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250915.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, September 15, 2025, Vol. 29, No. 257 Headlines 123DENTIST INC: T. Rowe Marks CAD$5.9MM 1L Loan at 55% Off 123DENTIST INC: T. Rowe Marks CAD$952,000 1L Loan at 27% Off 1514 E 45 ST: Voluntary Chapter 11 Case Summary 23ANDME HOLDINGS: Reaches $3.2MM Data Breach Deal w/ Canadian Users 2617-23 FOSTER AVE: Seeks to Extend Plan Exclusivity to December 8 33 MAKO: Seeks to Sell Amagansett Property at Auction ACLCP CINCINNATI: Section 341(a) Meeting of Creditors on October 7 ADVENT TECHNOLOGIES: Secures $418K Convertible Loan From Hudson AIO US: Seeks to Extend Plan Exclusivity to December 8 AIR INDUSTRIES: Wins $6.9M Contracts for Aircraft MRO Components ALACHUA GOVERNMENT: Seeks to Sell Alachua Property at Auction ALERT SRC: 26North Marks $579,000 1L Loan at 19% Off ALUMAX INC: Plan Exclusivity Period Extended to October 2 ANTERO MIDSTREAM: Moody's Rates New $500MM Unsecured Notes 'Ba3' ARAMSCO INC: T. Rowe Marks $1.7MM 1L Loan at 19% Off ARCHDIOCESE OF NEW ORLEANS: Proposes Multi-Mil. Plan in Bankruptcy ARTIFICIAL INTELLIGENCE: Extends No Reverse Split Pledge Until 2026 ARYABHATA GROUP: Involuntary Chapter 11 Case Summary ASPIRA WOMEN'S: Brian Hungerford Replaces Julie Carrillo as CFO ASSET DISCOVERY: Frances Smith Named Subchapter V Trustee ASSOCIATIONS INC: T. Rowe Marks $965,000 1L Loan at 67% Off ATARA BIOTHERAPEUTICS: Three Directors Resign; New Chair Named BANYAN SOFTWARE: T. Rowe Marks $1.6MM 1L Loan at 86% Off BANYAN SOFTWARE: T. Rowe Marks $8.1MM 1L Loan at 40% Off BARTRAM LOGISTICS: Section 341(a) Meeting of Creditors on Oct. 15 BCPE HIPH: T. Rowe Marks $2.3MM 1L Loan at 14% Off BEACON POINTE: T. Rowe Marks $9.9MM 1L Loan at 78% Off BEAUTIFUL CITY: Seeks to Extend Plan Exclusivity to Oct. 31 BEELINE HOLDINGS: Clears $7M Debt, Targets Profitability by Q1 2026 BRADYIFS HOLDINGS: T. Rowe Marks $917,000 1L Loan at 67% Off BROOKDALE SENIOR: EVP H. Todd Kaestner to Exit Sept. 30 CAPITAL WHOLESALE: Gets Interim OK to Use Cash Collateral CARESTREAM HEALTH: Highland Marks $15.7MM 1L Loan at 85% Off CARTER LEASING: Section 341(a) Meeting of Creditors on September 10 CENTRAL PARENT: Vista Credit Marks $9.9MM 1L Loan at 16% Off CHARTER SCHOOL: Sept. 29, 2025 Claims Filing Deadline Set CHASE INTERMEDIATE: T. Rowe Marks $890,000 1L Loan at 89% Off CHASE INTERMEDIATE: T. Rowe Virtually Writes Off $21.1MM 1L Loan CINEMEX HOLDINGS: Unsecureds to Get 100 Cents on Dollar in Plan CL (MG) GROUP: 26North Marks $1.2MM 1L Loan at 16% Off CNSI HOLDINGS: T. Rowe Marks $2.9MM 1L Loan at 72% Off COBURN BAKER: To Sell Aspen Property to 88 Lower for $3.7MM COMMSCOPE HOLDING: SVP to Get $1.98M Bonus From CCS Sale COMMUNITY BRANDS: T. Rowe Marks $3.2MM 1L Loan at 85% Off CORCHIS CAPITAL: Case Summary & 31 Largest Unsecured Creditors CPW CORP: Gets One-Month Extension to Use Cash Collateral CSAT SOLUTIONS: T. Rowe Marks $1.1MM 1L Loan at 50% Off D&D BUYER: T. Rowe Marks $1.9MM 1L Loan at 40% Off DARKPULSE INC: Inks BX3 Consultancy Deal For Sales in MEA, Asia DAYSPRING ACADEMY:S&P Affirms 'BB' ICR, Alters Outlook to Positive DIAMOND COMIC: Plan Exclusivity Period Extended to October 15 DILIGINT CORP: T. Rowe Virtually Writes Off $2.5MM 1L Loan DIOCESE OF ROCHESTER: Court Confirms Chapter 11 Bankruptcy Plan DIRECTV FINANCING: S&P Rates Proposed $1.5BB Secured Notes 'B+' DRIVEN BRANDS: S&P Withdraws 'B+' Issuer Credit Rating DYNAMISM LLC: Eric Huebscher Named Subchapter V Trustee EAGLE THEATER: Seeks to Extend Plan Exclusivity to October 31 EAGLE THEATER: Seeks to Extend Plan Exclusivity to October 31 ECHOSTAR CORP: Space Exploration Deal No Impact on Moody's Caa2 CFR EDS LEGACY: Highland Marks $55MM 1L Loan at 18% Off EL DORADO: Court Approves Equipment Sale at Auction ENERGIZER HOLDINGS: Moody's Rates New $150MM Loan Add-on 'Ba1' ERMAJO LLC: Section 341(a) Meeting of Creditors on October 20 ES PARTNERS: Unsecureds Will Get 100% of Claims over 60 Months EVERBRIDGE HOLDINGS: T. Rowe Marks $3.9MM 1L Loan at 61% Off EYECARE PARTNERS: Pioneer Floating Marks $268,891 Loan at 16% Off FLOATUS INC: 120-Day Extension for Plan Filing Granted FOOT LOCKER: S&P Withdraws 'BB-' Issuer Credit Rating FORM TECHNOLOGIES: Moody's Alters Outlook on 'B3' CFR to Stable FR VISION: T. Rowe Marks $5.6MM 1L Loan at 40% Off FTX TRADING: Court Partly Rejects Bid to Arbitrate SkyBridge Suit GI APPLE: T. Rowe Virtually Writes Off $1.3MM 1L Loan GIRARDI & KEESE: Atty, Judge Spar Whether Conviction Is 'Debatable' GLOBAL TECHNOLOGIES: Launches Series P Preferred Stock Offering GLOBAL TECHNOLOGIES: Primecare Signs Channel Partner Agreement GRANICUS INC: T. Rowe Marks $702,00 1L Loan at 86% Off GROSS MECHANICAL: Court Appoints Receiver GROUNDWORKS LLC: T. Rowe Marks $1.1MM 1L Loan at 78% Off GROWTHWORKS COMMERCIALIZATION: Taps Grant Thornton as Ch 11 Trustee HAWAIIAN ELECTRIC: S&P Rates Proposed Senior Unsecured Notes 'BB' HIGHLAND CAPITAL: Court Urged to Skip Ch. 11 'Gatekeeper' Appeal HOOTERS OF AMERICA: Ordered to Divide Franchise Royalties HOUSEWORX INVESTMENTS: To Sell Arlington Property to D. Garvie HYPERSCALE DATA: Sells $4M Series H Preferred Shares to Ault & Co. I-ON DIGITAL: Appoints Patrick White and John Jubilee to Board INCA BOOT: Gets Interim OK to Use Cash Collateral INNOVATIVE FOOD: Case Summary & One Unsecured Creditor IQSTEL INC: Enters $1M Stock-for-Stock Exchange Deal With Cycurion ITALIAN KITCHEN: Case Summary & 20 Largest Unsecured Creditors JB GROUP: Case Summary & 20 Largest Unsecured Creditors JD HUNT: Seeks to Extend Plan Exclusivity to December 7 JS HELD: T. Rowe Marks $452,000 1L Loan at 84% Off KLEINFELDER GROUP: T. Rowe Marks $2.9MM 1L Loan at 47% Off KNIGHT HEALTH: Pioneer Floating Marks $967,155 Loan at 58% Off KONTOOR BRANDS: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable KRONOS ACQUISITION: S&P Lowers ICR to 'CCC', Outlook Negative KULANA HALE: Case Summary & Four Unsecured Creditors LABL INC: S&P Downgrades ICR to 'CCC+' on Continued Weak Earnings LAMUMBA INC: Seeks Cash Collateral Access LASERSHIP INC: T. Rowe Marks $26.6MM 1L Loan at 40% Off LAURENT TOWER: Bankruptcy Sale of Victoria Office Due Oct. 30 LEGACY LIFESTYLES: To Sell Longleaf Property to National Four Star LOYALTY VENTURES: Pioneer Floating Marks $872,276 Loan at 92% Off LUCKY BUCKS: Pioneer Floating Marks $68,233 Loan at 92% Off MAMMOTH HOLDINGS: T. Rowe Marks $3.6MM 1L Loan at 81% Off MARK L. OBMAN DDS: Michael Markham Named Subchapter V Trustee MARRA AIR: Unsecured Creditors to Split $10,500 over 3 Years MEADE PIPELINE: S&P Assigns 'BB' ICR, Outlook Stable MEDICAL SOLUTIONS: Pioneer Marks $485,428 1L Loan at 41% Off MERIT STREET: Creditors Ink $17MM Deal w/ Peteski Productions MRI SOFTWARE: T. Rowe Marks $2.9MM 1L Loan at 20% Off MRI SOFTWARE: T. Rowe Virtually Writes Off $2.6MM 1L Loan MUSIC AND DANCE: Moody's Rates $20MM Ser. 2025 Revenue Bonds 'Ba2' MYELLA INC: Gerard Luckman of Forchelli Named Subchapter V Trustee NAVACORD CORP: S&P Rates Proposed US$400MM Unsecured Notes 'CCC' NCR ATLEOS: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable NCR ATLEOS: S&P Assigns 'B+' Rating on New Repriced Term Loan B NCWS INTERMEDIATE: T. Rowe Marks $6.9MM 1L Loan at 79% Off NCWS INTERMEDIATE: T. Rowe Virtually Writes Off $4.1MM 1L Loan NEW FORTRESS: Advisers Gear Up for Confidential Debt Talks NEW LOOK: T. Rowe Marks CAD$1.1MM 1L Loan at 79% Off NEW LOOK: T. Rowe Marks CAD$1MM 1L Loan at 27% Off NEW LOOK: T. Rowe Marks CAD$547,000 1L Loan at 27% Off NEW LOOK: T. Rowe Marks CAD$8.2MM 1L Loan at 27% Off NOVELIS CORP: Moody's Rates $100MM Series 2025B Revenue Bonds 'B1' NXDT HOSPITALITY: Highland Marks $42.9MM Loan at 35% Off NXDT HOSPITALITY: Highland Marks $6.4MM Loan at 35% Off OHIO TRANSMISSION: T. Rowe Marks $1.3MM 1L Loan at 50% Off OHIO TRANSMISSION: T. Rowe Marks $2MM 1L Loan at 44% Off OMNI FIBER: T. Rowe Virtually Writes Off $30.4MM 1L Loan ONE CALL: S&P Withdraws 'CCC+' Issuer Credit Rating ORIGINCLEAR INC: Cory Mertes Joins Board, Chairs Committees OSCAR A. LOPEZ: Seeks Chapter 11 Bankruptcy in Texas PDI TA HOLDINGS: T. Rowe Marks $317,000 1L Loan at 60% Off PERATON CORP: T. Rowe Marks $17.3MM 2L Loan at 29% Off PERATON CORP: T. Rowe Marks $6.5MM 2L Loan at 29% Off PINSTRIPES HOLDINGS: Deadline for Panel Questionnaires for Sept. 16 PINSTRIPES INC: Seeks Chapter 11 Bankruptcy in Delaware POSIGEN DEVELOPER: Taps Advisers, Explores Debt Restructuring PPV INTERMEDIATE: T. Rowe Marks $9.9MM 1L Loan at 61% Off PRECIPIO INC: Terminates ATM Sales Agreement With A.G.P. PROSPECT MEDICAL: Court Approves Disclosure Statement PROSPECT MEDICAL: Plan Confirmation Hearing Set for Oct. 14, 2025 REAGAN HOSPITAL: Moody's Affirms 'Ba1' Issuer & GOLT Ratings REVALIZE INC: T. Rowe Marks $306,000 1L Loan at 25% Off REWORLD HOLDING: Moody's Cuts CFR to B2 & Alters Outlook to Stable RIMKUS CONSULTING: T. Rowe Marks $1.1MM 1L Loan at 76% Off RIMKUS CONSULTING: T. Rowe Marks $2.2MM 1L Loan at 79% Off RISK ANALYTICS: Seeks Chapter 7 Bankruptcy in Texas ROBERTSHAW PARENT: S&P Alters Outlook to Neg., Affirms 'CCC+' ICR ROCK STAR: T. Rowe Marks $2.1MM 1L Loan at 86% Off ROCKY MOUNTAIN: Secures $1.8M Credit Facilities From SPVs RSC ACQUISITION: T. Rowe Marks $18.2MM 1L Loan at 90% Off SHANE BARNES: Seeks Subchapter V Bankruptcy in Alabama SHARP SERVICES: Moody's Alters Outlook on 'B3' CFR to Stable SIGNATURE YHM: Seeks to Extend Plan Exclusivity to Nov. 6, 2025 SKYX PLATFORMS: Dov Shiff, 3 Others Hold 13.6% Equity Stake SL GREEN: Fitch Alters Outlook on 'BB+' IDR to Positive SOLAR MOSAIC: Court Approves Chapter 11 Reorganization Plan SOUTHERN COLONEL: Seeks 60-Day Extension of Plan Filing Deadline SPECIALTY CARTRIDGE: Unsecured Creditors to Split $90K in Plan SPIRIT AIRLINES: Fitch Lowers LongTerm IDR to 'D' STS AVIATION: T. Rowe Marks $440,000 1L Loan at 34% Off SUITECCENTRIC LLC: Gets Interim OK to Use Cash Collateral SUMMIT BEHAVIORAL: Pioneer Marks $910,093 1L Loan at 23% Off SUNNOVA ENERGY: Wins Preliminary OK to Solicit Ch. 11 Plan Votes SUNOCO LP: Fitch Assigns 'BB+' Rating on New Senior Unsecured Notes SUNRISE FINANCIAL: Section 341(a) Meeting of Creditors on Sept. 29 TAG ASSET: Seeks Chapter 7 Bankruptcy in Texas TC SIGNATURE: T. Rowe Marks $14.4MM 1L Loan at 58% Off THG ACQUISITION: T. Rowe Marks $1.6MM 1L Loan at 93% Off THG ACQUISITION: T. Rowe Virtually Writes Off $3.3MM 1L Loan THUNDER BUYER: 26North Marks $390,000 1L Loan at 23% Off TOCO HOLDINGS: Case Summary & Three Unsecured Creditors TRICOLOR AUTO: Prosecutors Probe Co. for Alleged Fraud TURNER PAVING: Jarrod Martin Named Subchapter V Trustee TYBER MEDICAL: T. Rowe Marks $1.7MM 1L Loan at 65% Off UPSTREAM NEWCO: Pioneer Marks $2.1MM 1L Loan at 23% Off URBAN DISCOVERY: S&P Lowers 2024 Bond Rating to 'B', Outlook Pos. US MAGNESIUM: Court Rejects DIP Rollup Over Environmental Fight US MAGNESIUM: Deadline for Panel Questionnaires Set for Sept. 18 USIC HOLDINGS: T. Rowe Marks $2.5MM 1L Loan at 68% Off USIC HOLDINGS: T. Rowe Marks $5.3MM 1L Loan at 55% Off VENUS CONCEPT: Madryn Grants Liquidity Waivers, Extends Bridge Loan VEON LTD: Beneficially Owns 89.6% of Kyivstar Group VERENDA 2021: Seeks Chapter 11 Bankruptcy in Texas VILLAGES HEALTH: Court OKs CenterWell Bid in Bankruptcy Sale VORNADO REALTY: Fitch Alters Outlook on 'BB+' IDR to Positive VRS BUYER: S&P Assigns 'B-' Rating on Senior Secured Debt W.D. TOWNLEY: To Sell TPM Property to Striker Creek for $2.7MM WEABER INC: Hit by Large Fire Month After Chapter 11 Filing WEBER-STEPHEN PRODUCTS: Moody's Rates New 1st Lien Term Loan 'B3' WELLMADE FLOOR: Gets Court Approval for Sept. 23 Auction WOLFSPEED INC: Court Confirms Plan, Paving Way to Exit Chapter 11 WORLDWIDE MACHINERY: Case Summary & 30 Top Unsecured Creditors WORLDWIDE MACHINERY: Seeks Chapter 11 Bankruptcy w/ $100MM Debt WYNN RESORTS: Macau Unit Completes $1B 5.50% Notes Redemption YA INTERMEDIATE: T. Rowe Marks $2.9MM 1L Loan at 81% Off YA INTERMEDIATE: T. Rowe Marks $6.1MM 1L Loan at 90% Off YARA TEST: Seeks Subchapter V Bankruptcy in New Jersey YOAKUM INDEPENDENT: S&P Affirms 'BB' Underlying Rating on GO Bond ZEN JV LLC: Deadline to File Claims Set for Sept. 15, 2025 [] Diane Drain Law Office Received 2025 Bankruptcy Service Award [] Vartabedian Hester & Haynes Adds Veteran Bankruptcy Team ********* 123DENTIST INC: T. Rowe Marks CAD$5.9MM 1L Loan at 55% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its CAD$5,981,000 loan extended to 123Dentist Inc. to market at CAD$2,664,000 or 45% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to 123Dentist Inc. The loan accrues interest at a rate of 7.75% per annum. The loan matures on December 29, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About 123Dentist Inc. 123Dentist is a privately-held dental services organization that offers an online network of community dentists where clients can search for dental services. 123DENTIST INC: T. Rowe Marks CAD$952,000 1L Loan at 27% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its CAD$952,000 loan extended to 123Dentist Inc. to market at CAD$694,000 or 73% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to 123Dentist Inc. The loan accrues interest at a rate of 7.75% per annum. The loan matures on December 29, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About 123Dentist Inc. 123Dentist is a privately-held dental services organization that offers an online network of community dentists where clients can search for dental services. 1514 E 45 ST: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 1514 E 45 St. Inc. 1432 E 10th Street Brooklyn NY 11230 Business Description: 1514 E 45 St. Inc. owns a property at 978 Dekalb Avenue in Brooklyn, New York, with an estimated value of $1.1 million. Chapter 11 Petition Date: September 11, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-44357 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Erica Yitzhak, Esq. THE YITZHAK LAW GROUP 1 Linden Place Suite 406 Great Neck NY 11021 Tel: 516-466-7144 Email: erica@etylaw.com Total Assets: $1,106,900 Total Liabilities: $1,648,819 The petition was signed by Ziv Bukobza as president. The Debtor submitted a list of its 20 largest unsecured creditors, but no names were included in the filing. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZGTWLUA/1514_E_45_St_Inc__nyebke-25-44357__0001.0.pdf?mcid=tGE4TAMA 23ANDME HOLDINGS: Reaches $3.2MM Data Breach Deal w/ Canadian Users ------------------------------------------------------------------- Gina Kim of Law360 reports that 23andMe urged a Missouri bankruptcy judge to approve a $3.25 million settlement resolving claims from 300,000 Canadian citizens impacted by a data breach, portraying the agreement as an "excellent result" when weighed against restricted funds and the broader issues tied to its bankruptcy proceedings. 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. 2617-23 FOSTER AVE: Seeks to Extend Plan Exclusivity to December 8 ------------------------------------------------------------------ 2617-23 Foster Ave. Realty Corp. asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 8, 2025 and February 2, 2026, respectively. The Debtor is a domestic corporation with its corporate office located at 2623 Foster Avenue, Basement, Brooklyn, New York 11210. The Debtor owns the real property commonly known as 2617-23 Foster Avenue, Brooklyn, New York, 11210, identified under Block 5213, Lot 62, in the Borough of Brooklyn (the "Property"). The Property is improved by a three-story walk-up building consisting of 14 rent-stabilized residential apartments and two basements. The Debtor explains that throughout this Chapter 11 case, the company has taken steps towards achieving its goal of either refinancing or selling the Property and formulating a Chapter 11 plan. However, despite the Debtor's efforts, much work remains for the Debtor prior to filing a Chapter 11 plan and disclosure statement. An extension of the Exclusivity Periods will provide the Debtor with the necessary time and breathing space required to continue marketing the Property for sale. The Debtor submits that sufficient "cause" exists pursuant to section 1121(d) of the Bankruptcy Code to extend the Exclusivity Periods as provided herein. Each of the relevant factors weighs in favor of an extension of the Exclusivity Periods, as follows: * The Debtor Has Made Good Faith Progress Towards Reorganization. The Debtor has already satisfied several key milestones in this Chapter 11 case, which include, among other things, retaining bankruptcy counsel and accountants, moving for a bar date, obtaining Interim and Final Orders regarding cash collateral and its utilities, and making adequate protection payments to CI Notes. The Debtor, however, requires additional time to facilitate a sale of the Property. * The Debtor is Paying its Debts as They Come Due. Since the Petition Date, the Debtor has paid its debts in the ordinary course of business or as otherwise provided by order of the Court. The Debtor continues to make adequate protection payments to CI Notes pursuant to the Interim and Final Orders regarding the Debtor's use of cash collateral. In addition, the Debtor made a payment to the NYC Department of Finance for real estate taxes that came due July 1, 2025. * This Case is Approximately Seven Months Old. The Debtor's request for an extension of the Exclusivity Periods is the Debtor’s second such request and comes approximately seven months after the Petition Date. During this short time in Chapter 11, the Debtor has accomplished a great deal while it continues to work diligently toward a sale of its Property and ultimately a resolution of this Chapter 11 case. * An Extension Will Not Pressure Creditors. The Debtor's request for an extension of the Exclusivity Periods herein is not a negotiating tactic but instead a reflection of the fact that this Chapter 11 case is not ripe for the formulation and confirmation of a viable Chapter 11 plan. 2617-23 Foster Ave. Realty Corp. is represented by: Rosen, Tsionis & Pizzo, PLLC Alex E. Tsionis, Esq. Daniel J. LeBrun, Esq. 38 New Street Huntington, New York 11743 Phone: (631) 423-8527 Email: atsionis@ajrlawny.com dlebrun@ajrlawny.com About 2617-23 Foster Ave. Realty Corp. 2617-23 Foster Ave. Realty Corp. operates in the real estate sector. The Debtor owns the property located at 2617-23 Foster Ave., Brooklyn, New York 11210, with an estimated value of $1.4 million. 2617-23 Foster Ave. Realty Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40624) on February 7, 2025. In its petition, the Debtor reports total assets of $1,486,155 and total liabilities of $1,366,075. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Alex E. Tsionis, Esq., at Law Offices of Avrum J. Rosen, PLLC, in Huntington, New York. 33 MAKO: Seeks to Sell Amagansett Property at Auction ----------------------------------------------------- 33 Mako LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's property is located at 54 Sandcastle Lane, Amagansett, New York 11930. The Debtor owns the Property which is a single family residence with 3 bedrooms and 2 and 1/2 bathrooms. There is also a heated swimming pool at the Property. The Property is currently unoccupied. The lienholders of the Property are LendingOne, LLC, U.S. Bank National Association, and 54 SCL Funding LLC. The Debtor retains Northgate Real Estate Group as its real estate advisor and to market and sell the Property. The Debtor proposes a bidding procedure for the sale of the Property, which is subject to higher and better offers at a public auction sale. The Qualified Bid shall provide for a purchase price of an Initial Bid, with subsequent minimum bid increments of $50,000.00 per bid thereafter, or such other Initial Bid and/or minimum bid increments that the Debtor, with the consent of the Lender, may deem appropriate. The successful purchaser must close title to the Property on a date that is no later than ten calendar days after the entry of an order approving the sale approving the sale of the Property to the Successful Bidder. The Debtor believes that the sale of the Property is necessary and integral to the implementation of the Plan. The successful buyer for the Property will be the party or parties who tender the highest or best bid, which presents the best opportunity to maximize the value of the Property for the benefit of the Debtor’s estate and its creditors. Any party that is interested in bidding on the Property must provide the Debtor's attorney with a minimum deposit of 10% of the price offered; provided that, if the Lender credit bids on the Property, it is not required to pay a Deposit. The Deposit must be in the form of a bank check, or wire transfer, made payable to "Kucker Marino Winiarsky & Bittens, LLP Escrow" and be delivered to Northgate in accordance with the deadlines set forth in the Bidding Procedures. The Auction shall be conducted telephonically or by videoconference on December 2025, or such other adjourned date posted on the website maintained by Northgate or another broker to be selected by the Debtor and approved by order of the Bankruptcy Court. The Debtor reserves the right to change the location, date and/or time of the Auction Sale in accordance with the terms of the Bidding Procedures and the Property shall be offered for inspection by appointment at reasonable times, requested by an interested party to the Auctioneer, which will make such arrangements. The Auction will be governed by the Bidding Procedures approved by the Court. The Debtor's obligation to pay a commission to the Broker shall be the subject of a separate application to be heard by the Court upon appropriate notice. The Debtor believes that it is in the best interests of its estate to sell the Property at a public auction, as set forth in the Bidding Procedures, in order to ensure that it receives the highest and best offer for the Property. The Debtor is also seeking to sell the Property, "As Is" "Where Is" without any representations or warranties of any kind. About 33 Mako LLC 33 Mako LLC is a real estate company doing business as 54 Sandcastle, which owns a residential property at 54 Sandcastle Lane in Amagansett, New York. The Company focuses on single-asset real estate development and management in the Hamptons area. 33 Mako LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11256) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtors are represented by Joel M. Shafferman, Esq. at KUCKER MARINO WINIARSKY & BITTENS, LLP. ACLCP CINCINNATI: Section 341(a) Meeting of Creditors on October 7 ------------------------------------------------------------------ On September 10, 2025, ACLCP Cincinnati LLC filed Chapter 11 protection in the District of Delaware. 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 7, 2025 at 2:00 p.m. by Zoom. To join the meeting: Meeting ID: 160 9398 9817; Passcode: 5820806307 ; Phone: (202) 769-1242 (US Toll). About ACLCP Cincinnati LLC ACLCP Cincinnati LLC and affiliates 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. ACLCP Cincinnati LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11691) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Kevin S. Mann, Esq. at CROSS & SIMON, LLC. ADVENT TECHNOLOGIES: Secures $418K Convertible Loan From Hudson --------------------------------------------------------------- Advent Technologies Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Securities Purchase Agreement with Hudson Global Ventures LLC, pursuant to which Hudson made a loan to the Company, evidenced by a Convertible Promissory Note in the aggregate principal amount of $418,000.00, including an original issue discount of $42,000.00, with interest accruing at an annual rate of twelve percent (12%) to be computed on the basis of a 360-day year. Pursuant to the Securities Purchase Agreement, the Company has also agreed to issue a pre-funded warrant to Hudson Global Ventures to purchase 130,000 shares of the Company's common stock, par value $0.0001 per share, with an exercise price of $0.0001 per share. The Pre-Funded Warrant contains certain adjustment mechanisms upon the dilutive issuance of additional shares of Common Stock. Pursuant to the terms of the Pre-Funded Warrant, Hudson is also entitled to certain purchase rights with respect to subsequent issuances of Common Stock by the Company and pro rata rights to certain distributions and dividends issued by the Company during the term of the Pre-Funded Warrant Upon the occurrence of: (i) a merger or consolidation, (ii) a sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of the Company's assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) whereby a third party acquires more than 50% of the outstanding Common Stock, then Hudson, upon exercise of the Pre-Funded Warrant, Hudson will have the right to receive, for each share subject to the Pre-Funded Warrant, the number of shares of Common Stock of the successor or acquiring entity or the Company if it is the surviving entity, receivable as a result of the Fundamental transaction by a holder of Common Stock immediately prior to the Fundamental Transaction. Under the Promissory Note, the Company is required to make eleven (11) payments of $38,000.00. The first Amortized Payment is due on October 1, 2025, with ten (10) subsequent Amortized Payments due each month thereafter. The Promissory Note is not secured by any collateral. The Promissory Note matures on August 1, 2026, and contains customary events of default. The Company may pre-pay the full amount due under the Promissory Note by providing Hudson with ten (10) days' notice and paying an amount equal to 118% of the principal amount to be repaid; provided that, if the Company prepays no later than the close of business on October 1, 2025, the Company may pre-pay the full amount due under the Promissory Note by paying an amount equal to 100% of the principal amount to be repaid. In the event the Company fails to make an Amortized Payment in a timely fashion, Hudson will have the right to convert an amount up to the Mandatory Default Amount at a conversion price equal to the lower of: (i) the Conversion Price and (ii) 80% of the lowest trading price in the ten (10) trading days prior to the conversion, subject to a floor price of $0.10. At the option of Hudson, the Promissory Note may be converted into a number of shares of Common Stock equal to the number determined by dividing (x) that portion of the outstanding balance of the Promissory Note identified by the Company of (A) the outstanding principal amount of the Promissory Note, plus (B) accrued and unpaid interest with respect to such amount and any other amounts owing under the Promissory Note to be converted by (y) the conversion price then in effect on the date on which Hudson delivers a notice of conversion. Hudson may also require the Company to prepay the entire outstanding balance under the Promissory Note upon receipt of notice of a change in control of the Company. The Conversion Price is subject to certain adjustments for stock splits, certain dividends and distributions, dilutive issuances, and certain stock issuances that are deemed dilutive pursuant to the terms of the Promissory Note, including, but not limited to, the issuance of any warrants, rights or options (other than awards issued pursuant to the Company's equity incentive plans). The Promissory Note and Securities Purchase Agreement contain certain customary representations, warranties, and covenants made by the Company. Upon the occurrence and during the continuation of any such event of default, the Promissory Note will become immediately due and payable, and the Company is obligated to pay to Hudson an amount equal to 140% of the outstanding principal amount under the Promissory Note, accrued interest and all other amounts owing pursuant to the Promissory Note. The Company received funding under the Promissory Note on August 28, 2025 and intends to use the proceeds from the Promissory Note for payment of certain corporate expenses and general working capital purposes. The foregoing descriptions of the Promissory Note, the Securities Purchase Agreement and the Pre-Funded Warrant do not purport to be complete and are subject to, and qualified in their entirety by, the full text of each document, attached to the Form 8-K as Exhibits 10.1, 10.2 and 10.3, respectively, and incorporated therein by reference. The 8-K Report is available at https://tinyurl.com/55xz4f6p About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 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 yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $6.7 million in total assets, against $36.1 million in total liabilities. AIO US: Seeks to Extend Plan Exclusivity to December 8 ------------------------------------------------------ AIO US, Inc. and its debtor affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 8, 2025 and February 9, 2026, respectively. The Debtors explain that they have made substantial progress in the Plan process. Potentially allowing another party to file a competing plan at this time, when the Debtors are on the verge of confirming and consummating the Plan, will create unnecessary complexity, confusion and delay, and risk jeopardizing the material creditor recoveries provided for under the Plan. Accordingly, the relief requested herein is appropriate in view of the substantial progress that has been made in these cases. The Debtors claim that they have proactively engaged with the Creditors' Committee and the Debtors' Insurance Companies regarding the proposed Plan, Confirmation Order, and Trust Distribution Procedures throughout these chapter 11 cases. The Debtors have also sought input throughout these cases from the Insurance Companies and other parties in interest concerning the Plan and the Trust Distribution Procedures. The Debtors and Creditors' Committee have continued to engage with the insurers on the Plan and related issues following the Court's issuance of the Memorandum Opinion as well. The Debtors assert that they have devoted significant time and resources to progressing these chapter 11 cases in a timely and efficient manner. The Debtors expect to obtain entry of the Confirmation Order in the near future and expect for the Plan to become effective and to commence the process of making distributions shortly thereafter. A further extension of the Exclusive Periods is warranted to allow the Debtors to achieve these goals without the potential interference of a competing chapter 11 plan. The Debtors further assert that as the Court recognized in its Memorandum Opinion, the companies have put forth a chapter 11 plan that will fairly and equitably distribute the Debtors' remaining assets to their various creditor constituencies. This is particularly complicated in chapter 11 cases such as these where the Debtors face substantial mass tort liabilities and seek to confirm a plan that will administer hundreds of potential Talc Claims through complex trust distribution procedures. The Debtors note that they are paying undisputed administrative expenses as they come due and will continue to do so. The Debtors continue to monitor their liquidity position closely and are confident that sufficient cash will be available to satisfy their postpetition payment obligations during the requested extension of the Exclusive Periods. The Debtors' Counsel: Zachary I. Shapiro, Esq. Mark D. Collins, Esq. Michael J. Merchant, Esq. David T. Queroli, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Tel: (302) 651-7700 E-mail: collins@rlf.com merchant@rlf.com shapiro@rlf.com queroli@rlf.com - and - Ronit J. Berkovich, Esq. Matthew P. Goren, Esq. Alejandro Bascoy, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 E-mail: ronit.berkovich@weil.com matthew.goren@weil.com alejandro.bascoy@weil.com About AIO US, Inc. AIO US Inc., Avon Products Inc. and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. AIR INDUSTRIES: Wins $6.9M Contracts for Aircraft MRO Components ---------------------------------------------------------------- Air Industries Group announced that it has received two contracts worth approximately $6.9 million. These contracts are for Fixed Wing Landing Gear Components and Rotorcraft Components for Combat Helicopters. These aftermarket orders support Maintenance, Repair and Overhaul of aircraft in the fleet. Lou Melluzzo, Chief Executive Officer of Air Industries Group commented: "These contract awards are significant for Air Industries. Both are for aftermarket MRO sustainment of aircraft." "These two contracts raise the total of aftermarket bookings to more than $13 million and nearly 50% of new business since the end of the first quarter of this year. Increased penetration of the aftermarket is one of our primary goals for 2025 and the future. These awards are strong evidence of our success." About Air Industries Group Air Industries Group manufactures precision components and assemblies used in aerospace and defense applications. Based in Bay Shore, New York, the Company supplies landing gear, flight controls, engine mounts, and jet engine components to major contractors, with end-users including the U.S. government, foreign governments, and commercial airlines. Saddle Brook, New Jersey-based Marcum LLP, the Company's auditor since 2008, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's Current Credit Facility expires on December 30, 2025. In addition, the Company is required to maintain a collection account with its lender into which substantially all the Company's cash receipts are remitted. If the Company's lender were to cease lending and keep the funds remitted to the collection account, the Company would lack the funds to continue its operations. The Current Credit Facility expiration date and the rights granted to the lender, combined with the reasonable possibility that the Company might fail to meet covenants in the future, raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $51 million in total assets, $36.1 million in total liabilities, and a total stockholders' equity of $14.9 million. ALACHUA GOVERNMENT: Seeks to Sell Alachua Property at Auction ------------------------------------------------------------- Alachua Government Services Inc. seeks permission from the U.S. Bankruptcy Court for the District of Delaware to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a former biologics contract development and manufacturing company that specialized in the manufacturing of vaccines, monoclonal antibodies, recombinant proteins, and nucleic acids, which operated primarily out of a 183,000-square foot Advanced Development Manufacturing Facility and "Building G", a 92,000-square foot facility designed to expand the manufacturing capabilities of the ADM Facility, in Alachua, Florida (Alachua Site). As a result of the economic pressures facing the Debtor, in February 2025, Jefferies LLC and Jefferies International Limited were engaged to pursue a potential sale or other strategic transactions involving the Debtor's business and assets, including sales of the Debtor's operating business and the Assets. In connection with Jefferies' outreach to interested parties, Jefferies asked potential bidders to provide indications of interest for any stalking horse bid by July 29, 2025. Prior to the Stalking Horse Bid Deadline, the Debtor received four indications of interest for all or a portion of the Assets. Following the Stalking Horse Bid Deadline, the Debtor, in consultation with its advisors, began negotiating a proposed stalking horse bid with a potential purchaser. The Debtor understands that the Government and the Potential Purchaser are in discussions regarding a proposed solution and are hopeful those discussions continue and result in an acceptable agreement for all parties but the Debtor cannot afford any additional delay to its sale timeline due to its liquidity constraints and need to exit its Alachua Site. The Debtor, in consultation with its advisors, believes that pursuing the sale of the Assets, including with the ability to select a Stalking Horse Bidder, is the course of action most likely to maximize value and encourage robust bidder participation. The Debtor and its advisors have proposed a timeline that balances the need to provide adequate notice to parties in interest, and to sufficiently market the Assets in the context of a pre- and postpetition Sale Process with the need to quickly and efficiently consummate a Sale Transaction. The Debtor believes that the Bidding Procedures will provide a uniform process by which interested bidders can participate in a competitive auction for the Assets. The Debtor has determined that pursuing the sale in the manner and within the time periods prescribed in the Bidding Procedures is in the best interests of the Debtor's estate, will provide interested parties with sufficient opportunity to participate, and will maximize the value of the Assets for the benefit of its stakeholders. The Bid must include a letter stating that the Prospective Bidder's offer is irrevocable and binding until the closing of the Sale if such Prospective Bidder is the Successful Bidder, and that the Prospective Bidder agrees to serve as a Backup Bidder if such bidder's Bid is selected as the next highest or otherwise next best bid after the Successful Bid. The Bid must clearly set forth the cash purchase price, and any other non-cash consideration (with the form of such consideration specified), to be paid. Each Bid must either provide for the payment of aggregate consideration, in the Debtor’s good-faith business judgment, the value of which is in excess of at least the sum of (x) the purchase price under any Stalking Horse Agreement plus (y) any Bid Protections approved by the Court and clear the minimum Overbid amount which shall be made in increments of at least $250,000 in cash, cash equivalents, or such other consideration that the Debtor deems equivalent The Debtor proposes the following key dates and deadlines for the Sale Process, certain of which dates and deadlines may be subject to extension in accordance with the Bidding Procedures. -- September 22, 2025: Deadline for Debtor to file and serve Sale Notice -- Three business days after the entry of the Bidding Procedures Order: Deadline for Debtor to file and serve Assumption and Assignment Notice -- October 6, 2025, at 4:00 p.m. (ET): Sale Objection Deadline and Cure Objection Deadline -- October 6, 2025, at 4:00 p.m. (ET): Bid Deadline -- October 8, 2025, at 10:00 a.m. (ET), at the Offices of Richards, Layton & Finger, P.A., Wilmington, Delaware: Auction -- October 9, 2025: Deadline for Debtor to file and serve Notice of Successful Bidder -- October 13, 2025, subject to the availability of the Court: Sale Hearing -- October 15, 2025: Deadline to consummate approved sale transaction The Debtor submits that the Sale Noticing and Objection Procedures, coupled with the Assumption and Assignment Procedures, constitute adequate and reasonable notice of the key dates and deadlines and other important information regarding the Sale Process, including the Objection Deadlines, the Bid Deadline and the time and location of the Auction and Sale Hearing. About Alachua Government Services, Inc. Alachua Government Services Inc., is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. The company, based in Alachua, Florida, operates in the pharmaceutical manufacturing sector. Alachua Government Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. ALERT SRC: 26North Marks $579,000 1L Loan at 19% Off ---------------------------------------------------- 26North BDC Inc. has marked its $579,000 loan extended to Alert SRC Newco LLC to market at $471,000 or 81% of the outstanding amount, according to 26North's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. 26North is a participant in a First Lien Senior Secured Delayed Draw Term Loan to Alert SRC Newco LLC. The loan accrues interest at a rate of 9.32% per annum. The loan matures on December 11, 2030. 26North BDC, Inc. is incorporated under the laws of the State of Maryland and was formed on October 13, 2022. The company established 26N DL Funding 1 LLC as a wholly-owned direct subsidiary, whose assets are used to secure Financing SPV's credit facility. Financing SPV is incorporated under the laws of the State of Delaware and was formed on August 4, 2023. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation. The Company invests primarily in directly originated senior secured loans to middle market companies domiciled in the United States. 26North is led by Brendan McGovern as President and Chief Executive Officer and Jonathan Landsberg as Treasurer and Chief Financial Officer. The Company can be reach through: Brendan McGover 26North BDC, Inc. 600 Madison Avenue, 26th Floor New York, NY 10022 Telephone: (212) 224-0626 About Alert SRC Newco LLC Alert SRC Newco LLC is a Delaware domestic limited-liability company engaged in the distribution of commercial products. ALUMAX INC: Plan Exclusivity Period Extended to October 2 --------------------------------------------------------- Judge Maria De Los Angeles Gonzalez of the U.S. Bankruptcy Court for the District of Puerto Rico extended Alumax Inc.'s exclusive periods to file a plan of reorganization and disclosure statement to October 2, 2025. As shared by Troubled Company Reporter, the Debtor explains that since this Court's prior extension order, a significant contested matter has emerged that directly impacts fundamental elements of any proposed Plan. Commercial Equipment Finance, Inc. ("CEFI") filed Proof of Claim #2-2 claiming secured status based on cross collateral agreements and UCC filings. The Debtor claims that the contested matter involves dispositive legal issues including: (i) whether CEFI's UCC filing describes the correct collateral (describing a rivet machine while the loan agreement covers a generator); (ii) whether CEFI's private cross collateral agreements are enforceable against the DIP without proper UCC amendments; and (iii) whether private cross-collateral agreements without public filing can create enforceable security interests against third parties. The Debtor notes that proposing a Plan based on incorrect assumptions about CEFI's claim status would likely require subsequent plan amendments, re-solicitation of votes, and additional confirmation hearing delays, creating greater prejudice to creditors than this brief extension. Resolution of this contested matter will provide the certainty necessary to prepare an accurate Disclosure Statement, reliable financial projections, and proper claim treatment, enabling informed creditor voting and efficient confirmation proceedings. The Debtor asserts that it requires sufficient time to resolve the CEFI contested matter before preparing a Chapter 11 Plan. The existence of this unresolved contingency directly impacts claim classification, liquidation analysis, and plan feasibility which are core elements that must be determined before proposing a viable plan to creditors. Alumax Inc. is represented by: Javier Villarino, Esq. Villarino & Associates LLC P.O. Box 9022515 San Juan, PR 00902 Telephone: (787) 565-9894 Email: jvillarino@vilarinolaw.com About Alumax Inc. Alumax Inc. manufactures aluminum doors and windows with its manufacturing infrastructure located in San Sebastian, Anasco, Ponce and San Domingo. Alumax Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-05312) on December 6, 2024. In the petition filed by Frank J. Jimenez, Cruz as president, the Debtor reports total assets of $416,851 and total liabilities of $2,954,034. The Debtor is represented by Javier Vilarino, Esq. at VILARINO AND ASSOCIATES, LLC. ANTERO MIDSTREAM: Moody's Rates New $500MM Unsecured Notes 'Ba3' ---------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Antero Midstream Partners LP's (AM) proposed $500 million backed senior unsecured notes due 2033. AM's other ratings, including its Ba2 corporate family rating, SGL-2 speculative grade liquidity rating (SGL) and positive outlook were unchanged. Net proceeds, along with borrowings under AM's revolving credit facility, will be used to redeem its 2027 notes in full. As of August 31, 2025, there was $650 million aggregate principal amount of the 2027 notes outstanding. RATINGS RATIONALE The proposed notes are rated Ba3, one notch below AM's Ba2 CFR and consistent with AM's existing senior notes ratings. The notching reflects the significant size of AM's secured revolving credit facility, which has an all-asset pledge and a priority-claim over substantially all of AM's assets. The new notes will rank equally in right of payment with existing senior unsecured notes and have similar upstream guarantee from AM's existing and future domestic subsidiaries. AM's Ba2 CFR is supported by its growing and moderately large earnings base, declining financial leverage, and predominantly fee-based long-term contracted revenue from its primary customer, Antero Resources Corporation (Antero, Ba1 positive). The company has continued to reduce leverage, which Moody's expects to remain a priority. AM's credit profile is constrained by its high reliance on a single counterparty for its natural gas and water volumes; geographic concentration in Appalachia; exposure to volumetric risks through mostly acreage dedication contracts; and indirect exposure to volatile natural gas prices which ultimately dictate upstream drilling and production levels. The company should have good liquidity through 2026 which is captured in the SGL-2 rating. Liquidity is supported by AM's $1.25 billion revolving credit facility, which had $861 million of availability as of June 30, 2025. Moody's expects AM to generate about $300 million of free cash flow after making planned distributions that could be used to reduce revolver debt. The company should have ample compliance cushion under the three financial covenants governing the credit agreement, including a senior secured leverage covenant no more than 3.75x, a total leverage covenant no more than 5x and an interest coverage covenant of at least 2.5x. Following redemption of the 2027 notes, AM's next notes maturity will be in 2028. AM's positive outlook reflects the company's declining financial leverage and Moody's expectations of additional debt reduction to sustain lower leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade could be considered if AM can sustain debt/EBITDA near 3x and distribution coverage is maintained above 1.4x. AM's ratings could be downgraded if debt/EBITDA rises above 4x or if Antero's CFR is downgraded below AM's CFR level. Antero Midstream Partners LP is a wholly owned subsidiary of Antero Midstream Corporation, a midstream energy company based in Denver, Colorado. Antero Midstream Corporation owns and operates an integrated system of natural gas gathering pipelines, compression stations, processing and fractionation plants, and water handling and treatment assets in northwest West Virginia and southern Ohio. The principal methodology used in this rating was Midstream Energy published in February 2022. ARAMSCO INC: T. Rowe Marks $1.7MM 1L Loan at 19% Off ---------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,725,000 loan extended to ARAMSCO, Inc. to market at $1,397,000 or 81% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to ARAMSCO, Inc. The loan accrues interest at a rate of 9.05% per annum. The loan matures on October 10, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About ARAMSCO, Inc. Aramsco, Inc. operates as a protective equipment and specialist chemicals distributor. The Company offers restoration, remediation, surface preparation, janitorial, sanitation, traffic safety, as well as provides stone fabrication, professional cleaning, support, and training. Aramsco serves customers in the United States and Canada. ARCHDIOCESE OF NEW ORLEANS: Proposes Multi-Mil. Plan in Bankruptcy ------------------------------------------------------------------ The Roman Catholic Church of the Archdiocese of New Orleans ("Archdiocese") and 157 affiliated Catholic organizations ("Catholic Entities") announced a multi-million dollar proposed settlement to compensate individuals who claim they were sexually abused by clergy or church personnel. The Catholic Entities include Catholic parishes, schools, academies, Catholic Charities organizations, and other ministries. Under the proposed Joint Plan in the Archdiocese's bankruptcy, a Settlement Trust would be created to pay sexual abuse claimants. Sexual abuse includes unwanted sexual behavior, contact, comments, or any conduct that was sexual in nature, whether or not it was recognized as abuse at the time. Individuals who experienced sexual abuse involving the Archdiocese or any of the Catholic Entities may be eligible for compensation from the Settlement Trust. Claims Filing Deadline Those who have not previously filed an Abuse Proof of Claim in this bankruptcy case or filed and served a lawsuit against the Archdiocese or any of the Catholic Entities by August 14, 2025, must file a claim so it is received by December 2, 2025, at 11:59 p.m. Central Time. Failure to meet this deadline may result in the permanent loss of the right to receive payment from the Settlement Trust. How to File a Claim Claims can be filed online at www.NOLAchurchclaims.com, by downloading a claim form from the website, or by calling (877) 476-4389 to request a form by mail. All information submitted will be kept confidential. Case Information The case is titled In re: The Roman Catholic Church of the Archdiocese of New Orleans (Bankr. E.D. La.). A complete list of Catholic Entities is available at www.NOLAchurchclaims.com or by calling 877-476-4389. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARTIFICIAL INTELLIGENCE: Extends No Reverse Split Pledge Until 2026 ------------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. announced the extension of its commitment to refrain from executing any reverse stock split through the end of calendar year 2026, with certain exceptions. This marks the fifth consecutive extension of the Company's no reverse split declaration. The only exceptions to the no reverse split commitment are situations in which the Company chooses to pursue an uplisting to NASDAQ or apply for OTCQB listing and the prevailing share price does not meet the minimum listing requirements. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. As of May 31, 2025, the Company had $9.76 million in total assets, $59.86 million in total liabilities, and $50.51 million in total stockholders' deficit. ARYABHATA GROUP: Involuntary Chapter 11 Case Summary ---------------------------------------------------- Alleged Debtor: Aryabhata Group LLC 520 Newport Center Drive Suite 480 Newport Beach CA 92660 Business Description: Aryabhata Group LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Involuntary Chapter 11 Petition Date: September 11, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12554 Judge: Hon. Scott C Clarkson Petitioners' Counsel: Michael Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Blvd., 6th Floor Beverly Hills CA 90212 Tel: (310) 271-6223 Email: michael.berger@bankruptcypower.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PYH4KJA/Aryabhata_Group_LLC__cacbke-25-12554__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Coastline Loans LLC $15,293,281 215 5th Street Suite A Huntington Beach CA 92648 Specialty DIP LLC $1,500,100 5175 Princess Anne Rd La Canada CA 91011 Vierergruppe Management Inc. $255,000 1932 E. Deere Ave Suite 150 Santa Ana CA 92705 ASPIRA WOMEN'S: Brian Hungerford Replaces Julie Carrillo as CFO --------------------------------------------------------------- Aspira Women's Health Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company signed consulting agreements -- a Master Service Agreement and a Statement of Work -- with Brian Hungerford. Effective September 2, 2025, the Company's board of directors appointed Mr. Hungerford as its Chief Financial Officer and its Principal Accounting Officer, replacing Julie Carrillo. Mr. Hungerford, 50, has over 20 years of experience in a wide range of industries. Prior to joining Aspira, Mr. Hungerford served as CFO for Kiromic Biopharma, Inc, a biopharmaceutical R&D company. Under the Consulting Agreements, Mr. Hungerford will receive an annual salary of $300,000, payable semi-monthly, and he will be eligible for a 35% cash bonus at the discretion of management and the board of directors based on the achievement of established performance goals. Mr. Hungerford is also eligible for a stock option grant of 100,000 shares. 25% of the option will vest on September 2, 2026, and the remaining amount will vest monthly over the following 36 months. If the Consulting Agreements are terminated without cause (as defined in the Consulting Agreements) following the date that is six (6) months following the Effective Date but before the date that is twelve (12) months following the Effective Date, and provided that he complies with certain requirements (including signing a standard separation agreement release within 60 days), under the Consulting Agreements, he will be entitled to continued payment of his base salary as then in effect for a period of three (3) months following the date of termination. If the Consulting Agreements are terminated without cause at any time following the date that is twelve (12) months following the Effective Date, and provided that he complies with the same requirements, under the Consulting Agreements, he will be entitled to continued payment of his base salary as then in effect for a period of six (6) months following the date of termination. Additionally, the Consulting Agreements provide that if Mr. Hungerford's employment is terminated without cause or for good reason within the 12-month period following a change of control (as such term is defined in the Consulting Agreements), then, in addition to the benefits above, 100% of any then-unvested options to purchase Company common stock previously granted by the Company will vest upon the date of such termination (subject to earlier expiration at the end of the option's original term). There are no family relationships, as defined in Item 401 of Regulation S-K, between Mr. Hungerford and any of the Company's directors or executive officers, and there is no arrangement or understanding between Mr. Hungerford and any other person pursuant to which he was appointed as an officer of the Company. Mr. Hungerford does not have any direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K. About Aspira Women's Health Formerly known as Vermillion, Inc., Aspira Women's Health Inc. -- http://www.aspirawh.com-- is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases. OvaWatch and Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they provide a comprehensive portfolio of blood tests to aid in the detection of ovarian cancer for the 1.2+ million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of 99% and is used to assess ovarian cancer risk for women where initial clinical assessment indicates the mass is indeterminate or benign, and thus surgery may be premature or unnecessary. Ova1Plus is a reflex process of two FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian malignancy in women planned for surgery. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Form 10-K Report for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in total assets, $8.05 million in total liabilities, and a total stockholders' deficit of $2.56 million. The Company's working capital deficit was $1,285,000 at Dec. 31, 2024. ASSET DISCOVERY: Frances Smith Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Asset Discovery, LLC. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Asset Discovery Asset Discovery, LLC, doing business as VW Builders, provides residential construction and real estate asset recovery services from Duncanville, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33361) on August 29, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Vincent Walker, managing member, signed the petition. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. ASSOCIATIONS INC: T. Rowe Marks $965,000 1L Loan at 67% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $965,000 loan extended to Associations, Inc. to market at $315,000 or 33% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Associations, Inc. The loan accrues interest at a rate of 11.02% per annum. The loan matures on July 3, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Associations, Inc. Associations Inc. provides advertising services. The Company focuses on outsource for advertising sales and placement on a variety of media platforms. Associations serves customers worldwide. ATARA BIOTHERAPEUTICS: Three Directors Resign; New Chair Named -------------------------------------------------------------- Atara Biotherapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that following an assessment by the Board of Directors of its size and composition, the Board determined that a reduction in the number of directors would help right-size the Board to reflect the Company's current operations and further align the size of the Company's Board with the boards of public companies of similar size. As a result of such determination, Ameet Mallik, Pascal Touchon, and Maria Grazia Roncarolo, M.D., notified the Board of their decision to voluntarily resign from the Board effective as of September 2, 2025. In connection with such resignations, the Board reduced its size from ten (10) to seven (7) directors, as of the Resignation Effective Date. Furthermore, in connection with the resignation of Pascal Touchon, who served as Chair of the Board, the Board appointed Gregory A. Ciongoli to serve as Chair of the Board. About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 7, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recurring losses from operations raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Atara Biotherapeutics had $109.1 million in total assets, $206.4 million in total liabilities, and a total stockholders' deficit of $97.28 million. BANYAN SOFTWARE: T. Rowe Marks $1.6MM 1L Loan at 86% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,630,000 loan extended to Banyan Software Holdings, LLC to market at $231,000 or 14% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Banyan Software Holdings, LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on January 2, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Banyan Software Holdings, LLC Banyan Software provides the best permanent home for successful enterprise software businesses, their employees, and customers. BANYAN SOFTWARE: T. Rowe Marks $8.1MM 1L Loan at 40% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $8,142,000 loan extended to Banyan Software Holdings, LLC to market at $4,884,000 or 60% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Banyan Software Holdings, LLC. The loan accrues interest at a rate of 9.83% per annum. The loan matures on January 2, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Banyan Software Holdings, LLC Banyan Software provides the best permanent home for successful enterprise software businesses, their employees, and customers. BARTRAM LOGISTICS: Section 341(a) Meeting of Creditors on Oct. 15 ----------------------------------------------------------------- On September 9, 2025, Bartram Logistics LLC filed Chapter 11 protection in the Middle District of Tennessee. 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 01:30 PM via Meeting held telephonically. Please call 888-330-1716 and enter code 3884044# to attend. About Bartram Logistics LLC 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. Bartram Logistics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03788) on September 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtor is represented by Erin Malone-Smolla, Esq. at BRADLEY ARANT BOULT CUMMINGS LLP. BCPE HIPH: T. Rowe Marks $2.3MM 1L Loan at 14% Off -------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,318,000 loan extended to BCPE HIPH Parent, Inc. to market at $1,986,000 or 86% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to BCPE HIPH Parent, Inc. The loan accrues interest at a rate of 10.08% per annum. The loan matures on October 7, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About BCPE HIPH Parent, Inc. BCPE HIPH Parent, Inc. is engaged in the manufacture and distribution of chemicals, plastics and rubber products. BEACON POINTE: T. Rowe Marks $9.9MM 1L Loan at 78% Off ------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $9,984,000 loan extended to Beacon Pointe Advisors, LLC to market at $2,159,000 or 22% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Beacon Pointe Advisors, LLC. The loan accrues interest at a rate of 9.08% per annum. The loan matures on December 29, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Beacon Pointe Advisors, LLC Beacon Pointe Advisors, LLC is an independent advisory firm dedicated to providing clients with objective, thoughtful investment & financial guidance. BEAUTIFUL CITY: Seeks to Extend Plan Exclusivity to Oct. 31 ----------------------------------------------------------- Beautiful City, LLC, asked the U.S. Bankruptcy Court for the Southern District of Illinois to extend its exclusivity periods to file a plan of reorganization to October 31, 2025. The Debtor filed its voluntary Chapter 11 case on May 11, 2025 and since that time has been managing its financial affairs as a Debtor in possession. Counsel for the Debtor has currently been involved in other matters which have required a substantial amount of time and attention. In addition, the Debtor's proposed plan is dependent on a third-party investor. That investor requires additional time to confirm and document it proposal for infusion of cash in the Debtor, whether that infusion takes the form of an asset purchase or some other investment vehicle. Pursuant to Section 1121(d)(1) of the Bankruptcy Code, Beautiful City reasonably requires and extension of its exclusive period for filing a proposed plan of reorganization through and including October 31. Beautiful City LLC is represented by: Steven M. Wallace, Esq. GOLDBERG HELLER & ANTOGNOLI, P.C. 2227 South State Route 157 Edwardsville, IL 62025 Tel: 618-656-5150 E-mail: Steven@ghalaw.com About Beautiful City LLC Beautiful City LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60078) on May 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtors are represented by Steven M. Wallace, Esq. at GOLDBERG HELLER & ANTOGNOLI, P.C. BEELINE HOLDINGS: Clears $7M Debt, Targets Profitability by Q1 2026 ------------------------------------------------------------------- Beeline Holdings, Inc. announced via IBN, that it has successfully paid down all of its outstanding debt. This excludes the Company's warehouse lines, which are used exclusively to fund mortgage transactions that generate revenue for Beeline. These loans are typically held for approximately 20 business days before being sold, with proceeds replenishing the warehouse lines. Beeline entered 2025 carrying more than $7 million in debt. As of September 3, 2025, the Company has finalized payments on all notes payable and secured credit facilities, including senior secured debentures, bringing its balance sheet to debt-free status ahead of schedule. Nick Liuzza, Co-founder and CEO of Beeline, stated "Becoming debt-free by the end of 2025 was one of our key strategic goals. Achieving this milestone earlier than planned strengthens our financial foundation and allows us to focus fully on growth and innovation. It's a testament to our team's discipline and execution." With this strengthened balance sheet, Beeline is accelerating toward profitability. The Company has seen encouraging trends in leading revenue indicators, combined with cost optimization initiatives and upcoming product launches. Based on current forecasts, Beeline expects to achieve cash flow positive operations by Q1 2026. About Beeline Holdings Beeline Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BRADYIFS HOLDINGS: T. Rowe Marks $917,000 1L Loan at 67% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $917,000 loan extended to Bradyifs Holdings, LLC to market at $302,000 or 33% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Bradyifs Holdings, LLC. The loan accrues interest at a rate of 9.32% per annum. The loan matures on October 1, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Bradyifs Holdings, LLC BradyIFS stands at the forefront of the foodservice and JanSan industries, renowned for its excellence in sourcing, management, and distribution. BROOKDALE SENIOR: EVP H. Todd Kaestner to Exit Sept. 30 ------------------------------------------------------- Brookdale Senior Living Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in connection with ongoing organizational restructuring efforts, the Company and H. Todd Kaestner, the Company's Executive Vice President – Corporate Development and President – CCRCs, entered into a Separation Agreement pursuant to which the Company and Mr. Kaestner mutually agreed that his role with the Company would cease, effective as of September 30, 2025. Pursuant to the Separation Agreement, Mr. Kaestner will receive the severance payments and benefits, including certain equity award acceleration and continued vesting, that he is entitled to receive under the terms of the Company's previously disclosed Amended and Restated Tier I Severance Pay Policy, dated August 5, 2025, and his outstanding long-term incentive award agreements, subject to the terms and conditions set forth in the Separation Agreement. About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. As of June 30, 2024, Soluna Holdings had $6.14 billion in total assets, $6.03 billion in total liabilities, and $106.78 million in total equity. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. CAPITAL WHOLESALE: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Capital Wholesale Group, LLC and affiliates got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The court's order authorized the Debtors' interim use of cash collateral to fund operations in accordance with their budget pending the final hearing. As adequate protection for the Debtors' use of their cash collateral, VeraBank and other secured creditors will be granted replacement liens on all assets acquired by the Debtors after their Chapter 11 filing, including proceeds. These replacement liens will have the same priority and extent as the secured creditors' pre-bankruptcy liens. VeraBank claims 16 separate loans secured by specific vehicles but filed a UCC-1 financing statement only within 90 days before the petition date, and there is no deposit account control agreement in place. The Debtors contest VeraBank's lien validity and perfection. The final hearing is set for October 9. Objections must be filed no later than three business days prior to the final hearing. 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 and its affiliates, P4 Executive Investments, LLC and TWS Service Corporation, filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 25-43395) on September 7, 2025. In its petition, Capital Wholesale Group reported between $1 million and $10 million in assets and liabilities. The Debtors are represented by Richard Grant, Esq., at CM Law, PLLC. CARESTREAM HEALTH: Highland Marks $15.7MM 1L Loan at 85% Off ------------------------------------------------------------ Highland Opportunities and Income Fund has marked its $15,704,488 loan extended to Carestream Health Inc. to market at $7,047,389 or 45% of the outstanding amount, according to Highland's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Highland is a participant in a First Lien Term Loan to Carestream Health Inc. The loan accrues interest at a rate of 11.896% per annum. The loan matures on September 30, 2027. Highland Opportunities and Income Fund is organized as an unincorporated business trust under the laws of The Commonwealth of Massachusetts. On September 25, 2017, the Fund acquired the assets of Highland Floating Rate Opportunities Fund, a series of NexPoint Funds I (formerly Highland Funds I), a Delaware statutory trust. The Fund is the successor to the accounting and performance information of the Predecessor Fund. Subsequently on August 9, 2019, the underwriters exercised their option to purchase additional over allotment shares of $10 million, resulting in a total Preferred outstanding offering of $145 million. Highland is led by Frank Waterhouse as Treasurer, Principal Accounting Officer, and Principal Financial. The Fund can be reach through: Frank Waterhouse Highland Opportunities and Income Fund 300 Crescent Court Suite 700 Dallas, Texas 75201 Telephone: (866) 351-4440 About Carestream Health Inc. Carestream Health, Inc., formerly Eastman Kodak Company's Health Group, is an American medical imaging company, owned by Canadian investment firm Onex Corporation. CARTER LEASING: Section 341(a) Meeting of Creditors on September 10 ------------------------------------------------------------------- On September 10, 2025, Carter Leasing Company Inc. filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. Meeting of Creditors 341(a) meeting to be held on 9/30/2025 at 10:00 AM at UST-SVND2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:3898083. About Carter Leasing Company Inc. Carter Leasing Company Inc., based in Oak View, California, provides heavy equipment leasing and rental services, primarily serving the Ojai Valley area. Carter Leasing Company Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11207) on September 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Ronald A Clifford III handles the case. The Debtor is represented by William C. Beall, Esq. at BEALL & BURKHARDT, APC. CENTRAL PARENT: Vista Credit Marks $9.9MM 1L Loan at 16% Off ------------------------------------------------------------ Vista Credit Strategic Lending Corp. has marked its $9,944,000 loan extended to Central Parent, Inc. to market at $8,313,000 or 84% of the outstanding amount, according to Vista Credit's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. Vista Credit is a participant in a First Lien Loan to Central Parent, Inc. The loan accrues interest at a rate of 7.55% per annum. The loan matures on July 6, 2029. Vista Credit is incorporated under the laws of the State of Maryland and was formed on March 15, 2022. The Company is structured as a closed-end management investment company. The company is externally managed by Vista Credit BDC Management LP, an investment adviser that is registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. The company invests in the middle market companies, which the company defines to generally mean companies with earnings before interest, taxes, depreciation and amortization of less than $250 million annually and/or annual revenue of $25 million to $2.5 billion at the time of investment, in the enterprise, data and technology-driven business sectors. Vista Credit is led by Greg Galligan as Chief Executive Officer and President and Ross Teune as Chief Financial Officer and Treasurer. The Company can be reach through: Greg Galligan Vista Credit Strategic Lending Corp. 50 Hudson Yards, Floor 77 New York, New York 10001 Telephone: (212) 804-9100 About Central Parent, Inc. Central Parent LLC of Delaware provides software solutions. The Company serves customers in the United States. CHARTER SCHOOL: Sept. 29, 2025 Claims Filing Deadline Set --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware set Sept. 29, 2025 at 5:00 p.m. (prevailing Eastern Time) as the last date and time for persons or entities of Charter School Capital Inc. to file proofs of claim against the Debtor. The Court also set Dec. 5, 2025 at 5:00 p.m. (prevailing Eastern Time) as the deadline for all governmental units to file their claims against the Debtor. All claimants and Interest holders must submit (by overnight mail, courier service, hand delivery, regular mail or in person) an original, written Proof of Claim that substantially conforms to the Official Bankruptcy Form No. B 410 or the enclosed Proof of Claim Form, Proof of Interest Form, or Administrative Claim Request Form, as applicable, so as to be actually received by Epiq Corporate Restructuring, LLC, by no later than 5:00 p.m. (prevailing Eastern Time) on or before the applicable Bar Date at the following address: By first-class mail: Charter School Capital, Inc. Claims Processing Center c/o Epiq Corporate Restructuring, LLC P.O. Box 4421 Beaverton, OR 97076-4421 By overnight mail or hand delivery: Charter School Capital, Inc. Claims Processing Center c/o Epiq Corporate Restructuring, LLC 10300 SW Allen Blvd. Beaverton, OR 97005 Alternatively, claimants and Interest holders may submit a Proof of Claim, Proof of Interest, or Administrative Claim Request Form electronically through the electronic Claims filing system available at https://dm.epiq11.com/charterschoolcapital. If you have questions concerning the filing or processing of Claims, you may contact the Debtor's claims and noticing agent, Epiq, by e-mail at charterschoolcapitalinfo@epiqglobal.com. About Charter School Capital Charter School Capital Inc. is a provider of funding to charter schools across the U.S. Charter School Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025. In its petition, the Debtor reported between $10 billion and $50 billion in assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtor is represented by James R. Risener, III, Esq., Ethan H. Sulik, Esq., Brett Michael Haywood, Esq., and Aaron H. Stulman, Esq., at Potter Anderson & Corroon, LLP. The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Charter School Capital, Inc. CHASE INTERMEDIATE: T. Rowe Marks $890,000 1L Loan at 89% Off ------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $890,000 loan extended to Chase Intermediate, LLC to market at $99,000 or 11% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Chase Intermediate, LLC. The loan accrues interest at a rate of 9.03% per annum. The loan matures on October 30, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Chase Intermediate, LLC Chase Intermediate, LLC offers industrial machinery and equipment. The Company operates in the United States. CHASE INTERMEDIATE: T. Rowe Virtually Writes Off $21.1MM 1L Loan ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $21,196,000 loan extended to Chase Intermediate, LLC to market at $1,460,000 or 7% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Chase Intermediate, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on October 30, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Chase Intermediate, LLC Chase Intermediate, LLC offers industrial machinery and equipment. The Company operates in the United States. CINEMEX HOLDINGS: Unsecureds to Get 100 Cents on Dollar in Plan --------------------------------------------------------------- Cinemex Holdings USA, Inc. and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Florida an Amended Plan of Reorganization dated September 5, 2025. The Debtors are in the movie theater business. Cinemex operates twenty-five movie theaters in seven different states, including Florida, Alabama, Georgia, Illinois, North Carolina, Ohio, and Virginia. The theaters operate under the brand names "CMX Cinemas" and "CMX CinéBistro." During the Subchapter V Cases, Cinemex has (i) identified which theaters are not profitable, which ones are currently profitable, and which ones can be made profitable; (ii) accordingly rejected certain theater leases; and (iii) sought to renegotiate leases with landlords and revenue-sharing agreements with studios. Cinemex intends to apply its projected disposable income from future earnings, which derive from the operation of its theaters, to provide for semi-annual distributions to creditors. The semi annual distributions shall occur by June 30, 2026, December 31, 2026, June 30, 2027, December 31, 2027, June 30, 2028, and December 31, 2028. Cinemex also intends to use available cash to provide for payment on the Effective Date of allowed administrative claims2 and allowed priority claims. The final Plan payment will be paid around December 2028, or about 38 months after the Effective Date of the Plan, unless the Debtors, in its sole discretion, elects to prepay all or part of the projected disposable income with such prepayments being applied to reduce the duration of the Plan by applying such payments to the last required quarterly payment(s) not already prepaid in full pursuant to this provision. The Plan under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtors from the Debtors' revenues. The Plan provides for full payment of allowed administrative expenses and priority claims as reflected in the Projections. The Plan provides for allowed secured claims (excluding the asserted claims of Wine & Roses, S.A. de C.V. (the "Wine & Roses Claim")): (1) to be reinstated and paid pursuant to their terms; (2) to be paid in full in cash; (3) to be delivered the collateral securing any such claim and payment of any interest required under section 506(b) of the Bankruptcy Code; or (4) to receive such other treatment so as to leave such claim unimpaired. The Debtors are not aware of any asserted secured claims other than the Wine & Roses Claim. The Plan provides for payment of non-priority unsecured claims on a pro rata basis as reflected in the Projections, which the proponent of this Plan has valued at approximately 100 cents on the dollar. Class 3 consists of nonpriority unsecured creditors. The Plan provides for payment of non-priority unsecured Claims on a pro rata basis and without interest as reflected in the Projections. This class is impaired and entitled to vote on the Plan. This Class is impaired. Class 5 consists of Equity and Membership Interests. The equity or membership interests in each of the Debtors (as the case may be) shall be reinstated and left unimpaired. This class is unimpaired and not entitled to vote on the Plan. The Debtor estimates revenues will be generated from the Debtor's ongoing operations. A full-text copy of the Amended Plan dated September 5, 2025 is available at https://urlcurt.com/u?l=MBDgDS from Omni Agent Solutions, Inc., claims agent. Counsel for the Debtors: BAST AMRON LLP Jeffrey P. Bast, Esq. Jaime B. Leggett, Esq. One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Telephone: (305) 379.7904 Email: jbast@bastamron.com Email: jleggett@bastamron.com -and- QUINN EMANUEL URQUHART & SULLIVAN, LLP Patricia B. Tomasco, Esq. 700 Louisiana, Suite 3900 Houston, Texas 77002 Telephone: 713-221-7000 Facsimile: 713-221-7100 Email: pattytomasco@quinnemanuel.com -and- Alain Jaquet, Esq. 1300 I Street NW, Suite 900 Washington, D.C. 20005 Telephone: 202-538-8000 Facsimile: 202-538-8100 Email: alainjaquet@quinnemanuel.com -and- Razmig Izakelian, Esq. 865 S. Figueroa Street, 10th Floor Los Angeles, California 90017 Telephone: 213-443-3000 Facsimile: 213-443-3100 Email: razmigizakelian@quinnemanuel.com About Cinemex Holdings USA Cinemex Holdings USA, Inc. is a holding company for cinema operations including CMX Cinema. Cinemex Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17559) on June 30, 2025. In its petition, Cinemex Holdings disclosed under $50,000 in both assets and liabilities. Judge Laurel M. Isicoff handles the cases. The Debtors tapped Quinn Emanuel Urquhart & Sullivan LLP as counsel and GlassRatner Advisory & Capital Group LLC as financial advisor. CL (MG) GROUP: 26North Marks $1.2MM 1L Loan at 16% Off ------------------------------------------------------ 26North BDC, Inc. has marked its $1,234,000 loan extended to CI (MG) Group LLC to market at $1,031,000 or 84% of the outstanding amount, according to 26North's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. 26North is a participant in a First Lien Senior Secured Delayed Draw Term Loan to CI (MG) Group LLC. The loan accrues interest at a rate of 9.74% per annum. The loan matures on March 27, 2030. 26North BDC, Inc. is incorporated under the laws of the State of Maryland and was formed on October 13, 2022. The company established 26N DL Funding 1 LLC as a wholly-owned direct subsidiary, whose assets are used to secure Financing SPV's credit facility. Financing SPV is incorporated under the laws of the State of Delaware and was formed on August 4, 2023. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation. The Company invests primarily in directly originated senior secured loans to middle market companies domiciled in the United States. 26North is led by Brendan McGovern as President and Chief Executive Officer and Jonathan Landsberg as Treasurer and Chief Financial Officer. The Company can be reach through: Brendan McGover 26North BDC, Inc. 600 Madison Avenue, 26th Floor New York, NY 10022 Telephone: (212) 224-0626 About CI (MG) Group LLC MG Group LLC offers designing and reconstruction services. The Company provides energy consulting, auditing, construction, and maintenance services. CNSI HOLDINGS: T. Rowe Marks $2.9MM 1L Loan at 72% Off ------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $2,999,000 loan extended to CNSI Holdings, LLC to market at $840,000 or 28% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to CNSI Holdings, LLC. The loan accrues interest at a rate of 9.80% per annum. The loan matures on December 17, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About CNSI Holdings, LLC Client Network Services, Inc. is a provider of health information technology enterprise solutions to state and federal agencies. COBURN BAKER: To Sell Aspen Property to 88 Lower for $3.7MM ----------------------------------------------------------- Coburn, Baker, Chalmers, & Wein seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor marketed the property located at 88 Lower Hurricane Road, Aspen, Colorado 81611, which consists of a cabin and over ten acres of land in a highly desirable area of Colorado. The Property is owned in the name of Chelsea Coburn (Coburn) and Adam Baker (Baker) and was contributed by Coburn and Baker to a general partnership created by Coburn, Baker, Taylor Chalmers (Chalmers) and Michael Wein (Wein), which partnership is the Debtor in this bankruptcy case. The Partners entered a joint venture agreement dated as of February 7, 2022, for the purpose of acquiring the Property and leasing it for short term rentals, in order to generate passive investment income. An ordinance limiting short term rentals in Aspen, however, severely limited the Debtor's ability to generate income from the Property. As a consequence, Coburn and Baker, under the express authority of the JVA, listed the Property for sale. Since listing the Property for sale, Wein has sought to systematically frustrate any sale of the Property and interfered with Coburn and Baker’s ability to sell it to a prior purchaser. Coburn and Baker nevertheless continued to market the Property for sale despite Wein's interference, and Coburn and Baker ultimately entered into a contract on February 18, 2024 to sell the Property to 88 Lower Hurricane Road, LLC for $3,750,000.00. Wein has asserted a contractual right of first refusal to purchase the Property, which Wein does not possess. Despite never making an offer to purchase the Property on the same terms as the Purchaser, Wein filed a lis pendens in Colorado and filed a lawsuit against the Petitioning Partners and the Purchaser to cloud title and prevent the sale of the Property. The Purchaser has likewise asserted counterclaims against Wein and crossclaims against the Petitioning Partners related to the inability to close the sale of the Property due to Wein's interference. While this dispute has been ongoing, Wein has failed to make required contributions and payments to the Debtor to cover the costs of maintaining the Property. The Petitioning Partners have been required to foot the bill for repair costs, mortgage payments, and property management fees. The ongoing disputes related to the Property and accruing expenses related to the maintenance of the Property led the Petitioning Partners to file the involuntary petition for relief against the Debtor. The Petitioning Partners seek entry of an order authorizing and approving the sale of the Property free and clear of all liens, claims, encumbrances, and interests. The Coburn and Baker, acting on behalf of the Debtor, have a sound business justification for the sale of the Property. They have engaged in a marketing process for the Property over a period of nearly three years. Wein has no direct interest in the Property, and the JVA does not create a right of first refusal over the sale of the Property. The costs of repair and remediation of damage to the Property is potentially greater than $275,000, so the credit of $275,000 against the Purchase Price constitutes a fair and reasonable settlement of any claims the Purchaser has related to the getting the Property in the condition it was at the time the Purchase Agreement was executed. In addition, the legal fees and expenses incurred by the Purchaser in connection with the sale, resultant lawsuit with Wein, and the enforcement of the Purchase Agreement are likely to exceed $75,000 by the closing of the sale. The credit against the Purchase Price for legal fees and expenses is therefore reasonable in light of the circumstances. About Coburn, Baker, Chalmers, & Wein Coburn, Baker, Chalmers, & Wein was created in a partnership by Chelsea Coburn (Coburn) and Adam Baker (Baker), Taylor Chalmers (Chalmers) and Michael Wein (Wein). The Debtor was created by the Partners for the purpose of acquiring and holding the Property for short term rentals and the generation of passive investment income. Coburn, Baker sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tx. Case No. 25-33849 (EVR) on July 3, 2025. Judge Eduardo V. Rodriguez presides over the case. Joshua W. Wolfshohl and Michael B. Dearman, at PORTER HEDGES LLP, represent the Debtor as legal counsel. COMMSCOPE HOLDING: SVP to Get $1.98M Bonus From CCS Sale -------------------------------------------------------- CommScope Holding Company, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that CommScope, LLC, a subsidiary of the Company, entered into a Success Bonus Agreement with Koen ter Linde, its Senior Vice President and President, Connectivity and Cable Solutions. As previously reported on a Form 8-K filed with the Commission on August 7, 2025, the Company and Amphenol Corporation, a Delaware corporation, have entered into a Purchase Agreement, pursuant to which Amphenol has agreed to purchase, and the Company has agreed to sell, the Company's CCS reporting segment. Pursuant to the terms of the Bonus Agreement, if Mr. ter Linde remains employed by the Company through the closing of the Transaction, the Company will pay Mr. ter Linde a cash award equal to $1,980,000, less withholding for taxes and other similar items. The Success Bonus will be paid to Mr. ter Linde within 30 days following the closing. If Mr. ter Linde terminates his employment prior to the closing for any reason, or the Company terminates his employment for cause prior to the closing, Mr. ter Linde will not be entitled to receive the Success Bonus. In addition, if Mr. ter Linde becomes entitled to receive the Success Bonus, he will not be entitled to any compensation or benefits under his Severance Protection Agreement with the Company, dated as of May 18, 2023, in connection with his termination with the Company or its affiliates upon the closing of the Transaction. About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. As of March 31, 2025, CommScope Holding Company had $7.5 billion in total assets, $8.8 billion in total liabilities, $1.2 billion in Series A convertible preferred stock and total stockholders' deficit of $2.5 billion. * * * S&P Global Ratings placed its 'CCC+' issuer credit rating on network connectivity provider CommScope Holdings Co. Inc. on CreditWatch with positive implications., as reported by the TCR on Aug. 07, 2025. S&P said, "We will resolve the CreditWatch placement after we collect the necessary information about CommScope's new capital structure, operating strategy, financial outlook, and financial policy, potentially upgrading the issuer credit rating by more than one notch." In March 2025, Moody's Ratings upgraded CommScope Holding Company, Inc.'s ratings including the corporate family rating to Caa1 from Caa2 and the probability of default rating to Caa1-PD from Caa3-PD. CommScope's speculative grade liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The new backed senior secured term loan and backed senior secured notes issued in December 2024 at CommScope's subsidiary, CommScope, LLC. were assigned a B3 rating and the existing secured notes were confirmed at B3. The existing senior unsecured notes at CommScope, LLC and CommScope Technologies LLC were upgraded to Caa3 from Ca. The B3 rating on the backed senior secured term loan due 2026 was withdrawn. The outlook is stable, previously the ratings were on review for upgrade. These actions conclude the review for upgrade that was initiated on January 8, 2025. The ratings upgrade reflects the refinancing of debt due in 2025 and 2026 with a combination of about $2.1 billion in assets sale proceeds and $4.15 billion in new secured debt as well as Moody's expectations for a significant improvement in operating performance that will lead to a reduction in leverage levels well below 9x in 2025. The ratings are constrained by the existing high pro forma leverage (over 10x as of Q4 2024, including Moody's standard lease adjustments) and the significant amount of debt due in 2027 ($1.6 billion as of Q4 2024). COMMUNITY BRANDS: T. Rowe Marks $3.2MM 1L Loan at 85% Off --------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $3,272,000 loan extended to Community Brands ParentCo, LLC to market at $475,000 or 15% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Community Brands ParentCo, LLC. The loan accrues interest at a rate of 9.55% per annum. The loan matures on July 1, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Community Brands ParentCo, LLC Community Brands ParentCo, LLC is the former parent entity of Community Brands, a software provider that was acquired in July 2024 by TA Associates and renamed Momentive Software. CORCHIS CAPITAL: Case Summary & 31 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Corchis Capital, Inc. 12805 U.S. Highway 98 East, Suite R101 Inlet Beach, FL 32461 Business Description: Corchis Capital, Inc., together with Corchis Hospitality Group, LLC, Corchis Hospitality Management, LLC, Amici 30A Italian Kitchen, LLC, Amigos 30A Mexican Kitchen, LLC, and Friends 30A Burger Bar, LLC, operates a portfolio of dining and hospitality businesses based in Inlet Beach, Florida. The group develops and manages restaurant concepts including Italian, Mexican, and American casual dining brands serving the 30A and greater Northwest Florida market. Their operations span corporate management, hospitality services, and restaurant ownership. Chapter 11 Petition Date: September 10, 2025 Court: United States Bankruptcy Court Northern District of Florida Six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Corchis Capital, Inc. (Lead) 25-30866 Corchis Hospitality Group, LLC 25-30867 Corchis Hospitality Management, LLC 25-30868 Amici 30A Italian Kitchen, LLC 25-30869 Amigos 30A Mexican Kitchen, LLC 25-30870 Friends 30A Burger Bar, LLC 25-30871 Judge: Hon. Karen K. Specie Debtors' Counsel: Edward J. Peterson, Esq. BERGER SINGERMAN LLP 101 E. Kennedy Blvd. Suite 1165 Tampa, FL 33602 Tel: 813-498-3400 E-mail: epeterson@bergersingerman.com Lead Debtor's Estimated Assets: $0 to $50,000 Lead Debtor's Estimated Liabilities: $0 to $50,000 The petitions were signed by George P. Corchis, Jr. as president. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z5CADWA/Corchis_Capital_Inc__flnbke-25-30866__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 31 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ronald W. Gray Loan $1,285,834 20 Ledge View Drive SE Huntsville, AL 35802 2. Sysco Corporation Trade Debt $582,124 Attn: Legal Department 1390 Enclave Parkway Houston, TX 77077 3. American Express Credit Card $203,855 P.O. Box 6031 Debt Carol Stream, IL 60197 4. Alliance Funding Group Loan $171,346 18231 Irvine Boulevard Tustin, CA 92780 5. CapCity Commercial Loan $154,166 Finance 3495 Buckhead Loop NE Ste. 260107 Atlanta, GA 30326 6. Horne LLP Professional $153,500 661 Sunnybrook Road Services Ste. 100 Ridgeland, MS 39157 7. Bank of America Credit Card $149,776 P.O. Box 660441 Debt Dallas, TX 75266 8. Taylor Linen Services Trade Debt $144,169 811 River Falls Street Andaluisa, AL 36420 9. Corr Properties II, LLC Rent $117,089 12805 U.S. Highway E Ste. CG1 Inlet Beach, FL 32461 10. Holiday Beach Rentals Trade Debt $91,768 Development, Inc. 17614 Ashley Drive Panama City Beach, FL 32413 11. Intuit Financing Loan $73,459 c/o QuickBooks Capital 2700 Coast Avenue Mountain View, CA 94043 12. 30A Cookies and Cream, LLC Loan $70,000 Attn: Christopher D. Webb 12805 US Highway 98 E Ste. B101 Inlet Beach, FL 32461 13. Intuit Financing Loan $69,978 c/o QuickBooks Capital 2700 Coast Avenue Mountain View, CA 94043 14. Intuit Financing Loan $44,436 c/o QuickBooks Capital 2700 Coast Avenue Mountain View, CA 94043 15. City Produce Trade Debt $43,204 710 Anchors Street Fort Walton Beach, FL 32548 16. Tommy Sundy Trade Debt $43,000 710 Anchors Street Fort Walton Beach, FL 32548 17. Intuit Financing Loan $35,549 c/o QuickBooks Capital 2700 Coast Avenue Mountain View, CA 94043 18. Cheney Brothers Trade Debt $35,168 Attn: Ocala Credit Department 2801 W. Silver Springs Blvd. Ocala, FL 34475 19. Imperial Dade Paper Trade Debt $29,636 P.O. Box 27305 New York, NY 10087 20. Aaron Rich Trade Debt $25,000 842 Harrison Avenue Panama City, FL 32401 21. Sterling Consulting and Trade Debt $16,000 Management LLC Cumberland Hill Bldg. 1901 North Akard Street Dallas, TX 75201 22. FPL Northwest FL Utility $15,752 P.O. Box 29090 Miami, FL 33102 23. Coastal Deli Provisions Trade Debt $10,705 9422 Highway 79 Panama City Beach, FL 32413 24. Watersound Town Ctr. Rent $9,801 c/o The St. Joe Company 130 Richard Jackson Blvd., Ste. 200 Panama City Beach, FL 32407 25. Water Street Seafood Trade Debt $5,557 P.O. Box 121 Apalachicola, FL 32320 26. Okaloosa Gas Utility $4,300 P.O. Box 548 Valparaiso, FL 32580 27. Intuit Financing Loan $4,084 c/o QuickBooks Capital 2700 Coast Avenue Mountain View, CA 94043 28. BMI - Broadcast Music, Inc. Trade Debt $4,027 P.O. Box 630893 Cincinnati, OH 45263 29. Mayo Clinic Trade Debt $4,000 P.O. Box 1658 Minneapolis, MN 55480 30. La Cosecha Trade Debt $3,767 Foodservice, Inc. 1306 Cobb Industrial Dr. Marietta, GA 30066 31. Prime Meats Trade Debt $3,284 2323 Brown Rd., Bldg. 200 Buford, GA 30066 CPW CORP: Gets One-Month Extension to Use Cash Collateral --------------------------------------------------------- CPW Corp. received a one-month extension from the U.S. Bankruptcy Court for the District of Connecticut, Hartford Division, to use cash collateral to fund operations. The court issued a preliminary order authorizing the Debtor to use cash collateral from September 11 to October 10 to pay the operating expenses set forth in its budget. Several creditors including the Connecticut Department of Revenue Services and the U.S. Small Business Administration may hold secured claims against the Debtor's assets. As adequate protection, these creditors will be granted replacement liens on all real and personal property acquired or generated by the Debtor before and after its Chapter 11 filing, with the same validity, enforceability, priority and extent as their pre-bankruptcy liens. As additional protection, the Connecticut Department of Revenue Services will receive a monthly payment of $3,500 during the interim period. The next hearing is set for October 7. The Debtor filed for Chapter 11 relief to halt an ongoing eviction trial initiated by its landlord, George Dallas, Sr., who has allegedly attempted to take over the business. The landlord failed to complete required repairs per the lease and later attempted to claim a disputed $100,000 in back rent -- ignoring a prior accord that resolved mutual financial obligations. Subsequently, the landlord registered an LLC under the same name as the Debtor's long-standing brand and initiated eviction proceedings. The Debtor believes these actions constitute deceptive practices and seeks to assert defenses such as equitable nonforfeiture. A copy of the preliminary order is available at https://is.gd/QoSkKe About CPW Corp. CPW Corp. operates in the restaurants industry. CPW Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20930) on September 4, 2025. In its petition, the Debtor reported up to $100,000 in assets and between $100,001 and $1 million in liabilities. The Debtor is represented by Jeffrey M. Sklarz, Esq., at Green & Sklarz, LLC. CSAT SOLUTIONS: T. Rowe Marks $1.1MM 1L Loan at 50% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,159,000 loan extended to CSAT Solutions Holding LLC to market at $580,000 or 50% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to CSAT Solutions Holding LLC. The loan accrues interest at a rate of 14.94% per annum. The loan matures on June 30, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About CSAT Solutions Holding LLC CSAT Solutions delivers all-in-one operations to optimize supply chains through strategic repairs and harvesting services. D&D BUYER: T. Rowe Marks $1.9MM 1L Loan at 40% Off -------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,974,000 loan extended to D&D Buyer LLC. to market at $1,184,000 or 60% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to D&D Buyer LLC. The loan accrues interest at a rate of 10.82% per annum. The loan matures on October 4, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About D&D Buyer LLC D&D Buyer LLC Provides real estate investment services. DARKPULSE INC: Inks BX3 Consultancy Deal For Sales in MEA, Asia --------------------------------------------------------------- DarkPulse, Inc. announced the signing of a contract for services with BX3 International FZ-LLC as the Company pursues contract opportunities across global government and commercial sectors utilizing the strategic expertise of BX3 to develop, secure, and support contract opportunities. Additionally, BX3 will provide business intelligence, market access strategy, and contract capture services, including representation and advocacy for the Company. BX3 will provide services in the Middle East, North Africa, and Southwest Asia for both Commercial and Government opportunities including perimeter security technology deployments and Infrastructure monitoring deployments. "BX3's team brings a wealth of expertise that will assist DarkPulse with its endeavor to deploy our sensor systems along national borders, and critical infrastructure," said Dennis O'Leary, DarkPulse's founder and CEO. He continued, "Both BX3 and DarkPulse are now strategically positioned at a time when advanced technologies are critical to addressing regional and global security challenges. DarkPulse can now deliver its innovative sensing technologies unseen withing the industry and BX3 is committed to delivering the local insight, government engagement, and operational expertise needed to support DarkPulse in successfully expanding its footprint and deploying innovative solutions." About BX3 International BX3 International is a global consulting firm operating in the Middle East, Africa, and Southwest Asia. Fully licensed in Dubai, BX3 combines regional compliance with the ability to operate worldwide, partnering with vetted and experienced organizations across the region. The BX3 leadership team has a proven history of helping multinational clients establish compliant operations, obtain licenses, and successfully navigate complex regulatory environments. Key services include government relations, business intelligence, and market access strategies, with expertise in defense, security, aviation, and infrastructure sectors. Through its partnership with DarkPulse, BX3 will provide the local insight and operational depth needed to accelerate market entry, enhance regulatory compliance, and deliver operational excellence. About DarkPulse Inc. Houston, Texas-based DarkPulse, Inc. is a technology-security company incorporated in 1989 as Klever Marketing, Inc. Its wholly-owned subsidiary, DarkPulse Technologies Inc., originally started as a technology spinout from the University of New Brunswick, Fredericton, Canada. The Company's security and monitoring systems will initially be delivered in applications for border security, pipelines, the oil and gas industry, and mine safety. Current uses of fiber optic distributed sensor technology have been limited to quasi-static, long-term structural health monitoring due to the time required to obtain the data and its poor precision. The Company's patented BOTDA dark-pulse sensor technology allows for the monitoring of highly dynamic environments due to its greater resolution and accuracy. Lagos, Nigeria-based Boladale Lawal & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company suffered an accumulated deficit of $(71,259,677), net loss of $(3,893,859) and a negative working capital of $(17,160,706). The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to execute its plans and continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $2,788,299 in total assets, $19,785,133 in total liabilities, and total stockholders' deficit of $16,996,834. DAYSPRING ACADEMY:S&P Affirms 'BB' ICR, Alters Outlook to Positive ------------------------------------------------------------------ S&P Global Ratings revised the outlook to positive from stable and affirmed its 'BB' issuer credit rating (ICR) on Dayspring Academy for Education and Arts (Dayspring), Fla. The outlook revision reflects S&P's view of Dayspring's improving demand profile spurred by rapid enrollment growth, which has led to increasing revenues, operating margins, and coverage in fiscal 2025, along with growth in liquidity levels. This is primarily attributed to the opening of the Angeline campus in fall 2024 with a 600-student capacity and was fully funded by Pasco County Schools, which has allowed the school to maintain manageable debt burden metrics. If Dayspring is able to meet enrollment targets and sustain financial metrics, S&P could raise the rating. S&P said, "We analyzed Dayspring's environmental, social, and governance factors relative to the school's market position, financial performance, reserves and liquidity, and debt burden. Physical risks are typically elevated in service areas close to the Gulf of Mexico, a region that has experienced increased incidence of extreme weather, such as hurricanes and flooding, in recent years. Given the school's proximity to the coast with its location in Pasco County, we believe these acute events could affect enrollment should population displacement occur, or should chronic physical risks lead to slower growth trends; both could affect our view of the school's market position over time. Partially mitigating these risks is Dayspring's acceptable level of commercial insurance, limiting the school's financial exposure to natural disasters. We have analyzed Dayspring's social and governance risk factors and consider them neutral in our credit rating analysis. "The positive outlook reflects our view that there is at least a one-in-three chance we could raise the rating within the outlook period if Dayspring is able sustain the recent improvements to liquidity levels, while producing positive operations resulting in sufficient maximum annual debt service (MADS) coverage. The outlook also reflects our expectation that the school's overall demand profile will at least maintain current enrollment levels. "We could revise the outlook to stable if the school's financial profile deteriorates, resulting in weaker financial performance, liquidity, or MADS coverage. While this is not expected, we would view negatively any significant debt issuances without a commensurate growth in resources, or if Dayspring experiences sustained enrollment declines. "We could raise the rating if Dayspring can continue to meet enrollment targets, while generating solid operating results, coverage, and liquidity commensurate with a higher rating." DIAMOND COMIC: Plan Exclusivity Period Extended to October 15 ------------------------------------------------------------- Judge David E. Rice of the U.S. Bankruptcy Court for the District of Maryland extended Diamond Comic Distributors, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 15 and December 15, 2025, respectively. As shared by Troubled Company Reporter, the Debtors claim that these chapter 11 cases involve four jointly-administered Debtors, which employed over four hundred people as of the Petition Date. As disclosed in the Debtors' schedules of assets and liabilities, the Debtors have over 1,000 creditors and had over $80 million in debt. The number of creditors and size of the debt mandated the Debtors to file the Notice of Application of Complex Chapter 11 Case Procedures as required by the Complex Chapter 11 Case Procedures of the Local Bankruptcy Rules. The Debtors assert that their progress in achieving their goals of obtaining court approval of the Sale Orders, and the subsequent closing of the sales to Universal and Sparkle Pop demonstrate that the Debtors will be able to approach the plan formulation in an effective manner. An extension of the Exclusive Periods will allow the Debtors adequate time to monetize their remaining assets and then negotiate a chapter 11 plan with the key stakeholders, file the plan, and solicit votes on the plan. The Debtors further assert that they are not seeking an extension of the Exclusive Periods to pressure the Debtors' creditors or other parties in interest, and the Debtors believe that no party in interest will be prejudiced by the extension of the Exclusive Periods. The Debtors intend to use the extended Exclusive Periods to, among other things, seek court approval of the Consignment Sale Motion and the Diamond UK Sale Motion, analyze proof of claims, litigate claims against AENT, determine the best exit strategy for these cases, and negotiate with the Committee and other parties in interest. The Debtors' Counsel: Jordan D. Rosenfeld, Esq. SAUL EWING LLP 1001 Fleet Street, 9th Floor Baltimore, MD 21202 Tel: (410) 332-8600 Email: jordan.rosenfeld@saul.com - and - Jeffrey C. Hampton, Esq. Adam H. Isenberg, Esq. Turner N. Falk, Esq. 1500 Market Street, 38th Floor Philadelphia, PA 19102 Tel: (215) 972-7777 Email: jeffrey.hampton@saul.com adam.isenberg@saul.com turner.falk@saul.com - and - Mark Minuti, Esq. Paige N. Topper, Esq. Nicholas Smargiassi, Esq. 1201 N. Market Street, Suite 2300 Wilmington, DE 19801 Tel: (302) 421-6800 Email: mark.minuti@saul.com paige.topper@saul.com nicholas.smargiassi@saul.com About Diamond Comic Distributors Founded in 1982, Diamond Comic Distributors Inc. offers a multi-channel platform of publishing, marketing and fulfillment services, coupled with an unparalleled global distribution Network for its retailers, publishers and vendors. Diamond Comic Distributors and its affiliates filed Chapter 11 petitions (Bankr. D. Md. Case No. 25-10308) on Jan. 14, 2025. At the time of the filing, Diamond Comic Distributors reported between $50 million and $100 million in both assets and liabilities. Judge David E. Rice handles the case. The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler Henrich & Associates, LLC as financial advisor; Raymond James & Associates, Inc., as investment banker; and Stephenson Harwood, LLP as U.K. counsel. Omni Agent Solutions is the Debtors' claims and noticing agent and administrative agent. DILIGINT CORP: T. Rowe Virtually Writes Off $2.5MM 1L Loan ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,565,000 loan extended to Diligent Corporation to market at $186,000 or 7% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Diligent Corporation. The loan accrues interest at a rate of 9.33% per annum. The loan matures on August 2, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Diligent Corporation Diligent, a modern governance company, is the only comprehensive governance software provider featuring tools to improve and simplify modern day governance. DIOCESE OF ROCHESTER: Court Confirms Chapter 11 Bankruptcy Plan --------------------------------------------------------------- A five-year bankruptcy case involving the Diocese of Rochester reached its conclusion on September 5, 2025 when U.S. Bankruptcy Judge Paul R. Warren signed an order confirming the Eighth Amended Joint Plan for Chapter 11 reorganization. The approval establishes a $256.35 million settlement fund for abuse survivors, marking one of the largest such settlements in the diocese's history. The announcement drew an emotional response from those in the courtroom, including a man who exclaimed, "Thank you, Lord!" as the ruling was finalized. In a statement following the confirmation, Bishop Salvatore R. Matano expressed sorrow over the long wait survivors endured, noting that the nearly six-year process deepened their suffering. He issued a formal apology, saying the diocese accepted responsibility for the harm caused by abuse and pledging prayers for healing, peace, and a renewal of faith. Of the settlement amount, $55 million will come directly from the Diocese of Rochester and its affiliates, while the remainder will be covered by insurers. Beyond financial compensation, the reorganization plan includes nonmonetary commitments aimed at preventing future abuse and fostering transparency. These measures build on policies the diocese has followed for more than two decades under the U.S. Conference of Catholic Bishops' charter, requiring background checks, codes of conduct, and training for clergy, staff, and volunteers. Additional actions include posting more visible resources on reporting abuse, installing plaques in churches and schools affirming a zero-tolerance stance on abuse, and ensuring the bishop's availability to meet privately with survivors, according to report. Bishop Matano acknowledged the challenges of the lengthy legal process, emphasizing that bankruptcy was the only path to guarantee just compensation for survivors while preserving the mission of the diocese and its parishes. He urged the faithful to pray for survivors, clergy, and the broader diocesan community as it moves forward, grounding his message in hope and renewal. He concluded by entrusting those who committed abuse to God's judgment, praying that they sought mercy and reconciliation, while reaffirming the diocese's commitment to ensuring such failures are never repeated, the report relays. About The Diocese of Rochester The Diocese of Rochester in upstate New York provides support to 86 Roman catholic parishes across 12 counties in upstate New York. It also operates a middle school, Siena Catholic Academy. The diocese has 86 full-time employees and six part-time employees and provides medical and dental benefits to an additional 68 retired priests and two former priests. The diocese generated $21.88 million of gross revenue for the fiscal year ending June 30, 2019, compared with a gross revenue of $24.25 million in fiscal year 2018. The Diocese of Rochester filed for Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Case No. 19-20905) on Sept. 12, 2019, amid a wave of lawsuits over alleged sexual abuse of children. In the petition, the diocese was estimated to have $50 million to $100 million in assets and at least $100 million in liabilities. Bond, Schoenec & King, PLLC and Bonadio & Co. serve as the diocese's legal counsel and accountant, respectively. Stretto is the claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the diocese's Chapter 11 case. Pachulski Stang Ziehl & Jones, LLP and Berkeley Research Group, LLC serve as the committee's legal counsel and financial advisor, respectively. DIRECTV FINANCING: S&P Rates Proposed $1.5BB Secured Notes 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to DirecTV Financing LLC's proposed $1.5 billion secured notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default. The company will use net proceeds from the notes and $250 million of balance sheet cash to pay the purchase price in connection with the tender for $1,500 of its senior secured notes due 2027, as well as related fees and expenses, with remaining cash applied to its term loan B due 2027. If less than $1,500M of 2027 senior secured notes are tendered in the tender offer, the company plans to use excess proceeds from the notes to generally repay outstanding indebtedness. S&P said, "Our 'B+' issuer credit rating and stable outlook on parent DirecTV Entertainment Holdings LLC are unchanged because we expect S&P Global Ratings-adjusted leverage will remain at about 2x. We view the issuance favorably from a liquidity standpoint because it will somewhat smooth the company's maturity profile as it looks to address its near-term maturities. In addition, the company has taken a more focused approach to debt reduction under its newly initiated debt repurchase program. We believe this strategy will result in opportunistic repurchases as the company targets net leverage of 1.5x over the next couple of years." However, rating upside is limited due to challenging industry conditions as the addressable market for linear TV continues to shrink significantly. Furthermore, the rating is constrained by private-equity ownership, which S&P believes increases the risk of debt-financed dividends to shareholders and higher leverage in the longer term. DRIVEN BRANDS: S&P Withdraws 'B+' Issuer Credit Rating ------------------------------------------------------ S&P Global Ratings withdrew all its ratings, including its 'B+' issuer credit rating, on Driven Brands Holdings Inc. at the issuer's request. As of the time of the withdrawal, the outlook was positive. DYNAMISM LLC: Eric Huebscher Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 2 appointed Eric Huebscher of Huebscher & Co. as Subchapter V trustee for Dynamism, LLC. Mr. Huebscher will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Huebscher declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Eric Huebscher Huebscher & Co. 301 E 87th St. - 20E New York, NY 10128 Phone: 917-763-3891 Email: ehuebscher@huebscherconsulting.com About Dynamism LLC Dynamism, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35951) on September 8, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Kyu Young Paek presides over the case. Michael D. Pinsky, Esq. at Michael D. Pinsky, P.C. represents the Debtor as legal counsel. EAGLE THEATER: Seeks to Extend Plan Exclusivity to October 31 ------------------------------------------------------------- Eagle Theater Operating LLC asked the U.S. Bankruptcy Court for the Southern District of Illinois to extend its exclusivity periods to file a plan of reorganization to October 31, 2025. The Debtor filed its voluntary Chapter 11 case on May 11, 2025 and since that time has been managing its financial affairs as a Debtor in possession. Counsel for the Debtor has currently been involved in other matters which have required a substantial amount of time and attention. In addition, the Debtor's proposed plan is dependent on a third-party investor. That investor requires additional time to confirm and document it proposal for infusion of cash in the Debtor, whether that infusion takes the form of an asset purchase or some other investment vehicle. Pursuant to Section 1121(d)(1) of the Bankruptcy Code, the Debtor reasonably requires and extension of its exclusive period for filing a proposed plan of reorganization through and including October 31, 2025. Eagle Theater Operating LLC is represented by: Steven M. Wallace, Esq. GOLDBERG HELLER & ANTOGNOLI, P.C. 2227 South State Route 157 Edwardsville, IL 62025 Tel: 618-656-5150 E-mail: Steven@ghalaw.com About Eagle Theater Operating LLC Eagle Theater Operating LLC operates a movie theater in Robinson, Illinois. The Company provides cinema services, including movie screenings and concessions. Eagle Theater Operating LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60076) on May 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtors are represented by Steven M. Wallace, Esq. at GOLDENBERG HELLER & ANTOGNOLI, P.C. EAGLE THEATER: Seeks to Extend Plan Exclusivity to October 31 ------------------------------------------------------------- Eagle Theater Management, LLC asked the U.S. Bankruptcy Court for the Southern District of Illinois to extend its exclusivity periods to file a plan of reorganization to October 31, 2025. The Debtor filed its voluntary Chapter 11 case on May 11, 2025 and since that time has been managing its financial affairs as a Debtor in possession. Counsel for Management has currently been involved in other matters which have required a substantial amount of time and attention. In addition, the Debtor's proposed plan is dependent on a third-party investor. That investor requires additional time to confirm and document it proposal for infusion of cash in the Debtor, whether that infusion takes the form of an asset purchase or some other investment vehicle. Pursuant to Section 1121(d)(1) of the Bankruptcy Code, Management reasonably requires and extension of its exclusive period for filing a proposed plan of reorganization through and including October 31, 2025. Eagle Theater Management, LLC is represented by: Steven M. Wallace, Esq. GOLDBERG HELLER & ANTOGNOLI, P.C. 2227 South State Route 157 Edwardsville, IL 62025 Tel: 618-656-5150 E-mail: Steven@ghalaw.com About Eagle Theater Management Eagle Theater Management, LLC operates a movie theater in Robinson, Illinois, providing film screenings to local audiences. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60077) on May 11, 2025, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Kurt Eric Gubelman, manager and member, signed the petition. Judge Mary E. Lopinot presides over the case. Steven M. Wallace, Esq. at GOLDBERG HELLER & ANTOGNOLI, P.C. represents the Debtor as legal counsel. ECHOSTAR CORP: Space Exploration Deal No Impact on Moody's Caa2 CFR ------------------------------------------------------------------- Moody's Ratings said EchoStar Corporation's (EchoStar, Caa2 under review for upgrade) agreement with Space Exploration Technologies Corp (SpaceX, unrated) to sell the company's AWS-4 and H-block spectrum licenses for approximately $17 billion is credit positive but does not immediately impact the company's Caa2 corporate family rating or other credit ratings which are under review for upgrade. The proposed transaction, consisting of up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock, also provides for SpaceX to fund an aggregate of approximately $2 billion of cash interest payments payable on EchoStar's debt through November 2027. Under the transaction's terms, SpaceX and EchoStar will also enter into a long-term commercial agreement which will enable EchoStar's Boost Mobile subscribers – through the company's cloud-native 5G core – to access SpaceX's next generation Starlink Direct to Cell service. Moody's believes this long-term commercial agreement will further bolster EchoStar's strategy to continue to operate under its Boost Mobile brand as a hybrid mobile network operator (MNO). As a hybrid MNO, EchoStar would utilize portions of its network infrastructure, such as its network core and billing and provisioning software, while securing critical service elements -- including base stations, radios, radio access network software and spectrum frequencies -- from third parties such as SpaceX and AT&T Inc. (AT&T, Baa2 stable), the latter of which, in late August, agreed to acquire approximately 30 MHz of nationwide 3.45 GHz mid-band spectrum and approximately 20 MHz of nationwide 600 MHz low-band spectrum from EchoStar for approximately $23 billion in cash, subject to certain closing conditions and regulatory approvals. EchoStar anticipates that this spectrum sale and commercial agreement with SpaceX, along with the company's previously announced spectrum sale to AT&T, will resolve the FCC's recent inquiries into its business. These transactions with SpaceX and AT&T also end EchoStar's multi-year effort to build and operate the fourth facilities-based terrestrial wireless carrier serving US consumers. While the longer term competitive implications of these developments and EchoStar's strategic shift are currently uncertain, the reduction in facilities-based competitors in the terrestrial wireless industry will likely weaken competitive intensity and over time result in increased pricing power among the remaining Big 3: Verizon Communications Inc. (Baa1 stable), T-Mobile USA, Inc. (Baa2, positive) and AT&T. A closing date for the SpaceX transaction was not disclosed. Moody's currently expect the aforementioned AT&T spectrum sale will likely close in mid-2026. Along with the AT&T spectrum sale, Moody's expects net proceeds from the SpaceX transaction will be used to retire certain debt obligations and fund EchoStar's continued operations and growth initiatives. The current operations of EchoStar's subsidiaries -- Hughes Satellite Systems Corporation (Hughes) and Dish DBS Corporation (a wholly-owned subsidiary of DISH Network Corporation) -- will not be impacted by these transactions with SpaceX or AT&T. The review for EchoStar will focus on the business and financial profile of the company post the substantial sale of spectrum assets to AT&T and now SpaceX and ongoing commercial agreements with both, with particular focus on growth potential and profitability, operating cash flow, debt leverage (Moody's adjusted), liquidity and asset quality. In addition, Moody's will evaluate the company's expectations for capital investing needs to adequately support its remaining legacy businesses while growing revenue from its newer startup businesses. The review will also seek to better assess EchoStar's financial policy objectives. Headquartered in Englewood, Colorado, EchoStar Corporation is a provider of technology, networking services and television entertainment and connectivity. The company currently offers consumer, enterprise and government solutions through its various subsidiaries, including Hughes Satellite Systems Corporation, DISH Network Corporation and Dish DBS Corporation. EDS LEGACY: Highland Marks $55MM 1L Loan at 18% Off --------------------------------------------------- Highland Opportunities and Income Fund has marked its $55,000,000 loan extended to EDS Legacy Partners to market at $45,292,500 or 82% of the outstanding amount, according to Highland's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Highland is a participant in a First Lien Term Loan to EDS Legacy Partners. The loan accrues interest at a rate of 8.5% per annum. The loan matures on December 28, 2033. Highland Opportunities and Income Fund is organized as an unincorporated business trust under the laws of The Commonwealth of Massachusetts. On September 25, 2017, the Fund acquired the assets of Highland Floating Rate Opportunities Fund, a series of NexPoint Funds I (formerly Highland Funds I), a Delaware statutory trust. The Fund is the successor to the accounting and performance information of the Predecessor Fund. Subsequently on August 9, 2019, the underwriters exercised their option to purchase additional over allotment shares of $10 million, resulting in a total Preferred outstanding offering of $145 million. Highland is led by Frank Waterhouse as Treasurer, Principal Accounting Officer, and Principal Financial. The Fund can be reach through: Frank Waterhouse Highland Opportunities and Income Fund 300 Crescent Court Suite 700 Dallas, Texas 75201 Telephone: (866) 351-4440 About EDS Legacy Partners EDS Legacy Partners is an investment firm focused on owner-operated businesses. EL DORADO: Court Approves Equipment Sale at Auction --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Mississippi has permitted Dawn M. Ragan, the chapter 11 trustee of Hugoton Operating Company Inc. and El Dorado Gas and Oil Inc. The Trustee, with the assistance of counsel, Tiger Capital, and the Debtors, has identified the personal property to be sold by auction that will be conducted virtually on or after September 15, 2025. -- 1996 Krupp GMK5160 175 Ton All Terrain Crane -- Franks Workover Rig -- Remaining Equipment The Court has authorized the Trustee to to proceed with the sale of the Debtor's Equipment by auction. The Auction Sale Terms are approved and shall govern the sale of the Debtor's Equipment via the sale process and auction. The Court held that the notice of the Motion provided shall constitute adequate, good, and sufficient notice of the sale, and no other or further notice of the sale or the relief requested shall be necessary or required. The Court further indicates that the Trustee's discretion, in consultation with Tiger Capital and the Lender, the Equipment will be offered for sale individually or in lots. The Trustee will determine the highest or best bids for the Equipment. After the auction, the Trustee may seek the entry of orders confirming the results of the auction, but the Trustee shall not be required to seek the entry of any such Orders. The Trustee reserves the right to either pull any disputed item of Equipment from the sale and/or escrow the net sale proceeds relating to any particular Equipment in dispute that may be sold. After the auction, title to the Equipment will be transferred to the successful bidder(s) pursuant to an invoice, bill of sale, or other appropriate documentation. Tiger Capital shall collect any applicable sales tax from buyers, and prepare all reporting forms, certificates, reports and other documentation required in connection with the payment of all applicable sales taxes to the appropriate taxing authorities, and Tiger Capital shall process all of the foregoing. The Equipment will be sold "as is" "where is" without any representations of any kind or nature whatsoever. About El Dorado Gas & Oil and Hugoton Operating Company Hugoton Operating Company, Inc. filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023, with $500 million to $1 billion in assets and $50 million to $100 million in liabilities. Thomas L. Swarek, president, signed the petition. On Feb. 22, 2024, Bluestone Natural Resources II - South Texas, LLC and World Aircraft, Inc. filed separate Chapter 11 petitions (Bankr. S.D. Miss. Case Nos. 24-50223 and 24-50224). On Jan. 12, 2024, the Court entered an order directing the appointment of a Chapter 11 trustee for Hugoton. On Jan. 22, 2024, the Court approved Dawn Ragan as the Chapter 11 trustee for Hugoton. On Jan. 31, 2024, the Court ordered the appointment of a Chapter 11 trustee for El Dorado. On Feb. 2, 2024, the Court approved Ms. Ragan as Chapter 11 trustee for El Dorado. No official committee of unsecured creditors has been established in any of the Debtor cases. Hugoton and El Dorado are both Arkansas corporations engaged in the exploration, production, and development of crude oil and natural gas properties. El Dorado is a lease holder and operator of oil and gas wells covering about 4,000 net acres in South Texas. El Dorado also owns a substantial amount of oil field equipment and owns real estate in multiple locations and states. Hugoton also owns oil and gas interests and operates wells in South Texas. Hugoton is 100% owned by El Dorado and El Dorado is 100% owned by Thomas Swarek. Bluestone is 100% owned by Hugoton. Bluestone owns oil and gas interests operated by the EDGO Debtors. World Aircraft is 100% owned by EDGO. World Aircraft owns various aircraft and equipment assets. Judge Katharine M Samson oversees the cases. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is Debtors Bluestone Natural Resources II-South Texas, LLC and World Aircraft, Inc. R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo, Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11 Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating Company, Inc. ENERGIZER HOLDINGS: Moody's Rates New $150MM Loan Add-on 'Ba1' -------------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to Energizer Holdings, Inc. ("Energizer") proposed new $150 million incremental add-on to the senior secured first lien term loan. Energizer's other ratings are unchanged including the company's B1 Corporate Family Rating, B1-PD Probability of Default Rating, Ba1 rating on the existing senior secured first lien term loan, Ba1 rating on the senior secured revolving credit facility, B2 rating on the senior unsecured notes, and B2 rating on the backed senior unsecured notes issued by Energizer Gamma Acquisition B.V. and guaranteed by Energizer Holdings, Inc. The outlook is stable and there is no change to the company's SGL-1 speculative grade liquidity rating ("SGL"). Energizer's proposed new $150 million senior secured incremental add-on is leverage neutral. The company is using proceeds from the transaction to repay outstanding borrowings under the revolver. The transaction strengthens Energizer's very good liquidity because it increases available capacity under the revolving credit facility. Energizer has historically lightly used the revolver to fund its cash needs, but borrowings are elevated this year. Energizer has utilized the facility to fund an increase in inventory to support a shift to plastic free packaging in North America and as part of initiatives in response to tariffs to strengthen the supply chain ahead of the holiday season. Leverage could increase if Energizer is more reliant on the revolver than historically to fund cash needs including working capital. Nevertheless, Moody's continues to expect Moody's adjusted debt-to-EBITDA leverage to decline below 5.5x over the next 12-18 months as the upfront cost of Project Momentum moderates and culminates by year-end 2025 and as the company repays debt. Moody's anticipates that revolver usage will return to the company's normal cadence, and Moody's expects that Energizer will use its good free cash flow generation and cash proceeds as inventory levels normalize to repay debt including the incremental add-on issued as part of this transaction. RATINGS RATIONALE Energizer's B1 CFR reflects the company's very high leverage following large debt funded acquisitions and earnings weakness in recent years that has hurt the EBITDA margin. Energizer's strategy to increase product diversity to mitigate the effects of its slow growing and mature disposable battery business leads to periodic acquisitions. Earnings nevertheless remain concentrated in disposable batteries, and the company has not made any significant acquisitions since the purchase of Spectrum Brands' global battery and auto care businesses in January 2019. Energizer faced elevated input costs and supply chain inefficiencies in 2021-2023. More recently, input costs are moderating, and Project Momentum is helping to reduce costs and improve operations. However, the EBITDA margin remains muted due to ongoing restructuring costs as Energizer works through its remaining initiatives as part of Project Momentum, which is expected to be completed in 2025. Secondary rechargeable batteries continue to take market share from primary batteries in various device categories. These pressures are modestly outweighed by the broader expansion of electronic devices that benefit from key advantages found in disposable batteries. Primary batteries, compared to secondary batteries, offer a lower upfront cost, longer shelf life, lower self-discharge, and the ability to provide a constant voltage supply with no need to charge. This makes primary batteries ideal for low-drain, long-duration applications or where portability and upfront costs are key factors. Moody's believes Energizer's tariff exposure is modest. Energizer employs regional manufacturing, generally producing goods within the same region where they are sold. However, a decline in overall consumer spending or declines in the purchase of battery operated devices in response to tariffs could reduce battery sales and reduce earnings. Energizer's credit profile is supported by its leading market position in the single use and specialized battery market, its portfolio of well-known brands in the battery and consumer car maintenance segments, and historically good EBITDA margin. Liquidity is very good supported by Energizer's strong operating cash flow and ample available capacity on its $500 million revolver that is typically lightly utilized. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectations for continued improvement in operating earnings and the EBITDA margin as well as solid free cash flow. Debt repayment is contributing to debt-to-EBITDA leverage improvement. The stable outlook also reflects that the company's very good liquidity provides capacity to repay debt while maintaining good business reinvestment. An upgrade would require consistent operational performance including stable organic revenue growth, and a higher EBITDA margin that leads to sustained debt-to-EBITDA below 4.5x and consistently strong free cash flow. The ratings could be downgraded if Energizer does not continue to see improvement in the EBITDA margin in the next 12-18 months. The ratings could also be downgraded if free cash flow deteriorates for any reason or if the company does not repay debt such that debt-to-EBITDA is likely to remain elevated above 5.5x. A deterioration of liquidity, or if the company engages in acquisitions or share repurchases before reducing leverage could also lead to a downgrade. The principal methodology used in this rating was Consumer Packaged Goods published in June 2022. Energizer Holdings, Inc. manufactures and markets batteries, lighting products, car fragrance and appearance, and engine additives around the world. The product portfolio includes household batteries, specialty batteries, portable lighting equipment and various car fragrance dispensing systems. Some key brands include Energizer, Eveready, Rayovac, STP, and ArmorAll. Headquartered in St. Louis, MO, the publicly-traded company generates roughly $2.9 billion in annual revenue. ERMAJO LLC: Section 341(a) Meeting of Creditors on October 20 ------------------------------------------------------------- On September 10, 2025, Ermajo LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) filed by Office of the United States Trustee to be held on October 20, 2025 at 11:00 AM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. About Ermajo LLC Ermajo LLC operates in the real estate sector under NAICS 5313, providing specialized services such as property management, appraisal, listing, and related support functions. Ermajo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44337) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP. ES PARTNERS: Unsecureds Will Get 100% of Claims over 60 Months -------------------------------------------------------------- ES Partners, Inc. d/b/a Medline Express Services filed with the U.S. Bankruptcy Court for the Southern District of Florida a First Amended Plan of Reorganization dated September 3, 2025. The Debtor was formed in 2010 and is a pharmaceutical delivery company that delivers to residential locations, hospitals and nursing homes. The Debtor filed this bankruptcy when it had an unexpected loss of its Florida contract with Walgreens. This was followed by its line of credit with Truist not being renewed. Truist then filed a lawsuit seeking to recover its collateral. The Debtor needed to file bankruptcy to keep its operations going without interference from creditors and provide a structured repayment plan. At the time of the filing, the Debtor listed $250,797 is old accounts receivable. The Debtor has made efforts to find an attorney to attempt to collect on these debts, but has been unsuccessful in finding an attorney willing to take on the collections. Consequently, these receivables have no value. The Debtor's ability to fully fund the plan and make payments is dependent on the company's future income and recovery of employee tax credits. When the Debtor filed this case, it listed $445,364.50 in unsecured debt. Of that amount $360,000.00 was disputed. One secured debt (Ford) is paid by one the Debtor's principals. An objection to claim was filed against the disputed claimants. The creditors did not respond to the objection to the claims before the deadline of August 15, 2025. The total amount of unsecured debt is approximately $296,668.00. This Plan provides for two classes of secured claims, two classes of priority claims, and one class of general unsecured claims. This Plan also provides for the payment of administrative claims. Class 5 consists of general unsecured creditors. The unsecured claims total approximately $296,668.00. The unsecured creditors will pay $4,945.00 per month for 60 months to unsecured creditors. The unsecured creditors will receive a pro-rata share. The creditors will receive approximately 100% of their claim. This class is impaired. Class 6 consists of the owners of the Debtor shall retain all property of the estate. This Plan of Reorganization proposes to pay creditors of the Debtor from the operation of its business. The Debtor is assuming its commercial leases with Pathway Ventures, Ltd. It is assuming its executory contracts with Walgreens and Guardian Pharmacy Services Management, LLC. It rejects its executory contract with Innovation Refunds, LLC. A full-text copy of the First Amended Plan dated September 3, 2025 is available at https://urlcurt.com/u?l=8dY2C3 from PacerMonitor.com at no charge. Counsel to the Debtor: Brian K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Tel: (561) 478-2500 Fax: (561) 478-3111 Email: briankmcmahon@gmail.com About ES Partners, Inc. ES Partners, Inc. was formed in 2010 and is a pharmaceutical delivery company that delivers to residential locations, hospitals and nursing homes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14211-MAM) on April 17, 2025. In the petition signed by Steven M. Easton, CEO, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mindy A. Mora oversees the case. Brian K. McMahon, Esq., at Brian K. McMahon, PA, represents the Debtor as legal counsel. Truist Bank, as lender, is represented by: Jay B. Verona, Esq. SHUMAKER, LOOP & KENDRICK, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, Florida 33602 Tel: (813) 229-7600 Fax: (813) 229-1660 Email: jverona@shumaker.com EVERBRIDGE HOLDINGS: T. Rowe Marks $3.9MM 1L Loan at 61% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $3,938,000 loan extended to Everbridge Holdings, LLC to market at $1,543,000 or 39% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Everbridge Holdings, LLC. The loan accrues interest at a rate of 9.29% per annum. The loan matures on July 2, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Everbridge Holdings, LLC Everbridge, Inc. is an American enterprise software company that offers applications which provide information about critical events. EYECARE PARTNERS: Pioneer Floating Marks $268,891 Loan at 16% Off ----------------------------------------------------------------- Pioneer Floating Rate Fund, Inc. has marked its $268,891 loan extended to EyeCare Partners LLC to market at $224,524 or 84% of the outstanding amount, according to Pioneer's Form N-CSR for the fiscal year ended May 31, 2025, filed with the U.S. Securities and Exchange Commission. Pioneer is a participant in a Tranche B Term Loan to EyeCare Partners LLC. The loan accrues interest at a rate of 5.227% per annum. The loan matures on November 30, 2028. Pioneer is organized as a Maryland corporation. Prior to April 21, 2021, the Fund was organized as a Delaware statutory trust. On April 21, 2021, the Fund redomiciled to a Maryland corporation through a statutory merger of the predecessor Delaware statutory trust with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling. The investment objective of the Fund is to seek a high level of current income and the Fund may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its investment objective. Pioneer is led by Brendan McGovern as President and Chief Executive Officer and Jonathan Landsberg as Treasurer and Chief Financial Officer. The Company can be reach through: Brendan McGover 60 State Street, Boston, MA 02109 Telephone: (617) 742‑7825 About EyeCare Partners LLC EyeCare Partners unites eye care specialists and thought leaders from every subspecialty with a mission of setting the industry standard in patient care. FLOATUS INC: 120-Day Extension for Plan Filing Granted ------------------------------------------------------ Judge Lori S. Simpson of the U.S. Bankruptcy Court for the District of Maryland extended Floatus, Inc.'s exclusive periods to file a plan of reorganization and disclosure statement, and to obtain acceptance thereof for additional 120 days. As shared by Troubled Company Reporter, the Debtor asserts that it is not expected that the its Monthly Operating Reports will start to reflect that income by the time the Debtor's Plan and Disclosure statement are due on September 5, 2025. The Debtor further asserts that if the Debtor's 120-day extension request is granted, the company will have the time necessary to (a) determine whether the robotic massage systems are generating the predicted income; and (b) document that income increase in its MORs. The Debtor explains that it seeks the requested extension of the Exclusive Periods in good faith and submits that there is no risk of harm to the Debtor's creditors if this Court grants the requested extension. This case does not bear characteristics that would justify the denial of an extension of the Exclusive Periods. The Debtor claims that it is not seeking the extension of the Exclusive Periods to delay administration of this Chapter 11 case or to pressure creditors to accept an unsatisfactory plan. On the contrary, the purpose of the present motion is to resolve certain contingencies so that a Plan is more feasible. Floatus, Inc. is represented by: Michael P. Coyle, Esq. The Coyle Law Group 7061 Deepage Drive, Ste 101B Columbia, MD 21045 Tel: (443) 545-1215 About Floatus Inc. Floatus, Inc., operates a float therapy spa in Laurel, Maryland. Floatus filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 25-12007) on March 9, 2025, listing up to $500,000 in both assets and liabilities. Felix Nelson, company owner, signed the petition. Michael P. Coyle, Esq., at The Coyle Law Group, is the Debtor's bankruptcy counsel. CDC Small Business Finance, as lender, is represented by: Eric S. Schuster, Esq. Funk & Bolton, P.A. 100 Light Street, Suite 1400 Baltimore, MD 21202 Tel: 410.659.4983 Fax: 410.659.7773 eschuster@fblaw.com FOOT LOCKER: S&P Withdraws 'BB-' Issuer Credit Rating ----------------------------------------------------- S&P Global Ratings withdrew all its ratings on Foot Locker Inc., including the 'BB-' issuer credit rating, following the company's acquisition. Foot Locker is now a wholly owned subsidiary of Dick's Sporting Goods Inc. (BBB/Positive/--). Foot Locker's $400 million-notes were exchanged in the transaction. FORM TECHNOLOGIES: Moody's Alters Outlook on 'B3' CFR to Stable --------------------------------------------------------------- Moody's Ratings affirmed its ratings of Form Technologies LLC (Form Technologies), including the B3 corporate family rating and the B3-PD probability of default rating. Concurrently, Moody's affirmed the B3 rating on the first lien senior secured bank credit facilities. The outlook has been changed to stable from positive. The affirmations reflect Moody's expectations that over the next 12-18 months, Form Technologies will reduce leverage and improve free cash flow generation through new business coming online and cost saving initiatives. Moody's also expects a modest recovery in demand in the automotive end market in 2026, a business segment that represents over 40% of Form Technologies' revenue. The change in outlook from positive to stable reflects weaker credit metrics than Moody's had previously expected given the headwinds experienced in Form Technologies' automotive and enterprise technology business segments over the past few quarters. These challenges have resulted in lower sales and free cash flow and an increase, rather than a decrease, in leverage. Moody's expects modest sales and EBITDA growth over the next 12-18 months with breakeven to slightly negative free cash flow. Leverage is expected to remain in the 5.5x to 6.5x range, trending towards the lower end of that range throughout 2026. RATINGS RATIONALE Form Technologies' B3 CFR reflects the company's high financial leverage of about 6.0x debt/EBITDA at June 30, 2025 and modest EBITA/interest expense coverage of approximately 1.0x. Despite good end-market diversity, demand is cyclical from exposure to the macroeconomic cycle and the short-cycle nature of demand in certain segments. This has been most apparent during the weakness in demand from the company's automotive end market over the past few quarters, resulting in lower sales. Moody's projects the company will generate slightly negative to breakeven free cash flow in 2026, supported by organic growth initiatives and modest recovery in the automotive industry. The company serves a wide range of customers and offers a distinct lineup of products. It tends to benefit from a sole source position for many of its products given its advanced engineering processes and proprietary tooling designs. Form Technologies' liquidity is adequate. Moody's forecasts negative $90 million in free cash flow in 2025, primarily due to various one-time refinancing and restructuring expenses. Moody's anticipates breakeven to slightly negative free cash flow in 2026, with a year-end cash balance of about $40 million. The company's $105 million revolving credit facility expires in 2030. Moody's anticipates modest utilization on the facility, primarily for seasonal working capital needs. The bank credit facility contains a springing maximum first lien net leverage covenant of 7.5x, tested when 35% or more of the revolver is drawn. Moody's expects the company to have adequate cushion under this covenant. Alternate liquidity is considered adequate as all domestic assets of the borrower and guarantors will be pledged to secure the debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company effectively manages the execution risk of its organic growth initiatives, generates positive free cash flow and maintains adequate liquidity. A ratings upgrade would also require debt/EBITDA sustained below 5.5x with EBITA/interest exceeding 1.5x. Ratings could be downgraded if liquidity weakens such that free cash flow remains negative. Ratings could also be downgraded if debt/EBITDA approaches 7.0x with EBITA/interest sustained below 1.0x. Headquartered in Charlotte, North Carolina, Form Technologies LLC is a manufacturer of precision, engineered metal components using die casting and precision investment casting capabilities and metal injection molding technologies. Annual revenue is around $850 million. The company is currently majority owned by Ares Management. The principal methodology used in these ratings was Manufacturing published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. FR VISION: T. Rowe Marks $5.6MM 1L Loan at 40% Off -------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $5,699,000 loan extended to FR Vision Holdings, Inc. to market at $3,446,000 or 60% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to FR Vision Holdings, Inc. The loan accrues interest at a rate of 9.27% per annum. The loan matures on January 20, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About FR Vision Holdings, Inc. FR Vision Holdings Inc. is engaged in providing investment solutions and services. FTX TRADING: Court Partly Rejects Bid to Arbitrate SkyBridge Suit ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Thursday, September 11, 2025, a Delaware bankruptcy judge partly rejected SkyBridge Capital's request to send most of FTX's $167 million lawsuit to arbitration, while pausing bankruptcy-related issues so an arbitrator can first rule on the contract dispute. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GI APPLE: T. Rowe Virtually Writes Off $1.3MM 1L Loan ----------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,322,000 loan extended to GI Apple Midco LLC to market at $22,000 or 2% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to FGI Apple Midco LLC. The loan accrues interest at a rate of 11.08% per annum. The loan matures on April 19, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About GI Apple Midco LLC GI Apple Midco LLC provides engineering services. GIRARDI & KEESE: Atty, Judge Spar Whether Conviction Is 'Debatable' ------------------------------------------------------------------- Craig Clough o Law360 reports that on Thursday, September 11, 2025, a California federal judge challenged arguments from Tom Girardi's attorney that he should remain free on bond during his wire fraud appeal, noting that simply disputing the case does not establish the "fairly debatable" issues required under Ninth Circuit standards. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GLOBAL TECHNOLOGIES: Launches Series P Preferred Stock Offering --------------------------------------------------------------- Global Technologies, Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Series P Preferred Stock Subscription Agreement and a related Revenue Sharing Agreement with accredited investors in connection with the Company's private placement of Series P Preferred Stock. Pursuant to the Subscription Agreement, Investors may purchase up to $750,000 of Series P at a purchase price of $1.00 per share. Each Investor also enters into an RSA with the Company under which the Investor is entitled to quarterly distributions equal to five percent of the net revenues generated by Primecare Supply, LLC and PulseAi, and five percent of the gross revenues generated by GTLL Advisory Group, LLC (d/b/a GloWell Advisors), until such Investor has received cumulative payments equal to two hundred percent of the original purchase price of the Series P shares purchased. As of September 3, 2025, the Company has received interests for the purchase of 200,000 shares of Series P. On August 20, 2025, the Board of Directors approved a Certificate of Designation establishing the rights, preferences, limitations, and privileges of the Series P Preferred Stock. The Certificate authorizes the issuance of up to 750,000 shares of Series P, each with conversion rights into one share of common stock at the option of the holder, voting rights of 1,000 votes per share, a six-month lock-up period, and a liquidation preference senior to common stock and junior to Series N Preferred Stock. Holders are also entitled to receive quarterly revenue share distributions equal to five percent of the net revenues of Primecare Supply, LLC and PulseAi and five percent of the gross revenues of GTLL Advisory Group, LLC (d/b/a GloWell Advisors), until each holder has received two hundred percent of their original investment. The Certificate of Designation will be filed with the Delaware Secretary of State. About Global Technologies Headquartered in Parsippany, NJ, Global Technologies, Ltd -- http://www.globaltechnologiesltd.info/-- is a multi-operational company with a strong desire to drive transformative innovation and sustainable growth across the technology and service sectors, empowering businesses and communities through advanced, scalable solutions that enhance connectivity, efficiency, and environmental stewardship. The Company envisions a future where technology seamlessly integrates into every aspect of life, improving the quality of life and the health of the planet. The Company's vision is to lead the industries it serves with groundbreaking initiatives that set new standards in innovation, customer experience, and corporate responsibility, thereby creating enduring value for all shareholders. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 20, 2024, citing that the Company suffered an accumulated deficit of $(166,666,296), and a negative working capital of $(6,304,772). These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Global Technologies had $8.60 million in total assets, $6.62 million in total liabilities, and $1.98 million in total stockholders' equity. As of Mar. 31, 2024, it had $4.91 million in total assets, $4.09 million in total liabilities, and $821,825 in total stockholders' equity. GLOBAL TECHNOLOGIES: Primecare Signs Channel Partner Agreement -------------------------------------------------------------- Global Technologies, LTD. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Primecare Supply, LLC, a wholly owned subsidiary of the Company, entered into a Channel Partner Agreement with a third-party business development firm. Under the terms of the Agreement, the channel partner will provide business development support to Primecare by facilitating introductions to licensed pharmaceutical suppliers and distribution partners, connecting Primecare to sales agencies, and supporting the management of Primecare's relationship with its technology platform provider. The Agreement is structured on an independent contractor basis and includes customary confidentiality, non-circumvention, indemnification, and revenue-sharing provisions. For additional information about Primecare Supply and its business initiatives, please visit the company's website at www.Primecare.Supply About Global Technologies Headquartered in Parsippany, NJ, Global Technologies, Ltd -- http://www.globaltechnologiesltd.info/-- is a multi-operational company with a strong desire to drive transformative innovation and sustainable growth across the technology and service sectors, empowering businesses and communities through advanced, scalable solutions that enhance connectivity, efficiency, and environmental stewardship. The Company envisions a future where technology seamlessly integrates into every aspect of life, improving the quality of life and the health of the planet. The Company's vision is to lead the industries it serves with groundbreaking initiatives that set new standards in innovation, customer experience, and corporate responsibility, thereby creating enduring value for all shareholders. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 20, 2024, citing that the Company suffered an accumulated deficit of $(166,666,296), and a negative working capital of $(6,304,772). These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Global Technologies had $8.60 million in total assets, $6.62 million in total liabilities, and $1.98 million in total stockholders' equity. As of Mar. 31, 2024, it had $4.91 million in total assets, $4.09 million in total liabilities, and $821,825 in total stockholders' equity. GRANICUS INC: T. Rowe Marks $702,00 1L Loan at 86% Off ------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $702,000 loan extended to Granicus, Inc. to market at $98,000 or 14% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Granicus, Inc. The loan accrues interest at a rate of 11.75% per annum. The loan matures on January 17, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Granicus, Inc. Granicus is a trusted partner for governments to make meaningful connections. Granicus empowers stronger relationships between government and residents. GROSS MECHANICAL: Court Appoints Receiver ----------------------------------------- Jacob Kirn of St. Louis Business Journal reports that a St. Louis judge has appointed a receiver to take control of Gross Mechanical, a local contractor, following a lawsuit by Triad Bank over a defaulted $4 million credit line. The bank cited financial instability and alleged mismanagement as the basis for its legal action. Gross Mechanical, a long-standing player in the St. Louis construction sector, now faces a critical turning point. The company's financial difficulties have caused concern among clients, suppliers, and industry observers alike, according to report. The court's ruling highlights the importance of financial accountability and demonstrates the legal measures creditors can pursue to recover debts. With the receiver now overseeing operations, the company's future remains uncertain as stakeholders await the next steps in the restructuring process, the report states. About Gross Mechanical Gross Mechanical Contractors, Inc., established in 1985 in St. Louis, Missouri, is a privately held industrial construction contractor delivering pipefitting and fabrication solutions to clients across diverse industries. GROUNDWORKS LLC: T. Rowe Marks $1.1MM 1L Loan at 78% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,172,000 loan extended to Groundworks, LLC to market at $253,000 or 22% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Groundworks, LLC. The loan accrues interest at a rate of 7.32% per annum. The loan matures on March 14, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Groundworks, LLC Groundworks, LLC provides foundation repair services. The Company offers basement waterproofing, concrete lifting, water management solutions, and crawl space repair services. Groundworks serves customers in the United States. GROWTHWORKS COMMERCIALIZATION: Taps Grant Thornton as Ch 11 Trustee ------------------------------------------------------------------- GrowthWorks Commercialization Fund Ltd. on August 28, 2025, filed an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy and Grant Thornton Limited was appointed as Trustee of the bankruptcy estate. Holders of the Fund's shares are not expected to receive any distribution in connection with the bankruptcy of the Fund. Please direct inquiries to: Grant Thornton Limited, Licensed Insolvency Trustee 200 King Street West, Floor 11 Toronto, Ontario M5H 3T4 Attention: Ann Lakeram Tel. (416) 777-7230 Email: Ann.Lakeram@doane.gt.ca HAWAIIAN ELECTRIC: S&P Rates Proposed Senior Unsecured Notes 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating to Hawaiian Electric Co. Inc.'s (HECO) proposed senior unsecured notes due 2033 with a recovery rating of '1'. The '1' recovery rating indicates its expectation of very high (90%-100%; rounded estimate of 95%) recovery in the event of a default. The company intends to use the net proceeds from the issuance to finance capital expenditures (capex) and repay existing long- and short-term debt, including its revolving credit facility (RCF) and short-term loan. HIGHLAND CAPITAL: Court Urged to Skip Ch. 11 'Gatekeeper' Appeal ---------------------------------------------------------------- Clara Geoghegan of Law360 reports that the U.S. Supreme Court has been asked by an alternative investment firm not to take up a Fifth Circuit decision that curtailed releases and so-called "gatekeeper" provisions in Highland Capital Management's Chapter 11 reorganization. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HOOTERS OF AMERICA: Ordered to Divide Franchise Royalties --------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on Friday, June 12, 2025, a Texas bankruptcy judge resolved a royalty dispute delaying Hooters of America's Chapter 11 plan, ruling the chain owes nothing on company-owned restaurants but must divide royalties from franchise locations. About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. HOUSEWORX INVESTMENTS: To Sell Arlington Property to D. Garvie -------------------------------------------------------------- Houseworx Investments LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of Washington, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 0 108th St NE, Arlington, WA, 98223. The Property was marketed through (Regional Multiple Listing Service, Inc. The Debtor receives an offer to purchase the Property rom Dawnielle M. Garvie and Daniel J. Garvie, in the sum of $209,000. The Debtor believes that the offer from the purchaser is the highest and best offer for the Property. The total sales commission is 6.0% of the sale price, 3% to the Listing Broker and 3% to the Buyer's brokerage firm. The purchaser requires a closing date of October 17, 2025 with Bankruptcy Court approval. About Houseworx Investments Houseworx Investments, LLC, owns six properties in Arlington and Camano Island, Wash., with a total value of $2.71 million. Houseworx Investments filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Wash. Case No. 23-01125) on Sept. 6, 2023, with $3,455,000 in assets and $3,163,548 in liabilities. Douglas A. Schreifels, member, signed the petition. Judge Whitman L Holt oversees the case. David A. Kazemba, Esq., at Overcast Law Offices - NCW, PLLC, is the Debtor's bankruptcy counsel. HYPERSCALE DATA: Sells $4M Series H Preferred Shares to Ault & Co. ------------------------------------------------------------------ Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, pursuant to the Securities Purchase Agreement entered into with Ault & Company, Inc., a Delaware corporation on July 31, 2025, sold 4,000 shares of Series H convertible preferred stock to the Purchaser, for a purchase price of $4,000,000. This was the first purchase of Series H Convertible Preferred Stock by the Purchaser pursuant to the Agreement. The Agreement provides that the Purchaser may purchase up to $100 million of Series H Convertible Preferred Stock in one or more closings. The Purchaser is an affiliate of the Company. About Hyperscale Data Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, N.Y.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $213.50 million in total assets, $205.60 million in total liabilities, and $7.90 million in total stockholders' equity. I-ON DIGITAL: Appoints Patrick White and John Jubilee to Board -------------------------------------------------------------- I-ON Digital Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Messrs. Patrick White and John Jubilee had been appointed to the board of directors on September 2, 2025. Their appointments were effective August 28, 2025. There are no arrangements or understandings between Messrs. White or Jubilee, and any other person pursuant to which they were selected as directors, and there are no relationships or transactions to which Messrs. White and Jubilee are a party that would require disclosure under Item 404(a) of Regulation S-K. In connection with their elections to the board, Mr. White was appointed Chair of the Audit Committee, and he and Mr. Jubilee were appointed Co-Chairs of the Compensation Committee. About I-On Digital Corp. Headquartered in Chicago, IL, I-ON develops and provides advanced asset-digitization and securitization solutions designed to deliver a secure, fast, and transparent digital asset ecosystem. The Company converts documentary evidence of ownership into secure, asset-backed digital certificates, enhancing liquidity and value across a range of asset classes. Its hybrid blockchain architecture integrates smart contracts and workflow automation, augmented by artificial intelligence technologies. This system enables the digitization of ownership records for recoverable gold, precious metals, and mineral reserves, supporting value transfer through innovative financial instruments. In its report dated April 10, 2025, the Company's auditor, Mac Accounting Group & CPAs, 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 limited revenues and has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, I-ON Digital reported total assets of $18.42 million, total liabilities of $2.64 million, and total stockholders' equity of $15.78 million. At the end of the year, the Company held $270,095 in cash. INCA BOOT: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Inca Boot Company, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral held by its senior secured lender, the U.S. Small Business Administration. At the hearing held on September 10, the court granted the Debtor's interim use of cash collateral and scheduled a final hearing for October 2. The SBA holds a senior lien on nearly all of the Debtor's assets, including cash collateral pursuant to loan documents executed in June 2020 for an original loan amount of $150,000. As of the bankruptcy filing, the outstanding balance on the SBA loan was approximately $150,005, while the total value of the Debtor's assets was only about $51,195, rendering the SBA undersecured. Junior secured claims are held by CEN-TEX Certified Development Corporation dba BCL of Texas, which has two loans totaling over $236,000, and by WebBank (or Bill Me Later, Inc.) under a restructured LoanBuilder loan with an outstanding balance of approximately $83,724. While the Debtor's schedules initially listed the LoanBuilder claim as unsecured, a later-filed proof of claim includes evidence of a secured interest. To protect the SBA's interest, the Debtor offers replacement liens on post-petition assets to the extent of any diminution in value resulting from the use of cash collateral. The Debtor argues that junior lienholders require no additional protection at this stage, as their interests are subordinate to the SBA and are not expected to be negatively affected. Inca Boot Company, which sells handcrafted Peruvian footwear, filed for Chapter 11 bankruptcy under Subchapter V on September 4, and continues to operate as a debtor-in-possession. About Inca Boot Company LLC Inca Boot Company, LLC sells handcrafted Peruvian footwear. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11382) on September 4, 2025. In the petition signed by Evan Streusand, president, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. An Nguyen, Esq., at Nguyen Law, PLLC, represents the Debtor as legal counsel. INNOVATIVE FOOD: Case Summary & One Unsecured Creditor ------------------------------------------------------ Debtor: Innovative Food Solutions LLC 93 West Colony Drive Waterville OH 43566 Business Description: Innovative Food Solutions develops integrated agricultural systems that combine controlled environment farming, biochar processing, and food manufacturing. The Company's model uses agricultural residues and organic waste to produce soil amendments, CO2, and energy while supporting crop production and food processing. It transforms lower-grade produce into powders, juices, oils, and packaged goods, creating a closed-loop supply chain that emphasizes resource efficiency and sustainability. Chapter 11 Petition Date: September 11, 2025 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 25-31926 Judge: Hon. John P Gustafson Debtor's Counsel: Scott Ciolek, Esq. CIOLEK LTD 901 Washington St. Toledo OH 43604 Tel: 419-740-5935 Email: info@counselor.pro Total Assets: $3,045,529 Total Liabilities: $1,200,000 The petition was signed by James R. Bloom as owner and managing member. The Debtor identified Utica Equipment Finance LLC of Norwalk, Connecticut, as its only unsecured creditor, holding a claim tied to an equipment loan. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ER5BNMA/Innovative_Food_Solutions_LLC__ohnbke-25-31926__0001.0.pdf?mcid=tGE4TAMA IQSTEL INC: Enters $1M Stock-for-Stock Exchange Deal With Cycurion ------------------------------------------------------------------ iQSTEL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Stock-for-Stock Exchange Agreement with Cycurion Inc., a Delaware corporation trading on Nasdaq under the ticker CYCU. The Agreement finalizes the mutual equity partnership initially outlined in a non-binding Memorandum of Understanding announced on August 7, 2025, and provides for a strategic alliance focused on AI-driven cybersecurity solutions for the global telecommunications industry. Under the terms of the Agreement, each party will issue to the other common stock with an aggregate value of $1,000,000. The number of shares to be issued will be calculated by dividing $1,000,000 by the lower of: (i) the Nasdaq Official Closing Price of the issuing party's common stock on the trading day immediately preceding the execution of the Agreement (September 2, 2025), or (ii) the average Nasdaq Official Closing Price over the five consecutive trading days immediately preceding September 2, 2025. The shares will be issued in book-entry form through the parties' respective transfer agents, with the closing expected to occur on the third business day following the Effective Date, but no later than 30 business days thereafter, subject to mutual agreement. Each party intends to distribute up to 50% of the shares received as a stock dividend to its shareholders, subject to board and regulatory approvals, including compliance with Nasdaq and SEC requirements. The record date for the dividend distribution will be announced in a subsequent joint communication once regulatory approvals are obtained. The Agreement also formalizes a strategic partnership to develop and commercialize AI-driven cybersecurity solutions, with six key pillars of collaboration: (1) cybersecurity for telecom carrier infrastructure, (2) white-label cybersecurity services, (3) AI-driven operational optimization for Cycurion, (4) development of a next-generation AI-powered cybersecurity platform, (5) coordinated product launches in the second half of 2025, and (6) capitalizing on the projected $500 billion cybersecurity market by 2030. The parties will integrate iQSTEL's AI capabilities (through its Reality Border division) with Cycurion's cybersecurity expertise and explore deeper collaborations, including potential joint ventures and shared research and development. The Agreement includes standard representations and warranties, conditions to closing (such as board approvals and absence of legal impediments), and covenants, including compliance with securities laws and furnishing information for Rule 144 resale eligibility. The Agreement may be terminated by mutual consent, if the closing does not occur within 30 days, or upon material breach by either party. The Agreement is governed by New York law. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, available at https://tinyurl.com/zrekcyrx About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. ITALIAN KITCHEN: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Italian Kitchen, Inc. 28 S. Broad St. Penns Grove, NJ 08069 Business Description: Italian Kitchen, Inc., doing business as Di Paolo's Restaurant Bar & Catering, operates an Italian restaurant and catering business in Penns Grove, New Jersey, offering traditional Italian cuisine alongside seafood and steakhouse dishes. The Company provides banquet and event hosting services under the Maria's by Di Paolo's brand. It serves customers in the South Jersey region with both dining and entertainment options. Chapter 11 Petition Date: September 11, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-19482 Debtor's Counsel: David A. Kasen, Esq. KASEN & KASEN P.C. 1874 E. Marlton Pike Suite 3 Cherry Hill, NJ 08003 Tel: 856-424-4144 Fax: 856-424-7565 Email: dkasen@kasenlaw.com Total Assets: $1,351,915 Total Liabilities: $1,684,027 The petition was signed by Michael DiPaolo, Jr. as authorized representative of the Debtor. 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/XH2GYMA/Italian_Kitchen_Inc__njbke-25-19482__0001.0.pdf?mcid=tGE4TAMA JB GROUP: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: JB Group of LA, LLC dba ISG Infrastructure Group 3002 Ruby Ave. Gonzales, LA 70737 Business Description: JB Group of LA, LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Middle District of Louisiana Case No.: 25-10807 Debtor's Counsel: Paul Douglas Stewart, Jr., Esq. STEWART ROBBINS BROWN & ALTAZAN, LLC 301 Main Street, Suite 1640 Post Office Box 2348 Baton Rouge, LA 70821 Tel: (225) 231-9998 Fax: (225) 709-9467 Email: dstewart@stewartrobbins.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million Jason Yates signed the petition as chief executive officer. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KYHCK3I/JB_Group_of_LA_LLC_dba_ISG_Infrastructure__lambke-25-10807__0004.0.pdf?mcid=tGE4TAMA JD HUNT: Seeks to Extend Plan Exclusivity to December 7 ------------------------------------------------------- JD Hunt Custom Homes Inc. asked the U.S. Bankruptcy Court for the Western District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 7, 2025 and February 5, 2026, respectively. The Debtor believes the relevant factors weigh in favor of extending exclusivity. * First, the Debtor has been progressing towards a reorganization in good faith. The Debtor has been communicating with its creditors and has begun the plan drafting process. * Second, the Debtor is generally paying its debts as they come due. * Third, the Debtor believes they have reasonable prospects for confirming a viable plan. * Fourth, this is the Debtor's first request, and the case has only been pending for 120 days. * Fifth, the Debtor is not filing the instant Motion as a means of pressuring any creditors. * Sixth, and most importantly, extraneous factors beyond the Debtors direct control will significantly impact the plan to be filed and the Debtor believes the exclusivity period should be extended. The Debtor believes that this extension will give them time to sufficiently determine and realize the value(s) of the assets at issue, giving them the ability to structure a plan that is in the best interest of the creditors, the estate, and the Debtor. JD Hunt Custom Homes, Inc. is represented by: Todd Headden, Esq. Charlie Shelton, Esq. Hayward PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Tel: (737) 881-7102 Email: theadden@haywardfirm.com About JD Hunt Custom Homes Inc. JD Hunt Custom Homes Inc. is a custom home builder based in Austin, Texas. The Company specializes in high-end residential construction projects and has been involved in sustainable building practices, including materials repurposing. JD Hunt Custom Homes Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10700) on May 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtors are represented by Kell C. Mercer, Esq. at KELL C. MERCER PC. JS HELD: T. Rowe Marks $452,000 1L Loan at 84% Off -------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $452,000 loan extended to JS Held, LLC to market at $72,000 or 16% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to JS Held, LLC. The loan accrues interest at a rate of 9.95% per annum. The loan matures on December 1, 2026. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About JS Held, LLC J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. KLEINFELDER GROUP: T. Rowe Marks $2.9MM 1L Loan at 47% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,907,000 loan extended to The Kleinfelder Group, Inc. to market at $1,550,000 or 53% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to The Kleinfelder Group, Inc. The loan accrues interest at a rate of 9.28% per annum. The loan matures on September 18, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About The Kleinfelder Group, Inc. The Kleinfelder Group, Inc. provides architectural, engineering, and scientific consulting solutions. The Company offers civil engineering, construction management, environmental analysis and remediation, and natural resource management services. KNIGHT HEALTH: Pioneer Floating Marks $967,155 Loan at 58% Off -------------------------------------------------------------- Pioneer Floating Rate Fund, Inc. has marked its $967,155 loan extended to Knight Health Holdings LLC to market at $403,788 or 42% of the outstanding amount, according to Pioneer's Form N-CSR for the fiscal year ended May 31, 2025, filed with the U.S. Securities and Exchange Commission. Pioneer is a participant in a Term B Loan to Knight Health Holdings LLC. The loan accrues interest at a rate of 9.691% per annum. The loan matures on December 23, 2028. Pioneer is organized as a Maryland corporation. Prior to April 21, 2021, the Fund was organized as a Delaware statutory trust. On April 21, 2021, the Fund redomiciled to a Maryland corporation through a statutory merger of the predecessor Delaware statutory trust with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling. The investment objective of the Fund is to seek a high level of current income and the Fund may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its investment objective. Pioneer is led by Brendan McGovern as President and Chief Executive Officer and Jonathan Landsberg as Treasurer and Chief Financial Officer. The Company can be reach through: Brendan McGover 60 State Street, Boston, MA 02109 Telephone: (617) 742‑7825 About Knight Health Holdings LLC Knight Health Holdings, LLC is a healthcare company, primarily operating under the name ScionHealth. KONTOOR BRANDS: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings affirmed Kontoor Brands, Inc.'s (Kontoor) ratings, including the Ba2 corporate family rating, Ba2-PD probability of default rating, and Ba3 senior unsecured rating. The company's speculative grade liquidity rating (SGL) remains unchanged at SGL-1 and the outlook is maintained at stable. The rating affirmations reflect Moody's expectations for continued solid operating performance and use of free cash flow to pay down debt incurred for the June 2025 acquisition of Helly Hansen. Pro-forma for the annualized impact of Helly Hansen, Moody's-adjusted debt/EBITDA was estimated at 3.7x and EBITA/interest expense was 4.4x as of June 28, 2025. Over the next 12-18 months, Moody's expects cost savings and revenue growth at Wrangler and Helly Hansen to offset tariff cost increases, continuing weakness at Lee, and broadly weakening discretionary spending. Moody's projects Moody's-adjusted debt/EBITDA to decline to 3.1x and EBITA/interest expense to improve to 4.7x in 2026, reflecting modest earnings growth and debt repayment. Moody's also projects liquidity to remain very good, supported by solid positive free cash flow, full revolver availability and a lack of near-term maturities. RATINGS RATIONALE Kontoor's Ba2 CFR reflects the iconic nature of the Wrangler and Lee brands, both with global reach, good market position and deep customer relationships. The addition of Helly Hansen, a recognized brand in the hiking, skiing, sailing and workwear categories, diversifies the company's product offering and provides attractive growth opportunities. The credit profile also incorporates governance considerations, specifically Kontoor's financial strategy that balances maintaining a 1-2x long-term net leverage range with shareholder returns. Although the Helly Hansen acquisition was funded mostly with debt, Kontoor is committed to returning to its target leverage range within 18 months after the transaction. Moody's projects modest revenue growth over the next 12-18 months, including low-single-digit revenue growth at Wrangler, flat to modestly lower Lee revenue, and mid-to-high single-digit growth at Helly Hansen. Operating income is projected to increase modestly, reflecting lower costs from project Jeanius, targeted price increases, and the structural mix shift toward the higher margin direct-to-consumer and international businesses. Moody's expects these benefits to mitigate weakening consumer discretionary spending and the full-year impact of tariffs. The rating is constrained by Kontoor's high sales concentration with one major customer and the company's still modest direct-to-consumer presence. The credit profile also incorporates the fashion risk and highly competitive and fragmented nature of the apparel sector, as well as Kontoor's exposure to volatile input costs and foreign exchange rates, all of which can create significant earnings and cash flow volatility. The stable outlook reflects Moody's expectations for solid operating performance, deleveraging and very good liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Kontoor maintains revenue and earnings growth across its portfolio, diversifies its customer and product mix including through the successful integration of Helly Hansen, and maintains very good liquidity. Quantitatively, the ratings could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 3.25 times and FFO/Net debt in the mid- to high-20% range. The ratings could be downgraded if operating performance weakens including due to lagging integration of Helly Hansen. Weaker liquidity or more aggressive financial policies, such as not reducing leverage in line with the company's 1-2x net leverage ratio, could also lead to a downgrade. Specific metrics include Moody's-adjusted debt/EBITDA sustained above 4.0 times or FFO/net debt falling below 20% on a sustained basis. Headquartered in Greensboro, North Carolina, Kontoor Brands, Inc. is a leading designer, manufacturer and retailer of denim and other apparel under the Wrangler and Lee brand names. Revenue for the twelve months ended June 28, 2025 was approximately $2.7 billion. The principal methodology used in these ratings was Retail and Apparel published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. KRONOS ACQUISITION: S&P Lowers ICR to 'CCC', Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Concord, Ontario-based Kronos Acquisition Holdings Inc. to 'CCC' from 'CCC+'. S&P also lowered the issue-level ratings on the company's senior secured debt to 'CCC' from 'CCC+' and on the unsecured debt to 'CC' from 'CCC-'. The recovery ratings of '4' (rounded estimate 40%) on the secured debt and '6' (rounded estimate 0%) on the unsecured debt are also affirmed. S&P also revised the liquidity score to weak from less than adequate. The negative outlook reflects that given the company's tight EBITDA interest coverage and deteriorating liquidity cushion, there is a likelihood of a default or a debt restructuring initiative within the next 12 months. S&P expects Kronos's cash flows will weaken and liquidity will tighten in the next several quarters amid weak operating performance and substantial one-time cash costs related to the Conyers fire incident. Furthermore, management has planned additional capital investments to set-up a new facility for its pool segment products, which will further pressure liquidity in the next few quarters. Kronos could face a liquidity shortfall within a few quarters. S&P said, "We expect Kronos to incur meaningful cash payments for seasonal working capital, debt interest and amortization payments, Conyers-related expenses, general restructuring costs, and taxes totaling US$325 million-US$350 million. We expect Kronos to incur these expenses over the next 18 months (from the third quarter of 2025 to the fourth quarter of 2026)." In addition, Kronos will incur an additional US$80 million-US$100 million in growth capital expenditure (capex) in the next 18 months (up from US$40 million-US$50 million previously) for setting up the new facility and idling the existing Conyers plant; the new capex is on top of regular capex of US$70 million-US$75 million. These cash outlays are against our EBITDA expectation of US$275 million-US$300 million for the same period. S&P expects these factors to significantly strain cash flows through 2026. Based on its revised EBITDA and cash flow forecasts for 2026, Kronos' free cash flow deficits will widen to US$160 million-US$165 million in 2025 and US$150 million-US$160 million in 2026. The company's availability under its asset-based lending (ABL) facility continues to shrink. Kronos has US$73 million of availability and cash of US$72 million as of the second quarter of 2025 (ended June 30, 2025). Given the meaningful cash outflows in 2026 and its deteriorating liquidity cushion, in S&P's view, Kronos is vulnerable and will need external capital funding to support its mandatory cash calls. The company's tightening liquidity position also makes it challenging to withstand operational missteps or adverse market conditions. S&P said, "Within our liquidity analysis, we only consider the actual amount of insurance proceeds received as a source of cash, which is about US$110 million year-to-date June 2025. Our current assessment also does not include any outflows for legal fines or judgements that could emerge from the ongoing legal suits against Kronos, which, when resolved, could exacerbate pressures on liquidity." The company's secured debt and bonds are trading significantly below par, arguably emphasizing the company's financial stress, weakened access to capital, and potential for a debt restructuring event. Finally, its fixed-charge coverage ratio was below 1x for the second quarter of 2025. In order to avoid a covenant testing event in the future (if Kronos' ABL borrowings drop to US$22.5 million), Kronos will not access US$22.5 million under the ABL. Hence even though total ABL availability is around US$95 million, actual accessible is about US$73 million. Kronos' EBITDA will remain subdued until the end of 2026. The company's credit measures continue to remain elevated for the last 12 months ended June 2025. On top of a struggling pool segment, the company's stable higher-margin household segment that produces private-label bleach and other cleaning products faced operational challenges year-to-date 2025. These factors reduced revenue by 14% and decreased EBITDA over 40% on a year-over-year basis in the second quarter relative to same period last year. The company's EBITDA interest coverage ratio remains significantly below 1x. S&P notes that even though Kronos' co-manufacturing partners are ramping up production, the company will continue to incur higher freight and warehousing costs--which it does not plan to pass through to customers. Furthermore, risks remain that manufacturing issues within the household segment could persist subsequently affecting volumes. S&P said, "Finally, we incorporate the risks of delays and cost overruns associated with a major capital project. Even though the company received insurance proceeds in 2025, we do not expect meaningful insurance proceeds in 2026. We believe Kronos' capital structure will continue to remain unsustainable over the near term and there is a likelihood that it may consider transactions we may view as debt restructuring within next 12 months. "The negative outlook reflects that given company's tight EBITDA interest coverage and deteriorating liquidity cushion, there is a likelihood of a default or a debt restructuring initiative within the next 12 months. "We could lower our ratings on Kronos within the with the next few quarters if its liquidity further erodes or we believe the capital structure will continue to remain unsustainable such that company pursues a transaction that we could view as a distressed exchange or debt restructuring is imminent within 6 months. "We could revise the ratings on Kronos if the company successfully improves its cash flows and liquidity cushion such that we no longer anticipate a material deficit and a debt restructuring event is imminent." KULANA HALE: Case Summary & Four Unsecured Creditors ---------------------------------------------------- Debtor: Kulana Hale LLC 130 West 67th Street - Apt 21C New York, NY 10023 Business Description: Kulana Hale LLC classified itself as a single-asset real estate debtor, under the definition set forth in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-11990 Judge: Hon. Philip Bentley Debtor's Counsel: Lewis W Siegel, Esq. LEWIS W SIEGEL 60 East 42nd Street Suite 4600 New York NY 10165 Tel: (212) 286-0010 Email: LWS@LWSEsq.com Total Assets: $45,256,000 Total Liabilities: $36,558,368 The petition was signed by Yang Suh as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5EMLE4A/Kulana_Hale_LLC__nysbke-25-11990__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Four Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Board Of Water Supply $14,000 Customer Care Division 630 S. Beretania Street Honolulu, HI 96843 Tel: (808) 748-5000 2. Hawaii Gas $4,000 P.O. Box 29850 Honolulu, HI 96820 Tel: (808) 535-5933 3. Durrett Lang Morse, LLLP $1,000 Pacific Guardian Center, Mauka Tower 737 Bishop Street, Suite 1850 Honolulu, HI 96813 Tel: (808) 526-0892 4. Hawaiian Electric $600 Po Box 30260 Honolulu, HI 96820 Tel: (808) 548-7311 LABL INC: S&P Downgrades ICR to 'CCC+' on Continued Weak Earnings ----------------------------------------------------------------- S&P Global Ratings downgraded label manufacturer LABL Inc. to 'CCC+' from 'B-'. Additionally, S&P lowered the issue-level ratings on the company's secured debt to 'CCC+' from 'B-' and the unsecured debt to 'CCC' from 'CCC+. The recovery ratings remain unchanged at '3' and '5', respectively. The negative outlook reflects the risks that persistent weaker volumes and greater cash flow deficits will further pressure liquidity and could lead to difficulty refinancing its debt maturities. Although S&P anticipates liquidity will remain adequate over the next 12 months, it believes sustained weaker credit measures could heighten refinancing risk if LABL does not address its 2027 maturities in a timely manner. Volumes declined year over year in the second quarter of 2025 because of a slowdown in demand. Lower volumes in both the Americas and EMEA resulted in a 5% decline in revenues in the second quarter. Decreased demand for non-alcoholic beverages and wine and spirits continue to weigh on results in the Americas, while EMEA saw broader market declines, negatively affecting operating leverage. Lower consumer spending and confidence continue to underlie these trends, and we expect consumers trading down to cheaper and private-label products is likely having some effect on LABL's strong branded businesses. To maintain market share, the company has also made some price concessions in exchange for volumes with some of its larger consumer packaged goods (CPG) customers, though it expects to regain margins by improving the product cost structure through supply chain optimization and product reformulation. S&P said, "Still, we believe the environment remains extremely competitive, and CPG companies seek to cut costs as they are limited in pushing through additional price to an already weary consumer. The negative outlook reflects the risk that markets continue to remain stagnant and the likelihood we could lower the ratings further if the company is unable to lower leverage, which we forecast to be around 10.9x by end of 2025, and begin generating positive free cash flows." S&P said, "We project S&P Global Ratings-adjusted EBITDA of $500 million-$525 million amid a continued challenging demand environment. We forecast S&P Global Ratings-adjusted EBITDA will now remain about flat with 2024, with EBITDA margins remaining in the low- to mid-16% area. Our previous expectation for volume growth did not materialize, which led to issues with operating efficiency and difficulties achieving previously projected synergies. Though we still expect the company will achieve its stated synergies, it will now likely be over a longer time horizon through 2026. LABL has also launched a global transformation initiative to look at all aspects in improving cost structures and profitability, but any realizations of such actions will take time and come at some cost. This latest action follows previous actions designed to improve earnings and cash flow to support its elevated gross debt balance. In our view, we believe market conditions and financing costs need to begin improving in order to for the company to return to a sustainable capital structure. "Despite the cash flow shortfall this year, we believe LABL's liquidity is sufficient to cover debt service costs over the next 12 months. As of June 30, 2025, LABL had $328 million of total liquidity, comprising $89 million unrestricted cash, $39 million available under its asset-based lending (ABL) facility, and $200 million available under its revolving credit facility. Working capital typically is at its highest point in the first half of the year, and we expect some improvement going into the second half. While we assume LABL will have sufficient liquidity to cover its uses, consecutive cash flow deficits, heightened debt service costs and frequent debt-funded mergers and acquisitions (M&A) have pressured liquidity and increased refinancing risk." The company's capital structure consists of $690 million of senior unsecured notes due in July 2027 and a significant debt maturity wall at the end of 2028, when its first-lien term loan, $500 million senior secured notes, and $300 million senior secured notes are due. Furthermore, the $950 million senior secured notes due in 2031, ABL facility, and revolving credit facility are subject to springing maturities if a portion of the 2027, 2028, or 2029 debt remains outstanding before their respective due dates. The negative outlook on LABL reflects our expectation for weaker volumes and a greater cash flow deficit which will further pressure liquidity. Although we expect liquidity will remain adequate over the next 12 months, S&P believes sustained weaker credit measures could lead to heightened refinancing risk if it does not address its 2027 maturities in a timely manner. S&P could lower its rating on LABL if: -- A persistent cash flow deficit diminishes its liquidity; and -- Its operating performance deteriorates and significantly weakens credit metrics, causing S&P to believe the company could default on its debt, or engage in a transaction it views as tantamount to a default, over the next 12 months. This could occur if volumes do not improve, and the company is unable to generate sustainable positive free cash flows. S&P could raise its rating on LABL if: -- The company is able to return to earnings growth and generate positive free cash flow, strengthening its liquidity and credit metrics; and -- It addresses its capital structure to alleviate its refinancing risk. LAMUMBA INC: Seeks Cash Collateral Access ----------------------------------------- Lamumba, Inc asks the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, for authority to use cash collateral and provide adequate protection. The Debtor continues to operate its business post-filing and needs to use cash collateral belonging to secured creditors, including Tellone Mortgage Fund, Alameda County Treasurer and Tax Collector, Structus, Inc., and Southern Glazer's Wine and Spirits, LLC. To protect the interests of the secured creditors, the Debtor proposes monthly adequate protection payments (for example, $5,000 to Tellone Mortgage Fund) and the granting of replacement liens on post-petition assets, ensuring that the creditors' security interests remain intact despite the use of the collateral. A hearing on the matter is set for September 24. The Debtor operates Geoffrey's Inner Circle, a live music venue in Oakland, California, which also serves as a restaurant, bar, lounge, event rental space, and commercial rental property. A copy of the motion is available at https://urlcurt.com/u?l=u2rrTZ from PacerMonitor.com. About Lamumba Inc. Lamumba Inc. -- geoffreyslive.com -- doing business as Geoffrey's Inner Circle, is an entertainment venue and nightclub located in Oakland, California that offers live music, events, and dining experiences. Lamumba 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 reportED 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. LASERSHIP INC: T. Rowe Marks $26.6MM 1L Loan at 40% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $26,633,000 loan extended to LaserShip, Inc. to market at $16,079,000 or 60% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to LaserShip, Inc. The loan accrues interest at a rate of 12.3% per annum. The loan matures on January 2, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About LaserShip, Inc. OnTrac is a last-mile delivery company that services the continental United States. Founded in 1986 as LaserShip, the company is based in Vienna, Virginia, and has sorting centers in 31 states. LAURENT TOWER: Bankruptcy Sale of Victoria Office Due Oct. 30 ------------------------------------------------------------- Hilco Real Estate Sales announces October 30, 2025, as the qualifying bid deadline for the Chapter 11 bankruptcy sale of Victoria Tower, a prominent six-story office property strategically located at 1908 N Laurent Street in Victoria, Texas. Victoria Tower contains 111,856+/- square feet of gross building area with 104,694+/- rentable square feet. Built in 1982, the property is currently 57% leased, offering substantial upside potential through proactive leasing or retrofitting efforts. The property sits on a sizable 8.8+/- acre parcel, with two excess land sites of 3.0+/- and 0.7+/- acres respectively -- totaling 12.6+/- acres. The building offers a highly functional layout, six floors of multi-tenant space and nearly 400 surface parking spaces with great visibility off Laurent Street. Notable tenants include a mix of government, professional, and service organizations. Victoria Tower represents a compelling investment opportunity for value-add investors and developers, with both stabilized office potential and excess land for mixed-use or future redevelopment. Located in the heart of Victoria, the property benefits from proximity to major employers such as Formosa Plastics, Caterpillar and Citizens Medical Center, as well as easy access to U.S. Highway 59 and Victoria Regional Airport about 5 miles away. Victoria sits at a strategic crossroads of South Texas, anchored by its diversified economic base that includes healthcare, education, manufacturing and access to key transportation corridors via highways, rail and regional ports. This makes the area particularly attractive for value-add office or mixed-use investment. Victoria Tower represents a strong investment--especially for those targeting properties with both existing cash flow and significant upside via enhanced leasing strategies. Texas' office real estate market continues to show resilience, driven by its enduring pro-business climate which consistently attracts new corporate and investor interest -- highlighted by the upcoming arrival of a major green energy company establishing operations at the Port of Victoria by mid-2026. While major metros like Houston, San Antonio, Austin and Dallas Fort Worth lead the statewide narrative, smaller but strategically positioned markets such as Victoria benefit from this broader upward trajectory. Statewide diversification into tech, clean energy and infrastructure--combined with ongoing strength in traditional sectors like oil, gas and manufacturing--bolsters the demand for office and mixed-use assets across Texas. This macro momentum supports investor confidence in secondary markets with development potential and relative affordability. Terence Rochford, senior vice president of business development at Hilco Real Estate Sales, stated, "Considering the property's scale, excess land and central location within Victoria, we anticipate strong investor interest from both regional buyers and national groups seeking a foothold in Texas' resilient secondary markets. This is precisely the type of opportunity where creative repositioning and disciplined execution can unlock outsized returns." Steve Madura, senior vice president at Hilco Real Estate Sales, stated, "Victoria Tower is a well-located office asset with strong bones and significant upside. With COVID now in the rearview mirror, all leading indicators point to a pivotal national shift in office sentiment, supported by a steady increase in office attendance/return to work, a 13-year low in new office construction resulting in limited new supply, and declining interest rates. Savvy investors are actively looking to add solid offices assets to their portfolio -- NOW is the time and THIS is the opportunity!" The sale of Victoria Tower is being conducted by Order of the U.S. Bankruptcy Court for the Western District of Texas Austin Division Case No. 25-10669. Bids must be received on or before the deadline of October 30 at 5:00 p.m. (CT) and must be submitted on the Purchase and Sale Agreement (PSA) document available for review and download from Hilco Real Estate Sale's website. Interested bidders should review the requirements in order to participate in the bankruptcy sale process on Hilco Real Estate Sale's website. For further information, please contact Steve Madura at (847) 504-2478 or smadura@hilcoglobal.com or Michael Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com. For additional details, due diligence access and terms of sale, visit Hilco Real Estate Sales or call (855) 755-2300. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors, and more. Hilco Global provides a range of customized solutions to healthy, stressed, and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. About Laurent Tower LLC Laurent Tower LLC is a real estate company based in Victoria, Texas. It operates the Victoria Tower, a six-story Class A office building offering 105,000 square feet of office space. Laurent Tower LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-10669) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Ronald Smeberg, Esq. at THE SMEBERG LAW FIRM. LEGACY LIFESTYLES: To Sell Longleaf Property to National Four Star ------------------------------------------------------------------ Allan Rutman at Zeifman Partners Inc., as Canadian court-appointed receiver (Foreign Representative) for Legacy Lifestyles Destin LP and its affiliates, seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell Longleaf Property, free and clear of liens, claims, and encumbrances. The Trustee seeks entry of an order recognizing the Approval and Vesting Order of the Longleaf Property. A draft copy of the proposed form of Canadian Sale Order, which will be presented to the Canadian Court is attached hereto as Exhibit A at https://urlcurt.com/u?l=rDT4vv The Debtors are Canadian-backed entities which own real estate located in Florida. That real estate is undeveloped and was purchased to build senior care facilities, though those projects have not materialized. The Debtors were unable to meet their financial obligations, and because the Debtors' real estate remained undeveloped, the Debtors were not generating any revenue to satisfy their expenses. As a result of the Debtors’ insolvency, certain of the Debtors’ creditors commenced the Canadian Proceeding against them. Pursuant to the order of the Canadian Court, dated May 23, 2023, the Foreign Representative was authorized and directed to market and sell the Debtors’ real property. The Foreign Representative has already closed on the sale of two of the Debtors' real property parcels, those located at 401 Beach Drive, Destin, Florida (Destin Property) and 5578 County Road, 466A, Wildwood, Florida (Trailwinds Property). The Trustee seeks to sell the real property located at 10653 Marsha Drive, New Port Richey, Florida (Longleaf Property). The marketing process in respect of the Longleaf Property and the Debtors' other real property was conducted by CBRE and officially launched on July 18, 2023. The Canadian Court has scheduled a hearing to consider approval of the sale of the Longleaf Property. The proposed buyer of the Longleaf Property, National Four Star Development, LLC, as assigned to Stonewater Development Group LLC, St. John’s LLP and WBDC Inc., requires the entry of an order approving the sale of the Longleaf Property. The Foreign Representative believes that the Sale is in the best interest of the Debtors' estates and creditors. The Foreign Representative has actively marketed the Longleaf Property for years, the purchase price is the highest that the Foreign Representative received, and he believes that the Sale will maximize the recovery for creditors. About Legacy Lifestyles Destin LP The Debtors are Canadian-backed entities which own real estate located in Florida. Legacy Lifestyles Destin LP and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fl. on April 7, 2022). In the petition, the Debtors disclose unkonwn assets and liabilities. The affiliates are Legacy Lifestyles Summerlin GP Inc., Legacy Lifestyles Summerlin LP, Legacy Lifestyles Trailwinds GP Inc., Legacy Lifestyles Trailwinds LP, Legacy Lifestyles Trailwinds Property LLC, Legacy Lifestyles Destin GP Inc., Legacy Lifestyles Destin Property LLC, Legacy Lifestyles Ft. Myers Property LLC, Legacy Lifestyles Longleaf GP Inc., Legacy Lifestyles Longleaf LP, Legacy Lifestyles Longleaf Property LLC, Legacy Lifestyles Ocoee GP Inc., Legacy Lifestyles Ocoee LP, and Legacy Lifestyles Ocoee Property LLC. Judge Lori V. Vaughan presides over the case. Foreign Representative is Allan Rutman, in Zeifman Partners Inc., in North York, Ontario. The Foreign Proceeding is Case No. CV-21-Q0668821-00CL before the Superior Court of Justice, in Ontario. Foreign Representative's Local Counsel is Erica Baines, Esq., at Dentons Cohen & Grigsby P.C., in Naples, Florida. Foreign Representative's Counsel is James R. Irving, Esq., and Gina M. Young, Esq., at Dentons Bingham Greenbaum LLP, in Louisville, Kentucky. LOYALTY VENTURES: Pioneer Floating Marks $872,276 Loan at 92% Off ----------------------------------------------------------------- Pioneer Floating Rate Fund, Inc. has marked its $872,276 loan extended to Loyalty Ventures, Inc. to market at $65,421 or 8% of the outstanding amount, according to Pioneer's Form N-CSR for the fiscal year ended May 31, 2025, filed with the U.S. Securities and Exchange Commission. Pioneer is a participant in a Term B Loan to Loyalty Ventures, Inc. The loan accrues interest at a rate of 11.46% per annum. The loan matures on November 3, 2027. Pioneer is organized as a Maryland corporation. Prior to April 21, 2021, the Fund was organized as a Delaware statutory trust. On April 21, 2021, the Fund redomiciled to a Maryland corporation through a statutory merger of the predecessor Delaware statutory trust with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling. The investment objective of the Fund is to seek a high level of current income and the Fund may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its investment objective. Pioneer is led by Brendan McGovern as President and Chief Executive Officer and Jonathan Landsberg as Treasurer and Chief Financial Officer. The Company can be reach through: Brendan McGover 60 State Street, Boston, MA 02109 Telephone: (617) 742‑7825 About Loyalty Ventures, Inc. Loyalty Ventures is an early stage angel firm investing across a broad range of industries. LUCKY BUCKS: Pioneer Floating Marks $68,233 Loan at 92% Off ----------------------------------------------------------- Pioneer Floating Rate Fund, Inc. has marked its $68,233 loan extended to Lucky Bucks LLC to market at $58,340 or 8% of the outstanding amount, according to Pioneer's Form N-CSR for the fiscal year ended May 31, 2025, filed with the U.S. Securities and Exchange Commission. Pioneer is a participant in a Priority Second Out Term Loan to Lucky Bucks LLC. The loan accrues interest at a rate of 6.975% per annum. The loan matures on October 2, 2029. Pioneer is organized as a Maryland corporation. Prior to April 21, 2021, the Fund was organized as a Delaware statutory trust. On April 21, 2021, the Fund redomiciled to a Maryland corporation through a statutory merger of the predecessor Delaware statutory trust with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling. The investment objective of the Fund is to seek a high level of current income and the Fund may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its investment objective. Pioneer is led by Brendan McGovern as President and Chief Executive Officer and Jonathan Landsberg as Treasurer and Chief Financial Officer. The Company can be reach through: Brendan McGover 60 State Street, Boston, MA 02109 Telephone: (617) 742‑7825 About Lucky Bucks LLC Lucky Bucks LLC is a Georgia-based coin gambling machine maker. MAMMOTH HOLDINGS: T. Rowe Marks $3.6MM 1L Loan at 81% Off --------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $3,636,000 loan extended to Mammoth Holdings, LLC to market at $691,000 or 19% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Mammoth Holdings, LLC. The loan accrues interest at a rate of 10.30% per annum. The loan matures on November 15, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Mammoth Holdings, LLC Mammoth is one of the largest car wash operating platforms in the United States with nearly 100 locations made up of 18+ brands. MARK L. OBMAN DDS: Michael Markham Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Mark L. Obman, DDS, P.A. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Mikem@jpfirm.com About Mark L. Obman DDS Mark L. Obman, DDS, P.A. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06496) on September 8, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Jonathan A. Semach, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. MARRA AIR: Unsecured Creditors to Split $10,500 over 3 Years ------------------------------------------------------------ Marra Air Conditioning Services, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a First Amended Plan of Reorganization dated September 3, 2025. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around July 22, 1992. Since 1992, the Debtor has provided air conditioning services to hotels, motels, healthcare centers, assisted living facilities, apartment and condominium complexes nationwide. Additionally, the Debtor services properties managed by Interstate Hotels, Blackstone Realty and Buena Vista Hospitality. The Debtor's principal place of business is located at 108-C Taylor Street, Ocoee, FL 34761 ("Premises"), which the Debtor leases from Ocoee Lions Club (a noninsider). The Debtor's projected Disposable Income over the life of the Plan is $10,040.00. This Plan provides for: 1 class of secured claims; 1 class of unsecured claims; and 1 class of equity security holders. Class 2 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $10,500.00. Payments will be made in equal quarterly payments of $875.00. Payments shall commence on the fifteenth day of the month, on the first month that begins more than ninety days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to §1191, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. Holders of Class 3 claims shall be paid directly by the Debtor. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $10,040.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. The quarterly payment for the first four quarters shall be $1,339.50. The quarterly payments for the second four quarters shall be $288.25. The quarterly payments for the final four quarters shall be $882.25. Holders of Class 2 claims shall be paid directly by the Debtor. Holders of class 2 claims shall be paid directly by the Debtor. Class 3 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Unimpaired. Holders of a Class 3 interests shall retain their full equity interest in the same amounts, percentages, manner and structure as existed on the Petition Date. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. 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, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the First Amended Plan dated September 3, 2025 is available at https://urlcurt.com/u?l=iLkGrf from PacerMonitor.com at no charge. About Marra Air Conditioning Services Marra Air Conditioning Services, Inc. is a Florida limited liability company that provides air conditioning services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03488) on June 6, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Lori V Vaughan oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com MEADE PIPELINE: S&P Assigns 'BB' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating to Meade Pipeline Co. LLC (Meade). S&P said, "At the same time, we assigned our 'BB' issue-level rating and '3' recovery rating to the company's senior secured term loan. The '3' recovery rating indicates our expectation for average (50%-70%; rounded estimate: 60%) recovery in a payment default scenario. "The stable outlook reflects the predictability and stability of Meade's cash flows through a triple-net-lease with Transcontinental Gas Pipe Line Co. LLC (Transco). We expect Meade will maintain S&P Global Ratings-adjusted debt to EBITDA of about 5.7x during our forecast period." Ares Management (Ares) announced the acquisition, via its infrastructure-related funds and associated subsidiaries, of a 100% equity interest in Meade Pipeline Co. LLC (Meade) for a total purchase price of approximately $1.1 billion. Ares will fund the transaction partially with net proceeds from the issuance of a $600 million non-amortizing senior secured term loan B, as well as new equity of approximately $502 million. S&P said, "We analyze Meade under our corporate methodology despite the company not controlling the assets its partially owns. Meade is a holding company with ownership interests in CPL North (58.82%), CPL South (29.41%), and Leidy South (40%), respectively. These assets form part of the Transco pipeline system. Meade doesn't control any of these assets. Instead, its ownership is structured as an undivided joint interest. Nevertheless, in our view, Meade's revenue generation reflects the same underlying factors as those of its midstream pipeline peers." Meade benefits from a triple-net-lease structure with Transco that allows for 100% visibility into its cash-flow generation. This type of lease structure allows Meade to lease 100% of its capacity in CPL to Transco in exchange for fixed annual lease payments through at least 2038. S&P considers these revenue drivers and volatility to be very similar to those of a midstream operator, where offtake is under long-term take-or-pay contracts. In addition to these lease payments, Transco is responsible for all operations, contracting, operating expenses, and capital expenditures associated with Meade's ownership stake in CPL. The triple-net-lease between Meade and Transco is underpinned by contracts with nine, mostly investment-grade, key shippers. These contracts have a remaining contract life spanning until 2038, inclusive of a built-in five-year extension in 2033. The underlying assets are strategically located and benefit from Transco's existing supply/demand dynamics. All of CPL's assets are in Pennsylvania, where it connects WMB's gathering systems with the Transco mainline. This line extends from the Northeast to the Gulf Coast and is responsible for transporting about 20% of U.S. natural gas daily. We expect favorable market dynamics to persist over the coming years, driven by increased liquefied natural gas exports and data-center-driven power demand. As a result, CPL's utilization is about 98% and is expected to remain at comparable levels during our forecast period. Regardless of utilization rates across CPL, the triple-net-lease structure will pay a fixed price whether or not a shipper is utilizing its contracted capacity. There are limited takeaway alternatives to CPL in Central Pennsylvania, further strengthening our view of the demand outlook underpinning the lease payments to Meade. However, if market dynamics were to weaken, around the initial expiration of the lease in 2038, S&P believes the leases would be subject to negotiation by Transco. Meade has a customer concentration in Coterra Energy, which has contracted approximately 65% of total capacity. Coterra has an investment-grade rating. S&P said, "A significant deterioration in its creditworthiness, though not expected in our base case, could pressure Meade's cash flows. This is because Transco's obligation to pay Meade is suspended if Coterra fails to make payments to Transco despite Transco's good-faith efforts to collect those payments. Separately, Transco can terminate the CPL lease as of October 2033 if Coterra doesn't exercise its right to extend its agreement. Beyond a certain time period, if Coterra still owes any contracted payments despite Transco's good-faith efforts to collect these funds, Transco has an option to terminate or renegotiate the agreement with Meade, potentially resulting in lower-than-expected cash flows. Separately, because 100% of Meade's cash flows come from the lease payments from Transco, we don't expect Meade to be rated higher than WMB." S&P said, "We give credit to the seniority of the lease payments Meade receives as opposed to a discretionary equity distribution. We view the fixed lease payments from Transco as EBITDA and expect this to be about $107 million annually over our forecast period. As per the terms of the triple net lease, there are no forecasted operating expenses or maintenance capex at the Meade level, with minimal general and administrative expenses. This results in a very high EBITDA margin, leading us to forecast stable debt service on the interest-only loan and a consistent distribution from Meade to its sponsor. The controlling ownership by affiliates of private equity firm Ares leads us to forecast an adjusted debt to EBITDA ratio of approximately 5.7x through maturity, with no prepayments. "The stable outlook reflects the predictability and stability of Meade's cash flows due to its 100% contracted cash flows as a result of its triple-net-lease contract with Transco. We expect S&P Global Ratings-adjusted debt to EBITDA to be about 5.7x throughout our forecast period, with no anticipated deviation. "We could consider a negative rating action if the company pursues a more aggressive financial policy by adding incremental leverage. Specifically, such an action could stem from us expecting its S&P Global Ratings-adjusted debt to EBITDA to be greater than 6x or adjusted FFO to debt decreasing below 9% on a consistent basis. We could also consider a negative rating action if anchor shipper Coterra fails to make payments to Transco, reducing total revenues from Meade's triple-net-lease with Transco. "Although unlikely, we could consider a positive rating action if the company's S&P Global Ratings-adjusted debt to EBITDA approached 5.0x or if adjusted FFO to debt increased above 13%. This could occur if its financial policy changes such that the issuer prepays a significant amount of its term loan B ahead of schedule and we expected leverage to remain at that level." MEDICAL SOLUTIONS: Pioneer Marks $485,428 1L Loan at 41% Off ------------------------------------------------------------ Pioneer Floating Rate Fund, Inc. has marked its $485,428 loan extended to Medical Solutions Holdings, Inc. to market at $283,976 or 59% of the outstanding amount, according to Pioneer's Form N-CSR for the fiscal year ended May 31, 2025, filed with the U.S. Securities and Exchange Commission. Pioneer is a participant in a First Lien Initial Term Loan to Medical Solutions Holdings, Inc. The loan accrues interest at a rate of 7.88% per annum. The loan matures on November 1, 2028. Pioneer is organized as a Maryland corporation. Prior to April 21, 2021, the Fund was organized as a Delaware statutory trust. On April 21, 2021, the Fund redomiciled to a Maryland corporation through a statutory merger of the predecessor Delaware statutory trust with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling. The investment objective of the Fund is to seek a high level of current income and the Fund may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its investment objective. Pioneer is led by Brendan McGovern as President and Chief Executive Officer and Jonathan Landsberg as Treasurer and Chief Financial Officer. The Company can be reach through: Brendan McGover 60 State Street, Boston, MA 02109 Telephone: (617) 742‑7825 About Medical Solutions Holdings, Inc. Medical Solutions Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides clinical and non-clinical solutions to healthcare clients, such as nursing, allied, therapy professions, and medical services. Medical Solutions serves patients worldwide. MERIT STREET: Creditors Ink $17MM Deal w/ Peteski Productions ------------------------------------------------------------- James Nani of Bloomberg Law reports that Merit Street Media Inc., the bankrupt media venture tied to Dr. Phil McGraw, reached a $17 million settlement with its creditors through his production company, Peteski Productions Inc. According to a filing Friday, September 12, 2025, in the U.S. Bankruptcy Court for the Northern District of Texas, the unsecured creditors' committee said the agreement preserves more value for stakeholders than either liquidation under Chapter 7 or dismissal of the case. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MRI SOFTWARE: T. Rowe Marks $2.9MM 1L Loan at 20% Off ----------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,933,000 loan extended to MRI Software LLC to market at $2,358,000 or 80% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to MRI Software LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on February 10, 2027. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About MRI Software LLC MRI Software, LLC is a provider of real estate and investment management software to real estate owners, investors, and operators. MRI SOFTWARE: T. Rowe Virtually Writes Off $2.6MM 1L Loan --------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,669,000 loan extended to MRI Software LLC to market at $128,000 or 5% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to MRI Software LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on February 10, 2027. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About MRI Software LLC MRI Software, LLC is a provider of real estate and investment management software to real estate owners, investors, and operators. MUSIC AND DANCE: Moody's Rates $20MM Ser. 2025 Revenue Bonds 'Ba2' ------------------------------------------------------------------ Moody's Ratings has assigned an initial Ba2 rating to the Music and Dance Theater Chicago, Inc.'s (IL), proposed approximately $20 million Revenue Bonds, Series 2025 (Music and Dance Theater Chicago) issued through the Illinois Finance Authority. The bonds will refund the theater's existing adjustable rate, letter of credit-supported privately placed bonds and will have an expected maturity date in 2050. The theater, which is also known as the Joan W. and Irving B. Harris Theater for Music and Dance (Harris Theater), had approximately $20 million of total debt outstanding as of June 30, 2024. The outlook is stable. RATINGS RATIONALE Assignment of the Ba2 revenue bond rating for the Harris Theater reflects its brand and strategic positioning as an important cultural institution for the performing arts in Chicago. The organization's scope of operations is small, with $8.9 million in operating revenue in fiscal 2024. Operating performance is generally thin, with the theater generally not able to cover annual debt service obligations and depreciation through regular operations. Strengthening of margins will likely have to come from a combination of increased earned revenue and philanthropy, the prospects of which are uncertain. Favorably, budget predictability is enhanced with a long-term lease with the City of Chicago for the theater site and various service arrangements with resident companies. Management has exhibited a good track record of controlling expenses, thinking creatively to enhance revenue opportunities, and investing in the theater to minimize large capital needs. That management credibility, under Moody's ESG framework, is a key driver of the rating action. Total cash and investments, at $23.5 million in fiscal 2024, are largely free from restriction and provide for solid financial flexibility, covering total adjusted debt and operating expenses by 2.0x and 1.2x, respectively. Given thin operating performance, the theater is heavily reliant on philanthropy and investment market returns for both meeting its debt obligations and long-term financial reserve growth. Financial leverage will remain elevated given that EBIDA will not sufficiently cover annual debt service, limiting additional debt capacity. Debt service obligations will increase following the issuance of the Series 2025 bonds as the organization begins to amortize its outstanding debt. RATING OUTLOOK The stable outlook is based on the maintenance of wealth and liquidity levels that provide for solid coverage of existing leverage and growing debt service obligations, which will be supported largely by steady fundraising progress given that cash flow will be insufficient to cover annual debt service. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Improvement in brand and strategic positioning that results in growth of operating revenue, from increased earned revenue and/or philanthropic support -- Sustained improvement in EBIDA margins that result in at least 1x debt service coverage on a sustained basis -- Strengthened financial reserves, particularly unrestricted liquidity, that affords greater financial flexibility and broader coverage of debt and operations -- Growth of philanthropic support, contributing to financial reserve growth and providing resources for capital improvements FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Decline in total cash and investments and unrestricted liquidity that limits the theater's financial flexibility and provides less than 1x coverage of debt -- Decline in operating revenue from lower attendance or partner company contributions that results in further deterioration of operating performance -- Lack of internal and external sources of funding to sustainably support capital needs -- Additional debt absent a growth in EBIDA and financial reserves PROFILE Music and Dance Theater Chicago, Inc., IL operates the Joan W. and Irving B. Harris Theater for Music and Dance, an approximately 1,500-seat multiuse performance venue on the northern edge of Millennium Park in downtown Chicago. The Harris Theater's mission is to serve as Chicago's primary residence for music and dance, connecting diverse audiences with outstanding artists from across the city, the nation, and the world, with a direct impact focus on supporting local nonprofit performing arts organizations and bringing world-class artists from around the world to Chicago through their Harris Theater Presents series of programming. In fiscal 2024, the theater had ticketed attendance of 59,929 and operating revenue of $8.9 million. METHODOLOGY The principal methodology used in this rating was Nonprofit Organizations (Other Than Healthcare and Higher Education) published in August 2024. MYELLA INC: Gerard Luckman of Forchelli Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Myella, Inc. Mr. Luckman will be paid an hourly fee of $695 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Myella Inc. Myella, Inc., doing business as Mim's Restaurant, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73404) on September 5, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Alan S. Trust presides over the case. Nina Marie Proctor, Esq., at Lamonica Herbst & Maniscalco, LLP represents the Debtor as legal counsel. NAVACORD CORP: S&P Rates Proposed US$400MM Unsecured Notes 'CCC' ---------------------------------------------------------------- S&P Global Ratings assigned its 'CCC' issue rating to Navacord Corp.'s proposed US$400 million (C$554 million) and C$200 million unsecured notes due 2033 (issued by financing subsidiary Jones DesLauriers Insurance Management Inc.). S&P also assigned a '6' recovery rating to the notes, indicating an expectation of negligible recovery (0%) in the event of payment default. Navacord is using the proceeds primarily to refinance its existing US$500 million (C$684 million) 10.5% unsecured notes and pay related fees and expenses. Accordingly, debt will increase very modestly (by around C$70 million) with the transaction. S&P said, "Pro forma for this issuance, we estimate leverage in the mid-8x area, largely similar to year-end levels. We estimate pro forma coverage in the mid-1x area, a modest improvement from year-end levels, driven by the recent term loan repricing, lower Canadian overnight repo rate averages, and potentially lower coupon rates on the new tranches. These metrics remain well within our tolerances at the current rating. Therefore, all existing ratings, including the 'B-' issuer credit rating on Navacord, are unchanged by the new debt issuance. Navacord has continued to perform well through the first nine months of fiscal 2025. Organic growth was healthy at 6.6% for the first nine months of 2025, albeit down from historical levels (near 10% over the last three years) on softer insurance pricing and macroeconomic conditions. S&P Global Ratings-adjusted EBITDA margins remained favorable and relatively steady year over year at near 32% for the 12 months ended July 31, 2025. NCR ATLEOS: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed NCR Atleos Corporation's (NCR Atleos; formerly NCR Atleos, LLC) Long-Term Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is Stable. Fitch has also affirmed the 'BB+' rating with a Recovery Rating of 'RR2' on NCR Atleos' first lien senior secured debt including its revolver, term loans and senior notes. NCR Atleos' credit metrics are improving and the business has performed reasonably well since its separation from its former parent, NCR Voyix Corporation (BB/Stable), with reported EBITDA projected to grow in the high-single-digit range to potentially 10% in 2025. Secular risks exist over the long term with cash usage continuing to decline in many markets globally, but NCR Atleos should continue to generate meaningful cash through at least the medium-term horizon. Financial leverage could decline further in the next few years and potentially position the issuer for a higher IDR. Key Rating Drivers Solid Position in ATM Services: NCR Atleos' credit profile benefits from its leadership position as one of the global market leaders in ATM manufacturing along with owning one of the largest U.S. ATM networks (Allpoint). NCR Atleos was one of two market leaders in ATMs shipped globally in recent years and has the leading share position for ATM installs in more than 30 countries. The ATM hardware market is fairly concentrated with three manufacturers comprising the vast majority of units shipped globally. ATM networks are more fragmented, but NCR holds a solid position with roughly 590,000 ATMs managed globally versus an estimated market size of roughly 3.0 million ATMs operated worldwide (including many regions in which NCR Atleos does not operate). Secular Challenges: Fitch believes ATM sales and network volumes could be pressured over the long term as consumers use less cash, although increased bank outsourcing could offset this somewhat. Consumers have shifted further away from cash since the pandemic, particularly in certain markets such as the U.S. where NCR Atleos generates meaningful revenue. However, Fitch believes demand for cash/ATMs will have a long tail and NCR Atleos, as a market leader in hardware sales and an independent network operator, will continue to derive material profitability from the business. Shift to Service Model: NCR Atleos is shifting to an ATM-as-a-service (ATMaaS) model, managing banks' ATM technology with no upfront cost in exchange for a monthly subscription. Management expects higher lifetime customer value —more than 2x revenue and EBITDA per customer versus the prior model — and EBITDA margin rising from the high-teens into the mid-20% range over time. Fitch believes sustained margin expansion may be challenging given the business's hardware exposure at nearly 20% of 2024 revenue. ATMaaS currently generates about $250 million annually (roughly 6% of Fitch's 2025 revenue estimate) and is growing more than 30% annually. Regional Diversification: NCR's IDR benefits from global diversification, with only 46% of its revenue from the U.S. in 1H25 and the remaining portion spread across other countries. Cash usage varies meaningfully globally and NCR Atleos' worldwide presence functions as somewhat of an offset to the long-term secular shift away from paper-based cash. It also has a global manufacturing footprint, but it manufactures the largest portion of its ATMs in India (Chennai). Manageable Leverage: Fitch expects leverage to continue trending lower amid secular headwinds to cash usage. Fitch-defined EBITDA leverage will likely decline from high-3.0x at YE24 to near 3.0x over the next few years (mid-2.0x on an EBITDA net leverage basis). Management targets net leverage below 3.0x in 2025 and potentially around 2.5x longer term; its net metric excludes the trade receivables facility that Fitch includes. While leverage is manageable for the IDR, EBITDA interest coverage is low for 'BB-' issuers, projected at low-to-mid-3.0x through 2026, with potential improvement from debt reduction and refinancing. Stable FCF Profile: NCR Atleos should continue to generate positive FCF in the future, and Fitch projects FCF margins in the mid-to high-single digits as a percentage of revenue over the ratings horizon, which benefits its IDR and supports its leverage profile. Despite long-term secular risks, the business should be reasonably stable in the near to medium term. Global cash usage remains significant in terms of volumes and varies meaningfully by country. Further, with banks expected to continue closing branches, consumers will increasingly rely on ATMs as their touchpoint for when physical cash and/or check deposits are needed. Peer Analysis NCR Atleos' ratings and Outlook are supported by its market position across its business, its relatively stable business, regional diversification, expectation of positive FCF generation, and manageable leverage for the IDR. Secular challenges inherent in the company's key end market are also a key rating consideration that limits the rating. Fitch considers the company relative to other services and hardware companies in the technology and business services industries. Diebold Nixdorf, Inc., NCR's closest peer, filed for bankruptcy in 2023 amid high leverage, limited liquidity and significant operating pressures. Euronet Worldwide, Inc. (BBB/Stable) is similar in scale but is more diversified, with historically much lower EBITDA leverage, stronger coverage, and a long record of conservative balance sheet management. While operating in a different business and part of the cash value chain as a provider of secure transportation services (including cash and other valuables), The Brink's Company (BB+/Stable) has a modestly larger revenue/EBITDA scale, is projected to have similar EBITDA leverage, and operates with long-term contracts. Fitch rates numerous hardware companies much larger than NCR Atleos as investment grade, including Motorola Solutions, Inc. (BBB/Stable), HP Inc. (BBB+/Stable) and Dell Technologies Inc. (BBB/Positive), among others. However, these companies benefit from much larger scale, greater diversification, better end markets and more attractive FCF/leverage characteristics. Key Assumptions - Organic revenue growth in the low- to mid-single digit range in the next few years; - EBITDA margins improve to 19%-20%, with modest expansion supported by its planned business model shift to ATMaaS; - Capex near 3%-4% of revenue; - Excess cash flow used for debt repayment in the near term, but Fitch estimates capital allocation priorities shift to buybacks starting in 2025; - Gross debt is reduced through 2027 as the company continues to prioritize debt reduction in the near term; - SOFR trends lower toward the high-3% range by 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained at/above 4.0x; - Revenue growth deteriorates and is expected to be pressured over a multi-year period; - Deterioration in key fundamentals including EBITDA margins or FCF generation. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained at/below 3.5x; - Revenue growth projected to be sustained in the mid-single digit percentage range or higher over time; - Improving EBITDA interest coverage metrics. Liquidity and Debt Structure NCR Atleos has sufficient liquidity to support its operations and growth plans in the next few years. Liquidity is supported by the following as of June 2025: $357 million of cash and equivalents (most of which is outside the U.S.), $334 million of capacity on its $600 million senior secured revolver, and positive FCF generation that Fitch projects could be more than $200 million annually in 2025-2026. The company's debt includes a mix of floating rate and fixed securities, with all its debt being newly issued to finance its 2023 separation into a newly public company. As of June 2025, outstanding debt includes: (i) $1.3 billion of senior secured term loan borrowings, (ii) $1.4 billion of senior secured notes (9.5% fixed), and (iii) a $600 million senior secured revolver. NCR Atleos also has a trade receivables facility, which allows the company to sell certain receivables on a revolving basis via wholly owned, bankruptcy remote subsidiaries. The trade receivables facility provides for capacity of up to $166 million at any point in time. There is some maturity risk as its revolver expires in 2028 and most of the company's debt, including its term loan and senior secured notes, mature in 2029. Issuer Profile NCR Atleos is one of the global leaders in ATM hardware sales and among the largest ATM network operators globally. It was spun off from NCR Corporation (now NCR Voyix Corporation) in 2023 and has ATM roots dating back to the 1980s. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NCR Atleos Corporation LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ NCR ATLEOS: S&P Assigns 'B+' Rating on New Repriced Term Loan B --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to NCR Atleos Corp.'s proposed repriced term loan B due 2028. S&P expects this transaction to be leverage neutral. All our ratings on NCR Atleos, including its 'B+' issuer credit rating, are unchanged. S&P said, "In 2025, we expect NCR Atleos will increase its revenue about 2% (excluding revenue related to NCR Voyix) while maintaining steady S&P Global Ratings-adjusted EBITDA margin about 18%. This will likely support S&P Global Ratings-adjusted debt to EBITDA of about 3.7x by the end of 2025 compared with about 4x as of June 30, 2025. We also expect the company's annual free operating cash flow (FOCF) to debt to approach about 7.5% in 2025 (or about $225 million) from about 5% currently. We could consider an upgrade if NCR Atleos' operating performance remains consistent over time and supports deleveraging well below 4x and FOCF to debt remains above 10%. "Our rating on NCR Atleos incorporates its exposure to mature self-service ATM markets and related network transactions. As such, we expect its recurring revenue growth to come principally from conversions of its existing install base to ATM-as-a-service contracts. While contracts typically require NCR Atleos to incur upfront capital expenditure spending, it benefits from higher customer lifetime value and improved business visibility over time. We expect this newer strategy will take time to reach critical mass because ATM-as-a-service units represent about 5% of its total install base." NCWS INTERMEDIATE: T. Rowe Marks $6.9MM 1L Loan at 79% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $6,972,000 loan extended to NCWS Intermediate, Inc. to market at $1,482,000 or 21% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to NCWS Intermediate, Inc. The loan accrues interest at a rate of 9.55% per annum. The loan matures on December 31, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About NCWS Intermediate, Inc. NCWS Intermediate, Inc. manufacturer and supplier of car wash equipment and parts in markets. The Company serves customers in the United States. NCWS INTERMEDIATE: T. Rowe Virtually Writes Off $4.1MM 1L Loan -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $4,193,000 loan extended to NCWS Intermediate, Inc. to market at $273,000 or 7% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to NCWS Intermediate, Inc. The loan accrues interest at a rate of 9.8% per annum. The loan matures on December 31, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About NCWS Intermediate, Inc. NCWS Intermediate, Inc. manufacturer and supplier of car wash equipment and parts in markets. The Company serves customers in the United States. NEW FORTRESS: Advisers Gear Up for Confidential Debt Talks ---------------------------------------------------------- Reshmi Basu of Bloomberg News reports thatNew Fortress Energy Inc. has signed non-disclosure agreements with advisers to several creditor groups as it begins debt restructuring discussions, people familiar with the situation said. The liquefied natural gas developer, led by billionaire Wes Edens, is weighing strategies to cut its debt load and interest burden amid prolonged project setbacks, according to the people, who requested anonymity. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. NEW LOOK: T. Rowe Marks CAD$1.1MM 1L Loan at 79% Off ---------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its CAD$1,125,000 loan extended to New Look Vision Group, Inc. to market at CAD$234,000 or 21% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to New Look Vision Group, Inc. The loan accrues interest at a rate of 8.51% per annum. The loan matures on May 26, 2026. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is a provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: T. Rowe Marks CAD$1MM 1L Loan at 27% Off -------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its CAD$1,049,000 loan extended to New Look Vision Group, Inc. to market at CAD$767,000 or 73% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to New Look Vision Group, Inc. The loan accrues interest at a rate of 8.50% per annum. The loan matures on May 26, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is a provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: T. Rowe Marks CAD$547,000 1L Loan at 27% Off ------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its CAD$547,000 loan extended to New Look Vision Group, Inc. to market at CAD$400,000 or 73% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to New Look Vision Group, Inc. The loan accrues interest at a rate of 8.50% per annum. The loan matures on May 26, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is a provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: T. Rowe Marks CAD$8.2MM 1L Loan at 27% Off ---------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its CAD$8,204,000 loan extended to New Look Vision Group, Inc. to market at CAD$5,997,000 or 73% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to New Look Vision Group, Inc. The loan accrues interest at a rate of 10.50% per annum. The loan matures on May 26, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is a provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NOVELIS CORP: Moody's Rates $100MM Series 2025B Revenue Bonds 'B1' ------------------------------------------------------------------ Moody's Ratings assigned a B1 backed senior unsecured rating to Novelis Corporation's (Novelis Corp.) funding obligation and proposed $100 million Solid Waste Disposal Revenue Bonds Series 2025B issued by The Industrial Development Authority of Baldwin County. The revenue bonds are obligations of Novelis Corp. and will be guaranteed jointly and severally on a senior unsecured basis, by Novelis Inc. (Novelis), the parent company, and certain of its existing US restricted subsidiaries and its other restricted subsidiaries that guarantee debt under the senior credit agreements. All other ratings remain unchanged. The outlook is stable. The assigned rating remains subject to Moody's reviews of the final terms and conditions of the proposed financing. The proceeds from the issuance of the revenue bonds will be loaned to Novelis Corp., an indirect subsidiary of Novelis, under the terms of a loan agreement between Novelis Corp. and The Industrial Development Authority of Baldwin County, to finance certain costs relating to the Company's aluminum manufacturing plant in Bay Minette, Alabama, including the acquisition, development, construction, improvement, equipping and installation of certain solid waste disposal facilities, recycling facilities, and/or sewage facilities. RATINGS RATIONALE The assignment of a B1 rating to the revenue bonds reflects the existence of a guaranty from Novelis and certain of its subsidiaries that also guarantee the existing senior unsecured bonds of Novelis Corporation and Novelis Sheet Ingot GmbH. Novelis' Ba3 corporate family rating (CFR) reflects the company's large scale and significant market position in the number of end markets including can packaging where it enjoys a leading market share. The rating considers the company's broad geographic footprint with operations in North and South America, Europe and Asia. The rating also factors in the company's ability to generate significant operating cash flow and expectations that the currently ongoing projects, modest demand growth and the cost savings program will lead to moderate growth in EBITDA in the next 2-3 years. At the same time, the rating incorporates the company's elevated gross debt levels, the inherent industry and business volatility, material uncertainty with respect to the potential demand trajectory in the automotive and specialty markets given the current macroeconomic headwinds and the near-term impact of the supply chain disruptions and OEM destocking in the aerospace sector. In February, 2024, Novelis updated the estimated capital cost to build the new greenfield rolling and recycling plant in Bay Minette, Alabama with the initial capacity of 600kt to $4.1 billion, including contingency, from $2.5 billion. The project completion timeline was also extended to the second half of calendar year 2026 (FY2027) from FY2026 previously announced. According to the company, with a high level of project engineering complete and all key equipment and the majority of materials contracted, management is confident that the project will be completed within the new parameters. In FY2025 ended March 31, 2025, Novelis generated about $1.87 billion in Moody's-adjusted EBITDA. The leverage remained unchanged from the prior fiscal year at 3.6x as higher earnings offset higher borrowings. Moody's estimates that Novelis will generate about $1.8 billion in Moody's-adjusted EBITDA in FY2026 and $1.9-2.0 billion in FY2027 before rising more materially in FY2028. Moody's forecasts assume modest growth in shipments across all four segments with the cost saving initiatives, potential price improvements and higher recycling rates offsetting the scrap cost challenges. Free cash flow (after dividends to Hindalco) in FY2025 was negative at $711 million as capex exceeded cash flow from operations. Moody's expects Novelis to be significantly free cash flow negative in FY2026-27 and only modestly free cash flow positive in FY2028. Moody's estimates that the company will generate material positive free cash flow that could be used for deleveraging only starting in FY2029 assuming no large new capex at that time. As a result, Moody's anticipates that Novelis will need to raise more debt in FY2026-27 to help fund its growth capex and to maintain the adequate cash levels on the balance sheet. Under this base case scenario and considering the forecasted modest earnings growth and higher gross debt, Moody's-adjusted Debt/EBITDA, will likely increase to 4.3-4.5x range in FY2026-27, which is elevated for a Ba3 CFR. Moody's leverage estimate excludes the company's factored trade receivables outstanding, which Novelis stopped disclosing in FY2023. Despite the lack of disclosures, Moody's considers these arrangements to be debt like. Novelis' other credit metrics are also expected to weaken in the next 2 years. However, the rating positively considers the company's scale, market position, solid operating margins, its geographic, end market and product diversity, its strong customer relationships and its metal pass-through business model. The stable outlook reflects Moody's expectations that because of high capex spending, lower projected profitability and higher debt levels, Novelis's credit metrics will deteriorate in the next 12-18 months but will overall remain appropriate for its Ba3 rating. Novelis has an adequate liquidity position (SGL-3) supported by its $1,074 million cash position as of June 30, 2025, and $1.8 billion available under its $2 billion senior secured asset-based revolving credit facility (ABL) maturing in August 2027 (unrated), which is subject to certain springing requirements concerning timing of repayment of the term loan and other debt facilities. The ABL is secured by accounts receivable and inventory. If, at any time, the availability under the ABL is less than the greater of (a) $150 million and (b) 10% of the lesser of the facility commitment or the borrowing base, the company will be required to maintain a minimum fixed charge coverage of at least 1.25x. Availability is viewed as remaining sufficient such that this will not be tested. The Ba1 rating of the backed senior secured term loan B (TLB), two notches above the CFR and issued by Novelis Holdings Inc., reflect its secondary position behind the ABL facility and its priority position with respect to the senior unsecured notes and revenue bonds. The TLB is guaranteed by the company's direct parent, Novelis Inc. and its current and future wholly owned restricted subsidiaries, subject to exceptions. The TLB has a first priority security interest in substantially all material PPE and intellectual property of the borrower and each subsidiary guarantor (other than guarantors organized in Brazil and UAE) and equity interests in material subsidiaries, as well as a second priority security interest on the ABL priority collateral. The subsidiary guarantors account for about 80-85% of Novelis Inc.' net sales, EBITDA and assets. The TLB does not have any financial covenants. In addition, the company has short-term credit facilities in Korea, Brazil and China to support operations in these countries. The B1 rating on the new and existing revenue bonds, and senior unsecured notes reflects their effective subordination to the significant amount of secured debt under the term loan, the ABL and priority payables. The notes have a downstream guarantee from Novelis Inc. and are guaranteed by all of Novelis' existing and future US restricted subsidiaries, certain existing Canadian and other non-US restricted subsidiaries. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's would consider an upgrade of Novelis Inc.'s credit ratings if the company completes the development of the Bay Minette project as planned. Quantitatively, an upgrade would be considered if leverage (adjusted debt/EBITDA) is sustained below 3.5x, adjusted EBIT margin above 7%, (CFO-Dividends)/Debt above 25% and free cash remains positive. Novelis' ratings could be downgraded if liquidity, measured as cash plus ABL availability, evidences a material deterioration, if company makes substantial debt-financed acquisitions, issues material amount of new debt, further increases its capex spending or if shareholder returns meaningfully exceed the capital allocation framework targets established by Hindalco Industries Limited, the ultimate parent company of Novelis Inc. Expectations of reduced profitability or an extended slump in the end-markets served could lead to negative pressure on the ratings. Quantitatively, ratings could be downgraded if the adjusted EBIT margin is sustained below 4% or (Cash flow from operations less dividends)/debt below 15% and leverage, measured as debt/EBITDA ratio, is sustained above 4.5x. Headquartered in Atlanta, Georgia, Novelis is the world's largest producer of aluminum rolled products. The company operates through four regional segments, North America, Europe, Asia and South America. While Novelis sells into a number of end markets, the company generates about 60% of sales in the can sheet market. Novelis generated approximately $17.7 billion in revenues during the LTM ended June 30, 2025. Novelis is ultimately owned by Hindalco Industries Limited (unrated) domiciled in India. The principal methodology used in this rating was Steel published in November 2021. NXDT HOSPITALITY: Highland Marks $42.9MM Loan at 35% Off -------------------------------------------------------- Highland Opportunities and Income Fund has marked its $42,996,610 loan extended to NXDT Hospitality Holdco, LLC to market at $27,969,295 or 65% of the outstanding amount, according to Highland's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Highland is a participant in a Promissory Note Loan to NXDT Hospitality Holdco, LLC. The loan accrues interest at a rate of 3.705% per annum. The loan matures on February 14, 2027. Highland Opportunities and Income Fund is organized as an unincorporated business trust under the laws of The Commonwealth of Massachusetts. On September 25, 2017, the Fund acquired the assets of Highland Floating Rate Opportunities Fund, a series of NexPoint Funds I (formerly Highland Funds I), a Delaware statutory trust. The Fund is the successor to the accounting and performance information of the Predecessor Fund. Subsequently on August 9, 2019, the underwriters exercised their option to purchase additional over allotment shares of $10 million, resulting in a total Preferred outstanding offering of $145 million. Highland is led by Frank Waterhouse as Treasurer, Principal Accounting Officer, and Principal Financial. The Fund can be reach through: Frank Waterhouse Highland Opportunities and Income Fund 300 Crescent Court Suite 700 Dallas, TX 75201 Telephone: (866) 351-4440 About NXDT Hospitality Holdco, LLC NXDT Hospitality Holdco, LLC is an entity related to the NexPoint Diversified Real Estate Trust, which is a public real estate investment trust (REIT) that invests in various commercial real estate properties and debt across the U.S. capital structure to provide income and capital appreciation. NXDT HOSPITALITY: Highland Marks $6.4MM Loan at 35% Off ------------------------------------------------------- Highland Opportunities and Income Fund has marked its $6,400,000 loan extended to NXDT Hospitality Holdco, LLC to market at $4,163,200 or 65% of the outstanding amount, according to Highland's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Highland is a participant in a Convertible Promissory Note Loan to NXDT Hospitality Holdco, LLC. The loan accrues interest at a rate of 7.500% per annum. The loan matures on September 30, 2042. Highland Opportunities and Income Fund is organized as an unincorporated business trust under the laws of The Commonwealth of Massachusetts. On September 25, 2017, the Fund acquired the assets of Highland Floating Rate Opportunities Fund, a series of NexPoint Funds I (formerly Highland Funds I), a Delaware statutory trust. The Fund is the successor to the accounting and performance information of the Predecessor Fund. Subsequently on August 9, 2019, the underwriters exercised their option to purchase additional over allotment shares of $10 million, resulting in a total Preferred outstanding offering of $145 million. Highland is led by Frank Waterhouse as Treasurer, Principal Accounting Officer, and Principal Financial. The Fund can be reach through: Frank Waterhouse Highland Opportunities and Income Fund 300 Crescent Court Suite 700 Dallas, TX 75201 Telephone: (866) 351-4440 About NXDT Hospitality Holdco, LLC NXDT Hospitality Holdco, LLC is an entity related to the NexPoint Diversified Real Estate Trust, which is a public real estate investment trust (REIT) that invests in various commercial real estate properties and debt across the U.S. capital structure to provide income and capital appreciation. OHIO TRANSMISSION: T. Rowe Marks $1.3MM 1L Loan at 50% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,356,000 loan extended to Ohio Transmission Corporation to market at $678,000 or 50% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Ohio Transmission Corporation. The loan accrues interest at a rate of 9.80% per annum. The loan matures on December 19, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ohio Transmission Corporation Ohio Transmission Corporation is a leading technical distributor of highly engineered products across automation, motion control, fluid power, flow control and compressed air categories. OHIO TRANSMISSION: T. Rowe Marks $2MM 1L Loan at 44% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,024,000 loan extended to Ohio Transmission Corporation to market at $1,124,000 or 56% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Ohio Transmission Corporation. The loan accrues interest at a rate of 9.80% per annum. The loan matures on December 19, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ohio Transmission Corporation Ohio Transmission Corporation is a leading technical distributor of highly engineered products across automation, motion control, fluid power, flow control and compressed air categories. OMNI FIBER: T. Rowe Virtually Writes Off $30.4MM 1L Loan -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $30,475,000 loan extended to Omni Fiber, LLC to market at $1,727,000 or 6% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Omni Fiber, LLC. The loan accrues interest at a rate of 9.54% per annum. The loan matures on July 3, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Omni Fiber, LLC Omni Fiber offers 100% fiber-to-the-home Internet with symmetrical speeds, TV, Mobile, and home Phone services. ONE CALL: S&P Withdraws 'CCC+' Issuer Credit Rating --------------------------------------------------- S&P Global Ratings withdrew all of its ratings on One Call Corp., including the 'CCC+' issuer credit and issue-level ratings, at the company's request. At the time of withdrawal, its outlook was stable. ORIGINCLEAR INC: Cory Mertes Joins Board, Chairs Committees ----------------------------------------------------------- OriginClear, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 27, 2025, Stephen Hall resigned as a Director and as Chairman of the Audit Committee and the Compensation Committee of the Board of Directors. Effective as of the same date, the Board of Directors appointed Cory Mertes to serve as a Director and as Chairman of both the Audit Committee and the Compensation Committee of the Board of Directors. About OriginClear OriginClear, Inc. founded in 2007 as OriginOil and rebranded in 2015, operates as the Clean Water Innovation Hub, focusing on incubating and launching businesses in the industrial water sector. The Company's subsidiary, Water On Demand, Inc., includes three operating units: Progressive Water Treatment, which provides engineered water treatment solutions and generates the majority of revenue; Modular Water Systems, which holds an exclusive master license with three active patents valued between $26.6 million and $53.2 million as of April 2023; and Water on Demand, a development-stage unit aiming to offer water treatment as a pay-per-gallon service under a Design-Build-Own-Operate model. The Company leverages its intellectual property and proprietary practices to differentiate its offerings in the global water industry. In its audit report dated March 31, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company suffered a net loss from operations and used cash in operations, which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $3.15 million in total assets, $24.47 million in total liabilities, $7.48 million in mezzanine equity and a total stockholders' deficit of $28.8 million. OSCAR A. LOPEZ: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On September 10, 2025, Oscar A. Lopez Trucking, LLC sought Chapter 11 protection in the Southern District of Texas. The voluntary bankruptcy disclosed assets of $100,001 to $1 million against liabilities of $1 million to $10 million. The company reported having 1 to 49 creditors. About Oscar A. Lopez Trucking LLC 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. Oscar A. Lopez Trucking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35337) on September 10, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by David L. Venable, Esq. PDI TA HOLDINGS: T. Rowe Marks $317,000 1L Loan at 60% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $317,000 loan extended to PDI TA Holdings, Inc. to market at $127,000 or 40% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to PDI TA Holdings, Inc. The loan accrues interest at a rate of 9.78% per annum. The loan matures on February 3, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About PDI TA Holdings, Inc. PDI TA Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, designs and develops enterprise management software for the convenience retail and petroleum wholesale markets. PDI TA Holdings serves customers worldwide. PERATON CORP: T. Rowe Marks $17.3MM 2L Loan at 29% Off ------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $17,360,000 loan extended to Peraton Corp. to market at $12,377,000 or 71% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a Second Lien Loan to Peraton Corp. The loan accrues interest at a rate of 12.18% per annum. The loan matures on February 1, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Peraton Corp. Peraton is a leading national security company delivering mission-critical technologies and IT solutions to protect the U.S. and its allies. PERATON CORP: T. Rowe Marks $6.5MM 2L Loan at 29% Off ----------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $6,533,000 loan extended to Peraton Corp. to market at $4,633,000 or 71% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a Second Lien Loan to Peraton Corp. The loan accrues interest at a rate of 12.43% per annum. The loan matures on February 1, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Peraton Corp. Peraton is a leading national security company delivering mission-critical technologies and IT solutions to protect the U.S. and its allies. PINSTRIPES HOLDINGS: Deadline for Panel Questionnaires for Sept. 16 ------------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Pinstripes Holdings, Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/4yejjy75 and return by email it to Benjamin A. Hackman -- Benjamin.A.Hackman@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Tuesday, September 16, 2025, at 4:00 p.m. Eastern Time. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Pinstripes Holdings, Inc. Pinstripes Holdings, Inc. operates a dining and entertainment concept restaurants. The company provides Italian-American cuisine with bowling, bocce, and private event services. It also offers off-site events catering services. The company was incorporated in 2006 and is based in Northbrook, Illinois. Pinstripes Holdings and four of its affiliates sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 25- 11677) on September 8, 2025. The Debtors are represented by Young Conaway Stargatt & Taylor, LLP. The Debtors' provider of restructuring officer and support personnel is CR3 Partners LLC, the Debtors' investment banker is Hilco Corporate Finance LLC and the Debtors' notice and claims agent is Epiq Corporate Restructuring LLC. PINSTRIPES INC: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------- Julie Littman of Restaurant Dive reports that Pinstripes filed for Chapter 11 bankruptcy protection on Monday, September 8, 2025, in the U.S. Bankruptcy Court for the District of Delaware, according to court records. The move marks a significant step for the dining and entertainment chain as it works to address ongoing financial pressures. In a filing, Chief Restructuring Officer James Katchadurian said the bankruptcy reflects the company's "only remaining path to maximize value." He noted that the action had been nearly a year in the making as Pinstripes explored its limited restructuring options, according to report. Launched in 2007, Pinstripes once expanded to 18 locations across the country. However, the business had shrunk considerably by the time of the bankruptcy filing, with only eight locations still in operation, the report states. Katchadurian attributed the decline to worsening economic conditions over the past year, which led to falling revenues and eroded the company's alternatives for recovery. He said the Chapter 11 process will give Pinstripes the best opportunity to move forward, the report cites. About Pinstripes Inc. Pinstripes Inc. is a dining and entertainment company known for its venues featuring bowling, bocce, and food service. Pinstripes Inc. sough 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. POSIGEN DEVELOPER: Taps Advisers, Explores Debt Restructuring ------------------------------------------------------------- Akiko Matsuda and Soma Biswas of The Wall Street Journal report that PosiGen, a national residential solar company, is exploring restructuring options that may include filing for bankruptcy, according to people with knowledge of the matter. The Louisiana-based firm has hired White & Case and FTI Consulting to advise on its debt challenges as it grapples with liquidity pressures stemming from years of aggressive expansion. One of its independent board directors has separately retained Weil Gotshal & Manges to consider alternatives outside the company's process, the people said. The company has already taken steps to cut costs. In August 2025, PosiGen announced sweeping layoffs, attributing the move to "significant financial difficulties." As of June, the firm had more than 600 employees and nearly 30,000 customers spread across more than a dozen states, according to its website, according to The Wall Street Journal. PosiGen's difficulties reflect broader instability in the U.S. residential solar market. The rollback of federal solar tax credits during the Trump administration and the expiration of certain renewable energy incentives at the end of 2025 have complicated financing for solar providers. The sector has already seen a wave of failures, with SunPower and Lumio filing for creditor protection last year, followed by Sunnova and Solar Mosaic in June 2025, the report states. Founded in New Orleans in 2011, PosiGen built its model around making solar panels accessible regardless of income or credit score. It secured $600 million in financing from Brookfield Asset Management, including $200 million last December. Yet, despite rapid growth, Chief Administrative Officer John Truschinger said in a recent filing that the company continues to face liquidity strain. He added that attempts to raise long-term funding, including through a planned asset securitization, were unsuccessful, the report relays. About PosiGen Developer Posigen Developer LLC provides residential solar and energy efficiency solutions. PPV INTERMEDIATE: T. Rowe Marks $9.9MM 1L Loan at 61% Off --------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $9,990,000 loan extended to PPV Intermediate Holdings LLC to market at $3,908,000 or 39% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to PPV Intermediate Holdings LLC. The loan accrues interest at a rate of 9.58% per annum. The loan matures on August 31, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About PPV Intermediate Holdings LLC PPV Intermediate Holdings, LLC operates as a holding company. The company through its subsidiaries, serves in the United States. PRECIPIO INC: Terminates ATM Sales Agreement With A.G.P. -------------------------------------------------------- Precipio, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective as of September 2, 2025, the Company terminated its ATM (At-The-Market) instrument with investment bank A.G.P./Alliance Global Partners. As previously disclosed, on April 14, 2023, the Company entered into that certain Sales Agreement with A.G.P., pursuant to which the Company could offer and sell through or to A.G.P., as sales agent, shares of its common stock, par value $0.01 per share, in sales deemed to be an "at the market offering" (as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended). "Our Company is in a much stronger position today than it was when we entered into this structure. With our elimination of negative cash flow from operations, and our recent increases of our cash balance, we now have confidence that we no longer have to rely on a tool like this for capital raises for the Company", said Ilan Danieli, Precipio's CEO in a press release. "Management is committed to creating shareholder value, and this termination is one more step in that direction." Following the termination of the Sales Agreement, the Company may not offer or sell any additional shares of Common Stock under the Sales Agreement. From April 14, 2023 to September 2, 2025, the Company sold 11,847 shares of Common Stock pursuant to the Sales Agreement for net proceeds of $0.1 million, after deducting commissions and offering expenses. About Precipio Omaha, Neb.-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com/-- is a healthcare solutions company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. New Haven, Conn.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Form 10-K, 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. The Company has incurred substantial operating losses and has used cash in its operating activities for the past several years. For the year ended December 31, 2024, the Company had a net loss of $4.3 million, compared to $5.9 million in 2023, and net cash provided by operating activities of $0.4 million. As of Dec. 31, 2024, the Company had $17 million in total assets, $4.9 million in total liabilities, and a total stockholders' equity of $12.1 million. PROSPECT MEDICAL: Court Approves Disclosure Statement ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas approved the adequacy of the disclosure statement explaining the joint Chapter 11 plan of Prospect Medical Holdings Inc. and its debtor-affiliates as containing "adequate information" pursuant to Section 1125 of the Bankruptcy Code. The deadline to vote to accept or reject the Debtors' Chapter 11 plan is Oct. 8, 2025, at 4:00 p.m. (Prevailing Central Time). Complete, sign, and date this Ballot and return it (with an original signature) promptly in the envelope provided or: Persons or entities can obtain copies in paper format of any solicitation materials (a) free of charge by (i) accessing the Debtors' restructuring website at: If by First Class mail: Prospect Medical Holdings, Inc. Ballot Processing c/o Omni Agent Solutions, Inc, 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367 If by overnight courier or hand delivery: Prospect Medical Holdings, Inc. Ballot Processing c/o Omni Agent Solutions, Inc. 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367 Submit your Ballot via upload through the Notice and Claims Agent’s online portal, by visiting https://omniagentsolutions.com/Prospect-Ballots, click on the “Balloting” section of the Debtors’ website and follow the instructions to submit your Ballot. If you would like paper copies of the Plan and Disclosure Statement and other Solicitation Materials, or if you need to obtain additional Solicitation Packages, you may obtain them (a) at no charge from Omni Agent Solutions, Inc. ("Notice and Claims Agent") by: (i)accessing the Debtors' restructuring website at https://omniagentsolutions.com/Prospect-Ballots; (ii) writing to Prospect Medical Holdings, Inc. Ballot Processing c/o Omni Agent Solutions, Inc. 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367; (iii) calling the Debtors' restructuring hotline (818) 510-3746 (toll free) or (888) 550-3239 (international) and requesting to speak with a member of the solicitation group; or (iv) emailing ProspectInquiries@OmniAgnt.com; or (b) for a fee via PACER at https://ecf.txnb.uscourts.gov/. Under the Debtors' plan, they intend to sell all or substantially all of their assets pursuant to section 363(f) of the Bankruptcy Code prior to and in connection with confirmation of the Plan. Subsequent to confirmation, the Debtors intend to enter the next phase of these Chapter 11 Cases, which involves the (i) wind-down of the Debtors; and (ii) the liquidation of the Debtors' remaining assets. Class Claim Project Amount Est.Recovery ----- ------------- -------------- ------------ 1 Other Secured $199,161 20%-24% 2 Other Priority $2,546 0% 3 MPT Agreed $1,150,267 8%-11% 4 MPT Note $755,353 0%-1% 5 PhysicianCo $15,034 0% Sub. Sec. Note 6 PBGC Secured N/A N/A 7 Insured Claim $1,283,090 0% - TBD 8 General Unsec. $3,767,187 0% - TBD 9 Section 510(b) N/A N/A Claims 10 Intercompany $5,603,847 0% 11 Existing Equity N/A N/A Interests 12 Intercompany N/A N/A Interests On and after the Effective Date, the Plan Administrator will act for the Wind-Down Debtors and Reorganized PMH in the same fiduciary capacity as applicable to a board of managers, directors, officers, or other governing body, subject to the provisions of the Plan. On the Effective Date, the authority, power, and incumbency of the persons acting as managers, officers, directors, sale director, or governing body of the Wind-Down Debtors and Reorganized PMH shall be deemed to have resigned, solely in their capacities as such, and the Plan Administrator shall be appointed as the sole manager, sole director, and sole officer of the Wind-Down Debtors and Reorganized PMH, and shall succeed to the powers of the Wind-Down Debtors' or Reorganized PMH's, as applicable, managers, directors, officers, and other governing bodies. From and after the Effective Date, the Plan Administrator will be the sole representative of, and shall act for, the Wind-Down Debtors and Reorganized PMH. The foregoing shall not limit the authority of the Wind-Down Debtors, Reorganized PMH, or the Plan Administrator, as applicable, to continue the employment of any former manager or officer, including pursuant to any transition services agreement or other agreement entered into on or after the Effective Date. Following the Effective Date, the Plan Administrator is given full power of attorney and had the authority to execute and endorse documentation on behalf of the Debtors in furtherance of the Plan and the Debtors' liquidation, including but not limited to, the filing of final tax returns and the dissolution of the Debtors. A full-text copy of the Debtors' amended disclosure statement is available for free at https://tinyurl.com/4vaajv73 A full-text copy the Debtors' modified Chapter 11 plan is available for free at https://tinyurl.com/ynewjhuc About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PROSPECT MEDICAL: Plan Confirmation Hearing Set for Oct. 14, 2025 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas will hold a hearing on Oct. 14, 2025, at 9:30 a.m. (Prevailing Central Time) to confirm the joint Chapter 11 plan of Prospect Medical Holdings Inc. and its debtor-affiliates. Objection to the confirmation of the Debtors' Chapter 11 plan is Oct. 8, 2025, at 4:00 p.m. (Prevailing Central Time). Persons or entities interested to participate in the hearing, an audio communication will be by use of the Bankruptcy Court's dial in facility. You may access the facility at 1.650.479.3.207. The access code is 2301 154 2638. Video communication will be by use of the Cisco WebEx platform. Connect via the Cisco WebEx application or click the link on Hon. Stacey G Jernigan's home page, https://us-courts.webex.com/meet/jernigan. The meeting code is 2301 154 2638. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. REAGAN HOSPITAL: Moody's Affirms 'Ba1' Issuer & GOLT Ratings ------------------------------------------------------------ Moody's Ratings has affirmed Reagan Hospital District of Reagan County, TX's Ba1 issuer and GOLTs ratings. The outlook is stable. RATINGS RATIONALE The affirmation of the Ba1 ratings balances the district's stable financial position against its small operational scale and rural location, and significant reliance on the oil and gas sector with high concentration among the top tax payers. Unrestricted liquidity is projected to decline to 180 - 190 days (currently about 230 days), though the strong days cash position is offset by small absolute cash balances (approximately $7 million). Financial performance outcomes reflect management's approach to aligning tax revenue with expenditures and a recent trend of increased property tax revenues over the past few years enabling Reagan to generate operating cash flow margins of about 17%. Rapid changes in commodity prices and reductions in oil and natural gas activities can materially affect the tax base, as oil and gas minerals represent over 90% of the district's gross market value, and commodity pricing influences mineral reserve valuations. High reliance on supplemental funding and limited opportunities to increase non-governmental revenue persist as ongoing challenges. Recent federal legislation may affect these payments in the coming years. Despite these constraints, the tax base has expanded, with fiscal 2025 assessed value reaching $8.7 billion, compared to $4.6 billion in 2022. The district has $23.4 million in outstanding general obligation debt. The district anticipates issuing additional general obligation debt as it intends to seek voter approval in November for approximately $25 million to support service expansion. The limited tax rating is the same as the issuer rating given the ample taxing headroom under the limited tax rate cap to generate dedicated property taxes sufficient to pay debt service which offsets the inability of the district to exceed the limited rate and the lack of a full faith and credit. RATING OUTLOOK The stable outlook reflects the district's significant role within the county, which is expected to maintain stable operations. Although tax base revenue remains sensitive to fluctuations in mineral values due to economic volatility, management has demonstrated a commitment to making appropriate adjustments to property tax levies as necessary. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained trend of increased unrestricted liquidity along with a significant reduction in leverage -- Expansion of programs, or increased funding which lead to higher margins and additional revenue -- Diversification of tax base and reduced reliance on top tax payers FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS --Reduced liquidity position --Persistent operating losses combined with a significant reduction in federal, state, or tax revenues that do not align with inflation and district's expense base -- Material decline in assessed value not offset by higher levies PROFILE Reagan Hospital District is situated in Reagan County, located in west Texas. The district shares boundaries with the Reagan County Independent School District, covering an area of approximately 1,177 square miles. It is positioned roughly 75 miles south of the Midland/Odessa metropolitan statistical area. The district operates Reagan Memorial Hospital, a general medical, surgical, and critical access facility with 14 beds, located in Big Lake. This public acute care hospital provides comprehensive services including inpatient and outpatient care, emergency services, and elder nursing care. The nearest tertiary care centers are located approximately 70 miles away in San Angelo, TX. METHODOLOGY The principal methodology used in these ratings was US Special Purpose District General Obligation Debt published in February 2025. REVALIZE INC: T. Rowe Marks $306,000 1L Loan at 25% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $306,000 loan extended to Revalize, Inc. to market at $230,000 or 75% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Revalize, Inc. The loan accrues interest at a rate of 10.20% per annum. The loan matures on April 15, 2027. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Revalize, Inc. Revalize, Inc. develops an application software. The Company offers revenue operations application platform that delivers software tools to create order. REWORLD HOLDING: Moody's Cuts CFR to B2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings downgraded Reworld Holding Corporation's (Reworld, fka Covanta Holding Corporation) corporate family rating to B2 from B1 and probability of default rating to B2-PD from B1-PD. Concurrently, Moody's downgraded Reworld's senior secured debt rating to Ba3 from Ba2 and senior unsecured debt rating to Caa1 from B3. Moody's also changed the outlook to stable from negative. The downgrades reflect Moody's expectations of sustained high leverage, with pro forma debt-to-LTM EBITDA around 7x at June 30, 2025. Further, with recent unplanned downtime at a waste-to-energy (WtE) facility and industrial volume pressures driven by macroeconomic uncertainty weighing on earnings and cash flow, a meaningful improvement in credit metrics is unlikely in the near term. As well, benefits from the 2023 acquisition of Circon Environmental (Circon) have been slower to materialize than expected. RATINGS RATIONALE Reworld's B2 CFR reflects its high leverage and exposure to plant downtime from disruptions that lower earnings and constrain free cash flow. The company is also exposed to commodity price volatility through its energy/power and recycled metal sales. Hedging positions pose liquidity risks from collateral margining requirements, though the company has taken measures to reduce the exposure by converting the majority of its hedge counterparties to lien-based security arrangements. However, this dilutes the security for Reworld's existing senior secured lenders if the company is unable to perform on its energy supply obligations. Still, cash flow stability will continue to rely on new contract wins and renewal pricing for waste volumes as the merchant power market is challenging. Reworld has contracted a majority of its energy revenue at a fixed price through 2028, but the unhedged portion will remain exposed to volatile energy prices. The company is also exposed to the industrial cycle through the Circon business given its predominant focus on industrial customers. The rating also reflects the company's stable waste volumes that account for about 70% of revenue. These volumes are underpinned by long term contracts that provide a good source of recurring revenue and help to offset volatility from Reworld's commodity-related businesses. Moody's expects continuing favorable waste market fundamentals and a higher margin mix of profiled (i.e. specialty) waste to support revenue and earnings growth into 2026. This will be aided by continued investments to improve WtE plant efficiency, which have yielded some gains. Still, unscheduled WtE plant outages can lead to weaker earnings from waste processing. Reworld's waste operations benefit from strategically located infrastructure assets, including WtE facilities and transfer stations. As a result, the company is well positioned to benefit from growing demand for diversion amid declining landfill disposal capacity in its key Northeast US region and the related rise in landfill disposal costs. The stable outlook reflects Moody's expectations that favorable waste pricing, new contract wins and operational efficiency gains will support EBITDA growth and leverage falling toward 6x over the next year, aided by recent acquisition synergies. The stable outlook is also supported by the resilient nature of waste demand, including municipal solid waste volumes, and Moody's expectations that the company will maintain adequate liquidity. Reworld's adequate liquidity is based on Moody's expectations that cash on hand and availability on the company's $600 million revolver will be sufficient to fund negative free cash flow expected through 2025. Free cash flow will be constrained by significant capital spending in 2025, including growth investments, and transaction costs undertaken on behalf of Reworld's private equity sponsor (EQT) for the sale of a 25% stake in the company to GIC, manager of Singapore's sovereign wealth fund. Moody's expects free cash flow to be positive in 2026 from moderation in capital spending and improving earnings. Capital expenditures include WtE plant maintenance improvements to reduce unscheduled downtime and increase plant efficiency, as well as expanding materials processing facilities. Reworld had a cash balance of $45 million and $244 million available on its revolving facility at June 30, 2025. The revolver has a springing first-lien net leverage covenant, tested if amounts drawn exceed 35% of the facility size. Moody's expects Reworld to maintain compliance with the covenant. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with a meaningful improvement in operating results such that debt-to-EBITDA approaches 5x, EBITDA less capex-to-interest approaches 2x and funds from operations to debt remains above 8%. Mitigation of operational and market risks such that earnings and cash flow are more consistent and predictable would also be important considerations for a ratings upgrade. Good liquidity, including consistently healthy free cash flow and maintaining ample availability on the revolving credit facility, would also be a prerequisite for an upgrade. The ratings could be downgraded if Moody's expects debt-to-EBITDA to be sustained above 6x and EBITDA less capex-to-interest sustained below 1.0x. Weakening liquidity, including increased revolver reliance or sustained negative free cash flow, could also lead to a downgrade. Additionally, a decline in revenue or margins driven by plant outages, inability to increase pricing and control costs, or challenges with integrating acquisitions would also pressure the ratings. Further, debt funded acquisitions or shareholder distributions that weaken the metrics could also result in a ratings downgrade. LIST OF AFFECTED RATINGS Issuer: Reworld Holding Corporation Downgrades: LT Corporate Family Rating, Downgraded to B2 from B1 Probability of Default Rating, Downgraded to B2-PD from B1-PD Senior Secured Bank Credit Facility, Downgraded to Ba3 from Ba2 Senior Unsecured, Downgraded to Caa1 from B3 Outlook Actions: Outlook, Changed To Stable From Negative Issuer: National Finance Authority, NH Downgrades: Senior Unsecured Revenue Bonds, Downgraded to Caa1 from B3 Issuer: Niagara Area Development Corporation Downgrades: Senior Unsecured Revenue Bonds, Downgraded to Caa1 from B3 Issuer: Pennsylvania Economic Dev. Fin. Auth. Downgrades: Senior Unsecured Revenue Bonds, Downgraded to Caa1 from B3 Issuer: Virginia Small Business Financing Authority Downgrades: Senior Unsecured Revenue Bonds, Downgraded to Caa1 from B3 The principal methodology used in these ratings was Environmental Services and Waste Management published in August 2024. 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. Reworld Holding Corporation, based in Florham Park, New Jersey, is a leading developer, owner and operator of waste management infrastructure with 33 waste-to-energy facility projects. Reworld also provides sustainable waste solutions through its network of transfer stations, materials processing facilities, and water treatment and hazardous waste handling facilities. Revenue was approximately $2.7 billion for the twelve months ended June 30, 2025. Reworld is a portfolio company of EQT Investors (EQT), a private equity firm, following a leveraged buyout in November 2021. RIMKUS CONSULTING: T. Rowe Marks $1.1MM 1L Loan at 76% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,193,000 loan extended to Rimkus Consulting Group Inc. to market at $292,000 or 24% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Rimkus Consulting Group Inc. The loan accrues interest at a rate of 9.55% per annum. The loan matures on April 1, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rimkus Consulting Group Inc. The Rimkus family of companies encompasses specialized teams of consultants across the globe who provide services spanning a wide variety of industries. RIMKUS CONSULTING: T. Rowe Marks $2.2MM 1L Loan at 79% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,235,000 loan extended to Rimkus Consulting Group Inc. to market at $463,000 or 21% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Rimkus Consulting Group Inc. The loan accrues interest at a rate of 9.55% per annum. The loan matures on April 1, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rimkus Consulting Group Inc. The Rimkus family of companies encompasses specialized teams of consultants across the globe who provide services spanning a wide variety of industries. RISK ANALYTICS: Seeks Chapter 7 Bankruptcy in Texas --------------------------------------------------- On September 10, 2025, Risk Analytics LLC entered Chapter 7 proceedings in the Northern District of Texas. The voluntary case indicates that the debtor holds liabilities of more than $1 billion, with creditor claims ranging from one to 49. About Risk Analytics LLC Risk Analytics LLC is a limited liability company. Risk Analytics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33491) on September 1, 2025. In its petition, the Debtor reports estimated assets and liabilities over $1 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. ROBERTSHAW PARENT: S&P Alters Outlook to Neg., Affirms 'CCC+' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on Itasca, Ill.-based components and control systems manufacturer Robertshaw Parent LLC (Robertshaw) to negative from positive and affirmed all its ratings on the company, including the 'CCC+' issuer credit rating, the 'B' issue-level rating on the company's first-out term loan, and the 'CCC+' issue-level rating on the company's second-out term loan. The term loans are issued at subsidiary Robertshaw Controls Company. The negative outlook reflects that S&P could downgrade Robertshaw over the next 12 months if it's unable to turn around its operating performance, thereby increasing the risk that it would face a liquidity shortfall or debt restructuring. Robertshaw continues to face a multi-year downturn in its primary end-market: consumer and commercial appliances. This downturn began in mid-calendar-year 2022 when elevated energy prices from the Russia/Ukraine conflict first affected demand for gas-based appliances in Europe. The company also experienced lower sales in North American markets beginning in late 2022 from a pullback in consumer spending patterns amid low residential housing turnover and after an acceleration of volumes during the pandemic in 2020 and 2021. In addition, appliance original equipment manufacturers (OEMs) continued to have excess inventory through 2024. Still-elevated interest rates, OEM inventory overhang, ongoing uncertainty around the magnitude and timing of tariffs, and weak consumer sentiment continue to weigh on the global demand for new appliances. With no clear catalyst for a material near-term rebound in the North American major domestic appliance industry, Robertshaw will likely continue to face top-line pressure over the coming quarters. As a result, S&P forecasts a revenue decline of about 9% in fiscal 2026 (year ending March 31) versus our prior forecast of flat sales. In addition, we believe Robertshaw will need to remain competitive to maintain its customer base and support sustainable operations, as a significant loss in market share could erode the company's longer-term demand prospects. Since Robertshaw emerged from its 2024 bankruptcy, it has materially improved profitability. In the 24 months leading up to its Chapter 11 filing, the company experienced a significant degradation in profitability due to operational inefficiencies and an inability to pass through higher costs to customers. Pricing initiatives, organizational cost reductions, supply-chain consolidation, and footprint rationalization led to about $31 million in S&P Global Ratings-adjusted EBITDA in fiscal 2025 compared to negative $52 million in fiscal 2024 and positive $9 million in fiscal 2023. However, the continued pressure on the company's revenue and unfavorable operating leverage compared to fiscal 2025 will likely cause lower than previously anticipated EBITDA and weaker credit metrics. S&P now forecasts a weaker S&P Global Ratings-adjusted EBITDA margin profile in fiscal 2026 and believe its EBITDA interest coverage could remain below 1.0x through this period. S&P said, "We expect negative free operating cash flow (FOCF) could erode liquidity over the medium term. In fiscal 2025, Robertshaw generated relatively flat FOCF (excluding the impact of reorganization-related costs), as improving profitability was offset by higher working-capital outflows. However, FOCF for the first fiscal quarter of 2026 was negative $16 million. While we anticipate an improvement in working capital through inventory management and accounts-collection initiatives, weak operating performance could lead to sustained FOCF deficits. "While the company had approximately $36 million in liquidity sources as of June 30, 2025 (cash plus asset-based lending facility availability), we believe it's dependent on favorable business conditions to improve its liquidity profile. In the absence of rebounding end markets, continued FOCF deficits could cause a liquidity shortfall and an elevated risk of another debt restructuring within the next 24 months. "The negative outlook reflects that we could downgrade Robertshaw within the next 12 months if it's unable to improve its operating performance, thereby increasing the risk that it could face a liquidity shortfall or debt restructuring." S&P could lower its rating on Robertshaw if: -- Its cash flow or earnings deteriorate such that we perceive a liquidity shortfall or debt restructuring within the next 12 months; or -- The company's S&P Global Ratings-adjusted EBITDA interest coverage is sustained below 1.0x with limited prospects for improvement. S&P could revise the outlook to stable or raise its rating on the company if: -- It generates neutral to positive FOCF and maintains adequate liquidity such that we view its capital structure as sustainable; -- It demonstrates a track record of its recently implemented operational improvements, including pricing initiatives and steady customer and supplier relationships, as demonstrated by greater stability in its S&P Global Ratings-adjusted EBITDA margin profile; and -- The company's S&P Global Ratings-adjusted EBITDA interest coverage remains consistently above 1.0x and S&P anticipates financial policies that support its credit metrics over the long term. ROCK STAR: T. Rowe Marks $2.1MM 1L Loan at 86% Off -------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,102,000 loan extended to Rock Star Mergersub, LLC to market at $286,000 or 14% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Rock Star Mergersub, LLC. The loan accrues interest at a rate of 9.03% per annum. The loan matures on December 15, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rock Star Mergersub, LLC Rock Star Acquisitions LLC manufactures and supplies construction and mining machineries. The Company serves customers in the State of Louisiana. ROCKY MOUNTAIN: Secures $1.8M Credit Facilities From SPVs --------------------------------------------------------- Rocky Mountain Chocolate Factory, Inc., a Colorado corporation, disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and a wholly owned subsidiary of Rocky Mountain Chocolate Factory, Inc., a Delaware corporation ("Parent"), entered into a credit agreement with RMCF2 Credit, LLC, a special purpose investment entity affiliated with Jeffrey R. Geygan, Parent's Interim Chief Executive Officer and one of the members of Parent's board of directors. Pursuant to the Credit Agreement, among other things, RMCF2 agreed to make an advance to the Company in the principal amount of $1,200,000, which advance is evidenced by a promissory note. The RMCF2 Note will mature on September 30, 2027, and interest will accrue at a rate of 12% per annum and is payable monthly in arrears. All outstanding principal and interest will be due on the Maturity Date. In connection with the RMCF2 Credit Agreement and RMCF2 Note, the Company also entered into a deed of trust for the benefit of RMCF2 with respect to the Company's property in Durango, Colorado. The proceeds of the RMCF2 Credit Agreement will be used for continued capital investment and working capital needs. The RMCF2 Credit Agreement contains customary events of default as well as customary affirmative and negative covenants, including, without limitation, certain reporting obligations and certain limitations on liens, encumbrances, and indebtedness. The RMCF2 Credit Agreement also contains two financial covenants measured quarterly: a maximum ratio of total liabilities to total net worth and a minimum current ratio. On August 28, 2025, the Company and RMCF2 agreed to waive the financial covenant providing for a maximum ratio of total liabilities to total net worth for each of the fiscal quarters ending August 31, 2025 and November 30, 2025. Amendment to Credit Agreement with RMC Credit Facility, LLC On August 28, 2025, the Company entered into a first amendment to promissory note and credit agreement, amending that certain credit agreement and promissory note, each dated September 30, 2024 with RMC Credit Facility, LLC, a special purpose investment entity affiliated with Steven L. Craig, one of the members of Parent's board of directors. Pursuant to the Amendment, among other things, RMC agreed to make an additional advance to the Company in the principal amount of $600,000, evidenced by the amended promissory note. The RMC Note will mature on September 30, 2027, and interest will accrue at a rate of 12% per annum and is payable monthly in arrears. All outstanding principal and interest will be due on the Maturity Date. The proceeds of the loan made pursuant to the Amendment will be used for continued capital investment and working capital needs. In connection with the Amendment and RMCF2 Credit Agreement, the Company also entered into an intercreditor agreement between the Company, RMCF2 and RMC. The credit agreement with RMC also contains two financial covenants measured quarterly: a maximum ratio of total liabilities to total net worth and a minimum current ratio. On August 28, 2025, the Company and RMC agreed to waive the financial covenant providing for a maximum ratio of total liabilities to total net worth for each of the fiscal quarters ending August 31, 2025 and November 30, 2025. About Rocky Mountain Chocolate Factory Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an international franchisor, confectionery producer, and retail operator. Founded in 1981, the Company produces an extensive line of premium chocolate candies and other confectionery products. New York, N.Y.-based CohnReznick LLP, the Company's auditor since 2023, 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 year ended February 29, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations in recent years and is dependent on debt financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of May 31, 2025, the Company had $20.1 million in total assets, $13.4 million in total liabilities, and $6.7 million in total stockholders' equity. RSC ACQUISITION: T. Rowe Marks $18.2MM 1L Loan at 90% Off --------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $18,296,000 loan extended to RSC Acquisition, Inc. to market at $1,864,000 or 10% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to RSC Acquisition, Inc. The loan accrues interest at a rate of 9.05% per annum. The loan matures on November 1, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About RSC Acquisition, Inc. RSC Acquisitions, Inc., doing business as Rex Supply Company, supplies industrial tools. SHANE BARNES: Seeks Subchapter V Bankruptcy in Alabama ------------------------------------------------------ On September 11, 2025, Shane Barnes Construction LLC submitted a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Northern District of Alabama. Court filings show the company holds estimated liabilities between $500,000 and $1 million and has between 1 and 49 creditors. About Shane Barnes Construction LLC Shane Barnes Construction LLC is a locally based construction firm with expertise in residential and commercial projects. It offers general contracting, site preparation, and project management, with most of its clients located in Alabama and surrounding regions. Shane Barnes Construction LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case Bi, 25-81865) on September 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and liabilities between $500,000 million and $1 million each. Honorable Bankruptcy Judge Clifton R. Jessup Jr. handles the case. The Debtor is represented by Angela Stewart Ary, Esq. and Kevin D. Heard, Esq. at Heard, Ary & Dauro, LLC SHARP SERVICES: Moody's Alters Outlook on 'B3' CFR to Stable ------------------------------------------------------------ Moody's Ratings affirmed Sharp Services, LLC's ("Sharp") B3 corporate family rating and B3-PD probability of default rating. Concurrently, Moody's assigned B3 ratings to Sharp's proposed senior secured first lien bank credit facilities, including a $175 million revolving credit facility expiring in 2030 and $1.14 billion term loan B due in 2032. At the same time, Moody's revised Sharp's outlook to stable from positive. The B3 ratings on the existing $130 million senior secured first lien revolving credit facility and $846 million senior secured first lien term loan (approximately $840 million outstanding), both maturing in 2028, remain unchanged and will be withdrawn once the refinancing is completed. Proceeds from the new $1.14 billion first lien term loan B along with approximately $39 million of existing cash will be used to fully repay the company's outstanding $840 million term loan and to fund a $331 million shareholder distribution. The outlook revision to stable from positive reflects the significant increase in debt, with approximately $300 million of new term loan raised to fund a dividend. Pro forma for the transaction, Moody's expects gross debt-to-EBITDA on Moody's basis to increase to the low 7 times range from approximately 6 times based on the last twelve months ending June 30, 2025. Moody's anticipates Sharp's debt-to-EBITDA will decline to the mid 6 times range over the next 12 to 18 months, supported by EBITDA growth. Moody's also expects that Sharp will maintain good liquidity over the next 12 to 18 months, despite higher interest expense and capital expenditures that will constrain free cash flow. RATINGS RATIONALE Sharp's B3 CFR reflects the company's high financial leverage with gross debt-to-EBITDA in the low 7 times range pro forma for the dividend recapitalization transaction and based on the twelve months ended June 30, 2025. Sharp's rating is also constrained by its modest, albeit growing, scale both on an absolute basis and relative to much larger competitors. The rating also reflects the risk for potential revenue losses due to selective in-sourcing by customers. Sharp's ratings benefit from its good market position among contract packaging services companies, a relatively well diversified customer base consisting largely of blue-chip pharmaceutical clients, and relatively good visibility into the company's revenue streams. Moody's expects the company's growth will continue to be supported by favorable industry tailwinds, as the pharmaceutical industry will continue to increase its reliance on outsourced service providers. Moody's expects Sharp to maintain good liquidity over the next 12 months. Pro forma for the refinancing and dividend recapitalization transaction, the company will have approximately $29 million of cash on hand. Moody's expects that Sharp will generate modestly positive free cash flow in the next 12 months, which excludes mandatory first lien term loan amortization. Sharp's liquidity will be further supported by access to a new $175 million revolving credit facility, which will be undrawn at the close of the transaction. The revolving credit facility will expire in 2030. Moody's anticipates that Sharp will maintain good covenant cushion under the springing first lien net leverage ratio covenant, which will be set at 9.90x (with no step-downs), when the revolver draw exceeds 40% of the total commitment. The proposed first lien senior secured credit facilities, including a $175 million revolving credit facility and $1.14 billion term loan B, are rated B3, the same as the CFR. This reflects that these instruments will make up the preponderance of the debt in Sharp's capital structure. The stable outlook reflects Moody's expectations that Sharp will maintain high financial leverage over the next 12 to 18 months. Moody's expects that EBITDA growth will enable Sharp to deleverage to the mid 6 times range over the next 12 to 18 months. Additionally, Moody's anticipates that Sharp will maintain good liquidity despite higher interest expense resulting from the incremental debt and increasing capital expenditure spend. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $191 million and 100% of consolidated EBITDA, plus unlimited amounts subject to 5.80x first lien net leverage ratio. There is an inside maturity sublimit up to the greater of $191 million and 100% of consolidated EBITDA plus any debt incurred in connection with an acquisition or investment. The credit agreement is expected to include "J.Crew", "Chewy" and "Serta" provisions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Sharp can profitably grow in scale while maintaining good liquidity, reflected in consistently positive free cash flow. Debt/EBITDA sustained below 6.0x would support an upgrade. The ratings could be downgraded if Sharp were to experience operating disruptions, a loss of a major contract or if financial policies became more aggressive. A downgrade could also occur if the company's liquidity profile were to erode, such that free cash flow was to turn negative on a sustained basis, or EBITA/interest coverage falls below 1x. Sharp Services, LLC ("Sharp"), headquartered in Allentown, Pennsylvania, is a contract packaging organization, providing outsourced primary and secondary packaging solutions, primary fill finish through ownership of Berkshire Sterile Manufacturing, and cold chain storage, as well as clinical services. Sharp generated revenues of approximately $600 million for the LTM period ending June 30, 2025. Sharp's parent firm and issuer of the audited financial statements, Sharp Services, LLC, is controlled by private equity firm Clayton Dubilier & Rice, along with minority stakes by the management team. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Sharp's B3 CFR is two notches below the B1 scorecard-indicated outcome. The difference reflects the company's more aggressive financial policies with the proposed leveraging dividend recapitalization transaction. SIGNATURE YHM: Seeks to Extend Plan Exclusivity to Nov. 6, 2025 --------------------------------------------------------------- Signature YHM Land LLC asked the U.S. Bankruptcy Court for the Northern District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 6, 2025 and January 6, 2026, respectively. The Debtor believes the path to reorganization will be achieved through third-party financing that will allow the Debtor to immediately start making payments to Secured Creditors on the allowed portion of their secured claim, as well as a percentage to unsecured creditors. Debtor filed a Second Amended Disclosure Statement and Plan on August 22, 2025, but hopes to work with Secured Creditors to reach mutually agreeable terms and stipulate as to plan treatment. Without the extension of the exclusivity period, the Debtor may be forced to deal with a competing plan during the plan confirmation process. The Debtor explains that it has made substantial progress toward reorganization and has done so in good faith. Since the commencement of the case, the Debtor has taken a number of steps towards reorganization. The Debtor has also already received Court approval for up to $4M of post-petition funding. In conjunction with the plan, the Debtor is also preparing to file a motion to employ a financial consultant and an architect, which will allow permits to be issued for the Properties. The Debtor claims that it has worked with its creditors in a cooperative manner. For any creditors who have requested it, the Debtor has provided and shared information with those creditors. Additionally, the Debtor has continued communicating with counsel for Secured Creditors in the hopes of reaching mutually agreeable payment terms. The Debtor will continue to negotiate with its creditors so that a consensual plan can be reached. This is the Debtor's second request for an extension of the Plan Deadlines and is proceeding in good faith. The Debtor has worked diligently since the filing of the case to secure post-petition funding to ensure that the plan will be funded immediately and in its entirety. The Debtor has made progress toward reorganization by timely filing the proposed disclosure statement and plan and will continue to move diligently toward a successful reorganization without delay. The Debtor asserts that it is not requesting an extension of the Plan Deadlines as a tactical device to force creditors to accept a proposed plan. The Debtor has already proposed what it believes to be fair and equitable terms for payment of creditors' claims. The extension of time is not to pressure any creditor to submit to any reorganization demands; the extension is being requested out of an abundance of caution and simply a mechanism to avoid competing plans. Signature YHM Land LLC is represented by: Jeffrey I. Golden, Esq. GOLDEN GOODRICH, LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 Email: jgolden@go2.law About Signature YHM Land LLC Signature YHM Land LLC operates in the real estate sector. Signature YHM Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.: 25-50324) on March 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jeffrey I. Golden, Esq. at GOLDEN GOODRICH LLP. SKYX PLATFORMS: Dov Shiff, 3 Others Hold 13.6% Equity Stake ----------------------------------------------------------- Dov Shiff, Shiff Group Investments Ltd., Shiff Group Assets Ltd., and DZDLUX s.a.r.l., disclosed in a Schedule 13D (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of August 11, 2025, they beneficially own an aggregate of 15,151,776 shares of common stock, no par value per share of SKYX Platforms Corp., representing approximately 13.6% of the Company's 111,447,066 outstanding shares as reported in the Company's Form 10-Q for the quarter ended June 30, 2025, filed on August 11, 2025. The beneficial ownership includes: * Dov Shiff: 1,533,529 shares with sole voting power and 1,601,446 shares with sole dispositive power, including 40,000 shares held by his spouse and 67,917 shares issuable upon exercise of options within 60 days. Shared voting and dispositive power includes 13,274,618 shares held by DZDLUX s.a.r.l. and 235,712 shares held by Shiff Group Assets Ltd., plus 40,000 shares convertible from a subordinated note. * Shiff Group Investments Ltd.: 40,000 shares with shared dispositive power (convertible note). * Shiff Group Assets Ltd.: 235,712 shares with shared voting and dispositive power. * DZDLUX s.a.r.l.: 13,274,618 shares with shared voting and dispositive power. Dov Shiff may be reached through: Dov Shiff, President and CEO c/o SKYX Platforms Corp. 2855 W. McNab Road Pompano Beach, Fla. 33069 Phone: (855) 759-7584 A full-text copy of Dov Shiff's SEC report is available at: https://tinyurl.com/mr3b77yw About SKYX Platforms Corp. Headquartered in Pompano Beach, Florida, SKYX Platforms Corp. develops advanced platform technologies focused on enhancing safety, quality, and ease of use in homes and buildings. With nearly 100 patents and pending applications, the Company's products are designed to improve safety and lifestyle in residential and commercial spaces. In 2023, Sky expanded by acquiring an online retailer specializing in home lighting, ceiling fans, and furnishings. The Company's technologies enable quick and safe installation of light fixtures and ceiling fans without the need to handle hazardous wires. In its report dated March 24, 2025, the Company's auditor, M&K CPAS, PLLC, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing the Company's accumulated deficit, negative cash flows from operations, and recurring net losses, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, SKYX reported total assets of $65.89 million, total liabilities of $56.83 million, and total equity of $4.05 million. As of June 30, 2025, the Company had $64.3 million in total assets, $58.7 million in total liabilities, and $689,939 in total stockholders' equity. SL GREEN: Fitch Alters Outlook on 'BB+' IDR to Positive ------------------------------------------------------- Fitch Ratings has affirmed SL Green Realty Corp.'s (SLG) Issuer Default Rating and the rating of its subsidiary, SL Green Operating Partnership, L.P., at 'BB+'. The Rating Outlook has been revised to Positive from Stable. SL Green Realty Corp.'s (SLG) ratings reflect Fitch's expectation that leverage will stabilize within the context of a relatively low unencumbered asset coverage of unsecured debt (UA/UD), which slightly improved in the last year. This is mitigated by SLG's credit strengths, including its comparatively strong, albeit geographically concentrated, high quality New York office portfolio with above-average occupancy rates, long-term leases to solid credit tenants. The Outlook revision to Positive is based on SLG's successful executions of asset dispositions and debt refinancings, demonstrating its improved liquidity capability and an expectation of a continued strengthening office operating environment. New York office leasing fundamentals, trends in UA/UD and overall leverage will be key factors in assessing the ratings. Key Rating Drivers Ongoing Relatively Low Unencumbered Coverage: Fitch estimates net UA/UD, calculated as unencumbered property net operating income (NOI) divided by a blended stressed capitalization rate of 7.5% for office and 12.25% for SUMMIT was 1.6x as of June 30, 2025, an increase from net UA/UD of 1.5x as of June 30, 2024. However, this is still below UA/UD net cash of 1.8x at YE 2019. UA/UD coverage of below 2.0x has historically constrained SLG's credit profile compared with similarly rated companies. Fitch excludes non-property unencumbered assets, including SLG's debt and preferred equity portfolio, from UA/UD calculations but incorporates the portfolio qualitatively. Therefore, Fitch believes SLG has lower financial flexibility through its unencumbered portfolio, with near-term UA/UD likely to remain below 2.0x. However, Fitch expects it to improve with the pay down of incremental unsecured debt and improving fundamentals. Improving Office Leasing Environment: During the pandemic, more employers adopted flexible hybrid work. Over the past year, in-office work has rebounded as companies implemented return-to-office plans. This has resulted in a stronger leasing environment, at least in New York City, which has recently recorded office visits above pre-pandemic levels, potentially leading to a stronger recovery in leasing and rent growth. The recovery in New York City office space has been somewhat muted in terms of rent growth, although concessions appear to have stabilized. Since the pandemic, higher-quality space, featuring modern amenities, sustainability features, and transit-oriented locations, has outperformed in leasing. This trend should benefit SLG and other REITs. Transition to Asset Management: SLG's transition toward an asset management model will make it increasingly difficult to grow UA/UD as the company is less likely to acquire new wholly owned unencumbered assets prospectively. This strategy shift increases risk due to greater anticipated joint venture (JV) use. The company may rely less on the unsecured debt market, which would result in reduced financial flexibility and capital access. Revenue growth from SUMMIT and the opportunistic debt fund diversifies revenue to some extent but also reduces revenue from contractual sources. Leverage Improving to Pre-Pandemic Levels: Fitch expects consolidated net debt/recurring operating EBITDA (REIT leverage) to subside around the low-6x level through the forecast period. This is driven by moderately improving property fundamentals and incremental income from delivery of ongoing development projects, such One Madison. Leverage has been somewhat volatile in recent years but has since stabilized as the company focused on debt paydown. Leverage was 7.2x in 2024 and 6.7x in 2023. Fitch believes recent dispositions and improving fundamentals will facilitate leverage sustaining at more historical, pre-pandemic levels. Above-Average Portfolio Quality: SLG's portfolio holds high-quality, primarily New York City office properties with above-average occupancy rates and rents, and long-term leases to solid credit tenants. SLG also owns and operates a street retail portfolio in key Manhattan shopping corridors, such as the Plaza District, SoHo and Times Square, and two residential assets. The tenant credit profile is strong, with minimal concentration. Top 10 tenants have healthy credit profiles, comprising about 23% of annualized revenues. The portfolio has stronger contingent liquidity than most other REITs. Midtown Manhattan assets remain in high demand by secured lenders and institutional investors. Asset Concentration and Joint Venture Risks: SLG holds asset concentration risk following a sell down of assets in recent years, resulting in decreased granularity, and increased JV risk. Its One Vanderbilt asset now represents 13.7% of annual rent at SLG's share. SLG aims to replicate development success at One Madison, which is one of its largest assets that was taken offline in 2020 to be redeveloped. This presents incremental lease-up risk. SLG maintains a 25.5% ownership stake in One Madison, after selling interests in the project in a JV partnership. The asset is projected to begin generating meaningful income in 2027 and is 78.1% pre-leased as of July 17, 2025. Peer Analysis SLG owns high-quality, primarily NYC office portfolios, with relatively high occupancy rates and long-term leases to solid-credit tenants. The company's New York-focused portfolio has better contingent liquidity from institutional lenders and investors than its peer, Corporate Office Properties Trust . Historically, the persistent strength and economic diversity of Manhattan and its high rents help to mitigate the geographic concentration risk. In the past, SLG has approached ground-up development more opportunistically, rather than as a key component of its operating strategy, although higher perceived risk-adjusted returns from development has somewhat altered this approach in recent years. Vornado Realty Trust is the most similar peer to SLG due to its predominant NYC office focus, although Vornado historically has more of a consolidated development pipeline, and SLG has had a secondary suburban component in the past (and retains one asset), while also maintaining a debt and preferred equity investment portfolio as well revenue from its SUMMIT observatory that opened in fall 2021. Fitch rates the IDRs of the parent REIT and subsidiary operating partnership on a consolidated basis, using the weak parent/strong subsidiary approach and open access and control factors, based on the entities operating as a single enterprise with strong legal and operational ties. Fitch applies 50% equity credit to the company's perpetual preferred securities given the cumulative nature of coupon deferral with settlement through a manner other than equity (cash). Certain metrics calculate leverage including preferred stock. No Country Ceiling or operating environment aspects affect the rating. Key Assumptions - Approximate flat to low-single digit same-store net operating income (SSNOI) decline in 2025, followed by low single digit SSNOI growth through the remainder of the forecast period, which is derived by an assumption of weighted average occupancy gain of 25bps in 2025, followed by occupancy gains of about 75-100 bps a year in 2026-2027 and low-single-digit releasing spreads increases a year; - Paydown of $100 million of consolidated unsecured debt in each of 2025 and 2026 from operating cash flows and dispositions; - Net dispositions of approximately $400 million in 2025; - Maintenance of current dividend. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of REIT leverage sustaining above 7.5x; - Fitch's expectation of UA/UD sustaining below 1.5x; - Fitch will evaluate the sensitivities and consider a downgrade if it expects material and lasting changes to the cash flow profile and financeability of the assets; - Fitch's expectation of a sustained liquidity coverage ratio below 1.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of REIT leverage sustaining below 6.5x; - Fitch's expectation of UA/UD sustaining at or above 2.0x; - Proven and consistent capital management commensurate with a higher rating. Liquidity and Debt Structure Fitch estimates SLG's sources of liquidity (cash, availability under its revolving credit facility, retained cash flow after dividends/distributions) cover uses (pro rata debt maturities, recurring capex, nondiscretionary development expenditures) by 1.8x for July 1, 2025 to Dec. 31, 2026, not including JV debt, as the company works through near-term maturities. The calculation does not assume SLG raises any external capital to repay debt maturities. Under a scenario where the company refinances 80% of maturing secured debt (not including JV debt), SLG's liquidity coverage also improves to 3.0x and 1.5x including JV debt. Overall, the company's weighted-average debt tenor is about 3.1 years not including extension options as of June 30, 2025. The company continues to address upcoming maturities through incremental asset dispositions, operating cash flow and refinancing of mortgages. Fitch believes the issuer's demonstrated access to a variety of capital sources over time mitigates refinancing risk. SLG's historically conservative common dividend policy supported its liquidity by allowing it to retain additional operating cash flow. The company's adjusted funds from operations pay-out ratio trended moderately below the industry average and was 50.4% for 2024, but was higher at 90.8% for the trailing 12 months ended June 30, 2025. Issuer Profile SL Green is a NYC-based office REIT holding interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments. Summary of Financial Adjustments - Fitch adds back noncash stock-based compensation to recurring operating EBITDA. - Fitch calculates certain metrics before preferred stock, including REIT leverage. - Fitch adds cash distributions from unconsolidated joint ventures and subtracts distributions to non-controlling interests to calculate operating EBITDA. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- SL Green Operating Partnership, L.P. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ junior subordinated LT BB Affirmed RR5 BB SL Green Realty Corp. LT IDR BB+ Affirmed BB+ preferred LT BB- Affirmed RR6 BB- SOLAR MOSAIC: Court Approves Chapter 11 Reorganization Plan ----------------------------------------------------------- Solar Mosaic, a fintech platform for U.S. residential solar and energy-efficient home improvements, announced that the United States Bankruptcy Court for the Southern District of Texas has approved its Chapter 11 Plan of Reorganization, which allows for the recapitalization of the loan servicing operation by Solar Servicing LLC, a wholly owned subsidiary of Forbright Bank, the Company's prepetition lender. The Reorganization Transaction is expected to close in the coming weeks, subject to customary closing conditions. Through the Plan and Reorganization Transaction, Mosaic's loan servicing business will continue to operate as normal, with Solar Servicing providing loan servicing to Mosaic's existing portfolio of loans. There are no changes to payment terms or schedules for borrowers. "We look forward to bringing on the experienced team from Mosaic as we see tremendous opportunity to grow the business and deliver exceptional and innovative solutions to customers nationwide," said Don Cole, Chief Executive Officer at Forbright Bank. As the Company works to complete the Reorganization Transaction, Mosaic continues to maintain its loan servicing operations, ensuring borrowers can continue to pay their loans as planned and that collections are remitted to loan owners. Additionally, the Company continues to work through next steps on open installer pipeline processing. Additional information regarding the Company's Chapter 11 process is available at https://cases.ra.kroll.com/MOSAIC. Stakeholders with questions can contact the Company's claims agent, Kroll by calling (833) 953-7040 (U.S./Canada) or +1 (646) 974-5614 (International) or emailing mosaicInfo@ra.kroll.com. Advisors Paul Hastings LLP is serving as legal counsel, BRG is serving as chief restructuring officer, Jefferies is serving as the investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Blank Rome LLP is serving as legal counsel and Huron Consulting Group is serving as financial advisor to Forbright Bank. About Forbright Bank Forbright is an FDIC-insured bank and commercial lender focused on helping to build a brighter future. Forbright is committed to exceptional client service by providing seamless, innovative personal banking services to depositors and creative financing solutions to middle market businesses and investors in healthcare, technology, financial services, real estate, and other industries. About Solar Mosaic Mosaic is an industry-leading fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient. On June 6, 2025, Mosaic Sustainable Finance Corporation and four affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90156). The cases are pending before the Honorable Christopher M. Lopez. The Company tapped Paul Hastings LLP as legal counsel, BRG for managing director Mark A. Renzi as chief restructuring officer, and C Street Advisory Group as strategic communications advisor. Kroll, formerly Prime Clerk LLC, is the claims agent. Blank Rome LLP is serving as legal counsel and Huron Consulting Group is serving as financial advisor to Forbright Bank. SOUTHERN COLONEL: Seeks 60-Day Extension of Plan Filing Deadline ---------------------------------------------------------------- Southern Colonel Homes, Inc. asked the U.S. Bankruptcy Court for the Southern District of Mississippi to extend its exclusivity period to file disclosure statement and plan for additional sixty days. The Debtor explains that it is not yet in a position to file a disclosure statement and plan of reorganization for a number of reasons. In order to file a meaningful plan and disclosure statement, the Debtor needs to prepare a cash flow, prepare and file its outstanding monthly operating reports and prepare and file its 2023 and 2024 tax returns. Moreover, without these documents, any plan and disclosure statement filed will need to be amended and/or supplemented which will needlessly increase the administrative fees and expenses in this case. Accordingly, the Debtor moves the Court for an order extending the Debtor's period of exclusivity within which to file its disclosure statement and plan for an additional 60 days from the date of an order granting this Motion and a concomitant extension within which to obtain confirmation of any plan that may be filed. Southern Colonel Homes, Inc. is represented: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 601 Renaissance Way, Suite A Ridgeland, MS 39157 Telephone: (601) 27-0048 Facsimile: (601) 427-0050 Email: cmgenocmgenolaw.com About Southern Colonel Homes, Inc. Southern Colonel Homes, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-50179) on February 10, 2025. In the petition signed by Randa Campbell-Pittman, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. Craig M. Geno, Esq., at LAW OFFICES OF GRAIG M. GENO, PLLC, represents the Debtor as legal counsel. First Bank, as lender, is represented by Jeff Rawlings, Esq. at Rawlings & MacInnis, P.A. SPECIALTY CARTRIDGE: Unsecured Creditors to Split $90K in Plan -------------------------------------------------------------- Specialty Cartridge, Inc., d/b/a Atlanta Arms filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement with respect to Plan of Reorganization dated September 4, 2025. The Debtor is engaged in the business of (i) manufacturing ammunition and ammunition related components such as projectiles and casings, and (ii) contract ammunition loading services for other manufacturers. The Debtor primarily operates at 9126 Industrial Blvd, Covington, GA 30014 (the "Facility"). Debtor occupies the Facility under lease dated September 10, 2024, with SWOF II Convoy 9126, LLC ("Facility Lessor"). On the Petition Date, Debtor also had equipment identified as a Formax 36M Stamping Machine, a Formax 36M-R Stamping Machine, and Jen Fab Hot Wash (collectively, with all attachments, tools, accessories, and parts, the "Arkansas Equipment") located at a contract manufacturing facility operated by Grandeur Fasteners at 18796 East State Highway 10, Danville, AR 72833 (the "Arkansas Facility"). The Arkansas Equipment was subject to a Master Lease Agreement #42094GA-111 with Schedules, by and between Debtor and BancFinancial, National Association, as agent for BancLeasing, LLC (the "Arkansas Equipment Lease"). The Debtor decided to sell the Arkansas Equipment, pay off the Arkansas Equipment Lease, and focus on its core business. This Chapter 11 case was filed to effect those goals. Class 2A consists of the Holders of Convenience Claims, defined as any Allowed Claim equal to or less than $5,000.00. Each Holder of an Allowed Convenience Claim will be paid the amount of its Allowed Claim on the Effective Date of the Plan, with interest from the Petition Date at the federal rate provided in Section 1961 of the Bankruptcy Code. Any Holder of an Allowed Unsecured Claim may elect to reduce its Claim to $5,000.00 and be treated as a Class 2A Convenience Claim. Class 2B consists of the Holders of General Unsecured Claims. Each Holder of an Allowed Class 2B Claim will receive a Pro Rata share of $90,000.00 beginning March 31, 2026, and continuing on the last day of every third month thereafter until paid in full, with interest from the Petition Date at the federal rate provided in Section 1961 of the Bankruptcy Code. Class 3 consists of the interests of Jason Koon, who will retain his 100% interest in Debtor. The Debtor will create a segregated Distribution Fund and will fund the Distribution Fund from Post-Confirmation operations. Debtor's management will continue to consist of Jason Koon, as CEO (salary - $3,175.00 per week) and Michael Hollar, as CFO (salary - $1,896.92 per week). Debtor will continue to maintain and pay the premiums for the health, dental and vision insurance for its employees through United Healthcare. The Debtor's obligation to fund the Distribution Fund as provided herein will cease upon payment in full of the Class 2B Claims as provided in the Plan. The funds in the Distribution Fund will be held in escrow for the sole and exclusive benefit of those parties entitled to Distributions therefrom. Upon payment in full of the Class 2B Claims, any remaining funds in the Distribution Fund will be disbursed to Debtor. A full-text copy of the Disclosure Statement dated September 4, 2025 is available at https://urlcurt.com/u?l=KkCYQe from PacerMonitor.com at no charge. Counsel to the Debtor: G. Frank Nason, IV, Esq. Lamberth, Cifelli, Ellis & Nason, PA 6000 Lake Forrest Drive, N.W., Suite 290 Atlanta, GA 30328 Telephone: (404) 262-7373 About Specialty Cartridge Inc. Specialty Cartridge, Inc., doing business as Atlanta Arms, manufactures precision ammunition for handguns and rifles. Based in Covington, Ga., the company supplies law enforcement agencies, military clients, and shooting sports professionals. It operates out of a 20,000-square-foot climate-controlled facility. Specialty Cartridge sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55193) on May 7, 2025. In its petition, the Debtor reported total assets of $15,065,301 and total liabilities of $8,137,719. G. Frank Nason, IV, Esq., at Lamberth Cifelli Ellis & Nason, PA is the Debtor's legal counsel. Pinnacle Bank, as secured lender, is represented by: Michael B. Pugh, Esq. Thompson, O'Brien, Kappler & Nasuti, P.C. 2 Sun Court, Suite 400 Peachtree Corners, GA 30092 Telephone: (770) 925-0111 Fax: (770) 925-8597 mpugh@tokn.com SPIRIT AIRLINES: Fitch Lowers LongTerm IDR to 'D' ------------------------------------------------- Fitch Ratings has downgraded Spirit Airlines' Long-Term Issuer Default Rating (IDR) to 'D' from 'CCC-'. Fitch has also downgraded Spirit IP Cayman Ltd.'s and Spirit Loyalty Cayman Ltd.'s senior secured debt to 'C' with a Recovery Rating of 'RR4' from 'CCC-'/'RR4'. In addition, Fitch has affirmed Spirit's 2017-1 class AA, 2017-1 class A, and 2015-1 class A certificates. These rating actions follow Spirit's most recent Chapter 11 bankruptcy filing. Key Rating Drivers Chapter 11 Bankruptcy Filing: Spirit announced on Aug. 28, 2025 that it had filed for Chapter 11 bankruptcy again, driving the downgrade of Spirit's IDR to 'D'. As part of the filing, Spirit announced its intention to implement a comprehensive operational and financial overhaul, enabling the airline to reduce its cost structure amid ongoing profitability pressures. This filing follows Spirit's emergence from Chapter 11 bankruptcy in March 2025, after which the company primarily focused on reducing its debt and raising equity capital to bolster liquidity. Fitch expects a longer restructuring timeline given the airline's pursuit of broad-based cost reduction and efficiency improvements. Spirit has assured customers that operations will continue as normal but still faces the risk that customers may opt to book with other carriers, thus accelerating the company's cash burn. Restructuring Process: Spirit aims to rightsize its fleet, focus on more profitable routes, and reduce its overall cost structure. Spirit said it continues to engage with its lessors, financial creditors, employees and other key stakeholders as it pursues a comprehensive operational and financial reorganization. Beyond its cost structure, post-bankruptcy profitability will depend in part on customer acceptance of its new product offerings along with sustained demand for leisure travel. Constrained Liquidity: The bankruptcy filing follows sustained weakness, including $473 million of operating cash outflow in the first half of 2025 and a drop in cash and equivalents of $407.5 million at 2Q from over $ 1 billion at year-end 2024. Spirit fully drew its $275 million revolver to fund operations and meet credit card collateral requirements, with the credit card processing agreement now extended until December 2027. It also raised $250 million in July from engine and spare parts sales. Given the burn rate, Fitch believes a breach of its minimum liquidity covenants was imminent. Restructuring Options May Be Limited: Fitch believes that the risk of liquidation is elevated following Spirit's second bankruptcy filing in the past year. The company has limited remaining assets to monetize, and ongoing operating losses, coupled with uncertainties around the sustainability of its business model, reduce the likelihood of additional creditor support. In a liquidation scenario, debt secured by Spirit's loyalty program may face significant impairment, as the asset's value is largely dependent on Spirit's ability to continue operating as a going concern (GC). EETCs 2017-1 Class AA/Class A Certificates: Fitch has affirmed Spirit's 2017-1 and 2015-1 class AA and A certificates. While Spirit has not publicly announced its intention to affirm these transactions through bankruptcy, these certificates continue to benefit from solid overcollateralization, supporting the current ratings. The class AA certificate rating is primarily driven by Fitch's top-down approach, which implies a 'AA-' rating. However, Spirit's IDR of 'D' caps the class AA certificates at 'A+' due to senior tranches that are precluded from reaching the 'AA' category under Fitch's EETC criteria if the underlying airline is rated 'B-' or lower. The ratings for the class A certificates for both the 2017-1 and 2015-1 transactions are derived through Fitch's top-down approach. Loan-to-values (LTVs) for both transactions continue to maintain a moderate level of cushion at the current rating category. Both also benefit from satisfactory levels of overcollateralization, with LTVs at 88.2% for the 2015-1 certificates and 90.2% for the 2017-1 certificates in Fitch's 'A' level stress scenario. Senior tranche ratings remain supported by strong market values for A320 and A321 CEO aircraft, which are trading 7.5% to 14% above the current base values used in Fitch's models. Peer Analysis EETC Ratings The class AA certificates and class A certificates rated in both of Spirit's EETC transactions are in line with other EETC class AA and A certificate ratings in Fitch's coverage. The level of overcollateralization and LTVs are consistent with similar-rated certificates. Key Assumptions Given Spirit's bankruptcy filing, Fitch's key assumptions focus on the EETC ratings. Within the rating case for the issuer, Fitch models a severe downside scenario in which Spirit rejects the collateral aircraft and they are remarketed during a severe slump in aircraft values. Fitch's models also incorporate a full draw on the liquidity facilities and include assumptions for repossession and remarketing costs. Recovery Analysis Fitch's recovery analysis assumes Spirit will be reorganized as a GC in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Fitch uses a GC EBITDA estimate of $220 million and a 5.0x multiple generating an estimated GC enterprise valuation (EV) of $990 million after accounting for administrative claims. The GC EBITDA estimate is equal to Fitch's forecast 2026 EBITDA for Spirit Airlines and incorporates improving margins from low levels experience in recent years as the company executes its turnaround plan. Spirit's 5x multiple is at the midpoint of the range typically utilized in historical airline and transportation bankruptcy cases which is driven by the company's potential growth over time, offset by profitability and competitive headwinds. Fitch ascribes a portion of Spirit's overall enterprise value to the loyalty program assets that secure the company's exit notes. The value is estimated utilizing stresses to historical program cash flows. Fitch assumes a lower multiple for loyalty program assets compared to the airline as a whole to reflect the risk of value degradation as the company undergoes further financial and operational restructuring. RATING SENSITIVITIES Rating sensitivities for Spirit's IDR are not applicable given the company's Chapter 11 filings. EETCs (Class AA and A Certificates) Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative rating actions could be driven by an unexpected decline in collateral values. Senior tranche ratings could also be affected by a perceived change in the affirmation factor. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The class AA and A certificate ratings are primarily based on a top-down analysis based on the value of the collateral. Upgrades may be driven by stable or increasing values for the A321 and A320 along with continued principal amortization leading to improved collateral coverage. An upgrade to the class AA certificates is unlikely, given Spirit's IDR is at 'D'. Issuer Profile Spirit Airlines, Inc. is a Florida-based ultra-low-cost air carrier. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Spirit Airlines Pass Through Trust Certificates Series 2017-1 senior secured LT A Affirmed A senior secured LT A+ Affirmed A+ Spirit Loyalty Cayman Ltd. senior secured LT C Downgrade RR4 CCC- Spirit IP Cayman Ltd. senior secured LT C Downgrade RR4 CCC- Spirit Airlines Pass Through Trust Certificates Series 2015-1 senior secured LT A Affirmed A Spirit Airlines, LLC LT IDR D Downgrade CCC- STS AVIATION: T. Rowe Marks $440,000 1L Loan at 34% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $440,000 loan extended to STS Aviation Group to market at $289,000 or 66% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to STS Aviation Group. The loan accrues interest at a rate of 9.30% per annum. The loan matures on October 8, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About STS Aviation Group STS Aviation Group, Inc. provides maintenance support services. The Company offers aerospace staffing, line maintenance, engineering, and aircraft component distribution services. STS Aviation Group serves customers in the United States. SUITECCENTRIC LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- SuiteCentric, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral to fund operations. The court order authorized the Debtor's interim use of cash collateral in accordance with its budget until the final hearing scheduled for October 3. The Debtor may exceed the total budget by up to 15% without court approval, if necessary. As adequate protection for the Debtor's use of their cash collateral, secured creditors JPMorgan Chase, N.A. and the U.S. Small Business Administration will be granted replacement liens on post-petition cash, accounts receivable and inventory, and the proceeds thereof. The replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. As of the petition date, the Debtor had $585 in its deposit accounts and $346,655 in accounts receivable, totaling $347,239 in available cash collateral. The Debtor identifies JPMorgan and the SBA as the primary secured creditors with claims on this collateral. JPMorgan and the SBA hold first-priority and second-priority rights, respectively. The total amount of the secured claims is $350,421. Meanwhile, two other creditors, LoanBuilder/PayPal and United First, LLC, hold lower-priority liens but no direct interest in the cash collateral. About SuiteCentric LLC SuiteCentric LLC is an Oracle NetSuite Solution Provider and member of NetSuite's Commerce Agency Program, delivers Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), SuiteCommerce Advanced, and related business module solutions. The Company provides implementation, support, customization, and development services, specializing in SuiteCommerce Advanced and ERP, and offers the SuiteAscent + SuiteSuccess bundle for small businesses. SuiteCentric serves clients across wholesale and distribution, retail and e-commerce, construction, health and beauty, manufacturing, software, apparel, food and beverage, and other industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12449) on September 3, 2025. In the petition signed by Adam Baruh, managing member, the Debtor disclosed $354,739 in assets and $1,455,558 in liabilities. Judge Timothy W. Dore oversees the case. Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as bankruptcy counsel. SUMMIT BEHAVIORAL: Pioneer Marks $910,093 1L Loan at 23% Off ------------------------------------------------------------ Pioneer Floating Rate Fund, Inc. has marked its $910,093 loan extended to Summit Behavioral Healthcare LLC to market at $705,322 or 77% of the outstanding amount, according to Pioneer's Form N-CSR for the fiscal year ended May 31, 2025, filed with the U.S. Securities and Exchange Commission. Pioneer is a participant in a First Lien Tranche B-1 Term Loan to Summit Behavioral Healthcare LLC. The loan accrues interest at a rate of 8.549% per annum. The loan matures on November 24, 2028. Pioneer is organized as a Maryland corporation. Prior to April 21, 2021, the Fund was organized as a Delaware statutory trust. On April 21, 2021, the Fund redomiciled to a Maryland corporation through a statutory merger of the predecessor Delaware statutory trust with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling. The investment objective of the Fund is to seek a high level of current income and the Fund may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its investment objective. Pioneer is led by Brendan McGovern as President and Chief Executive Officer and Jonathan Landsberg as Treasurer and Chief Financial Officer. The Company can be reach through: Brendan McGover 60 State Street, Boston, MA 02109 Telephone: (617) 742‑7825 About Summit Behavioral Healthcare LLC Summit Behavioral Healthcare LLC was established to develop and operate a network of leading behavioral health and addiction treatment centers throughout the country. SUNNOVA ENERGY: Wins Preliminary OK to Solicit Ch. 11 Plan Votes ---------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Thursday, September 11, 2025, said he was ready to let Sunnova Energy International Inc. move forward with voting on its Chapter 11 plan after the solar company agreed to revise third-party release terms in its disclosure statement. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNOCO LP: Fitch Assigns 'BB+' Rating on New Senior Unsecured Notes ------------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' rating with a Recovery Rating of 'RR6' to Sunoco LP's (SUN) proposed issuance of preferred equity and ascribed 50% equity credit to these instruments. Fitch has also assigned a 'BB+'/'RR4' rating to SUN's proposed issuance of senior unsecured notes. Proceeds are expected to be used to help finance SUN's acquisition of Parkland Corporation (not rated; Parkland) and to reduce borrowings outstanding under its revolving credit agreement. SUN's rating reflects its business line and geographic diversity, resilient cash flows, and strong leverage. This is weighed against volumetric risk on portions of the business that are not under minimum volume contracts or structurally exclusive. The Stable Outlook reflects Fitch's expectation for supportive fundamentals underlying the business. Fitch anticipates resilient demand for refined products across North America, continued crude oil production growth in the Permian Basin, and further increased demand for renewable fuels. Key Rating Drivers Good Business Mix and Geographic Diversity: SUN has good business line diversity, with approximately 50% of EBITDA coming from fuel distribution, 35% from its pipeline systems segment, and 15% from its terminals segment. These numbers do not include the pending Parkland acquisition. While SUN mainly offers services for motor fuels, crude oil and refined products, it also provides ammonia transportation and renewable fuel storage. The company has substantial operations in the U.S. Northeast, Gulf Coast, and Midwest, with some smaller operations on the West coast and in Europe and the Caribbean. Fitch believes the Parkland acquisition increases geographic diversity. Having business line and geographic diversity is a credit positive because it helps insulate SUN from idiosyncratic risks in certain businesses or regions. Resilient Cash Flows: In its fuel distribution segment, SUN's contract with 7-Eleven, Inc. has eight years remaining and ensures a fixed price for a set number of gallons annually. This base gallonage is 20% to 25% of the partnership's total run rate, which does not include the pending Parkland acquisition. The fuel distribution segment's value chain stretches from retail stores (where SUN is a lessor and occasionally a retailer) to its core wholesale operations, making for resilient margins. The product is a daily necessity for many Americans, and the value chain adjusts selling prices when volumes fall, as seen during the pandemic, to maintain gross margin dollar value. In the pipeline systems and terminals segments, EBITDA is made up of the following: take-or-pay contracts with largely high creditworthy or large private/international counterparties, fixed-fee contracts for the only pipelines into and out of location advantaged and highly utilized Valero Energy Corporation (BBB/Stable) refineries, and fixed-fee volume exposed contracts that are almost entirely exposed to Permian Basin crude oil dynamics. In volume exposed contracts, exposure to the Permian is somewhat mitigated because it is the U.S. basin with the lowest breakevens. Leverage Forecast: SUN was able to return to its long-term leverage target of 4.0x within approximately six months of the NuStar acquisition closing, which was quicker than its publicly targeted 12- to 18- month timeline. This is the same goal SUN has for its acquisition of Parkland. Fitch expects the Parkland acquisition to temporarily increase SUN's leverage and that leverage will remain within Fitch's previously set leverage sensitivity band. Fitch believes SUN's 4.0x long term-leverage target policy is important to its rating. SUN calculates its leverage using a net leverage, which generally leads to a lower leverage number than Fitch's figure. Fragmented Motor Fuel Distribution Sector: SUN is the largest independent distributor of motor fuels in the U.S, within a highly fragmented sector that includes both independents and non-independents. The company's operations in the sector span a broad spectrum, from being the bridge between credit card banks and SUN credit card customers to wholesaling to other wholesalers at its terminals. Fitch believes the sector will present new acquisition opportunities, and SUN has successfully integrated new acquisitions before. Fitch will monitor acquisition multiples and financing plans for any new deals the company pursues. Parent-Subsidiary Linkage: SUN's ratings reflect its Standalone Credit Profile with no express linkage to its parent company. Fitch believes Energy Transfer LP (ET; BBB/Stable), the general partner and owner of a meaningful minority stake in the limited partnership units, has the stronger credit profile of the two based on its size, scale, and geographic, operational and cash flow diversity. SUN's ratings do not receive uplift from the linkage due to weak strategic, operational and legal (e.g., cross-defaults) incentives to provide support. Rating Equalization: Following Fitch's "Parent-Subsidiary Linkage Criteria," the rating of NuStar Logistics, L.P.'s senior unsecured debt is equalized with that of SUN, given Fitch's determination of SUN as a strong parent with high legal incentives and medium strategic and operational incentives. SUN's debt assumption agreement on Logistics' unsecured notes is of high importance in Fitch's assessment. Peer Analysis SUN's closest peer is Plains All American Pipeline, L.P. (Plains; BBB/Stable). Within Fitch's coverage, SUN's combination of wholesale motor fuel distribution, pipeline systems and terminals segments makes it unique in Fitch's North American midstream energy coverage. Like SUN, Plains operates across many regions, covering all major production basins and most of the critical demand centers in the U.S. and Canada. Both SUN and Plains have similar scale, with annual EBITDA ranging from about $2 billion-$3 billion. About 20% of Plains' EBITDA comes from NGLs, while the remainder comes from a crude oil segment with a large Permian presence and an asset base spanning the entire crude oil midstream value chain. SUN's EBITDA largely comes from wholesale motor fuel distribution and crude oil and refined products terminals and pipelines. Both companies have fairly predictable cash flows. Plains has substantial operations in the strongest U.S. basin, while SUN sells a highly demanded product, gasoline, and also has some MVCs and structural exclusivity in its portfolio. Fitch expects Plains will have a 2025 leverage of approximately 3.2x, which close to its 3.25x-3.75x net leverage target. Over the forecast period, Fitch expects the Parkland acquisition to temporarily increase SUN's leverage and leverage to remain within Fitch's previously set leverage sensitivity band. Due to higher business risk and higher leverage, SUN is rated two notches below Plains. Key Assumptions Fitch's Key Assumptions within Its Rating Case for the Issuer Include: - Fitch's oil price deck, which bears, over the long term, a relationship to the price of motor fuels and production of crude and refined products; - Maintenance capex and growth capex generally in line with management's guidance; - Some small acquisitions in the wholesale motor fuel distribution segment; - Increasing distributions to unitholders; - Base interest rates in line with Fitch's Global Economic Outlook. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to be at or above 4.8x on a sustained basis; - Sustained deterioration in motor fuel margins; - An acquisition or pursuit of organic growth strategy that significantly increases business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage expected to be at or below 3.8x on a sustained basis; - A meaningful increase in the percentage of EBITDA coming from take-or-pay type contracts. Liquidity and Debt Structure SUN has a $1.5 billion unsecured revolving credit agreement that matures in June 2030. The nearest bond maturity is in June 2026. Fitch expects SUN's maturity schedule to be manageable over the forecast period. As of June 30, 2025, SUN had $116 million in cash and around $1.2 billion in revolver availability. SUN does not meaningfully use its revolver in the normal course of business. The revolving credit agreement requires the partnership to maintain a net leverage ratio below 5.5x and an interest coverage ratio above 2.25x. As of June 30, 2025, SUN was in compliance with its covenants, and Fitch believes that SUN will remain in compliance with its covenants through its forecast period. Issuer Profile SUN is a wholesale motor fuels distributor, provides pipeline transportation and storage of crude oil and refined products, and transports anhydrous ammonia. The company's assets are mainly located in the U.S., with some operations in Europe and the Caribbean. Summary of Financial Adjustments For unconsolidated investees, Fitch incorporates in EBITDA distributions from such entities, not equity-method income, nor pro-rata EBITDA. SUN's preferred shares receive 50% equity credit. 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 ----------- ------ -------- Sunoco LP senior unsecured LT BB+ New Rating RR4 preferred LT BB- New Rating RR6 SUNRISE FINANCIAL: Section 341(a) Meeting of Creditors on Sept. 29 ------------------------------------------------------------------ On September 9, 2025, Sunrise Financial LLC filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 29, 2025 at 08:30 AM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About Sunrise Financial LLC Sunrise Financial LLC, a single-asset real estate entity, holds its principal property at 144 E. Palmdale Blvd. in Palmdale, California. Sunrise Financial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17896) on September 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Giovanni Orantes, Esq. at THE ORANTES LAW FIRM, A.P.C. TAG ASSET: Seeks Chapter 7 Bankruptcy in Texas ---------------------------------------------- On September 10, 2025, TAG Asset Funding, LLC sought Chapter 7 protection in the Northern District of Texas bankruptcy court. The voluntary case shows the company holds liabilities exceeding $1 billion. The debtor also reported 25,001 to 50,000 creditors. About TAG Asset Funding LLC TAG Asset Funding LLC is a limited liability company. TAG Asset Funding LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33492) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities more than $1 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TC SIGNATURE: T. Rowe Marks $14.4MM 1L Loan at 58% Off ------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $14,483,000 loan extended to TC Signature Holdings, LLC to market at $6,083,000 or 42% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to TC Signature Holdings, LLC. The loan accrues interest at a rate of 11.25% per annum. The loan matures on May 4, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About TC Signature Holdings, LLC TC Holdings, LLC operates as a holding company. The Company, through its subsidiaries, TC Holdings operates in the United States. THG ACQUISITION: T. Rowe Marks $1.6MM 1L Loan at 93% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,671,000 loan extended to THG Acquisition, LLC. to market at $116,000 or 7% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to THG Acquisition, LLC. The loan accrues interest at a rate of 9.08% per annum. The loan matures on October 31, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About THG Acquisition, LLC THG PLC is a global e-commerce group headquartered in Manchester, UK, operating through two leading consumer businesses: THG Beauty and THG Nutrition. THG ACQUISITION: T. Rowe Virtually Writes Off $3.3MM 1L Loan ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $3,341,000 loan extended to THG Acquisition, LLC . to market at $90,000 or 3% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to THG Acquisition, LLC. The loan accrues interest at a rate of 8.83% per annum. The loan matures on October 31, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About THG Acquisition, LLC THG PLC is a global e-commerce group headquartered in Manchester, UK, operating through two leading consumer businesses: THG Beauty and THG Nutrition. RSC Acquisitions, Inc., doing business as Rex Supply Company, supplies industrial tools. THUNDER BUYER: 26North Marks $390,000 1L Loan at 23% Off -------------------------------------------------------- 26North BDC, Inc. has marked its $390,000 loan extended to Thunder Buyer Inc. to market at $290,000 or 77% of the outstanding amount, according to 26North's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. 26North is a participant in a First Lien Senior Secured Delayed Draw Term Loan to Thunder Buyer Inc. The loan accrues interest at a rate of 9.074%% per annum. The loan matures on October 17, 2030. 26North BDC, Inc. is incorporated under the laws of the State of Maryland and was formed on October 13, 2022. The company established 26N DL Funding 1 LLC as a wholly-owned direct subsidiary, whose assets are used to secure Financing SPV's credit facility. Financing SPV is incorporated under the laws of the State of Delaware and was formed on August 4, 2023. The Company's investment objective is to generate current income and, to a lesser extent, capital appreciation. The Company invests primarily in directly originated senior secured loans to middle market companies domiciled in the United States. 26North is led by Brendan McGovern as President and Chief Executive Officer and Jonathan Landsberg as Treasurer and Chief Financial Officer. The Company can be reach through: Brendan McGover 26North BDC, Inc. 600 Madison Avenue, 26th Floor New York, NY 10022 Telephone: (212) 224-0626 About Thunder Buyer Inc. Thunder Buyer Inc.is engaged in the distribution of life sciences tools and services in the U.S. TOCO HOLDINGS: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: Toco Holdings, L.L.C. 7324 SW Freeway, Suite 1900 Houston, TX 77074 Business Description: Toco Holdings, L.L.C., based in Houston, Texas, operates in the investment management sector, focusing on stock holdings. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-35378 Judge: Hon. Alfredo R Perez Debtor's Counsel: T. Josh Judd, Esq. ANDREWS MYERS, P.C. 1885 Saint James Place, 15th Floor Houston, TX 77056 Tel: 713-850-4200 Fax: 832-786-4877 E-mail: JJudd@andrewsmyers.com Total Assets as of September 10, 2025: $6,624,642 Total Liabilities as of September 10, 2025: $50,000 The petition was signed by Andrew J. Segal as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HGYJJSA/Toco_Holdings_LLC__txsbke-25-35378__0001.0.pdf?mcid=tGE4TAMA TRICOLOR AUTO: Prosecutors Probe Co. for Alleged Fraud ------------------------------------------------------ Kevin Kingsbury of Bloomberg Law reports that federal prosecutors have launched an investigation into Tricolor over suspected fraud following the company's recent bankruptcy filing, according to sources familiar with the matter. The subprime auto lender, which specialized in serving undocumented immigrants in the U.S. Southwest, did not explain the cause of its collapse in Wednesday's, September 10, 2025, court petition. Meanwhile, banks are examining whether the same collateral was pledged to multiple warehouse credit lines, a practice that could leave lenders facing losses in the hundreds of millions of dollars, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites 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. TURNER PAVING: Jarrod Martin Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed Jarrod Martin, Esq., a practicing attorney in Houston, as Subchapter V trustee for Turner Paving & Construction, Inc. Mr. Martin will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Martin declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jarrod B. Martin, Esq. 1200 Smith Street, Suite 1400 Houston, TX 77002 Phone: 713-356-1280 Email: JBM.Trustee@chamberlainlaw.com About Turner Paving & Construction Turner Paving & Construction, Inc. is a construction company that serves as general contractor for property owners and developers to provide excavation, concrete paving, and site preparation services. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-32996) on May 29, 2025. At the time of the filing, the Debtor estimated assets of between $500,001 to $1 million and liabilities of between $500,001 to $1 million. Judge Jeffrey P. Norman oversees the case. Lewis Brisbois Bisgaard & Smith, LLP is Debtor's legal counsel. TYBER MEDICAL: T. Rowe Marks $1.7MM 1L Loan at 65% Off ------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $1,719,000 loan extended to Tyber Medical LLC to market at $605,000 or 35% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Tyber Medical LLC. The loan accrues interest at a rate of 9.32% per annum. The loan matures on June 12, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Tyber Medical LLC Tyber Medical, LLC is an orthopedic device manufacturer providing rapid access to portfolio enhancing, regulatory approved, orthopedic implants. UPSTREAM NEWCO: Pioneer Marks $2.1MM 1L Loan at 23% Off ------------------------------------------------------- Pioneer Floating Rate Fund, Inc. has marked its $2,140,414 loan extended to Upstream Newco, Inc. to market at $1,646,336 or 77% of the outstanding amount, according to Pioneer's Form N-CSR for the fiscal year ended May 31, 2025, filed with the U.S. Securities and Exchange Commission. Pioneer is a participant in a First Lien August 2021 Incremental Term Loan to Upstream Newco, Inc. The loan accrues interest at a rate of 8.791% per annum. The loan matures on August 20, 2026. Pioneer is organized as a Maryland corporation. Prior to April 21, 2021, the Fund was organized as a Delaware statutory trust. On April 21, 2021, the Fund redomiciled to a Maryland corporation through a statutory merger of the predecessor Delaware statutory trust with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling. The investment objective of the Fund is to seek a high level of current income and the Fund may, as a secondary objective, also seek capital appreciation to the extent that it is consistent with its investment objective. Pioneer is led by Brendan McGovern as President and Chief Executive Officer and Jonathan Landsberg as Treasurer and Chief Financial Officer. The Company can be reach through: Brendan McGover 60 State Street, Boston, MA 02109 Telephone: (617) 742‑7825 About Upstream Newco, Inc. Upstream Newco, Inc. provides rehabilitation services. The Company offers mental and physical rehabilitation services. URBAN DISCOVERY: S&P Lowers 2024 Bond Rating to 'B', Outlook Pos. ----------------------------------------------------------------- S&P Global Ratings lowered its rating on the California School Finance Authority's tax-exempt and taxable series 2024 charter school revenue bonds, issued for Fourteenth Street Holdings LLC and Russ Boulevard Holdings LLC on behalf of Urban Discovery Academy (UDA), to 'B' from 'B+'. The outlook is negative. The downgrade reflects S&P's view of the school's continued weakening in financial performance metrics, including a large deficit in fiscal 2024 and another expected for fiscal 2025, which has led to lease-adjusted maximum annual debt service (MADS) coverage well below 1.0x for two consecutive years, and an expected violation of the series 2024 bond debt service coverage covenant requirement in fiscal 2025 based on management's preliminary unaudited results. S&P said, "We believe UDA is affected by demographic pressures in its service area in San Diego, resulting in large enrollment declines in recent years. Management attributes the decreases to pandemic-driven migration from the service area, causing an increasingly competitive landscape for students in its market. We view this as an elevated social capital risk that could further pressure enrollment, though management has indicated it is revamping its marketing strategy and increasing programming offerings to stabilize enrollment and further anticipates enrollment rebounding in the near term." S&P Global Sustainable1 data show that San Diego County, relative to other locations nationally, faces elevated exposure to seismic activity and wildfire risks. S&P said, "In our view, based on UDA's location, the elevated exposure to seismic risk could pose future challenges to the school's existing infrastructure, which could become material to our view of creditworthiness. However, we believe this risk is partially mitigated by strong state building codes. Although the region is exposed to elevated wildfire risks, we believe this is mitigated by UDA's urban location. Consequently, we consider the physical risk exposure as neutral in our credit rating analysis." S&P views governance factors as neutral in its credit rating analysis. S&P said, "The negative outlook reflects our view that there is at least a one-in-three chance we could lower the rating within the one-year outlook period if the school does not meet enrollment targets leading to continued deficit operating margins, lease-adjusted maximum annual debt service (MADS) coverage below 1.0x, or declines in the school's liquidity position. "UDA's management has requested that S&P Global Ratings withdraw its rating on the school. As per our policy, we are reviewing our existing rating before we withdraw it. The rating will be withdrawn shortly after this report is published. "We could take another negative rating action with further deterioration of the school's enrollment profile, including enrollment levels that lag projections, if UDA's financial performance remains weakened relative to budgeted expectations or if days' cash on hand (DCOH) continues to weaken below current levels. We would also view any additional debt plans negatively given the school's already elevated debt position. "We could revise the outlook to stable if UDA achieves its enrollment targets such that operating performance is positive and in line with budgeted expectations, reflecting improved lease-adjusted MADS coverage and annual debt service coverage in line with required covenants, while maintaining liquidity at least in line with current levels." US MAGNESIUM: Court Rejects DIP Rollup Over Environmental Fight --------------------------------------------------------------- Alex Wittenberg of Law360 reports that on Friday, September 12, 2025, a Delaware bankruptcy judge denied US Magnesium's bid to roll up about $3 million in existing debt, siding with Utah's objection that the move would improperly secure a lender with liens on unencumbered assets. The judge found the record insufficient to justify approving the rollup at this early stage of the Chapter 11 case. 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 MAGNESIUM: Deadline for Panel Questionnaires Set for Sept. 18 ---------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of US Magnesium LLC. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/n8mahskf and return by email it to Jane M. Leamy -- Jane.M.Leamy@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Thursday, September 18, 2025, at 4:00 p.m. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About 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 reported 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. USIC HOLDINGS: T. Rowe Marks $2.5MM 1L Loan at 68% Off ------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $2,546,000 loan extended to USIC Holdings Inc. to market at $827,000 or 32% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to USIC Holdings Inc. The loan accrues interest at a rate of 9.83% per annum. The loan matures on September 10, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About USIC Holdings Inc. USIC Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides damage prevention, cross-bore mitigation, geospatial, gas and water, managed, and public utility services. USIC Holdings serves customers in the United States. USIC HOLDINGS: T. Rowe Marks $5.3MM 1L Loan at 55% Off ------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $5,365,000 loan extended to USIC Holdings Inc. to market at $2,426,000 or 45% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to USIC Holdings Inc. The loan accrues interest at a rate of 9.58% per annum. The loan matures on September 10, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About USIC Holdings Inc. USIC Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides damage prevention, cross-bore mitigation, geospatial, gas and water, managed, and public utility services. USIC Holdings serves customers in the United States. VENUS CONCEPT: Madryn Grants Liquidity Waivers, Extends Bridge Loan ------------------------------------------------------------------- Venus Concept Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 31, 2025, the Company, Venus Concept USA, Inc., a wholly-owned subsidiary of the Company, Venus Concept Canada Corp., a wholly-owned Canadian subsidiary of the Company, and Venus Concept Ltd., a wholly-owned Israeli subsidiary of the Company ("Venus Israel" and together with the Company, Venus USA and Venus Canada, the "Loan Parties"), entered into a Consent Agreement with lenders Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP. The Consent Agreement granted relief under the Loan and Security Agreement (Main Street Priority Loan), dated December 8, 2020, among the Lenders, as lenders, and Venus USA, as borrower (the "MSLP Loan Agreement"), such that (i) certain minimum liquidity requirements under the MSLP Loan Agreement are waived through September 30, 2025. Nineteenth Bridge Loan Amendment: On August 31, 2025, the Loan Parties entered into a Nineteenth Bridge Loan Amendment Agreement with the Lenders. The Nineteenth Bridge Loan Amendment amended that certain Loan and Security Agreement, dated April 23, 2024, among Venus USA, as borrower, the Company, Venus Canada and Venus Israel, as guarantors, and the Lenders, as lenders (as amended from time to time, the "Bridge Loan"), to extend the maturity date of the Bridge Loan from August 31, 2025 to September 30, 2025. Notes Consent Agreement: On August 31, 2025, the Loan Parties entered into a Consent Agreement with and Lenders (the "Notes Consent Agreement). The Notes Consent Agreement granted relief under those certain secured subordinated convertible notes issued by the Company in favor of the Lenders, dated March 31, 2025, such that (i) certain minimum liquidity requirements under 2025 Notes are waived through September 30, 2025. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $63.09 million in total assets, $60.31 million in total liabilities, and $2.33 million in total stockholders' equity. VEON LTD: Beneficially Owns 89.6% of Kyivstar Group --------------------------------------------------- VEON Ltd. and VEON Amsterdam B.V. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of August 14, 2025, they beneficially own 206,942,440 common shares, par value $0.01 per share, of Kyivstar Group Ltd., representing approximately 89.6% of the company's outstanding shares. The beneficial ownership includes: * VEON Amsterdam B.V.: 206,942,440 shares with shared voting and dispositive power; no sole voting or dispositive power. * VEON Ltd.: 206,942,440 shares with shared voting and dispositive power; no sole voting or dispositive power. VEON Amsterdam B.V. may be reached through: Kaan Terzioglu / Maciej Wojtaszek, Directors Claude Debussylaan 88 Amsterdam 1082 MD, The Netherlands VEON Ltd. may be reached through: Vitaly Shmakov, Acting Group General Counsel Index Tower (East Tower), Unit 1703 Dubai International Financial Centre (DIFC) United Arab Emirates A full-text copy of VEON Ltd.'s SEC report is available at: https://tinyurl.com/35sz5nyf About Veon Ltd. VEON is a digital operator strategically positioned across six frontier markets: Bangladesh, Kazakhstan, Pakistan, Ukraine Uzbekistan and Kyrgyzstan (currently classified as held for sale). The Company delivers comprehensive telecommunications and digital services (including voice, fixed broadband, data and cloud services) through local brands that resonate with each market's unique digital landscape, including our "Kyivstar," "Banglalink," "Toffee" and "Jazz" brands. VEON operates across six countries that are home to more than 7% of the world's population. The company's digital operator strategy focuses on delivering services beyond traditional mobile and fixed connectivity, and expands into digital financial services, entertainment, healthcare, education and digital enterprise services. As of December 31, 2024, the Company had $8 billion in total assets, $6.8 billion in total liabilities, $28 million in liabilities associated with assets held for sale, and a total equity of $1.3 billion. Melville, New York-based UHY LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has been negatively impacted and will continue to be negatively impacted by the consequences of the war in Ukraine, and has stated that these events or conditions indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Company's ability to continue as a going concern. VERENDA 2021: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------- On September 10, 2025, Verenda 2021 LLC filed Chapter 11 protection in the Southern District of Texas. 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. About Verenda 2021 LLC 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. Verenda 2021 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-80423) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Joyce Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. VILLAGES HEALTH: Court OKs CenterWell Bid in Bankruptcy Sale ------------------------------------------------------------ The Villages Health, the trusted healthcare system for The Villages retirement community in Florida, today announced that the United States Bankruptcy Court for the Middle District of Florida approved a winning asset bid for CenterWell Senior Primary Care to acquire TVH's assets as a going concern following the system's filing for Chapter 11 Bankruptcy restructuring in early July 2025. CenterWell is the nation's largest senior-focused, value-based primary care provider. The transaction is expected to close in the fourth quarter of 2025, subject to certain customary closing conditions. Bob Trinh: "We are excited to move into the final stage of the sale process with CenterWell, a healthcare provider whose patient model aligns so closely to ours," said Bob Trinh, Chief Executive Officer of The Villages Health. "We expect a seamless transition for our patients and employees." Upon closing of the transaction, the assets of TVH, including its eight primary care centers and two specialty care centers serving over 55,000 patients in The Villages, will become part of CenterWell, the healthcare services business of Humana Inc. Given CenterWell's payor-agnostic structure, TVH patients are expected to have continued access to their current health insurance provider following the closing of the transaction, regardless of their selected insurance plan. "We are pleased that the Court has approved CenterWell's bid for the assets of The Villages Health. We look forward to successfully completing the transaction and working together to help TVH patients achieve their best health through our personalized and integrated approach to care," said Sanjay Shetty, M.D., President of CenterWell. "CenterWell's patient-centered approach ensures that our community will continue to be provided with the best healthcare offerings possible," said Dr. Elliot Sussman, Chairman of the Board and physician founder of The Villages Health. "We here at TVH have no doubt that, under CenterWell, our community will continue to receive the world-class and holistic healthcare they have come to enjoy since TVH's inception." "We are extremely grateful for the patience and understanding of our employees and patient population as we underwent these standard yet lengthy proceedings over the summer," Trinh added. "We know the waiting period has been challenging for those affected by the initial announcement." As part of TVH's voluntary Chapter 11 reorganization filing in July, CenterWell entered into a "stalking horse" Asset Purchase Agreement with TVH. The agreement provided for CenterWell to acquire TVH's assets after the conclusion of the competitive auction. On September 9, the Court approved CenterWell's submission of the winning bid. The Court's decision provides the necessary approval for TVH and CenterWell to proceed with the transaction sale process. TVH is known for providing patient-focused healthcare to residents of North Central Florida, The Villages, and surrounding communities, and TVH's medical providers have been fixtures in their communities and trusted healthcare providers to their patients for the past 13 years. TVH currently provides essential care to its patients--many of whom are beneficiaries of Medicare and Medicare Advantage plans. About CenterWell CenterWell is a leading health care services business focused on creating integrated and differentiated experiences that put our patients at the center of everything we do. The result is high quality healthcare that is accessible, comprehensive, and, most of all, personalized. As the largest provider of senior-focused primary care, a leading provider of home healthcare, and a leading integrated home delivery, specialty, hospice, and retail pharmacy, CenterWell is focused on whole health and addressing the physical, emotional and social wellness of our patients. CenterWell is part of Humana Inc. (NYSE: HUM). Learn more about what we offer at CenterWell.com. About The Villages Health ("TVH") The Villages Health (TVH) is a leading healthcare provider in North Central Florida, offering comprehensive primary and specialty care through a collaborative, team-based approach. In addition to primary care, TVH delivers specialized services in audiology, behavioral and mental health, cardiology, dietetics, endocrinology, gastroenterology, gynecology, interventional pain management, neurology, podiatry, rheumatology, and urology. To learn more, visit thevillageshealth.com. The Village Health sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04156) on July 3, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Elizabeth A. Green at Baker & Hostetler LLP. VORNADO REALTY: Fitch Alters Outlook on 'BB+' IDR to Positive ------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) for Vornado Realty Trust (VNO) and Vornado Realty, LP at 'BB+'. The Rating Outlook has been revised to Positive from Stable. Fitch has also affirmed VNO's preferred stock at 'BB-' with a Recovery Rating of 'RR6'. VNO's ratings reflects elevated leverage in recent years, with an expected reduction towards pre-pandemic levels over the near to intermediate term. The company holds a strong competitive position in high-quality Manhattan assets and very good access to institutional mortgage debt and private equity capital. Its New York City portfolio appears past the trough, with improving leasing and financing conditions and expected occupancy gains. The Positive Outlook reflects Fitch's expectation that VNO will operate with leverage below its sensitivities over the ratings horizon, supported by debt paydown and potentially stronger leasing and occupancy gains. Key Rating Drivers Improving NYC Office Leasing Environment: Despite broader adoption of hybrid work since the pandemic, in-office work in New York City rebounded over the past year as employers implemented return to office (RTO) plans. This has strengthened office leasing conditions. Office visits recently exceeded pre-pandemic levels, which could support a stronger prospective recovery in leasing and rent growth. However, New York City's office space recovery remains muted on rent growth, although concessions appear to have stabilized. Since the pandemic, higher quality space, featuring modern amenities, sustainability features and transit-centric locations, has outperformed in leasing. This trend should benefit VNO and REITs in general. Solid Contingent Liquidity: New York City's superior commercial real estate (CRE) market has mitigated VNO's market concentration risk. New York City is the largest and most diverse office market in the U.S. and its CRE has contingent liquidity due to institutional lender and investor demand for quality. VNO's New York-centric portfolio is diversified by CRE type, as retail is about 20% of NOI (19% overall). Its interests in Chicago's THE MART and 555 California Street in San Francisco provide diversification and was 20% of office NOI at 2Q25. Fitch estimates VNO's gross unencumbered assets to unsecured debt (UA/UD) at about 2.8x (compared to 1.8x at the prior review), based on a direct capitalization approach of its annualized 2Q25 unencumbered NOI, using a 7.5% stressed, through-the-cycle capitalization rate. Fitch usually views 2.0x UA/UD coverage as the standard threshold for investment-grade REITs. On an unsecured debt net of cash basis, UA/UD is 6.6x at 2Q25 (compared to 2.7x at the prior review). VNO's UA/UD coverage is supported by high asset quality, less use of unsecured debt and strategy of placing higher loan-to-value ratios on encumbered properties. Expected Reduction in Leverage: VNO's REIT leverage (net debt/recurring operating EBITDA) was slightly above its sensitivities in 2024 at 8.3x, after the mid-7x range in the prior two years (7.6x in 2023; 7.5x in 2022). Fitch expects a renewed focus on debt repayment and dispositions, along with lease commencements from signed and expected leases, to reduce leverage and sustain below 7x starting in 2025, having come down to 6.6x at 2Q25. Fitch also expects further portfolio stabilization and incremental NOI from PENN 2 to drive further deleveraging, with leverage expected to be around the low-6x range by 2027. Better Quality Portfolio: VNO wholly owns and has interests in high-quality, primarily New York City office properties with above peer-average occupancy rates and rents with long-term leases to solid credit tenants. It owns and operates a large street retail portfolio in key, supply-constrained Manhattan shopping corridors. It generates 84% of its NOI from New York and 16% from select class A offices in Chicago and San Francisco at 2Q25. It has long weighted-average leases, minimizing rollover risk. Its tenant credit profile is strong with moderate concentration. Working Through Sizable Debt Maturities: VNO has a reasonably well-laddered maturity profile. Entering 2025, 92% of consolidated debt was scheduled to mature through 2028, but VNO has made considerable progress, addressing 21% of that amount YTD through paydowns and refinancings. Fitch expects VNO to recast the $800 million term loan and $1.25 billion revolving credit facilities due in 2027. Fitch views liquidity as sufficient to cover near-term maturities and expects VNO to refinance mortgages and allocate anticipated disposition proceeds and operating cash flow to the unsecured June 2026 maturity and other debt repayment. Complex Structure Reduces Visibility: VNO's business complexity remains above average despite streamlining efforts and increased financial reporting. VNO's active (re)development platform and considerable use of joint ventures (JVs) challenge cash flow forecasting and liquidity requirements. VNO has disposed of considerable non-core assets in recent years. This has included the sale of ownership stakes in shares of other publicly traded REITs, Lexington Realty Trust, Urban Edge Properties, Pennsylvania REIT and the spinoff of JBG Smith. Modest Development Risk: VNO has an active development pipeline. However, it has completed most of the capex on its current projects, lowering execution risk. The company's unfunded commitments totaled 0.3% of gross assets at June 30, 2025. The company has taken steps to manage its development risk, including using JV equity and lease-up of assets prior to construction completion. The company maintains adequate liquidity, underpinned by $1.2 billion of cash and $1.56 billion available under its committed $2.17 billion unsecured revolving credit facilities as of June 30, 2025. However, some of the cash is prospectively earmarked for redevelopment projects. Peer Analysis VNO owns and controls a concentrated portfolio comprising primarily high-quality office and street retail assets in Manhattan with strong access to institutional mortgage debt and private equity capital. VNO is a large and established REIT, well known to equity investors but less active in the public unsecured bond market, due to its greater acceptance and strategic use of secured mortgage debt. VNO's solid ratio of unencumbered assets to net unsecured debt and leverage provide additional credit protection. VNO's New York-focused portfolio benefits from stronger contingent liquidity from institutional lenders and investors than REIT peer Corporate Office Properties Trust, though leverage is higher. Manhattan's historical strength, economic diversity, relatively higher rents, and strong institutional demand mitigate this concentration risk. SL Green Realty Corp. (SLG) is VNO's closest peer given its predominantly New York City office focus. However, SLG historically had greater exposure to secondary/suburban assets and maintains a debt and preferred equity investment portfolio. Fitch assigns the IDRs of the parent REIT and subsidiary operating partnership on a consolidated basis, using the weak parent/strong subsidiary approach and open access and control factors, based on the entities operating as a single enterprise with strong legal and operational ties. Fitch applies 50% equity credit to the company's perpetual preferred securities given the cumulative nature of coupon deferral with settlement through a manner other than equity (cash). Certain metrics calculate leverage including preferred stock. Key Assumptions - Low single-digit organic growth increase in 2025, followed by low single digit decline in organic growth, which is driven by reduction in ongoing income from 770 Broadway after renewal of lease that include a large up front component. This is followed by low to mid-single digit organic growth in 2027, based on low single-digit rent spreads and recovering occupancy of about 150bp in 2027. - VNO funds remaining Penn District redevelopment project costs; - Fitch assumes the substantial proportion of PENN 2 delivery of NOI at the beginning of 2027; - No incremental debt and equity issuance other than for refinancing secured mortgages. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of REIT leverage (net debt to recurring operating EBITDA) sustaining above 8.0x; - Fitch's expectation of UA/UD sustaining below 1.5x; - Fitch will evaluate sensitivities and consider any revisions if there are any expectations of material and lasting changes to the cash flow profile and financeability of the assets; - Fitch's expectation of a sustained liquidity coverage ratio below 1.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of REIT leverage (net debt to recurring operating EBITDA) sustaining below 7.0x; - Fitch's expectation of more consistent leverage and financial flexibility; - Fitch's expectation of UA/UD sustaining at or above 2.0x. Liquidity and Debt Structure VNO's sources of liquidity (cash, availability under its revolving credit facility and retained cash flow after dividends/distributions) cover its uses (pro rata debt maturities, recurring capex and non-discretionary development expenditures) by 1.7x for July 1, 2025 through Dec. 31, 2026. Fitch's liquidity analysis incorporates upcoming maturities, including 606 Broadway, 888 Seventh Avenue and One Park Avenue after accounting for recent refinancings of 4 Union Square South and Penn 11. This reflects VNO's good access to a variety of capital sources over time, which greatly mitigates refinancing risk in Fitch's view. VNO's liquidity coverage improves to 2.7x under a scenario where the company refinances 80% of maturing pro rata secured debt. In addition, this liquidity incorporates the assumption of VNO's funding of redevelopment costs and maintenance capital expenditures by the end of 2026. As of June 30, 2025, VNO had adequate availability under two separate revolvers totaling $2.17 billion. Since 3Q20, $575 million has been drawn on one of the two revolvers Issuer Profile Vornado Realty Trust is a New York-based equity REIT primarily focused on Manhattan office properties, and, to a lesser extent, street retail properties. It owns, acquires, develops and manages assets, including select Class A offices in San Francisco and Chicago. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Vornado Realty Trust LT IDR BB+ Affirmed BB+ Preferred LT BB- Affirmed RR6 BB- Vornado Realty, LP LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ VRS BUYER: S&P Assigns 'B-' Rating on Senior Secured Debt --------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to VRS Buyer Inc.'s $732.5 million first-lien term loan and $75 million delayed-draw term loan. The '3' recovery rating reflects its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a hypothetical default. VRS Buyer Inc. does business as Liquid Tech Solutions. S&P believes the company's proposed refinancing of its existing first-lien debt maturing in 2032 and conversion of its revolving credit facility into an asset-based lending (ABL) revolver (unrated) will largely be credit-neutral. S&P said, "The 'B-' issuer credit rating and stable outlook are unchanged. The ratings reflect Liquid Tech's sizable leverage increase following the incremental debt raise that partially funded Wind Point Partners' investment in the company. We believe there is a path for deleveraging if the company demonstrates a track record of a conservative financial policy under the new sponsor, and it successfully integrates Velocity Rail Solutions." Issue Ratings--Recovery Analysis Key analytical factors -- Pro forma for the proposed refinancing transaction, the company's capital structure will include a $125 million ABL revolver (assuming $15.7 million is drawn), a $10.3 million truck loan, a $732.5 million senior secured first-lien term loan due 2032, a $75 million senior secured delayed-draw term loan due 2032, and a privately placed $150 million second-lien term loan. -- VRS Buyer is the borrower under the credit facilities. The direct and indirectly wholly owned subsidiaries guarantee the debt. -- The first-lien term loan is secured by a lien on substantially all assets and a 100% pledge of the stock of the borrower, the subsidiary guarantors, and each existing and subsequently acquired or organized direct or indirect material wholly owned domestic subsidiary, along with a 65% pledge of the stock of any foreign subsidiaries. S&P assumes the liens account for substantially all our distressed emergence enterprise value. -- S&P's simulation contemplates a default stemming from a sharp decline in economic activity, a failure to manage the cost base and optimize routes, intense price competition, poor acquisition integration, and execution missteps. These result in a loss of customers, profitability, and overall business prospects. -- S&P values the company on a going-concern basis using an enterprise value methodology to gauge recovery prospects. It believes Liquid Tech Solutions would likely reorganize in our default scenario due to its established relationships with suppliers and customers as well as its nationwide footprint. Simulated default assumptions -- Simulated year of default: 2027 -- EBITDA at emergence: About $107 million -- Implied enterprise valuation multiple: 5.5x -- Gross enterprise value: About $586 million Simplified waterfall -- Net enterprise value (after 5% administrative costs and senior secured lender recoveries): About $557 million -- Priority claims: $77 million -- Recovery expectations for priority claims: N/A -- Total first-lien debt claims: About $837 million -- Recovery range: 50%-70% (rounded estimate 55%) W.D. TOWNLEY: To Sell TPM Property to Striker Creek for $2.7MM -------------------------------------------------------------- W.D. Townley Lumber Co. Inc., d/b/a Townley Lumber Co. (TPM), and its affiliates seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear from liens, claims, interests, and encumbrances. The Debtors own interests in approximately 945.9 acres of real property located in Rusk County, Texas. The Property consists of approximately 897.504 acres to be surveyed out of approximately 945.9 acres of real property in Rusk County, Texas, and is more particularly described on Exhibit 2-B and Exhibit 1. The Debtors and the purchaser, Striker Creek Ranch, LLC, enter into a purchase agreement, which indicate the sale of the Debtor's interest in the surface only of the TPM Property, save and except approximately 37.173 acres for a purchase price $2,750,000.00, subject to higher or better offers. The Debtors believe that an expeditious sale of the Property to a financially sound third-party, such as the Purchaser, will allow the Debtor to advance the administration of the Debtor's bankruptcy estate, assure recoveries to all creditors of the estate of the Debtor, and provide the estate with sufficient funds to pay any and all taxes associated with the sale of real property of the estate. The Debtors have been working with the Purchaser for several months to come to terms on the sale of the Property. A prompt sale of the Property will move the Debtor's case towards a more certain conclusion and reduce further expenses of the bankruptcy estate without affecting the core assets of the Debtor's business. The Debtors are headquartered in Henderson, Texas where they conduct their lumber milling operations. Townley Lumber mills lumber for construction of pallets. TPM owns the real property upon which milling operations are conducted. TLC Transportation hauls pallets by the truckload to customer locations. Townley Lumber is owed by Billy Joe Townley and his daughter, Aleigh Townley, and owns one hundred percent of TPM which in turn owns one hundred percent of TLC. The lienholders of the Property are Cherokee Title Company, Regions Bank, and Greater Texas Capital Corporation. The Debtors believe that the Purchaser's offer should be accepted as a "stalking horse offer," and the Purchase Price, $2,750,000.00, less any deposit, is to be paid in cash at closing. To ensure that the bankruptcy estate receives the maximum purchase price for the Property, the Debtors seek approval of Bidding Procedures, which will enable the TPM to solicit higher or better offers for the Property and conduct an auction if higher or better offer(s) is/are received. -- The Purchase price is $2,750,000.00, all cash. -- Deposit. $5,000.00 paid within five business days of execution of the Purchase Agreement. The Purchase Agreement provides that upon the Purchaser's termination of the Purchase Agreement in accordance with the Purchase Agreement, the Deposit will be returned to the Purchaser. Further TPM and Striker have agreed that TPM will pay the Purchaser a break-up fee in an amount equal to 3% of the Purchase Price, or $82,500.00, representing the Purchaser's reasonable expenses incurred in acting as the stalking horse bidder; provided, however, that the Break-up Fee shall only be due in the event of a sale of the Assets that actually closes and funds with a purchase price at least $50,000.00 above the Purchase Price plus Break0up Fee to a Successful Bidder other than the Purchaser or its designees or affiliates. The Break-up Fee of $82,500.00 would be payable within two business days of closing of the sale of the Property to the Successful Purchaser, and until paid will be allowed as an administrative claim. At the Auction, and subject to the Bidding Procedures, all Qualified Bidders will be allowed to bid on the Property. TPM, in consultation with Regions Bank and SBA, will determine the highest or best bid or bids for the Property with the goal of maximizing the net value to the Debtors’ estates. About W.D. Townley and Son Lumber Company, Inc. W.D. Townley and Son Lumber Company Inc. and affiliates operate a lumber milling business. Townley Lumber processes lumber used for pallet construction. TPM owns the property where the milling operations take place. TLC Transportation transports pallets in truckloads to customer locations. W.D. Townley and Son Lumber Company Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-41053) on March 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Joseph Fredrick Postnikoff, Esq. at ROCHELLE McCULLOGH, LLP. WEABER INC: Hit by Large Fire Month After Chapter 11 Filing ----------------------------------------------------------- Grace Miller of Local 21 News reports that a major fire erupted at Weaber Lumber's headquarters in Mt. Wilson late Monday evening, occurring just over a month after the company entered bankruptcy proceedings. Public records show that Weaber, Inc. filed for Chapter 11 on August 1, 2025. In July 2025, the company had also filed a WARN notice announcing that 145 employees at its Keystone Drive distribution center would face layoffs between July 26 and September 9, 2025. The fire was reported around 10 p.m. Monday, September 8, 2025, and took more than eight hours to contain, with crews from multiple counties working through the night. Firefighters used over a million gallons of water to bring the flames under control by Tuesday morning. The cause of the fire has not yet been determined, and Pennsylvania State Police are investigating, according to the Lawn Fire Company's fire chief, according to Local 21 News. Weaber has long been recognized as a key player in the hardwood industry. Established in 1941 by Walter H. Weaber, the company has grown from a small local mill into one of the nation's top hardwood manufacturers, with its website highlighting its decades of experience and national reputation, the report states. 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. Weaber Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI AND ASTIN. WEBER-STEPHEN PRODUCTS: Moody's Rates New 1st Lien Term Loan 'B3' ----------------------------------------------------------------- Moody's Ratings assigned a B3 rating to Weber-Stephen Products LLC's (Weber Blackstone) proposed $1,300 senior secured first lien term loan B due 2032. Weber Blackstone's other ratings remain unchanged including the B3 Corporate Family Rating, B3-PD Probability of Default Rating, and the B3 rating on the company's existing senior secured first lien credit facilities. The outlook is stable. Moody's expects to withdraw the B3 rating on the company's existing first lien credit facilities upon the closing of the refinancing transaction and the repayment of these debt obligations. Weber Blackstone plans to use the proceeds from the proposed $1,300 million first lien term loan B due 2032 and revolver borrowings to refinance its existing long term debt outstanding of approximately $1,344 million. The company anticipates that a new $425 million asset based lending (ABL) revolver due 2030 will have $44 million borrowings outstanding at close. The proposed refinancing is leverage neutral and extends Weber Blackstone's debt maturity profile with no meaningful debt maturity until 2030, other than the 1% annual term loan amortization. The refinancing transaction follows the company's May 2025 acquisition of Blackstone Products (Blackstone), which was funded entirely with equity, using proceeds from a cash equity contribution from its merchant bank financial sponsor BDT & MSD Partners (BDT & MSD), as well as rollover equity from Blackstone's existing shareholders. The Blackstone acquisition meaningfully increased the company's revenue, earnings scale, and product assortment, adding a well-recognized brand in the niche and fast-growing outdoor griddle category. Still, risks to Weber Blackstone's business remain elevated given the discretionary nature of its products and the increased tariff costs. For the fiscal 3Q-2025 period (ending June 2025) Blackstone standalone reported materially lower revenue and EBITDA, as retail customers meaningfully reduced orders in response to increased and evolving tariff costs and in anticipation of the company's supply chain migration plans out of China. The weaker Blackstone operating performance more than offset good operating results at Weber standalone during the same period. Moody's anticipates that consumer demand headwinds and retail reordering pressures at Blackstone will persist at least through calendar 2025. As a result, Moody's estimates that Weber Blackstone's debt/EBITDA leverage will remain high at around 6.5x as of the fiscal year ending September 2025. Moody's anticipates Blackstone's sizable earnings base combined with Weber's recovering earnings will support good positive annual free cash flow generation over the next 12-18 months. Moody's expects substantial charges related to restructuring, costs savings and operational initiatives that pressured Weber's earnings and free cash flow generation over the last year to decline meaningfully over the next 12 months. As a result, Moody's projects that the company's debt/EBITDA leverage will improve to under 6.0x and Moody's projects annual free cash flow of at least $90 million over the next 12-18 months. However, there is uncertainty around the sustainability of the combined company's earnings and cash flows as softer consumer discretionary spending due to the cumulative effect of high inflation and weaker economic outlook will dampen demand for the company's products. Also, there are downside risks that Weber Blackstone's supply chain migration plans will not fully mitigate the increased tariff costs and that actions such as price increases may result in volume declines in a pressured consumer environment. Additionally, risks to Weber Blackstone's business remain elevated given the high earnings seasonality centered around the grill selling season in the spring and summer months. Consumer demand could meaningfully deteriorate during the selling season given the currently high uncertainty from slower economic growth and tariffs, which could exacerbate the potential decline in profitability. RATINGS RATIONALE Weber Blackstone's B3 CFR broadly reflects its narrow product focus in the somewhat mature and discretionary outdoor grills product category, customer concentration, and high seasonality that creates business volatility and meaningful working capital needs. The discretionary nature of outdoor grills and related accessories exposes the company to cyclical changes in consumer discretionary spending. Moody's estimates that Weber Blackstone's debt/EBITDA leverage will remain high amid a challenging operating environment at around 6.5x as of fiscal year ending September 2025, and pro forma for the Blackstone acquisition. The company sources a material percentage of its products from China and other Asian countries, exposing its supply chain to manufacturing issues affecting the region, including tariffs. Moody's expects that demand headwinds from weaker consumer discretionary spending and increased tariffs cost will negatively impact demand. Weber Blackstone has high customer concentration, and its earnings and cash flows are highly seasonal, centered around the spring and summer months. Weber Blackstone's rating also reflects its sizable annual revenue scale of around $2 billion, and its leading position within the outdoor grills category, bolstered by the Blackstone acquisition. The company benefits from its good brand recognition, good geographic diversification, and an established e-commerce business. Moody's projects Weber Blackstone's debt/EBITDA will sequentially improve to under 6.0x over the next 12-18 months supported by Weber's stable earnings recovery and as transaction and restructuring charges meaningfully decline. Moody's assumes in the ratings that Weber Blackstone will leverage Weber's existing manufacturing facilities, production capacity and supply relationships in the US, Poland, and Southeast Asia to help adjust sourcing and partially mitigate the increased tariff cost. The company's adequate liquidity is supported by good availability under the ABL revolver pro forma for the refinancing, and Moody's expectations for positive annual free cash flow of at least $90 million over the next 12-18 months. BDT & MSD's liquidity injections and the full equity funding of the Blackstone acquisition demonstrate strong ongoing financial support by the company's sponsor. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Weber Blackstone's adequate liquidity and global manufacturing and sourcing capabilities provide some financial flexibility and sourcing alternatives to navigate the challenging operating environment and tariffs over the next year. The ratings could be upgraded if the company demonstrates a track record of organic revenue growth alongside EBITDA margin expansion and generates consistently good free cash flow on an annual basis including good reinvestments. A ratings upgrade would also require the company to sustain debt-to-EBITDA below 6.0x and maintain good liquidity with ample revolver availability, and Moody's expectations of financial policies that support credit metrics sustained at the above levels. The ratings could be downgraded if the company's revenue and EBITDA deteriorate due to factors such as weaker consumer discretionary spending, lower volumes, tariff costs, or supply chain disruptions, or if EBITDA minus capital expenditures to interest is below 1.0x. The ratings could also be downgraded if liquidity deteriorates for any reason including negative free cash flow on an annual basis, or limited revolver availability. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of 100% of closing date consolidated EBITDA and 100% of consolidated EBITDA plus unused amounts from the general debt and reallocated baskets, plus unlimited amounts subject to the first lien net leverage ratio not exceeding the greater of the pro forma ratio at closing date and in the case of a permitted acquisition or investment, not to exceed the ratio prior to incurrence of such debt. There is an inside maturity sublimit up to the greater of 50% of closing date consolidated EBITDA and 50% of consolidated EBITDA as of the latest test period. The credit agreement is expected to align with the document precedent and contain "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries and protective provisions restricting an up-tiering transaction, however, these provisions are not included in the draft terms at present. Amounts up to 100% of unused capacity from the general investment, unrestricted subsidiary investment and cumulative credit baskets as well as any available capacity under the restricted payment or restricted debt payment covenants may be reallocated to incur debt. Headquartered in Palatine, Illinois, Weber-Stephen Products LLC (Weber Blackstone) is a global manufacturer, marketer and distributor of barbecue grills and accessories. Weber Blackstone annual revenue for the last 12 months (LTM) period ending June 30, 2025 is around $2 billion pro forma for the Blackstone acquisition, and its largest market is the Americas. Following the May 2025 Blackstone acquisition the company is majority owned by its merchant bank financial sponsor BDT & MSD Partners, with Blackstone prior shareholders owning a minority stake. The principal methodology used in this rating was Consumer Durables published in September 2021. WELLMADE FLOOR: Gets Court Approval for Sept. 23 Auction -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia approved the bidding procedures for the sale of any portion, or all, of the assets of Wellmade Floor Coverings International Inc. and its debtor-affiliates, free and clear of liens, claims, interest, and encumbrances. Objections to the sale, if any, must be filed no later than 4:00 p.m. (prevailing Eastern Time) on Sept. 19, 2025. The deadline for Qualified Bidders to submit a binding Qualified Bid is Sept. 19, 2025 at 4:00 p.m. (prevailing Eastern Time). In the event that the Debtors receive two or more Qualified Bids by the Bid Deadline for the same Assets (in whole or in part), the Debtors intend to conduct an Auction to determine the highest or otherwise best bid with respect to the Assets. The Auction shall commence at 10:00 a.m. (prevailing Eastern Time) on Sept. 23, 2025, at the offices of Greenberg Traurig, LLP, Terminus 200, 3333 Piedmont Road, NE, Suite 2500, Atlanta, Georgia 30305, or such other place as determined by the Debtors, and continue thereafter until completed. The Sale Hearing shall be conducted by the Court on Sept. 29, 2025 at 10:00 a.m. (prevailing Eastern Time), or on such other date as the Court may direct. According to the Troubled Company Reporter on Aug. 11, 2025, the Debtors said the goal of the chapter 11 cases is to consummate a sale of the Debtors' assets that will maximize recoveries for the Debtors' estates and allow the Debtors' business to continue as a going concern. The Debtors retained Hilco Corporate Finance as their investment banker to conduct an extensive and comprehensive marketing process for a sale of the Debtors as a going concern. The Debtors, together with Hilco, launched the Marketing Process in May 2025 and contacted approximately 100 potential buyers, which included a broad range of potential strategic and financial buyers. The Debtors believe that the sale process, with the benefit of the additional postpetition marketing process proposed herein, will be of sufficient length and breadth to reach the full universe of parties likely to be interested in the Debtors' Assets given the Debtors' liquidity and time constraints. The Debtors have entered into the Stalking Horse Agreement with AHF IC, LLC as the stalking horse bidder with the purchase price of $40,000,000. The Stalking Horse Purchase Agreement is not conditioned on financing or the completion of additional due diligence. Furthermore, under the terms of the Stalking Horse Purchase Agreement and the proposed Bidding Procedures, the Debtors will solicit competing bids and, in the event the Debtors receive another qualified bid, conduct an efficient and fair auction of their business to determine whether any other higher and better offers can be obtained. A Sale is the only option that will enable the Debtors to preserve the value of their assets, maintain their business operations for the benefit of vendors, service providers and customers, ensure that most employees will be able to keep their jobs, and maximize the recoveries for the Debtors' estates. In connection with the Stalking Horse Purchase Agreement, the Debtors have agreed to provide certain bid protections to the Stalking Horse Bidder, in the form of a break-up fee equal to $600,000 as set forth in the Stalking Horse Purchase Agreement and an expense reimbursement of up to $400,000 (Bid Protection). The break-up fee and expense reimbursement will be due and payable to a Stalking Horse Bidder only in the event an Alternative Transaction (as such term is defined in the Stalking Horse Purchase Agreement) is consummated and the Stalking Horse Bidder is otherwise not in material breach of the Stalking Horse Purchase Agreement. Ultimately, the Stalking Horse Purchase Agreement maximizes the value of the Debtors' Assets and will yield the best outcome for stakeholders by preserving jobs for employees' and a viable business for continued relations with vendors and service providers. Copies of the Motion, the Bidding Procedures Order, the Bidding Procedures, and other case documents can be obtained free of charge (i) on the case website maintained by the Debtors' claims and noticing agent, Kurtzman Carson Consultants, LLC d/b/a Verita Global, at https://www.veritaglobal.net/wellmade or (ii) upon written request to counsel to the Debtors. About Wellmade Floor Coverings International Wellmade Floor Coverings International, Inc., manufactures and distributes hard-surface flooring products, including bamboo, hardwood, and vinyl. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-58764) on Aug. 4, 2025. In the petition signed by David Baker, chief restructuring officer, Wellmade disclosed between $50 million and $100 million in assets and between $10 million and $50 million in liabilities. Judge Sage M. Sigler oversees the cases. John D. Elrod, Esq. and Allison J. McGregor, Esq., at Greenberg Traurig, LLP, represent the Debtor as bankruptcy counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims, noticing, solicitation, and administrative agent. SummitBridge National Investments VIII, LLC, as DIP lender, is represented by Rountree, Leitman, Klein & Geer, LLC AHF IC, LLC, as pre-bankruptcy lender, is represented by King & Spalding, LLP. WOLFSPEED INC: Court Confirms Plan, Paving Way to Exit Chapter 11 ----------------------------------------------------------------- Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technologies, announced on September 8, 2025, that the Company has received Court approval of its Plan of Reorganization. Wolfspeed expects to emerge from Chapter 11 protection in the next several weeks. Upon emergence, Wolfspeed expects to reduce its debt by approximately 70%, better positioning the Company to execute on its strategic priorities with a relentless focus on innovation. "We are pleased to reach this important milestone, which clears the path for us to complete our restructuring process in the coming weeks," said Robert Feurle, Chief Executive Officer of Wolfspeed. "We believe that strengthening our capital structure will help us to shape Wolfspeed into a leader in its industry, and we look forward to emerging with the financial flexibility to move swiftly on our strategic priorities and reinforce our leadership in silicon carbide. I would like to thank our talented team for their continued focus and hard work, our customers and vendors for their ongoing cooperation, and the lending group who supported our Plan of Reorganization." For additional information regarding the restructuring, please visit Wolfspeed's dedicated microsite at wolfspeedforward.com. Information about Wolfspeed's Chapter 11 case can be found at https://dm.epiq11.com/Wolfspeed or by contacting Epiq, the Company's claims agent, at (888) 818-4267 (for toll-free U.S. calls) or +1 (971) 606-5246 (for tolled international calls). Advisors Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor to Wolfspeed and FTI Consulting is serving as restructuring advisor to Wolfspeed. 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. 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. WORLDWIDE MACHINERY: Case Summary & 30 Top Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Worldwide Machinery Group, Inc. 2200 Post Oak Blvd., Suite 1000 Houston TX 77056 Business Description: Worldwide Machinery Group, Inc., founded in 1949 and headquartered in Houston, Texas, provides heavy equipment for the construction, mining, pipeline, and renewable energy industries. The Company offers new and used machinery for sale, lease, and long-term rental, including dozers, excavators, motor graders, pipelayers, crawler carriers, and support trucks, along with parts and service. It operates across the United States with international locations in Mexico, Germany, Australia, Peru, and Italy, and maintains representation in Russia, India, and China. Chapter 11 Petition Date: September 11, 2025 Court: United States Bankruptcy Court Southern District of Texas Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Worldwide Machinery Group, Inc. (Lead) 25-90379 Worldwide Machinery GP, LLC 25-90380 Worldwide Machinery, Ltd. 25-90381 Worldwide Operating, Inc. 25-90382 Judge: Hon. Christopher M Lopez Debtors' Counsel: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston Texas 77002-4403 Tel: (713) 496-9700 Email: charles.koster@whitecase.com AND Roberto Kampfner, Esq. Patrick Wu, Esq. WHITE & CASE LLP 555 South Flower Street, Suite 2700 Los Angeles, California 90071 Tel: (213) 620-7700 Email: rkampfner@whitecase.com patrick.wu@whitecase.com AND David M. Turetsky, Esq. Samuel P. Hershey, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Tel: (212) 819-8200 Email: david.turetsky@whitecase.com sam.hershey@whitecase.com AND Fan B. He, Esq. Kristin Schultz, Esq. WHITE & CASE LLP 200 South Biscayne Boulevard, Suite 4900 Miami, Florida 33131 Tel: (305) 371-2700 Email: fhe@whitecase.com kristin.schultz@whitecase.com Debtors' Financial Advisor: PALADIN MANAGEMENT GROUP Debtors' Claims & Noticing Agent: STRETTO Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million The petitions were signed by Scott Avila as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/33GSWEY/Worldwide_Machinery_Group_Inc__txsbke-25-90379__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Caspian Capital LP Loan $70,913,328 10 E. 53rd Street, 35th Floor New York, NY 10022 Dominick Cromartie and Richard Roman Tel. (212) 826-6970 Email: dominick@caspianlp.com rroman@caspianlp.com 2. Wagner Equipment Trade Debt $1,375,327 18000 E. Smith Road Aurora, CO 80111 Brian Rindels Tel. (303) 739-3041 Email: rindels_brian@wagnerequipment.com 3. Beard Transport LLC Trade Debt $274,291 205 N Kinney Ave Mt. Pleasant, MI 48858 Will Schwartz Tel. (989) 600-2268 Email: wschwartz@beardtransport.com 4. Holt Company – DEN Trade Debt $245,484 1000 E Rochelle Blvd Irving TX 75062-3940 John Burke Tel.: (210) 648-8900 Email: john.burke@holtgrp.com 5. Lumen Level 3 Trade Debt $180,591 Communications, LLC PO Box 910182 Denver, CO 80291-0182 Billing Dept Tel. (877) 453-8353 Email: billing@lumen.com 6. Jones Day Trade Debt $153,723 717 Texas, Suite 3300 Houston, TX 77002-2712 Mirna Garcia Tel.: (832) 239-3801 Email: mirnagarcia@jonesday.com 7. James River Equipment Trade Debt $148,723 11047 Leadbetter Road Ashland, VA 23005 Mary Boxley Tel. (804) 798-6001 Email: mboxley@jamesriverequipment.com 8. Porter Hedges LLP Trade Debt $137,320 1000 Main Street, 36th Floor Houston, TX 77002 La Tanya S Ancrum Tel.: (713) 226-6549 Email: lancrum@porterhedges.com 9. 4 Rivers Equipment Trade Debt $120,340 PO Box 913509 Denver, CO 80291-3509 Sabina Mondragon Tel.: (303) 430-6571 Email: sabina.mondragon@4riversequipment.com 10. Brotherhood Technical Trade Debt $109,385 Services Co. PO Box 32272, Building No. 8439 Al Faisaliyah, Dammam 31431 Saudi Arabia Belal Tawfiq Tel. +966 9 (9) 9999 9999 Email: info@btech-sa.com 11. Amerisure Mutual Insurance Trade Debt $93,885 26777 Halsted Road Farmington Hills, MI 48331 Nicole Kaminski Tel. (800) 257-1900 Email: nkaminski@amerisure.com 12. Carrolls Creek Transport Trade Debt $92,000 9504 Highway 82 East Duncanville, AL 35456 Jamey Green Tel. (866) 897-4848 Email: jamey@cctran.com 13. Twisted G Enterprises Trade Debt $84,120 PO Box 298 Keenesburg, CO 80643 Bryan Gurule Tel.: (720) 737-9643 Email: bryan@twisted-g-enterprises.com 14. Oracle America, Inc. Trade Debt $66,900 PO Box 405874 Atlanta, GA 30384-5874 Megan Napier Tel. (248) 530-5148 Email: megan.napier@bofa.com 15. AKD N.V. Trade Debt $53,391 Wihelminakade 1 3072 AP Rotterdam The Netherlands Angelique Kempenaars Tel.: +31 88 253 5338 Email: akempenaars@akd.nl 16. Trinity Logistics, Inc Trade Debt $52,775 550 Vandalia Street, Suite 125 St. Paul, MN 55114 Sara Cummings Tel. (800) 753-1048 Email: trinity12@trinitylogisticsmn.com 17. Altus Growth Partners Trade Debt $51,604 3833 Ruette San Raphael San Jose, CA 92130 Dan Winter Tel. (408) 896-7751 Email: dwinter@altusgrowth.com 18. HEAVYQUIP Trade Debt $46,517 6301 Northwind Parkway Hobart, IN 46342 Ginny Mims Tel. (601) 760-7013 Email: gmims@heavyquip.com 19. Warren Cat – HOU Trade Debt $42,905 P.O. Box 842116 Dallas, TX 75284-2116 Sara Drainer Tel.: (432) 571-4213 Email: sara.drainer@warrencat.com 20. ACV Freight LLC Trade Debt $40,900 301 N. Main Street, Suite 700 Wichita, KS 67202 Greg Thompson Tel.: (316) 461-0574 Email: greg@acvfreight.com 21. UNI International, Trade Debt $36,770 America Corp 100 Corey Avenue St. Petersburg, FL 33706 Joseph Schulte Tel.: (727) 360-2844 Email: joseph@uniinternational.com 22. Riggs Cat Trade Debt $36,613 PO Box 1399 Little Rock, AR 72203-1399 Annette Pennington Tel.: (501) 570-3229 Email: annettep@jariggs.com 23. Weinstein Spira & Co., P.C. Trade Debt $35,372 3773 Richmond Avenue, Suite 900 Houston, TX 77046 Andy Dube Tel.: (713) 622-7000 Email: ajd@weinsteinspira.com 24. Southern Tire Mart Trade Debt $33,606 Dept. 143 PO Box 1000 Memphis TN 38148-0143 Laura Scutt Tel.: (801) 374-2800 Email: laura.scutt@stmtires.com 25. Senergy Petroleum, LLC Trade Debt $31,317 1470 N. Home Street Gilbert, AZ 85233 Sandi Higginson Tel.: (480) 733-4246 Email: sandi.higginson@gosenergy.com 26. Shamrock Equipment Service, LLC Trade Debt $26,361 PO Box 1399 Krum, TX 76249 Katelyn Bland Tel.: (940) 245-0986 Email: kbland@shamrockequipment.net 27. Airgas USA, LLC - Trade Debt $26,104 Central Division PO Box 1152 Tulsa, OK 74101 Carrie Dodson Tel.: (918) 551-4766 Email: carrie.dodson@airgas.com 28. WEX Bank Trade Debt $25,504 PO Box 639 Portland, ME 04104-0639 Customer Service Tel.: (888) 774-4939 Email: correspondence@wexinc.com 29. Machinery Supply Trade Debt $21,680 1001 Park Terrace Ct Roanoke, TX 76262 Ryan Winslow Tel.: (806) 474-8018 Email: rywinslow@icloud.com 30. Elite Fleet Solutions Trade Debt $21,600 17709 US 380 Ponder, TX 762559 Parker Patton Tel.: (940) 367-2259 Email: parker@elitefleetsolutionsllc.com WORLDWIDE MACHINERY: Seeks Chapter 11 Bankruptcy w/ $100MM Debt --------------------------------------------------------------- Vince Sullivan of Law360 reports that Worldwide Machinery Group Inc., a construction equipment sales and rental firm, filed for Chapter 11 protection in Texas late Thursday, September 11, 2025, disclosing in initial court papers that it owes at least $100 million. About Worldwide Machinery Group Inc. Worldwide Machinery Group Inc. is a construction equipment sales and rental company. Worldwide Machinery and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90379) on September 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey, Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq., Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White Case LLP. WYNN RESORTS: Macau Unit Completes $1B 5.50% Notes Redemption ------------------------------------------------------------- Wynn Resorts Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 2, 2025 (September 3, 2025 Hong Kong time), Wynn Macau, Limited, an indirect subsidiary of Wynn Resorts, Ltd. with its ordinary shares of common stock listed on The Stock Exchange of Hong Kong Limited, filed with the HKSE an announcement that WML has redeemed in full all of the outstanding $1 billion aggregate principal amount of 5.50% Senior Notes due 2026, issued by WML, in accordance with the terms and conditions of the Indenture to the 2026 Notes. Wynn Resorts owns approximately 72% of WML's ordinary shares of common stock. The Redemption Announcement is available at https://tinyurl.com/yvz3ymwx 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. YA INTERMEDIATE: T. Rowe Marks $2.9MM 1L Loan at 81% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,933,000 loan extended to Ya Intermediate Holdings II, LLC to market at $557,000 or 19% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Ya Intermediate Holdings II, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on October 1, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ya Intermediate Holdings II, LLC Ya Intermediate Holdings refers to a subsidiary or holding company associated with YA Group, an international professional services organization specializing in forensic consulting and engineering. YA INTERMEDIATE: T. Rowe Marks $6.1MM 1L Loan at 90% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $6,108,000 loan extended to Ya Intermediate Holdings II, LLC to market at $586,000 or 10% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended June 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Ya Intermediate Holdings II, LLC. The loan accrues interest at a rate of 8.99% per annum. The loan matures on October 1, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Fund invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Fund primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Fund may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ya Intermediate Holdings II, LLC Ya Intermediate Holdings refers to a subsidiary or holding company associated with YA Group, an international professional services organization specializing in forensic consulting and engineering. YARA TEST: Seeks Subchapter V Bankruptcy in New Jersey ------------------------------------------------------ On September 10, 2025, Yara Test LLC filed Chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports between $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Yara Test LLC 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. Yara Test LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-19461) on September 10, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Stevens, Esq. at SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA LLP. YOAKUM INDEPENDENT: S&P Affirms 'BB' Underlying Rating on GO Bond ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' underlying rating (SPUR) on Yoakum Independent School District, Texas' general obligation (GO) debt outstanding. The outlook is stable. S&P said, "We view as the district's governance risk as elevated based on management's inability to strategically develop and execute a cohesive plan to restore budgetary balance. We also view climate transition factors as elevated due to the district's economic reliance on the petrochemical industry, which heightens its vulnerability to potential shifts to renewable energy initiatives that could lead to long-term economic stagnation; at this time, the district does not have sufficient reserves that could offset and aid stability to its finances for this transition risk. We view the district's social factors as neutral. "The stable outlook reflects our expectation that the district's cash and reserve position will not improve or deteriorate significantly from current levels, and that its budgetary imbalance will persist within our outlook horizon. "We could lower the rating if the district's financial or liquidity position deteriorates significantly, pressuring the district's ability to meet its financial obligations and debt service. "We could raise the rating if the district is able to balance operations, while improving its general fund cash and reserve levels." ZEN JV LLC: Deadline to File Claims Set for Sept. 15, 2025 ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware set Sept. 15, 2025, at 5:00 p.m. (Prevailing Eastern Time) as the last date and time for persons and entities to file their proofs of claim against ZEN JV LLC and its debtor-affiliates. The Court also set Dec. 22, 2025, at :00 p.m. (Prevailing Eastern Time) as the deadline for all governmental units to file their claims against the Debtors. Proofs of Claim must be filed (i) electronically through the website of the Clams and Noticing Agent, Omni, using the interface available on such website located at https://omniagentsolutions.com/CareerBuilderMonster-Claims under the link entitled "Submit a Proof of Claim" or (ii) by delivering the original Proof of Claim form by hand, or mailing the original Proof of Claim form, on or before the applicable Bar Date as follows, if by mail: Zen JV, LLC Claims Processing c/o Omni Agent Solutions 5955 De Soto Ave., Suite 100 Woodland Hills, California 91367 Proofs of Claim sent by facsimile, telecopy, or electronic mail transmission will not be accepted. If you have any questions relating to this Notice, please feel free to contact Omni Agent Solutions, Inc. at (818) 924-2298 or (888) 841-0525 or by e-mail at CareerBuilderMonsterInquiries@OmniAgnt.com. About Zen JV LLC Zen JV, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11195) on June 24, 2025, listing up to $100 million in assets and up to $500,000 in liabilities. Jeff Furman, chief executive officer of Zen JV, signed the petition. Judge Kate Sickles oversees the case. Zachary I. Shapiro, Esq., at Richards, Layton & Finger, P.A., is the Debtor's legal counsel. JMB Capital Partners Lending, LLC, as DIP lender, is represented by Matthew B. Lunn, Esq., and Robert F. Poppiti, Jr., Esq. of Young Conaway Stargatt & Taylor, LLP, and Robert M. Hirsh, Esq., and James A. Copeland, Esq. of Norton Rose Fulbright US LLP. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Zen JV, LLC and its affiliates. [] Diane Drain Law Office Received 2025 Bankruptcy Service Award ---------------------------------------------------------------- Diane L. Drain of the Law Office of D.L. Drain LP has been selected to receive the prestigious 2025 American Inns of Court Bankruptcy Distinguished Service Award, which recognizes a judge or attorney specializing in bankruptcy law who has exhibited ongoing dedication to the highest standards of the legal profession, the rule of law, and personal ethics and integrity. Drain will receive the award at the National Conference of Bankruptcy Judges in Chicago in September. "I can attest to Diane's dedication and commitment to pro bono service, and our entire Arizona legal aid community has benefited from Diane's ongoing contributions to the field of bankruptcy," writes Sharon E. Sergent, executive director of Community Legal Services (CLS), who nominated Drain on behalf of CLS and the Volunteer Lawyers Program (VLP). "Even more importantly, Diane has served a myriad of clients who are so desperate for legal assistance through her ongoing pro bono service as a CLS/VLP pro bono attorney, her creation and dedication to serving pro se litigants at the Self-Help Center at the Arizona Bankruptcy Court, her never-ending mentorship, and her willingness to teach and train attorneys and assist clients by representing them directly or assisting them with representing themselves." Drain earned her undergraduate degree in criminal justice from Arizona State University in 1983, then earned her law degree from the University of Arizona Law School in 1985. Before law school, she spent 15 years as a paralegal and law office administrator. Drain founded her law firm in 1990 after working at a large firm and specializes in debtor bankruptcy rights, with an expertise in Arizona foreclosure. Drain developed the Volunteer Lawyers Program at the Arizona Bankruptcy Court and provides pro bono services to CLS/VLP clients as well as offering bankruptcy-related webinars to the public. She and another consumer bankruptcy attorney also established a mentoring group of approximately 100 consumer bankruptcy attorneys; called the Arizona Consumer Bankruptcy Counsel. The organization is actively involved in mentoring consumer bankruptcy attorneys, education programs for attorneys, the bankruptcy court staff and Arizona consumers, and making legislative changes to protect consumers. In 2023, Drain received a Bankruptcy Attorney of the Year award from CLS/VLP. That year, she also received a Foundation for Justice award for giving her time and expertise to change the justice system to promote access and opportunity for the most vulnerable. The American Inns of Court, headquartered in Alexandria, Virginia, inspires the legal community to advance the rule of law by achieving the highest level of professionalism through example, education, and mentoring. The organization's membership includes nearly 30,000 federal, state, and local judges; lawyers; law professors; and law students in more than 360 chapters nationwide. More information is available at www.innsofcourt.org. [] Vartabedian Hester & Haynes Adds Veteran Bankruptcy Team ----------------------------------------------------------- Veteran bankruptcy attorneys Martin Sosland and Candice Carson are joining the Dallas office of Vartabedian Hester & Haynes LLP, adding experienced depth to the Corporate Restructuring and Finance Practice at the growing litigation boutique. During a career spanning more than 40 years, Mr. Sosland has served as lead or co-lead counsel for some of the largest and most notable Chapter 11 bankruptcies and reorganizations in U.S. history, including Enron, Pilgrim's Pride, SemGroup, Crescent Resources, Texas Rangers Baseball Partners, Dallas Stars and Zale Corporation. Recently, Mr. Sosland led the representation of a monoline insurer with more than $1 billion of exposure to the Commonwealth of Puerto Rico, the largest municipal bankruptcy in history. In addition, he has represented numerous secured and unsecured creditors, boards of directors, and purchasers of distressed companies in Chapter 11 proceedings and out-of-court agreements within the fields of technology, real estate, retail, oil & gas, and insurance. Mr. Sosland, who joins the firm as a partner, is a Fellow of the American College of Bankruptcy and currently serves as Chair of the elite organization's History Committee. "Marty is a legend in the practice of bankruptcy law and having worked with and against him my entire career, his arrival, along with Candice, is a game changer," says practice area co-leader Jeff Prostok. "For businesses seeking the highest level of restructuring expertise and the personalized service of a litigation boutique, no Texas firms can match our team. We are positioned as one of the strongest corporate restructuring and finance practices in the state." Mr. Prostok and co-practice leader Robert Forshey joined Vartabedian Hester & Haynes in early 2025 with five other commercial bankruptcy and restructuring attorneys from their firm of Forshey Prostok, LLP. During her 15-year career, first at the firm of Weil, Gotshal & Manges and then at Butler Snow, Ms. Carson gained extensive experience in counseling companies going through restructuring and contingency planning across a wide variety of industries, including automotive, airline, oil and gas, retail, and senior living. Along with Mr. Sosland, Ms. Carson recently co-led the acquisition of The Stayton at Museum Way by Buckner Retirement Services. She frequently partners with clients to develop an in-depth understanding of their business needs to successfully execute the most appropriate financial restructuring strategies. Ms. Carson earned her law degree from Harvard Law School and her undergraduate degree with honors from the University of Florida. She joins the firm as Counsel. An honors graduate of The University of Texas School of Law, Mr. Sosland began his legal career at Akin Gump and moved to Weil in 1987 to help open its Dallas office. Mr. Sosland practiced at Weil for 28 years before joining Butler Snow in 2016. Among his many professional distinctions, Mr. Sosland has been ranked in the Chambers USA publication annually since 2014, and in The Best Lawyers in America guide each year since 2006, earning recognition as Lawyer of the Year in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law for Dallas/Fort Worth in both 2020 and 2025. "Candice and I are excited to be joining the talented team at Vartabedian, Hester & Haynes," said Mr. Sosland. "In addition to the fact that every practice group has top-notch lawyers we respect, Jeff, Bobby and I have known each other for years. We have worked together for clients such as the Texas Rangers and Mrs. Baird's, and we've been on opposite sides in other cases. I am thrilled to now have the opportunity to work with them full time and look forward to helping the firm continue to build on its already remarkable success." "We're pleased to have Marty and Candice join us as the firm continues to grow," says Conrad Hester, the firm's managing partner. "Their arrival builds on the impressive talent roster we established when the Forshey Prostok team joined us earlier this year. This supports our work on behalf of companies, trustees and creditor committees today while also preparing us for the future." About Vartabedian Hester & Haynes Based in the Dallas-Fort Worth area, Vartabedian Hester & Haynes is a client-focused and results-oriented litigation boutique founded in early 2024. Learn more at www.vhh.law. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***