medical needs. Therefore, judgment as a matter of law is warranted on Plaintiff's allegations against Defendant Ponzetti based on her authority as the reviewer of his health care grievances. Wellpath After Defendants filed their motion for summary judgment, Wellpath filed for bankruptcy in the United States Bankruptcy Court for the Southern District of Texas. The Court takes judicial notice that the bankruptcy court confirmed Wellpath's First Amended Joint-Chapter 11 Plan of Reorganization, which discharged Plaintiff's claim against Wellpath in this action. Defendant Wellpath now moves to dismiss all claims against it based on the discharge. A liquidating trust has assumed Wellpath's liability for all general unsecured claims that arose before the petition date. The Court holds because Plaintiff's claims against Wellpath in this action are discharged, Defendant Wellpath's motion to dismiss it from this action will be granted. The Clerk of Court is directed to terminate Wellpath from the action. Plaintiff's motion to participate in the liquidating trust's non-binding alternative dispute resolution process is denied as moot. This motion must be filed in with the United States Bankruptcy Court for the Southern District of Texas or the administrators of the liquidating trust. The motion is not appropriately filed in this Court. A copy of the Court's Order is available at https://urlcurt.com/u?l=4Brsyp About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WESTRIDGE COMMERCE: Involuntary Chapter 11 Case Summary ------------------------------------------------------- Alleged Debtor: WestRidge Commerce Centre Development 2E, LLC PO Box 4034 Morgantown WV 26504 Case No.: 25-00515 Business Description: WestRidge Commerce Centre Development 2E, LLC, based in Morgantown, West Virginia, develops and manages commercial real estate properties as part of the broader WestRidge mixed-use development, which includes industrial, office, and retail spaces. Involuntary Chapter 11 Petition Date: September 10, 2025 Court: United States Bankruptcy Court Northern District of West Virginia Judge: Hon. David L Bissett Petitioner's Counsel: Steven L. Thomas, Esq. KAY CASTO & CHANEY, PLLC 1500 Chase Tower, 707 Virginia St. East Charleston WV 25301 Tel: 304-391-8811 Email: sthomas@kaycasto.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7CRIB6I/WestRidge_Commerce_Centre_Development__wvnbke-25-00515__0001.0.pdf?mcid=tGE4TAMA Alleged creditor who signed the petition: Petitioner Nature of Claim Claim Amount Anderson Excavating, LLC Rough Grading $1,852,113 343 Williams Road & Site Work Morgantown, WV 26501 WHITEHALL PHARMACY: Bankruptcy Counsel Averts Court Sanctions ------------------------------------------------------------- The Honorable Richard D. Taylor of the United States Bankruptcy Court for the Eastern District of Arkansas has withdrawn and dismissed his order entered on Aug. 18, 2025, directing Charles D. Davidson, Sr., Deven Harvison, and the Davidson Law Firm, counsel for Whitehall Pharmacy LLC, to appear and show cause why the Court should not find one or more violations of Rule 9011 and Local Rule 2090-21 with sanctions. The debtor, Whitehall Pharmacy LLC, filed a Chapter 11 case on July 21, 2025, represented by Davidson and Harvison, both attorneys at the Davidson Law Firm. The commencement of a Chapter 11 case is often attended by several motions seeking first day orders from the court; these typically concern ongoing operations, such as utilities and use of cash collateral. Whitehall adhered to this pattern. Whitehall also sought permission from the Court to pay pre-petition claims of various creditors or vendors deemed critical to Whitehall's ongoing business and potential reorganization. Specifically, Whitehall filed its Amended Motion for Authority to Pay Critical Vendors. The Hon. Phyllis M. Jones entered her Interim Order Authorizing the Debtor to Pay Prepetition Claims of Critical Vendors granting the requested relief on a temporary basis and setting the Amended Motion for hearing on Aug. 14, 2025. Thereafter, Judge Jones recused, which resulted in this Court presiding at the Aug. 14 hearing; both Davidson and Harvison appeared on Whitehall's behalf. By its Order entered on Aug. 14, 2025, the Court terminated without prejudice the Interim Order and reserved the Amended Motion for hearing by subsequent notice. At the Aug. 14 hearing, the Court raised perceived infirmities respecting paragraph 15 of the Amended Motion; specifically, the factual allegations and legal assertions contained therein could be misleading, false, or incorrect. Critical vendor motions are not routinely filed or granted in the Eastern District of Arkansas. The case referenced in paragraph 15 does not exist. The case number reflects an actual Chapter 13 bankruptcy case in the Eastern District of Arkansas; the case name, In re Berry Good, LLC, does not. The order referenced therein does not exist or stand for the proposition suggested. At the Aug. 14 hearing, Counsel admitted as much and intimated that artificial intelligence may have been used in generating paragraph 15. The Court issued its OSC pursuant to Rule 9011 and Local Rule 2090-2. In their Response, Counsel wisely elected four courses of action: 1. While outlining their process by way of explanation (including the use of AI), Davidson and Harvison took and accepted ultimate responsibility for the phantom case citation and authority; they pled negligence and systemic lapses in lieu of an intent to mislead the Court or gain an adversarial advantage. 2. Counsel self-imposed several internal safeguards. 3. Counsel volunteered that it would not bill Whitehall for any time related to the Amended Motion, OSC, or Response. 4. Counsel self-reported this matter by transmitting to the Arkansas Office of Professional Conduct the OSC and their Response. In this case, Counsel acknowledges their negligence in that regard. In these circumstances, grace presents in determining consequences. The Court is satisfied that the remedial actions and safeguards outlined in the Response are appropriate to the circumstances. No sanctions are warranted or issued. A copy of the Court's Order is available at https://urlcurt.com/u?l=fd8iJB from PacerMonitor.com. About Whitehall Pharmacy Whitehall Pharmacy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-12406) on July 21, 2025, listing up to $10 million in both assets and liabilities. Judge Phyllis M. Jones oversees the case. Charles Darwin Davidson, Sr., Esq., at Davidson Law Firm serves as the Debtor's counsel. WHITESTONE INDUSTRIAL: Plan Agent Taps Lain Faulkner as Accountant ------------------------------------------------------------------ Frances A. Smith, plan agent of Whitestone Industrial-Office LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Lain Faulkner & Co., PC as her accountants. The firm will assist the Plan Agent in accurately calculating payment on claims and disbursements in a matter that that serve the best interest of the estate. The current billing rates of Lain Faulkner are: Directors $460 to $580 per hour Accounting Professionals $245 to $340 per hour IT Professionals $315 per hour Paraprofessionals $150 per hour Staff Accountants $205 to $285 per hour Clerical and Bookkeepers $95 to $140 per hour As disclosed in the court filings, Lain Faulkner does not hold or represent any interest that is adverse to the Debtors' estates and is a disinterred person as the term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason Rae Lain Faulkner & Co., PC Lain Faulkner & Co., P.C. 400 North St. Paul Street, Suite 600 Dallas, TX 75201 Tel: (214) 720-1929 About Whitestone Industrial-Office LLC Whitestone Industrial-Office LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-30653) on March 4, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Bradford Johnson as authorized representative. Judge Scott W. Everett presides over the case. Joyce W. Lindauer, Esq. at Joyce W. Lindauer Attorney, PLLC represents the Debtor as counsel. WHITTAKER CLARK: Ch. 11 Moves Forward Despite Creditors' Pushback ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that the Third Circuit has affirmed a lower court decision allowing Whittaker, Clark & Daniels Inc., a defunct talc supplier, to proceed with bankruptcy despite efforts by junior creditors to have the case dismissed. On Wednesday, September 10, 2025, a three-judge panel held that the Chapter 11 petition was valid under choice-of-law precedent, denying the talc claimants committee's motion to throw out the Berkshire Hathaway affiliate's case. The judges also determined that successor liability claims against a prior owner belong exclusively to Whittaker's estate, leaving the company—not creditors—to pursue them. About Whittaker, Clark & Daniels Whittaker, Clark & Daniels, Inc. and affiliates, Brilliant National Services Inc., Soco West Inc. and L.A. Terminals Inc., were engaged in nonmetallic mineral mining and quarrying. The Debtors sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 23-13575) on April 26, 2023. The Debtors estimated $100 million to $500 million in assets against $1 billion to $10 billion in liabilities as of the bankruptcy filing. The Hon. Michael B. Kaplan is the case judge. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Cole Schotz P.C. as co-bankruptcy counsel; and M3 Partners LLC as financial advisor. Stretto, Inc. is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent talc claimants in the Debtors' Chapter 11 cases. The talc committee is represented by Cooley, LLP. The Hon. Shelley Chapman was appointed as the future claimants' representative (FCR) in the Chapter 11 cases. Willkie Farr & Gallagher, LLP is the FCR's counsel. WILLIAMS TREE: Taps Magee Goldstein Lasky & Sayers as Counsel ------------------------------------------------------------- Williams Tree Service, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire Magee Goldstein Lasky & Sayers, P.C. as its attorneys. The firm's services include: a. advising the Debtor with respect to its powers and duties as debtor in possession in the continued management of its business and properties; b. advising and consulting on the conduct of the Bankruptcy Case, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of Debtor's creditors and other parties in interest; d. taking all necessary action to protect and preserve the Debtor's estate; e. preparing all pleadings, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; f. representing the Debtor in connection with obtaining post-petition financing, if necessary; g. advising the Debtor in connection with any potential sale of assets; h. appearing before the Court to represent the interests of the Debtor's estate before the Court; i. taking any necessary action on behalf of the Debtor to negotiate, prepare on behalf of the Debtor, and obtain approval of a chapter 11 plan and documents related thereto; and j. perform all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this Bankruptcy Case, including (i) analyzing the Debtor's leases and contracts and the assumptions, rejections, or assignments thereof, (ii) analyzing the validity of liens against the Debtor; and (iii) advising the Debtor on corporate and litigation matters. The firm's attorneys who have responsibility for particular issues arising in this case bill at hourly rates of $425 per hour. Paralegal and paraprofessional rates are $115 per hour. Prior to the Petition Date, the firm agreed to accept $15,000 plus the filing fee of $1,738 from the Debtor. Magee Goldstein Lasky & Sayers, P.C. is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code. The firm can be reached through: Andrew S. Goldstein, Esq. MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PO Box 404 Roanoke, VA 24003-0404 Tel: (540) 529-1609 Fax: (540) 343-9898 E-Mail: agoldstein@mglspc.com About Williams Tree Service Williams Tree Service, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50509) on August 29, 2025, with $500,001 to $1 million in assets and liabilities. Judge Rebecca B. Connelly presides over the case. Andrew S. Goldstein, Esq. at Magee Goldstein Lasky & Sayers, P.C. represents the Debtor as legal counsel. WILLIAMSON RENAISSANCE: Seeks Subchapter V Bankruptcy in Virginia ----------------------------------------------------------------- On September 8, 2025, Williamson Renaissance Development Inc. filed Chapter 11 protection in the Southern District of West Virginia. 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 Williamson Renaissance Development Inc. Williamson Renaissance Development Inc. engages in real estate activities, including leasing residential and nonresidential properties. Williamson Renaissance Development Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.W. Va. Case No. 25-20207) on September 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Emmett Pepper, Esq. at PEPPER AND NASON. WINDTREE THERAPEUTICS: OKs Reverse Split, ELOC Shares Issuances --------------------------------------------------------------- Windtree Therapeutics, Inc. held a Special Meeting of Stockholders virtually. As of July 23, 2025, the record date for the Special Meeting, there were 28,658,826 outstanding shares of the Company's common stock. The following is a brief description of the final voting results for each of the proposals submitted to a vote of the stockholders at the Special Meeting, which are described in the Company's Definitive Proxy Statement on Schedule 14A for the Special Meeting, filed with the U.S. Securities and Exchange Commission on August 8, 2025: (a) Proposal 1 - Approval of the issuance of the Series D Convertible Shares, in accordance with Nasdaq Listing Rules 5635 (b) and (d), upon the conversion of our Series D Preferred Stock. The votes with respect to the approval of the issuance of the Series D Convertible Shares, in accordance with Nasdaq Listing Rules 5635 (b) and (d), upon the conversion of our Series D Preferred Stock, were as follows: * Votes For: 1,205,702 * Votes Against: 169,926 * Abstentions: 69,021 * Broker Non-Votes: 9,617,998 (b) Proposal 2 - Approval of the issuance of the Note Conversion Shares, in accordance with Nasdaq Listing Rules 5635 (b) and (d), upon the conversion of the Promissory Notes. The votes with respect to the approval of the issuance of the Note Conversion Shares, in accordance with Nasdaq Listing Rules 5635 (b) and (d), upon the conversion of the Promissory Notes, were as follows: * Votes For: 1,071,631 * Votes Against: 285,069 * Abstentions: 87,949 * Broker Non-Votes: 9,617,998 (c) Proposal 3 - Approval of the issuance of the PIPE Warrant Shares, in accordance with Nasdaq Listing Rules 5635(b) and (d), upon the exercise of our PIPE Warrants. The votes with respect to the approval of the issuance of the PIPE Warrant Shares, in accordance with Nasdaq Listing Rules 5635(b) and (d), upon the exercise of our PIPE Warrants, were as follows: * Votes For: 1,171,855 * Votes Against: 244,799 * Abstentions: 27,995 * Broker Non-Votes: 9,617,998 (d) Proposal 4 - Approval of the issuance of shares of common stock, in accordance with Nasdaq Listing Rules 5635(b) and (d), upon the conversion of our Series E Preferred Stock. The votes with respect to the approval of the issuance of shares of common stock, in accordance with Nasdaq Listing Rules 5635(b) and (d), upon the conversion of our Series E Preferred Stock, were as follows: * Votes For: 761,523 * Votes Against: 545,475 * Abstentions: 137,651 * Broker Non-Votes: 9,617,998 (e) Proposal 5 - Approval of the issuance of the Series E Warrant Shares, in accordance with Nasdaq Listing Rules 5635(b) and (d), upon the exercise of the Series E Warrants. The votes with respect to the approval of the issuance of the Series E Warrant Shares, in accordance with Nasdaq Listing Rules 5635(b) and (d), upon the exercise of the Series E Warrants, were as follows: * Votes For: 1,102,211 * Votes Against: 246,647 * Abstentions: 95,791 * Broker Non-Votes: 9,617,998 (f) Proposal 6 - Approval of the issuance of the ELOC Shares, in accordance with Nasdaq Listing Rules 5635(b) and (d). pursuant to the ELOC Purchase Agreement, establishing an equity line of credit. The votes with respect to the approval of the issuance of the ELOC Shares, in accordance with Nasdaq Listing Rules 5635(b) and (d). pursuant to the ELOC Purchase Agreement, establishing an equity line of credit, were as follows: * Votes For: 1,137,163 * Votes Against: 176,158 * Abstentions: 131,328 * Broker Non-Votes: 9,617,998 (g) Proposal 7 - Approval of an amendment of the Certificate of Incorporation to increase the number of authorized shares of capital stock from 125,000,000 shares to 1,000,000,000 shares. The votes with respect to the approval of an amendment of the Certificate of Incorporation to increase the number of authorized shares of capital stock from 125,000,000 shares to 1,000,000,000 shares, were as follows: * Votes For: 9,511,299 * Votes Against: 1,164,211 * Abstentions: 387,137 * Broker Non-Votes: 0 (h) Proposal 8 - Approval of an amendment of the 2020 Equity Incentive Plan to increase the number of shares of common stock reserved for issuance thereunder by 2,599,180 shares. The votes with respect to the approval of an amendment of the 2020 Equity Incentive Plan to increase the number of shares of common stock reserved for issuance thereunder by 2,599,180 shares, were as follows: * Votes For: 1,012,691 * Votes Against: 297,948 * Abstentions: 134,010 * Broker Non-Votes: 9,617,998 (i) Proposal 9 - Approval of an amendment of the Certificate of Incorporation to effect a reverse stock split of the Company's common stock at a ratio of no less than 1-for-2 and not greater than 1-for-25, with the exact ratio within such range and the timing of such reverse stock split to be determined at the sole discretion of our board of directors. The votes with respect to the approval of an amendment of the Certificate of Incorporation to effect a reverse stock split of the Company's common stock at a ratio of no less than 1-for-2 and not greater than 1-for-25, with the exact ratio within such range and the timing of such reverse stock split to be determined at the sole discretion of our board of directors, were as follows: * Votes For: 9,350,680 * Votes Against: 1,673,494 * Abstentions: 38,473 * Broker Non-Votes: 0 About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $31.83 million in total assets, $24.98 million in total liabilities, and $3.61 million in total stockholders' equity. WOLFSPEED INC: Shares Surge After Court Okays Restructuring Plan ---------------------------------------------------------------- Jaspreet Singh og Reuters reports that Wolfspeed Inc. (WOLF.N) shares surged 48% to $1.82 on Tuesday, September 9, 2025, after a U.S. bankruptcy court approved its Chapter 11 reorganization plan, setting the stage for the chipmaker to exit bankruptcy protection in the coming weeks. The plan will eliminate nearly $4.6 billion in debt, or about 70% of the company's total, and cut annual cash interest expenses by roughly 60%, according to the report. According to Reuters, the North Carolina-based company specializes in silicon carbide chips, which are more energy-efficient than traditional semiconductors and widely used in electric vehicles, solar inverters, and industrial power systems. Wolfspeed filed for Chapter 11 protection in June, about a month after raising doubts about its ability to continue operating as a going concern. CEO Robert Feurle said in a statement that the court's confirmation "clears the path" to completing the restructuring process. The ruling from the U.S. Bankruptcy Court for the Southern District of Texas marks a significant milestone in Wolfspeed's turnaround efforts, giving the company financial breathing room to focus on its core business, the report states. 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. WYNN RESORTS: Kevyn Wynn, 2 Others Hold 9.17% Equity Stake ---------------------------------------------------------- Kevyn Wynn, Gillian Wynn, and the Elaine P. Wynn Family Trust – 2016 dtd 5/24/2016 disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that, as of May 16, 2025, they beneficially own an aggregate of 9,539,077 shares of Wynn Resorts Ltd.'s common stock, representing approximately 9.17% of the company's 103,976,531 outstanding shares as of July 30, 2025, according to the issuer's latest Form 10-Q. Of the total shares reported, 9,439,351 shares are owned by the Elaine P. Wynn Family Trust – 2016 dtd 5/24/2016 and 99,726 shares are owned by the EPW 2020 Five Year Trust dtd 3/31/2020, for each of which the reporting persons serve as trustees. Kevyn Wynn may be reached through: C/O BRENTWOOD MANAGEMENT GROUP 11812 San Vicente Blvd., Ste. 200 Los Angeles, Calif. 90049 A full-text copy of Kevyn Wynn's SEC report is available at: https://tinyurl.com/5cnn33c2 About Wynn Resorts Ltd. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and operates hotels and casino resorts. As of December 31, 2024, Wynn Resorts had $12.98 billion in total assets, $13.95 billion in total liabilities, and a total stockholders' deficit of $968.60 million. * * * Egan-Jones Ratings Company on January 14, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Wynn Resorts. XCEL BRANDS: Potomac Entities Hold 6.6% Equity Stake ---------------------------------------------------- Potomac Capital Management, Inc., Potomac Capital Management V LLC, Potomac Capital Partners V, LP, and Paul J. Solit, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of August 1, 2025, they beneficially own an aggregate of 316,249 shares of XCel Brands, Inc.'s common stock, $0.001 par value per share, representing approximately 6.6% of the company's 4,762,360 outstanding shares as reported in the Company's prospectus filed on August 1, 2025. Potomac Capital Management, Inc. may be reached through: Paul J. Solit, Authorized Signatory 360 East 89th Street, Apt 8B New York, N.Y. 10128 Tel: 248-622-2848 A full-text copy of Potomac Capital Management, Inc.'s SEC report is available at: https://tinyurl.com/5n7fe5jn About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 27, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $53.8 million in total assets, $25.4 million in total liabilities, and a total stockholders' equity of $28.4 million. YARA TEST: Case Summary & Eight Unsecured Creditors --------------------------------------------------- Debtor: Yara Test LLC dba Fancy European Chocolate 19-00 Pollitt Dr Fair Lawn NJ 07410-2764 Case No.: 25-19461 Business Description: Yara Test LLC, doing business as Fancy European Chocolate, imports and distributes confectionery and toy products in the United States, sourcing primarily from suppliers in China, Germany, Spain, and the United Kingdom. The Company operates in the wholesale trade and import sector. Chapter 11 Petition Date: September 10, 2025 Court: United States Bankruptcy Court District of New Jersey Debtor's Counsel: David Stevens, Esq. SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA LLP 1599 Hamburg Turnpike Wayne NJ 07470 Tel: 201-490-4777 Email: dstevens@scura.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Yahya Albaridi as 100% member. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QU5AGMY/Yara_Test_LLC__njbke-25-19461__0001.0.pdf?mcid=tGE4TAMA [] Peter Amend Joins Alston & Bird's Financial Restructuring Group ------------------------------------------------------------------ Alston & Bird announced that partner Peter Amend has joined its Financial Restructuring & Reorganization Group in New York, further strengthening the firm's handling of complex financial restructurings across its global platform. Mr. Amend represents lenders and agents in both in-court and out-of-court (or transactional) restructurings, including Chapter 11 cases, liability management transactions, proxy exercises, special situation financings, and intercreditor arrangements. He also advises asset purchasers, distressed investors, and equity owners on a range of insolvency and corporate restructuring matters, including guiding clients through acquisitions and bankruptcies in the rapidly evolving cryptocurrency and digital asset space. "With sharp legal instincts and a reputation for excellent client service, Peter brings an impressive track record of working with clients and other stakeholders to find optimal restructuring solutions," said Gerard Catalanello, Alston & Bird partner and head of the Financial Restructuring & Reorganization Group. "His skills and entrepreneurial drive will enhance our New York office's ongoing commitment to supporting clients and their businesses." "Peter brings considerable expertise across private credit, special situations, and private equity—positioning him to enhance the value of the full suite of services that our firm provides to finance clients," said Mike Parisi, Alston & Bird partner and head of the corporate debt finance practice. Mr. Amend's arrival builds on the synergies created by recent hires in New York, including corporate and finance partners David Grimes, Adam Heasley, B.K. Lee, Sam Roh, Patrick Rowe, George Silfen, Bijal Vira, and Heather Wyckoff. "Alston & Bird has earned its reputation as a market leader in a range of litigation and corporate practices where I'm excited to contribute my experience with special situations and other complex issues," said Peter. "I can't wait to start working with my new colleagues to help clients navigate their most sophisticated and challenging matters." Alston & Bird's leading Financial Restructuring & Reorganization Group advises clients through all aspects and phases of in-court and out-of-court restructurings, workouts, and insolvencies. The group's experience spans debtor representations, secured creditor mandates, cross-border and Chapter 15 proceedings, special situations, official and ad hoc committee representations, structured finance and securitization matters, and distressed merger and acquisition transactions. These engagements often involve complex strategies such as debt-for-debt and debt-for-equity exchanges, intercreditor arrangements, exercise of remedies, distressed and DIP lending, rescue financing, liability management transactions, distressed investing advice, and litigation support. [^] BOOK REVIEW: Transcontinental Railway Strategy -------------------------------------------------- Transcontinental Railway Strategy, 1869-1893: A Study of Businessmen Author: Julius Grodinsky Publisher: Beard Books Softcover: 439 pages List Price: $34.95 Review by Gail Owens Hoelscher Order your personal copy at http://www.beardbooks.com/beardbooks/transcontinental_railway_strategy.html Railroads were pioneers of the American frontier. Union Pacific; Central Pacific; Kansas and Pacific; Chicago, Rock Island and Pacific; Chicago, Burlington and Quincy; Atchison, Topeka and Santa Fe: these names evoke boom times in America, the excitement and tumult of seemingly limitless growth and opportunity, frontiers to tame, fortunes to be made. Railroads opened up vast supplies of raw materials, agricultural products, metals, and lumber. The public gain was incalculable: job creation, low-cost transportation, acceleration of westward immigration, and settlement of the frontier. The building of the western railway system in the United States was described at the time as "one of the greatest industrial feats in the world's history." This book tells the story of the trailblazers of the Western railway industry, men with a stalwart willingness to take on extraordinary personal financial risk. As a group, these initial railroad promoters were smart, bold, tenacious, innovative, and fiercely competitive. Some were cautious with their and their investors' money, some reckless. Most met with financial setbacks, some with total failure, some time and time again. They often sold out at great losses, leaving their successors to derive the benefits later. Bitter competition existed among these men. They fought to position their "roads" in a limited number of mountain passes, rivers, and valleys; and to chart routes which connected major production areas with major consumption areas. They cajoled and begged almost anyone for capital. They created and tried to defend monopolies. They bullied each other, invaded each other's territories, and retaliated against each other. They staged wage wars. They agreed not to compete with each other, and bought each other out. The book opens in May of 1869, just after the completion of the first transcontinental route joining the Union Pacific Railroad and the Central Pacific Railroad in Ogden, Utah. The companies' long-term prospects were excellent, but right then they were desperate for cash. Union Pacific alone was more than $15 million in debt. Additional financing was proving scarce. By 1870, more than 40 railroads were floating bonds, "at almost any price for ready cash," wrote one contemporary observer. Still, funds were raised and construction went on, both of transcontinental lines and branch lines. As railway lines in the West were built in relatively unsettled areas, traffic was light and returns correspondingly low. To increase business, the companies found ways to encourage population growth along their routes. Much-needed funding came from immigration services set up by the railways themselves. Agricultural areas sprang up along the routes. Sometimes volume of traffic expanded too fast, and equipment shortages and construction delays occurred. Or, drought, recession, and low agricultural prices meant more red ink. This book takes the reader through the boom times and bust times of the greatest growth of railways the world has ever seen. The author uses a myriad of sources showing painstaking and creative research, including contemporary news accounts; railway company financial records and archives; contemporary industry journals; Congressional records; and personal papers, letters, memoirs and biographies of the main players. It's a good, solid read. Professor Julius Grodinsky was born in 1896 and died July 9, 1962, in Philadelphia, Pennsylvania. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. 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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 ***