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250916.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, September 16, 2025, Vol. 29, No. 258 Headlines 10TH AVENUE: Public Sale Auction Set for October 24 1300 DESERT: Seeks Court Approval to Hire Colliers as Appraiser 1514 E 45 ST: Seeks Chapter 11 Bankruptcy in New York 31-41 44TH ST: Claims to be Paid from Property Sale Proceeds 315 MANHATTAN: Claims to be Paid from Property Sale Proceeds 3910 ENTERPRISES: Hires Chart Capital as Financial Advisor 3910 ENTERPRISES: Taps Genevieve Graham PLLC as Bankruptcy Counsel 7 ELEVEN: Closes More Than 500 Stores Under Optimization Program ADDISON GROUP: Moody's Assigns 'B3' CFR, Outlook Stable AGREETA SOLUTIONS: Gets Interim OK to Use Cash Collateral AHP HEALTH: Amendment to Loan Agreement No Impact on Moody's B1 CFR ALEXANDER PARK: Oct. 17, 2025 Public Sale Auction Set ALL PHASE: Gets Interim OK to Use Cash Collateral Until Sept. 30 ALLSPRING BUYER: Fitch Alters Outlook on 'BB-' IDR to Negative ANCIOM LLC: Unsecureds Will Get 8.55% of Claims over 36 Months API GP VENTURE: Gets Interim OK to Use Cash Collateral APPALACHIAN PRODUCER: Hires Thompson Law Group as Legal Counsel ARC FALCON I: DuPont Transaction No Impact on Moody's 'B2' CFR ARCLINE FM: $75MM Incremental Loan No Impact on Moody's 'B2' CFR ARIZONA DEPT. OF CORRECTIONS: Considered Placing in Receivership ARTIFICIAL INTELLIGENCE: Launches Redesigned Corporate Website ASPEN ELECTRONICS: Employs Zick Business as Advisors ATKORE INT'L: Moody's Rates New $373MM Sr. Secured Term Loan 'Ba1' B & B SMITH: Case Summary & 20 Largest Unsecured Creditors B & B SMITH: Seeks Chapter 11 Bankruptcy in Alabama B & L LAND: Case Summary & One Unsecured Creditor B.G. STARWOOD: Seeks to Tap John Lacher as Legal Counsel BANK OF HAWAII: Moody's Withdraws '(P)Ba1' Non-Cumulative Rating BASIS CHARTER: S&P Raises Revenue Bond Long-Term Rating to 'BB+ BAXSTO LLC: Taps Barron & Newburger as Legal Counsel BEELINE HOLDINGS: Joins Centurion One Capital Summit, Oct. 28–29 BOOTHE INVESTMENTS: Hires Ehrhard & Associates as Legal Counsel BRADBURY LESSEE: Seeks Chapter 7 Bankruptcy in New York BRIGGS BROTHERS: Seeks to Hire Bankruptcy Center as Counsel CAPITAL WHOLESALE: Areya Holder Aurzada Named Subchapter V Trustee CHANNING HALL: S&P Raises 2017 Revenue Bonds Rating to 'BB+' CHERISHED LAND: Case Summary & Four Unsecured Creditors CHUNGA-JINGA LLC: Seeks to Extend Plan Exclusivity to November 21 CITY PARK: Chris Quinn Named Subchapter V Trustee CLNG HOMES: Jerrett McConnell Named Subchapter V Trustee CONCEPT CONNECTIONS: Gets Interim OK to Use Cash Collateral D2 GOVERNMENT: Court Extends Cash Collateral Access to Sept. 22 DATABASED SOLUTIONS: Voluntary Chapter 11 Case Summary DEREK L. MARTIN: Taps Law Office of Judith A. Descalso as Counsel DIRECTV FINANCING: Moody's Rates New $1.5BB Sr. Secured Notes 'B1' DRAGONFLY PRIMARY: Case Summary & 20 Largest Unsecured Creditors DYNAMISM LLC: Gets Interim OK to Use Cash Collateral ELM STREET: Hires Ehrhard & Associates as Legal Counsel EMPIRE TODAY: S&P Downgrades ICR to 'CCC' on Weakening Liquidity ENCINO ACQUISITION: Moody's Withdraws 'B2' CFR on Debt Redemption ENERGIZER HOLDINGS: Moody's Rates New $300MM Unsecured Notes 'B2' ENTECCO FILTER: Taps Williams Overman Pierce LLP as Accountant ES PARTNERS: Seeks to Hire BizTx Law as Special Counsel EVENTIDE CREDIT: Unsecureds to Recover 25% in Committee's Plan FIRST CLASS: Gets Extension to Access Cash Collateral FUTURE FINTECH: All Five Proposals Approved at Annual Meeting GENESIS HEALTHCARE: Court OKs CPE-Led Sale Process GENESIS HEALTHCARE: Deadline to File Claims Set for Oct. 31, 2025 GEORGIA VASCULAR: Court Extends Cash Collateral Access to Sept. 30 GMS INC: S&P Withdraws 'BB-' ICR After Acquisition Close GOLDEN STATE FOODS: Moody's Cuts CFR to 'B3', Outlook Stable GPD COMPANIES: Moody's Withdraws 'Caa1' Corporate Family Rating GRANT THORNTON: Term Loan Expansion No Impact on Moody's 'B2' CFR GRDN HOSPITALITY: Gets Interim OK to Use Cash Collateral GROUPE SOLMAX: Pioneer Floating Marks $579,000 Loan at 19% Off GYP HOLDINGS III: Moody's Withdraws 'Ba1' CFR on Debt Repayment HAMPTON ROADS: Moody's Affirms Ba2 Rating on 2007-A Class II Bonds HARE TAYLOR: Amends Unsecured Claims Pay Details HARMONY WELLNESS: Hires Allen Vellone Wolf as Legal Counsel HASSAKE ENTERPRISES: Case Summary & Four Unsecured Creditors HAWAIIAN ELECTRIC: Moody's Rates New $400MM Unsecured Notes 'Ba2' HIGH SOURCES: Plan Filing Deadline Extended to Oct. 15 HOMES NOW: Hires Premier Properties as Real Estate Broker HOVNANIAN ENTERPRISES: Moody's Affirms 'B2' CFR, Outlook Stable HPC VINEBURN: Hires Snell & Wilmer as General Bankruptcy Counsel HYPERSCALE DATA: Ault & Company, 4 Affiliates Hold 82.21% Stake IMSTEM BIOTECHNOLOGY: Taps Shatz Schwartz as Legal Counsel INFINITE GLOW: Unsecureds to Recover 1.5% via Quarterly Payments INGEVITY CORP: Moody's Alters Outlook on 'Ba2' CFR to Stable JACKSONVILLE MOVING: Gets Interim OK to Use Cash Collateral JENNIFER M. LENNEMANN: Deed of Trust Sale Invalid, Court Holds JONES DESLAURIERS: Moody's Rates New New Unsecured Notes 'Caa2' KINGPIN INTERMEDIATE: Moody's Rates New x$1BB First Lien Loan 'B2' KOKINOS MANAGEMENT: Voluntary Chapter 11 Case Summary KULANA HALE: Section 341(a) Meeting of Creditors on October 20 KYI ENTERPRISES: Janice Seyedin Named Subchapter V Trustee LA NOTTE VENTURES: Court Extends Cash Collateral Access to Oct. 8 LASERCYCLE INC: U.S. Trustee Unable to Appoint Committee LHS BORROWER: Moody's Withdraws 'B3' CFR Following Debt Repayment LUXURBAN HOTELS: Case Summary & 20 Largest Unsecured Creditors MARELLI AUTOMOTIVE: Two Creditors Step Down as Committee Members MARIN SOFTWARE: Exits Chapter 11 With New Equity Structure MEDICAL DEPOT: Moody's Affirms 'Caa2' CFR, Outlook Stable METHODIST HOSPITALS: S&P Affirms 'BB+' Rating in 2024A Rev. Bonds MOD JEWELRY: Hires Rappaport Osborne as Legal Counsel MODIVCARE INC: Recovery for Unsecureds Still to Be Determined MY SIZE: Stockholders OK All Proposals at 2025 Annual Meeting NABORS INDUSTRIES: Credit Amendment Allows Annual $100M Buyback NATEL ENGINEERING: Moody's Cuts CFR to 'Caa2', Outlook Negative NEW CENTURY: Enters Receivership, Liquidation OAKTREE OCALA: Gets Interim OK to Use Cash Collateral Until Oct. 24 OBJECT & SUBJECT: Case Summary & 20 Largest Unsecured Creditors OCUGEN INC: To Invest $5M in Carisma as Part of NeoCart Merger Deal ODYSSEY LOGISTICS: Moody's Cuts CFR to 'B3', Outlook Stable OPE INMAR: Moody's Affirms 'B3' CFR & Alters Outlook to Stable OPTION CARE: Moody's Rates New Secured Bank Credit Facilities 'Ba2' PADAGIS LLC: S&P Alters Outlook to Negative, Affirms 'B' ICR PECF USS III: Moody's Cuts CFR to Ca to 'C', Outlook Stable PHOEBEN 2 LLC: Case Summary & 20 Largest Unsecured Creditors PINSTRIPE HOLDINGS: Court OKs DIP Loan From Silverview PLANET GREEN: Divests Promising Prospect HK PLATINUM HEIGHTS: Plan Exclusivity Period Extended to October 3 PRESENTATION MEDIA: Wins Interim Cash Collateral Access to Oct. 10 PYRAMID CONCRETE: Case Summary & One Unsecured Creditor QUALITY FIRST: Claims to be Paid from Disposable Income QUEST IDENTITY: S&P Rates First-Lien 3.5-Out Term Loan 'CCC' R & L HANDYMAN: Unsecureds Will Get 15% of Claims over 5 Years RAPID MARINE: Melissa Haselden Named Subchapter V Trustee REWA PROPERTIES: Hires Mark S. Roher P.A. as Legal Counsel RIVERFRONT ASSOCIATES: Claims to be Paid from Asset Sale Proceeds RUSS'S MULCH: Case Summary & Eight Unsecured Creditors SABER AUTOMOTIVE: Unsecureds to Get Share of Income for 36 Months SAGEHOME LLC: Public Sale of Assets Set for September 30 SERVICE PROPERTIES: Moody's Cuts CFR to 'Caa1', Outlook Stable SHIELDCOAT TECHNOLOGIES: Amends Plan to Include CFP Secured Claim SILGAN HOLDINGS: Fitch Assigns 'BB+' Rating on Sr. Unsecured Notes SMITH ENVIRONMENTAL: Claims to be Paid from Continued Operations SOTERA HEALTH: S&P Rates New $1.42BB Sr. Secured Term Loan B 'BB-' SOUTH BAY PROPERTY: Court Affirms Dismissal of Bankruptcy Case SPLASH BEVERAGE: Increases Authorized Common Shares to 400 Million STATEN ISLAND: Updates Several Secured Claims Pay Details SYNDIGO LLC: Moody's Withdraws 'B3' CFR Following Debt Repayment TEXAS MANAGEMENT: Gets Final OK to Use Cash Collateral TRICO MILLWORKS: Case Summary & 20 Largest Unsecured Creditors TURTLE LANE: Hires Bowditch & Dewey LLP as Legal Counsel TZADIK SIOUX: Comm. Taps Trustee Realty as Real Estate Consultant TZADIK SIOUX: Plan Exclusivity Period Extended to October 6 UNITED BELIEVERS: Unsecureds Will Get 12% of Claims over 60 Months UWM HOLDINGS: Moody's Rates New $600MM Sr. Unsecured Notes 'Ba3' V.F. CORP: Moody's Cuts Unsecured Notes to 'Ba3', Outlook Negative VALKEN INC: Court Extends Cash Collateral Access to Oct. 10 VIASAT INC: Stockholders OK All Proposals at Annual Meeting VIVACE HOSPITALITY: Case Summary & 20 Largest Unsecured Creditors VYVVE LLC: Claims to be Paid from Disposable Income WALKER EDISON: Owes Top 30 Unsecured Creditors $18.4MM WALKER EDISON: U.S. Trustee Appoints Creditors' Committee WATCO COMPANIES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable WATERMAN-SMITH I: Unsecureds Will Get 100% of Claims in Plan WEATHERMASTER ROOFING: Case Summary & 20 Top Unsecured Creditors WELLNESS AND HYDRATION: Unsecureds to Split $3,400 over 3 Years WHITESTONE CROSSING: Seeks to Extend Plan Exclusivity to Nov. 10 WILLIAMS TREE: Taps Magee Goldstein Lasky as Legal Counsel WINDMILL POINT: Court Extends Cash Collateral Access to Oct. 9 WOHALI LAND: Needs $6MM to Sustain Operations During Chapter 11 XPA LIQUIDATED: Seeks Chapter 7 Bankruptcy in California [] Moody's Takes Rating Action on 23 Bonds from 10 US RMBS Deals ********* 10TH AVENUE: Public Sale Auction Set for October 24 --------------------------------------------------- Northgate Real Estate Group ("NREG") on behalf of 460 West 20 Lenders LLC, a New York limited liability company ("Secured Party") will offer for sale at public auction 100% of the limited liability company interests ("Interests") held by GMTFH, LLC, a Delaware limited liability company ("Pledgor") in 10th Avenue Associates, LLC, a New York limited liability company ("Pledged Entity”), as set forth in that certain Pledge and Security Agreement made as of July 31, 2024 ("Pledge Agreement"), together with certain rights and property representing, relating to, or arising from the Interests ("Collateral"). Based upon information provided by Pledgor, it is the understanding of Secured Party (but without any recourse to, or representation or warranty of any kind by, Secured Party as to accuracy or completeness) that (i) the Interests constitute the principal asset of Pledgor, (ii) Pledged Entity owns the property located at 460 West 20th Street, New York, New York ("Property"), (iii) the Property is subject to a ground lease, and (iv) Borrower is debtor under a mortgage loan in the original principal amount of $4,500,000 ("Loan"), which Loan is in default. The Sale will take place on Oct. 24, 2025 at 10:00 a.m. Eastern Time by Matthew D. Mannion, Licensed Auctioneer, and/or William Mannion, Licensed Auctioneer, of Mannion Auctions, LLC in compliance with New York Uniform Commercial Code Section 9-610. The sale will be conducted in person on the courthouse steps of the New York County Supreme Court, 60 Centre Street, New York, New York 10007 and virtually via online video conference. The URL address and password for the "Datasite" referred to below will be provided to all registered participants. Deadline to submit bid is on Oct. 20, 2025 at 9:00 a.m. (Eastern Time), and an auction will take place on Oct. 24, 2025 at 10:00 a.m. (Eastern Time). Location: In Person At: New York County Supreme Court 60 Centre Street New York, New York 10007 and Via ZOOM https://bit.ly/460w20ucc (URL is case sensitive) Meeting ID: 820 5608 4939 Passcode: 481061 Dial-in: +1 646 931 3860 (US) Any interested bidders must contact Greg Corbin at (212) 369-1800 or greg@northgate.reg.com no less than 9:00 a.m. (New York Time) on Oct. 17, 2025. 1300 DESERT: Seeks Court Approval to Hire Colliers as Appraiser --------------------------------------------------------------- 1300 Desert Willow Road, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Colliers to serve as appraiser in its Chapter 11 case. Colliers will provide these services: (a) provide valuation consulting services for the Property, consisting of the review of documentation, data collection and research; and (b) prepare a written draft appraisal report, and if necessary, convert the draft report to a final report. The negotiated flat fee for the foregoing is $15,000. Colliers will bill on an hourly basis for time to the extent necessary to convert the draft appraisal report to a final report. Said hourly fees range from $250 to $700. The hourly rate for the individual overseeing the appraisal, Conner Marshall, is $500. Colliers will also seek the reimbursement of travel and out of pocket expenses related to its work pursuant to the Agreement. In addition, the Agreement provides for an administrative recovery expense of 5.0% of hourly billings in lieu of a separate bill for administrative expense. The Agreement provides for a deposit of $15,000 to be credited towards the work related to the appraisal of the Property. Such fees will not be paid by the Debtor and will be paid either by a third-party or by counsel. Colliers is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Conner Marshall, MAI, AI-GRS COLLIERS 5051 Journal Center Boulevard NE, Suite 200 Albuquerque, NM 87109 Direct: (505) 880-7053 Mobile: (505) 980-9454 E-mail: conner.marshall@colliers.com About 1300 Desert Willow Road 1300 Desert Willow Road, LLC owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. 1300 Desert Willow Road sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Philip Bentley oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. Romspen Investment LP, as lender, is represented by: Brigid K. Ndege, Esq. Bryan Cave Leighton Paisner, LLP 161 North Clark Street, Suite 4300 Chicago, Illinois 60601 Telephone: (312) 602-5000 Facsimile: (312) 602-5050 E-mail: brigid.ndege@bclplaw.com 1514 E 45 ST: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On September 11, 2025, 1514 E 45 St. Inc. filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports $1,648,819 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 1514 E 45 St. Inc. 1514 E 45 St. Inc. owns a property at 978 Dekalb Avenue in Brooklyn, New York, with an estimated value of $1.1 million. 1514 E 45 St. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44357) on September 11, 2025. In its petition, the Debtor reports total assets of $1,106,900 and total liabilities of $1,648,819. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Erica Yitzhak, Esq. at THE YITZHAK LAW GROUP. 31-41 44TH ST: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------ 31-41 44Th St Realty LLC a/k/a 31-41 44th Street Realty LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement for the Amended Chapter 11 Plan dated September 5, 2025. The Debtor is a New York limited liability company formed on or about January 15, 2021, for the purpose of owning and operating the Property, a three-story multi-family residential building constructed in approximately 1929, containing twelve rental units, all of which are currently occupied. The Debtor's members are Anthony Koutsidis, Angelo Koutsidis, and Irene Koutsidis, who oversee the Debtor's day-to-day operations, business, financial affairs, and books and records. The Property generates rental income from its tenants, which historically averaged approximately $15,000 per month prepetition, subject to ordinary fluctuations. The Debtor has no employees and contracts with third parties for property management and maintenance services as needed. The Plan provides for the sale of the Debtor's primary asset, the real property located at 31-41 44th Street, Astoria, New York 11103 (the "Property"), through a court-supervised process, with proceeds to fund distributions to creditors. The Plan is predicated upon a sale of the Property without an auction process unless required by the Bankruptcy Court, and the sale shall be free and clear of all claims, liens, taxes, and encumbrances pursuant to section 363(f) of the Bankruptcy Code. The Plan contemplates that the Debtor will pay priority and secured claims in full, and general unsecured claims equal to their pro rata share of the net proceeds from the sale of the Property. Class 4 consists of General Unsecured Claims. Paid pro rata from remaining sale proceeds after payment of higher priority Claims, or if no sale occurs and exit financing is obtained (as a contingency), in two equal annual installments without interest commencing on the first anniversary of the Effective Date. Estimated recovery: 100% if sale achieves projected value; otherwise, pro rata. This Class is impaired. Class 5 consists of Equity Interests. If the Property is sold, Interests will be canceled, and holders will receive any surplus proceeds after full payment of all Claims. If exit financing is obtained as a contingency and the Debtor retains the Property, Interests will be retained. This Class is impaired and deemed to reject if receiving nothing. Interests held by Irene Koutsidis, Angelo Koutsidis, and Anthony Koutsidis. Retained by the holders. This Class is unimpaired. The Plan will be funded primarily through the sale of the Property pursuant to section 363 of the Bankruptcy Code and Bidding Procedures to be approved by the Bankruptcy Court. The sale will be conducted via auction, with confirmation sought on or before November 24, 2025. TLOA may credit bid as a stalking horse or otherwise. If the sale does not occur or generates insufficient proceeds, the Plan contemplates contingency exit financing (if obtainable) or alternative relief. Net sale proceeds will be distributed in accordance with the Plan's priority scheme. The Effective Date will occur upon substantial consummation, expected shortly after sale closing. Post-confirmation, if the Property is sold, the Debtor will wind down the estate; if retained, the Reorganized Debtor will manage the Property under new financing terms. A full-text copy of the Disclosure Statement dated September 5, 2025 is available at https://urlcurt.com/u?l=hRQuoT from PacerMonitor.com at no charge. About 31-41 44th St Realty LLC 31-41 44th St Realty LLC is a limited liability company. 31-41 44th St Realty LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-44145) on October 4, 2024. In the petition filed by Anthony Koutsidis, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Jil Mazer-Marino oversees the case. The Debtor is represented by: Julio E Portilla, Esq. Law Office Julio E. Portilla, P.C. 31-41 44th St. Astoria, NY 11103 315 MANHATTAN: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------ 315 Manhattan Properties LLC, filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement to accompany Plan of Liquidation dated September 4, 2025. The Debtor is privately held, and none of its equity is publicly traded. The Debtor is a limited liability company, registered with the New York Secretary of State. The Debtor's membership interests are held by Bradley Simmons. The Debtor, which maintains its executive offices in care of its membership at 138 west 127th Street New York, NY 10027, owns a five-story, walk-up, multifamily building with twenty rent stabilized residential units located at 315 West 121st Street, New York, New York 10027, which it has owned since May of 2021. The Debtor, as borrower, and Piermont Bank, as lender (the "Lender"), are parties to a certain loan facility in the principal amount of $3,000,000.00. The Lender's interest is secured by a mortgage. The Debtor commenced its chapter 11 case in an effort to see if a deal could be reached with the Lender and/or to explore a sale option. A sale conducted during a chapter 11 process will enable to the Debtor to fully market the Property with the hope of obtaining the highest and best value for the benefit of the Debtor and the stakeholders in its chapter 11 case. Such a process will likely exceed any fire-sale conducted in connection with the State Court foreclosure action. On July 21, 2025, Piermont Bank filed its motion to lift the automatic stay so that it may continue to sell the Property through the State Court foreclosure process. The debtor filed its opposition to such motion on August 12, 2025. The Court held a hearing on August 26, 2025 at which the Debtor and the Piermont Bank entered into an agreement which was read onto the record. The terms of the resolution were as follows: * The Debtor to pay Piermont Bank $11,000 per month in adequate protection payments; * The Debtor to file a motion to sell the Property by August 27, 2025 which motion shall contain the following deadlines: (i) bid deadline of December 9, 2025; (ii) auction to be held on December 11, 2025; and (iii) hearing of September 30, 2025 to consider the bidding procedures with regard to the sale of the Property. On August 26, 2025, the Debtor filed its motion seeking to sell the Property and establish bidding procedures with regard to same. A hearing is scheduled for September 30, 2025 to hear the bidding procedures portion of that motion. Class 3 consists of the holders of General Unsecured Claims. Class 3 will be satisfied with any remaining proceeds from the sale of the Property after paying all Administrative Claims and Classes 1 and 2 in full. Class 3 is impaired and is entitled to vote on the Plan. Class 4 Equity Interest Holder shall have its interests extinguished. Class 4 is impaired and deemed to reject the Plan. The Debtor anticipates funding the Plan from the revenue generated at the Property. A full-text copy of the Disclosure Statement dated September 4, 2025 is available at https://urlcurt.com/u?l=lLYLCU from PacerMonitor.com at no charge. Proposed Counsel to the Debtor: Eric H. Horn, Esq. David S. Salhanick, Esq. Eva M. Thomas, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue, Suite 3260 Livingston, NJ 07039 Telephone: (973) 287-5006 Facsimile: (973) 533-0217 About 315 Manhattan Properties LLC 315 Manhattan Properties LLC owns a single real estate asset located at 315 West 121st Street in New York, NY. The Company operates as a single-asset real estate entity, as defined in 11 U.S.C. Section 101(51B). 315 Manhattan Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No.: 25-11531) on July 9, 2025. The petition was signed by Bradley Simmons as sole member, the Debtor disclosed its estimated Assets of $1 million to $10 million and estimated Liabilities of $1 million to $10 million. Honorable Judge Michael E Wiles presides over the case. Eric H. Horn, Esq., at A.Y. STRAUSS LLC, represents the Debtor as legal counsel. 3910 ENTERPRISES: Hires Chart Capital as Financial Advisor ---------------------------------------------------------- 3910 Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Chart Capital Management LLC to serve as financial advisor in its Chapter 11 case. Chart Capital Management, through its principal consultant Jeffrey Shulse, will provide these services: (a) supervise and, if necessary, assist the Debtor in the development and administration of its short- and long-term cash flow forecasting and related methodologies, as well as its cash management planning; (b) provide assistance as may be required by the Debtor's management in connection with development of a business plan, restructuring plans and strategy alternatives (including sales or leases), and any related forecasts that may be required by the Debtor or creditor constituencies; (c) supervise and, if necessary, assist the Debtor's other professionals in the restructuring process to coordinate their efforts and work product to be consistent with the Debtor's overall restructuring goals; (d) assist, if required, the Debtor in communications and negotiations with its outside constituents; (e) monitor and manage the Debtor's cash management; (f) provide assistance to guide the Debtor through a sale process; and (g) provide any other services as are reasonable and customary for a financial advisor in connection with a chapter 11 reorganization or that are reasonable and necessary for these chapter 11 cases. Chart Capital Management will be paid based on these hourly rates: Financial and Business Consulting/Analysis $100 Federal, State, or Sales Tax Research $200 Federal, State, or Sales Tax Preparation $85, and M&A/Buy or Sell Consulting $300 In addition, Chart Capital Management will seek reimbursement for reasonable, necessary, documented out-of-pocket expenses incurred in connection with this chapter 11 case. According to court filings, Chart Capital Management is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey Shulse CHART CAPITAL MANAGEMENT LLC 2339 Commerce Street #160 Houston, TX 77002 E-mail: jshulse@chartcapitalmgmt.com About 3910 Enterprises Inc. 3910 Enterprises, Inc. manages real estate on behalf of clients and provides property appraisal services. 3910 Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80362) on August 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Genevieve M. Graham, Esq., at Genevieve Graham Law, PLLC doing business as Graham, PLLC. 3910 ENTERPRISES: Taps Genevieve Graham PLLC as Bankruptcy Counsel ------------------------------------------------------------------ 3910 Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, to hire Genevieve Graham Law, PLLC dba Graham PLLC to serve as bankruptcy counsel in its Chapter 11 case. Genevieve Graham will provide these services: (a) analyze the Debtor's financial situation and advise on the appropriate bankruptcy filing; (b) render bankruptcy-related legal advice regarding the Debtor's operation and management; (c) assist in preparing and filing the petition, schedules, statement of financial affairs, and related pleadings; (d) represent the Debtor at the Initial Debtor's Interview, Meeting of Creditors, and in bankruptcy court proceedings on administrative matters, assets, liabilities, and financial affairs; (e) handle adversary proceedings involving prepetition transfers, preferences, turnover actions, liens, or property of the estate; (f) negotiate post-petition financing and seek court approval; (g) seek court approval for use of cash collateral; (h) address assumption or rejection of executory contracts and unexpired leases; (i) prepare a disclosure statement and plan and assist in obtaining plan confirmation; (j) handle objections to proofs of claim and claim allowance issues; (k) assist in post-confirmation plan consummation; and (l) represent the Debtor in other core and related matters, excluding tax and securities law advice. The firm will be compensated on an hourly basis at $500 for Genevieve M. Graham, $400–$495 for associates, $395 for a bankruptcy consultant, $200 for law clerks, and $100–$200 for paraprofessionals. The Debtor provided Genevieve Graham a $10,000 cashier's check retainer, which was deposited into the firm's IOLTA account after the petition was filed. Graham PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Genevieve M. Graham GENEVIEVE GRAHAM LAW, PLLC dba GRAHAM PLLC Houston, Texas Telephone: (832) 367-5705 E-mail: ggraham@graham-pllc.com About 3910 Enterprises Inc. 3910 Enterprises, Inc. manages real estate on behalf of clients and provides property appraisal services. 3910 Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80362) on August 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Genevieve M. Graham, Esq., at Genevieve Graham Law, PLLC doing business as Graham, PLLC. 7 ELEVEN: Closes More Than 500 Stores Under Optimization Program ---------------------------------------------------------------- Daniel Kline of The Street reports that 7-Eleven is undergoing a major shift in its U.S. operations, closing hundreds of low-performing stores under its Fundamental Store Optimization Program. CFO Yoshimichi Maruyama said the decision aligns with efforts to streamline operations and refocus on areas with stronger demand, according to the report. The move comes as store visits fell 7.3% in August 2024, extending a six-month decline, the report related. Traditional revenue streams like cigarette sales have dropped by 26% since 2019, while alternatives such as Zyn have failed to offset the downturn, the report said. To adapt, the retailer is responding to consumer demand for fresh, affordable, higher-quality food by expanding its menu of prepared meals and beverages, according to The Street. Even as it trims weaker stores, 7-Eleven is accelerating growth in new formats. CEO Joe DePinto said the chain will open 125 new stores in 2025 and more than 500 by 2027, incorporating concepts such as Raise the Roost and Laredo Taco. These stores are designed with customer feedback in mind and are already outperforming traditional sites, delivering double-digit sales growth and stronger traffic, with long-term gains projected to reach 30% higher daily sales, the report states. About 7 Eleven 7-Eleven, Inc., based in Irving, Texas, is one of the world’s largest and most recognized convenience store chains. ADDISON GROUP: Moody's Assigns 'B3' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings assigned a corporate family rating of B3 and the probability of default rating of B3-PD to Pilot Holdings, LLC ("Addison Group") and downgraded the backed senior secured first lien instrument rating, issued by the company's subsidiary, AG Group Holdings, Inc., to B3 from B2. The outlook for Pilot Holdings, LLC was assigned stable and AG Group Holdings, Inc.'s outlook remains stable. Concurrently the B2 CFR, B2-PD PDR ratings and stable Outlook at APFS Staffing Holdings, Inc. have been withdrawn. Chicago-based Addison Group provides professional services and consulting for the information technology, finance and accounting, human resources and administrative and healthcare sectors. The downgrade reflects Addison Group's high leverage level of 7.2x and the expectation that industry conditions are unlikely to improve meaningfully in the next 12-18 months that leads to muted revenue growth and leverage remaining in the 7.0x area. Additionally, although the company continues to generate free cash flow, free cash flow to debt is expected to be in the low to mid single digit area, which is a decline from levels that the company generated in previous years. Further, margins are expected to be in the high single digit area over the next 12-18 months, which is a decline from the mid teens margins that the company generated previously. RATINGS RATIONALE The B3 CFR reflects the Addison Group's niche and regional focus on temporary and project staffing of professionals in information technology, finance and accounting, non-clinical healthcare, digital marketing and other white-collar functions. The company has modest profitability rates typical of temporary staffing companies and Moody's expects EBITDA margins to remain in high single digit area over the next 12-18 months. Margins have declined from the mid teens area that were present a few years ago, mainly as a result of lower permanent staffing volumes that typically have higher margins than temporary staffing. Moody's expects revenue to decline in 2025, followed by low single digit growth in 2026. Moody's considers the white-collar temporary staffing industry to be highly competitive and cyclical. All financial metrics cited reflect Moody's standard adjustments. In its staffing segments, Addison Group has invested in proprietary training of its recruiters and salespeople and a suite of software tools to help it differentiate itself from competitors and maintain its historically high customer retention rates. The company generates a good proportion of its revenue from the IT services sector, which has benefited from strong growth over the past few years due to the accelerated digitalization of services and business operations nationally. The company also has exposure to the healthcare sector that has good long term growth prospects that should support the non-clinical healthcare staffing positions that Addison services. Moody's considers Addison Group's liquidity profile to be good. Moody's expects the company will generate free cash flow of around $20 million annually. The company typically maintains a limited amount of cash on its balance sheet; there was around $11 million of cash as of June 30, 2025. Moody's expects the unrated $85 million ABL revolver expiring in May 2030 to be most unused and available over the next 12 to 15 months. There are no financial covenants applicable to the rated term loan. The senior secured first lien term loan rating of B3 is the same as the B3 CFR despite its subordination to the unrated ABL revolver, which has a priority lien on company's most liquid assets. Because the ABL revolver has a priority lien on the collateral, recovery on the term loan at default would be lower. The term loan is guaranteed by the parent company and all material existing and future wholly-owned domestic subsidiaries. The stable outlook incorporates Moody's expectations for debt/EBITDA leverage to remain in the 7.0x area over the next 12-18 months and EBITDA margins in the high single digit percentage area. The stable ratings outlook also reflects Moody's expectations for continued high client retention rates and some free cash flow generation. Moody's have decided to withdraw the rating(s) for Moody's own business reasons. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if: 1) revenue growth is achieved and margins improve, thereby increasing scale, geographic scope and service line diversity; 2) Moody's expects debt/EBITDA will remain below 5.5x; 3) good liquidity is maintained; and 4) Moody's anticipates balanced financial policies emphasizing financial leverage reduction. The ratings could be downgraded if: 1) there is a decline in revenue growth or profitability rates due to a weakening competitive position; 2) debt/EBITDA remains above 7.5x; 3) liquidity deteriorates, leading to sustained break-even or negative cash flow; or 4) financial policies featuring debt-funded shareholder returns or aggressive M&A are adopted. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to forward rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Addison Group, based in Chicago, IL and controlled by affiliates of private equity sponsor Triatlantic North America, provides temporary contract staffing, permanent placement and consulting services in information technology, finance, non-clinical healthcare and other professional vertical markets through 32 offices in 24 US markets that are large employment markets surrounding metropolitan areas. Moody's expects 2025 revenue to be around $730 million. AGREETA SOLUTIONS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Agreeta Solutions USA, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral and provide adequate protection. The interim order authorized the Debtor to use cash collateral from September 8 until the final hearing on October 1 according to a 14-week operating budget, subject to a 10% variance per line item. Income from South Louisiana Rail Facility leases requires court approval to be spent while attorneys' fees must be held in escrow pending further court order. As adequate protection, lenders with a valid pre-bankruptcy lien will be granted a replacement lien on property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. The replacement liens do not apply to Chapter 5 avoidance actions. The Debtor has identified three primary creditors -- Nutrien AG Solutions, Inc. (approximately $20 million claim); Buhler, Inc. (approximately $587,000 claim); and Commercial Funding Partners, LLC (approximately $2.7 million claim) -- as holding potential secured interests in its cash and assets. These creditors are believed to have liens on the Debtor's cash collateral via multiple UCC-1 filings. A final hearing is scheduled for October 1. About Agreeta Solutions USA LLC Agreeta Solutions USA, LLC develops digital solutions for the agriculture technology sector, offering platforms that integrate smart farming, traceability, and agri-commerce tools. It operates in Peachtree Corners, Georgia, and focuses on improving farm productivity, supply chain transparency, and market connectivity. Its services include precision agriculture analytics, end-to-end food product traceability, and support for farmer networks. Agreeta Solutions USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-59677) on August 25, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by: Theodore N. Stapleton, Esq. Theodore N. Stapleton, P.C. Tel: 770-436-3334 Email: tstaple@tstaple.com AHP HEALTH: Amendment to Loan Agreement No Impact on Moody's B1 CFR ------------------------------------------------------------------- Moody's Ratings said that AHP Health Partners, Inc.'s ("AHP Health") ratings, including its B1 Corporate Family Rating, B1-PD Probability of Default Rating, Ba3 rating of senior secured term loan (with proposed amendment), B3 rating of senior unsecured notes, and positive outlook are not affected by amendment to its senior secured term loan agreement. As part of "amend and extend" transaction, AHP Health intends to reprice its $778 million senior secured term loan and extend the maturity from 2028 to 2032. Moody's expects that the company will operate with debt/EBITDA in the low 3.0 times and maintain very good liquidity in the next 12-18 months. At the end of June 2025, the company's debt/EBITDA was 3.1x and it had $541 million of cash on the balance sheet along with $294 million available under the company's $325 million asset-based revolver (unrated) expiring in 2029. AHP Health Partners, Inc., headquartered in Brentwood, TN, is a provider of healthcare through a system of 30 acute care hospitals and approximately 280 sites of care across six states. The company is listed on the New York Stock Exchange (Ticker: ARDT); however, approximately 75% of its shares are owned by two investors (EGI-AM Investments, L.L.C. and Pure Health Holding PJSC). Revenue was $6.2 billion for the twelve months ended June 30, 2025. ALEXANDER PARK: Oct. 17, 2025 Public Sale Auction Set ----------------------------------------------------- Pursuant to that certain Pledge and Security Agreement, dated as of July 23, 2021, made by Alexander Park Mezz LLC ("Debtor") to Kore Fund Ltd. ("Secured Party"), a Cayman Islands exempted company -- as successor-in-interest to Natixis Real Estate Capital LLC, a Delaware limited liability company, and together with its successors and assigns -- and the applicable provisions of the Uniform Commercial Code as in effect in the State of New York and any other applicable jurisdiction ("UCC"), Secured Party offer for sale on Oct. 17, 2025, at 1:00 p.m. EDT in-person at the offices of Northgate Real Estate Group, 1663 Broadway, 46th Floor, New York, New York 10019 and virtually through videoconference via a link to be provided, all of the collateral in which Debtor granted a security interest to Secured Party under the Pledge Agreement, including one hundred percent (100%) of the limited liability company interests in Alexandar Park Portfolio LLC, a Delaware limited liability company ("Pledged Entity"), and all future rights and proceeds (as defined in the UCC) of the foregoing ("Collateral"). The bid deadline is set for Oct. 14, 2025 at 4:00 p.m. (New York City time). The Pledge Agreement secures Debtor's obligations to Secured Party ("Indebtedness") under a Mezzanine Loan Agreement dated as of July 23, 2021. The Pledge Agreement, Loan Agreement, and various other documents executed in favor of or for the benefit of Secured Party in connection with the Loan Agreement are referred to collectively herein as the "Loan Documents". All inquiries concerning the sale must be filed to Greg Corbin, greg@northgatereg.com, 212-369-1800. ALL PHASE: Gets Interim OK to Use Cash Collateral Until Sept. 30 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division granted All Phase Solutions, LLC interim approval to use cash collateral. The court's interim order authorized the Debtor to use cash collateral through September 30 to fund operations consistent with its budget. The Debtor must not exceed budgeted expenses by more than 10% per line item or in total unless authorized by the court or its lenders. The Debtor projects total monthly operational expenses of $285,000. As adequate protection for the Debtor's use of their cash collateral, lenders will be granted valid, perfected liens on the Debtor's post-petition cash receipts. The replacement liens will have the same priority and extent as the lenders' pre-bankruptcy liens but junior to U.S. trustee fees, court costs, and approved professional fees. The next hearing is scheduled for September 30. The Debtor's cash collateral is encumbered by liens from three lenders: JPMorgan Chase Bank, a traditional secured lender owed $104,184; Argonaut Insurance Company, holder of a $406,863 note from a performance bond-related project; and CFS CAP, LLC, a merchant cash advance firm that sweeps 5% of the Debtor's bank deposits weekly under a 2023 agreement. A fourth lender, Cacique Capital, LLC, holds liens on payment streams from two government contracts, which are paid into "control accounts." The Debtor did not request access to those funds. As of the bankruptcy filing date, the Debtor had about $23,000 in unencumbered cash outside of the control accounts. All Phase Solutions LLC Based in Boca Raton, Fla., All Phase Solutions, LLC provides services including construction, demolition, environmental remediation, civil works, uniform production, and security staffing, primarily to U.S. government agencies. All Phase Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19745) on August 22, 2025, listing up to $10 million in assets and liabilities. Saleh Rabah, president of All Phase Solutions, signed the petition. Judge Mindy A. Mora oversees the case. Aaron Wernick, Esq., at Wernick Law PLLC, represents the Debtor as legal counsel. ALLSPRING BUYER: Fitch Alters Outlook on 'BB-' IDR to Negative -------------------------------------------------------------- Fitch Ratings has affirmed Allspring Buyer LLC's (Allspring) Long-Term Issuer Default Rating (IDR) and senior secured debt rating at 'BB-'. The Rating Outlook has been revised to Negative from Stable. The rating action follows the announcement of the company's plan to raise an additional $300 million add-on to its First Lien Term Loan B. Proceeds will be used primarily to fund a shareholder distribution and to pay transaction fees, expenses, and original issue discount. Key Rating Drivers Negative Rating Outlook: The Rating Outlook revision to Negative from Stable reflects Fitch's view that capital is being managed more aggressively than expected, which will drive higher leverage and weaker interest coverage in the near term. The contemplated dividend distribution follows the recent stabilization in the rating, resulting from improved leverage and interest coverage metrics, and creates uncertainty around long-term leverage tolerance at the company. A revision of the Rating Outlook to Stable would depend on the execution of the deleveraging plan through operating leverage improvements and more comfort surrounding the longer-term leverage tolerance of the firm. Debt to Fund Shareholder Distribution: Proceeds from the proposed $300 million term loan add-on will be used to finance a distribution to Allspring's shareholders. Fitch generally views an increase in borrowings to fund shareholder distributions unfavorably, as it represents a more aggressive financial policy. Leverage Increase Following Transaction: Cash flow leverage (debt to fee-related EBITDA [FEBITDA]) is expected to increase to 4.8x for the TTM ended June 30, 2025 (2Q25) pro forma for the add on, from 3.9x for the TTM ended 2Q25. While pro forma leverage is within Fitch's 'bb' category benchmark range of 3.0x-5.0x for traditional investment managers (IMs), it does not leave much headroom for downside risk to Allspring's earnings generation in the current competitive operating environment. Weaker Pro Forma Interest Coverage: Interest coverage (FEBITDA to interest expense) is expected to decline to 2.2x for the TTM ended 2Q25, pro forma for the term loan add-on, from 2.7x for the TTM ended 2Q25. Interest coverage has averaged 2.5x since the Wells Fargo spin-off, which is within Fitch's 'b' and below category funding, liquidity and coverage benchmark range of 1.0x-3.0x for traditional IMs. Failure to sustain interest coverage above 2.0x could result in negative rating pressure. Growing Franchise: The ratings affirmation reflects Allspring's growing, mid-tier franchise as a traditional IM, appropriate assets under management (AUM) diversification, its cash-generative business model, a long-term distribution agreement with Wells Fargo & Co. (Wells Fargo; A+/Stable), and the expectation that leverage will remain at or below 5.0x and interest coverage above 2.0x. Weaker-Than-Peer Financial Metrics: The ratings are constrained by Allspring's limited track record as a standalone IM post spinoff from Wells Fargo and its private equity ownership, which entails some uncertainty around financial policies and the potential for more opportunistic growth strategies. Additionally, profitability margins, cash flow leverage, interest coverage, and available liquidity compare unfavorably to higher-rated IM peers. Fixed Income and Liquidity Products Drive Flows: As of June 30, 2025, AUM was $544 billion, up 8% from prior year. For the TTM ended 2Q25, Allspring had net inflows of 3.3%, driven primarily by inflows into fixed income and liquidity products. Over 2021-2024, since the Wells Fargo spin-off, net client outflows averaged 3.3%, corresponding to Fitch's 'bbb' category asset performance range of negative 5% to 5% for IMs charging fees on NAV. Fitch expects Allspring's ongoing investments into distribution platforms and product refinements will improve net flow stability. However, overall asset performance remains susceptible to market volatility, given that liquidity products, which Fitch considers somewhat transitory in nature and more sensitive to market demand, accounted for nearly 40% of AUM at 2Q25. Cost Rationalization Supports Margins: Allspring's TTM FEBITDA margin was 23.6% at 2Q25, improved relative to the four-year (2021-2024) average of 21.1%. The improvement was driven primarily by higher advisory fees, given AUM growth and cost-saving realization. Allspring's profitability remains below larger publicly rated peers and tracks towards the low end of Fitch's 'bbb' category benchmark range of 20%-30%. Fitch's FEBITDA metric does not include performance fees and is adjusted for non-recurring costs. However, this metric is sensitive to cost overruns and Fitch's reclassification of these costs as recurring. Modest Liquidity: As of 2Q25, liquidity comprised $158 million in balance-sheet cash and $170 million in revolver capacity, with availability on the revolver subject to a net leverage covenant of 6.5x at 35% utilization. There is no near-term refinancing risk, with the next term debt maturity in 2030. However, Allspring's secured term loan has a 1% annual amortization requirement, which is sufficiently covered by the firm's liquidity sources. Fitch views the firm's fully secured funding profile as a rating constraint, given it limits financial flexibility, especially during times of stress. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - An inability to sustain cash flow leverage below 5.0x for an extended period of time; - Failure to sustainably maintain interest coverage above 2.0x; - A notable decline in available balance sheet liquidity; - Sustained material investment underperformance or meaningful long-term AUM outflows; - An inability to execute on the operating strategy, leading to excessive costs or operational failures, or a decline in the FEBITDA margin below 10%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A revision of the Outlook back to Stable is dependent on execution of the deleveraging plan through improvements in operating leverage and more comfort surrounding the longer-term leverage tolerance of the firm, particularly with regards to shareholder distributions. Positive rating momentum is viewed as limited in the near-term given the need to observe execution on cost containment and de-leveraging efforts. However, the following factors could lead to positive rating action/upgrade over time: - A sustained improvement in reported cash flow leverage below 4.5x; - A sustained interest coverage above 3.0x; - Sustained FEBITDA margins above 25%; - Favorable investment performance and material improvements of net flows, in particular, long-term net client flows; - A sustained sound execution against management's business plan and financial targets, particularly regarding FEBITDA generation and AUM. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The secured debt rating is equalized with Allspring's Long-Term IDR, reflecting the current funding mix and Fitch's expectations for average recovery prospects under a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt rating is primarily sensitive to changes in Allspring's Long-Term IDR and, secondarily, to material changes in Allspring's funding mix or changes in Fitch's assessment of the recovery prospects for the debt instrument. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Market position (negative). - The Asset Performance score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). - The Earnings and Profitability score has been assigned below the implied score due to the following adjustment reason: Earnings stability (negative). - The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Profitability, pay-outs and growth (negative). - The Funding, Liquidity and Coverage score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). ESG Considerations Allspring Buyer LLC has an ESG Relevance Score of '5' for Governance Structure due to private equity ownership, which may result in more opportunistic growth strategies or shareholder-friendly financial policies, which has a negative impact on the credit profile, and is highly relevant to the ratings resulting in a lower Long-Term IDR. 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 Prior ----------- ------ ----- Allspring Buyer LLC LT IDR BB- Affirmed BB- senior secured LT BB- Affirmed BB- ANCIOM LLC: Unsecureds Will Get 8.55% of Claims over 36 Months -------------------------------------------------------------- Anciom, LLC submitted a First Amended Plan of Reorganization dated September 5, 2025. Creditors will receive payment from the Debtor from the cash flow of the Debtor's operations for a period of three years. This Plan provides for one class of secured claims, one class of administrative convenience claims, one class of priority unsecured claims, one class of general unsecured claims, and one class of equity security holders claims. General unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately 8.55%. This Plan also provides for the payment of administrative and priority claims. Creditors had until July 10, 2025, to file claims. The Debtor has scheduled claims, most of which are believed to be non objectionable. The Debtor estimates $377,913.09 in general unsecured claims and $60,596.52 in reclassified claims for a total of $438,509.61 in general unsecured claims. Through this Plan, the Debtor intends to restructure these obligations, to remain viable as a going concern. The Debtor's financial projections show that the Debtor will have projected disposable income of $37,500.00. The final Plan payment is expected to be paid in the fourth quarter of 2028. Unsecured creditors will be receiving a distribution of approximately 8.55% of their allowed claim(s), which is an amount in excess of what claimants would receive in a hypothetical Chapter 7 proceeding, in which case such claimants would receive 0.00%. The allowed unsecured claims total $438,509.61. This Class is impaired. Equity Security Holders shall retain their prepetition interests. The means necessary for the implementation of this Plan include the Debtor's cash flow from operations for a period of three years and contributions from the Principals of the Debtor, but only if such contributions are deemed necessary due to the Debtor underperforming financially or the temporary need to a cash infusion. The Debtor's financial projections show that the Debtor will have projected disposable income for a period of three years (after payment of all amounts under this Plan, as well as operating expenses) of $37,500.00. To the extent that the Debtor performs consistent with such financial projections, then such disposable income will be utilized by the Debtor in the form of cash reserves, in order to ensure that the Debtor will have sufficient cash over the life of the Plan to not only make the required Plan payments but operate its business without any concern of illiquidity. A full-text copy of the First Amended Plan dated September 5, 2025 is available at https://urlcurt.com/u?l=1J5Cso from PacerMonitor.com at no charge. Counsel to the Debtor: Rachamin Cohen, Esq. Cohen Legal Services, P.A. 1801 NE 123rd Street, Suite 314 North Miami, FL 33181 Phone: (305) 570-2326 Email: rocky@lawcls.com About Anciom LLC Anciom, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14970) on May 1, 2025, listing between $50,001 and $100,000 in assets and between $500,001 and $1 million in liabilities. Linda Leali, Esq., serves as Subchapter V trustee. Judge Peter D. Russin oversees the case. Rachamin Cohen, Esq., at Cohen Legal Services, P.A. is the Debtor's bankruptcy counsel. Specialty Capital is represented by: Alan C. Hochheiser, Esq. Maurice Wutscher, LLP 23611 Chagrin Blvd. Suite 207 Beachwood, OH 44122 Telephone: (216) 220-1129 Facsimile: (216) 472-8510 ahochheiser@mauricewutscher.com API GP VENTURE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ API GP Venture Partners, LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral. The court order authorized the Debtor's interim use of cash collateral from September 8 to 19 under an approved budget, which shows total operational expenses of $65,420. Access to cash collateral is limited to line items in the budget approved by secured lender, First-Citizens Bank & Trust (successor to Silicon Valley Bank). Any amendments require lender consent. First-Citizens will be provided with protection in the form of replacement liens on the Debtor's post-petition assets (excluding avoidance actions) and monthly payments under their loan agreement. The replacement liens are subject to the fee carve-out and proceeds from any successful avoidance actions. In case of any diminution in the value of its collateral, First-Citizens will receive a superpriority administrative expense claim. The Debtors' right to use cash collateral will automatically terminate upon failure to obtain a second interim order by the termination date (unless extended by the secured lender); the filing of a motion to create post-petition claims or liens without the lender's consent and not withdrawing it after one business day's notice; the filing of a motion challenging the lender's claims or liens; entry of an order granting relief from the automatic stay to a third party affecting assets worth over $100,000; dismissal or conversion of the case; appointment of a Chapter 11 trustee; failure to comply with the terms of the interim order; or the modification, stay, reversal, or vacatur of the order without the lender's consent. About API GP Venture Partners API GP Venture Partners, LLC and its affiliates own and operate student housing properties in Goleta, California, providing accommodations for about 70 students. The group is managed by IRC Ashland I LLC, which holds roughly 90% of the equity, while Ashland Pacific, LLC holds the remaining 10% as a non-managing member. Operations are governed by limited liability company agreements and a master property management agreement defining ownership, management, and operational structures. API GP Venture Partners and affiliates, Ashland Pacific Integrated UCSB Holdings I, LLC, API UCSB Holdings I, LLC and API 6590 Holdings, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11640) on September 4, 2025. The petitions were signed by J. Michael Issa as chief restructuring officer. At the time of the filing, API GP Venture Partners reported up to $50,000 in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors are represented by: Mette H. Kurth, Esq. Pierson Ferdinand, LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington, DE 19810 Tel: 310-245-8784 mette.kurth@pierferd.com -- and -- Lynnette R. Warman, Esq. Pierson Ferdinand, LLP 1341 W. Mockingbird Lane, Suite 600W Dallas, TX 75247 Tel: (214) 872-6319 lynnette.warman@pierferd.com APPALACHIAN PRODUCER: Hires Thompson Law Group as Legal Counsel --------------------------------------------------------------- Appalachian Producer Services Corp. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Brian C. Thompson of Thompson Law Group, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved and object to claims filed against the Debtor's estate; (c) prepare on behalf of the Debtor and Debtor-in-Possession the necessary motions, answers, reports, orders, and other legal papers in connection with the administration of the Debtor's estate; (d) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (e) perform such legal services as the Debtor may request with respect to any matter appropriate in assisting the Debtor's effort to reorganize. Mr. Thompson will receive an hourly rate of $350, and an hourly rate of $90 is for paralegals. Thompson Law Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Brian C. Thompson, Esq. THOMPSON LAW GROUP, P.C. 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 E-mail: bthompson@thompsonattorney.com About Appalachian Producer Services Corp. Appalachian Producer Services Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22299) on August 29, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $100,001 to $500,000. Judge Jeffery A. Deller oversees the case. Thompson Law Group, P.C. is Debtor's legal counsel. ARC FALCON I: DuPont Transaction No Impact on Moody's 'B2' CFR -------------------------------------------------------------- Moody's Ratings stated that ARC Falcon I Inc. (Arclin)'s planned acquisition of DuPont's Aramids business has no immediate impacts on its ratings, including the B2 Corporate Family Ratings, B2-PD Probability of Default Ratings, B2 senior secured first lien revolving credit facility, B2 senior secured first lien term loan, B2 senior secured first lien delayed draw term loan, and the Caa1 senior secured second lien term loan. The outlook is stable. Arclin reached definite agreement to acquire all of DuPont's Aramids business (Kevlar® and Nomex®) for approximately $1.8 billion, including pre-tax cash proceeds of approximately $1.2 billion, a note receivable of $300 million, and approximate 17.5% stake in the future combined company of Arclin valued at $325 million. Closure of the transaction is subject to customary closing conditions including regulatory approval and is expected to complete in Q1 2026. The net impact of the planned acquisition on Arclin's credit profile, while likely significant, remains to be assessed pending clarity on the financing structure for the transaction and the implications for Arclin's business portfolio and capital structure. Based on the regulatory filings of DuPont, Moody's estimates that the acquisition could materially increase Arclin's size, scale, diversity and business scope, offset partially by the integration challenges given the size of the acquired assets and Arclin's limited experiences in the Aramid business. The financing details of this large transaction, unknown yet, will also determine the capital structure and credit metrics of the combined company post the transaction. Moody's will continue to monitor the situation as new information becomes available. Prior to the planned acquisition, Arclin's CFR was well positioned at B2. The credit profile is supported by its leading market position in protective overlays and specialty polymers primarily in North America and its long-term contracts with its largest customers. The credit profile is constrained by exposure to the cyclical US housing, non-residential construction and repair and remodeling end markets, and its relatively small asset base and high customer concentration. Arclin's financial leverage, as measured by Moody's adjusted debt/EBITDA, has been improving to mid-5.0x at end Q2 2025, down from low 6.0x at end 2024, driven by the contribution from its RGD acquisition last year and margin expansion opportunities. Its good free cash flows excluding acquisitions and good liquidity also support the credit profile. Arclin is a materials science company. It is a leading manufacturer and formulator of proprietary surface overlays and specialty polymers primarily for the residential construction and repair and remodel markets, as well as industrial, pharmaceutical, agriculture, nutrition, water treatment, electronics, mining and building product finishing services. Arclin is owned by an affiliate of TJC L.P. Arclin reported sales of about $1.1 billion for the 12 months ended June 30, 2025. ARCLINE FM: $75MM Incremental Loan No Impact on Moody's 'B2' CFR ---------------------------------------------------------------- Moody's Ratings said Arcline FM Holdings, LLC's (Fairbanks Morse Defense or FMD) $75 million Incremental First Lien Term Loan does not affect FMD's B2 corporate family rating and B2-PD probability of default rating. Further, the issuance does not impact the existing B2 ratings on the senior secured first lien term loan. The rating outlook remains unchanged at stable. Proceeds from the offering will be used to pay down in full borrowings under the ABL revolving credit facility that were used for a recent acquisition. The transaction is modestly leveraging and improves FMD's liquidity position. Concurrently, FMD is repricing the loan which will generate interest expense savings. Moody's do not expect any other changes to the terms of the senior secured first lien term loan. Arcline FM Holdings, LLC (dba Fairbanks Morse Defense) is a provider of propulsion systems, ancillary power units, motors and electric controllers for the US Navy and US Coast Guard. The company is owned by entities of Arcline Investment Management. FMD generated $919 million of revenue during the 12-month period ending June 30, 2025. ARIZONA DEPT. OF CORRECTIONS: Considered Placing in Receivership ---------------------------------------------------------------- Kiera Riley of Arizona Capitol Times reports that a federal court is weighing whether Arizona's prison health care system, Arizona Department of Corrections, Rehabilitation and Reentry, should be placed under receivership after years of litigation over inadequate medical care. At a September 10, 2025 hearing, Judge Roslyn Silver reviewed yet another monitoring report that detailed systemic shortcomings in treatment for the state's incarcerated population, despite a permanent injunction requiring full compliance two years ago, according to the report. Plaintiffs' attorney Sophie Hart argued that a receiver is the only realistic solution, pointing to California's Plata v. Newsom case as an example. A receiver, she said, would take control of staffing, contracts, and budgets to bring the system into constitutional compliance. Hart estimated the cost could run about $3 million annually, though the court would decide how expenses and salaries are approved, according to Arizona Capitol Times. State attorney Mary O'Grady countered that Arizona is making progress under new leadership and continues to request more funding, including $9.5 million in its FY2027 budget for compliance-related staffing. She called receivership a "last resort" and argued it would not provide an immediate fix. O'Grady pointed to incremental gains such as more providers, expanded programming, and better capacity for special needs care, the report states. Still, Judge Silver expressed doubt, noting years of rising expenditures with little evidence of improvement and referencing ongoing reports of preventable deaths tied to substandard care. She emphasized that only complete compliance with court orders—not partial improvements—will suffice. The judge has taken the matter under advisement, leaving the question of receivership unresolved for now, according to report. About Arizona Department of Corrections, Rehabilitation and Reentry Arizona Department of Corrections, Rehabilitation and Reentry is Arizona's prison health care system. ARTIFICIAL INTELLIGENCE: Launches Redesigned Corporate Website -------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. announced the launch of its newly redesigned corporate website. The platform delivers a refreshed design, faster performance, and advanced security features, providing investors and stakeholders with an improved user experience. The launch of the new website closely follows current best practices for world-class public companies, to raise the AITX profile and ensuring top quality in how the Company communicates its vision, growth strategy, and expanding role in the AI-driven security sector. This alignment reinforces AITX's focus on transparency and its commitment to providing investors with clear and accessible information. "We have always listened carefully to the market, and the response from our investors and supporters has been incredible," said Steve Reinharz, CEO, CTO and founder of AITX. "This new website is a direct reflection of that feedback, designed to showcase the love and enthusiasm that surrounds the Company while presenting a clear picture of where we are headed." The updated website is designed to improve navigation and access to the Company's latest announcements, investor presentations, and financial disclosures. By providing a clear and efficient digital experience, AITX strengthens its ability to communicate progress as the Company advances toward its long-term growth objectives. "Our goal was to build a site that reflects, with clarity and reliability, the energy and progress happening across AITX and RAD subsidiaries," said David Marsh, Vice President of Marketing at the Company's primary subsidiary Robotic Assistance Devices, Inc. (RAD). "The new design makes it easier than ever for stakeholders to engage with the Company's vision and momentum." The new website is now live at www.aitx.ai, offering investors, analysts, and followers a comprehensive view of the Company's vision and momentum. Visitors can access the latest press releases, investor presentations, and media appearances while exploring AITX's expanding impact across the security technology sector. The Company encourages all stakeholders to experience the new site and stay connected as it continues to drive innovation and growth. 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. ASPEN ELECTRONICS: Employs Zick Business as Advisors ---------------------------------------------------- Aspen Electronics Manufacturing, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Zick Business Advisors, Inc. to assist the Debtor with a fairness opinion related to the Debtor's Employee Stock Ownership Plan in its Chapter 11, Subchapter V case. Zick Business will provide these services: (a) prepare business valuations related to the Debtor's Employee Stock Ownership Plan; and (b) opine as to fairness related to the Employee Plan and transactions contemplated in the Debtor's anticipated Plan. Zick is not a creditor of the estate, does not represent or hold any interest adverse to the Debtor or the estate, and is disinterested. The firm can be reached at: Zick Business Advisors, Inc. 16 Inverness Place East, Bldg C Englewood, CO 80112 Office: (303) 758-9167 Toll Free: (800) 788-9167 Fax: (303) 758-9194 About Aspen Electronics Aspen Electronics Manufacturing Inc., an electronics manufacturer in Westminster, Colorado, sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-16558) on Nov. 1, 2024. In the petition filed by Giao Le, president, the Debtor disclosed total assets of $1,828,289 and total liabilities of $2,710,940. Judge Joseph G. Rosania Jr. oversees the case. The Debtor tapped Jenny M.F. Fujii, at Kutner Brinen Dickey Riley PC and Laurin H. Mills, at Werther & Mills, LLC as special counsel. ATKORE INT'L: Moody's Rates New $373MM Sr. Secured Term Loan 'Ba1' ------------------------------------------------------------------ Moody's Ratings assigned a Ba1 rating to Atkore International, Inc.'s ("Borrower") proposed $373 million backed senior secured term loan B due 2032. The term loan will be unconditionally guaranteed jointly and severally on a senior secured basis by Atkore Inc. ("Parent", "Atkore" or "Company"), the borrower and all existing and future wholly owned domestic subsidiaries of the borrower, subject to certain exceptions. Atkore plans to use the proceeds from the new term loan to refinance the existing term loan and to cover fees, premium and expenses related to the transaction, which Moody's views as leverage neutral. The rating on the existing term loan will be withdrawn when it is paid off. 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. RATINGS RATIONALE Atkore's Ba1 corporate family rating ("CFR") is supported by its low leverage, good interest coverage and profit margins, large market share in key products, attractive position in certain end markets, its focus on core product categories, pricing discipline and operational efficiencies, and its very good liquidity profile. The rating also reflects Atkore's moderate scale and limited diversity versus higher rated companies in the manufacturing sector and its reliance on non-residential construction activity. The rating also considers the highly competitive markets in which the company operates, its limited product differentiation, its acquisitive history and plans to use its free cash flow to fund organic growth, acquisitions, share repurchases and dividends. The rating is constrained by the company's capital structure with the secured debt accounting for a material share of the outstanding debt. Moody's continues to expect that Atkore's operating results will weaken in fiscal 2025 as compared to 2024 largely as a result of lower product pricing driven by increased competition in steel and PVC conduit markets and softer demand for certain of the company's products. Moody's forecasts that Atkore's EBITDA, as adjusted by Moody's, will be in the range of $400-420 million, and for leverage to rise to the range of 2.2-2.4x, materially higher than in the last few years but well below the downgrade trigger of 3.25x. The company guided for about $50 million in additional gross profit impact for fiscal 2026 from lower pricing and higher input costs. This indicates that its credit metrics will soften further next year. Notwithstanding these headwinds, Moody's expects Atkore to remain free cash flow positive and that its credit metrics will remain commensurate with its Ba1 corporate family rating. Atkore's stable ratings outlook reflects Moody's expectations that its operating results will weaken further in fiscal 2025-2026 amid continued normalization in pricing and increased competition in certain product categories, but that its credit metrics will continue to support its current rating. Atkore's speculative grade liquidity rating of SGL-1 reflects its very good liquidity profile and its consistent free cash generation. The company had $331 million of cash and $325 million of borrowing availability on its $325 million asset based revolving credit facility as of June 30, 2025. Atkore had no letters of credit issued and no outstanding borrowings on the revolver which has historically been used for seasonal and cyclical working capital support and to fund acquisitions, but is unlikely to be used in the near term considering the company's sizeable cash balance and solid free cash flow. The ABL matures in April 2030. The ABL facility has one financial covenant, which is a fixed charge coverage test of 1.0x that is tested when excess availability is less than 10% of the applicable borrowing base availability. Moody's expects the company to remain in compliance with this covenant since it is likely to maintain ample availability above this threshold and a fixed charge ratio well above 1.0x. The Ba1 rating of the new first lien term loan is in line with Atkore's Ba1 corporate family rating since it has a second lien on the ABL collateral, and benefits from a first priority lien on all tangible and intangible assets of the borrower and guarantors not securing the ABL revolver. It is also supported by the loss absorbing buffer provided by the unsecured notes, which are rated Ba2 due to their junior ranking position in relation to the term loan and the ABL facility. The new term loan will mature on the earlier of the date that is seven years (2032) after the closing date of the transaction and 91 days prior to the scheduled maturity date of the senior unsecured notes (June 2031). The term loan will amortize in equal quarterly installments equal to 1% of the original principal amount of the term loan. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Atkore's moderate scale, somewhat limited end market diversification versus other higher rated companies in the manufacturing sector and the secured debt in its capital structure all act as a headwind and raise the bar for a ratings upgrade. However, the company's rating could be upgraded if its leverage ratio (Debt/EBITDA) is sustained at less than 2.0x, EBITA margins above 16%, its credit profile remains strong during this economic downturn, it maintains relatively conservative financial policies and indicates an intention to modify its capital structure and predominantly issue unsecured debt. Atkore's rating could be lowered if Debt/EBITDA exceeds 3.25x or EBITA margins fall below 12% on a sustained basis. A material contraction in liquidity could also result in a downgrade. Atkore Inc., headquartered in Harvey, Illinois is a manufacturer of Electrical products primarily for the non-residential construction and renovation markets and to a lesser extent the residential construction market, and Safety & Infrastructure solutions for the construction and industrial markets. These products include steel and PVC electrical conduit and fittings, armored and metal-clad cable and metal framing and support structures such as cable trays, ladders and wire baskets, as well as galvanized mechanical tubes. The company operates under two reportable segments: Electrical and Safety & Infrastructure Solutions. Atkore's revenues for the LTM ended June 30, 2025 were approximately $2.9 billion. Atkore International, Inc. (Atkore) is a wholly-owned subsidiary of Atkore Inc. The principal methodology used in this rating was Manufacturing published in September 2021. B & B SMITH: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: B & B Smith Construction, Inc. 75 Four Star Lane Odenville, AL 35120 Business Description: B & B Smith Construction, Inc. is an excavation and site preparation company based in Odenville, Alabama, providing services for residential and land development projects. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 25-41227 Judge: Hon. James J Robinson Debtor's Counsel: Robert C. Keller, Esq. RUSSO, WHITE & KELLER, P.C. 315 Gadsden Highway Suite D Birmingham, AL 35235 Tel: (205) 833-2589 Email: rkeller@rwkattorneys.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Bobby R. Smith, Jr., as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5QYML4A/B__B_Smith_Construction_Inc__alnbke-25-41227__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5X7TODQ/B__B_Smith_Construction_Inc__alnbke-25-41227__0001.0.pdf?mcid=tGE4TAMA B & B SMITH: Seeks Chapter 11 Bankruptcy in Alabama --------------------------------------------------- On September 12, 2025, B & B Smith Construction Inc. filed Chapter 11 protection in the Northern District of Alabama. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About B & B Smith Construction Inc. B & B Smith Construction Inc. serves a diverse client base across Alabama by delivering residential and commercial construction services. Its portfolio covers general contracting, site development, project management, and remodeling projects. B & B Smith Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-41227) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge James J. Robinson handles the case. The Debtor is represented by Robert C. Keller, Esq. at Russo, White & Keller. B & L LAND: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: B & L Land, LLC 7525 N. 900 E Darlington IN 47940 Case No.: 25-05529 Business Description: B & L Land, LLC owns agricultural and industrial real estate in Montgomery County, Indiana. The Company's holdings include a 1.78-acre site featuring a grain facility with an appraised value of $2.7 million as of 2023, and approximately 388 acres of farmland across six parcels valued at roughly $5.96 million. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Southern District of Indiana Judge: Hon. Andrea K Mccord Debtor's Counsel: Jeffrey Hester, Esq. HESTER BAKER KREBS LLC One Indiana Sq Suite 1330 Indianapolis IN 46204 Tel: 317-833-3030 Email: jhester@bhkfirm.com Total Assets: $8,664,000 Total Liabilities: $10,431,665 The petition was signed by Benjamin Carpenter as managing member. The Debtor identified Maxwell Farm Drainage, Inc., located at 4817 E. 570 N, Crawfordsville, Indiana 47933, as its only unsecured creditor, reporting a claim of $33,143 for supplies and vendor services. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TAUAB3I/B__L_Land_LLC__insbke-25-05529__0001.0.pdf?mcid=tGE4TAMA B.G. STARWOOD: Seeks to Tap John Lacher as Legal Counsel -------------------------------------------------------- B.G. Starwood Lounge, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire John P. Lacher of The Lynch Law Group, LLC to serve as legal counsel in its Chapter 11 case. Mr. Lacher will provide these services: (a) assist in the administration of the Debtor's estate and represent the Debtor on matters involving legal issues that are present or are likely to arise in the case; (b) prepare any legal documentation on behalf of the Debtor; (c) review reports for legal sufficiency; (d) furnish information on legal matters regarding legal actions and consequences; and (e) provide all necessary legal services connected with Chapter 11 proceedings including the prosecution and/or defense of any adversary proceedings. Mr. Lacher will receive an hourly rate of $420, and an hourly rate of $200 is for paralegals. According to court filings, neither Mr. Lacher nor anyone from his firm has any connection with the Debtor, nor represent any interest adverse to the Debtor or any other parties-in-interest. The firm can be reached at: John P. Lacher, Esq. THE LYNCH LAW GROUP, LLC 501 Smith Drive, Suite 3 Cranberry Township, PA 16066 Telephone: (724) 776-8000 E-mail: jlacher@lynchlaw-group.com About B.G. Starwood Lounge Inc. B.G. Starwood Lounge Inc., operating as Starwood Rib and Steakhouse in New Castle, Pennsylvania, is a steakhouse and rib specialty establishment with lounge services. B.G. Starwood Lounge Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22242) on August 27, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by John Patrick Lacher, Esq. at The Lynch Law Group LlC. BANK OF HAWAII: Moody's Withdraws '(P)Ba1' Non-Cumulative Rating ---------------------------------------------------------------- Moody's Ratings has withdrawn the (P)Baa2 senior unsecured MTN program rating and (P)Ba1 preferred shelf non-cumulative rating of Bank of Hawaii Corporation (BOH). RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). BASIS CHARTER: S&P Raises Revenue Bond Long-Term Rating to 'BB+ --------------------------------------------------------------- S&P Global Ratings raised its long-term and underlying ratings (SPUR) on the Phoenix Industrial Development Authority, Ariz.'s and Arizona Industrial Development Authority's educational facility revenue bonds, issued for BASIS Charter Schools Inc. (BCSI), to 'BB+' from 'BB'. The upgrade reflects S&P's view of BASIS' consistently strong academic reputation and demand metrics, growing enrollment, improving operating performance and financial metrics, and reduction in negative unrestricted net assets (UNA). The outlook is stable. S&P analyzed environmental, social, and governance factors and view them as neutral in S&P's credit rating analysis. S&P said, "The stable outlook reflects our opinion that during the next year, BCSI will maintain its excellent enterprise profile by continuing to increase enrollment and maintaining its superior academic performance. We also expect BCSI will maintain its positive operating performance, debt service coverage (DSC), and cash levels. "We could consider a negative rating action during the outlook period if MADS coverage decreases materially, if financial performance deteriorates, or if BCSI issues more debt than anticipated, pressuring metrics relative to category medians. "We could consider a positive rating action if operations, liquidity, and MADS coverage improve and are sustained at levels more consistent with a higher rating, while BASIS maintains its excellent enterprise profile." BAXSTO LLC: Taps Barron & Newburger as Legal Counsel ---------------------------------------------------- BAXSTO, LLC seeks approval from the U.S. Bankruptcy Court to hire Stephen W. Sather of Barron & Newburger, P.C. to serve as legal counsel in its Chapter 11 case. Barron & Newburger will provide these services: (a) advise the Debtor and Debtor-in-Possession of its rights, powers, and duties in these proceedings; (b) review the nature and validity of claims asserted against the Debtor and advise on their enforceability; (c) prepare on behalf of the Debtor all necessary applications, motions, pleadings, draft orders, notices, schedules, and other documents, and review financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to applications, motions, complaints, pleadings, notices, and other papers filed in the case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services necessary and appropriate in the administration of the Chapter 11 case and Debtor's business; and (g) work with other professionals in the case to attempt to obtain approval of a consensual plan of reorganization. Mr. Sather will receive an hourly rate of $650. Other attorneys will bill between $250–$450 per hour, and support staff between $40–$100 per hour. Barron & Newburger, P.C. received a $10,000 prepetition retainer and seeks approval of an additional $25,000 post-petition retainer toward a total retainer of $35,000. Barron & Newburger, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stephen W. Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expwy., Suite 400 Austin, TX 78731 About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on August 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. BEELINE HOLDINGS: Joins Centurion One Capital Summit, Oct. 28–29 ------------------------------------------------------------------ Beeline Holdings, Inc. announced that it will present at the Centurion One Capital Summit in the Bahamas on October 28–29, 2025. This presentation is part of Beeline's broader initiative to engage the investment community and showcase the Company's growth strategy. Members of the executive team -- Nick Liuzza, CEO and Co-Founder; Chris Moe, CFO; and Jessica Kennedy, COO -- will participate in the summit to highlight Beeline's vision, execution, and long-term market opportunity. "We believe Beeline is uniquely positioned as the real estate market continues to normalize," said Nick Liuzza, CEO and Co-Founder of Beeline. "Our story is compelling, but what excites us most is how consistently we've executed against our vision. We look forward to sharing this with investors -- and we think they'll love what they hear." This announcement follows a recent wave of insider buying, underscoring management's confidence in Beeline's trajectory. Over the past week: * Jessica Kennedy, COO, purchased 100,000 shares * Chris Moe, CFO, purchased 20,000 shares * Tiffany Milton, Chief Accounting Officer, purchased 10,000 shares * Nick Liuzza, CEO, added 3,000 shares to his holdings, bringing his total investment to more than $16 million Beeline's executive team has long emphasized that they "sit with shareholders." These latest purchases further demonstrate management's alignment with investors and conviction in Beeline's future. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BOOTHE INVESTMENTS: Hires Ehrhard & Associates as Legal Counsel --------------------------------------------------------------- Boothe Investments LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire James P. Ehrhard of Ehrhard & Associates, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a Debtor in this Chapter 11 proceeding; (b) perform on behalf of the Debtor necessary applications, answers, orders, reports and other legal papers required for these proceedings; (c) perform all other legal services for the Debtor which may be necessary herein; and (d) represent the Debtor with the sale, refinance or restructuring of the property of the Debtor. Mr. Ehrhard will receive a retainer of $1,738, of which $1,738 is to be used for the filing fee, and additional fees incurred over and above the original retainer amount will be billed at the regular billing rates of $325 per hour for senior attorneys and $175 per hour for paralegals. Ehrhard & Associates, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: James P. Ehrhard, Esq. EHRHARD & ASSOCIATES, P.C. 27 Mechanic Street, Suite 101 Worcester, MA 01608 Telephone: (508) 791-8411 E-mail: ehrhard@ehrhardlaw.com About Boothe Investments LLC Boothe Investments LLC is a Worcester, Massachusetts-based real estate investment entity. Boothe Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40803) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by James P. Ehrhard, Esq. BRADBURY LESSEE: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------- On September 7, 2025, Bradbury Lessee LLC entered Chapter 7 bankruptcy in the Southern District of New York. Court documents show the voluntary petition reports debts valued from $0 to $100,000, with 1–49 creditors. About Bradbury Lessee LLC Bradbury Lessee LLC is a limited liability company. Bradbury Lessee LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11941) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Todd E. Duffy, Esq. at Duffyamedeo LLP. BRIGGS BROTHERS: Seeks to Hire Bankruptcy Center as Counsel ----------------------------------------------------------- Briggs Brothers Enterprises Corporation seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Derek Terrell Russ of the Bankruptcy Center of Louisiana to serve as legal counsel in its Chapter 11 case. The firm's services will include: (a) advising the Debtor as to its rights, duties, and powers as Debtor-in-possession; (b) advising the Debtor regarding matters of bankruptcy law; (c) assisting the Debtor in the preparation and filing of all necessary schedules, statements of financial affairs, reports, motions, responses, or other filings or pleadings; (d) representing the Debtor at all meetings, hearings, or other events that come before the Court or occur in the Debtor's case; (e) representing the Debtor in any matter involving contests with secured or unsecured creditors, including the claims reconciliation process; (f) consulting with the Debtor concerning the administration of the Debtor's case; (g) advising, assisting, and representing the Debtor concerning the formulation of, preparation and filing of, and confirmation of any proposed plan(s), and solicitation of any acceptances or responding to objections to such plan(s); (h) advising the Debtor concerning, and assisting in the negotiation and documentation of, financing agreements, debt restructurings, cash collateral arrangements, and related transactions; (i) providing assistance, advice, and representation concerning any possible sale of the Debtor's assets; (j) reviewing the nature and validity of liens asserted against the property of the Debtor and advising the Debtor concerning the enforceability of such liens; (k) providing assistance, advice, and representation concerning any further investigation of the assets, liabilities, and financial condition of the Debtor that may be required under local, state, or federal law; (l) prosecuting or defending litigation matters and such other matters that might arise during this Bankruptcy Case; (m) providing counseling and representation with respect to assumption or rejection of executory contracts and leases, sales of assets, and other bankruptcy-related matters arising under the Bankruptcy Case; (n) representing the Debtor in all matters related to its labor contracts and negotiations with unions, if needed; (o) pursuing avoidable transfers and transactions of the Debtor on the Debtor's behalf; (p) performing such other legal services as may be necessary and appropriate for the efficient and economical administration of this Bankruptcy Case; and (q) performing such other legal services set forth in the Engagement Letter executed by the Debtor and the Firm on August 4, 2025. Mr. Russ will receive an hourly rate of $250, and an hourly rate of $45 is for paralegals. Bankruptcy Center of Louisiana is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Derek Terrell Russ, Esq. BANKRUPTCY CENTER OF LOUISIANA 700 Camp Street New Orleans, LA 70130 Telephone: (504) 522-1717 Facsimile: (504) 522-1715 E-mail: derekruss@russlawfirm.net About Briggs Brothers Enterprises Corporation Briggs Brothers Enterprises Corporation is a licensed general contractor based in New Orleans, Louisiana. The Company provides construction services for highway, street, bridge, and municipal public works projects, and has performed work under federal contracts across multiple states. It is certified as an SBA 8(a) and HUBZone small business. Briggs Brothers Enterprises Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No.: 25-11674) on August 4, 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 Meredith S. Grabill handles the case. The Debtor is represented by Derek Russ, Esq. CAPITAL WHOLESALE: Areya Holder Aurzada Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 6 appointed Areya Holder Aurzada, Esq., at Holder Law as Subchapter V trustee for Capital Wholesale Group, LLC and its affiliates, P4 Executive Investments, LLC and TWS Service Corporation. Ms. Aurzada will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Aurzada declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Areya Holder Aurzada, Esq. Holder Law 901 Main Street, Ste. 5320 Dallas, TX 75202 Office: 972-438-8800 Mobile: 817-907-4140 About Capital Wholesale Group 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. CHANNING HALL: S&P Raises 2017 Revenue Bonds Rating to 'BB+' ------------------------------------------------------------ S&P Global Ratings raised its long-term rating on the Utah Charter School Finance Authority's series 2017 charter school revenue refunding bonds issued for Channing Hall Charter School (Channing Hall) to 'BB+' from 'BB'. The outlook is stable. S&P said, "The upgrade reflects our view of the school's improved operating and liquidity metrics, along with a moderating debt burden, that we expect will continue over the outlook period. The upgrade further reflects the school's strengthening enrollment and solid academic profile. "We analyzed environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The stable outlook reflects our view that the recent trend of improved financial performance, lease-adjusted MADS coverage, and balance-sheet metrics will be sustained, and the school will maintain its demand profile supported by solid academics. "We could take a negative rating action if the recently improved operating performance and balance-sheet metrics are not sustained, or if the demand profile weakens materially, leading to deterioration of the financial profile. "Although unlikely, we could consider a positive rating action over the longer term if the school continues to increase liquidity levels while generating lease-adjusted MADS coverage consistently stronger than historical performance, and strengthens its enrollment profile and market position." CHERISHED LAND: Case Summary & Four Unsecured Creditors ------------------------------------------------------- Debtor: Cherished Land, LLC 64 Auburn Street Portland ME 04103 Business Description: Cherished Land, LLC owns and operates a single real estate property that generates substantially all of the Company's income. The Company is structured as a single-asset real estate entity under U.S. bankruptcy law. Chapter 11 Petition Date: September 11, 2025 Court: United States Bankruptcy Court District of Maine Case No.: 25-20220 Judge: Hon. Peter G Cary Debtor's General Bankruptcy Counsel: D. Sam Anderson, Esq. Adam R. Prescott, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle Street P.O. Box 9729 Portland ME 04101 Tel: 207-774-1200 Fax: 207-774-1127 Email: sanderson@bernsteinshur.com aprescott@bernsteinshur.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Samuel F. Eakin as authorized party. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4ATTXPQ/Cherished_Land_LLC__mebke-25-20220__0001.0.pdf?mcid=tGE4TAMA CHUNGA-JINGA LLC: Seeks to Extend Plan Exclusivity to November 21 ----------------------------------------------------------------- Chunga-Jinga LLC, asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity period to file a plan of liquidation November 21, 2025. The Debtor is a New York Corporation engaged in business as the owner of a rental property located at 3042 Brighton Sixth St, Brooklyn, NY 11235 (the "Property"). The Debtor's ability to fund a Chapter 11 Plan is dependent upon the sale of the property. By order of the court dated July 17 2025, the debtor retained a real estate broker to market and sell the Property. The Property is currently listed for sale at $1.1 million. The debtor seeks the additional time to locate a buyer in order to effectuate a plan of liquidation. The debtor submits that no parties are prejudice by the additional time sought hereunder. To the contrary, the debtor believes that the estate will benefit from the additional time in order to maximize the value of the Property for the benefit of all creditors. In addition, the bargain for governmental entities to file a proof of claim has not yet passed. The debtor wants to make sure there are no additional governmental claims before it files its plan. Finally, to terminate the exclusive periods prematurely would be to deny the Debtor a meaningful opportunity to negotiate with creditors and propose a confirmable plan. This would be contrary to the overall purpose of the Chapter 11 process. Premature termination of the exclusive periods might force the Debtor to waste valuable time and efforts combating competing plans and result in increasing administrative expenses, all to the detriment of the estate, the creditors and other parties-in-interest. Chunga-Jinga LLC is represented by: Robert J. Spence, Esq. Spence Law Office, P.C. 55 Lumber Road, Suite 5 Roslyn, NY 11576 Tel: (516) 336-2060 Fax: (516) 605-2084 Email: rspence@spencelawpc.com About Chunga-Jinga LLC Chunga-Jinga LLC is a real estate management company based in Brooklyn, New York, primarily focused on owning and managing residential properties. Chunga-Jinga LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41417) on March 26, 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 Nancy Hershey Lord handles the case. The Debtor is represented by Robert J. Spence, Esq. at SPENCE LAW OFFICE, P.C. CITY PARK: Chris Quinn Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for City Park Storage Ventures, LP. Mr. Quinn 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. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com About City Park Storage Ventures City Park Storage Ventures, LP filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35121) on August 29, 2025, listing between $1 million and $10 million in assets and liabilities. Lloyd A. Lim, Esq. at Kean Miller LLP represents the Debtor as legal counsel. CLNG HOMES: Jerrett McConnell Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for CLNG Homes, LLC. Mr. McConnell 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. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About CLNG Homes CLNG Homes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03106) on September 5, 2025, listing up to $50,000 in assets and liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. CONCEPT CONNECTIONS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Concept Connections, Ltd received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral through September 25 in accordance with its monthly budget, subject to a 10% variance per line item. Any expenditures above the budget require prior written consent from secured lenders, Idea Financial and Headway Capital, LLC. The Debtor projects total monthly operational expenses of $77,914.92. The cash collateral is allegedly subject to pre-bankruptcy liens held by the secured lenders, which claim a security interest in most of the Debtor's assets. As adequate protection, both lenders will be granted automatically perfected replacement liens on all current and future assets of the Debtor co-extensive with their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. A final hearing is scheduled for September 25. Headway Capital can be reached through: Headway Capital, LLC 175 W Jackson Blvd Suite 1000 Chicago, IL 60604 support@headwaycapital.com Idea Financial can be reached through: Idea Financial 800 NW 62nd Ave, Ste 750 Miami, FL 33126 info@ideafinancial.com About Concept Connections Ltd. Concept Connections Ltd., a company based in Plano, Texas, provides behavioral health services with a focus on Applied Behavior Analysis (ABA) therapy for individuals with autism and other developmental disabilities. It collaborates with families, therapists, and schools to deliver tailored therapeutic programs. The company operates at multiple locations in Plano and accepts most major insurance plans. Concept Connections sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-42455) on August 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. The Debtor is represented by: Sarah M. Cox, Esq. Spector & Cox, PLLC Tel: 214-310-1321 Email: sarah@spectorcox.com D2 GOVERNMENT: Court Extends Cash Collateral Access to Sept. 22 --------------------------------------------------------------- D2 Government Solutions, Inc. received sixth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, to use cash collateral through September 22. The sixth interim order authorized the Debtor to use cash collateral to pay ordinary and necessary business expenses as set forth in its budget, subject to a 10% variance. The budget projects total operational expenses of $528,287 for September. As protection for any diminution in value of the lenders' interests in their collateral, the lenders will be granted a post-petition continuing replacement lien on assets, including accounts receivables generated post-petition, similar to their pre-bankruptcy collateral. The replacement lien will have the same validity, perfection, extent and priority as the lenders' pre-bankruptcy lien. The next hearing will be held on September 22. The Debtor, which operates as a defense contractor across the U.S., filed for bankruptcy largely due to delays in payments on government contracts, its primary source of income. All receivables from the Debtor's contracts are handled through a factoring agreement with LSQ Funding Group, which holds a significant reserve. Although several recorded UCC-1 filings show blanket liens from the U.S. Small Business Administration, First Corporate Solutions, and Corporation Servicing Company, the Debtor believes that most, if not all, of the pre-bankruptcy receivables had been assigned to LSQ prior to filing. Therefore, at the time of bankruptcy, the Debtor likely had no receivables generating cash collateral for these lenders. However, LSQ's reserve may still qualify as property of the estate and potentially subject to lender claims. About D2 Government Solutions Inc. D2 Government Solutions, Inc. founded in 2010, is a Service-Disabled Veteran-Owned Small Business (SDVOSB) that provides a broad spectrum of professional services to U.S. government agencies. The Company specializes in aviation-related operations including base and flight operations, aircraft maintenance, logistical support, aerial imaging, and range services. In addition, D2 offers administrative and facility support services such as mailroom operations, military transition assistance, ID processing support, clerical staffing, and medical administrative functions, reflecting its versatility in meeting diverse federal contracting needs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01322) on April 11, 2025. In the petition signed by Darryl Centanni, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. The Debtor is represented by: J.M. Cook, Esq. J.M. Cook, P.A. Tel: 919-675-2411 Email: j.m.cook@jmcookesq.com DATABASED SOLUTIONS: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Databased Solutions Inc. DBSI Services 1200 Route 22 E Bridgewater, NJ 08807 Business Description: Databased Solutions Inc., doing business as DBSI Services, provides engineering and technical staffing solutions across multiple industries in the United States. Headquartered in New Jersey, the Company offers direct hires, contract hires, and temp-to-hire services for sectors including automotive, aerospace, semiconductors, medical devices, transportation, and health technology. Founded in 1995 as a privately owned corporation, DBSI Services conducts technical and behavioral screening, background checks, and recruitment processes to meet the staffing needs of its clients. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-19625 Judge: TBD Debtor's Counsel: Justin M Gillman, Esq. GILLMAN CAPONE LLC 770 Amboy Avenue Edison NJ 08837 Email: jgillman@gillmancapone.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ila Choudhary as president. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A complete copy of the petition can be accessed for free on PacerMonitor at: https://www.pacermonitor.com/view/Q25WZ5A/Databased_Solutions_Inc__njbke-25-19625__0001.0.pdf?mcid=tGE4TAMA DEREK L. MARTIN: Taps Law Office of Judith A. Descalso as Counsel ----------------------------------------------------------------- Derek L. Martin, DMD, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire Judith A. Descalso of the Law Office of Judith A. Descalso to serve as general bankruptcy counsel in its Chapter 11 case. The firm will provide these services: (a) advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning the Debtor's rights and remedies regarding the estate's assets and the claims of creditors and other parties in interest; (b) represent the Debtor on behalf of the estate before the Court, including assisting in the preparation of pleadings, reports and orders, as required for the orderly administration of this estate; (c) assist in the preparation of applications of employment and preparation and review of fee applications and, where appropriate, file objections to the fee applications of other professionals; (d) provide advice regarding the Debtor's reorganization, including the evaluation and, if appropriate, the development and preparation of a Disclosure Statement and Plan of Reorganization to effectuate the Debtor's reorganization and any post-confirmation motions; and (e) provide such other reasonable and related services within the scope of engagement as may be requested by the Debtor from time to time. Ms. Descalso will receive an hourly rate of $495, associates at $450, and paraprofessionals at $90 to $150. The firm received a $25,000 retainer from Derek Martin, the Debtor's principal, which was paid from his personal non-bankruptcy estate assets as a gift to the Chapter 11 estate with no expectation of repayment. The Law Office of Judith A. Descalso is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Judith A. Descalso, Esq. LAW OFFICE OF JUDITH A. DESCALSO 960 Canterbury Pl., Ste. 340 Escondido, CA 92025 Telephone: (760) 745-8380 E-mail: jad@jdescalso.com About Derek L. Martin, DMD, Inc. Derek L. Martin, DMD Inc. is a dental clinic providing a variety of treatments, from standard fillings to aesthetic services such as digitally-designed dental veneers. Derek L. Martin, DMD Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-01018) on March 14, 2025. In its petition, the Debtor reported total assets of $365,636 and total liabilities of $1,530,365. Honorable Judge J. Barrett Marum oversees the case. The Debtor is represented by Bernard M. Hansen, Esq., at Law Offices of Bernard M. Hansen. DIRECTV FINANCING: Moody's Rates New $1.5BB Sr. Secured Notes 'B1' ------------------------------------------------------------------ Moody's Ratings has assigned B1 ratings to DIRECTV Financing, LLC's (DIRECTV) proposed $1.5 billion senior secured notes due 2030. The net proceeds will be used to fund a tender offer for up to $1.5 billion of the company's 5.875% senior secured notes due 2027. Concurrently with the issuance of the proposed $1.5 billion senior secured notes due 2030, the company will extend the maturity of its existing $500 million senior secured first lien revolving credit facility due August 2028 to September 2030. DIRECTV is also reducing amounts outstanding under its 2027 senior secured first lien term loan with approximately $250 million of balance sheet cash and potential draws under its extended $500 million senior secured first lien revolving credit facility. All other ratings, including the company's B1 corporate family rating (CFR), remain unchanged. A senior secured receivables credit facility due June 2028 at DIRECTV Receivables, LLC, an indirect subsidiary of DIRECTV, is unrated. Various senior unsecured notes maturing over the period through 2042 held at DIRECTV's subsidiary, DIRECTV Holdings LLC, are also unrated. The outlook remains unchanged at negative. RATINGS RATIONALE DIRECTV's B1 CFR partly reflects the company's move to a more aggressive financial policy in early 2025 in connection with its decision to debt-fund a $1.625 billion dividend to its owners in February 2025. That dividend was a negotiated component of an agreement by TPG Capital (TPG) to purchase AT&T Inc.'s (AT&T, Baa2, stable) remaining 70% equity stake in DIRECTV Entertainment Holdings LLC, parent of DIRECTV. That purchase transaction closed on July 02, 2025, resulting in TPG now owning a 100% stake in DIRECTV's parent. Debt leverage for the 12 months ended June 30, 2025 was 2.0x (Moody's adjusted), underscoring the financial policy departure from mid-2024 when DIRECTV targeted more modest debt leverage of around 1.25x (Moody's adjusted). However, under full TPG ownership and as publicly shared on August 26, 2025, the company is now pursuing a financial policy focused on prudent balance sheet management which includes aggregate debt reduction achieved through a combination of free cash flow generation and opportunistic repurchases of outstanding debt. Under this revised policy, DIRECTV is now targeting company-defined net debt leverage target of around 1.5x over the next 12-24 months. Moody's currently expect DIRECTV's debt leverage (Moody's adjusted) to fall slightly to 1.9x at year-end 2025. However, debt leverage (Moody's adjusted) could be lower than this level if continued cost efficiencies are more readily realized and more favorable operating results are achieved under evolving business strategy changes and enhancements. Maintenance of steady EBITDA margins in the mid-20% area and the potential for consistent debt pay downs with all available discretionary free cash flow remain key considerations in support of DIRECTV's credit profile. On an operational level, subscriber losses make continued cost cutting a critical part of ensuring that DIRECTV is able to maintain and optimize cash flow generation at levels sufficient to fund steady tax-based cash distributions to TPG given the company's legal structure as a limited liability company. Operating cost efficiency efforts have targeted G&A reductions, including customer service operations and the streamlining of customer acquisition costs. Disciplined maintenance capital investing and targeted growth capital investments are also a part of this focus on optimizing cash flow generation. DIRECTV's total subscriber base remains in steady decline at all segments except the company's small DIRECTV via Internet segment. DIRECTV via Satellite subscribers contracted at a 17.2% rate on a year-over-year basis through June 30, 2025 to 5.9 million subscribers (vs 7.1 million DIRECTV via Satellite subscribers at June 30, 2024), below the Q2 2024 year-over-year contraction pace of 17.9% but still at a very high level. These negative fundamental subscriber trends have resulted in DIRECTV via Satellite subscribers declining by over 63% since a year-end 2019 total of 16.0 million subscribers. The company still has a currently sizable overall scale of 8.8 million total subscribers (vs 10.1 million total subscribers at 6/30/2024) after adding in 2.9 million subscribers from the DIRECTV via Internet, DIRECTV STREAM and U-verse business categories. DIRECTV's substantial programming content distribution and spending enables some negotiating advantages in content provider contract discussions versus smaller video distribution peers. DIRECTV faces growth pressures as revenue and profits are generated from its US linear pay television distribution business, which is facing negative, secularly driven trends. These negative trends include consumers moving to direct-to-consumer video-on-demand services and terminating traditional linear bundled pay TV services such as those provided by DIRECTV. The company operates under limited visibility and is potentially vulnerable to unexpected and sizable falloffs of subscribers. Such limited visibility negatively impacts financial flexibility, especially if the current pace of negative industry subscriber trends were to shift dramatically lower or if churn were to materially worsen. The company is focused on strengthening operating performance by acquiring and retaining profitable customers, supporting current margins through cost containment and evolving and transitioning its current linear bundled television distribution exposure to strengthen its competitive positioning and help slow the pace of revenue and subscriber contraction through innovative offerings. Moody's expects DIRECTV to have a good liquidity profile going forward, supported by solid free cash flow generation and full availability under its extended $500 million revolving credit facility excluding any outstanding letters of credit. The company also had balance sheet cash of $289 million as of June 30, 2025. Moody's expects that the company will maintain cash balances at sufficient levels to operate its business. The company has already fully retired TPG's senior preferred equity and AT&T's junior preferred equity. The unredeemed portion of the common-catch-up units payable to AT&T currently total around $1.15 billion, and Moody's expects these obligations will be fully paid off by early 2026 with discretionary free cash flow. The company's existing term loans include a 50% excess cash flow sweep with first lien net leverage-based step-downs to 25% and 0%. Per DIRECTV's recently modified financial policy, the excess of the company's free cash flow after tax-based cash distributions to TPG and after any required debt repayments are now expected to be utilized for debt reduction when optimal to better withstand secular decline pressures on overall credit metrics. The extended revolving credit facility is expected to include a springing first lien net leverage ratio covenant of 2.25x which will be tested when more than 35% of the revolver is drawn. Moody's expects the company to maintain sufficient cushion under this covenant over Moody's forward outlook period. The revolver, as extended, will also have a springing maturity to any remaining August 2027 debt maturities and February 2030 debt maturities if, in each case, the outstanding principal amount of such outstanding debt maturing in either 2027 or 2030 is in excess of $500 million. DIRECTV's ESG Credit Impact Score of CIS-4 reflects governance risks associated with the potential for an aggressive financial policy under full private equity ownership, as best evidenced by the early 2025 decision to make a sizable, debt-funded $1.625 billion dividend to equity stakeholders. The potential for a successful evolution of the company's go-forward business strategy remains unclear given secular decline pressures in the linear bundled television distribution industry. DIRECTV's board of directors lacks independence because its two independent directors (out of five in total) are non-voting members only; the three voting members include the CEO and two appointed by TPG. The negative outlook reflects the potential for continuing elevated levels of subscriber declines due to significant secular pressures on linear bundled television distribution in the US. Execution risks remain high as the company seeks to innovate and adjust its legacy operating model to mitigate subscriber churn and lower the pace of subscriber declines while also generating solid free cash flow to reduce outstanding debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Given the secular pressures causing substantial subscriber declines within three of the company's four businesses (DIRECTV via Satellite, DIRECTV STREAM and U-Verse), ratings are constrained at the B1 CFR level and therefore an upgrade is unlikely. However, over time an upgrade could occur if the company invests in new sustainable businesses such that it generates steady and material revenue growth and continues to maintain low debt leverage (Moody's adjusted). Given industry secular pressures, ratings could be downgraded if the pace of subscriber declines at DIRECTV via Satellite does not slow over the next several quarters to nearer a low double-digit contraction pace on a year-over-year basis to better facilitate debt reduction and sustain debt leverage (Moody's adjusted) at a consistent range below 1.75x. Additional ratings pressure could result if financial policy pivots to a more aggressive posture or if liquidity proves insufficient to address near term debt maturities and the cash needed to fund its business for the next 18 months. Headquartered in El Segundo, CA, DIRECTV Financing, LLC is a US pay TV distributor with the bulk of its subscribers accessing the company's product via direct broadcast satellite. DIRECTV had approximately 8.8 million subscribers and $18.3 billion in revenue for the latest 12 months period ended June 30, 2025. The principal methodology used in this rating was Telecommunications Service Providers published in November 2023. DRAGONFLY PRIMARY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Dragonfly Primary Care LLC 6835 E. Southport Road, Suite D Indianapolis, IN 46237 Business Description: Dragonfly Primary Care provides comprehensive primary care services for patients of all ages in Indianapolis, IN, including preventive care, urgent care, chronic disease management, mental health support, and in-house laboratory services. The clinic offers same-day visits and flexible scheduling to accommodate patient needs. It focuses on individualized, evidence-based medical care. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-05537 Judge: Hon. James M Carr Debtor's Counsel: Thomas C. Scherer, Esq. DENTONS BINGHAM GREENEBAUM 2700 Market Tower 10 West Market Street Indianapolis, IN 46204 Tel: (317) 635-8900 Fax: (317) 236-9907 Email: thomas.scherer@dentons.com Total Assets: $288,594 Total Liabilities: $1,461,850 Caleb Wiles signed the petition as practice manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JSEQZDA/Dragonfly_Primary_Care_LLC__insbke-25-05537__0001.0.pdf?mcid=tGE4TAMA DYNAMISM LLC: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Dynamism, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The court's order authorized the Debtor's interim use of cash collateral consistent with its budget pending the final hearing on October 7. Except in the event of emergency, no funds should be spent in excess of 110% of the amount set forth in the budget without further court order and consent from secured creditors. The creditors asserting liens on the cash collateral through UCC filings include the U.S. Small Business Administration, Ulster Savings Bank, Pinnacle Business Funding, LLC and Titan Funding, LLC. The secured creditors will be granted post-petition replacement liens on property securing the Debtor's pre-bankruptcy debt as adequate protection. The Debtor said it has no alternative financing and needs to use the secured creditors' cash collateral to cover essential operational expenses. The Debtor projects approximately $212,738 in gross revenue for September and expects to break even. About Dynamism LLC Dynamism LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-35951) on September 8, 2025, listing up to $500,000 in assets and liabilities. Michael Lockwood, managing member, signed the petition. Judge Kyu Young Paek oversees the case. Michael D. Pinsky, Esq., at Michael D. Pinsky, Esq., represents the Debtor as legal counsel. ELM STREET: Hires Ehrhard & Associates as Legal Counsel ------------------------------------------------------- Elm Street REI LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire James P. Ehrhard of Ehrhard & Associates, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a Debtor in this Chapter 11 proceeding; (b) perform on behalf of the Debtor necessary applications, answers, orders, reports and other legal papers required for these proceedings; (c) perform all other legal services for the Debtor which may be necessary herein; and (d) represent the Debtor with the sale, refinance or restructuring of the property of the Debtor. Mr. Ehrhard will receive an hourly rate of $325 for senior attorneys and $175 for paralegals. Ehrhard & Associates, P.C. has received a $12,000 retainer of which $10,262 is being held in escrow for legal fees and $1,738 is to be used for the filing fee, with any additional fees incurred to be billed in accordance with the fee agreement or as the Court may deem just. Ehrhard & Associates, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: James P. Ehrhard, Esq. EHRHARD & ASSOCIATES, P.C. 27 Mechanic Street, Suite 101 Worcester, MA 01608 Telephone: (508) 791-8411 E-mail: ehrhard@ehrhardlaw.com About Elm Street REI LLC Elm Street REI LLC is a real estate investment company that owns and manages two properties in Worcester, Massachusetts. Elm Street REI LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40807) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million. Honorable Judge Elizabeth D. Katz oversees the case. The Debtor is represented by James P. Ehrhard, Esq. at Ehrhard & Associates. EMPIRE TODAY: S&P Downgrades ICR to 'CCC' on Weakening Liquidity ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on flooring retailer Empire Today LLC to 'CCC' from 'CCC+'. S&P said, "In addition, we lowered our issue-level rating on the company's first-out term loan to 'B-' from 'B'; the recovery rating is '1' (90%-100% recovery; rounded estimate: 95%). We also lowered our issue-level rating on Empire Today's second-out term loan to 'CC' from 'CCC' and revised the recovery rating to '6' (0%-10% recovery; rounded estimate: 0%) from '5'. "The negative outlook reflects the risk of a liquidity shortfall or a debt transaction that we view as tantamount to default in the subsequent six months absent operating performance improvement." In the second quarter of 2025, Empire Today reported weak operating margins that led to a free operating cash flow (FOCF) deficit. S&P forecasts that the FOCF deficit will continue, causing liquidity to weaken meaningfully. The downgrade reflects the elevated risk of default in the next 12 months absent significant operating performance improvement. Empire Today reported that its FOCF deficit increased on a year-to-date basis to $45 million in the second quarter of 2025 from $18 million in the prior year. This was due to compressed profitability and working-capital outflow from inventory transition to an improved inventory assortment and onshoring. Since its balance sheet restructuring in November 2024, which provided about $100 million in new money, the company's liquidity has meaningfully weakened as it navigates the difficult housing market. S&P said, "We forecast its reported FOCF deficit will increase to about $65 million this year as the company deploys resources for its turnaround initiatives. In 2026, we expect reported FOCF will improve but remain negative as the housing market starts to improve. In our view, a weakening liquidity position and uncertainties around the duration of the business cycle leave a tight cushion for potential setbacks on the company's turnaround initiatives, elevating the risk of another balance sheet restructuring within the next 12 months given its debt trading prices." S&P said, "We expect adjusted EBITDA will be insufficient to cover interest expenses, with S&P Global Ratings-adjusted EBITDA interest coverage remaining below 1x over the next two years as the company implements its turnaround initiatives. The company's term loan debt increased to about $634 million from $576 million following its balance sheet restructuring in November 2024. We expect the company's outstanding debt will continue to increase as it heavily relies on its revolving facility. We forecast interest expenses of about $60 million in 2025, declining in 2026 due to lower interest rates. "We expect revenue volatility due to the business cycle downturn. Empire Today's revenue declined almost 2% in the second quarter, driven by a decline of about 10% in leads and partially offset by higher close rates and average tickets. This follows a 12% decline in the same period in the prior year and an 8% decline in the first quarter of 2025, largely due to elevated mortgage rates and a pronounced decline in existing home sales in the last three years. The company has focused on improving its product assortment, optimizing its price structure, and increasing lead generation and conversion. In addition, to combat weak leads and keep its brand relevant, it has maintained its high advertising spending in the second quarter, which translated to about 17% of revenue on a last-12-month basis. We forecast revenue will decline 2.5% in 2025 and grow 1% in 2026 as the housing market starts to improve. While the company could decrease advertising spending to preserve its short-term liquidity position, we believe that would hurt growth prospects and operating performance in the longer term. "We expect operating margins will remain compressed due to the weak housing market and high competition. The company's S&P Global Ratings-adjusted EBITDA margin decreased to 3.2% in the second quarter compared to 7.8% in the prior year. This was largely due to an increase in advertising and corporate expenses, which includes incentive compensation and payroll. While advertising expenses increased by almost 9% compared to the prior year, the marketing return on investment decreased and the cost per lead increased as the company navigated challenging macroeconomic conditions. In addition, as part of the company's product line review plan, inventory levels increased by 24% in the quarter compared to last year largely due to transition to an improved inventory assortment. The company has moved away from China and focused on near-shoring its supply chain, which will likely improve inventory management in the longer term. We forecast an adjusted EBITDA margin of 2.6% this year, increasing to 5.6% in 2026 as the company implement its cost-savings initiatives and the housing market improves. "The negative outlook reflects the risk of a liquidity shortfall or a debt transaction that we view as tantamount to default in the subsequent six months absent an improvement in operating performance. "We could lower our rating on Empire Today again if we envisioned a specific default scenario occurring in the subsequent six months. This includes a payment default, a distressed exchange, or a balance sheet restructuring. "We could take a positive rating action if we don't expect a specific default scenario occurring in the subsequent 12 months. This could occur if operating performance improves and alleviates short-term liquidity pressure." ENCINO ACQUISITION: Moody's Withdraws 'B2' CFR on Debt Redemption ----------------------------------------------------------------- Moody's Ratings withdrew all of Encino Acquisition Partners Holdings, LLC's (Encino) ratings, including its B2 Corporate Family Rating and B2-PD Probability of Default Rating. The outlook changed to ratings withdrawn from ratings under review. Previously, the ratings were under review for upgrade. The withdrawals follow the redemption of Encino's outstanding debt. Encino's ratings review was initiated earlier this year following the announcement of a definitive agreement for Encino to be acquired by EOG Resources, Inc. (EOG, A3 stable) in a $5.6 billion cash deal. RATINGS RATIONALE The Encino senior unsecured notes and revolving credit facility have been fully repaid following the closing of EOG's acquisition of Encino. All of Encino's ratings have been withdrawn because all of its rated debt is no longer outstanding. Encino was a private independent E&P company with operations in the Utica Shale in Ohio. Encino was 100% owned by Encino Acquisition Partners, LLC (EAP), which was owned by Encino Energy, LLC (2%) and Canada Pension Plan Investment Board (CPPIB, 98%). ENERGIZER HOLDINGS: Moody's Rates New $300MM Unsecured Notes 'B2' ----------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Energizer Holdings, Inc. ("Energizer") proposed new $300 million senior unsecured notes due 2033. 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"). Proceeds from the notes will be used to refinance the equivalent debt outstanding on the $300 million existing senior unsecured notes due 2027 in a leverage neutral transaction. Moody's will withdraw the ratings on the existing notes upon the completion of the transaction. The proposed issuance was expected when Moody's assigned a Ba1 rating to the company's proposed senior secured incremental term loan add-on as part of the rating action on September 08, 2025. Please see Moody's September 08, 2025 press release for details on the rationale for the rating assignments. 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. ENTECCO FILTER: Taps Williams Overman Pierce LLP as Accountant -------------------------------------------------------------- Entecco Filter Technology Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to hire Williams Overman Pierce LLP to serve as accountant in its Chapter 11 case. Williams Overman Pierce LLP will provide these services: (a) prepare and file required 2024 federal income tax return; and (b) prepare and file required 2024 state income tax returns. Williams Overman Pierce LLP will be compensated based upon the customary hourly rates charged by the firm at the time such services are rendered, plus reimbursement of actual and necessary expenses and other charges the firm incurs, in such amounts as may be subsequently allowed and approved by the Court in accordance with the Chapter 11 Fee Application Guidelines for the Middle District of North Carolina currently in effect. Williams Overman Pierce LLP represents no other entity in connection with this case, holds no interest adverse to the interests of the bankruptcy estate, and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached at: Edward A. Golden WILLIAMS OVERMAN PIERCE LLP 2501 Atrium Drive, Suite 500 Raleigh, NC 27607 About Entecco Filter Technology Entecco Filter Technology, Inc., is a Delaware-based environmental technology company, specializing in air purification systems and filter products used in various industries. Entecco filed Chapter 11 petition (Bankr. M.D.N.C. Case No. 24-50707) on September 19, 2024, listing between $1 million and $10 million in both assets and liabilities. James David Edgerton, president and chief executive officer, signed the petition. Judge Lena M. James oversees the case. The Debtor is represented by James C. Lanik, Esq., at Waldrep Wall Babcock & Bailey, PLLC. Secured creditor PNC Bank, N.A. is represented by: Brian D. Darer, Esq. Parker Poe Adams & Bernstein, LLP 301 Fayetteville Street, Suite 1400 Raleigh, NC 27602 Telephone: (919) 828-0564 briandarer@parkerpoe.com ES PARTNERS: Seeks to Hire BizTx Law as Special Counsel ------------------------------------------------------- ES Partners, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Adam J. Smith of BizTx Law, P.A. to serve as special counsel in its Chapter 11 case. The firm will provide these services: (a) advise the Debtor and Debtor-in-Possession on its relations with, and responsibilities to, the Internal Revenue Service; and (b) represent the Debtor in negotiations with the Internal Revenue Service regarding taxes allegedly due. The Debtor seeks to pay Mr. Smith and his accountant a total of $16,577.17 for work already performed in preparation for negotiations with the IRS, which includes approximately $8,577.17 billed by BizTx Law, P.A. at rates of $575–$600 per hour and $8,000 billed by Dunn & Co., CPAs, PA under a Kovel arrangement at $500 per hour. BizTx Law, P.A. has represented to the Court that it is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Adam J. Smith, Esq. BizTx Law, P.A. Website: www.biztxlaw.com Email: asmith@biztxlaw.com Telephone: (954) 676-4321 Facsimile: (954) 689-2826 About ES Partners Inc. ES Partners, Inc. operates a pharmacy delivery company. It operates out of a leased warehouse in Pompano Beach, Fla. ES Partners sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14211) on April 17, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Steven M. Easton, chief executive officer of ES Partners, signed the bankruptcy petition. 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 secured creditor, is represented by: Jay B. Verona, Esq. Shumaker, Loop & Kendrick, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, FL 33602 Tel: (813) 229-7600 Fax: (813) 229-1660 E-mail: jverona@shumaker.com EVENTIDE CREDIT: Unsecureds to Recover 25% in Committee's Plan -------------------------------------------------------------- The Official Committee of Unsecured Creditors submitted a Disclosure Statement accompanying First Amended Plan of Liquidation for Eventide Credit Acquisitions, LLC dated September 4, 2025. Beginning in 2011, Matt Martorello through a complex structure of companies (at the time consisting of different entities) which ultimately included the Debtor, established and began operating what is commonly referred to as a "Rent-a-Tribe" scheme that charged more than 400% annual interest on short term loans to consumers nationwide, in violation of many state usury statutes. Martorello formed Eventide on February 9, 2015 as part of the second restructuring to avoid scrutiny, and for the express purpose of holding and collecting on a $300,000,000 promissory note (the "Note") in "consideration" of the sale of Martorello’s company named Bellicose to a tribal company known as Tribal Acquisition Corporation. Following the creation, Eventide continued to operate, control, and profit from the illegal Rent-a Tribe scheme for years and it distributed over $62.0 million to Martorello, his family members and entities and trusts he controlled or used to help protect his interests. In 2013-2014, Martorello attempted to avoid regulatory scrutiny by restructuring the business through several assignments of the ownership interests in certain entities to his other controlled entities, but Martorello (and his entities) retained control of the enterprise and continued to receive the net profits. But he was unable to avoid lawsuits from the consumer borrowers who were defrauded by the scheme (the "Consumer Borrowers"). Eventide is not a going concern company and there are no operations or employees to protect, and no hope of rehabilitation. The Debtor has no vendors, no landlords, and no customers. In other words, the Debtor's sole purpose has always been to function as a conduit to receive the Settlement Payments and then distribute the cash to insiders and offshore asset protection trusts and entities created by Martorello. Its only legitimate creditors consist exclusively of the Consumer Borrowers who paid usurious interest on installment loans. The Debtor's only scheduled asset with value consists of the stream of payments it receives from the tribal entities pursuant to the $28,046,107.92 note receivable the Debtor settled for $16,868,983.17 ("Settlement Payments"). The proceeds from the Settlement Payments are depleted each month by the Debtor to fund the administrative costs of the case. The Committee contends that the Estate also has valuable fraudulent transfer and other avoidance action claims against Martorello, his family, and the entities and trusts he controls, which the Debtor denies. The Committee shall select the person or entity in its sole and absolute discretion to serve as trustee of the Litigation Trust as approved by the Bankruptcy Court, and any successor trustee appointed pursuant to the Litigation Trust Agreement. The Committee will identify the Litigation Trustee and submit the name to the Bankruptcy Court no later than the filing of the Plan Supplement. There shall be appointed a Litigation Trust Oversight Board. The Litigation Trust Oversight Board shall have the right after the Effective Date to seek a replacement for the Litigation Trustee in accordance with the Litigation Trustee’s retention agreement and the terms of the Plan and the Litigation Trust Agreement. Class 4 consists of General Unsecured Claims. Each holder of an Allowed Class 4 Claim shall receive a cash Distribution equal to its pro rata share of the General Unsecured Claims Cash Pool. Class 4 is Impaired, and Holders of Allowed Class 4 Claims are entitled to vote to accept or reject the Plan. This Class will receive a distribution of 25% of their allowed claims. Class 6 consists of Equity Interests. Holders of the Equity Interests shall have their Equity Interests cancelled on the Effective Date. Class 6 is Impaired, and holders of Claims in Class 6 are deemed to have rejected the Plan. On the Effective Date, the Committee shall implement the "Restructuring Transactions". The actions to implement the Restructuring Transactions may include: (a) the execution and delivery of appropriate instruments of transfer, assignment, assumption, or delegation of any asset, property, interest, or right consistent with the terms of the Plan; (b) creation of the Litigation Trust; and (c) all other actions necessary or appropriate and consistent with the Plan and Confirmation Order, including making filings or recordings that may be required by applicable law in connection with the Plan. On the Effective Date, or as soon as reasonably practicable thereafter, after the establishment and funding of the Reserve Accounts and payment of any other amounts required by the Plan, the Litigation Trust Initial Funding shall be deposited into an account owned and controlled by the Litigation Trustee in trust for the holders of Allowed Consumer Borrower Claims. A full-text copy of the Disclosure Statement dated September 4, 2025 is available at https://urlcurt.com/u?l=CeQw7n from Donlin, Recano & Company, Inc., claims agent. Counsel to the Official Committee of Unsecured Creditors: Gary H. Leibowitz, Esq. H.C. Jones, III, Esq. J. Michael Pardoe, Esq. Cole Schotz P.C. 1201 Wills Street, Suite 320 Baltimore, MD 21231 Telephone: (410) 230-0660 Facsimile: (410) 230-0667 E-mail: gleibowitz@coleschotz.com hjones@coleschotz.com mpardoe@coleschotz.com Ian R. Phillips, Esq. COLE SCHOTZ P.C. 901 Main Street, Suite 4120 Dallas, TX 75202 Telephone: (469) 557-9390 Facsimile: (469) 533-1587 Email: iphillips@coleschotz.com About Eventide Credit Acquisitions, LLC Eventide Credit Acquisitions, LLC, a Dallas-based company, filed voluntary Chapter 11 petition (Bankr. N.D. Tex. Lead Case No. 23-90007) on Sept. 6, 2023. On October 9, 3023, its affiliate, BWH Texas LLC, filed its voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code. In the petition signed by Matt Martorello, manager, Eventide Credit disclosed up to $100 million in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped Forshey Prostok as bankruptcy counsel and Donlin, Recano & Company, Inc. as notice, claims and balloting agent. FIRST CLASS: Gets Extension to Access Cash Collateral ----------------------------------------------------- First Class Moving Systems, Inc. and its affiliates received sixth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The sixth interim order signed by Judge Roberta Colton extended the Debtors' authority to access cash collateral pending a further hearing on September 25. The Debtors intend to use the cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in their budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by lenders. As adequate protection, each lender a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy lien. As further protection, the Debtors were ordered to keep the lenders' collateral insured. The lenders are the U.S. Small Business Administration, De Lage Landen Financial Services, Inc., and Valley National Bank. As of the petition date, the Debtors' cash collateral was comprised of cash, accounts receivable, and inventory in the aggregate amount of $2.285 million. The SBA asserts a blanket lien on the assets including cash, deposit accounts, and accounts receivable of First Class while De Lage Landen Financial Services asserts blanket liens on the cash collateral of Capital Asset Finance, Inc. Meanwhile, Valley National Bank asserts blanket liens on the assets of First Class and the cash collateral of Capital Asset Finance, First Class Moving of South Florida and FC Equipment Leasing, Inc. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/HtIz5 from PacerMonitor.com. About First Class Moving Systems Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. It has locations in Tampa, Miami/Fort Lauderdale; Gulfport, Miss.; Orlando, Fla.; and Bound Brook, N.J. First Class Moving Systems and its affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, First Class Moving Systems reported between $1 million and $10 million in both assets and liabilities. Judge Roberta A. Colton handles the cases. The Debtors are represented by Scott A. Stichter, Esq., and Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, P.A. Valley National Bank, as lender, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com FUTURE FINTECH: All Five Proposals Approved at Annual Meeting ------------------------------------------------------------- Future FinTech Group Inc. held its Special Meeting of Shareholders. Of the 3,450,770 shares outstanding and entitled to vote as of the record date, 1,750,034 shares, or 50.71%, were represented in person or by proxy at the Special Meeting, thereby satisfying the quorum requirement. The results for each of the proposals submitted to a vote of the Company's shareholders at the Special Meeting are set forth below. Each proposal is described in more detail in Definitive Schedule 14A, filed with the Securities and Exchange Commission on August 8, 2025. As disclosed in the Schedule 14A, each of the proposals voted by the shareholders at the Special Meeting required the affirmative vote of a majority of the votes cast, either in person or by proxy, at the Special Meeting, provided a quorum is present. Abstentions and broker non-votes were not be counted as votes cast and will have no effect on the outcome of the vote. Proposal One: Amendment and Restatement of the Company's Amended and Restated Articles of Incorporation, as Amended: the approval to amend and restate the Company's Articles of Incorporation, as amended, to increase the Company's authorized shares of common stock, $0.001 par value from 6,000,000 shares to 600,000,000 shares. * FOR: 1,622,713 * AGAINST: 16,965 * ABSTAIN: 575 Once the Share Increase Amendment Proposal is approved by the shareholders at the Special Meeting, the Share Increase Amendment will become effective upon the filing of a certificate of amendment to the Company's Articles of Incorporation with the Secretary of State of the State of Florida. The Company is in the process of arranging for the filing of the Share Increase Amendment and expects the filing to be completed and the Share Increase Amendment to become effective in the next few days. Proposal Two: Issuance of Shares Upon Conversion of the Remaining Balance of the Streeterville Note: the approval to issue shares of the Company's Common Stock upon conversion of the remaining balance of a Convertible Promissory Note previously issued to Streeterville Capital, LLC on December 27, 2023, which, when fully converted, may exceed 20% of the issued and outstanding Common Stock, which issuance requires shareholder approval in accordance with Nasdaq Listing Rule 5635(d) and (2) result in a change of control of the Company, in accordance with Nasdaq Listing Rules 5635(d) (the "20% Rule") and 5635(b) (the "Change-of-Control Rule") * FOR: 1,285,183 * AGAINST: 354,412 * ABSTAIN: 658 Proposal Three: Unregistered Offshore Equity Financing Transaction: the approval to issue up to 15,000,000 shares of the Common Stock to non-U.S. investors in an unregistered offering pursuant to Regulation S of the Securities Act of 1933, under the terms of a Securities Purchase Agreement, which, when fully consummated, will (1) exceed 20% of the Company's issued and outstanding Common Stock, and (2) result in a change of control of the Company, in accordance with the 20% Rule and Change-of-Control Rule. * FOR: 1,285,145 * AGAINST: 354,476 * ABSTAIN: 632 Proposal Four: Unregistered Prepaid Financing Transactions: the approval of the issuance of up to $10,000,000 worth of Common Stock to Avondale Capital, LLC in a non-public pre-paid financing transaction, which, when fully consummated, may exceed 20% of the Company's issued and outstanding Common Stock, in accordance with the 20% Rule and Change-of-Control. * FOR: 1,626,636 * AGAINST: 12,964 * ABSTAIN: 653 Proposal Five: Adjournment of the Special Meeting: the approval to adjourn the Special Meeting, if necessary or advisable, to solicit additional proxies in favor of the foregoing proposals if there are not sufficient votes to approve the foregoing proposals. * FOR: 1,396,475 * AGAINST: 350,156 * ABSTAIN: 3,403 About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. GENESIS HEALTHCARE: Court OKs CPE-Led Sale Process -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas approved the bidding procedures for the sale of all of the assets of Genesis Healthcare Inc. and its debtor-affiliates. Objections to the sale, if any, must be file no later than 12:00 p.m. (prevailing Central Time) on Nov. 17, 2025. The Debtors entered into an assets purchase agreement with CPE 889899 LLC as buyer for their assets. Pursuant to the Bidding Procedures Order, the Stalking Horse Bidder is entitled to the expense reimbursement on the terms set forth in the stalking horse APA, in an amount up to $750,000. Deadline to submit offers for the Debtors' assets must be filed no later than 12:00 p.m. (prevailing Central Time) on Nov. 7, 2025. An auction, if any, will take place on Nov. 13, 2025, at 10:00 a.m. (prevailing Central Time). The auction will be held at the offices of the proposed counsel to the Debtors: McDermott Will & Schulte LLP, 2801 N. Harwood Street, Suite 2600, Dallas, Texas 75201-1574, or such other location as may be communicated to the relevant participants. Binding Bids must be submitted in writing to the following parties: i) proposed counsel to the Debtors, McDermott Will & Schulte LLP, 2501 North Harwood Street, Suite 1900, Dallas, TX 75201 (Attn: Marcus A. Helt (mhelt@mwe.com) and Jack G. Haake (jhaake@mwe.com)), and 1180 Peachtree St. NE, Suite 3350, Atlanta, GA 30309 (Attn: Daniel M. Simon (dsimon@mwe.com)), and 444 West Lake Street, Suite 4000, Chicago, IL 60606 (Attn: William A. Guerrieri (wguerrieri@mwe.com) and Emily C. Keil (ekeil@mwe.com)); and ii) the Debtors' proposed investment banker, Jefferies, LLC, 520 Madison Avenue, 6th Floor, New York, NY 10022 (Attn: Jeffrey Finger, Jaspinder Kanwal, and James Burgoyne (project.genie.core@jefferies.com)). A sale hearing to approve the sale transaction is scheduled on Nov. 18, 2025, at 9:30 a.m. (prevailing Central Time) to take place on November 18, 2025, at 9:30 a.m., prevailing Central Time, before the Honorable Stacey G. Jernigan, at the United States Bankruptcy Court for the Northern District of Texas, Earle Cabell Federal Building, 1100 Commerce Street, 14th Floor, Courtroom 1, Dallas, Texas 75242, or conducted consistent with the procedures established pursuant to the Court’s standing orders. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. The U.S. Trustee for Region 11 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. GENESIS HEALTHCARE: Deadline to File Claims Set for Oct. 31, 2025 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas set Oct. 31, 2025 at 4:00 p.m. (prevailing Central Time) as last date and time for persons and entities to file their proofs of claim against Genesis Healthcare Inc. and its debtor-affiliates. The Court also set Jan. 5, 2026 at 4:00 p.m. (prevailing Central Time) as deadline for governmental units to file their claims against the Debtors. Each Proof of Claim Form, including supporting documentation, must be filed or submitted through any of the following methods: i) via the electronic filing interface available at https://dm.epiq11.com/Genesis; ii) by U.S. mail or first class mail, so as to be actually received by Epiq on or before the applicable Bar Date at the following address: Genesis Healthcare, Inc. Claims Processing Center c/o Epiq Corporate Restructuring, LLC P.O. Box 4421 Beaverton, OR 97076-4421; or iii) by overnight U.S. mail or other hand delivery system, so as to be actually received by Epiq on or before the applicable Bar Date at the following address: Genesis Healthcare, Inc. Claims Processing Center c/o Epiq Corporate Restructuring, LLC 10300 SW Allen Blvd. Beaverton, OR 97005. Proofs of claim submitted via facsimile or electronic mail will not be accepted. If you have any questions regarding the claims processing and/or if you wish to obtain a copy of the Bar Date Motion, the Order, Proof of Claim Form, or related documents you may do so by: (i) visiting the website of the Debtors' claims, noticing, and solicitation agent, Epiq Corporate Restructuring, LLC ("Epiq") at: https://dm.epiq11.com/Genesis, (ii) (888) 861-3979 (Toll-Free) or (971) 306-9937 (International), and/or (iii) emailing GenesisHCCInfo@epiqglobal.com. Please note that Epiq cannot advise you on how to file, or whether you should file, a proof of claim. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. The U.S. Trustee for Region 11 appointed Michael Bubman of BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC and Peter Gudaitis of Aculabs, Inc., as additional members of the official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel. GEORGIA VASCULAR: Court Extends Cash Collateral Access to Sept. 30 ------------------------------------------------------------------ Georgia Vascular Specialists, P.C. received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral to pay its operating expenses. The court authorized the Debtor to use the cash collateral of its lenders from September 8 to 30 in accordance with its budget. As adequate protection for the Debtor's use of their cash collateral, the lenders including JPMorgan Chase Bank, N.A., The Huntington National Bank and the U.S. Small Business Administration will be granted replacement liens on assets acquired by the Debtor after its bankruptcy filing that are similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 avoidance actions. In addition, the Debtor must make interim payments of $3,119.40 to JPMorgan during the interim period. The next hearing is scheduled for September 30. The Debtor disclosed in court papers filed in May that its obligations total approximately $2.64 million, including a $275,747 line of credit and a $185,208 construction loan from JPMorgan secured by substantially all of its business assets; a $12,102 equipment lease with TCF Equipment Finance (now Huntington Bank); and a $2.17 million Small Business Administration disaster loan secured by tangible and intangible business property. About Georgia Vascular Specialists P.C. Georgia Vascular Specialists P.C. provides vascular medicine and surgical services, including minimally invasive and traditional procedures for arterial, venous, and lymphatic conditions. The practice operates an accredited vascular ultrasound lab, ambulatory wound care services, and vein treatments, and offers inpatient care at Piedmont Hospital and Atlanta Medical Center. Founded in 1989, Georgia Vascular Specialists is based in Georgia. Georgia Vascular Specialists sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55352) on May 13, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Paul W. Bonapfel oversees the case. Benjamin R. Keck, Esq., at Keck Legal, LLC is the Debtor's bankruptcy counsel. JPMorgan Chase Bank, N.A., as lender, is represented by: Eric Smith, Esq. Aldridge Pite, LLP Six Piedmont Center 3525 Piedmont Road, N.E., Suite 700 Atlanta, GA 30305 Phone: (404) 994-7400 Fax: (888) 873-6147 esmith@aldridgepite.com GMS INC: S&P Withdraws 'BB-' ICR After Acquisition Close -------------------------------------------------------- S&P Global Ratings withdrew all of its ratings on GMS Inc.--including the 'BB-' issuer credit rating, the 'BB-' issue-level rating on its senior secured debt, and the 'B' issue-level rating on its senior unsecured debt--at the company's request. At the time of withdrawal, the outlook was stable. GOLDEN STATE FOODS: Moody's Cuts CFR to 'B3', Outlook Stable ------------------------------------------------------------ Moody's Ratings downgraded Golden State Foods LLC's Corporate Family Rating to B3 from B2 and Probability of Default Rating to B3-PD from B2-PD. Moody's also downgraded the ratings on the company's senior secured first lien revolving credit facility and senior secured first lien term loan B to B3 from B2. The rating outlook is stable. The downgrade reflects Moody's views that Golden State Foods' plan to raise an incremental $250 million fungible term loan to fund a shareholder distribution is credit negative and represents a change in Golden State Foods' financial policy with respect to shareholder distributions. The increased emphasis on discretionary cash distributions to shareholders above tax-related distributions introduces incremental risk to the company's highly leveraged credit profile. The incremental debt raises cash interest expense and reduces free cash flow, potentially limiting flexibility to deleverage or reinvest in operations, especially during periods of earnings volatility. The debt-funded distribution is aggressive at a time when restaurant traffic and consumer spending are being hurt by the cumulative effect of inflation and economic uncertainty. Furthermore, the transaction increases Golden State Foods' debt-to-EBITDA leverage from 5x as of June 2025 to approximately 6x on a Moody's adjusted basis. Although Golden State Foods would likely be able to reduce this leverage within 12 to 18 months, it increases the company's credit risk to a level that is more consistent with a B3 rating. RATINGS RATIONALE Golden State Food's B3 Corporate Family Rating reflects the company's long-standing and very strong relationships with large, limited service restaurants, its diverse product and service offerings, and geographic diversification within the US. It also reflects the company's high leverage, and aggressive financial policy as evidenced by the planned debt funded distribution to shareholders. Moody's expects that the company will generate approximately $40 million of free cash flow in 2026, and maintain good liquidity. Credit risks include the company's exposure to the more discretionary food consumed out-of-home industry, high financial leverage, with Moody's adjusted debt/EBTIDA of approximately 6x on a proforma basis as of the LTM period ended June 28, 2025, and low EBITDA margin. The high leverage, potential for acquisitions and concentrated control are key factors in the ratings and important governance drivers of the G-4 governance issuer profile score and CIS-4 credit impact score. Approximately 40% of the company's EBITDA is generated from its distribution segment that is a low margin last mile distribution business that operates as part of its customers' supply chain providing food and supply deliveries to their restaurants. The bulk of the remaining operations are the manufacturing of sauces, condiments, dressings, syrups and aseptic products along with the international operations and the protein supply business. Approximately 95% of its revenue is protected by pricing protocols for ingredients, packaging and conversion costs that result in a low but relatively stable EBITDA margin. The ratings also reflect event risk such as leveraged acquisitions and shareholder distributions under the company's private equity ownership. The stable outlook reflects Moody's expectations that Golden State Foods will mitigate the current slowdown in restaurant traffic with growth initiatives including an increase in customer store count and cost controls that will allow for low single digit revenue growth, roughly 5% EBITDA growth and approximately $40 million of free cash flow in 2026. Moody's also anticipates in the stable outlook that the company will maintain good liquidity over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded if operating performance weakens due to factors such as softness in restaurant traffic and sales volumes, slow new restaurant openings, or higher operating costs, weaker free cash flow, EBITA/interest is sustained below 1.0x, liquidity deteriorates, or if the company completes debt financed acquisitions or shareholder distributions. Ratings could be upgraded if the company sustains good organic revenue growth, maintains a good EBITDA margin, and generates consistent and comfortably positive free cash flow. The company would also need to sustain debt to EBITDA below 5.5x, EBITA/interest above 1.5x, and maintain a more conservative financial policy. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Golden State Foods LLC, based in Irvine, California, is a global diversified food manufacturer and distributor primarily to limited-service restaurants and foodservice customers. The company manufactures sauces, dressings, condiments and syrups; aseptic dairy-based milkshakes, ice cream, coffees and non-dairy beverage products; fresh and frozen beef patties; and fresh-cut produce. In addition, it provides last mile custom daily distribution services to limited service restaurants. Golden State Foods generated annual sales of approximately $5 billion as of the 12 months ended June 28, 2025. Lindsay Goldberg, a private equity firm, acquired a majority of the company in December 2024. GPD COMPANIES: Moody's Withdraws 'Caa1' Corporate Family Rating --------------------------------------------------------------- Moody's Ratings has withdrawn all ratings on GPD Companies, Inc., including the Caa1 corporate family rating, the Caa1-PD probability of default rating, and the Caa2 rating on the senior secured notes. The outlook at the time of withdrawal was positive. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). GPD Companies, Inc., based in The Woodlands, Texas, is a holding company formed by One Rock Capital Partners LLC. Its operational entity, Nexeo Plastics, is a leading plastics distributor in North America, Europe and Asia. Revenue for the LTM period ending March 31, 2025 was roughly $1.7 billion. GRANT THORNTON: Term Loan Expansion No Impact on Moody's 'B2' CFR ----------------------------------------------------------------- Moody's Ratings said Grant Thornton Advisors Holdings LLC's (Grant Thornton) announced euro term loan expansion to EUR850 million, an increase of EUR100 million from EUR750 million, the net proceeds of which will be used to fund additional acquisitions, is a negative credit development because the plan increases both debt and acquisition integration risks. However, Moody's had anticipated the company might continue to fund acquisitions with additional debt and the plan does not impact Moody's expectations for debt/EBITDA to decline to below 6x by 2026. Therefore, the ratings, including the B2 corporate family rating and B2 senior secured instrument ratings, as well as the stable outlook, remain unchanged at this time. Grant Thornton, headquartered in Chicago, Illinois, serves over 22,500 clients globally across various industries. Revenue is derived mostly from US middle market business clients as of June 30, 2025, but the company is rapidly expanding its geographic footprint, including through acquisition of certain of its non-US affiliates. GRDN HOSPITALITY: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- GRDN Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral pending a final hearing. The court's order authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its budget, subject to a 15% variance. As adequate protection for the Debtor's use of its cash collateral, Live Oak Bank will be granted post-petition security interests in and replacement liens on all assets of the Debtor, including accounts receivable, inventory and debtor-in-possession accounts, acquired after the petition date. The replacement liens will have the same validity, priority and extent as the bank's pre-bankruptcy liens and do not apply to any avoidance actions. Each post-petition lien will have priority in payment over all administrative expenses. The final hearing is set for November 13. The deadline for filing objections is on October 30. About GRDN Hospitality LLC GRDN Hospitality, LLC operates as a craft brewery under the brand Three Weavers Brewing Company in Inglewood, California. It produces and distributes a variety of beers, including lagers and ales, and engages in on-site retail and community events. GRDN Hospitality sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16321) on July 24, 2025, listing between $1 million and $10 million in assets and liabilities. The petition was signed by Lynne Weaver as chief executive officer and manager. The Debtor is represented by: Gregory K. Jones, Esq. Stradling Yocca Carlson & Rauth, LLP 10100 N. Santa Monica Blvd., Suite 1450 Los Angeles, CA 90067 Tel: 424-214-7000 Fax: 424-214-7010 gjones@stradlinglaw.com GROUPE SOLMAX: Pioneer Floating Marks $579,000 Loan at 19% Off -------------------------------------------------------------- Pioneer Floating Rate Fund, Inc. has marked its $1,328,620 loan extended to Groupe Solmax, Inc. to market at $1,135,970 or 81% 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 Initial Term Loan to Groupe Solmax, Inc. The loan accrues interest at a rate of 9.31% per annum. The loan matures on May 29, 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 Groupe Solmax, Inc. Groupe Solmax Inc. manufactures polyethylene geomembranes. The Company offers containment and fluid transportation solutions including HDPE pipes, valves, fittings and accessories. Groupe Solmax serves mining, energy, waste management, water, and civil engineering sectors in Canada. GYP HOLDINGS III: Moody's Withdraws 'Ba1' CFR on Debt Repayment --------------------------------------------------------------- Moody's Ratings has withdrawn all ratings for GYP Holdings III Corp. ("GMS") including the Ba1 corporate family rating, the Ba1-PD probability of default rating, the Ba1 backed senior secured first lien term loan rating and the company's SGL-1 speculative grade liquidity rating. Previously, the ratings were under review for upgrade. The rating action follows GMS's full repayment of its previously rated debt. RATINGS RATIONALE Moody's have withdrawn all of GMS's ratings following the complete redemption of all its outstanding rated debt. On June 30, 2025, the company announced that it had entered into a definitive agreement to be acquired by The Home Depot, Inc., through its SRS distribution subsidiary. The acquisition closed on September 04, 2025, and the company's rated debt was repaid in full. GMS Inc., headquartered in Atlanta, Georgia, is a North American distributor of wallboard, steel framing, ceiling systems and other related building products. Revenue was around $5.5 billion for the twelve months ended July 31, 2025. HAMPTON ROADS: Moody's Affirms Ba2 Rating on 2007-A Class II Bonds ------------------------------------------------------------------ Moody's Ratings has affirmed the Baa3 rating on Hampton Roads PPV, LLC (VA), Military Housing Taxable Revenue Bonds (Hampton Roads Unaccompanied Project) 2007 Series A Class I Bonds, Ba2 rating on 2007 Series A Class II Bonds, and Ba2 on 2007 Series A Class III Bonds. Approximately $241 million of debt affected. The outlook is stable. RATINGS RATIONALE The ratings affirmations reflect Hampton Roads PPV, LLC's (the " project") continued sustained financial performance, supported debt service coverage ratios (DSCR) of 1.84x for Class I Bonds, 1.42x for Class II Bonds and 1.33x for Class III Bonds. The healthy coverage helps mitigate potential fluctuations in the Basic Allowance for Housing (BAH), the primary source of revenue, as well as expense pressures. Additionally, the ratings affirmation incorporates the legal structure, including the priority of payment to bondholders with Class I Bonds paid before Class II, and Class II before Class III. Although the project serves ship-based unaccompanied service members and experiences large and frequent deployments, the average occupancy rate remained high reaching 97% in 2024. The credit quality, however, remains constrained by the absence of an adequate debt service reserve fund (DSRF) to support operations during periods of volatile performance. RATING OUTLOOK The outlook is stable reflecting that the project's operating performance will remain consistent with the rating levels, supported by projected full occupancy, current 4% BAH increase and management's track record of cost control. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS For all three classes of bonds: -- Notable and consistent improvements in DSCR coupled with maintenance of high occupancy levels. -- Cash funding or substituting the existing surety bond (rating withdrawn) for one of superior credit quality. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- For all three classes of bonds: Persistent or material decline in occupancy levels or BAH rates that weaken DSCR, with Class II Bonds and Class III Bonds considered more vulnerable due to their subordinate lien status. PROFILE Hampton Roads PPV, LLC is a public-private partnership with the US Department of Defense for military family housing in Norfolk and Newport News, Virginia. The 50-year contract began in 2007 and covers acquisition, development, demolition, construction, renovation, operation, and management. At expiration in 2057, the project returns to the DOD unless extended. The managing members are Homeport Hampton Roads, LLC and the Department of the Navy. METHODOLOGY The principal methodology used in these ratings was Global Housing Projects published in August 2024. HARE TAYLOR: Amends Unsecured Claims Pay Details ------------------------------------------------ Hare Taylor, LLC submitted an Amended Disclosure Statement for the Amended Plan of Reorganization dated September 5, 2025. For many years prior to the Petition Date, the Debtor was a trusted financial advisor and accountant for numerous local small to mid-size businesses in the Florida panhandle. The Debtor provides valuable and beneficial financial services to clients, including accounting, bookkeeping, payroll & payroll tax processing, recurring financial reporting, income tax compliance and tax planning services. Unfortunately, debt from acquisitions, disaster debt related to Hurricane Michael and the COVID-19 pandemic put the Debtor in a difficult financial situation which required the Debtor becoming the party to operating lines of credit with certain predatory Merchant Cash Advance Entities (the "MCAs"). The Debtor filed this Chapter 11 Case to stop the aggressive collection efforts made by the MCAs and to stabilize operations to allow for its continued operation and discussions with HRB. Class 6 consists of Allowed General Unsecured Claims. The class of general unsecured claims shall receive be paid approximately 57% of their claims as filed or scheduled on the Debtor’s Scheduled plus 3.75% interest. Annual Payments shall commence on April 30, 2026, in the amount of $2,971.23 and shall be made pro-rata. Subsequent payments of $4,500.00 shall be made on April 30, 2027 and then annual payments of $26,766.23 shall be made on April 30, 2028, April 30, 2029, April 30, 2030, April 30, 2031, and April 30, 2032. The total claims of each general unsecured creditor in Class 6 are: Capital One, N.A. by AIS InfoSource LP, as Agent (Claim No. 2: $25,071.44); American Express National Bank (Claim No. 4: $64,975.14 & Claim No. 5: $62,251.39); Cell Co Partnership d/b/a Verizon Wireless (Claim No. 6: $6,051.04); Regency CSP IV LLC (Claim No. 7: $30,700); Accel Advertising (Scheduled: $14,400); DFS (Scheduled: $905.04); Everbank (Scheduled: $201.58); High Wire Networks (Scheduled $1,827.90); Iron Mountain (Scheduled $1,124.56); The Print Shop (Scheduled: $352.30); and Thomas Reuters (Scheduled $941.11). The Reorganized Debtor, as a professional service firm specializing in tax and accounting services, will continue to generate revenue through its ongoing operations. The firm will leverage its expertise and client base to maximize value and ensure a steady stream of income. This revenue will be a primary source of funding for the Plan. Notwithstanding, upon the closing of the Sale Transaction to H&R Block, the Reorganized Debtor will strategically pivot its operations to solely operate from its Panama City, Florida location and provide accounting services regulated by the Florida Department of Business and Professional Regulation Board of Accountancy. The clientele to which these services are provided is substantially different from those the Debtor served under the H&R Block brand. The firm has always serviced these clients outside of the H&R Block brand as well as its computer systems. The Debtor has maintained a separate brand and computer systems and expended in excess of $75,000 annually in technology costs alone to maintain and provide services for these clients. This strategic realignment is designed to leverage the Reorganized Debtor's expertise in accounting, tax compliance, tax planning and strategic business matters, ensuring a robust and sustainable business model moving forward. The Reorganized Debtor will utilize its existing cash reserves to support the initial phases of the Plan. These reserves have been strategically maintained to provide liquidity and financial stability during the reorganization process. Income generated from the continued operation of the Reorganized Debtor's business will contribute significantly to the funding of the Plan. A full-text copy of the Amended Disclosure Statement dated September 5, 2025 is available at https://urlcurt.com/u?l=WatcE5 from PacerMonitor.com at no charge. Hare Taylor, LLC is represented by: Brian G. Rich, Esq. Berger Singerman LLP 313 North Monroe Street, Suite 301 Tallahassee, FL 32301 Telephone: (850) 561-3010 Facsimile: (850) 561-3013 Email: brich@bergersingerman.com About Hare Taylor Hare Taylor, LLC, is a full-service accounting firm with offices in Panama City and Chipley, Fla. It offers a broad range of services for business owners, executives, and independent professionals. Hare Taylor filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 24-50181) on Dec. 6, 2024, with up to $10 million in both assets and liabilities. Gerald W. Taylor, manager of Hare Taylor, signed the petition. Judge Karen K. Specie oversees the case. Brian G. Rich, Esq., at Berger Singerman, LLP, serves as the Debtor's legal counsel. HARMONY WELLNESS: Hires Allen Vellone Wolf as Legal Counsel ----------------------------------------------------------- Harmony Wellness, Inc. dba Harmony Skin and Wellness Clinic seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Allen Vellone Wolf Helfrich & Factor P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) handle all matters concerning the administration of the estate; and (b) represent the Debtor in connection with, among other things, legal advice concerning the general administration of the Estate, confirmation of any proposed plan of reorganization and disclosure statement approval, contested and adversary matters that arise in this case, investigation and litigation of any avoidance or other action the Estate may have, and other legal services for the Debtor related to or arising out of contested matters in this bankruptcy case. As of the date of the application, lead attorney Jeffrey A. Weinman's hourly rate is $650, partners' hourly rates are $475 to $725, associates' hourly rates are $350 to $450, and paralegals' hourly rates are $195 to $250. The firm has received a $39,000 retainer. Allen Vellone Wolf Helfrich & Factor P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Telephone: (303) 534-4499 E-mail: JWeinman@allen-vellone.com KSender@allen-vellone.com About Harmony Wellness Harmony Wellness, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-15682) on September 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Kimberley H. Tyson presides over the case. Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C. represents the Debtor as legal counsel. HASSAKE ENTERPRISES: Case Summary & Four Unsecured Creditors ------------------------------------------------------------ Debtor: Hassake Enterprises Inc. 13666 Victory Boulevard Van Nuys, CA 91401 Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11697 Judge: Hon. Victoria S Kaufman Debtor's Counsel: Stella Havkin, Esq. STELLA HAVKIN 21650 Oxnard Street, Suite 1540 Woodland Hills, CA 91367 Email: shavkinesq@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Nadia Masoudi as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VU3LI6I/Hassake_Enterprises_Inc__cacbke-25-11697__0001.0.pdf?mcid=tGE4TAMA HAWAIIAN ELECTRIC: Moody's Rates New $400MM Unsecured Notes 'Ba2' ----------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Hawaiian Electric Company, Inc.'s (HECO) proposed $400 million senior unsecured notes due 2033. This issuance does not impact the existing ratings of HECO (Ba2 Issuer rating) or its parent, Hawaiian Electric Industries, Inc. (HEI, Ba3 CFR). The outlooks of both HECO and HEI are positive. RATINGS RATIONALE HECO's credit profile is primarily driven by its exposure to massive litigation stemming from the 2023 Lahaina wildfire. With the involvement and cooperation of state and local stakeholders, including the efforts of Governor Josh Green, HEI and HECO have made substantial progress in resolving the claims filed by wildfire victims. In particular, key defendants in the wildfire litigation, including HEI, HECO and the State of Hawaii, have reached a global settlement that provides $4 billion in compensation to affected parties. HEI and HECO's contribution is estimated to be just under $2 billion. While certain administrative steps remain—such as claims processing and verification— Moody's expects the court to grant final approval of the settlement and, following the first settlement payment, release HEI and HECO from the pending lawsuits in the first quarter of 2026. HEI should have adequate financial resources to fund its settlement obligations, which will occur over four years. The company has set aside $479 million in a special purpose vehicle to pay the first of four $479 million annual installments due in early 2026, thirty days after court approval of the settlement. Subsequent annual installments from 2027 through 2029 will likely be financed to some degree by the company. Despite its progress in raising the funding for the initial settlement payment, future installments will continue to weigh heavily on HEI and HECO's balance sheets and depress credit metrics, depending on how they are financed. Moody's projects HECO's CFO pre-WC to debt ratio to reach approximately 15% to 16% in 2026 and 2027 without accounting for the upcoming settlement obligations. However, if Moody's treats upcoming settlement installments as debt-like obligations and include them in these calculations, the ratio would decline to around 12% at HECO. Liquidity HECO currently generates sufficient cash flow from operations to cover most of its traditional maintenance capital expenditures. External liquidity sources include $300 million of revolving credit capacity at the holding company and $300 million at the utility. The revolving credit facilities were renewed and upsized on September 05, 2025. As of the end of the second quarter, the company had a total of $281 million of undrawn availability under its corporate revolvers—$124 million at the holding company and $157 million at the utility. These revolving credit facilities do not contain any rating triggers that would affect access to the commitments and do not require a material adverse change (MAC) representation for borrowings. However, HEI's credit facility contains a financial covenant requiring the company to maintain a debt-to-capitalization ratio (on a non-consolidated basis) of less than 50%. The requirement for HECO's revolving credit facility is to maintain at least 35% equity at the utility. As of June 30, 2025, both HEI and HECO were in compliance with all applicable financial covenants. HEI's revolving credit facility expires on September 05, 2030. HECO's revolving credit facility expires September 04, 2026, but will automatically extend to September 05, 2030, upon approval from the Hawaii Public Utilities Commission. On December 30, 2024, HECO entered into a term loan credit agreement with a $50 million commitment that matures on December 29, 2025. The term loan facility contains financial covenants that are substantially the same as the credit facilities. HECO also has access to an asset-based lending (ABL) facility that allows borrowings of up to $250 million on a revolving basis using certain accounts receivable as collateral. As of June 30, 2025, the total available capacity under the ABL Facility was $250 million and it was undrawn. HEI and HECO have no outstanding commercial paper. Upcoming debt maturities in 2025 include $19 million (remaining portion after April 09, 2025 tender offer paydown) of senior notes at HEI and a $50 million short-term loan at HECO. The only debt maturity in 2026 is $125 million of revenue bonds at HECO due in May. Rating outlook HEI and HECO's positive outlook reflects the potential that ratings could be upgraded once the pending settlement is finalized, there is further progress on implementing protections to limit the financial risk of future wildfires and there is additional clarity on the company's plans for financing future settlement installments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to upgrade Moody's could take positive rating action if the court finalizes the settlement—anticipated in early 2026—and once HECO is granted a liability cap in accordance with the wildfire legislation (SB 897) passed in June. Other wildfire risk mitigating measures, including the creation of a disaster fund offering substantial financial protection, could also support future upgrades. Factors that could lead to downgrade A negative rating action is possible if the settlement is not approved and implemented, additional measures are not put in place to financially protect the utility from future wildfires, or if HEI or HECO experience liquidity constraints or capital markets access issues. LIST OF AFFECTED RATINGS Issuer: Hawaiian Electric Company, Inc. Assignments: Senior Unsecured, Assigned Ba2 The principal methodology used in this rating was Regulated Electric and Gas Utilities 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. HIGH SOURCES: Plan Filing Deadline Extended to Oct. 15 ------------------------------------------------------ Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the Middle District of Florida extended High Sources Inc.'s period to file its Disclosure Statement and Plan of Reorganization to October 15, 2025. As shared by Troubled Company Reporter, the Debtor had no option but to seek bankruptcy protection after Joann Fabric, which had been paying the Debtor approximately $600,000 per month, ceased operations and liquidated. The Debtor and its principal Maximo Chanlatte have taken substantial steps post-petition to secure new contracts and increase the Debtor's gross revenues. Presently, the Debtor has five bids for long-term contracts pending. At least three of those contracts should be awarded by the end of September 2025. If the Debtor's bids are successful, the Debtor could see its gross monthly revenue increase by tens of thousands of dollars. This increased revenue will help the Debtor demonstrate the feasibility of the Debtor's plan of reorganization. The Debtor claims that it is not presently in the position to file its disclosure statement and plan of reorganization. The Debtor explains that although it has completed basic outlines of both documents, the Debtor is not prepared to draft projections demonstrating the feasibility of the plan until after it learns whether the Debtor's bids for contracts have been accepted. High Sources Inc. is represented by: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About High Sources Inc. High Sources, Inc., provides janitorial, facilities maintenance, and construction services across multiple sectors, including healthcare and retail. Based in Tampa, Florida, the Debtor operates field offices in Arizona, Florida, and Texas. Founded in 2015, the Debtor is a minority-owned business. High Sources sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03583) on May 30, 2025. In its petition, the Debtor reported total assets of $1,110,080 and total liabilities of $9,148,669. Judge Catherine Peek Mcewen handles the case. Buddy D. Ford, and Jonathan A. Semach, at Ford & Semach, P.A., are the Debtor's bankruptcy attorneys. HOMES NOW: Hires Premier Properties as Real Estate Broker --------------------------------------------------------- Homes Now LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Kris Goggans of Premier Properties Group to serve as real estate broker in its Chapter 11 case. The Debtor owns these properties in Texas: 7 Amity Lane, Rockwall 2206 Ashmont Ct., Missouri City 3321 Castle Dr., Rowlett 22355 Dominguez Dr., Porter 909 Westgate Dr., Farmersville 1702 Biggs Terrace, Arlington 14207 Cypress Laurel Ct., Conroe 1123 Whispering Glen, Rockwall 2409 Homestead, Mesquite Premier Properties will provide these services: (a) advertise the Properties at the Broker's expense; (b) show the Properties to interested parties; (c) represent the Debtor and the bankruptcy estate as seller in connection with the sale of the Properties; (d) advise the Debtor with respect to obtaining the highest and best offers available in the present market for the Properties; (e) procure and submit to the Debtor offers to purchase the Properties. Mr. Goggans will receive a three percent commission on the purchase price of the Property. Premier Properties Group is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Mr. Goggans can be reached at: Kris Goggans PREMIER PROPERTIES GROUP 102 N. San Jacinto St. Rockwall, TX 75087 About Homes Now LLC Homes Now LLC operates as a lessor of real estate, engaging in the rental and leasing of residential, commercial, and industrial properties. Homes Now LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex.Case No. 25-41516) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by John Paul Stanford, Esq. at QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. HOVNANIAN ENTERPRISES: Moody's Affirms 'B2' CFR, Outlook Stable --------------------------------------------------------------- Moody's Ratings affirmed Hovnanian Enterprises, Inc.'s (K. Hovnanian, collectively Hovnanian) B2 corporate family rating, B2-PD probability of default rating and the B2 backed senior secured notes rating. At the same time, Moody's assigned a B3 rating to K. Hovnanian's proposed $440 million backed senior unsecured notes due 2031 and $440 million backed senior unsecured notes due 2033 and upgraded to B3 from Caa1 the existing backed $25 million senior unsecured notes due 2040. Moody's also upgraded Hovnanian Enterprises' preferred stock rating to Caa1 from Caa2. The SGL-3 Speculative Grade Liquidity Rating remains unchanged. The outlook remains stable. K. Hovnanian is a wholly-owned subsidiary of Hovnanian Enterprises. Moody's expects the terms and conditions of the proposed senior unsecured notes will be similar to K. Hovnanian's existing rated senior unsecured notes. The unsecured notes will be pari passu to each other. Proceeds from the proposed senior unsecured notes and cash on hand will be used to fully redeem K. Hovnanian's existing $175 million senior secured 1.75 lien term loan due 2028 (unrated), $225 million senior secured 1.125 lien notes due 2028 and $430 million 1.250 lien notes due 2029 and to pay related transactions fees in essentially a leverage-neutral transaction. Upon closing and repayment of the senior secured notes, the B2 rating on both of the senior secured notes will be withdrawn. The transaction reduces Hovnanian's refinancing risk and extends its maturity profile, which is credit positive. The company's debt structure is simplified and almost totally unsecured, with the exception of nonrecourse mortgages secured by inventory ($54 million as of July 31, 2025) and the $125 million senior secured revolving credit facility due 2028 (unrated). While the transaction could result in estimated annual interest savings of about $10 million, this amount is modest relative to projected interest expense of about $125 million in fiscal-year 2026, ending October 31, 2026. The upgrades of K. Hovnanian's senior unsecured notes to B3 and Hovnanian Enterprises' preferred stock to Caa1 result from the payoff of $830 million in secured debt, removing a significant amount of secured obligations with a higher priority of payment and warranting the one notch upgrades. RATINGS RATIONALE Hovnanian's B2 CFR remains constrained by the company's high leverage and low interest coverage because of ongoing economic uncertainties and weak consumer confidence that is negatively impacting domestic residential homebuilding. Moody's forecasts 52% debt/book capitalization and 1.5x EBIT/interest expense as of fiscal year-end 2026 (October 31, 2026). Moody's anticipates a continued decline in pricing power for homebuilders in 2025 and beyond, necessitating the use of incentives to boost sales and resulting in more modest gross margins. Moody's projects gross margin at around 16% by late fiscal-year 2026, which is the lowest level since fiscal year-end 2018. Significant improvement in operating performance and volume growth are critical for leverage reduction. No near-term maturities and the ability to generate cash are Hovnanian's credit strengths. Moody's projects $265 million of free cash flow (FCF) in fiscal-year 2025 but slightly negative FCF the following fiscal year as the company invests in more land lots. 86% of Hovnanian's total lots are controlled through option contracts, enhancing operational and financial flexibility. The company offers homes across the economic spectrum of potential buyers throughout different regions of the country, giving it diversified sources of revenue. Long-term fundamentals of the US housing market remain solid. Hovnanian's Speculative-Grade Liquidity (SGL) rating of SGL-3 reflects the company's adequate liquidity over the next 12-18 months, constrained by the company's $125 million senior secured revolving credit facility. Despite Hovnanian having full access, Moody's views the amount of revolver availability as modest relative to interest expense. In addition, non-banks, with a concentrated commitment by affiliates of Apollo Management, L.P., provide the revolving credit facility. The stable outlook reflects Moody's views that leverage will remain below 60% debt/book capitalization over the next 18 months. No near-term maturities and long-term fundamentals of the US homebuilding industry further support the stable outlook. The B3 senior unsecured notes rating, one notch below the B2 CFR, results from the subordination of the notes to the company's secured debt. The Caa1 preferred stock rating, two notches below the B2 CFR, is the most junior commitment within Hovanian's debt structure, resulting in first-loss absorption. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade could occur if end markets remain supportive of long-term organic growth such that debt/book capitalization is sustained below 50% and EBIT/interest remains above 3x. Maintenance of a simplified capital structure and improvement in liquidity would also support an upgrade. A ratings downgrade could occur if debt/book capitalization stays above 60% and EBIT/interest is sustained below 2x. Negative ratings pressure may develop if the company experiences deteriorating liquidity or adopts an increasingly aggressive shareholder-return initiatives. Hovnanian (NYSE: HOV), headquartered in Matawan, New Jersey, is a national homebuilder, with 124 communities across 13 states. Its revenue for the 12 months ended July 31, 2025 was $3.1 billion. The principal methodology used in these ratings was Homebuilding And Property Development published in October 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HPC VINEBURN: Hires Snell & Wilmer as General Bankruptcy Counsel ---------------------------------------------------------------- HPC Vineburn, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to hire the Law Offices of Snell & Wilmer L.L.P. to serve as its general bankruptcy counsel in its Chapter 11 case. Snell & Wilmer will provide these services: (a) advise the Debtor on the requirements of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, and U.S. Trustee guidelines; (b) represent the Debtor in matters involving the use, sale, or disposition of estate assets and in court proceedings and negotiations with creditors; (c) prepare and file motions, pleadings, briefs, disclosure statements, and plans of reorganization or liquidation; and (d) assist in protecting the estate, including prosecuting and defending litigation, objecting to claims, and pursuing potential causes of action. Michael B. Reynolds will charge a capped hourly rate of $1,000, while Andrew B. Still and Allison C. Murray will charge discounted hourly rates of $675 and $513, respectively. The firm received a $150,000 retainer funded by Illinois Union Insurance Company, with $43,291.80 applied to prepetition work, leaving a $106,708.20 balance. The firm states it represents only the Debtor and is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Michael B. Reynolds, Esq. SNELL & WILMER L.L.P. 600 Anton Boulevard, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: (714) 427-7000 E-mail: mreynolds@swlaw.com About HPC Vineburn LLC HPC Vineburn LLC is a single asset real estate entity as defined under 11 U.S.C. Section 101(51B), with its principal assets located at 1919 Vineburn Avenue in Los Angeles, California. The Company's operations focus primarily on managing and holding this real estate asset. HPC Vineburn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11455) on August 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Michael B. Reynolds, Esq. at SNELL & WILMER L.L.P. HYPERSCALE DATA: Ault & Company, 4 Affiliates Hold 82.21% Stake --------------------------------------------------------------- Ault & Company, Inc., Milton C. Ault Iii, William B. Horne, Henry C.W. Nisser, and Kenneth S. Cragun disclosed in a Schedule 13D (Amendment No. 10) filed with the U.S. Securities and Exchange Commission that, as of September 2, 2025, they collectively beneficially own 131,446,273 shares of Hyperscale Data, Inc.'s Class A Common Stock (CUSIP: 09175M804), representing approximately 82.21% of the outstanding Class A common shares. The beneficial ownership includes: * Ault & Company, Inc.: 131,446,273 Class A shares, consisting of: (i) 19,249 Class A shares, (ii) 4,234,561 Class A shares issuable upon conversion of 4,234,561 Class B shares, (iii) 119,196,615 Class A shares issuable upon conversion of 50,000 shares of Series C Convertible Preferred Stock, (iv) 2,288,575 Class A shares issuable upon conversion of 960 shares of Series G Convertible Preferred Stock, (v) 5,068,221 Class A shares issuable upon conversion of 4,000 shares of Series H Convertible Preferred Stock, and (vi) 639,052 Class A shares issuable upon exercise of outstanding warrants. * Milton C. Ault, III: 131,449,069 Class A shares, including his personal holdings and shares owned through Ault & Company, representing 82.22% of the outstanding Class A stock. * William B. Horne: Beneficially owns one Class A share. * Henry C.W. Nisser: Beneficially owns three Class A shares. * Kenneth S. Cragun: Reports no beneficial ownership. As of September 4, 2025, Hyperscale Data, Inc. reported 28,454,714 Class A shares outstanding. Ault & Company, Inc. may be reached through: Milton C. Ault III c/o Ault & Company, Inc. 11411 Southern Highlands Parkway, Suite 330 Las Vegas, NV 89141 Phone: 949-444-5464 A full-text copy of Milton C. Ault III's SEC report is available at: https://tinyurl.com/yc8f633t 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. IMSTEM BIOTECHNOLOGY: Taps Shatz Schwartz as Legal Counsel ---------------------------------------------------------- ImStem Biotechnology, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to hire Andrea M. O'Connor of Shatz, Schwartz & Fentin, P.C. to serve as legal counsel in its Chapter 11 case. Ms. O'Connor and her firm will provide these services: (a) provide legal advice with respect to the powers, rights, and duties of the Debtor in the continued management and operation of its business; (b) provide legal advice and consultation related to the legal and administrative requirements of operating this Chapter 11 bankruptcy case; (c) take all necessary actions to protect and preserve the Debtor's Estate; (d) prepare on behalf of the Debtor any necessary pleadings; (e) represent the Debtor's interests at the Initial Debtor Interview, the Meeting of Creditors, and at any other hearing scheduled before the Court related to the Debtor; (f) assist and advise the Debtor in the formulation, negotiation, and implementation of a Chapter 11 Plan and all documents related thereto; (g) assist and advise the Debtor with respect to negotiation, documentation, implementation, consummation, and closing of corporate transactions; (h) assist and advise the Debtor with respect to the use of cash and obtaining Debtor-in-Possession or exit financing and negotiating, drafting, and seeking approval of any documents related thereto; (i) review and analyze all claims filed against the Debtor's Bankruptcy Estate and advise and represent the Debtor in connection with the possible prosecution of objections to claims; (j) assist and advise the Debtor concerning any executory contract and unexpired leases; (k) coordinate with the Subchapter V Trustee and other professionals employed in the case to rehabilitate the Debtor's affairs; and (l) perform all other bankruptcy-related legal services for the Debtor that may be or become necessary during the administration of this case. The firm's hourly rates are: attorneys range from $225 to $530; paralegals from $195 to $245; and law clerks at $175. Shatz, Schwartz & Fentin, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Andrea M. O'Connor, Esq. SHATZ, SCHWARTZ & FENTIN, P.C. 1441 Main Street, Suite 1100 Springfield, MA 01103 Telephone: (413) 737-1131 E-mail: aoconnor@ssfpc.com About IMSTEM Biotechnology, Inc. IMSTEM Biotechnology, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20929) on September 4, 2025. In the petition signed by Dr. Xiaofang Wang, chief technology officer and vice president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge James J. Tancredi oversees the case. Andrea M. O'Connor, Esq., at Shatz, Schwartz and Fentin, P.C., represents the Debtor as legal counsel. INFINITE GLOW: Unsecureds to Recover 1.5% via Quarterly Payments ---------------------------------------------------------------- Infinite Glow, LLC filed with the U.S. Bankruptcy Court for the Northern District of California a Combined Second Amended Plan of Reorganization and Disclosure Statement dated September 5, 2025. The Debtor owns and operates an 18-unit apartment building located at 2912 14th Ave., Oakland, CA 94606. It acquired the property in 2018. It rents apartments to tenants and rents storage spaces. The building is encumbered by a senior deed of trust held by JPMorgan Chase Bank, N.A. The two members of the Debtor are Mukanda Singhal and Tara Singhal, each with a 50%-member interest. The Singhals managed the company prior to the bankruptcy filing. They will continue to do so after the plan is confirmed. The time line of the events leading to the filing of this bankruptcy case began in March 2020 with the Covid pandemic and the County of Alameda and the City of Oakland enacting health emergency ordinances, enacting eviction and rent moratoriums ("moratoriums"). These moratoriums lasted for over three and half years. These moratoriums caused the Debtor to suffer severe financial hardship. Class 2 includes all general unsecured creditors with claims estimated to amount to $1,217,019.00. The estimated percentage to members of this class is 1.5%. Creditors holding undisputed claims shall be paid over time in quarterly payments starting with the 3rd quarter (month 7 to 9 following the Plan's Effective Date) with the first payment in Month 9 and being paid quarterly through the quarter ending month 54 following the Plan's Effective Date. Class 2(a) General Unsecured Claims. * Cody Williams prepetition suit for negligence, breach of contract, warranty of habitability and quiet enjoyment, etc. Claimant will be paid solely by Debtor's insurance carrier with the sum to be based on either a negotiated amount or a judgment in the court where the action is pending. A judgment or agreed settlement will be paid by Debtor's insurance carrier and not the estate. The Debtor reserves all defenses of all kinds. * Gregory Patten prepetition suit for negligence, breach of contract, warranty of habitability and quiet enjoyment, etc. Debtor's carrier has assumed liability for defense and payment. Claimant will be paid by Debtor's insurance carrier with the sum to be based on either a negotiated amount or a judgment in the court where the action is pending. A judgment or agreed settlement will be paid by Debtor's insurance carrier and not the estate. Creditor is not impaired. The Debtor reserves all defenses of all kinds. * Tanika Rideau prepetition suit against Debtor for negligence, breach of contract, warranty of habitability and quiet enjoyment, etc. A judgment or agreed settlement will be paid by Debtor's insurance carrier and not the estate. Creditor is not impaired. The Debtor reserves all defenses of all kinds. Debtor will object to this claim within 30 days after the Effective Date of the Plan and will therefor not excrow payments to this creditor into the reserve account. * Jeremy Ajaebo prepetition suit against Debtor for negligence, breach of contract, warranty of habitability and quiet enjoyment, etc. A judgment or agreed settlement will be paid by Debtor's insurance carrier and not the estate. Creditor is not impaired. The Debtor reserves all defenses of all kinds. Debtor will object to this claim within 30 days after the Effective Date of the Plan and will therefor not excrow payments to this creditor into the reserve account. * East Bay Muncipal Utility District. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 1.5%, paid in quarterly installments beginning in month 9 following the Effective Date and through month 54. * Hummingbird Cleaning Services. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 1.5%, paid in quarterly installments beginning in month 9 following the Effective Date and through month 54. * Longway Pest Control. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 1.5%, paid in quarterly installments beginning in month 9 following the Effective Date and through month 54. * PG&E. Month 1 paid in full. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 1.5%, paid in quarterly installments beginning in month 9 following the Effective Date and through month 54. * Waste Management. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 1.5%, paid in quarterly installments beginning in month 9 following the Effective Date and through month 54. * City of Oakland unsecured nonpriority claim. Paid as indicated at beginning of this section e.g. a pro rata share of $21,000 with the likely dividend to be 1.5%, paid in quarterly installments beginning in month 9 following the Effective Date and through month 54. As the claim is disputed, the monthly payment shall be placed in the reserve account pending the Debtor's objection to this Proof of claim with the objection to be filed prior to the Effective Date. On the Effective Date, all property of the estate and interests of the Debtor will vest in the reorganized Debtor pursuant to Section 1141(b) of the Bankruptcy Code free and clear of all claims and interests except as provided in this Plan. Except as provided in Part 6(d) and (e), the obligations to creditors that Debtor undertakes in the confirmed Plan replace those obligations to creditors that existed prior to the Effective Date of the Plan. Tara Singhal will contribute funds to the Plan for payments to Chase Bank and for Alameda County. Pending the conclusion of litigation against the County, Mr. Tara Singhal will deposit the sum of $537,800.71 in Mr. Frandsen's trust account with said funds to be used to pay the County in the event the County were to prevail in the litigation. With the chapter 11 filing and the stabilization it has brought, Mr. Tara Singhal is now willing to infuse monies into the Debtor for its reorganization. The Debtor has rented out additional apartment units. The Debtor intends to continue its lawsuit against Chase after the Debtor obtains a reversal of the referee's ruling on the demurrer. The Debtor can reorganize and can make plan payments. A full-text copy of the Combined Second Amended Plan and Disclosure Statement dated September 5, 2025 is available at https://urlcurt.com/u?l=D0cGZa from PacerMonitor.com at no charge. About Infinite Glow, LLC Infinite Glow, LLC has an equitable interest in the property situated at 2912 14th Ave., Oakland, Calif., which is valued at $4.7 million. Infinite Glow filed Chapter 11 petition (Bankr. N.D. Cal. Case No. 25-50253) on February 27, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Stephen L. Johnson handles the case. The Debtor is represented by: Steven Robert Fox, Esq. Law Offices of Steven R. Fox Tel: (818) 774-3545 Email: emails@foxlaw.com INGEVITY CORP: Moody's Alters Outlook on 'Ba2' CFR to Stable ------------------------------------------------------------ Moody's Ratings affirmed Ingevity Corporation's Ba2 corporate family rating, Ba2-PD Probability of Default Rating and the Ba3 rating on its senior unsecured notes. Ingevity's speculative grade liquidity rating ("SGL") remains unchanged at SGL-2, but the outlook was revised to stable from negative. RATINGS RATIONALE The revision of Ingevity's rating outlook to stable from negative reflects the following: (1) Significant progress in restructuring its Performance Chemicals business through plant closures, high-cost crude tall oil (CTO) purchase contract termination, and additional cost reduction actions. (2) Prioritization of debt reduction, mainly revolver paydown, through free cash flow generated this year. (3) Potential for additional deleveraging through the recently announced sale of the majority of its Industrial Specialties product line and the North Charleston CTO refinery, which will generate after-tax proceeds of around $110 million, with the sale expected to close early 2026. Ingevity is also conducting additional strategic review outside of the Performance Chemicals segment, which could result in further asset sales. (4) Continued strong performance in its high-margin Performance Materials segment. Ingevity's rating is supported by the company's leading market position in activated carbon systems for gasoline vapor control, adoption of increasingly stringent auto vapor emissions standards, consistent free cash flow generation, and management's recent prioritization of debt reduction following a period of weak earnings. The rating is constrained by the volatility of earnings associated with its Performance Chemicals business, although it should improve following the announced sale of its Industrial Specialties product line. Additionally, the rating is also constrained by modest business scale, and potential for acquisitions and/or shareholder returns. While leverage is currently elevated for the rating following a sizable drop in its Performance Chemicals EBITDA and resulting weakening of its credit metrics in 2023 and 2024, they are expected to improve over the next few months. Moody's expects Ingevity's leverage to return to levels commensurate with the Ba2 CFR by year-end, proforma for the announced asset sale transaction and assuming that the proceeds are utilized for debt reduction, with further improvement in 2026. Ingevity's SGL-2 rating is supported by $77 million of balance sheet cash, $400 million of availability under its revolving credit facility as of June 30, 2025, along with Moody's expectations for positive free cash flow generation in 2025. Its $1 billion revolving credit facility (unrated), which had an outstanding balance of $591 million at June 30, 2025, will mature in June 2027. The revolving credit facility has two financial covenants--a maximum total net leverage ratio covenant of 4.0x (up to 4.5x allowed after permitted acquisition) and a minimum interest coverage covenant of 3.0x. Moody's expects the company to remain in compliance with these covenants over the next 12-18 months. Ingevity's stable outlook reflects Moody's expectations that credit metrics will return to levels commensurate with the current rating by year-end, proforma for the announced asset sale, and assuming proceeds are applied towards deleveraging. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade following demonstration of the company's commitment to a conservative financial policy. The company would need to increase its business scale and diversification, maintain strong credit metrics, with debt/EBITDA below 3.0x and RCF/Debt over 20%, for a sustained period. Moody's could consider a downgrade, if the company's performance deteriorates or it undertakes any action that would materially increase balance sheet debt such that its Debt/EBITDA ratio rises above 3.5x and RCF/Debt declines to mid-teens for a sustained period of time. Headquartered in North Charleston, SC, Ingevity Corporation is a manufacturer of high performance carbon materials (Performance Materials segment) that are used in gasoline vapor emission control systems for fuel tanks, as well as for the purification of water, food, beverages and chemicals. It is also a global manufacturer of natural based chemicals (Performance Chemicals segment) used in pavement technologies and other industrial applications and caprolactone based engineered polymers (Advanced Polymer Technologies) used in plastics, coatings and adhesives. For the LTM period ending June 30, 2025, the company generated revenues of $1.3 billion. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. JACKSONVILLE MOVING: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division granted Jacksonville Moving, Inc. interim approval to use cash collateral. The interim order signed by Judge Jacob Brown authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee; the expenses set forth in the revised budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, Dogwood State Bank. The revised budget reflects a reduction in the biweekly salary for officers from $4,800 to $4,230.77. As adequate protection, each creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with its loan and security agreements with Dogwood State Bank. The next hearing is set for September 29. Dogwood State Bank, as secured creditor, is represented by: Eric F. Werrenrath, Esq. Winderweedle, Haines, Ward & Woodman, PA 329 Park Avenue North, Second Floor Winter Park, FL 32789 Telephone: (407) 423-4246 Facsimile: (407) 645-3728 ewerrenrath@whww.com hcrain@whww.com About Jacksonville Moving Inc. Jacksonville Moving Inc., doing business as College Hunks Hauling Junk & Moving, provides professional moving services and junk removal solutions in the Duval County area. Jacksonville Moving sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02952) on August 26, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Jacob A. Brown oversees the case. The Debtor is represented by Michael A. Stavros, Esq., at Jennis Morse. JENNIFER M. LENNEMANN: Deed of Trust Sale Invalid, Court Holds -------------------------------------------------------------- Judge Brian S. Kruse of the United States Bankruptcy Court for the District of Nebraska held that a deed of trust sale in the bankruptcy case of Jennifer M. Lennemann is enjoined because it is based on a prepetition default under loan documents restructured under the debtor's confirmed Chapter 11 plan. Lennemann's debts are secured by deeds of trust against multiple parcels of real estate. In late 2023, after the debtor defaulted on loan payments, Exchange Bank filed and served notices of default under the Nebraska Trust Deeds Act, Neb. Rev. Stat. Sec. 76-1001 et seq. The debtor filed her Chapter 11 case in January 2024. She confirmed a Chapter 11 plan on Nov. 14, 2024. According to the plan, the plan modifies, supersedes, and replaces the debtor's obligations to the bank. The plan requires the debtor make payments to the bank and timely pay all real estate taxes. The debtor did not timely pay the real estate taxes. On May 5, 2025, the bank sent a letter to the debtor and her counsel notifying them the debtor defaulted under the plan. Under the plan, the debtor had until June 4, 2025, to cure the default. The debtor paid all real estate taxes on June 10 and June 16, 2025, after the 30 days expired. Nevertheless, the bank pressed on with its pre-petition deed of trust sale process. The bank did not file a new notice of default under section 76-1006. Rather, on June 28, 2025, after the defaults were cured, it resumed publication of its notice of sale with a sale date of Aug. 19, 2025. The bank asserts Nebraska law does not require a creditor file a second notice of default if the originally noticed default remains uncured. It argues the plan merely stayed enforcement of its pre-petition deed of trust foreclosure as long as the debtor met all plan obligations to the bank. The debtor's argument ignores the nature of a confirmed Chapter 11 plan. The pre-petition default no longer exists. The confirmed plan did not merely stay enforcement of the pre-petition foreclosure. The confirmed plan modified the debtor's obligation to the bank, including the terms of repayment. The plan also modified the bank's pre-petition lien rights. According to the Judge Kruse, "Because the bank could not enforce its pre-petition default, it could not rely upon the pre-petition notice of default under the Nebraska Trust Deeds Act. The bank was required to file a new notice of default setting forth a breach of the debtor's modified obligations to the bank, identifying the basis for the post-confirmation default -- the failure to pay real estate taxes." A copy of the Court's Order dated September 5, 2025, is available at https://urlcurt.com/u?l=2LSRXE from PacerMonitor.com. Jennifer M. Lennemann filed for Chapter 11 bankruptcy protection (Bankr. D. Neb. Case No. 24-40046) on January 23, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by Patrick Turner, Esq. JONES DESLAURIERS: Moody's Rates New New Unsecured Notes 'Caa2' --------------------------------------------------------------- Moody's Ratings has affirmed the B2 backed senior secured first-lien bank credit facilities and backed senior secured notes ratings and the Caa2 senior unsecured notes ratings of Jones DesLauriers Insurance Management Inc. (Jones DesLauriers), a wholly owned subsidiary of Navacord Intermediate Holdings Inc. (together with its subsidiaries, Navacord), a leading Canadian insurance broker. Moody's also assigned a Caa2 rating to Jones DesLauriers' new USD400 million eight-year backed senior unsecured notes and CAD200 million eight-year backed senior unsecured notes. Navacord plans to use net proceeds from the offering to refinance its existing senior unsecured notes due in 2030, for general corporate purposes, including to help fund acquisitions, and to pay related fees and expenses. At the same time, Moody's assigned a B3 corporate family rating (CFR) and B3-PD probability of default rating (PDR) to Navacord Intermediate Holdings Inc., the parent guarantor and the issuer of its audited financial statements. For administrative purposes, Moody's withdrew the existing B3 CFR and B3-PD PDR from Navacord Corp. The outlook for Navacord Corp. has been withdrawn. Previously, the outlook was stable. The rating outlook for Navacord Intermediate Holdings Inc. and Jones DesLauriers is stable. RATINGS RATIONALE Navacord's ratings reflect its growing and leading market presence in the insurance brokerage sector in Canada, generally serving middle market clients. The company has a good mix of business across commercial and personal property & casualty (P&C) insurance, employee benefits and a variety of specialty insurance programs, including construction and transportation. The company is also diversified geographically across Canada, particularly in Ontario, Alberta and British Columbia. Navacord has produced solid organic growth in the mid single digits in recent quarters, supporting healthy EBITDA margins in the low 30s (per Moody's calculations). The company pursues an active acquisition strategy through a decentralized model that allows acquired entities to operate fairly autonomously while benefitting from Navacord's centralized services. These strengths are tempered by Navacord's aggressive financial leverage, low fixed charge and free cash flow coverage, execution risk associated with acquisitions, and limited scale relative to other rated insurance brokers. Navacord also faces potential liabilities arising from errors and omissions, a risk inherent in professional services. For the 12 months through July 2025, Navacord reported CAD852 million of revenue, up from CAD769 million in 2024, driven by a combination of acquisitions and organic growth. Navacord has historically produced strong organic growth driven by new business wins, strong business retention, and rate increases in employee benefits and personal insurance, partly offset by weaker rate environment in commercial lines. Navacord's EBITDA margin has stayed healthy in the low 30s (per Moody's calculations) as the company invests in technology and adds headcount to support growth. Giving effect to the proposed transaction, Moody's estimates that Navacord will have a pro forma debt-to-EBITDA ratio of slightly above 7.5x, with (EBITDA - capex) interest coverage in the range of 1x-2x, and a free-cash-flow-to-debt ratio in the low single digits. These metrics include Moody's adjustments foroperating leases, deferred earnout obligations and run-rate earnings from completed acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Navacord's ratings include: (i) increased scale and diversification, (ii) debt-to-EBITDA ratio below 6x, (iii) (EBITDA - capex) coverage of interest exceeding 2x, and (iv) free-cash-flow-to-debt ratio exceeding 5%. Factors that could lead to a downgrade of the ratings include: (i) debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of interest below 1.2x, (iii) free-cash-flow-to-debt ratio below 2%, or (iv) disruptions to existing or newly acquired operations. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 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. Based in Toronto, Canada, Navacord offers a diversified mix of P&C insurance, employee benefits and specialized products mainly to middle market businesses across Canada. The company generated revenue of CAD852 million for the 12 months through July 2025. KINGPIN INTERMEDIATE: Moody's Rates New x$1BB First Lien Loan 'B2' ------------------------------------------------------------------ Moody's Ratings assigned a B2 rating to Kingpin Intermediate Holdings, LLC's (Kingpin), the wholly owned borrowing subsidiary of Lucky Strike Entertainment Corporation (Lucky Strike), new $1,000 million senior secured first lien term loan due 2032, $700 million senior secured notes due 2032, and $400 million senior secured first lien revolving credit facility. Other ratings of Lucky Strike are unchanged, including its B2 Corporate Family Rating and B2-PD Probability of Default Rating. The outlooks for both Lucky Strike and Kingpin remain stable. Moody's expects to withdraw the B2 rating on Kingpin's existing first lien term loan B, senior secured first lien bridge term loan and revolving credit facility upon closing of the refinancing transaction and the repayment of the debt obligations. Lucky Strike plans to use the proceeds from the proposed Kingpin debt to refinance all of its existing senior secured debt. The proposed refinancing transaction is credit positive because it extends the company's debt maturity profile with no meaningful debt maturity until 2030. The transaction eliminates the risk of a liquidity event that could have could have occurred had the $230 million bridge facility not been refinanced before its July 2026 maturity. Lucky Strike's debt/EBITDA leverage is high at approximately 6.9x as of the fiscal year ended June 30, 2025 (incorporating Moody's standard adjustments), reflecting an aggressive financial policy that prioritizes shareholder returns, alongside continued acquisitions and heavy investment in its locations. The company will need to demonstrate successful execution of its acquisition strategy, the ability to drive traffic to its renovated bowling centers, and a more disciplined approach to capital spending in order to reduce leverage and prevent downward pressure on the rating. Moody's expects growth to remain slow, despite contribution from the waterparks (Raging Waves, Boomers and Adventure Park) and the ongoing rebranding of Lucky Strike bowling centers, due to continued pressure on consumer budgets. Moody's anticipates capital expenditures to decline to $140-$150 million over the next 12 months driven by a slower pace of acquisitions and new builds, as well as the completion of the initial waterpark revamps. This would result in modestly positive free cash flow over the next 12 to 18 months. These factors, along with an expected transition in capital allocation away from share buybacks, which exceeded $70 million in the 12 months ended June 30, 2025 and are not expected to continue, toward a focus on deleveraging, leads us to expect debt-to-EBITDA will decline towards mid-6.0x range (incorporating Moody's adjustments) over the next 12 to 18 months. RATINGS RATIONALE Lucky Strike's B2 CFR reflects the company's high financial leverage with Moody's lease adjusted debt-to-EBTIDA leverage at 6.9x as of the 12 months ended June 30, 2025. Moody's expects leverage to decline over the next 12-18 months but remain elevated as the company continues to pursue acquisitions, invest in updating existing locations, new bowling center builds and paying a dividend despite limited free cash flow. The rating also reflects concentration in the leisure/entertainment industry including the bowling segment that is subject to economic cycles and shifts in discretionary consumer spending. Lucky Strike's operating results are seasonal in nature as bowling centers perform best during the colder winter months (the quarters ending in December and March are the company's most profitable quarters) and have lower visitation during warmer summer months. Bowling activity is negatively impacted by good weather that drives consumers to pursue outdoor activities, but benefits from cold or rainy weather. Recent investments into water parks seeks to mitigate this seasonality for Lucky Strike given water parks are most profitable during the summer. However, the strategy also brings execution risks for Lucky Strike because water parks have high reinvestment needs and different operating strategies. The company's historically aggressive financial policy, including a dividend payout and debt funded share repurchases, is also a credit constraint that has resulted in high financial leverage. Although Moody's expects such share repurchases to subside, the company continues to pay a large dividend that along with high reinvestment contributes to negative free cash flow and is leading to elevated financial leverage. Lucky Strike's rating is supported by the company's established position as the largest and leading operator in the US bowling industry with geographic diversification across the country. The rating also reflects the good track record of integrating acquisitions and achieving cost synergies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Lucky Strike's operating performance will modestly improve, driven by limited organic revenue, the addition of new locations and economies of scale as the number of locations grow. Moody's also assumes in the stable outlook that acquisitions will be accretive to leverage and that this, together with a reduction in share repurchases financial leverage will decline towards mid-6.0x, but likely to be impacted by continued reinvestment going forward. The ratings could be upgraded if the company drives strong operating performance including consistent same center sales growth with flat to higher margins. The company would also need to sustain debt-to-EBITDA below 5.5x (incorporating Moody's adjustments), generate strong and consistent free cash flow and maintain good liquidity. Lucky Strike would also need to demonstrate a more conservative financial policy consistent with the higher rating including funding investments, acquisitions and share repurchases within internally generated cash flow. The ratings could be downgraded if operating performance weakens through such factors as a decline in visitation or same store sales, or higher operating costs. Continuation of the more aggressive financial policy such as sizable share repurchases, debt-to-EBITDA leverage sustained above 7.0x (incorporating Moody's adjustments), retained cash flow to net debt below 5%, or a decline in liquidity could also result in a downgrade. Lucky Strike Entertainment Corporation is the largest bowling center operator in the US, with additional locations in Canada and Mexico and a total of 364 bowling centers and 3 water action parks. The company went public through a SPAC transaction in December 2021 after the merger with ISOS Acquisition Corporation and trades under the ticker symbol BOWL. Revenue during the 12 months ending 30 June, 2025 was approximately $1.2 billion. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. KOKINOS MANAGEMENT: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Kokinos Management, LLC 733-739 Atlantic City Blvd # 739 Bayville, NJ 08721 Business Description: Kokinos Management, LLC leases residential and commercial real estate. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-19562 Debtor's Counsel: Geoffrey P. Neumann, Esq. Timothy P. Neumann, Esq. [ BROEGE, NEUMANN, FISCHER & SHAVER, LLC 25 Abe Voorhees Drive Manasquan NJ 08736 Tel: (732) 223-8484 Email: geoff.neumann@gmail.com Timothy.neuamnn25@gmail.com Total Assets: $1,202,000 Total Liabilities: $352,712 The petition was signed by Harry Kokinos as managing member. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2BJTZ6Y/KOKINOS_MANAGEMENT_LLC__njbke-25-19562__0001.0.pdf?mcid=tGE4TAMA KULANA HALE: Section 341(a) Meeting of Creditors on October 20 -------------------------------------------------------------- On September 12, 2025, Kulana Hale LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports $36,558,368 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 10/20/2025 at 02:30 PM at Zoom.us - USTrustee 1: Meeting ID 160 7717 9142, Passcode 0186029495, Phone 1 (202) 381-3292. About Kulana Hale LLC 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). Kulana Hale LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11990) on September 12, 2025. In its petition, the Debtor reports total assets of $45,256,000 and total liabilities of $36,558,368. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Lewis W. Siegel, Es. KYI ENTERPRISES: Janice Seyedin Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for KYI Enterprises, Inc. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About KYI Enterprises KYI Enterprises, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13842) on September 8, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Michael B. Slade presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as legal counsel. LA NOTTE VENTURES: Court Extends Cash Collateral Access to Oct. 8 ----------------------------------------------------------------- La Notte Ventures, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until October 8, marking the 11th extension since its Chapter 11 filing. The 11th interim order authorized the Debtor to operate within 10% of the budget until its use of cash collateral is approved on a permanent basis. The Debtor's budget projects total operational expenses of $23,807.14 for September. As protection for any diminution in the value of its collateral, the U.S. Small Business Administration will be granted replacement liens on all post-petition property of the Debtor, including all cash collateral, to the same extent, validity, and priority as its pre-bankruptcy liens. As additional protection, SBA will continue to receive a monthly payment of $251. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case to one under Chapter 7 or upon entry of a court order directing the cessation of the use of cash collateral. The next hearing is scheduled for October 7. About La Notte Ventures La Notte Ventures, Inc., doing business as La Notte Ristorante Italiano, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15860) on October 23, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. The Debtor is represented by: David R. Herzog, Esq. Law Office of David R. Herzog, LLC 53 W. Jackson Blvd., Suite 1442 Chicago, IL 60604 Telephone: (312) 977-1600 Email: drh@dherzoglaw.com LASERCYCLE INC: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- 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 LaserCycle, Inc. About LaserCycle Inc. LaserCycle, Inc. provides printers, copiers, scanners, and related office equipment along with managed print services, equipment repairs, and document security solutions, serving businesses from its headquarters in Lenexa, Kansas. LaserCycle sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21113) on August 11, 2025, listing disclosed $183,634 in assets and $2,071,203 in liabilities. Rick Krska, chief executive officer of LaserCycle, signed the petition. Judge Robert D. Berger oversees the case. Colin Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. LHS BORROWER: Moody's Withdraws 'B3' CFR Following Debt Repayment ----------------------------------------------------------------- Moody's Ratings has withdrawn all ratings for LHS Borrower, LLC ("Leaf Home") including the B3 corporate family rating, the B3-PD probability of default rating, the B1 backed senior secured 1st lien bank credit facility ratings and the stable outlook. The rating action follows Leaf Home's full repayment of its previously rated debt. RATINGS RATIONALE Moody's have withdrawn all of Leaf Home's ratings following the complete redemption of all its outstanding rated debt. On September 08, 2025, the company announced that it had acquired Erie Home and refinanced its outstanding debt with a combination of preferred equity and private debt. The acquisition adds non-discretionary categories to Leaf Home's portfolio such as re-roofing, foundation repair and basement waterproofing. LHS Borrower, LLC, a wholly-owned subsidiary of Leaf Home, LLC, is a direct-to-consumer home solutions platform serving underserved markets with innovative home safety and improvement solutions throughout the US and Canada. LUXURBAN HOTELS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- LuxUrban Hotels Inc. 25-12000 71 W 35th Street New York, NY 10001 LuxUrban RE Holdings LLC 25-12001 71 West 35th Street New York, NY 10001 Business Description: LuxUrban Hotels Inc. and LuxUrban RE Holdings LLC operate in the hospitality sector, focusing on leasing and managing hotel properties in major destination cities, primarily New York. The companies hold long-term leases on four hotels -- Herald, Tuscany, Hotel 27, and Hotel 46 -- and generate revenue from room rentals and ancillary guest services. Previously engaged in leasing multifamily residential units under the names SoBeNY Partners LLC and CorpHousing Group Inc., the companies fully exited that legacy business by the end of 2022. Chapter 11 Petition Date: September 14, 2025 Court: United States Bankruptcy Court Southern District of New York Judge: TBD Debtor's Counsel: Leo Jacobs, Esq. Robert M. Sasloff, Esq. Wayne Greenwald, Esq. Ellen Halstead, Esq. Aaron Slavutin, Esq. JACOBS P.C. 717 5th Avenue, 17th Fl. New York, NY 10022 Tel: (212) 229-0476 Email: leo@jacobspc.com robert@jacobspc.com wayne@jacobspc.com ellen@jacobspc.com aaron@jacobspc.com Debtors' Financial Advisor: FIA CAPITAL Debtor's Notice & Claims Agent: OMNI AGENT SOLUTIONS LuxUrban RE Holdings' Estimated Assets: $0 to $50,000 LuxUrban RE Holdings' Estimated Liabilities: $1 million to $10 million LuxUrban Hotels Inc.'s Estimated Assets: $1 million to $10 million LuxUrban Hotels Inc.'s Estimated Liabilities: $10 million to $50 million The petitions were signed by Michael James as chief financial officer. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/FSDB4LI/LuxUrban_RE_Holdings_LLC__nysbke-25-12001__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/FKNZR3I/LuxUrban_Hotels_Inc__nysbke-25-12000__0001.0.pdf?mcid=tGE4TAMA MARELLI AUTOMOTIVE: Two Creditors Step Down as Committee Members ---------------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the resignation of Robert Bosch, LLC and Johnson Matthey, Plc from the official committee of unsecured creditors in the Chapter 11 cases of Marelli Automotive Lighting USA, LLC and its affiliates. The remaining members of the committee are: 1. Nissan North America, Inc. Attn: Joseph Hession 1 Nissan Way Franklin, TN 37067 Phone: 615-725-1000 Email: joseph.hession@nissan-usa.com 2. Mazda North American Operations Attn: Christopher Wilson 200 Spectrum Center Drive, Suite 100 Irvine, CA 92618 Email: cwilso70@mazdausa.com 3. Tesla, Inc. Attn: Keith Porapaiboon Giga Texas, 1 Tesla Road Austin, TX 78725 Phone: 650-681-5000 Email: contractnotices@tesla.com 4. Avnet, Inc. Attn: Dennis Losik 2211 S. 47th Street Phoenix, AZ 85034 Phone: 847-396 7401 Email: dennis.losik@avnet.com About Marelli Automotive Lighting USA Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Paul Hastings, LLP and Morris James, LLP as legal counsel and FTI Consulting, Inc. as its financial advisor. MARIN SOFTWARE: Exits Chapter 11 With New Equity Structure ---------------------------------------------------------- Marin Software Incorporated disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 29, 2025, the Bankruptcy Court entered an order, confirming the Company's Plan of Reorganization. The Plan provides that upon satisfaction or waiver of the conditions precedent to the effectiveness of the Plan, the Company may effect the transactions contemplated by the Plan and emerge from Chapter 11 protection. On September 5, 2025, the Company filed a Notice of Effective Date with the Bankruptcy Court and the Plan became effective on September 5, 2025 in accordance with its terms. Material Features of the Plan: Cancellation of Existing Securities; Securities to be Issued Under the Plan The Plan implements the reorganization of the Company, with it emerging from bankruptcy and continuing to operate as the Reorganized Debtor. As of the Effective Date, YYYYY, LLC ("5Y" or the "DIP Lender") converted 100% of the Allowed DIP Facility Claim into shares of the Reorganized Debtor New Equity, for 600 shares, and Kaxxa Holdings, Inc. ("Kaxxa" or the "Plan Sponsor") acquired 400 shares of the Reorganized Debtor New Equity, for a total of 1,000 shares of Reorganized Debtor New Equity. On or after the Effective Date, the Plan Administrator will make distributions in accordance with the Plan using the Plan Consideration, any Available Cash and the proceeds of Excluded Assets. Based upon the Company's current estimates, the Company anticipates that there will be sufficient Plan Consideration, Available Cash and proceeds of Excluded Assets to provide full cash recoveries to all Holders of Allowed Claims and a distribution to holders of Equity Interests on a Pro Rata basis. As of the Effective Date, and in accordance with the Plan, all outstanding shares of common stock of the Company (including shares of common stock issuable under equity awards, including stock options and restricted stock units, granted under the Company's equity incentive plans) and all other options, warrants and rights to acquire common stock, and one outstanding share of Series A Preferred Stock, have been cancelled and discharged, and holders of such equity interests are anticipated to receive a distribution on a Pro Rata basis on account thereof, following the anticipated provision of full recoveries to all Holders of Allowed Claims. After giving effect to the Effective Date transactions, the Company has 1,000 shares of the Reorganized Debtor New Equity issued and outstanding. On the Effective Date, the Company issued the Reorganized Debtor New Equity to 5Y and Kaxxa pursuant to the terms and conditions set forth in the Plan, and in reliance upon the exemptions from the registration requirements of the Securities Act of 1933, as amended, and/or as provided by Section 1145 of the Bankruptcy Code, as applicable. Additionally, pursuant to the Plan and effective as of the Effective Date, the existing directors and officers of the Company are deemed to have resigned from their positions as directors and officers of the Company. Deregistration of Securities: On August 29, 2025, in conjunction with the proposed cancellation of all of its outstanding shares of common stock, the Company filed post-effective amendments to each of its Registration Statements on Form S-3 and Form S-8 and intends to promptly file a Form 15 with the SEC to deregister its securities under Section 12(g) of the Securities and Exchange Act of 1934, as amended and suspend its reporting obligations under the Exchange Act. About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reports total assets of $5,656,853 and total debts of $2,767,237. The Debtor's bankruptcy counsel is James E. O'Neill, at PACHULSKI STANG ZIEHL & JONES LLP. The Debtor's Corporate Counsel is FENWICK & WEST LLP. ARMANINO ADVISORY LLC is the Debtor's Financial Advisor. DONLIN, RECANO & COMPANY, LLC is the Debtor's Claims, Noticing & Solicitation Agent and Administrative Advisor. MEDICAL DEPOT: Moody's Affirms 'Caa2' CFR, Outlook Stable --------------------------------------------------------- Moody's Ratings affirmed the ratings of Medical Depot Holdings, Inc. (d/b/a Drive DeVilbiss Healthcare "Drive" or "Medical Depot"), including the Caa2 corporate family rating, Caa2-PD probability of default rating, Caa2 ratings on the company's senior secured first lien bank credit facilities, and B2 ratings on the company's super priority senior secured first lien term loan. The outlook is stable. The affirmation of the Caa2 CFR rating reflects Moody's expectations that the default probability is high and the current ratings adequately reflect Drive's range of potential recovery prospects. Drive will continue to exhibit weak liquidity, constrained by elevated refinancing risk associated with the maturity of its first lien term loan facilities on June 01, 2026. As such, Moody's considers the capital structure to be increasingly unsustainable and the probability of a default, by way of a distressed exchange is high. RATINGS RATIONALE Drive's Caa2 rating reflects its very high leverage with debt/EBITDA around 8 times as of June 30, 2025. Drive will continue to exhibit weak liquidity, constrained by elevated refinancing risk associated with the maturity of its first lien term loan facilities on June 01, 2026. Despite consistent demand for its durable medical equipment and respiratory products, Drive faces ongoing challenges stemming from a shift in product mix away from higher-margin offerings. These pressures will continue to have an influence on Drive's profitability. Additionally, Moody's anticipates that deleveraging will remain slow, as a significant portion of the company's interest expense is paid in kind, limiting near-term improvement in credit metrics. Drive benefits from its good market position in the durable medical equipment industry with approximately $1 billion of revenue. It is also well diversified by distribution channel and geography. Further, Moody's anticipates that there is still very strong demand for Drive's products despite the mix shift in products. Moody's expects the company will maintain weak liquidity over the next 12-18 months. While liquidity is supported by $52 million of cash as of June 30, 2025, there is no external revolving credit facility available. Drive does have an unrated receivable securitization facility which provide for up to $100 million of advances in the US and up to GBP20 million in the United Kingdom, expiring in May 2026. Drive generates roughly $50-60 million in free cash flow, but there is elevated risk of a distressed exchange with the maturity of its first lien term loan facilities on June 01, 2026. The B2 rating on the super priority senior secured term loan reflects its priority position in the capital structure. The Caa2 ratings on the first lien senior secured credit facilities is the same as the Caa2 Corporate Family Rating as they represent the preponderance of debt in the company's capital structure. The obligations under the first lien facilities are secured by a first priority security interest in substantially all assets of the borrower, Medical Depot Holdings, Inc. and each subsidiary guarantor. The stable outlook reflects Moody's views of a meaningful probability of default associated with the maturity of its first lien term loan facilities on June 1, 2026, but that the ratings encompass Moody's estimates of recovery rates. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company's operating performance improves evidenced by EBITDA margin expansion. Improvement in liquidity and a reduced likelihood of default could support an upgrade. Ratings could be downgraded if liquidity further erodes, operating performance deteriorates or the probability of default, including by way of a transaction that Moody's would deem a distressed exchange, were to rise. Additionally, the ratings could be downgraded if Drive proactively seeks bankruptcy protection, or if the prospects for recovery decline. The principal methodology used in these ratings was Medical Products and Devices published in October 2023. Based in Port Washington, New York, Medical Depot (d/b/a Drive DeVilbiss Healthcare) is a global manufacturer of durable and home medical equipment. The company manufactures and distributes mobility products (wheelchairs, canes, walkers and rollators), respiratory products (oxygen concentrators and nebulizers), specialty beds, bath and personal care products, and sleep apnea devices and other products. The company's products are principally sold to patients through homecare dealers, wholesalers, retailers, home shopping related businesses and e-commerce companies. Medical Depot is owned by private-equity firm Clayton, Dubilier & Rice ("CD&R"). Revenues are approximately $976 million as of June 30, 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. METHODIST HOSPITALS: S&P Affirms 'BB+' Rating in 2024A Rev. Bonds ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on the Indiana Finance Authority's series 2024A hospital revenue refunding bonds, issued for The Methodist Hospitals Inc. (Methodist). The outlook is stable. S&P said, "We view Methodist's overall social risk as elevated based on a payer mix that is very heavily weighted toward government payers and on the primary service area's projected economic indicators that are weak compared with national averages. We view environmental and governance factors as neutral in our credit rating analysis. "The stable outlook reflects our view of Methodist's solid unrestricted reserves to long-term debt and light leverage and debt burden, coupled with a management team that is focused on strengthening operating performance and market position, with further improvement expected over the outlook period. That said, we view Methodist as having limited flexibility at the current rating for additional balance-sheet or cash flow pressure. "We could lower the rating if Methodist is unable to continue its trend of improving operations and maximum annual debt service coverage through the outlook period. Although we do not expect such events, we would also view negatively further deterioration in days' cash on hand, a sizable issuance of new debt, or significant capital plans that result in material decline in the overall financial profile. "We could revise the outlook to positive or raise the rating if Methodist is able to show meaningful and sustainable improvements in operating margins approaching break-even along with solid cash flow, while bringing balance-sheet metrics in line with an investment-grade rating." MOD JEWELRY: Hires Rappaport Osborne as Legal Counsel ----------------------------------------------------- MOD Jewelry Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Jordan L. Rappaport of Rappaport Osborne & Rappaport, PLLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor-in-possession under Chapter 11 and the continued management of the operation of its business; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements, and with the rules of the court; (c) prepare and/or defend motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan, and its confirmation. The law firm is currently holding a retainer of $ 1,215.12 in Trust as of filing date. It received $11,738 on July 25, 2025, which is fully disclosed in the Bankruptcy Schedules. $10,522.88 was applied pre-petition towards services rendered to the Debtor prior to filing as well as the Chapter 11 filing fee. Rappaport Osborne & Rappaport, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jordan L. Rappaport, Esq. RAPPAPORT OSBORNE & RAPPAPORT, PLLC 1300 North Federal Highway, Suite 203 Boca Raton, FL 33432 Telephone: (561) 368-2200 About Mod Jewelry Group Inc. Mod Jewelry Group, Inc. operates a branded jewelry business, specifically focused on motorcycle-themed products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20333-PDR) on September 4, 2025. In the petition signed by Len D. Weiss, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Peter D. Russin oversees the case. Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC, represents the Debtor as legal counsel. MODIVCARE INC: Recovery for Unsecureds Still to Be Determined ------------------------------------------------------------- ModivCare Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Joint Plan of Reorganization dated September 4, 2025. ModivCare Inc. traces its roots back over thirty years, and certain of its business segments began providing non-emergency medical transportation ("NEMT") services to government-sponsored healthcare programs in the 1980s. ModivCare's four Business Segments: NEMT, PCS, RPM, and Corporate, provide patient-centric services to its customers. These Business Segments roll up into centralized and standardized operations, which enable the Company to cultivate best practices and efficiencies. Through these processes, the Company generally seeks to have a positive impact by closing certain health gaps and addressing the social determinants of health by serving those in need. On August 20, 2025, following extensive, good faith, arms' length negotiations, the Debtors entered into the Restructuring Support Agreement with the Consenting Creditors. Pursuant to the Restructuring Support Agreement, the Consenting Creditors agreed to support the Restructuring by, among other things: * providing $100 million in DIP financing to fund the Chapter 11 Cases and agreeing to roll such claims into an Exit Term Loan Facility; * agreeing to exchange First Lien Claims for up to $200 million of an Exit Term Loan Facility and 98% of the pro forma equity of the Company, subject to dilution; * agreeing to exchange Second Lien Claims for 2% of the pro forma equity of the Company, subject to dilution; * providing the opportunity for certain holders of General Unsecured Claims to participate in an equity rights offering of up to $200 million; and * permitting the Reorganized Debtors to enter into up to a $250 million Exit Revolver Credit Agreement, which provides for a letter of credit sublimit of up to $150 million. Upon its full implementation, the Plan will effect a significant deleveraging of the Debtors' capital structure by reducing the Company's total funded debt (including accrued but unpaid interest) by approximately $1.1 billion. Class 5 consists of General Unsecured Claims. All General Unsecured Claims (including, for the avoidance of doubt, First Lien Deficiency Claims, Second Lien Deficiency Claims, and Unsecured Notes Claims) shall be canceled, released, and extinguished as of the Effective Date, and Holders of Allowed General Unsecured Claims shall not receive or retain any distribution, property, or other value on account of such General Unsecured Claims; provided that, Eligible Holders of General Unsecured Claims (but excluding Holders of First Lien Deficiency Claims and Second Lien Deficiency Claims) shall receive, in full and final satisfaction, settlement, release, and discharge and in exchange for each General Unsecured Claim, their Pro Rata Share of the right to purchase up to $200,000,000, in aggregate, of New Common Interests pursuant to the Equity Rights Offering. Class 5 is Impaired. The Disclosure Statement still has blanks as to the percentage recovery for holders of unsecured claims. Class 9 consists of Existing Parent Equity Interests. Holders of Existing Parent Equity Interests shall not receive or retain any distribution, property, or other value on account of such Existing Parent Equity Interests. On the Effective Date or as soon as reasonably practicable thereafter, all Existing Parent Equity Interests shall be canceled, released, extinguished, and of no further force and effect. For purposes of determining whether the Plan meets this requirement, the Debtors have analyzed their ability to meet their obligations under the Plan. As part of this analysis, the Debtors have prepared the consolidated financial projections for the Reorganized Debtors (collectively with the reserve information, development of schedules, and financial information, the "Financial Projections") for fiscal years 2026 through 2029. Based upon such Financial Projections, the Debtors conclude they will have sufficient resources to make all payments required pursuant to the Plan and that confirmation of the Plan is not likely to be followed by liquidation or the need for further reorganization. Moreover, Article IX hereof sets forth certain risk factors that could impact the feasibility of the Plan. Pursuant to sections 363 and 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distribution, releases, and other benefits provided under this Plan, upon the Effective Date, the provisions of this Plan shall constitute an integrated, good faith compromise and settlement of all Claims, Interests, and controversies relating to the contractual, legal, equitable, and subordination rights that a Claim or an Interest Holder may have with respect to any Allowed Claim or Allowed Interest or any distribution to be made on account of such Allowed Claim or Allowed Interest. On the Effective Date, the Debtors or the Reorganized Debtors, as applicable, shall cause the Equity Rights Offering to be consummated, pursuant to the Equity Rights Offering Documents and this Plan and subject to the Equity Rights Offering Procedures. The Equity Rights Offering shall have been conducted prior to the Effective Date, and the New Common Interests shall be issued pro rata to the participants in the Equity Rights Offering, pursuant to the Equity Rights Offering Documents and this Plan and subject to the Equity Rights Offering Procedures. A full-text copy of the Disclosure Statement dated September 4, 2025 is available at https://urlcurt.com/u?l=4y4ZbV from Verita Global, claims agent. Proposed Counsel for the Debtors: Timothy A. ("Tad") Davidson II, Esq. Catherine A. Rankin, Esq. Brandon Bell, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com catherinerankin@hunton.com bbell@hunton.com AND Ray C. Schrock, Esq. Keith A. Simon, Esq. George Klidonas, Esq. Jonathan J. Weichselbaum, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Tel: (212) 906-1200 Email: ray.schrock@lw.com keith.simon@lw.com george.klidonas@lw.com jon.weichselbaum@lw.com About ModivCare ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MY SIZE: Stockholders OK All Proposals at 2025 Annual Meeting ------------------------------------------------------------- My Size, Inc. held the 2025 Annual Meeting of the Company's stockholders for the following purposes: (1) to elect two Class I directors, (2) to approve an amendment to the My Size, Inc. 2017 Equity Incentive Plan to increase the reservation of common stock for issuance thereunder to 756,691 shares to 130,000 shares, (3) to approve an amendment to the 2017 Plan to adopt an evergreen provision such that, beginning on January 1, 2026 and ending on and including January 1, 2029, the share reserve under the 2017 Plan will be automatically increased by a number of shares of common stock equal to the lesser of (A) 5% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year or (B) such smaller number of shares as is determined by the Company's board of directors (the "Board"), and (4) to ratify the appointment of Somekh Chaikin as the Company's independent public accountant for the fiscal year ending December 31, 2025. A total of 1,310,357 shares of common stock, constituting a quorum, were represented in person or by valid proxies at the Annual Meeting. The following are the voting results for the proposals considered and voted upon at the Annual Meeting, each of which were described in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission on July 8, 2025. Proposal 1. Election of two Class I directors to serve on the Board for a term of three years or until their successors are elected and qualified: 1. Arik Kaufman * For: 333,130 * Withheld: 27,042 * Broker Non-Votes: 950,185 2. Roy Golan * For: 333,285 * Withheld: 26,887 * Broker Non-Votes: 950,185 Proposal 2. Approval of an amendment to the 2017 Plan to increase the reservation of Common Stock for issuance thereunder to 756,691 shares from 130,000 shares: * For: 296,358 * Against: 63,549 * Abstain: 265 * Broker Non-Votes: 950,185 Proposal 3. Approval of an amendment to the 2017 Plan to adopt an evergreen provision such that, beginning on January 1, 2026 and ending on and including January 1, 2029, the share reserve under the 2017 Plan will be automatically increased by a number of shares of common stock equal to the lesser of (A) 5% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year or (B) such smaller number of shares as is determined by the Board: * For: 296,105 * Against: 63,795 * Abstain: 272 * Broker Non-Votes: 950,185 Proposal 4. Ratification of the appointment of Somekh Chaikin as the Company's independent public accountant for the fiscal year ending December 31, 2025: * For: 1,228,792 * Against: 80,707 * Abstain: 858 * Broker Non-Votes: - About MySize, Inc. Airport City, Israel-based My Size, Inc. (NASDAQ: MYSZ) -- http://www.mysizeid.com/-- is an omnichannel e-commerce platform and provider of AI-driven measurement solutions that drive revenue growth and reduce costs for online retailers while generating big data and machine learning analytics. Tel Aviv, Israel-based Somekh Chaikin, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Mar. 27, 2025, citing that the Company has incurred significant losses and negative cash flows from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $10.1 million in total assets, $3.2 million in total liabilities, and a total stockholders' equity of $6.9 million. NABORS INDUSTRIES: Credit Amendment Allows Annual $100M Buyback --------------------------------------------------------------- Nabors Industries Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and its wholly owned subsidiary, Nabors Industries, Inc. ("Nabors Delaware"), entered into first amendment to the Amended And Restated Credit Agreement dated June 17, 2024, among themselves, the other guarantors from time to time party thereto, the revolving lenders, the letter of credit facility participants, the issuing banks and other lenders party thereto and Citibank, N.A., as administrative agent. The First Amendment revised the restricted payments covenant to permit Nabors Delaware to repurchase up to $100 million of equity of either Nabors Delaware or any parent entity in any fiscal year. Usage of this provision will reduce Nabors Delaware's ability to make dividends on a dollar-for-dollar basis; any dividends distributed by Nabors Delaware will likewise reduce Nabors Delaware's ability to make buybacks of equity on a dollar-for-dollar basis. The other provisions of the A&R Credit Agreement remain unchanged. A copy of the First Amendment is available at https://tinyurl.com/mvbwk9bj About Nabors Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. As of June 30, 2025, the Company had $5.04 billion in total assets, $3.59 billion in total liabilities, and $640.33 million in total stockholders' equity. * * * Egan-Jones Ratings Company on June 10, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Nabors Industries, Inc. NATEL ENGINEERING: Moody's Cuts CFR to 'Caa2', Outlook Negative --------------------------------------------------------------- Moody's Ratings downgraded Natel Engineering Company, LLC (Natel)'s corporate family rating to Caa2 from B3 and senior secured term loan rating to Caa2 from B3. Moody's also downgraded the probability of default rating to Caa2-PD from B3-PD. The downgrade was driven by near term debt maturities and challenges returning to historical revenue levels. The outlook remains negative. Natel's revolver (unrated) and term loan mature in early 2026. The company remains cash flow positive but does not have sufficient liquidity to repay the maturing debt. While potential upcoming contracts could return the company to growth and recent facilities consolidation improves margins, revenues remain volatile and well below historic highs. RATINGS RATIONALE Natel's Caa2 CFR is constrained by the company's weak liquidity and high debt/EBITDA estimated at over 7x (Moody's adjusted for operating leases for the LTM May 04, 2025 period). The company has high customer concentration and a narrow business focus in the aerospace and defense, industrial, and medical vertical markets. The risks associated with Natel's limited customer diversity, which are common in the Electronics Manufacturing Services (EMS) sector, have exposed the company to periods of considerable sales volatility. In addition, recent cuts from a major customer, timing of orders, working capital needs and shifts in budget appropriations have exacerbated the impact of the company's debt and interest burden leaving the company with very limited financial flexibility. While revenues have declined in recent periods, working capital including supply chain driven elevated inventory levels are steadily improving and contributing to positive free cash flow. Natel's credit profile is supported by the specialty nature of the company's high-mix, low-to- mid volume assembly services, which feature EBITDA margins that are well above industry averages, as well as Natel's long-term, strategic relationships with core customers. In addition, while there are no contractual commitments, Natel's owner and founder has contributed equity in recent years to support liquidity. Natel's liquidity is weak reflecting modestly positive free cash flow, low cash balances and upcoming maturities of the ABL revolver and term loan. The company had $23 million of cash on hand and as of May 04, 2025. Moody's expects modestly positive free cash flow over the next year assisted by working capital outflows. Free cash flow was estimated at $27 million for the fiscal year 2025. The ABL matures in January 2026 and the first lien term loan matures in April 2026. The negative outlook reflects the upcoming debt maturities and potential that the debt will need to be restructured if not refinanced. The company is pursuing strategic options to address the maturities prior to maturity FACTORS THAT COULD CHANGE THE RATINGS UP OR DOWN Natel's ratings could be downgraded if the company is performance does not stabilize, the company is unable to refinance its debt or enters into a distressed exchange. Stretching payables to fund working capital will be viewed negatively. The ratings could be upgraded if Natel improves liquidity including refinancing its debt with extended maturities, grows revenues, and expands EBITDA, resulting in deleveraging and meaningful free cash flow (after dividends). Natel Engineering Company, LLC, headquartered in Chatsworth, California, is a tier 2 specialty EMS provider. The company provides manufacturing services for customers in the aerospace and defense, industrial, and medical industries. The company is privately held, with 100% ownership held by current CEO Sudesh Arora and his family. Revenue for the twelve months ending May 04, 2025 was about $561 million. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. Natel's Caa2 corporate family rating is two notches below the scorecard-indicated outcome of B3. The assigned rating places more weight on the upcoming maturities. NEW CENTURY: Enters Receivership, Liquidation --------------------------------------------- Insurance Journal reports that New Century Insurance Company, a property and casualty carrier licensed solely in Texas, has been placed into liquidation following a September 3, 2025 order by the Travis County District Court in Austin. The Texas Department of Insurance (TDI) announced the court determined the company was insolvent, with liabilities exceeding its admitted assets and capital levels below what is required under state law. The Texas Commissioner of Insurance has been appointed liquidator. The order cancels all active New Century policies as of October 3, 2025, at 11:59 p.m. To oversee the process, Commissioner Cassie Brown appointed FitzGibbons and Company, Inc. as Special Deputy Receiver. Policyholders with new claims are directed to report them to FitzGibbons and Company during the receivership, according to Insurance Journal. The Texas Property and Casualty Insurance Guaranty Association (TPCIGA) will now handle the payment of eligible claims, subject to statutory coverage limits. FitzGibbons and Company confirmed in a notice to agents and brokers that TPCIGA has assumed responsibility for protecting policyholders as the liquidation moves forward, the report states. About New Century Insurance Co. New Century Insurance Company is a licensed property and casualty insurer in Texas. OAKTREE OCALA: Gets Interim OK to Use Cash Collateral Until Oct. 24 ------------------------------------------------------------------- Oaktree Ocala JV, LLC and ASAP Highline Ocala, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The court's second interim order authorized the Debtors to continue using cash collateral through October 24 in accordance with the revised budget and subject to agreement with CPIF MRA, LLC or further court order. The 13-week budget projects total operational expenses of $464,740.24. The second interim order also extended the deadline for CPIF to file a supplement to its objection to October 14. Both parties expressly reserve their rights regarding how payments under the budget are applied. The final hearing is scheduled for October 21. About Oaktree Ocala JV LLC Oaktree Ocala JV, LLC is a real estate lessor operating under NAICS code 5311. It is based in Suffern, N.Y., with apparent operations in Ocala, Florida. It operates as a joint venture in the real estate leasing sector. Oaktree Ocala JV and ASAP Highline Ocala, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-22701) on July 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor is represented by Kenneth M. Lewis, Esq., at Paul M. Nussbau, Esq. OBJECT & SUBJECT: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Object & Subject, LLC dba Ascendant Brands Alvin Drafting, LLC Choose Friendship, LLC Daverly Way, LLC Fizz, LLC Promptly, LLC Vaporeze, LLC 701 S Main Street, Suite 100 Logan, UT 84321 Case No.: 25-25418 Business Description: Object & Subject, LLC, doing business as Ascendant Brands, manages consumer product businesses across the U.S., focusing on brand development, product design, packaging, and supply chain operations. The Company specializes in online marketing, particularly on the Amazon marketplace, and works with brand partners and brick-and- mortar retailers to distribute their products. Ascendant Brands partners with businesses generating $500,000 to $5 million in annual revenue, offering acquisition, operational management, or investment collaboration opportunities. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court District of Utah Judge: Hon. Peggy Hunt Debtor's Counsel: George B. Hofmann, Esq. COHNE KINGHORN, P.C. 111 E. Broadway, 11th Floor Salt Lake City, UT 84111 Tel: 801-363-4300 Email: ghofmann@ck.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Lewis Needham as managing member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6LQMKIA/Object__Subject_LLC_dba_Ascendant__utbke-25-25418__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6NF24PI/Object__Subject_LLC_dba_Ascendant__utbke-25-25418__0001.0.pdf?mcid=tGE4TAMA OCUGEN INC: To Invest $5M in Carisma as Part of NeoCart Merger Deal ------------------------------------------------------------------- As previously disclosed, Ocugen, Inc. and OrthoCellix, Inc., a Delaware corporation and wholly-owned subsidiary of the Company to which the Company has contributed the assets related to the Company's Neocart product candidate, entered into an Agreement and Plan of Merger, dated as of June 22, 2025, by and among the Company, OrthoCellix, Carisma Therapeutics Inc. and Azalea Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into OrthoCellix, with OrthoCellix continuing as a wholly owned subsidiary of Carisma and the surviving company of the Merger. Pursuant to the Merger Agreement, Carisma and OrthoCellix have agreed to use commercially reasonable efforts to enter into subscription agreements with one or more investors designated by OrthoCellix, pursuant to which such anticipated Investors would agree to purchase, at or immediately following the closing of the Merger, shares of common stock, par value $0.001 per share, of Carisma for aggregate gross proceeds at least equal to $25.0 million. Pursuant to the Merger Agreement, the Company agreed to enter into a subscription agreement with Carisma, pursuant to which the Company committed to purchase, as part of the anticipated Concurrent Investment, shares of common stock of Carisma for aggregate gross proceeds equal to not less than $5.0 million. The Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 29, 2025, as part of the anticipated Concurrent Investment, the Company entered into the subscription agreement described above with Carisma, pursuant to which the Company agreed to purchase in a private placement an aggregate of $5.0 million of shares of Carisma Common Stock at a price per share to be calculated by dividing: (i) the Aggregate Valuation (as defined in the Merger Agreement) by (ii) the Post-Closing Parent Shares (as defined in the Merger Agreement). Pursuant to the Subscription Agreement, if Carisma grants to any Investors in the anticipated Concurrent Investment any rights, privileges, protections or terms more favorable than those granted to the Company under the Subscription Agreement or the Registration Rights Agreement, then the Company shall be automatically entitled to such more favorable rights, privileges, protections and terms, subject to certain specified exceptions. The Carisma Investment is expected to be consummated as part of the anticipated Concurrent Investment at or immediately following the closing of the Merger, subject to the satisfaction of customary closing conditions. Carisma also intends to enter into a registration rights agreement with the Investors that participate in the anticipated Concurrent Investment, including the Company, at the closing of the anticipated Concurrent Investment, pursuant to which, among other things, Carisma will agree to provide for the registration of the resale of certain shares of Common Stock that are held by such Investors, including shares of Carisma Common Stock purchased by the Company pursuant to the Subscription Agreement. The foregoing summary of the material terms of the Subscription Agreement is qualified in its entirety by the terms of the Subscription Agreement, a copy of which will be filed as an exhibit in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 to be filed under the Exchange Act. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $53.59 million in total assets, $50.54 million in total liabilities, and a total stockholders' equity of $3.05 million. ODYSSEY LOGISTICS: Moody's Cuts CFR to 'B3', Outlook Stable ----------------------------------------------------------- Moody's Ratings downgraded Odyssey Logistics & Technology Corporation's (Odyssey) corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD, and the senior secured first lien bank credit facility rating to B3 from B2. The outlook remains stable. The downgrade of Odyssey's ratings reflects the ongoing weakness in the company's operating performance stemming from a persistently challenging freight market. Low transportation rates coupled with soft volumes have contributed to lower earnings and persistently negative free cash flow. As a result, Odyssey's financial leverage is expected to remain elevated above 7x debt/EBITDA through the end of 2025. The company has undertaken several cost saving initiatives and maintains solid commercial opportunities, but Moody's don't anticipate a meaningful recovery in earnings until broader freight market conditions, particularly pricing, improve. RATINGS RATIONALE Odyssey's B3 CFR reflects the company's moderate scale as a specialized transportation provider, exposure to competitive industry dynamics, and very high financial leverage. Odyssey maintains good standing as a provider of managed services, intermodal, rail, ground transportation, warehousing, LTL (less-than-truckload) and LCL (less-than-container-load) consolidation services. The company provides these logistics services to a diverse range of long-term customers across a variety of end markets, including chemicals, metals, industrial and food and beverage. Despite providing critical transportation services to its customers, the company's financial performance is highly exposed to broader freight market dynamics that remain difficult. Excess transportation capacity and soft volumes have sustained freight rates at low levels, which has significantly reduced Odyssey's earnings compared to prior years. Moody's expects the company's net revenue (gross revenue less transportation costs) to be down in the low-single digit percentage range for 2025 and for EBITDA to be lower year over year as well. Moody's believes net revenue and earnings growth will return in 2026 from improved pricing and realized cost efficiencies. However, lingering uncertainty around trade policies and tariffs could dampen volumes and prevent a meaningful recovery. Moody's do note that a majority of Odyssey's freight is domestic focused and not directly impacted by tariffs. Moody's expects Odyssey to maintain adequate liquidity over the next twelve months supported by a moderate cash position and access to a $125 million revolving credit facility. At the end of June 2025, Odyssey had utilized about $25 million under its revolver to fund capital investments and an acquisition. Moody's expects the company's free cash flow to remain modestly negative in 2025 as the company continues to invest in software and other IT enhancements. Therefore, revolver usage will increase somewhat but remain below the springing covenant level of 35%. Moody's expects Odyssey's free cash flow to be about breakeven in 2026. The company faces sizeable debt maturities over the next two years as the company's revolving credit facility expires July 2027 and its first lien term loan matures October 2027. The stable outlook reflects Moody's views that Odyssey's earnings will gradually recover over the next twelve months such that debt/EBITDA falls below 7x. In addition, Moody's expects the company to maintain adequate liquidity while free cash flow approaches breakeven. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Odyssey demonstrates strong operating performance across all its services and materially improves profitability. A financial policy that sustains debt/EBITDA below 5.5x could also result in a rating upgrade. Lastly, Odyssey would need to generate consistently positive free cash flow and improve availability under its revolving credit facility. The ratings could be downgraded if Odyssey is unable to improve earnings such that debt/EBITDA remains in excess of 7x and interest coverage (EBITDA less capex to interest expense) remains below 1x. A downgrade could also occur if Odyssey is unable to improve liquidity with at least breakeven free cash flow. The principal methodology used in these ratings was Surface Transportation and Logistics published in April 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Odyssey Logistics & Technology Corporation is a provider of multimodal logistics solutions for thousands of customers across a variety of primarily industrial-based end markets. Its services include managed services, intermodal, rail, ground transportation, warehousing, LTL (less-than-truckload) and LCL (less-than-container load) consolidation and consulting. Gross revenue for the twelve months ended June 30, 2025 was approximately $1 billion. OPE INMAR: Moody's Affirms 'B3' CFR & Alters Outlook to Stable -------------------------------------------------------------- Moody's Ratings affirmed OPE Inmar Holdings, Inc.'s (Inmar) B3 corporate family rating and B3-PD probability of default rating. Moody's affirmed Inmar, Inc.'s $150 million backed senior secured first lien revolving credit facility expiring October 2029 and $1,065 million backed senior secured first lien term loan due October 2031 at B3 and assigned a B3 rating to its proposed $150 million backed senior secured first lien incremental term loan due October 2031. The outlooks were revised to stable from positive. Inmar is a technology-enabled provider of services including digital incentives, digital media, paper coupon settlement, healthcare returns and technology. The affirmation of the B3 CFR and revision of the outlook to stable from positive reflects Moody's views that Inmar's financial strategies have become more aggressive than Moody's anticipated, evidenced by its plan to add another $150 million term loan to repay $140 million of the company's PIK preferred equity, reducing the remain balance to $512 million. Moody's anticipates the company may prioritize further preferred equity payments over debt reduction. Additionally, Moody's anticipates free cash flow/debt remaining in the low single-digit range over the next 12 to 18 months; the company reported lower free cash flow than Moody's had forecast for the twelve months ended June 30, 2025. Moody's expects debt leverage to remain high, with debt/EBITDA around 5x. Moody's considers the liquidity profile as adequate, given Moody's reduced free cash flow expectations, with support from the fully available revolver. ESG considerations were a key driver of the actions, notably elevated governance risk due to the company's tolerance for high debt leverage and Moody's anticipations for additional debt-funded equity distributions. RATINGS RATIONALE Inmar's B3 CFR is constrained by the company's high financial leverage, with debt/EBITDA pro forma for proposed transaction of around 5.5x as of June 30, 2025. Moody's anticipates modest leverage improvement to around 5x, or around 6x after expensing capitalized software development costs, by 2026. Moody's also foresee potential softness in media products due to uncertainty surrounding a slowing US economy. New client wins and a recovery in profitability rates in the healthcare segment could counterbalance the impact of economic weakness. The company operates in a rapidly changing digital environment which requires continuous technology investments to maintain its competitive position and attract new clients, thereby pressuring earnings and free cash flow. Inmar currently allocates around $50 million for capital expenditures, including software development, which is necessary to support offerings across all of Inmar's business segments. All financial metrics cited reflect Moody's standard adjustments. Support is provided by Inmar's substantial operating scale, strong profitability rates and good competitive position as a leading technology-enabled services provider in digital incentives, digital media, coupon processing, healthcare product returns management and compliance solutions. Moody's projects that revenue will grow to around $950 million by the end of 2026, driven by new customer acquisitions and rising demand in the Martech and Healthcare segments. Moody's expects the company to achieve EBITDA margins in the mid-to-high-twenties percentage range through subscription-based revenue expansion and continued improvements in direct labor processing efficiency. The credit profile is further strengthened by Inmar's extensive customer base with long-tenured contracts, featuring highly recurring and predictable revenue streams (over 75% of total revenue is contractually committed) and growth in digital and e-commerce offerings. Moody's expects Inmar to maintain an adequate liquidity profile over the next 12 to 15 months. Liquidity is primarily supported by an unrestricted cash balance of $37 million as of June 30, 2025, and Moody's anticipations that free cash flow to debt will remain modest, in the low-single-digit percentage range, during 2026. The company also has full availability under its $150 million revolving credit facility, which expires in 2029. These sources provide ample liquidity to service approximately $12 million of required annual amortization payments under the first lien term loan. There are no financial maintenance covenants under the first lien term loan, while the revolver is subject to a springing maximum first-lien net leverage ratio of 6.9x, tested when utilization exceeds 35%. Moody's anticipates that the company will maintain a comfortable margin relative to the covenant limit. The B3 backed senior secured first lien bank credit facility ratings are in line with the B3 CFR and reflect their position as the vast majority of debt in the capital structure. The borrower of the credit facilities is Inmar, Inc. OPE Inmar Holdings, Inc. guarantees the rated debt. The credit facility is secured by a perfected first lien security interest in substantially all of Inmar's assets, subject to certain permitted liens and other exceptions. The stable outlook reflects Moody's expectations that Inmar will maintain debt/EBITDA around 5x and continue to enhance its good profitability rates to within the mid to high twenties percentage range through both higher adoption rates of its advanced tools and cost improvements over the next 12 to 18 months. The outlook also anticipates the maintenance of an adequate liquidity profile, with free cash flow to debt expected to remain in a low-single-digit percentage range over the next 12 to 15 months, and aggressive financial strategies, emphasizing periodic, opportunistic debt funded shareholder distributions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Inmar sustains good liquidity profile, debt/EBITDA below 5x and free cash flow/debt in a high single-digits percentage range. The ratings could be downgraded if Inmar experiences a material contraction in revenue or profitability due to customer losses, if free cash flow generation weakens, or if liquidity deteriorates. The ratings could also be downgraded if the company adopts more aggressive financial policies that lead to debt/EBITDA remaining above 7x. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Inmar, based in Winston-Salem, NC, is a provider of technology-enabled services which streamline workflows for retailers, manufacturers, pharmacies and hospitals. The company operates in two segments: Martech solutions include retail promotional management, such as incentives and loyalty programs, and personalized media tools. Healthcare solutions are directed at the pharmacy market and include product return and value recovery management, pharmacy revenue cycle management tools, and pharmacy management SaaS solutions to enable compliance and efficiency. OMERS Private Equity is the primary owner of Inmar, with additional investments from ABRY Partners, Inmar management, and other institutional entities. Moody's expects revenue of $960 million in 2026. OPTION CARE: Moody's Rates New Secured Bank Credit Facilities 'Ba2' ------------------------------------------------------------------- Moody's Ratings assigned Ba2 ratings to the proposed senior secured first lien term loan and senior secured first lien revolving credit facility of Option Care Health, Inc ("Option Care"). There are no changes to Option Care existing ratings, including the Ba3 corporate family rating, Ba3-PD probability of default rating, and B2 rating on the senior unsecured notes. The outlook remains unchanged at stable. Option Care will use the net proceeds from $678 million senior secured first lien term loan due 2032 to repay the existing senior secured term loan, pay fees and expenses related to the transaction, with the balance allocated for general corporate purposes. The senior secured revolving credit facility is being extended by approximately 5 years to 2030. RATINGS RATIONALE Option Care's Ba3 CFR reflects the company's market position as the largest independent infusion provider with over $5 billion in revenue. The home infusion services industry benefits from favorable long-term growth dynamics as the home is generally considered the patient-preferred and lowest cost of care setting. Option Care will continue to benefit from solid organic growth and positive mix shift toward higher growth chronic therapies, which drive strong free cash flow generation. Moody's expects Option Care's debt/EBITDA to remain in the 2.3x-2.6x range over the next 12 to 18 months, absent any material debt-funded acquisitions. Option Care's rating is constrained by challenging reimbursement environment, including uncertainty regarding Medicaid cuts as well as competitive pressures stemming from large, vertically integrated insurance companies that own home infusion providers. Further, Moody's expects more uncertainty coming from potential pharmaceutical tariffs, and some, albeit subsiding pressure from expenses associated with recruiting and retaining nursing staff. The Speculative Grade Liquidity Rating of SGL-1 reflects Moody's expectations of very good liquidity over the next 12 months. Moody's expects that free cash flow will be consistently positive over the next 12 months, however the company will likely use its free cash flow for share buybacks and acquisitions. Liquidity is also supported by approximately $199 million of cash as of June 30, 2025 ($249 million pro forma the transaction) and $396 million available on revolving credit facility currently being extended to 2030. The stable outlook reflects Moody's expectations that Option Care will continue to grow revenue and earnings such that debt to EBITDA will decline to around 2.5x, absent any material debt-funded acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company successfully executes its growth strategy, while also maintaining conservative financial policy and improving business diversity, scale and profitability. Quantitatively, if the company's debt to EBITDA was sustained below 2.5 times, along with very good liquidity, the ratings could be upgraded. The ratings could be downgraded if the company adopts more aggressive financial policies including material debt-funded acquisitions, share repurchases or dividends. If the company experiences a material decline in profitability the ratings could also be downgraded. Quantitatively, ratings could be downgraded if debt to EBITDA is expected to be sustained above 3.5 times for an extended period. Option Care is a public company and the leading independent provider of home and alternate treatment site infusion therapy services through its national network of over 170 locations throughout the US These services involve the preparation, delivery, administration and monitoring of medication for a broad range of conditions. These include infections, malnutrition, heart failure, bleeding disorders, autoimmune disorders, and a variety of other rare conditions. The revenues are approximately $5.4 billion for the last twelve months ending June 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. PADAGIS LLC: S&P Alters Outlook to Negative, Affirms 'B' ICR ------------------------------------------------------------ S&P Global Ratings affirmed its 'B' issuer credit rating on generic drugmaker Padagis LLC and revised the outlook to negative. S&P also affirmed its 'B' issue-level ratings on Padagis' revolving credit facility (RCF) and first-lien term loan. S&P said, "The negative outlook reflects at least a one-in-three chance that we could lower our ratings on Padagis within the next 12 months. This could occur if we expect the deterioration in operating margins stemming from pressures in the generic pharmaceuticals industry will undermine the company's ability to generate a ratio of free cash flow to debt above 3%. "Padagis's free cash flow generation has fallen short of what we consider supportive of a 'B' rating. Padagis' ratio of free cash flow to debt has been below 3% for in 2023 and 2024. While the company has made investments in its working capital management, including reducing its reliance on outsourced manufacturing, we expect competition-related margin pressures will weigh on margins and free cash flow generation. We view the significant positive working capital swing in the second quarter as primarily cyclical in nature and expect a reversal in the second half of 2024 resulting in working capital being about a $20 million outflow for 2025. Even excluding the effect of working capital swings, we see elevated potential for operating pressures to weigh on free cash flow generation over the next two years. "We expect competitive pressures will persist and continue to constrain the company's profitability. While most of the company's products are number one or two in their markets, given the relatively commodity-like nature of most of the generic drug market, Padagis' reputation for quality and reliable supply provide minimal, if any, additional pricing power during normal operations, absent a shortage. Thus, increased competition and pricing pressure can significantly affect both revenues and profitability, particularly among its top 20 products. In 2024 the company benefitted from reduced competition for one of its top four products due to supply issues at a competitor, allowing Padagis to gain volume and optimize prices to meet demand shortages. In 2025, these supply issues have been resolved and we view Padagis' market share as having normalized. "Additionally, competition in the market for naloxone (opioid overdose reversal) is relatively intense, with significant pressure on price, as the top few providers compete through both traditional drug distribution and nontraditional sales channels, including direct sales to governments, first responders, and consumers. We believe Padagis offers the lowest priced opioid overdose treatment available on Amazon.com, currently priced about 14% below originator Narcan. Given constraints to the naloxone supply chain and substantial bulk purchasing, we expect the competitive dynamics will be relatively stable over the next two years. "We believe topicals (e.g., gels, creams, ointments, solutions, shampoos, and lotions), one of the company's leading product categories, are facing an increase in low-cost manufacturers and competition will likely continue to intensify for Padagis. While manufacturing topical medicines is more complex than that of pills, the presence of multiple competitors with those capabilities can keep pressuring the company's profit margins." Macroeconomic factors could help improve the company's profitability over the next few years and continue supporting the rating. Declining interest rates could offset the competitive pressures Padagis faces. S&P Global Ratings currently forecasts floating interest rates will decline by about 90 basis points in 2026 and an additional 30 basis points in 2027. These reductions combined would improve operating cash flow by over $9 million annually. S&P said, "We expect recent product launches, notably albuterol sulfate, to help stabilize EBITDA margins and support a low level of revenue growth. Additionally, given its manufacturing footprint in the U.S. and Israel, we believe the company is less exposed to U.S. tariffs on generic pharmaceuticals. In fact, tariffs could be a net positive for the company relative to its competitors manufacturing outside the US, particularly within topical solutions. "The negative outlook reflects at least a one-in-three chance that we could lower our ratings on Padagis within the next 12 months. This could occur if we expect deteriorating operating margins stemming from pressures in the generic pharmaceuticals industry will undermine the company's ability to generate a ratio of free cash flow to debt above 3%. "We could lower our rating on Padagis if we expect operating margin pressures will persist over the medium term and we expect the ratio of free cash flow to debt to be generally maintained below 3%. "We could revise the outlook to stable if Padagis' free cash flow to debt increases and remains above 3%. This could occur if Padagis can more efficiently manage costs or the revenue contribution from its newly launched and pipeline products outpace the headwinds from the price erosion on existing products." PECF USS III: Moody's Cuts CFR to Ca to 'C', Outlook Stable ----------------------------------------------------------- Moody's Ratings downgraded PECF USS Intermediate Holding III Corporation's ("USS") corporate family rating to Ca from Caa3, probability of default rating to Ca-PD from Caa3-PD. At the same time, Moody's downgraded the ratings of the backed senior secured first-lien second-out term loan of Vortex Opco, LLC ("Vortex"), a USS non-guarantor restricted subsidiary, to C from Caa3, and affirmed the ratings of Vortex's backed senior secured first-lien revolving credit facility, backed senior secured first-lien first-out term loan, and senior secured first-lien first-out notes at B3. Moody's also downgraded the rating on USS' senior secured first-lien term loan, and USS' senior unsecured notes to C from Ca. The outlook for both entities is stable. The rating action reflects Moody's lower recovery expectations across all debt classes in the event of a default, following continued softness in revenue and operating performance and a deterioration of the company's liquidity. The rating action also reflects Moody's expectations for sustained free cash flow deficits, which will further weaken liquidity and increase the risk of default. RATINGS RATIONALE The Ca CFR of USS is primarily constrained by the company's elevated financial leverage of around 18x debt/EBITDA as of LTM June 30, 2025, based on Moody's calculations, which Moody's views as un untenable capital structure, and Moody's expectations of negative free cash flow over the next 12 to 18 months which Moody's expects will further deteriorate liquidity. The company's credit quality is also negatively impacted by Moody's expectations for continued softness in USS' operating performance and moderate revenue concentration in the highly cyclical residential and commercial construction end markets. Furthermore, corporate governance risks related to the company's concentrated equity ownership by affiliates of Platinum Equity LLC ("Platinum") and tolerance for very aggressive financial policies, including potential debt-funded acquisitions or subsequent distressed exchanges, also weigh on the credit profile. USS' credit profile benefits from the company's established position within the fragmented portable sanitation and related site services solutions markets with a diverse and national customer base, low customer concentration and long-standing relationships with high client retention rates. USS' liquidity profile is very weak based on Moody's expectations that the company will continue to incur material free cash flow deficits over the next 12-15 months that will deteriorate USS's June 30, 2025 $24.4 million cash balance. As of June 30, 2025, the company has fully drawn Vortex's $100 million first-lien revolving credit facility expiring April 2030, and has drawn approximately $154 million on USS' $220 million asset-based revolver expiring April 2030. The company has around $44 million of additional borrowing capacity under this instrument, which Moody's expects the company will further draw to cover free cash flow deficits. The asset-based revolver is subject to a covenant limitation of a springing 1.0x minimum fixed charge coverage ratio if excess availability falls below 10% of the aggregate commitments. The first-lien first-out debt (revolver, first-out term loan, first-out notes) and asset-based revolver are subject to a maximum 8.3x consolidated first-lien first-out net leverage ratio maintenance covenant which the company should remain compliant with over the next 12-15 months. The B3 ratings for Vortex's first-lien first-out debt instruments are four notches above USS' Ca CFR and take into account their priority in the collateral and senior ranking in the overall capital structure relative to Vortex's C-rated first-lien second-out term loan and the structurally subordinated term loan and senior unsecured notes rated C at USS. The stable outlook reflects Moody's recovery expectations in the event of default over the next 12-18 months. The company's financial leverage will remain very high and USS will continue to incur material free cash flow deficits given its very high interest expense, resulting in deteriorating liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if USS can generate healthy revenue and EBITDA growth such that there is a material decline in the company's debt/EBITDA. The ratings could also be upgraded if the company consistently generates positive free cash flow and improves its liquidity profile. The ratings could also be upgraded if Moody's recovery expectations in the event of default improve. The ratings could be downgraded if Moody's recovery expectations in the event of default diminish further, and if USS' revenue and profitability remain under pressure, resulting in further weakening of liquidity and an increase in debt/EBITDA from current levels. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. USS's Ca rating is two notches below the scorecard-indicated outcome. The difference is explained by the company's weaker than anticipated operating performance and liquidity, very aggressive financial policies, and Moody's views that the company's capital structure is untenable. Headquartered in Westborough, MA and controlled by affiliates of Platinum, USS is a provider of portable sanitation units, temporary fencing, storage containers and temporary electric equipment serving the construction, commercial, industrial, special event, government agency, and other end markets. Moody's projects annual revenue in 2025 will be around $800 million. PHOEBEN 2 LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Phoeben 2, LLC Armenta c/o Emily Armenta 10601 S Sam Houston Pkwy W Houston, TX 77071 Business Description: Phoeben 2, LLC, doing business as Armenta, is a Houston-based jewelry company that designs and manufactures handcrafted collections using mixed metals and gemstones. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-35368 Judge: Hon. Alfredo R Perez Debtor's Counsel: Kimberly A. Bartley, Esq. WALDRON & SCHNEIDER, PLLC 15150 Middlebrook Dr. Houston TX 77058 Tel: (281) 488-4438 Email: kbartley@ws-law.com Total Assets: $710,465 Total Liabilities: $3,098,776 The petition was signed by Emily Armenta as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T4J46VI/Phoeben_2_LLC__txsbke-25-35368__0001.0.pdf?mcid=tGE4TAMA PINSTRIPE HOLDINGS: Court OKs DIP Loan From Silverview ------------------------------------------------------ Pinstripes Holdings, Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to obtain post-petition financing to get through bankruptcy. The debtor-in-possession (DIP) facility has a maximum commitment of $3.8 million, which includes the roll-up of a $540,000 bridge loan that Silverview Credit Partners, LP advanced shortly before the bankruptcy filing to help the Debtors finalize a stalking horse bid and file in an orderly manner. Silverview and certain of its affiliates and subsidiaries are the lenders under the DIP facility, with Silverview acting as DIP agent. Silverview also holds the majority of the Debtors' pre-bankruptcy secured debt. The DIP financing bears 10% payment-in-kind interest per annum and does not include additional fees or professional fee reimbursements typically found in DIP facilities. Notably, the DIP agreement does not require the roll-up of Silverview's other significant pre-bankruptcy secured claims, which exceed $115 million. The DIP facility is due and payable on the earliest to occur of (i) the date that is 50 days after the petition date (September 8, 2025); (ii) 28 days after the petition Date if the final order has not been entered; (iii) acceleration of the obligations under the DIP after the occurrence of an event of default or any breach or failure to comply with the terms of the interim or final order; (iv) the effective date of a confirmed plan that provides for indefeasible payment in full, in cash of all obligations owing under the DIP and is otherwise acceptable to the DIP lenders in their sole discretion; (v) occurrence of an event of default; or (vi) the date which is the closing date of any sale of all or substantially all of the Debtors' assets acceptable to the DIP lenders. The Debtors are required to comply with these milestones: (a) Within seven business days of the Debtors' receipt of bridge funding: The Debtors must commence these Chapter 11 cases. (b) Filing date: The Debtors must have filed a motion seeking approval of the DIP financing, which motion and related orders must be acceptable to the DIP lenders. (c) Filing Date: The Debtors must have satisfied the CRO requirement. (d) Filing Date: The Debtors must have filed the bidding procedures motion. (e) Three Days after Filing Date: The court must have entered the proposed interim order. (f) 14 Days after Filing Date: The court must have entered the bidding procedures order, including the designation of the stalking horse bidder, in form and substance acceptable to the DIP lenders in their sole discretion. (g) 28 Days after Filing Date: The court must have entered the proposed final order, authorizing the relief sought under the DIP motion on a final basis, in form and substance acceptable to the DIP lenders in their sole discretion. (h) 35 Days after Filing Date: Bid deadline pursuant to the bidding procedures order. (i) 40 Days after Filing Date: The Debtors must have held the auction consistent with the bidding procedures order. (j) 45 Days after Filing Date: The court must have held a hearing and entered an order (in form and substance acceptable to the DIP lenders) approving the sale of the Debtors' assets consistent with the bidding procedures order. (k) 50 Days after Filing Date: The sale must close. Subject to the fee carve-out and senior liens, Silverview and the other DIP lenders will be granted non-avoidable and perfected security interests in and liens on all property acquired by the Debtors before and after their Chapter 11 filing except Chapter 5 avoidance actions. The DIP lenders are also entitled to an allowed superpriority administrative expense claim. The Debtors argued that the DIP facility is critical to their ability to continue operations during the Chapter 11 process and to pursue a going-concern sale of their assets. At the time of filing, the Debtors had minimal cash on hand and were unable to secure alternative financing. Despite efforts to solicit third-party DIP financing from outside their capital structure, no other parties expressed interest, largely due to the Debtors' distressed financial condition, lack of liquidity, and the size and complexity of existing secured obligations. The Debtors determined that obtaining unsecured or priming debt was not feasible, and that negotiating a facility with Silverview, which is—already a major stakeholder, is the most viable option. As of the petition date, the Debtors had approximately $143 million in secured debt, broken down as follows: $36.1 million in first-lien debt held by Silverview; $15 million in first-lien debt held by Granite; $85.4 million in second-lien debt acquired by Silverview from Oaktree Fund Administration, LLC; $350,000 in SBA loans; $3.7 million in landlord loans; and $2.6 million in equipment financing. In addition, the Debtors owe about $47 million in unsecured trade debt and $2.4 million in gift card liabilities. The assets securing these debts are subject to a series of intercreditor agreements between Silverview, Granite, and Oaktree, dividing collateral priority among them. The Debtors said that the DIP facility was negotiated at arm's length and in good faith, and that its terms are consistent with DIP financing commonly approved in the District of Delaware. The facility does not burden the estate with excessive fees and was necessary to prevent immediate liquidation, which would severely diminish asset values and harm stakeholders. The Debtors also emphasize that the DIP lenders have identified a stalking horse bidder to purchase the Debtors' business as a going concern, which will help preserve jobs and vendor relationships while maximizing value. Use of Cash Collateral The court's interim order also approved the Debtors' use of cash collateral consistent with their approved budget, subject to permitted variances. As adequate protection for any diminution in the value of their interests in the cash collateral, Silverview and the other lenders under a pre-bankruptcy loan agreement dated March 7, 2023, will be granted valid and perfected replacement security interests in and liens on the collateral securing the DIP facility, except avoidance actions. In case the replacement security interests and liens prove inadequate, the pre-bankruptcy lenders will be granted an allowed superpriority administrative expense claim, subject to the fee carve-out. The final hearing is set for October 7. The deadline for filing objections is on September 24. A copy of the interim DIP order is available at https://is.gd/fFrq5C About Pinstripes Holdings Inc. Pinstripes Holding, Inc., a Delaware-based company headquartered in Northbrook, Illinois, owns and operates Pinstripes, Inc. and its subsidiaries, which run dining and entertainment venues across the United States. Founded in 2007, Pinstripes Holding generates revenue from food, beverages, games, and private gatherings at locations in Florida, Maryland, Illinois, Texas, California, and Washington, D.C., which feature bowling lanes, bocce courts, bars, dining rooms, and event spaces for corporate functions, weddings, and social celebrations. Pinstripes Holding and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11677) on September 8, 2025. At the time of the filing, Pinstripes Holdings reported between $100 million and $500 million in assets and liabilities. Judge Karen B. Owens oversees the cases. Sean M. Beach, Esq., at Young Conaway Stargatt & Taylor, LLP, represents the Debtor as legal counsel. PLANET GREEN: Divests Promising Prospect HK ------------------------------------------- As previously disclosed, in the best interests of Planet Green Holdings Corp., the Board resolved on April 30, 2025, to discontinue the operations of Shandong Yunchu Supply Chain Co., Ltd. Subsequently, on September 1, 2025, the Company disposed of its 100% equity interest in Promising Prospect HK Limited for nominal consideration. Promising HK holds the 100% equity interest in Shandong Yunchu through Jiayi Technologies (Xianning) Co., Ltd. and does not own any other operating assets of the Company. About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of June 30, 2025, the Company had $28.14 million in total assets, $18.07 million in total liabilities, and $10.07 million in total stockholders' equity. PLATINUM HEIGHTS: Plan Exclusivity Period Extended to October 3 --------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended Platinum Heights, LP's exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 3 and December 4, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that the size and complexity of the Chapter 11 Case warrants extension of the Exclusive Periods. The Chapter 11 Case required the Debtor's principal to extend two postpetition unsecured loans as a result of ongoing issues and negotiations with the Debtor's tenants. The Debtor has also dealt with ongoing issues with CLS Heights and related mediation efforts. These issues added unforeseen layers of complexity to the Chapter 11 Case. The Debtor claims that the requested extension will enable the Debtor to secure consensus for a chapter 11 plan that will maximize the value of the Debtor's estate for the benefit of all stakeholders, without the risk of competing plans and the attendant disruption, expense, and delay. The Debtor's obligations are in the tens of millions, the majority of which is owed to sophisticated parties. Extension of the Exclusive Periods is, therefore, justified on the basis of the size and complexity of the Chapter 11 Case. The Debtor asserts that extending the Exclusive Periods benefits all parties in interest by preventing a drain on time and resources, which inevitably occurs when multiple parties with potentially divergent interests compete for the consideration of their own respective plans. This Motion is not filed for purposes of delay but to afford the Debtor an opportunity to further develop a plan favorable with major stakeholders. The extension requested is reasonable and realistic in view of the circumstances of this case and will serve to aid creditors rather than prejudice them. The Debtor further asserts that extending exclusivity benefits all parties in interest by preventing the drain on time and the resources of the Debtor's estate that will occur when multiple parties, with potentially diverging interests, pursue the consideration of their own respective plans. All stakeholders in the Chapter 11 Case will benefit from the continued stability and predictability that a centralized process provides, which can only occur while the Debtor remains the sole plan proponents. Platinum Heights, LP is represented by: REED SMITH LLP Omar J. Alaniz, Esq. 2850 n. Harwood Street, Suite 1500 Dallas, Texas 75201 Telephone: (469) 680-4200 Facsimile: (469) 680-4299 E-mail: oalaniz@reedsmith.com About Platinum Heights LP Platinum Heights, LP filed a Chapter 11 petition (Bankr. S.D. Texas Case No. 25-90012) on Feb. 20, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Omar Jesus Alaniz, Esq., at Reed Smith, LLP is the Debtor's legal counsel. B1 Bank, as secured lender, is represented by Michael P. Menton, Esq. and Danika L. Lopez, Esq. at SettlePou. PRESENTATION MEDIA: Wins Interim Cash Collateral Access to Oct. 10 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division granted Presentation Media Inc. interim approval to use cash collateral. The court's interim order authorized the Debtor to use cash collateral from September 2 through October 10 in accordance with its budget. The Debtor may deviate from the budget by up to 15% per week per category without approval by U.S. Small Business Administration. Greater variances require SBA's consent or court order. As adequate protection, SBA and other secured creditors will be granted replacement liens on all property acquired by the Debtor after its Chapter 11 filing, excluding avoidance actions and recoveries. The replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. Moreover, the liens are automatically valid and perfected as of the petition date without the need for further filings. As additional protection, SBA will receive a monthly payment of $5,000 from the Debtor starting this month. The next hearing is scheduled for October 9. Objections are due by September 25. About Presentation Media Inc. Presentation Media Inc. provides visual presentation solutions and manufacturing services primarily for the aerospace and defense sectors, including clients such as Hughes (now Raytheon), Boeing, Northrop Grumman, and NASA, and has since expanded to newer clients like SpaceX, Tesla, Honda, and Lyft. Operating from its Los Angeles facility, the Company produces large-format graphics, dimensional letters, signs, 3D printing, sculptural art, and trade show or museum exhibits, while offering services including 3D modeling, graphic and interior design, exhibit design, engineering, digital media, and onsite consultation. PMI also works with strategic partners that do not have sufficient production capacity, fulfilling orders on their behalf and maintains its signature "Midnight Express" overnight production service to deliver projects by the start of clients' business days. Presentation Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-17723) on September 2, 2025. In its petition, the Debtor reported total assets of $5,990,852 and total liabilities of $12,204,312. The Debtor is represented by Steven R. Fox, Esq., at The Fox Law Corporation. PYRAMID CONCRETE: Case Summary & One Unsecured Creditor ------------------------------------------------------- Debtor: Pyramid Concrete Pumping LLC P.O. Box 1136 Collierville, TN 38017 Business Description: Pyramid Concrete Pumping LLC provides concrete pumping services in Tennessee, offering line pumps, boom trucks and specialized trucks to handle residential, commercial and industrial projects. The Company has more than two decades of industry experience and focuses on reliability and customer service. It serves as a contractor for concrete placement, including projects that require equipment capable of meeting complex or large-scale construction demands. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Western District of Tennessee Case No.: 25-24656 Judge: Hon. Denise E Barnett Debtor's Counsel: Bo Luxman, Esq. LUXMAN LAW FIRM 44 N. 2nd Street, Suite 1004 Memphis, TN 38103 Tel: (901) 526-7770 Fax: (901) 526-7957 Email: Bo@luxmanlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Danny Kennedy as member. The Debtor listed Bank of Holly Springs at 114 South Memphis Street in Holly Springs, Mississippi, as its sole unsecured creditor, with a $97,900 claim linked to a credit card. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JDDFMII/Pyramid_Concrete_Pumping_LLC__tnwbke-25-24656__0001.0.pdf?mcid=tGE4TAMA QUALITY FIRST: Claims to be Paid from Disposable Income ------------------------------------------------------- Quality First Construction LLC d/b/a Quality First Marine filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana an Original Subchapter V Plan dated September 4, 2025. The Debtor is a Louisiana limited liability company that owns and operates a marine transportation and construction company. The Debtor's sole member and manager is Christina Couvillion. The Debtor currently owns four vessels: M/V Pam G, M/V Lady Michelle, M/V Kyle C, and M/V Lil Cruse. The Debtor has moved to sell the M/V Pam G. The Debtor also intends to sell the M/V Lady Michelle and M/V Kyle C. The Debtor is currently negotiating a credit facility with Fidelity Bank that would be used to fund operations. MV Capt Kedo may also provide funding from its portion of the sale proceeds of the M/V Lady Michelle. This Plan proposes to pay unsecured creditors of the Debtor its projected disposable income after the Effective Date to be paid over five years, which is greater than the liquidation value. The Debtor used a discount rate of 2.75% to determine the present value to be received by holders of Allowed General Unsecured Claims. The financial projections indicate that the Debtor, after payments for expenditures necessary for the continuation, preservation and operations, unclassified Claims and Secured Claims, will have projected disposable income for five years. The anticipated Effective Date is January 1, 2026. Class 5 consists of the Allowed Convenience Claims. On the Effective Date, each holder of an Allowed Convenience Claim shall receive, in full and final satisfaction, settlement, release and discharge of and in exchange for its Allowed Convenience Claim, a single Cash payment in an amount equal to the lesser of: (i) $2,500.00; or (ii) the Allowed Amount of its Claim. Each holder of an Allowed Convenience Claim or any holder of Allowed General Unsecured Claim that makes a Convenience Class Election, is deemed to accept the Plan. The Debtor estimates that the aggregate amount of Allowed Convenience Claims is $38,253.56. Class 6 consists of Allowed General Unsecured Claims. In full satisfaction, settlement, release, and discharge of and in exchange for such Allowed Claim, holders of Allowed General Unsecured Claims shall receive a Pro Rata share of Projected Disposable Income commencing on the Initial Distribution Date and thereafter on each of the following fifty-nine Distributions Dates. Each holder of an Allowed General Unsecured Claim may make the Convenience Class Election. By making such an election, each such holder affirmatively and irrevocably agrees to: (i) waive their right to Class 6 treatment; (ii) receive treatment as a Class 5 Convenience Claim; and (iii) vote to accept the Plan as the holder of a Class 5 Convenience Claim. This Class is impaired. Class 9 consists of the Debtor. The Debtor shall retain his interests in property. Beginning on the Effective Date and continuing for the duration of the five-year commitment period, the Debtor shall apply all of its Projected Disposable Income toward the payment of Allowed Claims under the Plan. Projected disposable income shall be distributed in accordance with the classification and treatment provisions set forth in this Plan. A full-text copy of the Subchapter V Plan dated September 4, 2025 is available at https://urlcurt.com/u?l=JFv856 from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan J. Richmond, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 About Quality First Construction Quality First Construction, LLC provides marine transportation, construction, and logistics services along the Gulf Coast. Its operations include coastal restoration, dredging, oil and gas support, emergency response and salvage, vessel repairs and maintenance, and environmental services. Founded in 2005, the company operates a fleet of vessels and continues to invest in infrastructure and workforce development. Quality First Construction sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11157) on June 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Meredith S. Grabill handles the case. The Debtor is represented by Ryan J. Richmond, Esq., at Sternberg, Naccari, & White, LLC. QUEST IDENTITY: S&P Rates First-Lien 3.5-Out Term Loan 'CCC' ------------------------------------------------------------ S&P Global Ratings assigned its 'CCC' issue-level rating to the first-lien 3.5-out term loan issued by OID-OL Intermediate I LLC (OID-OL; CCC+/Stable), a wholly owned borrowing subsidiary of Quest Identity Intermediate Ltd. (the group's ultimate parent; CCC+/Stable). This is based on a recovery rating of '5'. S&P affirmed its existing issue-level ratings and the existing issuer credit ratings are unchanged. This issuance was the result of a partial exchange of the company's first-lien fifth-out A-1 term loan, in which the consenting lenders received a discount on the exchanged principal amount. S&P said, "We consider this exchange a follow-on transaction of its initial debt restructuring in June 2025. This is because the affected lenders were aware of and agreed to the subsequent exchange at the time of the initial exchange and the transaction was carried out in the form of an amendment of its existing credit agreement. We also note the first-lien fourth-out and first-lien fifth-out A-2 term loans that were primed are entirely held by the company's financial sponsor." The new term loan tranche has largely the same terms as the first-lien fifth-out A-1 term loan, and the exchanged principal amount was relatively small. S&P therefore does not expect the transaction to have a material impact on Quest's credit profile. Issue Ratings - Recovery Analysis Key analytical factors -- S&P's 'B' issue-level ratings on Quest's first-lien first-out term loan and revolver are based on a '1' recovery rating. This reflects an expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. -- S&P's 'CCC+' rating on the first-lien second-out term loan is based on a '3' recovery rating. This reflects an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery. -- S&P's 'CCC' ratings on the first-lien third-out term loan, first-lien 3.5-out term loan and first-lien fifth-out term loan A-1 are based on a '5' recovery rating. This reflects an expectation for modest (10%-30%; rounded estimate: 10%) recovery. -- S&P expects the value from the obligor group would be exhausted by the first-lien first-out and second-out debt claims in its hypothetical default scenario. This means that the recovery prospects for the lower ranking debt claims only come from the value of the nonobligor group. -- S&P's recovery analysis assumes a hypothetical default in 2027 due to a decline in Quest's revenue, stemming from increasing competition and a failure to maintain sufficient product innovation. Simulated default assumptions -- Year of default: 2027 -- Emergence EBITDA after recovery adjustments: About $332 million -- EBITDA multiple: 6.5x Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): About $2.05 billion -- Valuation split (obligor/nonobligor): 85%/15% -- Value available to first-lien first-out claims: About $1.74 billion -- First-lien first-out claims*: About $703 million --Recovery expectations§: 90%-100% (rounded estimate: 95%) -- Value available to first-lien second-out claims: About $1.15 billion -- First-lien second-out claims*: About $1.9 billion --Recovery expectations§: 50%-70% (rounded estimate: 60%) -- Value available to first-lien third-out claims: About $11 million -- First-lien third-out claims*: about $87 million --Recovery expectations§: 10%-30% (rounded estimate: 10%) -- Value available to first-lien 3.5-out claims: About $40 million -- First-lien 3.5-out claims*: About $314 million --Recovery expectations§: 10%-30% (rounded estimate: 10%) -- Value available to first-lien fourth-out claims: About $83 million -- First-lien fourth-out claims*: About $657 million -- Value available to first-lien fifth-out A-1 claims: About $3 million -- First-lien fifth-out A-1 claims*: About $25 million --Recovery expectations§: 10%-30% (rounded estimate: 10%) -- Value available to first-lien fifth-out A-2 claims: About $64 million -- First-lien fifth-out A-2 claims*: About $508 million *All debt amounts include six months of prepetition interest. Revolving credit facility assumed drawn 85% at default. §Rounded down to the nearest 5%. R & L HANDYMAN: Unsecureds Will Get 15% of Claims over 5 Years -------------------------------------------------------------- R & L Handyman, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated September 5, 2025. The Debtor operates a handyman and general contracting business in Lakeland, Florida. The Debtor has been providing handyman and contracting services to the Central Florida area. As of the Petition Date of May 7, 2025, the Debtor operates from 1362 Summit Chase Dr, Lakeland, Florida. The Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the Debtor's current and future earnings. This Plan provides for one class of priority claims; six classes of secured claims; one class of general unsecured claims; and one class of equity security holders. Unsecured creditors holding allowed claims will receive a pro rata share of their allowed claim payable over five years. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 9 consists of all general unsecured claims allowed under§ 502 of the Code, including any unsecured portion of claims filed by merchant cash advance providers (the "Standard Payment Class"). Creditors in this class will receive their pro rata share of approximately 15% of their allowed claims, paid in twenty equal quarterly distributions over five years, without interest, commencing on the start of the calendar quarter immediately following the Effective Date. This class includes creditors who do not elect enhanced treatment or who do not agree to release personal guarantees against Raymond Perdue and Elizabeth Perdue. This Class is impaired. Class 10 consists of all general unsecured claims allowed under Section 502 of the Code for creditors who elect enhanced treatment and agree to release personal guarantees and collection activities (the "Enhanced Payment Class with Guarantee Release"). Creditors who elect this enhanced treatment and execute a comprehensive release of all personal guarantees and collection activities against Raymond Perdue and Elizabeth Perdue will receive their pro rata share of approximately 25% of their allowed claims, paid in twenty equal quarterly distributions over five years, without interest, commencing on the start of the calendar quarter immediately following the Effective Date. Creditors must affirmatively opt into this class by filing an election within sixty days of the Confirmation Order and executing the required release documents. This Class is impaired. Equity will retain ownership in the Debtor post-confirmation. No distributions will be made to equity until such time as all payments in Class 8 have been made. Current management will continue to manage the Debtor post confirmation. The Plan will be funded by the continued operations of the Debtor. A full-text copy of the Plan of Reorganization dated September 5, 2025 is available at https://urlcurt.com/u?l=7nJwI6 from PacerMonitor.com at no charge. Counsel to the Debtor: Matthew J. Kovschak, Esq. Sutton Law Firm 325 W. Main Street Bartow, FL 33830 Florida Bar No: 602876 (863) 533-8912 Court E-Mail: mjkovschak@aol.com Attorney's Alt. Email: matt@suttonlawfirm.net Service Email: djsservice@suttonlawfirm.net About R & L Handyman Inc. R & L Handyman, Inc. operates a handyman and general contracting business in Lakeland, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:25-bk-03055-CPM) on May 9, 2025. In the petition signed by Elizabeth Perdue, vice president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Catherine Peek McEwen oversees the case. Matthew J. Kovschak, Esq., at Sutton Law Firm, represents the Debtor as legal counsel. RAPID MARINE: Melissa Haselden Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Rapid Marine Fuels, LLC. Ms. Haselden will be paid an hourly fee of $595 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Rapid Marine Fuels Rapid Marine Fuels, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35152) on September 1, 2025, with $500,001 to $1 million in assets and liabilities. Judge Jeffrey P. Norman presides over the case. Mark P. Yablon, Esq., at Yablon Law, PLLC represents the Debtor as bankruptcy counsel. REWA PROPERTIES: Hires Mark S. Roher P.A. as Legal Counsel ---------------------------------------------------------- REWA Properties LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Mark S. Roher, Esq. of the Law Office of Mark S. Roher, P.A. to serve as legal counsel in its Chapter 11 case. Mr. Roher will provide these services: (a) give advice to the Debtor with respect to its powers and duties as Debtor in possession and the continued management of its finances; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. According to the retainer agreement, Mr. Roher will bill at an hourly rate of $500 and received a $5,000 fee advance/retainer, with an additional $1,738 Chapter 11 filing fee to be paid directly to the Bankruptcy Court. The Law Office of Mark S. Roher, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. 1806 N. Flamingo Rd. Suite 300 Pembroke Pines, FL 33028 Telephone: (954) 353-2200 E-mail: mroher@markroherlaw.com About REWA Properties LLC REWA Properties, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-18570) on July 27, 2025, listing between $100,001 and $500,000 in assets and up to $50,000 in liabilities. Judge Erik P. Kimball oversees the case. The Debtor is represented by: Mark S. Roher, Esq. Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Rd., Ste 300 Pembroke Pines, FL 33028 Telephone: (954) 353-2200 E-mail: mroher@markroherlaw.com RIVERFRONT ASSOCIATES: Claims to be Paid from Asset Sale Proceeds ----------------------------------------------------------------- Riverfront Associates Limited Partnership and U.S. Development Co., Inc. filed with the U.S. Bankruptcy Court for the Western District of Washington a Disclosure Statement accompanying Joint Liquidating Plan of Reorganization dated September 5, 2025. USDC was formed in the early 1970s by a group of mostly Washington based contractors, developers, and investors, led by Martin N. Sandler, for the purpose of identifying investment and development opportunities, focused on but not limited to hotels. The one project that came to fruition was the development, construction and ownership of a hotel in Spokane, Washington, now commonly known as the DoubleTree Spokane City Center (the "Hotel"). The Hotel is a 375-room hotel on the Spokane River in downtown Spokane, located at 322 N. Spokane Falls Ct., interconnected with the Spokane Convention Center Campus. After the Hotel opened, operations were not successful. As early as 1978, the company was in default in its financing and the company's auditors included a going concern qualification in the financial statements. Almost immediately Riverfront and USDC began to consider a sale of the Hotel. After months of such informal contacts, in June 2024, CBRE made a formal call for expressions of interest from the prospective purchasers, and received eleven responses. After considerable back and forth and negotiations between CBRE and potential purchasers, JMA Ventures, LLC (or its nominee) was selected as the highest bidder with a bid of $35,000,000. A Purchase and Sale Agreement ("PSA") was negotiated and executed, and on December 4, 2024, the sale of the Hotel to an affiliate of JMA was closed at that price. After payoff of the third party senior debt and Loan B, after payment of costs of sale and other obligations of the property owning subsidiary and its parent DoubleTree Spokane City Center LLC, after negotiations with Park over certain aspects of the JV agreement, and after establishment of certain reserves required under the PSA and for other purposes, the expectation is that the net sales proceeds ultimately payable to Riverfront will be approximately $8 million. On February 27, 2025, Riverfront received the first tranche of proceeds from DoubleTree Spokane City Center LLC in the amount of $4,814,000. That money, along with cash on hand built up in recent years by the Debtors, is currently on deposit in Riverfront and USDC accounts. The cash on hand is the Debtors' most significant asset. Their only other significant asset is the distribution remaining to be received from DoubleTree Spokane City Center LLC upon final resolution of all matters relating to the sale of the Hotel, including the large reserves established for that purpose. Debtors estimate that that distribution could be in excess of $3 million, although that amount assumes there will be no major issues with JMA or otherwise relating to the sale. The Plan proposes to pay certain stakeholders of Debtors out of cash on hand. Such cash resulted in large part from the recent sale of the Hotel. Since the sale of the Hotel, Debtors have not had any operating business and have been in the process of winding up their remaining operations. Class 2 consists of holders of allowed general unsecured claims against Riverfront. Class 2 is impaired and is entitled to vote on the Plan. Debtors estimate there are approximately $936,000 in original face amount of Class 2 claims, dating back to the mid 1970s. Those claims are much greater today given the passage of decades of time, and indeed using even a modest interest rate with compounding of interest would yield a Class 2 claims pool in excess of $35,000,000. Class 8 consists of General unsecured creditors of USDC. Class 8 will receive nothing under the Plan and is conclusively deemed to have voted against the Plan. Given the economics of the Plan, Debtors have not expended significant effort on quantifying Class 8 claims, but preliminary analyses indicate there is approximately $190,000 in original face amount of claims in Class 8, without interest. That amount is considerably higher today given the passage of time and the accumulation of interest, whether simple interest or compound interest. The Plan will be implemented through use of the cash on hand resulting from the sale of the Hotel and any other cash available to the Debtors. At the time of preparation of the Plan and Disclosure Statement the Debtors held approximately $5.0 million, approximately $235,000 at USDC and the remainder at Riverfront. Those amounts are after payment of all known prepetition ordinary course obligations, including amounts incurred in preparation for the bankruptcy cases, and including an allocation between Riverfront and USDC of the payments primarily benefiting one entity or the other. A full-text copy of the Disclosure Statement dated September 5, 2025 is available at https://urlcurt.com/u?l=kdxjwU from PacerMonitor.com at no charge. The Debtor's Counsel: Alan D. Smith, Esq. PERKINS COIE LLP 1301 Second Avenue Suite 4200 Seattle, WA 98101-3804 Tel: 206-359-8410 Email: AdSmith@perkinscoie.com About Riverfront Associates Riverfront Associates Limited Partnership, formerly involved in hotel ownership and management, held an interest in the Spokane City Center DoubleTree in Spokane, Washington through subsidiaries and a joint venture with a Park Hotels affiliate, and sold the property on Dec. 4, 2024, to an affiliate of JMA Asset Acquisition Co., after which its assets primarily consist of cash and receivables from the hotel operations and sale. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12476) on Case No.: 25-12476, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Rodney B. Ash as president of U.S. Development Co., Inc., general partner of the Debtor, signed the petition. Alan D. Smith, Esq. at PERKINS COIE LLP represents the Debtor as legal counsel. RUSS'S MULCH: Case Summary & Eight Unsecured Creditors ------------------------------------------------------ Debtor: Russ's Mulch & Trucking LLC W220n1600 Jericho Ct Waukesha, WI 53186-1310 Business Description: Russ's Mulch & Trucking LLC provides general freight trucking services in Wisconsin, focusing on the intrastate transport of bulk and general freight materials. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Eastern District of Wisconsin Case No.: 25-25134 Judge: Hon. Rachel M Blise Debtor's Counsel: Kevin Benjamin, Esq. BENJAMIN LEGAL SERVICES, PLC 1016 W. Jackson Blvd Chicago IL 60607-2914 Tel: (773) 425-5755 Email: jkb@benjaminlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brian Hansen as designated representative and manager. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/36M75VA/Russs_Mulch__Trucking_LLC__wiebke-25-25134__0001.0.pdf?mcid=tGE4TAMA SABER AUTOMOTIVE: Unsecureds to Get Share of Income for 36 Months ----------------------------------------------------------------- Saber Automotive, LLC, submitted an Amended Plan of Reorganization for Small Business. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $72,000.00. The final Plan payment is expected to be paid 36 months from the first of the month following the entry of the order confirming the plan. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately .015 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. The dividend may increase if the estimated Administrative claims are less. Class 3 consists of all non-priority unsecured claims. The total gross over 36 months is $72,000. After admin expenses of $20,00 and the secured creditor of $32,500 remaining disposable income will be distributed to the unsecured creditors pro rata. The unsecured creditor will be paid all disposable income after deducting secured claims and admin claim over 36 months pro rata. The members of the LLC will retain their equity position. The plan will be funded by the payment of $2,000 a month for 36 months from the license to use the name granted to Saber Automotive, LLC (MT). There is no other income. A full-text copy of the Amended Plan dated September 5, 2025 is available at https://urlcurt.com/u?l=LEtd63 from PacerMonitor.com at no charge. Counsel to the Debtor: Michael R. Totaro, Esq. Totaro & Shanahan, LLP P.O. Box 789 Pacific Palisades, CA 90272 Telephone: (310) 804 2157 Email: Ocbatty@aol.com About Saber Automotive Saber Automotive LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-13090) on Dec. 2, 2024. In the petition filed by Fardis Rezvani, as managing member, the Debtor reports total assets of $32,500 and total liabilities of $1,347,548. The Debtor is represented by Michael R. Totaro, Esq. at TOTARO & SHANAHAN, LLP. SAGEHOME LLC: Public Sale of Assets Set for September 30 -------------------------------------------------------- Blue Torch Finance LLC, as administrative agent, to SageHome LLC ("borrower") intends to offer to sell at public sale on Sept. 30, 2025 (Eastern) via videoconference or telephonically the borrower's assets. The borrower is in default of its obligations under that certain financing agreement dated as of July 23, 2025. Agent has been grated continuing, first-priority security interest in the sale assets to secured borrower's obligations under the financing agreement. The sale is subject to a bid procedures. Prospective bidders must enter into a confidentiality agreement prior to receiving any due diligence materials or the bid procedures or participating and bidding at the sale. Potential bidders must contact Candlewood Partners, attn: Steve Latkovic at sjl@candlewoodspartners.com. SERVICE PROPERTIES: Moody's Cuts CFR to 'Caa1', Outlook Stable -------------------------------------------------------------- Moody's Ratings downgraded Service Properties Trust's ("SVC") corporate family rating to Caa1 from B3, and the guaranteed and non-guaranteed senior unsecured ratings to Caa1 and Caa2 from B3 and Caa1, respectively. In addition, Moody's downgraded the senior secured rating to Caa1 from B3. The speculative grade liquidity rating remains unchanged at SGL-4. The outlook was revised to stable from negative. The downgrade of SVC's ratings reflects the REIT's weak operating performance and deteriorating cash flow trends, which are impacting its key credit metrics. SVC's leverage is very high and Moody's views its capital structure as unsustainable, even considering the pro forma impact of $920 million of hotel asset sales under binding agreement. Additional credit concerns include the REIT's low interest coverage and large upcoming refinancing needs. The aforementioned asset sales proceeds will help SVC address its 2026 debt maturities, but it has limited financial flexibility as it seeks to refinance the $1 billion of debt that comes due in 2027. Moody's believes SVC faces high execution risk as it will be reliant on further asset sales and secured financing alternatives as it seeks to strengthen its financial profile. The stable outlook reflects Moody's expectations that SVC has sufficient liquidity to meet its 2026 debt obligations which provides some flexibility as it sees to reduce leverage. RATINGS RATIONALE SVC's Caa1 CFR reflects its weak operating performance, particularly within its hotel portfolio, which comprised about 35% of its EBITDA for the first half of 2025. The REIT's hotels posted modest revenue gains, as indicated by revenue per available room (RevPAR) improving 1.5% during 1H25 versus the prior year period. However, it still experienced a 15% decline in EBITDA during this period, driven by high labor and repair expenses, as well as disruptions associated with renovations. Pro forma for asset sales under agreement, the hotel portfolio still experienced a 13% EBITDA decline. Positively, SVC has invested substantial capital into many of these hotels over the past few years, however its ability to realize sustained cash flow improvements from these assets remains uncertain amidst a slowing macroeconomic environment. SVC's ratings also reflect its very high leverage, with net debt to EBITDA at 10.4x for last twelve months (LTM) 2Q25, up from 9.8x in the prior year period. Moody's expects leverage will decline to the mid-9x range following forthcoming asset sales, as the REIT has $920 million of hotel properties under binding sales agreements expected to close by year-end 2025. However, Moody's believes these leverage levels are unsustainable, particularly given the REIT's weak operating outlook and low weighted average debt maturity of 3.7 years. SVC's low interest coverage is an additional credit challenge, particularly as the REIT is not in compliance with the debt service coverage covenant on its bonds and therefore unable to incur additional debt. In July 2025, SVC drew remaining capacity on its $650 million secured revolver to preserve liquidity in anticipation of not meeting its covenant compliance test. SVC's ratings are supported by the company's meaningful scale and portfolio mix, including hotels and net lease service and necessity-based retail properties, which provide diversification to cash flows. In particular, the REIT's net lease investments with TravelCenters of America Inc. (29% of total investments, as of 2Q25) which have rent payments guaranteed by BP Corporation North America Inc. (A2 stable), are high quality and lend stability to cash flows. The ratings also reflect the REIT's still sizable unencumbered asset pool, which includes some high-quality assets that can be leveraged to manage future capital needs. SVC's SGL-4 rating reflects its weak liquidity profile given expected capital needs over the next 12-18 months. The REIT held approximately $670 million of cash as of August 06, 2025 following the full draw-down of its $650 million secured credit revolver that expires in June 2027 plus two six-month extension options. Moody's expects that SVC will use existing cash balances and proceeds from near-term asset sales to repay $800 million of maturities that come due in 2026. However, the REIT will still need to address $850 million of bonds the come due in 2027. Likely refinancing sources for these debt repayments include additional asset sales and secured financings, which could weaken the size and quality of its unencumbered asset pool. The SGL-4 also reflects the REIT's inability to comply with the debt service coverage covenant in its bonds. SVC is unable to incur additional debt as long as it is beneath this covenant's required minimum threshold. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS SVC's ratings could be downgraded should the REIT's liquidity weaken further or if it fails to address ongoing refinancing risks well in advance of maturities. Ratings could also be downgraded if the company pursues a transaction that Moody's considers to be a distressed exchange and hence a default under Moody's definitions. SVC's ratings could be upgraded if the REIT were to resume compliance and maintain cushion with all bank and bond covenants and address refinancing needs in a manner that lengthen its weighted average debt profile. Reducing leverage and sustained improvements in operating performance would also support a ratings upgrade. Service Properties Trust is a real estate investment trust (REIT) which owns a diverse portfolio of hotels and net lease service retail (businesses that sell non-physical goods and services) and necessity-based retail properties across the United States and in Puerto Rico and Canada. SVC is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company headquartered in Newton, MA. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025. Service Properties Trust's Caa1 rating is two notches below the scorecard-indicated outcome of B2, reflecting high refinancing risk related to the REIT's short-dated debt profile. The difference is also explained by execution risk with respect to repositioning its hotel portfolio. SHIELDCOAT TECHNOLOGIES: Amends Plan to Include CFP Secured Claim ----------------------------------------------------------------- Shieldcoat Technologies, Inc. submitted a First Amended Plan of Reorganization dated September 5, 2025. The Debtor's Plan of Reorganization provides for the continued operations of the Debtor to make payments to their creditors as set forth in this Plan. The Debtor seeks to confirm a consensual plan of reorganization so that all payments to creditors required under the Plan will be made directly by the Debtor to their creditors. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating the businesses. The Debtor's Plan will break the existing claims into nine classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 9 consists of the Secured Claim of CFP. This Class consists of CFP’s Allowed Secured Claim, which Claim, notwithstanding the definition of the terms "Allowed" when used in respect to a “Claim” shall be deemed Allowed in the amount of $117,226.96 as of May 7, 2025. Class 9 is impaired by this Plan and is entitled to vote to accept or reject this Plan. Prior to the filing of the Petition, the Debtor and CFP, entered into a Master Purchase and Sales Agreement ("Factoring Agreement") as amended and supplemented by a Post-Petition Chapter 11 Bankruptcy Rider to Factoring Agreement ("Rider"). CFP caused to be filed a UCC-1 Financing Statement with the Texas Secretary of State on December 13, 2021, which was assigned File No. 21 0055173832. Contemporaneously, Bobby Marshall as Guarantor, executed a personal Limited Guarantee in favor of CFP, and individually, absolutely and unconditionally guaranteed to CFP, the payment and performance of all obligations and liabilities owing to CFP by the primary obligor, the Debtor, arising under the Factoring Agreement. Pursuant to the Bankruptcy Court's Final DIP Financing Order, the Court approved the stipulations including, but not limited to: (i) CFP holds an unavoidable, duly perfected first priority ownership interest in prepetition Purchased Accounts (as defined in the Factoring Agreement) and an unavoidable, duly perfected first priority security interest in the Collateral, including, but not limited to any nonPurchased Accounts that serves to secure CFP's prepetition Secured Claim arising under the Factoring Agreement. Pursuant to and as authorized by the Bankruptcy Court's Final DIP Financing Order, CFP was granted, among other things, a duly perfected first priority ownership interest in all Accounts that CFP purchased from the Debtor, post-petition, and a duly perfected first priority security interest in all assets of the Debtor acquired after the Petition Date, including but not limited to, all Accounts, including non-Purchased Accounts, which security interest secures any now existing and hereafter arising Post Petition Obligations (as defined in the Final DIP Financing Order) owing by the Debtor to CFP in accordance with the Factoring Agreement. Pursuant to the Rider, the following constitutes an Event of Default under the Post-Petition Agreements, if, "all post-petition Obligations due the Factor are not repaid in full, without setoff, recoupment or deduction, by no later than the earlier of conversion or dismissal of the chapter 11 case, or, the effective date of any confirmed Plan, unless the Factor agrees to and consents, in writing, to other treatment under a Plan." The Debtor has notified CFP that the Debtor will be financially unable to repay all obligations owing to CFP, in full, upon confirmation of the Plan, and in order to induce CFP to consent to the Plan, the Debtor has agreed to preserve for the benefit of CFP, and to grant to CFP. Like in the prior iteration of the Plan, all allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years beginning not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter on a monthly basis at 0.00% per annum. Debtor will distribute $350,500.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, includes the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 22.48% of their allowed claims under this plan. The allowed unsecured claims total $1,559,081.60. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the First Amended Plan dated September 5, 2025 is available at https://urlcurt.com/u?l=Cub1sr from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About Shieldcoat Technologies Inc. Shieldcoat Technologies, Inc. d/b/a Cybershield, specializes in metallized plastic solutions, offering services such as EMI/RFI shielding, ESD control, chrome plating, and military specification (Mil-Spec) coatings, including CARC coatings. The Company provides electroless and electroplating services, conductive paint applications, and FIP gaskets for various industries, including consumer electronics, telecommunications, industrial equipment, medical devices, and military/aerospace sectors. Additionally, Cybershield offers value-added services such as injection molding, mechanical assembly, and other manufacturing support to streamline production and improve supply chain efficiency. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-90067) on March 7, 2025. In the petition signed by Bobby J. Marshal, chief executive officer, the Debtor disclosed $824,621 in assets and $3,005,698 in liabilities. Judge Joshua P Searcy oversees the case. Robert C Lane, Esq., at The Lane Law Firm, is the Debtor's bankruptcy counsel. SILGAN HOLDINGS: Fitch Assigns 'BB+' Rating on Sr. Unsecured Notes ------------------------------------------------------------------ Fitch Ratings has assigned a 'BB+' rating with a Recovery Rating of 'RR4' to Silgan Holdings Inc.'s new unsecured notes. Proceeds are intended to repay a portion of outstanding revolver borrowings. The Long-Term Issuer Default Rating (IDR) is 'BB+' and the Rating Outlook is Stable. The 'BB+' rating reflects Silgan's leading positions within the North American metal food and rigid plastic container markets. The rating also incorporates its expanding dispensing and specialty closures segment, stable end-market customers, consistent positive FCF and adherence to a 2.5x-3.5x net debt leverage policy post-acquisitions. Fitch expects Silgan to generate strong annual FCF after dividends over the next several years, reducing EBITDA leverage below 4.0x during the forecast period. Management typically funds acquisitions with cash and debt, and while there may be pressure to increase shareholder returns, Fitch expects continued adherence to longstanding conservative financial policies supporting modest M&A and shareholder returns. Key Rating Drivers Resilient Operating Performance: Fitch expects Silgan's organic volume growth to remain stable. The company's leading position in non-cyclical end markets would mitigate the impact of a potentially weak economic environment and cost inflation in North America arising from tariffs. Silgan's domestic manufacturing and raw material sourcing partially insulates it from tariffs, while cost pass-through mechanisms offset cost inflation from raw material imports. Acquisition Adds Diversification and Margin: Fitch views the 2024 acquisition of Weener Packaging as aligned with Silgan's stated M&A strategy of making modest additions in the dispensing and specialty closures segment. The acquisition enhanced the company's portfolio in the personal and healthcare markets and expanded its European presence. The transaction resulted in YE 2024 Fitch-calculated EBITDA leverage of 4.5x, but Fitch expects it to drop back to management's targeted range by YE 2025 once full-year benefits of the acquisition are incorporated. Weener will contribute around $500 million in revenue and approximately $100 million in EBITDA in 2025. Leadership in Core Markets: Silgan's ratings are supported by its large scale and dominant positions in stable end markets. The company has the No. 1 share of the North American metal food container market at more than half of the market. It also has leading positions in the rigid plastic container and dispensing and specialty closure markets, making Silgan one of the largest global packaging companies. However, the company is exposed to low underlying growth trends across much of the metal container and custom segments. Industry-Leading Customers: Silgan's core customers are leaders in the food and consumer industries, including Nestle S.A., Campbell Soup Company, Kraft Heinz Foods Company, and Procter & Gamble Co. Silgan has co-located or near-site facilities with many major customers in the metal container business, creating barriers to prospective new entrants, and it experiences minimal customer turnover. Long-term arrangements covering about 90% of metal containers and most closures and plastic containers sales provide visibility to Silgan's businesses. Consistent FCF: Silgan generates consistently positive FCF, supported by stable EBITDA margins of 14%-16% and the non-discretionary and predictable nature of end-market demand in food, beverage, and home and personal care. Margin risk stemming from raw materials costs (mainly steel, aluminum and resins) are mitigated by pass-through agreements. Capex requirements are modest, hovering at 4%-5% of sales. Seasonality in the metal can business means FCF is concentrated in the fourth quarter, although Fitch expects Silgan to maintain sufficient liquidity through availability under a committed $1.5 billion RCF. Commitment to Conservative Credit Metrics: Silgan targets net leverage between 2.5x and 3.5x and has operated within this range for almost 20 years. Stable cash flows and modest cash payouts to equity investors have supported this achievement. Fitch expects Silgan will continue to maintain a modest dividend payout throughout the forecast period and use share buybacks in a disciplined manner, although capital allocation will remain skewed toward M&A over cash shareholder returns. Fitch expects the company will return to the stated range within 18-24 months. Peer Analysis Silgan's 'BBB+' peers include Amcor plc (BBB+/Stable), a global leader in consumer packaging, specializing in flexible packaging, rigid containers and closures. After its merger with Berry Global, the combined entity has a broad portfolio across food and beverage, consumer products and healthcare markets. It is significantly larger than Silgan in size and EBITDA generation, with a debt repayment priority. For 'BBB' peers, AptarGroup Inc. (BBB/Stable) is a leading manufacturer of pharmaceutical and specialty consumer closures, sealing and dispensing mechanisms. Silgan is larger than AptarGroup, with nearly twice the revenue. However, AptarGroup has higher margins, in the low 20% vicinity, reflecting the weight of its business in the highly specialized and regulated pharmaceutical industry. It also maintains total leverage below 2.0x, significantly lower than Silgan's. AptarGroup's balance sheet is largely unencumbered, whereas Silgan uses significant secured debt. For 'BB' peers, Clydesdale Acquisition Holdings, Inc. (BB/Stable) became a market leader in foodservice packaging after the Pactiv Evergreen merger. The combined entity is approximately 1.5x times bigger in revenue than Silgan, with similar EBITDA margins. Clydesdale's modest capex requirements and commitment to debt reduction provides the company a clear deleveraging path. Key Assumptions - Weener Packaging contribution in 2025, and normalized revenue growth afterward in the low-single-digit area; - Broadly stable margins across business lines, reflecting high ability to pass through raw materials costs; - Dividend payout at $0.80 per share, grows 4% annually; - Fitch assumes a portion of excess cash flow applied to modest share repurchases in the forecast; - Interest rates for 2025 and 2026 according to GEO forecast, and afterward taken from Chatham Financial. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 4.0x on a sustained basis, or a weakening of existing leverage targets; - A debt-funded acquisition that is not accommodated within existing financial policies, does not have a clear deleveraging path within 24 months, or materially changes the predictability of cash flows; - A change in capital allocation policies that prioritizes shareholder returns over deleveraging. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment to maintaining EBITDA leverage below 3.5x on a sustained basis, supported by a clear and credible financial policy; - Credit-conscious implementation of the company's M&A strategy while maintaining or enhancing cash flow consistency; - Transition to a less encumbered balance sheet. Liquidity and Debt Structure Fitch expects Silgan to have adequate liquidity to meet its financial commitments over the forecast period. As of June 2025, $1.36 billion was drawn from the $1.5 billion RCF with the draw including funds to repay the EUR650 million notes as well as seasonal working capital build. The remaining undrawn portion of the facility provides liquidity to cover seasonal working capital requirements. As of YE 2024, $823 million was available in unrestricted cash. Silgan's seasonal revolver usage can be significant during the third quarter, driven by the fruit and vegetable canning business. Typically, Silgan averages $550 million drawn on its facility during this time, which is usually paid down by the end of year. Liquidity during peak borrowing season is usually over $500 million, with around $1 billion of capacity within the revolver and an additional $100 million or more in cash. The amended credit agreement extends the company's revolving credit facility maturity to November 2029 and the senior secured term loan facility maturity until November 2030. Fitch expects mandatory amortization payments for credit facilities will be manageable, given expected positive FCF generation. Therefore, Fitch views refinancing risk as low. Issuer Profile Silgan Holdings Inc. is a leading supplier of rigid packaging for a range of food, beverage and consumer products, with EBITDA of approximately $900 million on revenue of $5.9 billion. Silgan operates 124 facilities in the Americas, Europe and Asia. Date of Relevant Committee 19 May 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Silgan Holdings Inc. senior unsecured LT BB+ New Rating RR4 SMITH ENVIRONMENTAL: Claims to be Paid from Continued Operations ---------------------------------------------------------------- Smith Environmental and Engineering, Inc. filed with the U.S. Bankruptcy Court for the District of Colorado a Second Amended Subchapter V Plan of Reorganization dated September 5, 2025. The Debtor is a Colorado corporation formed in June of 2000. He Debtor previously provided environmental consulting, engineering, and constructions services to help businesses and organizations to comply with regulations, manage risk and adopt sustainable practices. Before filing for bankruptcy, the Debtor operated five divisions or groups within its company: (a) Environmental Construction; (b) Ecological Services; (c) Hazardous Materials; (d) Environmental Engineering; and (e) Public Information. The Environmental Construction division has ceased operations. On May 15, 2025, the Debtor filed a motion seeking entry of an order (i) approving an asset purchase agreement and authorizing the sale of certain of the Debtor's assets under Section 363(b) of the Bankruptcy Code; (ii) authorizing the sale of assets free and clear of all liens, claims, rights, encumbrances, and other interests pursuant to Section 363(f) of the Bankruptcy Code; (iii) approving the assumption and assignment of certain executory contracts and unexpired leases pursuant to Section 365 of the Bankruptcy Code; (iv) waiving the 14 day stay of Fed.R.Bankr.P. 6004(h); (v) authorizing payment to the Colorado Department of Revenue ("CDOR") and the Internal Revenue Service ("IRS"); and (vi) granting related relief (the "Sale Motion"). The Sale Motion was approved on June 3, 2025 and the sale has closed. The Debtor sold most of its personal property assets, including those related to the Ecological Services group, for $625,000.00. The Debtor paid the Colorado Department of Revenue ("CDOR") $330,000.00 from the sale proceeds in full satisfaction of its asserted secured Claim (including any claims against the Debtor's principals) and sent the remaining net sale proceeds of $295,000.00 to the Internal Revenue Service ("IRS") to be applied first to any trust fund obligations of the Debtor's principals. Class 9 consists of the general unsecured creditors of the Debtor. Holders of Class 9 Allowed Claims shall share on a Pro Rata basis monies deposited into the Unsecured Creditor Account as set forth herein. As set forth in Article III, paragraph 3.2 of this Plan, upon the first full month following the Effective Date of the Plan the Debtor will every month in accordance with the terms of this Plan deposit in the Unsecured Creditor Account, in equal monthly installments, for the five year term of the Plan: (a) during the first year of the Plan $23,810.80; (b) during the second year of the Plan $21,760.80; (c) during the third year term of the Plan $29,900.80; (d) during the fourth year of the Plan $2,068.80 and (e) during the fifth year of the Plan $2,068.80. Such funds will be distributed to the holders of any Allowed Unsecured Claims on a quarterly basis. Class 10 includes the Interests in the Debtor, which Interests are unimpaired by the Plan. Upon confirmation of the Plan, all Class 10 Interest holders will retain their ownership Interests in the Debtor. The Debtor shall be empowered to take such action as may be necessary to perform its obligations under this Plan. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued operations. As detailed in the Projections, the Debtor will have sufficient cash on hand and profits during the term of the Plan to satisfy its Plan obligations. The Debtor has sufficient cash on hand to pay Administrative Claims and Tax Claims in full on the Effective Date of the Plan. The Projections show the Debtor will have sufficient income to satisfy the payment to creditors during years one through five of the Plan term after meeting its other expenses. A full-text copy of the Second Amended Plan dated September 5, 2025 is available at https://urlcurt.com/u?l=o9ARQt from PacerMonitor.com at no charge. Counsel to the Debtor: David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Telephone: (303) 296-1999 Email: dwarner@wgwc-law.com About Smith Environmental and Engineering, Inc. Smith Environmental and Engineering, Inc. is a woman-owned consulting firm that provides comprehensive environmental services, specializing in ecological sciences, environmental engineering, and construction. With over 24 years of experience, the company offers tailored solutions for environmental management, hazardous materials, and cultural resource projects across various industries. Smith Environmental and Engineering sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-11042) on February 28, 2025. In its petition, the Debtor reported total assets of $1,486,401 and total liabilities of $2,975,603. Judge Michael E. Romero handles the case. The Debtor is represented by David Warner, Esq. SOTERA HEALTH: S&P Rates New $1.42BB Sr. Secured Term Loan B 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Sotera Health Holdings LLC's (BB-/Stable) proposed $1.42 billion senior secured term loan B due 2031 It will use the proceeds, to refinance its existing senior secured term loan B due 2031. The company will also pay down $75 million as part of this transaction. S&P said, "We view the transaction as incrementally positive from an S&P Global Ratings-adjusted leverage perspective, and we expect the company, depending on final pricing, to benefit from a modestly lower interest expense. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. "Our 'BB-' issuer credit rating and stable outlook on Sotera remain unchanged. The company recently announced a $34 million settlement relating to its long running ethylene oxide (EtO) emissions litigation. As a result, S&P Global Ratings-adjusted gross leverage is projected to rise to 5.1x in 2025, slightly above our 5x downside trigger. However, we continue to expect its long-term S&P Global Ratings-adjusted leverage will generally remain below 5x, given the company's solid track record of mid-single-digit percent growth and stable EBITDA margins (excluding the cost of legal settlements)." SOUTH BAY PROPERTY: Court Affirms Dismissal of Bankruptcy Case -------------------------------------------------------------- Judge Andre Birotte Jr. of the United States District Court for the Central District of California affirmed the order of the United States Bankruptcy Court for the Central District of California dismissing the bankruptcy case of South Bay Property Homes, LLC This matter is before the District Court on Appellant Lewis R. Landau's bankruptcy appeal from the United States Bankruptcy Court. The Appeal is opposed by South Bay Property Homes, LLC. On March 19, 2024, the Appellee moved to dismiss its Chapter 11 bankruptcy case while the Related Appeal was pending. On March 26, 2024, the Appellant opposed the dismissal motion on the basis that the Bankruptcy Court lacked jurisdiction to dismiss the bankruptcy case under the doctrine of exclusive appellate jurisdiction. The Bankruptcy Court held a hearing on the dismissal motion and issued an Order granting the motion on May 31, 2024. The Appellant timely filed his Notice of Appeal of the Dismissal Order on May 31, 2024. Appellate jurisdiction is proper in this case under Federal Rules of Bankruptcy Procedure, Rule 8005(a) and under 28 U.S.C. Sec. 158(c)(1). The issue on appeal is whether the Bankruptcy Court erred by entering its Dismissal Order and dismissing the underlying bankruptcy case while the Related Appeal was pending. The Appellant argues that the Bankruptcy Court lacked jurisdiction to dismiss the Chapter 11 case because of the pendency of the Related Appeal. According to the Appellant, the doctrine of exclusive appellate jurisdiction prevents the Bankruptcy Court from altering the status quo of a matter that is pending on appeal. In addition, the Appellant claims that because dismissing the bankruptcy case eliminates the ability of this Court to provide effective relief in the Related Appeal, dismissal of the underlying bankruptcy case can moot the appeal. The Appellee argues that the Bankruptcy Court's dismissal of the bankruptcy case was a proper exercise of its discretion, and that dismissal was well within its jurisdiction and authority and it was in the best interests of creditors and the estate. The Appellee asserts that the Related Appeal is not mooted by the dismissal of the bankruptcy case because that appeal involves the separate issue of the disallowance of the Appellant's claim. Further, the Appellee contends, the invocation of the doctrine of exclusive appellate jurisdiction is misplaced, as this doctrine does not preclude the Bankruptcy Court from managing its own docket, including dismissing a bankruptcy case when reorganization is no longer feasible or necessary. The Appellee argues that the Related Appeal involves the disallowance of the Appellant's claim and is distinct from the overall bankruptcy case. The District Court agrees. The issue central to the Related Appeal is whether the Bankruptcy Court committed error by disallowing the Appellant's proof of claim. The proof of claim in the Related Appeal involves $95,184.50 in unpaid legal fees awarded to the Appellant from a prior bankruptcy proceeding. The underlying bankruptcy case, however, pertains to the rights of the creditor, JP Morgan Chase Bank, N.A.'s, to the Debtor's parcel of real property pursuant to a settlement agreement. According to the District Court, the disallowance of the Appellant's claim in the Related Appeal is not central to the determination of JP Morgan's rights to the real property that was the subject of the settlement agreement in the underlying bankruptcy proceeding. In addition, the Appellant's claim for unpaid legal fees awarded in a separate bankruptcy does not directly involve the debtor's reorganization. Because the Appellant's disallowance claim is not closely related to the bankruptcy case, the District Court finds that it is ancillary to the case proceedings. Accordingly, the dismissal of the underlying bankruptcy case does not moot the Related Appeal. The decision of the Bankruptcy Court to disallow the Appellant's claim is not mooted simply because it touched on the bankruptcy proceeding or was adjudicated in it. The Appellant invokes the doctrine of exclusive appellate jurisdiction to support his contention that the Bankruptcy Court improperly dismissed the underlying bankruptcy case. According to the Appellant, the Bankruptcy Court is prevented by the doctrine of exclusive appellate jurisdiction from altering the status quo of a matter that is pending on appeal. The Bankruptcy Court found that JP Morgan, the primary creditor, had not been paid by the Debtor, allowing JP Morgan relief from stay to initiate foreclosure proceedings against the Debtor's real estate property and only asset pursuant to the terms of the Settlement Agreement. Appellee contends that the reliance on the doctrine of exclusive appellate jurisdiction is misplaced and does not preclude the Bankruptcy Court from managing its own docket, including the dismissal of a bankruptcy case when warranted. In this case the Bankruptcy Court found cause to dismiss the bankruptcy case after careful consideration of the status and objectives of the underlying bankruptcy. This finding was made after review of the intent of the settlement agreement approved by the Bankruptcy Court and concluding dismissal to be in the best interest of creditors of the Debtor and the Debtor's bankruptcy estate. Further, the Bankruptcy Court observed, the Debtor has been in Chapter 11 for more than a year, and without proposing a plan. The Bankruptcy Court explained, no creditor of the Debtor with an allowed claim has opposed the Dismissal Motion. Mr. Landau 1s the sole objector, whose claim the Court has disallowed, and which claim, even if allowed, would comprise a fraction of 1% of currently allowed claims. Lastly, the Bankruptcy Court concluded that, there is nothing more that the Debtor can accomplish in Chapter 11. In light of this comprehensive review coupled with the broad discretion afforded the Bankruptcy Court, the District Court finds that the Bankruptcy Court did not abuse its discretion in dismissing the underlying bankruptcy case nor was its decision clearly erroneous. Further, considering that the rule of exclusive appellate jurisdiction is not absolute and is "a judge-made doctrine" predicated on inherent discretionary authority, the District Court finds that the Bankruptcy Court did not violate this doctrine in dismissing the Related Appeal. A copy of the Court's Order dated September 3, 2025, is available at https://urlcurt.com/u?l=U1NgH9 from PacerMonitor.com. About South Bay Property Homes South Bay Property Homes, LLC is a real estate solutions company in Los Angeles. South Bay Property Homes filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10061) on Jan. 31, 2023, with $1 million to $10 million in both assets and liabilities. Steve Miller, manager, signed the petition. Judge Ronald A. Clifford, III oversaw the case. South Bay Property Homes, LLC was represented by: Leslie A. Cohen, Esq. J'aime Williams Kerper, Esq. LESLIE COHEN LAW, PC 1615-A Montana Avenue Santa Monica, CA 90403 Telephone: (310) 394-5900 Facsimile: (310) 394-9280 E-mail: mailto:leslie@lesliecohenlaw.com mailto:jaime@lesliecohenlaw.com The case was dismissed on May 31, 2024. SPLASH BEVERAGE: Increases Authorized Common Shares to 400 Million ------------------------------------------------------------------ Splash Beverage Group, Inc. held a special meeting of stockholders during which stockholders approved an amendment to the Company's Articles of Incorporation to increase the number of authorized shares of common stock from 7.5 million to 400 million shares. The amendment was filed with the Secretary of State of the State of Nevada on August 29, 2025, and became effective upon filing. At the Special Meeting, a quorum was present. The final voting results of the proposal to amend the Company's Articles of Incorporation to increase the authorized common stock were as follows: * For: 23,468,287 * Against: 2,033,936 * Abstentions: 1,807 * Broker Non-Votes: 0 The full text of the Certificate of Amendment to the Articles of Incorporation is available at https://tinyurl.com/mrx2tsd9 About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. As of December 31, 2024, the Company had $2.8 million in total assets, $21.4 million in total liabilities, and $18.6 million in total stockholders' deficit. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. STATEN ISLAND: Updates Several Secured Claims Pay Details --------------------------------------------------------- Staten Island Jewish Heritage Network Inc. d/b/a SIHA Foundation submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated September 4, 2025. Upon the confirmation of the plan, the Debtor shall continue business operations. The Debtor plans to offer a feasible plan of reorganization, providing treatment to all secured claims and administrative claims, and a pro-rated distribution to all unsecured undisputed claims and unsecured disputed claims which filed a proof of claim prior to the bar date established by the court order. The Plan will be funded from the funds accumulated on the Debtor's DIP account, from the date of the petition, as well as from continuing operating income and reorganized business operations of the Debtor. In addition, the plan will be funded from the contribution of Staten Island Hebrew Academy, the tenant and related entity. Class II shall consist of the secured claim of NYS Department of Taxation & Finance, filed in the amount of $295,754.81 and the secured claim of Internal Revenue Service in the amount of $700,088.00. * NYS Dept. of Taxation & Finance. The claims will be paid in full within 60 months by equal installment payments together with the statutory rate of interest, commencing on the effective date of the plan. NYS Department of Taxation and Finance will retain its lien to the same extent and priority as existed on the petition date, until paid in full. * Internal Revenue Service. The claims will be paid in full within 60 months by equal installment payments, commencing on the effective date of the plan. Class IV shall consist of the secured claim of the creditor, the NYC Water Board, in the amount of $15,325.96. The claim will be paid in full within 60 months by equal installment payments of $255.43, commencing on the effective date of the plan. This class is unimpaired. Like in the prior iteration of the Plan Class V consists of the claim of general unsecured creditors of the Debtors, totaling $387,519.10 and will receive a 15% dividend in 60 monthly installment payments. A full-text copy of the Second Amended Disclosure Statement dated September 4, 2025 is available at https://urlcurt.com/u?l=x4SNb8 from PacerMonitor.com at no charge. Staten Island Jewish Heritage Network Inc. is represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue., Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 Email: alla@kachanlaw.com About Staten Island Jewish Heritage Network Staten Island Jewish Heritage Network Inc. owns real property located at 3495 Richmond Rd, Staten Island NY valued at $1.7 million. Staten Island Jewish Heritage Network Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42581) on July 21, 2023. The petition was signed by Steven Uzhansky as president. At the time of filing, the Debtor estimated $1,700,088 in assets and $2,902,436 in liabilities. Judge Elizabeth S. Stong presides over the case. Alla Kachan, Esq., at LAW OFFICES OF ALLA KACHAN, P.C., is the Debtor's counsel. SYNDIGO LLC: Moody's Withdraws 'B3' CFR Following Debt Repayment ---------------------------------------------------------------- Moody's Ratings has withdrawn all ratings of Syndigo LLC. ("Syndigo") including the company's B3 corporate family rating and B3-PD probability of default rating. Concurrently, the company's B2 senior secured first lien bank credit facility ratings were withdrawn, which consists of a $50 million revolving credit facility and $375 million term loan. Syndigo's Caa2 rating on its $160 million senior secured second lien term loan was also withdrawn. Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have withdrawn all ratings following the repayment of all of the company's outstanding rated debt in conjunction with a refinancing of its capital structure. The company terminated the existing credit agreements and all indebtedness outstanding thereunder was paid off and all commitments under the credit facilities were terminated. Syndigo is a leading provider of Product Information Management ("PIM"), Master Data Management ("MDM"), content syndication, and analytics software tools. The company enables commerce by providing centralized, accurate, and up to date enterprise data facilitated by the transfer of information between brands and their customers. Syndigo provides descriptive product and nutritional information, images and other digital media, powered by deep analytics to support brand experiences online and in store. Through the company's integrated platform clients can publish, manage, syndicate and audit their product content across the largest trading network of brands and recipients in the world. Syndigo is private and does not publicly disclose its financials. TEXAS MANAGEMENT: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Texas Management Group, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral, including revenue in accordance with its 30-day budget. The budget shows projected gross revenue of $44,071 and cash disbursements of $40,467.22. As adequate protection for the Debtor's use of their cash collateral, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on cash collateral and other property acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action and are subject to the fee carveout. The Debtor's authority to use cash collateral terminates upon case dismissal or conversion to Chapter 7; appointment of a Chapter 11 trustee; expiration of order without extension; or material breach of the interim order. SBA holds a blanket lien on all assets of the Debtor based on a promissory note originally for $150,000, later extended to a total of approximately $350,000. As of July 15, SBA was owed about $500,000, making it undersecured by roughly $318,331. Another creditor, On Deck, also holds a junior blanket lien, based on a $132,000 loan made in October 2023. On Deck is fully undersecured and subordinate to SBA. As of the petition date, the Debtor had approximately $72,821 in cash, $55,746 in accounts receivable, and a 2019 Ford F-150 valued at $25,000. About Texas Management Group LLC Texas Management Group, LLC offers IT and phone support services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34650) on August 11, 2025. In the petition signed by Scott McAuley, IT director, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. TRICO MILLWORKS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Trico Millworks, Inc. 255 Ossipee Trail P.O. Box 69 Limington ME 04049 Business Description: Trico Millwork Inc. designs, fabricates, and installs custom architectural millwork for commercial construction projects across Maine and New Hampshire. Founded in 2000, the Company serves schools, medical facilities, and office buildings, providing cabinetry, doors, stair components, reception and display fixtures, and other interior woodwork, and holds QCP Certification from the Architectural Woodwork Institute. Trico Millwork collaborates with contractors on projects ranging from small fit-ups to large-scale millwork packages. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court District of Maine Case No.: 25-20222 Judge: Hon. Michael A Fagone Debtor's General Bankruptcy Counsel: Adam Prescott, Esq. BERNSTEIN SHUR SAWYER & NELSON, P.A. 100 Middle Street P.O. Box 9729 Portland ME 04101 Tel: 207-774-1200 Fax: 207-774-1127 Email: aprescott@bernsteinshur.com Debtor's Financial Advisor: BCM ADVISORY GROUP Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Baker as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T5BAPFA/Trico_Millworks_Inc__mebke-25-20222__0001.0.pdf?mcid=tGE4TAMA TURTLE LANE: Hires Bowditch & Dewey LLP as Legal Counsel -------------------------------------------------------- Turtle Lane LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Christopher M. Condon of Bowditch & Dewey LLP to serve as legal counsel in its Chapter 11 case. Mr. Condon will provide these services: (a) advising the Debtor with respect to its rights, powers and duties as a debtor-in-possession in the continued operation and management of its businesses and properties; (b) representing the Debtor at all hearings and matters pertaining to its affairs as debtor and debtor-in-possession; (c) preparing, on the Debtor's behalf, all necessary and appropriate applications, motions, answers, orders, reports, and other pleadings and documents, and reviewing all financial and other reports filed in this Chapter 11 case; (d) advising the Debtor with respect to, and assisting in the negotiation and documentation of, financing agreements and related transactions; (e) reviewing and analyzing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; (f) advising the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (g) advising and assisting the Debtor in connection with the potential sale of the Debtor's assets and preparing documents and related pleadings concerning same; (h) advising the Debtor concerning executory contract and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; (i) reviewing and analyzing the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; (j) preparing, on the Debtor's behalf, and advising the Debtor with respect to any plan of reorganization or liquidation and all pleadings and documents related thereto; (k) commencing and conducting any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's Chapter 11 estate or otherwise further the goal of effectuating the Debtor's reorganization other than with respect to matters to which the Debtor retains special counsel; and (l) performing all other legal services and providing all other necessary legal advice to the Debtor as debtor-in-possession which may be necessary in the Debtor's bankruptcy proceeding. Bowditch & Dewey LLP will seek compensation based on its normal and usual hourly billing rates, which currently range from $395 to $900 per hour for partners, $365 to $580 per hour for of-counsel, $275 to $475 per hour for associates, and $150 to $325 for paralegals. The billing rate for Mr. Condon is $575 per hour. The firm has received a $25,000 retainer from Stephen Vona as security for services to be provided. Bowditch & Dewey LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Christopher M. Condon, Esq. BOWDITCH & DEWEY LLP 75 Federal Street Boston, MA 02110 Telephone: (617) 757-6513 E-mail: ccondon@bowditch.com About Turtle Lane LLC Turtle Lane LLC focuses on real estate operations, primarily offering property-related services. Turtle Lane LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11733) on August 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Christopher M. Condon, Esq. at BOWDITCH & DEWEY, LLP. TZADIK SIOUX: Comm. Taps Trustee Realty as Real Estate Consultant ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Tzadik Sioux Falls Portfolio I, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Jason Welt of Trustee Realty, Inc. to serve as its real estate consultant. The firm will provide these services: (a) assist the Debtors in coordinating with existing brokers, counsel, and other interested parties in connection with the sale of the Debtors' real estate; (b) assist the Debtors in evaluating, structuring, negotiating, and implementing the terms and conditions of proposed transactions; (c) if appropriate, develop and implement, subject to the Debtors' review and approval, a strategic marketing plan for the subject properties, assist in an auction plan if necessary; (d) communicate regularly with the Debtors and brokers in connection with the status of their efforts; and (e) work with the Debtors' attorneys responsible for the implementation of proposed transactions, reviewing documents, negotiating, and assisting in resolving problems which may arise. Trustee Realty will receive compensation equal to .15% of the gross purchase price of the subject properties, plus reimbursement of any reasonable out-of-pocket expenses. According to court filings, Jason Welt does not hold or represent an interest adverse to the Debtors' estates and is a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jason Welt TRUSTEE REALTY, INC. 401 East Las Ols Blvd, Suite 1400 Ft. Lauderdale, FL 33301 Telephone: (954) 803-0790 E-mail: JW@JWeltpa.com About Tzadik Sioux Falls Portfolio I, LLC Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, represents the Debtor as legal counsel. TZADIK SIOUX: Plan Exclusivity Period Extended to October 6 ----------------------------------------------------------- Judge Peter D. Russin of the U.S. Bankruptcy Court for the Southern District of Florida extended Tzadik Sioux Falls Portfolio I, LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 6 and December 5, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that substantially all of the factors for consideration support granting Debtors' requested extension of the Exclusive Periods. First, this case is an objectively large and complex chapter 11, there are eight administratively consolidated debtors with extensive real property, several secured and unsecured creditors, with partially overlapping, cross-collateralized claims and encumbrances, challenges to use of cash collateral, employment and payment of professionals, and other matters that have and will be brought to the Court for adjudication. Second, more time is required because the Debtors recently revised their first round of appraisals and anticipate receiving the balance of property appraisals in the next two weeks. Such valuations are necessary to prepare their disclosure statements as well as organize a marketing and reorganization process to pay secured creditors through sales and unsecured creditors through go-forward operational income. Third, the Debtors have achieved significant milestones in engaging local brokers to assist in the marketing and sale process and have negotiated terms with a national broker to explore portfolio ales. Fourth, the Debtors are operating pursuant to cash collateral budgets, are paying operational expenses as well as significant adequate protection payments, and are paying and making arrangements to pay administrative claims as they accrue. Fifth, under all circumstances, the Debtors will be able to formulate a plan that is a combination of sales and debt restructuring. Advice of real estate professionals is necessary and such professionals are assisting debtor in a marketing plan to maximize value of sales while preserving going concern value of the properties. Counsel for the Debtors: Morgan Edelboim, Esq. Brett D. Lieberman, Esq. Edelboim Lieberman Revah PLLC 20200 W. Dixie Highway, Suite 905 Aventura, FL 33180 Tel: (305) 768-9909 Fax: (305) 928-1114 Email: morgan@elrolaw.com About Tzadik Sioux Falls Portfolio I LLC Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, is the Debtor's legal counsel. Fannie Mae, as secured lender, is represented by: Alexis A. Leventhal, Esq. Keith Aurzada, Esq. Jay Krystinik, Esq. Devan Dal Col, Esq. Reed Smith, LLP 1001 Brickell Bay Drive, Suite 900 Miami, FL 33131 Phone: 786-747-0247 aleventhal@reedsmith.com kaurzada@reedsmith.com jkrystinik@reedsmith.com ddalcol@reedsmith.com Merchants Bank of Indiana, as secured lender, is represented by: Scott N. Brown, Esq. Bast Amron, LLP One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Telephone: 305.379.7904 sbrown@bastamron.com UNITED BELIEVERS: Unsecureds Will Get 12% of Claims over 60 Months ------------------------------------------------------------------ United Believers Community Baptist Church filed with the U.S. Bankruptcy Court for the Western District of Missouri a Second Amended Combined Plan and Disclosure Statement dated September 5, 2025. The Debtor is a Non-Profit Corporation since April 27, 1998. The Debtor has been in the business as a Baptist Church. The Debtor is affiliated with Missouri Baptist Convention Blue River – Kansas City Association. The Debtor financed and constructed a church in 2009 at 5600 East 112th Street, Kansas City, Missouri 64137. The entity that financed and built that church is affiliated with the deed of trust or mortgage holder, Church Development Services, LLC. The Debtor has operated as a church since the construction of the church. The property suffers from construction defects and deferred maintenance issues that impair the property. Since the filing of the Bankruptcy Petition, the Debtor has worked diligently in formulating a new plan that involves new funding. The Debtor is working to receive a new loan from Local Initiatives Support Corporation (LISC – Kansas City), but has no exact timeline or exact terms or amount. Because of this uncertainty, the Debtor has proposed this Ch. 11 Plan based on the value of its assets and cash flow. This Plan provides for 1 class of secured claims; 2 classes of unsecured claims; and 0 classes of equity security holders. General unsecured creditors holding allowed claims, without additional personal guarantee protection, will receive distributions, which the proponent of this Plan has valued at approximately twelve cents on the dollar. Class 3 consists of the Unsecured Claim of Church Development Services, LLC with an alleged personal guarantee. The Debtor shall pay $200.00 a month for 60 months beginning December 15, 2025 to the unsecured creditors with alleged additional personal guarantees (Church Development Services). The total distribution shall be $12,000. This Class is impaired. Class 4 consists of General Unsecured Creditors not with a personal guarantee. The Debtor shall pay $400.00 a month for 60 months beginning December 15, 2025 to the unsecured creditors (Small Business Administration and DirectTV, LLC) without a personal guarantee based on a prorata distribution. The total distribution shall be $24,000. Each unsecured creditor will receive approximately 12% of their filed claim. This Class is impaired. Payments and distributions under the Plan will be funded by the monthly revenue of the Debtor including tithes and donations. The Debtor also continues to pursue a loan with LISC Local Initiatives Support Corporation (LISC – Kansas City), but such loan is contingent. A full-text copy of the Combined Plan and Disclosure Statement dated September 5, 2025 is available at https://urlcurt.com/u?l=k3vXm0 from PacerMonitor.com at no charge. Counsel to the Debtor: Colin N. Gotham, Esq. Evans & Mullinix, P.A., 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 926-8700 Fax: (913) 962-8701 Email: cgotham@emlawkc.com About United Believers Community Baptist Church United Believers Community Baptist Church is a religious organization in Kansas City, Mo. United Believers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-41363) on Sept. 24, 2024, listing as much as $1 million to $10 million in both assets and liabilities. G. Matt Barberich, Jr. of B. Riley Advisory Services is the Subchapter V trustee. Judge Brian T Fenimore oversees the case. Evans & Mullinix, P.A., serves as the Debtor's legal counsel. UWM HOLDINGS: Moody's Rates New $600MM Sr. Unsecured Notes 'Ba3' ---------------------------------------------------------------- Moody's Ratings has assigned a Ba3 rating to UWM Holdings, LLC's proposed $600 million backed senior unsecured notes due in 2031. The issuer's outlook is stable. UWM Holdings, LLC is the intermediate holding company of United Wholesale Mortgage, LLC (United Wholesale). The rating action does not affect United Wholesale's Ba3 corporate family rating (CFR) or its existing Ba3 senior unsecured rating. United Wholesale is a guarantor of the notes. Net proceeds from the offering will be used to partially pay down existing $800 million of senior unsecured notes due November 15, 2025. The company will draw on its secured mortgage servicing rights (MSR) facilities to pay down the remaining amount. RATINGS RATIONALE Moody's views the transaction as credit neutral. Although the transaction addresses an upcoming maturity and extends the company's unsecured maturity ladder, lowering refinancing risk, overall corporate leverage will remain at current levels. Moody's views the company's use of its MSR facilities to pay down the remaining amount of the November 2025 notes as a modest credit negative because it increases the company's reliance on secured financing. United Wholesale's Ba3 CFR reflects the company's strong franchise in the US mortgage market, through-the-cycle earnings capacity and improving funding profile. As the largest wholesale broker originator for most of the past decade, United Wholesale has been able to generate solid earnings, even in weak periods of the residential mortgage cycle. Leverage has increased over the past two years, driven in large part by the company's high dividend payout ratio. However, Moody's expects profitability to continue to improve over the next 12-18 months, which is expected to lead to a reduction in the company's leverage. United Wholesale's Ba3 senior unsecured rating is based on the company's Ba3 CFR and reflects the ranking of senior unsecured obligations in the company's capital structure. The stable outlook reflects Moody's expectations that over the next 12-18 months, the company's profitability will continue to improve as origination volumes either remain around current levels or increase, capitalization will improve modestly, and its funding and liquidity profile will be largely unchanged. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if the company: 1) commits to a financial policy of maintaining tangible common equity to tangible managed assets (TCE/TMA) above 17.5%; 2) increases its level of committed warehouse capacity to 25% or more of total warehouse capacity; and 3) maintains its low reliance on secured MSR facilities such that the ratio of outstanding MSR debt to total corporate debt (MSR debt plus unsecured debt) outstanding remains below 25%. The ratings could be downgraded if the company's: 1) origination market share drops materially; 2) profitability weakens whereby Moody's expects the company's net income to average assets to remain below 3.0%; 3) TCE/TMA declines to and is expected to remain below 15.0%; 4) funding or liquidity profiles weaken; or 5) percentage of non-government sponsored entity and non-government loan origination volumes grow to more than 15% of the company's total originations without a commensurate increase in alternative liquidity sources and capital to address the riskier liquidity and asset quality profile that such an increase would entail. In addition, United Wholesale's senior unsecured bond rating would likely be downgraded if the ratio of secured MSR debt to total corporate debt increases and is expected to remain above 25%; under this scenario, Moody's expects the loss on senior unsecured obligations in the event of default would be materially higher. The principal methodology used in this rating was Finance Companies published in July 2024. V.F. CORP: Moody's Cuts Unsecured Notes to 'Ba3', Outlook Negative ------------------------------------------------------------------ Moody's Ratings affirmed V.F. Corporation's (VF Corp.) corporate family rating at Ba2 and its probability of default rating at Ba2-PD. At the same time, Moody's downgraded the senior unsecured notes ratings to Ba3 from Ba2, senior unsecured shelf and senior unsecured MTN program ratings to (P)Ba3 from (P)Ba2, subordinate shelf rating to (P)B1 from (P)Ba3 and preferred shelf rating to (P)B2 from (P)B1. Its speculative grade liquidity rating (SGL) remains unchanged at SGL-3. The outlook remains negative. The downgrades reflect governance considerations including VF Corp.'s issuance of a $1.5 billion senior secured asset based revolving credit facility (ABL) due August 2030 to replace its $2.25 billion senior unsecured revolving credit facility due November 2026. The new ABL is senior in priority and has a security interest in substantially all of VF Corp.'s property and assets which reduces Moody's expected recoveries for the senior unsecured notes. Although Moody's expects VF Corp. to maintain adequate liquidity with the company's borrowing bases supporting full access to the $1.5 billion ABL during its peak fiscal third quarter borrowing period, the smaller revolver size and pledging of security reduces the company's overall financial flexibility. RATINGS RATIONALE VF Corp.'s Ba2 CFR is supported by its position as one of the largest global apparel, footwear, and accessory companies, with revenue of about $9.5 billion for the twelve months ended June 2025. Although the company has multiple brands in its portfolio, its financial performance is weighted toward The North Face and Vans, its two largest brands. VF Corp.'s ratings also reflect its public commitment to a 2.5x leverage target (per the company's definition). However, debt/EBITDA is currently elevated at 5.4x for the LTM ended June 28, 2025 and is expected to decline to around 4.5x at the end of VF Corp.'s fiscal 2026. EBITA/interest coverage is also projected to remain depressed at around 2.5x. The CFR reflects VF Corp.'s need for a significant turnaround of its Vans business. While Moody's views the transformation initiatives positively, the actions continue to be extensive. In addition, the difficult consumer spending environment and uncertain tariff environment present notable risks to realizing and sustaining the revenue and margin improvements required to improve credit metrics. The company has reduced costs by approximately $300 million with a significant portion to be reinvested as several organization changes have supported streamlining processes and works to offset higher tariff costs which are estimated to be approximately $250-270 million annually unmitigated. The company expects these costs to be reduced to approximately $125—150 million annually with $60-70 million expected to be incurred in fiscal 2026 and all tariffs to be fully mitigated in 2027. The SGL-3 reflects Moody's expectations for adequate liquidity as revolver borrowings are expected to partially repay its upcoming EUR500 million March 2026 debt maturity as Moody's projects free cash flow of approximately $300 million in fiscal 2026. The company's new $1.50 billion senior secured revolving credit facility (unrated) is subject to a global borrowing base that is composed of US, UK and Canada eligible receivables and inventory. The facility also includes a $400 million sub-facility for borrowing in Switzerland and a $75 million sub-facility for borrowings in Germany (both also subject to borrowing bases of eligible receivables and inventory). Its new revolver size is significantly smaller than its prior facility and is also subject to borrowing bases which are dependent on its inventory and receivable levels. VF Corp.'s new ABL has no covenant limitation on borrowings until the company is below 10% of its Line Cap (which is the lesser of the global borrowing base or its $1.5 billion line commitment). The company does have a test for restricted payments should borrowing go below 15% of the Line Cap. The negative outlook is supported by Moody's views that the consumer environment will continue to be challenging as higher tariffs must also be mitigated presenting significant risks to earnings growth as its credit metrics remain weak for its Ba2 rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded should VF Corp.'s operational performance not improve in the second half of fiscal 2026 or near term debt maturities are not repaid from free cash flow or excess cash. Ratings could also be downgraded if liquidity deteriorates for any reason. Quantitatively, VF Corp.'s ratings could be downgraded if lease-adjusted debt/EBITDA is sustained above 4.0x or EBITA/interest is sustained below 2.5x. Ratings could be upgraded should each of its major business segments post consistent sales and profit growth and with evidence of solid health of its major brands. A ratings upgrade would also require at least good liquidity, including positive free cash flow, and a conservative financial policy. Quantitatively, VF Corp.'s ratings could be upgraded if lease-adjusted debt/EBITDA is sustained below 3.25x and EBITA/interest is above 3.5x. Headquartered in Denver, Colorado, V.F. Corporation is a leader in branded lifestyle apparel, footwear and related accessories. Its largest brands, include The North Face, Vans, and Timberland. Revenue was approximately $9.5 billion for the twelve months ended June 28, 2025. 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. VALKEN INC: Court Extends Cash Collateral Access to Oct. 10 ----------------------------------------------------------- Valken Incorporated received third interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral from September 14 to October 10, in accordance with its budget, subject to a 10% variance per line item. The Debtor requires the use of cash collateral to maintain operations, meet payroll, cover equipment leases, and pay other essential expenses. As protection for the Debtor's use of their cash collateral, the lenders will be granted replacement liens on property acquired by the Debtor after the petition date and the proceeds thereof. These replacement liens will have the same validity, priority and extent as the lenders' pre-bankruptcy liens. The lenders will also receive a superpriority administrative expense claim in case the replacement liens are not sufficient to protect their interests. As further protection, Wilmington Savings Fund Society, FSB and another lender, Summit Bridge National Investment VIII, LLC, will continue to receive monthly payments of $20,000 and $5,000, respectively. The next hearing is scheduled for October 9. The deadline for filing objections is on October 2. About Valken Incorporated Valken Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-16742) on June 25, 2025, listing up to $50 million in both assets and liabilities. Valken President Eugenio Postorivo signed the petition. Judge Jerrold N. Poslusny Jr. Esq. oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin, represents the Debtor as legal counsel. Wilmington Savings Fund Society, FSB, as lender, is represented by: Michael E. Brown, Esq. Dembo, Brown & Burns, LLP 1300 Route 73, Suite 205 Mount Laurel, NJ 08054 Phone: (856) 354-8866 Fax: (856) 354-0971 SummitBridge National Investments VIII, LLC, as lender, is represented by: Mark Pfeiffer, Esq. Buchanan Ingersoll & Rooney PC 700 Alexander Park, Suite 300 Princeton, NJ 08540-6347 Telephone: (215) 665-3921 Facsimile: (215) 665-8760 mark.pfeiffer@bipc.com VIASAT INC: Stockholders OK All Proposals at Annual Meeting ----------------------------------------------------------- At the Annual Meeting of Stockholders of Viasat, Inc., stockholders approved the amendment and restatement of the 1996 Equity Participation Plan of the Company. The Restated Equity Plan was previously approved by the Board of Directors of Viasat, and implemented the following changes: (1) set the number of shares available for future issuance from and after the Restatement Effective Date at (A) 6,410,000 shares, plus (B) the number of shares, if any, subject to awards outstanding under the 1996 Plan on July 1, 2025 or granted after such date that again become available for issuance on or after July 1, 2025 in accordance with the share counting provisions of the Restated Equity Plan based on the deduction from the share reserve originally taken with respect to such awards; (2) removed the fungible share counting ratio for new awards granted under the Restated Equity Plan; (3) removed non-employee director compensation provisions setting forth the initial and annual grants to Viasat's non-employee directors, and (4) extended the period during which incentive stock options may be granted from 2034 to 2035 and increased the maximum number of shares that may be issued upon the exercise of incentive stock options granted under the Restated Equity Plan to 100,000,000 shares. The Restated Equity Plan became effective upon stockholder approval at the Annual Meeting. Also at the Annual Meeting, Viasat's stockholders approved the amendment and restatement of the Viasat, Inc. Employee Stock Purchase Plan. The Restated Purchase Plan was previously approved by the Board and increased the maximum number of shares of common stock that may be issued under the Restated Purchase Plan by 5,000,000 shares to a total of 16,950,000 shares. The Restated Purchase Plan became effective upon stockholder approval at the Annual Meeting. Furthermore, at the Annual Meeting, the Stockholders: * Elected Richard Baldridge and Sean Pak to serve as Class II Directors. * ratified the appointment of PricewaterhouseCoopers LLP as Viasat's independent registered public accounting firm for the fiscal year ending March 31, 2026. Richard Baldridge and Sean Pak to serve as Class II Directors and * conducted an advisory vote on executive compensation. About Viasat Inc. Headquartered in Carlsbad, California, Viasat, Inc. operates a consumer satellite broadband internet business, an in-flight connectivity business, and provides satellite and related communications, networking systems, and services to government and commercial customers. Inmarsat operates a satellite communications network using L-band, Ka-band, and S-band spectrum and provides voice and data services to customers on land, at sea, and in the air. As of June 30, 2025, the Company had $14.90 billion in total assets, $10.29 billion in total liabilities, and $4.60 billion in total equity. * * * Egan-Jones Ratings Company on November 5, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Viasat, Inc. VIVACE HOSPITALITY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Vivace Hospitality, LLC 9763 West Broward Blvd. Fort Lauderdale, FL 33324 Case No.: 25-20637 Business Description: Vivace Hospitality, LLC operates a full- service dining establishment in Plantation, Florida, offering Italian cuisine, hand- tossed pizzas, pasta dishes, and craft cocktails. The restaurant provides dine-in and takeout services, with delivery available through third-party platforms. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Southern District of Florida Debtor's Counsel: Thomas Zeichman, Esq. BEIGHLEY MYRICK UDELL LYNNE AND ZEICHMAN 2385 NW Executive Center Drive Suite 300 Boca Raton, FL 33431 Tel: (561) 549-9036 Email: tzeichman@bmulaw.com Total Assets: $0 Total Liabilities: $2,185,248 The petition was signed by Vito DiSalvo as manager. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/F3DLR6Q/VIVACE_HOSPITALITY_LLC__flsbke-25-20637__0004.0.pdf?mcid=tGE4TAMA 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/YGZW5WY/VIVACE_HOSPITALITY_LLC__flsbke-25-20637__0001.0.pdf?mcid=tGE4TAMA VYVVE LLC: Claims to be Paid from Disposable Income --------------------------------------------------- Vyvve, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida an Amended Chapter 11 Plan dated September 5, 2025. The Debtor focuses on revolutionizing anti-aging cosmetics with innovative natural, plant-based ingredients that deliver real results, the Debtor licenses the ingredients and formula used in skincare products branded and distributed by third party customers. At the Petition Date the Debtor had one end-use customer who licensed the Company's formula for its own brand. The Projection shows that the Liquidating Trustee will have sufficient projected disposable income to make all payments pursuant to the terms set forth under the Plan. The final Plan payment is expected to be paid on or before the expiration of 60 months from the Effective Date. This Plan proposes to pay Allowed Claims no less than the value of Vyvve's projected Net Disposable Income for a period of no less than 36 months. The Plan provides for 4 Classes of creditor claims (including priority, secured, and unsecured) and one Class of Equity interests. Class 3 consists of Allowed General Unsecured Claims. Allowed Class 3 Claims will receive the balance of any recoveries from Retained Causes of Action after payment in full of: (a) Liquidating Trustee's fees and costs; (b) fees and costs associated with prosecution of the Retained Causes of Action and collection thereof; (c) payment in full of the unpaid balance of Allowed Administrative Claims; (d) payment in full of Classes 1 and 2. Class 3 is Impaired and entitled to vote. Class 4 consists of membership interests of the Equity Shareholders in Vyvve as disclosed in the Debtor's Equity Security Holder's List as may be revised or amended from time to time in the ordinary course of the Debtor's business or to account for new raises of capital or debt. On the Effective Date, the Equity Interests will be extinguished but will receive a pro rata distribution proportionate to the Equity Interests held on the date of the Confirmation Hearing of any sums remaining after payment in full to Class 3. Class 4 is deemed to reject and not entitled to vote. All property of the Debtor not otherwise disposed of under the Plan, including without limitation all Retained Causes of Action, shall transfer, vest in, and be assigned to the Vyvve Liquidating Trust (the "Liquidating Trust"), free and clear of all liens, claims, and encumbrances, for the sole purpose of liquidating and distributing such property in accordance with this Plan. The Reorganized Debtor shall not retain any interest in such property except as expressly provided herein. The Plan proposes to pay Allowed Claims to be paid under the Plan from Retained Causes of Action. A full-text copy of the Amended Plan dated September 5, 2025 is available at https://urlcurt.com/u?l=PM9k8Z from PacerMonitor.com at no charge. Counsel to the Debtor: Robert P. Charbonneau, Esq. Agentis PLLC 45 Almeria Avenue Coral Gables, FL 33134 Telephone: (305) 722-2002 Email: rpc@agentislaw.com About Vyvve LLC Vyvve, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-13760) on April 7, 2025, listing under $1 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. Robert P. Charbonneau, Esq., at Agentis PLLC is the Debtor's legal counsel. WALKER EDISON: Owes Top 30 Unsecured Creditors $18.4MM ------------------------------------------------------ Thomas Russell of Home News Now reports that Walker Edison's Chapter 11 filing in the U.S. Bankruptcy Court for the District of Delaware reveals that its 30 largest unsecured creditors are owed more than $18.3 million. These creditors include a wide range of suppliers, from warehouse and logistics service providers to furniture and hardware manufacturers based in China, Vietnam, and Brazil, the report related. In total, the company estimates liabilities between $100 million and $500 million, with assets of only $10 million to $50 million, and between 1,000 and 5,000 creditors who may be affected. According to Home News Now, the Utah-based furniture company, known for its ready-to-assemble products such as bedroom and dining sets, sofas, TV stands, home office items, and outdoor furniture, reported annual sales of about $124 million. Its products are sold directly through its own website as well as major e-commerce platforms and retailers including Amazon, Wayfair, Home Depot, and Walmart. To facilitate the restructuring process, competitor Twin-Star International has been named as the stalking horse bidder for Walker Edison’s assets, including its designs and intellectual property. The outlook for unsecured creditors remains uncertain, as repayment will depend on what can be recovered through liquidation or sale of assets. Given the scale of liabilities compared with assets, many suppliers may face significant losses. This could influence their willingness to continue business under new ownership and may create opportunities for competitors in the ready-to-assemble furniture market to step in and build new supplier relationships, the report states. These unsecured creditors are as follows: * Kenco Logistic Services – $3,337,555.69. * Fortune Bonus Wooden Ltd. – $2,239,174.94. * Gibson, Dunn & Crutcher – $1,952,694.86. * Troung Vinh Co. – $1,304,472.35. * Hsien Yang Industries (Vietnam) – $1,303,367.53. * Artemobili Moveis – $1,186,845.73. * XPO Logistics Supply Chain – $904,690.29. * FedEx Corp. – $681,312.84. * Zhejiang Anji Huiye Furniture – $501,058.11. * Wei Qiang – $474,727.78. * Bonham Davis Warehouse – $441,801.52. * Consilio – $440,440.43. * Google – $331,148.65. * MSC Mediterranean Shipping Co. – $302,239.10. * E-Shine Enterprise Co. – $285,343.83. * CastleGate Fulfillment – $259,390.66. * Moveis Katzer LTDA – $224,127.94. * Idimex do Brasil Industria e Comercio de Moveis LTDA – $206,729. * Acosta Inc. – $200,398.46. * Crowe LLP – $198,254.96. * Scan Global Logistics – $193,403.45. * Moveis Serraltense LTDA – $187,691.08. * Workman Nydegger – $171,893.76. * Kenshoo Inc. (Skai) – $170,600. * Maersk Logistics & Services USA – $156,622. * P&P Moveis E Confeccoes LTDA – $152,050.20. * Hong Kong Wood Products – $143,275.32. * Ding Zhi Furniture Co. – $139,654.95. * Dongguan Her Sheng Pan Hardware Products – $133,271.34. * Rutan & Tucker – $131,635.33. About Walker Edison Holdco LLC Walker Edison Holdco LLC supplies ready-to-assemble home furniture for major e-commerce platforms. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 25-11602-TMH) on August 28, 2025. In the petition signed by Jeffrey P. Werner, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $500 million in liabilities. Judge Thomas M. Horan oversees the case. Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP, represents the Debtor as legal counsel. WALKER EDISON: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Walker Edison Holdco, LLC and its affiliates. The committee members are: 1. Truong Vinh Company Ltd. Attn: Chung Dieu Kiet National Road 1, Hamlet 1, Xuan Hung Commune Xuan Loc District, Dong Nai Province Vietnam Phone: +84-025-1375 6425 Email: kiettroungvinh@gmail.com 2. Hsien Yang Industries (Vietnam) Co., Ltd Attn: Jerry Lin Lot 1, Tam Phuoc Industries Park Bien Hoa City, Dong Nai 76000 Vietnam Phone: 1-801-518-0048 Email: jerry.lin@hsienyangvn.com 3. Artemobili Moveis Ltda. Attn: Robson Stella and Luciana Cherubini Avenida Imperatriz Leopoldina 727 Distrito Industrial, Nova Prata RS 95320-000 Brazil Phone: +55-54-3242 1890 Email: robson.stella@artemobili.com.br luciana.cherubini@artemobili.com.br. 4. Scan Global Logistics (Shanghai) Co., Ltd. Attn: Bryan Wang Unit 2101-2102, 21/F Shenzhen Kerry Centre 2008 Renminnan Road, Luohu District, 518001 Shenzhen, China Phone: +86-136-3662-5911 Email: brwan@scangl.com 5. Moveis Serraltense LTDA. c/o Lutz Comercial Exportadora-LTDA Attn: Daniel Lutz and Udo Guilherme Lutz 438 Centro Cx. Postal 64 Sao Bento do Sul, SC 89280-484 Brazil Phone: +55-47-3634-1320 Email: daniel@serraltense.com.br udo.lutz@rossonicassi.com.br Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to-assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WATCO COMPANIES: Fitch Affirms 'B' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Watco Companies, LLC's Long-Term Issuer Default Rating (IDR) at 'B' and senior unsecured debt at 'BB-' with a Recovery Rating of 'RR2'. Fitch has also assigned a 'BB-'/'RR2' rating to the proposed new unsecured notes. The Rating Outlook is Stable. Watco plans to issue new senior unsecured notes due 2032. Fitch does not expect the transaction to materially impact leverage and coverage metrics. The issuance proceeds are earmarked to redeem the remaining 2027 senior notes and repay a portion of the senior secured credit facility. Fitch's rating case forecasts EBITDA leverage in the 7x range, including preferred shares, and EBITDA coverage and FFO fixed-charge coverage in the 3x and 2x range, respectively, consistent with 'B' rating tolerances. Key Rating Drivers Leverage Sub-8x; Coverage Above 3x: Fitch forecasts EBITDA leverage, including preferred shares, to decline toward the 7x range following the upsizing of Watco's unsecured notes in 2024 and recently announced acquisitions. Watco has historically funded most of its growth through equity raises, and the evolution of its leverage profile will depend on its future funding mix. The low burden of cash distributions from the preferred share structure results in forecast EBITDA interest coverage and FFO fixed-charge coverage in the 3x and 2x range, respectively. Short-Line Rail Freight Resilience: Rail freight transportation plays a key role in the economy's supply chains and has historically shown resilience to economic cycles, which are influenced by industrial, commodity, and consumer markets. Rail is the most cost-effective transportation mode with continuous national reach, and short-line rails are a critical link for the first and last mile of the rail freight network. Watco's stability is underpinned by its established portfolio of diverse, non-replicable rail assets. Short-line railroads provide more bespoke services to customers to ensure that rail is an efficient option for shippers, reinforcing its core supply chain role. Watco's stability in this sector is supported by management's strategic focus on lower-cost producers and the fact that the average customer relationship tenure is more than 30 years, including those predating Watco ownership. Debt-Like Preferred Shares: The preferred shares structure contains debt-like features, including maturity and coupon characteristics, under Fitch's "Corporate Hybrids Treatment and Notching Criteria," which increases Fitch-calculated leverage metrics. Fitch recognizes that the preferred shares provide flexibility to defer cash dividends in a stressed scenario and benefit recovery for secured and unsecured debt. Watco has a history of incorporating series of preferred shares within its capital structure. Its financial profile could strengthen if existing shares are replaced with equity-like securities. Contracts Moderate Margin Risks: Watco's Port & Terminal segment has moderated through-the-cycle margin and cash flow variability through its contract mix, cost-linked terms, and ties to low-cost supply sources. These features help shield against fluctuations in commodity price-linked volumes. More than half of EBITDA in this area is from fixed/minimum volume contracts with an average length of nine years, providing a stable revenue base. Watco enters contracts that limit volume risk when investing in site-specific infrastructure to support a return on invested capital. It is not directly exposed to commodity price risk but can be affected by the economics in certain geographies. Positive Discretionary FCF: Fitch forecasts mildly positive FCF, excluding growth capex and associated grants, with excess cash allocated toward capital reinvestment and measured dividends. Cash flow is supported by the unique operational capabilities and efficiency-oriented services at the company's terminals that enhance pricing and increase switching costs. Watco's resilient rail pricing structure also supports cash flow. The size and timing of growth investment relative to revenue can result in prolonged periods of negative FCF. However, Watco's approach to risk management, including returns-based investment decisions and contractual terms, is favorable. Diversification Mitigates Cyclicality: Watco is highly diversified across markets and customers, mitigating the impact of idiosyncratic risks on cash flow. Individual markets are exposed to cyclicality from industrial production and changes in commodity flows across geographies in which it operates. However, cash flows have proven resilient through macroeconomic shocks due to strategic diversification. Short-line rails do not carry intermodal freight, which is subject to competition from trucking and discretionary consumer demand. Fitch believes Watco's diverse transportation network is well-positioned to maintain operational and cash flow stability through economic cycles Peer Analysis Fitch compares Watco to NA Transportation Hold Co. LLC (dba: Patriot Rail; B+/Stable), another a short-line rail operator, as both companies benefit from the defensibility of their asset network leading to a favorable through-the-cycle cash flow profile. Watco's rail operations are larger and consequently more diversified than Patriot's. However, it derives a larger portion of earnings from non-rail operations, which can be comparatively more variable. Watco's credit metrics include preferred shares that Fitch treats as 100% debt under its criteria. Watco's EBITDA leverage is expected to trend in the 7x range, and its FFO coverage and EBITDA coverage are forecast in the 2x and 3x range, respectively. Patriot's leverage in the mid-5x range and its EBITDA coverage around 2.5x are stronger than Watco's metrics, leading to the one-notch differential. Fitch also compares Watco to truck-based transportation and environmental services peers Forward Air (B/Negative) and Waste Pro USA, Inc. (B+/Stable). Watco's rail, port, and terminal transportation services have advantages over trucking due to high barriers to entry afforded by its expansive asset network and lower cost base relative to truck operators. Waste Pro's collection model also has lower barriers to entry, but its multiyear contracts with customers are a relative strength. Forward Air is expected to operate with leverage between 4x and 5x at the 'B' rating level, and Waste Pro in the high-4x range at 'B+'. Key Assumptions - Organic revenue growth is forecast in the low-to-mid-single-digit range, driven by a mix of yield improvements, low-single-digit growth in volumes, and in-progress network expansion; - EBITDA margin is forecast to remain in the high teens, supported by continued pricing improvements and contract renegotiations at main sites; - Preferred and common equity cash distributions held at historical rates; - Gross maintenance capex (before grants or subsidies) at about 9%-10% of revenue through the forecast, and expansionary capex expected to remain opportunistic; - SOFR rates assumed at 4.3% in 2025, stabilizing around 3.7% thereafter. Recovery Analysis The Recovery Rating assumes that Watco would be reorganized as a going concern in a bankruptcy scenario rather than liquidated. A 10% administrative claim on the enterprise value is assumed. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level on which Fitch bases the enterprise valuation. The going concern EBITDA estimate of $270 million reflects a hypothetical scenario in which the business faces a material, sustained decline in demand at one or more of its subsectors/markets or a severe downturn in North American industrial production. An enterprise valuation multiple of 7.5x is applied to the going concern EBITDA to calculate post-reorganization enterprise value. This multiple considers Watco's through-the-cycle cash flow profile derived from its diversified geographic and end market mix, advantaged asset network, and strong position in the North American industrial supply chain. It also considers valuation multiples for comparable rail and terminal assets. The secured credit facility receives priority above the unsecured notes in the distribution of value in the recovery waterfall. The Recovery Rating analysis results in a 'BB-'/'RR2' recovery for the unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage sustained below 2x; - Heightened liquidity risk indicated by sustained revolver availability below 25% or a shift toward payment-in-kind-only distributions; - Fitch-defined EBITDA leverage sustained above 8.5x, including a material change in funding strategy; - A shift in the funding mix toward secured or unsecured debt could impact the recovery on unsecured notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch-defined EBITDA leverage sustained below 6.5x, including a material change in funding strategy or capital structure mix; - EBITDA interest coverage or FFO fixed-charge coverage sustained above 2.5x; - Stronger liquidity position, including at least 75% available on the revolver. Liquidity and Debt Structure Watco had adequate liquidity as of 2Q25, consisting of $322 million available on the revolver and $11 million cash on hand. The 2027 senior unsecured notes mature in 2027, followed by the revolver in 2029 and 2032 senior unsecured notes. Issuer Profile Watco provides a diverse set transportation and supply chain services across North America and Australia. The company owns and operates over 7,000 miles of short-line railroad and 78 terminals and ports. 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 ----------- ------ -------- ----- Watco Companies, LLC LT IDR B Affirmed B senior unsecured LT BB- New Rating RR2 senior unsecured LT BB- Affirmed RR2 BB- WATERMAN-SMITH I: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------ Waterman-Smith I, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Disclosure Statement describing Plan of Reorganization dated September 5, 2025. The Waterman Smith building is located in downtown Mobile, Alabama. It was built in 1947. It is a 19 floor building with approximately 66,000 square feet of leasable space. The property was acquired by the Debtor in 2016. The economics of the building have changed over the years. The Debtor believes that stabilized occupancy is 45% at a rate of $18.00 per square foot. An appraisal of the Debtor's property was performed in February of 2024. The appraisal placed the value of the property at $4,400,000. The Debtor has equity in the property and, as such, all creditors are being paid in full. The Plan contemplates the reorganization of the Debtor, through the infusion of new capital, and its emergence from Chapter 11 after the resolution of all outstanding Claims against and Partnership Interests in the Debtor. After the emergence from Chapter 11, the Debtor will have a new general partner and will retain a new property manager for the Debtor's multifamily residential apartment buildings. Subject to the specific provisions set forth in the Plan, all of the pre petition obligations owed to the Debtor’s unsecured creditors and certain secured creditors will, as a general matter, be paid in full. Class 5 consists of General Unsecured Claims. Class 5 is impaired under the Plan, and the holders of Class 5 Claims are entitled to vote on the Plan. The Debtor shall pay each holder of an Allowed Unsecured Claim against the Debtor on account of and in full satisfaction of such Allowed Unsecured Claim, Cash equal to the amount of the Allowed Unsecured Claim, in four equal quarterly payments beginning on the 3rd month anniversary of the Effective Date. Holders of Allowed Class 5 Claims shall not be entitled to interest with respect to their Allowed Class 6 Claims for any period after the Petition Date. The total estimate of the Allowed Class 6 Claims is approximately $10,682.06. This Class will receive a distribution of 100% of their allowed claims. Class 6 consists of Interest Holders. Class 6 is impaired under the Plan. The interest holders shall make the Equity Contribution to the Debtor to retain their interest in the Debtor. The capital contribution shall be $300,000 paid to the Debtor on the Effective Date of the Plan. The uses of the Equity Contribution shall be: a) $100,000 additional security for the Secured Lender; b) $200,000.00 for a generator for the building to satisfy the outstanding request from the City of Mobile; and c) $50,000.00 for a working capital. Interest in the Debtor is retained. The payments under the Plan will be paid out of two sources. The first is the operating revenue for the building and the second is a capital contribution by the Debtor. The funds for capital contribution will come from the sale of 12 acres in Hammond, Louisiana that is currently under contract. The Debtor adjusting for one time costs incurred at the building has averaged $11,000 per month in net revenue. Due to additional tenants moving in the building, it is expected that the net revenue as of the Effective Date should be around $25,000.00 per month. Any shortfall in plan payments and cost of operation will be covered by the interest reserve of $100,000.00 and the working capital reserve of $50,000.00. The Debtor's pro forma reflects yearly cash available and the MAI appraisal projects $486,000.00 per year. The MAI uses a pre-stabilized NOI of $327,000.00. A full-text copy of the Disclosure Statement dated September 5, 2025 is available at https://urlcurt.com/u?l=2TIzfF from PacerMonitor.com at no charge. Counsel for the Debtor: Douglas S. Draper, Esq. Leslie A. Collins, Esq. Greta M. Brouphy, Esq. Michael E. Landis, Esq. Heller, Draper & Horn, L.L.C. 650 Poydras Street, Suite 2500 New Orleans, LA 70130 Telephone: (504) 299-3300 Fax: (504) 299-3399 About Waterman-Smith I LLC Waterman-Smith I, LLC is a real estate lessor whose principal assets are located at 61 St. Joseph Street in Mobile, Alabama. Waterman-Smith I sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11190) on June 11, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $50,000 and $100,000. Judge Meredith S. Grabill handles the case. The Debtor is represented by Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC. WEATHERMASTER ROOFING: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Weathermaster Roofing Co., Inc. 259 West Service Highway Binghamton, NY 13901 Business Description: Weathermaster Roofing Company, Inc., established in 1984, provides commercial and institutional roofing installation and architectural sheet metal services, operating in the Southern Tier region of New York. The Company specializes in single ply systems, modified bitumen systems, and specialty roofing systems. It is licensed, bonded, and carries full liability and workers' compensation insurance. Chapter 11 Petition Date: September 12, 2025 Court: United States Bankruptcy Court Northern District of New York Case No.: 25-60824 Judge: Hon. Wendy A Kinsella Debtor's Counsel: Peter A. Orville, Esq. ORVILLE & MCDONALD LAW, P.C. 30 Riverside Drive Binghamton, NY 13905 Tel: 607-770-1007 Fax: 607-770-1110 Total Assets: $1,704,705 Total Liabilities: $2,597,003 The petition was signed by Greg Griffiths as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EYA6S6A/Weathermaster_Roofing_Co_Inc__nynbke-25-60824__0001.0.pdf?mcid=tGE4TAMA WELLNESS AND HYDRATION: Unsecureds to Split $3,400 over 3 Years --------------------------------------------------------------- The Wellness and Hydration Clinic, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated September 4, 2025. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around November 24, 2020 with an effective date of January 1, 2021. The Debtor is a direct primary health care company based in Sanford, Florida. The Debtor's principal place of business is located at 580 Lexington Green Lane, Sanford, FL 32771 (the "Premises"), which the Debtor leases from Stewart Real Estate Developers, LLC ("Landlord"). This Plan provides for 1 class of secured claims, 1 class of unsecured claims; and 1 class of equity security holders. The Plan Proponent must also show that it will have enough cash over the life of the Plan to make the required Plan payments and operate the Debtor's business. The Debtor's projected disposable income is $3,309.00. 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 approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $3,400.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $283.33 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, 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 2 General Unsecured 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, Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $3,309.00. 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 $107.50. The quarterly payments for the second four quarters shall be $224.00. The quarterly payments for the final four quarters shall be $495.75. 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 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 Plan of Reorganization dated September 4, 2025 is available at https://urlcurt.com/u?l=kam6PJ from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 East Concord Street Orlando, Florida 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 About The Wellness and Hydration Clinic The Wellness and Hydration Clinic, LLC is a direct primary health care company based in Sanford, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05493) on August 29, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Tiffany P. Geyer presides over the case. Jeffrey Ainsworth, Esq. at Bransonlaw PLLC represents the Debtor as legal counsel. WHITESTONE CROSSING: Seeks to Extend Plan Exclusivity to Nov. 10 ---------------------------------------------------------------- Whitestone Crossing Austin LLC, asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 10, 2025 and January 9, 2026, respectively. The Debtor explains that cause exists to grant the relief requested in this Motion. First, the progress in this Bankruptcy Case was significantly delayed because the Debtor was initially represented by counsel who did not have a solid understanding of Chapter 11 practice, and the Debtor replaced its counsel a mere two months ago. Second, since current counsel has been engaged, the Debtor has negotiated a long-term cash collateral agreement with Lument, the senior lender, worked to amend the Schedules and Statement of Financial Affairs, and concluded the Meeting of Creditors just last week. Only now is the Bankruptcy Case ready to turn to plan formulation and filing. Third, a major disputed secured claim is the Judgment, which was voluntarily mediated by the Debtor on September 4, 2025. Fixing the amount of that claim or deciding that the Judgment must be appealed is a gating issue for formulation of the Plan. Additionally, the Debtor has been operating within the protection of chapter 11 for slightly under four months and has generated sufficient revenues to satisfy its post-petition obligations as they come due through the authorized use of cash collateral. The Debtor claims that this Motion represents its first request for an extension of the Exclusivity Period and this request will not unfairly prejudice or pressure the Debtor's creditors or grant the Debtor any unfair bargaining leverage. The Debtor believes that the requested extension is warranted and appropriate under the circumstances. Whitestone Crossing Austin, LLC is represented by: J. Mark Chevallier Michael T. Pipkin ROCHELLE MCCULLOUGH LLP 901 Main Street, Suite 3200 Dallas, TX 75202 Telephone: (214) 953-0182 Facsimile: (888) 467-5979 Email: mchevallier@romclaw.com mpipkin@romclaw.com About Whitestone Crossing Austin Whitestone Crossing Austin, LLC operates Whitestone Crossing, an apartment community located in Cedar Park, Texas. The property offers one- and two-bedroom units featuring modern amenities such as nine-foot ceilings, fiber-ready internet, and in-home washers and dryers. The community also provides facilities including a swimming pool, clubhouse, and fitness center. Whitestone Crossing Austin sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31768) on May 12, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Abhijit Modak, Esq., at Abhijit Modak, Attorney at Law. LFT CRE 2021-FL1, Ltd., acting through Lument Real Estate Capital, is represented by: Brent McIlwain, Esq. Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1700 brent.mcilwain@hklaw.com WILLIAMS TREE: Taps Magee Goldstein Lasky as Legal Counsel ---------------------------------------------------------- Williams Tree Service LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire Andrew S. Goldstein of Magee Goldstein Lasky & Sayers, P.C. to serve as legal counsel in its Chapter 11 Subchapter V case. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties as debtor in possession in the continued management of its business and properties; (b) advise and consult on the conduct of the Bankruptcy Case; (c) attend meetings and negotiate with representatives of Debtor's creditors and other parties in interest; (d) take all necessary action to protect and preserve the Debtor's estate; (e) prepare all pleadings, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; (f) represent the Debtor in connection with obtaining post-petition financing, if necessary; (g) advise the Debtor in connection with any potential sale of assets; (h) appear before the Court to represent the interests of the Debtor's estate before the Court; (i) take any necessary action on behalf of the Debtor to negotiate, prepare on behalf of the Debtor, and obtain approval of a chapter 11 plan and documents related thereto; and (j) perform all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this Bankruptcy Case, including (i) analyzing the Debtor's leases and contracts and the assumptions, rejections, or assignments thereof, (ii) analyzing the validity of liens against the Debtor, and (iii) advising the Debtor on corporate and litigation matters. Mr. Goldstein will receive an hourly rate of $425, and an hourly rate of $115 is for paralegals. Magee Goldstein Lasky & Sayers, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Andrew S. Goldstein, Esq. MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PO Box 404 Roanoke, VA 24003-0404 Telephone: (540) 529-1609 Facsimile: (540) 343-9898 E-mail: agoldstein@mglspc.com About Williams Tree Service Williams Tree Service, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50509) on August 29, 2025, with $500,001 to $1 million in assets and liabilities. Judge Rebecca B. Connelly presides over the case. Andrew S. Goldstein, Esq. at Magee Goldstein Lasky & Sayers, P.C. represents the Debtor as legal counsel. WINDMILL POINT: Court Extends Cash Collateral Access to Oct. 9 -------------------------------------------------------------- Windmill Point Apartments DE, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The third interim order signed by Judge Tiffany Geyer authorized the Debtor's interim use of cash collateral through October 9 to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee and payroll obligations incurred post-petition; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. As adequate protection, secured creditors including Wilmington Trust National Association, Pjeter Lulaj, and Javier DelHoyo were granted replacement liens on post-petition cash collateral, with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtors were ordered to keep their property insured as further protection to secured creditors. The next hearing is scheduled for October 9. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ifxzM from PacerMonitor.com. About Windmill Point Apartments De Windmill Point Apartments De, LLC is a single-asset real estate debtor under U.S. bankruptcy law, as defined in 11 U.S.C. section 101(51B). Windmill sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02855) on May 13, 2025, listing between $10 million and $50 million in both assets and liabilities. Barry Watson, manager of Windmill, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden and Beaudine LLP, represents the Debtor as legal counsel. Wilmington Trust, N.A., as secured creditor, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. SHUTTS & BOWEN LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 bdennis@shutts.com rreinert@shutts.com WOHALI LAND: Needs $6MM to Sustain Operations During Chapter 11 --------------------------------------------------------------- Connor Thomas of kpcw reports that Wohali Resort told creditors on September 11, 2025 that it needs $6 million to sustain operations during its Chapter 11 bankruptcy. Managing partner John Kaiser said the funds would cover golf course expenses, utility installation, and obligations to the city of Coalville, including completion of a sewer pump station critical to the resort's development, according to the report. Coalville Mayor Mark Marsh stressed the importance of finishing the project, noting the city must be able to handle the resort's sewage before further construction can move forward. To secure the money, Kaiser proposed debtor-in-possession (DIP) financing, a special loan requiring court approval. Attorney Mark Rose said Wohali plans to file for the loan within days. The company entered bankruptcy on August 8, 2025 after defaulting on loans, owing contractors, and laying off most of its staff. Roughly 40 employees remain, primarily to maintain the golf course, with payroll recently supported by lot owners after missed payments earlier this summer, according to kpcw. The path forward remains uncertain. Wohali's main creditors, claiming they are owed more than $85 million, argue the case may end in a Section 363 asset sale rather than reorganization. Coalville's interim city attorney Craig Smith countered that a sale is not imminent, given the resort’s financial complexity. Ultimately, the case could lead to a confirmed reorganization plan or conversion to Chapter 7 liquidation. Meanwhile, local billionaire Doug Bergeron has expressed interest in acquiring the resort if it is sold, while lenders push to classify Wohali as a single-asset real estate debtor to speed foreclosure, the report states. About Wohali Land Estates LLC Wohali Land Estates LLC develops the Wohali master-planned community in Coalville, Utah, combining private residential neighborhoods with public-access resort amenities such as a golf course, lodge, spa, and dining facilities. The development's design integrates luxury homes and estate lots with hospitality, recreation, and infrastructure improvements including public roadways, utility systems, and environmental stabilization measures. Its operations include property maintenance and site preparation to preserve asset value and support future construction. Wohali Land Estates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-24610) on August 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Mark C. Rose, Esq. at McKAY, BURTON & THURMAN, P.C. XPA LIQUIDATED: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------- On September 6, 2025, XPA Liquidated Logistics LLC commenced a Chapter 7 case in the Central District of California, docketed as case #25-16377. According to its voluntary petition, the company holds assets and debts both valued in the $0–$100,000 range and has 1 to 49 creditors. About XPA Liquidated Logistics LLC XPA Liquidated Logistics LLC is a logistics provider focused on freight management, transportation, and liquidation services. XPA Liquidated Logistics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-16377) on September 6, 2025. In its petition, the Debtor reports estimated assets and liabilities up t $100,000 each. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Kevin Tang, Esq. at Tang & Associates. [] Moody's Takes Rating Action on 23 Bonds from 10 US RMBS Deals ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings of 16 bonds and downgraded the ratings of 7 bonds from 10 US residential mortgage-backed transactions (RMBS), backed by Alt-A, option ARM, and subprime mortgages issued by multiple issuers. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. The complete rating actions are as follows: Issuer: Greenpoint Mortgage Funding Trust 2007-AR3 Cl. A1, Upgraded to Ba1 (sf); previously on Nov 5, 2024 Upgraded to B1 (sf) Cl. A2, Upgraded to Ca (sf); previously on Dec 9, 2010 Downgraded to C (sf) Issuer: HSI Asset Securitization Corporation Trust 2006-OPT1 Cl. M-2, Downgraded to Caa1 (sf); previously on Dec 27, 2017 Upgraded to B1 (sf) Cl. M-4, Upgraded to Ca (sf); previously on Aug 13, 2010 Downgraded to C (sf) Issuer: HSI Asset Securitization Corporation Trust 2006-OPT2 Cl. M-2, Downgraded to Caa1 (sf); previously on Jun 9, 2020 Downgraded to B1 (sf) Cl. M-3, Downgraded to Caa1 (sf); previously on Nov 8, 2024 Downgraded to B3 (sf) Cl. M-4, Upgraded to Caa1 (sf); previously on Dec 11, 2018 Upgraded to Caa2 (sf) Issuer: J.P. Morgan Mortgage Acquisition Corp. 2006-RM1 Cl. A-1A, Downgraded to Caa1 (sf); previously on Nov 5, 2024 Downgraded to B2 (sf) Cl. A-1B, Upgraded to Ca (sf); previously on Dec 14, 2010 Downgraded to C (sf) Cl. A-2, Upgraded to Caa1 (sf); previously on Dec 14, 2010 Downgraded to Ca (sf) Cl. A-3, Upgraded to Caa3 (sf); previously on Dec 14, 2010 Confirmed at Ca (sf) Cl. A-4, Upgraded to Caa3 (sf); previously on Dec 14, 2010 Confirmed at Ca (sf) Cl. A-5, Upgraded to Caa3 (sf); previously on Dec 14, 2010 Confirmed at Ca (sf) Issuer: J.P. Morgan Mortgage Acquisition Trust 2006-CH1 Cl. M-8, Upgraded to Caa1 (sf); previously on Jun 12, 2009 Downgraded to C (sf) Issuer: Luminent Mortgage Trust 2005-1 Cl. A-1, Downgraded to Caa1 (sf); previously on Oct 23, 2024 Upgraded to B1 (sf) Cl. A-2, Downgraded to Caa1 (sf); previously on Oct 23, 2024 Upgraded to B1 (sf) Issuer: RALI Series 2007-QH1 Trust Cl. A-2, Upgraded to Caa3 (sf); previously on Dec 1, 2010 Downgraded to C (sf) Issuer: RALI Series 2007-QO1 Trust Cl. A-1, Downgraded to Caa1 (sf); previously on Nov 8, 2024 Upgraded to B1 (sf) Cl. A-2, Upgraded to Ca (sf); previously on Dec 1, 2010 Downgraded to C (sf) Issuer: WaMu Mortgage Pass-Through Certificates, Series 2004-AR10 Cl. B-1, Upgraded to Caa1 (sf); previously on May 7, 2018 Upgraded to Ca (sf) Cl. B-2, Upgraded to Ca (sf); previously on Feb 28, 2011 Downgraded to C (sf) Issuer: WaMu Mortgage Pass-Through Certificates, Series 2006-AR3 Cl. A-1B, Upgraded to Caa1 (sf); previously on Dec 3, 2010 Downgraded to Ca (sf) Cl. A-1C, Upgraded to Caa2 (sf); previously on Dec 3, 2010 Downgraded to C (sf) RATINGS RATIONALE The rating actions reflect the current levels of credit enhancement available to the bonds, the recent performance, analysis of the transaction structures, Moody's updated loss expectations on the underlying pools and Moody's revised loss-given-default expectation for each bond. The rating upgrade on Class A1 from Greenpoint Mortgage Funding Trust 2007-AR3 is a result of the improving performance of the related pool and an increase in credit enhancement available to the bond. The credit enhancement available to the bond showed a one-year increase of 1.09x. The rating action on Class A-2 from Luminent Mortgage Trust 2005-1 considers missed interest that is unlikely to be recouped. This bond has incurred historical principal losses but subsequently recouped those losses, and as a result, missed interest on principal for those periods will not be recouped. Most of the rating downgrades are the results of outstanding credit interest shortfalls that are unlikely to be recouped. These downgraded bonds have a weak interest recoupment mechanism where missed interest payments will likely result in a permanent interest loss. Unpaid interest owed to bonds with weak interest recoupment mechanisms are reimbursed sequentially based on bond priority, from excess interest, if available, and often only after the overcollateralization has built to a pre-specified target amount. In transactions where overcollateralization has already been reduced or depleted due to poor performance, any such missed interest payments to these bonds is unlikely to be repaid. The size and length of the outstanding interest shortfalls were considered in Moody's analysis. No actions were taken on the other rated classes in these deals because their expected losses remain commensurate with their current ratings, after taking into account the updated performance information, structural features, credit enhancement and other qualitative considerations. Principal Methodology The principal methodology used in these ratings was "US Residential Mortgage-backed Securitizations: Surveillance" published in December 2024. Factors that would lead to an upgrade or downgrade of the ratings: Up Levels of credit protection that are higher than necessary to protect investors against current expectations of loss could drive the ratings of the subordinate bonds up. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Down Levels of credit protection that are insufficient to protect investors against current expectations of loss could drive the ratings down. Losses could rise above Moody's expectations as a result of a higher number of obligor defaults or deterioration in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud. ********* 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 ***