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250917.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, September 17, 2025, Vol. 29, No. 259 Headlines 23ANDME HOLDINGS: Breach Claimants Object to Chapter 11 Plan 301 W NORTH: Plan Exclusivity Period Extended to Jan. 31, 2026 5902 HUDSON: Seeks to Hire David Goldwasser of FIA Capital as CRO ACCOUNTING LAB: Court Extends Cash Collateral Access to Oct. 14 ACTION IMPORTS: Committee Taps Rochelle McCullough as Counsel AEROFAB INDUSTRIES: Gets Interim OK to Use Cash Collateral AFFINITY INTEGRATED: Cash Collateral Hearing Set for Sept. 30 AGREETA SOLUTIONS: Hires Theodore Stapleton as Bankruptcy Counsel ALASKA AIR: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ALBERT WHITMAN: Court Extends Cash Collateral Access to Oct. 11 ALEXANDRIA MUSIC: Case Summary & 20 Largest Unsecured Creditors ALUMAX INC: Plan Exclusivity Period Extended to October 2 AMERICAN TRASH: Case Summary & 20 Largest Unsecured Creditors AMKOR TECHNOLOGY: Fitch Gives 'BB+' Rating on $400MM Senior Notes AMNEAL PHARMACEUTICALS: Moody's Alters Outlook on B1 CFR to Pos. ANCHOR GLASS: Moody's Lowers CFR to Ca & Alters Outlook to Stable ANTHONY'S TRUCK: Lender Seeks to Prohibit Cash Collateral Access AQUA SPAS: Court OKs Deal on Cash Collateral Access ARIZONA STATE: Seeks to Hire Allen Jones & Giles PLC as Attorney ASCEND PERFORMANCE: Plan Exclusivity Period Extended to December 17 AUTOMATED TRUCKING: Committee Taps Erik Johanson PLLC as Counsel B & L LAND: Seeks Chapter 11 Bankruptcy in Indiana B MAC BUFFET: Case Summary & Nine Unsecured Creditors B-WOOD BASEBALL: Gets OK to Hire Beyond the Numbers as Accountant BANNERS OF ABINGDON: Case Summary & 20 Top Unsecured Creditors BEAN BROTHERS: Gets Interim OK to Use Cash Collateral BIO GYMNASTICS: Lender Seeks to Prohibit Cash Collateral Access BLOCKFI INC: 3rd Cir. Affirms Dismissal of Gerro's Claim Appeal CAR TOYS: Seeks to Hire Clark Raymond & Company PLLC as CPA CAR TOYS: Seeks to Hire Smith Bunday Berman Britton PS as CPA CARAWAY TEA: Unsecureds to Get Share of Income for 5 Years CHERISHED LAND: Section 341(a) Meeting of Creditors on October 9 CHESTNUT BAY: Seeks to Hire Turturro Law PC as Special Counsel CLOUTER CREEK: Taps Adam C. Chapman as Post-Petition Manager CORCHIS CAPITAL: Seeks Chapter 11 Bankruptcy in Florida COWBOY CARES: Seeks to Hire Clark Stith Esq. as Counsel DAV SUB: Seeks to Hire Gary W. Davis CPA LLC as Accountant DEEJAYZOO LLC: Plan Exclusivity Period Extended to November 24 DEEP BLUE I: Fitch Assigns First-Time 'BB-' IDR, Outlook Stable DEPLOYED SOLDIERS: Gets Interim OK to Use Cash Collateral DITECH HOLDING: Court Tosses Quiet Title Claim Against Servicer DRAGONFLY PRIMARY: Section 341(a) Meeting of Creditors on Oct. 15 EASY RENTAL: Case Summary & Seven Unsecured Creditors ENTECCO FILTER: Hires Oliver Hughes LLC as Georgia Lien Counsel EPHESIANS 320: Hires Kutner Brinen Dickey Riley P.C. as Attorney ERC MANUFACTURING: Seeks to Hire Milton Flores as Appraiser EXACTECH INC: Gets Court Nod to Abandon Sponsor Deal in Ch. 11 Plan EYM CAFE: To Sell Panera Bread Biz to Hamra Enterprises FIREFLY NEUROSCIENCE: Raises CFO Salary to CA$216,000 FIREFLY NEUROSCIENCE: Terminates $10M ELOC Deal With Arena Business FOOT LOCKER: Moody's Withdraws 'Ba3' CFR Following Dick's Deal FU BANG: Has Deal on Cash Collateral Access FULLER'S SERVICE: Amends Plan to Include SBA Unsecured Claim Pay FWAK LLC: U.S. Trustee Unable to Appoint Committee GD TRANSPORT: Claims to be Paid from Continued Operations GENESIS HEALTHCARE: Brown Rudnick & Stutzman Represent Ad Hoc Group GENESIS HEALTHCARE: PCO Hires Greenberg Traurig as Counsel GENESIS HEALTHCARE: PCO Hires Kane Russell Coleman as Counsel GENESIS HEALTHCARE: PCO Taps Otterbourg P.C. as Legal Counsel GENESIS HEALTHCARE: PCO Taps Sak Management as Operations Advisor GENESIS HEALTHCARE: Regulators Close Nursing Home in Alabama GEON PERFORMANCE: Moody's Affirms 'B2' CFR, Outlook Stable HALL LABS: Court OKs Common Stock Sale to Keystone Prive Income HARLING INC: Court Extends Cash Collateral Access to Oct. 8 HARROW INC: Fitch Assigns 'B-(EXP)' LongTerm IDR, Outlook Stable HEALTHLYNKED CORP: Reverse Split Reduces Outstanding Shares to 2.8M HERMITAGE NEWARK: Voluntary Chapter 11 Case Summary HRZN INC: Case Summary & 13 Unsecured Creditors INCORA: Court Reverses Bankruptcy Ruling, Upholds Uptier Deal INNOVATIVE FOOD: Section 341(a) Meeting of Creditors on October 27 ITALIAN KITCHEN: Seeks Subchapter V Bankruptcy in New Jersey J2KE INC: Unsecured Creditors to Get Share of Income for 60 Months JB GROUP: Seeks Chapter 11 Bankruptcy in Louisiana K&D'S SANTA CRUZ: Seeks to Hire Fuller Law Firm PC as Attorney KS MATTSON: Seeks to Hire Douglas Elliman as Real Estate Broker LAKE BENNETT: Claims to be Paid from New Loan Proceeds LEGACY DRAYAGE: Hires Levene Neale Bender as Bankruptcy Counsel LEROUX CREEK: Plan Exclusivity Period Extended to Sept. 30 LUXURBAN HOTELS: Seeks Chapter 11 Bankruptcy in New York M & M BROADCASTERS: To Sell Radio Assets to G. Baxter Entertainment MAMMOTH INC: Case Summary & 20 Largest Unsecured Creditors MARVEL LIGHTING: Unsecureds to Get Share of Income for 3 Years MEAT U ANYWHERE: Voluntary Chapter 11 Case Summary MERIT STREET: Creditors' Committee Supports Chapter 11 Settlement MERLIN BUYER: Moody's Affirms 'B3' CFR, Outlook Stable MIDSOUTH AUTO: Seeks to Hire Sheehan & Ramsey PLLC as Attorney MOSAIC SWNG: Gets Extension to Access Cash Collateral MOUNTAIN LIFE: A.M. Best Cuts FS Rating to B(fair) MW HOMES: Section 341(a) Meeting of Creditors on October 14 NATUROMULCH LLC: Amends Unsecured Claims Pay Details NEAL MEATS: To Sell Seymour Property to Samuel & Magdalena Schwartz NEHAL LLC: Seeks Chapter 7 Bankruptcy in California NEW FORTRESS: Fiscal Q2 Net Loss Widens to $556.83 Million NEW REDBIRD: Seeks to Hire Helton Law Firm as Bankruptcy Counsel NIBA DESIGNS: Seeks to Hire Hacker & Romano as Accountant O-I GLASS: Moody's Affirms 'B1' CFR & Rates New Bank Loans 'Ba3' OBJECT & SUBJECT: Seeks Chapter 11 Bankruptcy in Utah ONDAS HOLDINGS: Completes $12M Acquisition of Apeiro Motion PALAZZO DEVELOPMENT: Files Emergency Bid to Use Cash Collateral PATAGONIA HOLDCO: Moody's Lowers CFR to B3, Outlook Negative PEGASUS BUILDERS: Taps Johnson Ritchey as Family Law Counsel PERASO INC: Receives Nasdaq Bid Price Deficiency Notice PINANNCLE BUYER: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable PLAZA 106: Voluntary Chapter 11 Case Summary POWIN LLC: Seeks to Extend Plan Exclusivity to January 5, 2026 PREMIER TILLAGE: Seeks Cash Collateral Access PROFESSIONAL DIVERSITY: Secures Up to $20M via Prepaid Stock Deal PYRAMID CONCRETE: Seeks Chapter 11 Bankruptcy in Tennessee QSR STEEL: Seeks to Hire Klingman Law LLC as Bankruptcy Counsel REWORLD HOLDING: S&P Rates Proposed $400MM Term Loan B 'BB' RINGCENTRAL INC: S&P Upgrades ICR to 'BB+', Outlook Stable RIVER NORTH FARMS: Voluntary Chapter 11 Case Summary RIVERFRONT ASSOCIATES: Hires Perkins Coie as Bankruptcy Counsel RIZO-LOPEZ FOODS: Case Summary & 20 Largest Unsecured Creditors ROCK N CONCEPTS: To Sell The Colony Property to LMG Ventures RYVYL INC: Genevieve Baer, Ezra Laniado Resign as Directors SALEM POINTE: Trustee Taps Bass Berry & Sims as Legal Counsel SALEM POINTE: Trustee Taps Resurgence Financial as Advisor SANDY HILLS: Hires Jones Lang LaSalle as Real Estate Broker SANDY'S GIFT: Claims to be Paid from Rental Income SCENIC CITY: Gets Extension to Access Cash Collateral SCOOPIE LLC: Seeks to Hire Magnolia Law Group as Special Counsel SEARS HOMETOWN: Investors Reach $9MM Fiduciary Breach Suit Dealt SERVICE PROPERTIES: S&P Affirms 'B' ICR, Outlook Negative SF OAKLAND: Seeks to Hire Peter N. Hadiaris as Bankruptcy Counsel SHAHINAZ SOLIMAN: Unsecureds Will Get 3.21% over 60 Months SHELLE REALTY: Voluntary Chapter 11 Case Summary SINGH BROS: Seeks to Extend Plan Exclusivity to November 11 SKYX PLATFORMS: Issues $6M Convertible Note, Extends Debt to 2030 SMYRNA READY: $240MM Term Loan Add-on No Impact on Moody's 'B1' CFR SPHERE 3D: Nasdaq Extends Bid Price Compliance Deadline to March 2 STATE OF FLUX: Unsecureds Will Get 4.70% of Claims in Plan STEWARD HEALTH: Court Sets Hearing for Vendors' Sanctions Request SUPOR PROPERTIES: Court Disallows Bezzone Claims TEXAS MANAGEMENT: Taps Simplified Tax & Accounting as Accountant TILSON TECHNOLOGY: Gets Court OK for $22MM Chapter 11 Asset Sale TOCO HOLDINGS: Seeks Subchapter V Bankruptcy in Texas TOPBUILD CORP: Moody's Rates New $750MM Sr. Unsecured Notes 'Ba2' TOPBUILD CORP: S&P Assigns 'BB+' Rating on Proposed Senior Notes TRIANGLE 40: To Sell Weatherford Property to New Standard Living TRICO MILLWORKS: Seeks Subchapter V Bankruptcy in Maine TRONOX HOLDINGS: S&P Rates New $400MM Senior Secured Notes 'BB-' TRONOX INC: Moody's Rates New Senior Secured Notes 'B1' TROYZ TOWING: Gets Court OK to Use Cash Collateral ULTRA CLEAN: S&P Assigns 'B+' Rating on Repriced Term Loan B US MAGNESIUM: Seeks to Sell Rowley Property at Auction USA COMPRESSION: Moody's Rates New $750MM Sr. Unsecured Notes 'B1' USA COMPRESSION: S&P Rates Proposed $750MM Unsecured Notes 'B+' VANTAGE DRILLING: Moody's Withdraws 'B3' CFR on Debt Redemption VICARA GROUP: Unsecured Creditors to Split $60K over 5 Years VIVACE HOSPITALITY: Seeks Subchapter V Bankruptcy in Florida WATCHTOWER FIREARMS: SSG Served as Investment Banker in Asset Sale WELLMADE FLOOR: Comm. Taps Dundon Advisers as Financial Advisor WELLMADE FLOOR: Committee Taps Pachulski Stang as Legal Counsel WELLMADE FLOOR: Committee Taps Small Herrin LLP as Local Counsel WHITTAKER CLARK: Court Declines to Name Privacy Ombudsman WORKSPORT LTD: Signs $125K Marketing Deal With Wall Street Reporter WT REPAIR: Seeks to Extend Plan Exclusivity to December 11 YELLOW CORP: NY Teamsters' $76MM Claim Draws Shareholder Objection YELLOW CORPORATION: To Sell Baltimore Property to Phelps Properties [] CRAGSI Launches Startup Restructuring Platform [] Jackson Walker Seeks to Exit Judge Relationship Lawsuit [] Teneo Appoints Todd Fleisher as Senior Managing Director ********* 23ANDME HOLDINGS: Breach Claimants Object to Chapter 11 Plan ------------------------------------------------------------ Allison Grande of Law360 Bankruptcy Authority reports that over 30,000 individuals who opted for arbitration instead of joining a proposed data breach class settlement are asking a Missouri bankruptcy judge to reject 23andMe's reorganization plan notice, arguing it misrepresents and inflates details of the company's agreement with them. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 301 W NORTH: Plan Exclusivity Period Extended to Jan. 31, 2026 -------------------------------------------------------------- Judge David D. Cleary of the U.S. Bankruptcy Court for the Northern District of Illinois extended 301 W North Avenue, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 31, 2026, respectively. As shared by Troubled Company Reporter, cause exists to extend the exclusivity periods, because the relevant factors weigh in favor of extension. * Factor 1: Necessity of Time to Negotiate and Obtain Adequate Information. The Debtor requires additional time to finalize a settlement with its primary secured mortgage lender with the goal of confirming a consensual plan of reorganization. If the parties can agree to treatment under the plan, the Debtor is in a unique position to maximize the value of its estate for all of the various stakeholders. This first factor weighs in favor of an extension. * Factor 2: Good Faith Progress Toward Reorganization. The Debtor has made good faith progress toward reorganization. The Debtor has already filed a Disclosure Statement and a confirmable Plan and has made good faith efforts to reach a consensual plan with its main secured mortgage lender and other creditors. This second factor also supports granting the Debtor an extension. * Factor 3: Paying Debts as They Come Due. The Debtor is paying expenses as they come due. Not only are post-petition expenses being paid, but the Real Estate is generating significant net income, and the Debtor has been paying significant monthly amounts to its secured mortgage lender throughout the bankruptcy case. This third factor supports granting the Debtor an extension of the Exclusivity Periods. * Factor 4: Reasonable Prospects for Filing a Viable Plan. The Debtor has reasonable prospects for filing a viable plan. Here, the Debtor has a realistic reorganization underway and has already filed a confirmable Plan. The fourth factor weighs in favor of the requested extension. 301 W North Avenue, LLC is represented by: Robert W. Glantz, Esq. Jeffrey M. Schwartz, Esq. MUCH SHELIST, P.C. 191 N. Wacker Drive, Suite 1800 Chicago, IL 60606 Telephone: (312) 521-2000 Facsimile: (312) 521-3000 Email: rglantz@muchlaw.com jschwartz@muchlaw.com About 301 W North Avenue 301 W North Avenue LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B), and its main property is situated at 1552 N. North Park Avenue, Chicago, IL 60610. 301 W North Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.Â N.D. Ill. Case No. 25-05275) on April 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million to $50 million each. HonorableÂ Bankruptcy JudgeÂ Timothy A. Barnes handles the case. The Debtor is represented by Robert Glantz, Esq. ROBERT GLANTZ MUCH SHELIST, P.C. BDS III Mortgage Capital G LLC, as creditor, is represented by: Steven Yachik, Esq. William S. Gyves, Esq. Benjamin Feder, Esq. Philip A. Weintraub, Esq. KELLEY DRYE & WARREN LLP 3 World Trade Center 175 Greenwich Street New York, New York 10007 Telephone: (212) 808-7800 Facsimile: (212) 808-7897 Email: syachik@kelleydrye.com wgyves@kelleydrye.com bfeder@kelleydrye.com pweintraub@kelleydrye.com 5902 HUDSON: Seeks to Hire David Goldwasser of FIA Capital as CRO ----------------------------------------------------------------- 5902 Hudson Ave LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain FIA Capital Partners LLC and affirm the designation of David Goldwasser as Chief Restructuring Officer in its Chapter 11 case. FIA Capital Partners will provide these services: (a) provide restructuring and crisis management services, including the services of additional personnel; (b) act through Mr. Goldwasser as the sole officer and sole representative of the Debtor's estate, exclusively vested with all powers and duties to operate the Debtor's business pursuant to Bankruptcy Code Sections 1107 and 1108; (c) provide analysis and valuation of the Debtor’s real property; (d) prepare operating reports and assure compliance with all U.S. Trustee guidelines; and (e) render such other general consulting or assistance as the Debtor or its counsel may deem necessary. FIA Capital Partners will receive these hourly rates: $320 for paralegals, $450 for managing directors, $500 for CFO/CPAs, and $800 for David Goldwasser, plus reimbursement of actual and necessary expenses. FIA Capital Partners 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: David Goldwasser FIA CAPITAL PARTNERS, LLC 295 Front Street, 2nd Floor Brooklyn, NY 11370 Email: kmenendez@fiacp.com Telephone: (561) 417-3725 About 5902 Hudson Ave LLC 5902 Hudson Ave LLC is a single-asset real estate debtor under U.S. Bankruptcy Code. The Company lists a property at 5902 Hudson Avenue in West New York, New Jersey, as its principal asset. 5902 Hudson Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42224) on May 7, 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 Elizabeth S. Stong handles the case. The Debtors are represented by Joel M. Shafferman, Esq., at Shafferman & Feldman LLP. ACCOUNTING LAB: Court Extends Cash Collateral Access to Oct. 14 --------------------------------------------------------------- The Accounting Lab Group, LLC received fifth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral until October 14. The fifth interim order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by NewTek Bank, N.A. As adequate protection, NewTek and other secured creditors will be granted a replacement lien on the Debtor's post-petition property to the same extent and with the same validity and priority as their pre-bankruptcy lien. Prior to the petition date, the Debtor obtained $3.975 million in financing from Newtek, which is secured by a lien on the Debtor's cash or cash equivalents. Newtek has a first priority security interest in the Debtor's cash. There are other creditors that may assert their interests in the Debtor's cash or cash equivalents but these interests are considered to be inferior to Newtek's. The next hearing is scheduled for October 14. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/NQlIb from PacerMonitor.com. About The Accounting Lab Group The Accounting Lab Group, LLC is a Florida-based firm specializing in accounting, tax planning, and business management services. It provides tailored solutions to help business owners minimize taxes, optimize revenue, reduce overhead, and streamline operations. The company works closely with professionals such as physicians, dentists, veterinarians, and small businesses to enhance their financial performance and efficiency. Accounting Lab Group filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-01659) on March 25, 2025, listing up to $10 million in both assets and liabilities. R. Corico McCray Sr, managing member, signed the petition. Judge Lori V Vaughan oversees the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP, represents the Debtor as legal counsel. NewTek Bank, N.A., as secured creditor, is represented by: Kelsey E. Burgess, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O’Neill & Mullis, P.A. 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 kburgess@trenam.com ACTION IMPORTS: Committee Taps Rochelle McCullough as Counsel ------------------------------------------------------------- The official committee of unsecured creditors of Action Imports, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Rochelle McCullough LLP as its legal counsel. The firm's services include: (a) advising the Committee with respect to its rights, duties, and powers in the Bankruptcy Case; (b) assisting and advising the Committee in its consultations with the Debtor relative to the administration of the Bankruptcy Case; (c) assisting the Committee in analyzing the claims of the Debtor's creditors and the Debtor's capital structure and in negotiating with holders of claims and equity interests; (d) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and of the operation of the Debtor's business; (e) assisting the Committee in its investigation of the liens and claims of the holders of the Debtor's pre-petition debt and the prosecution of any claims or causes of action revealed by such investigation; (f) assisting the Committee in its analysis of, and negotiations with, the Debtor or any third-party concerning matters; (g) assisting and advising the Committee as to its communications to unsecured creditors regarding significant matters in the Bankruptcy Case; (h) representing the Committee at hearings and other proceedings; (i) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee as to their propriety; (j) assisting the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives in the Bankruptcy Case; (k) preparing, on behalf of the Committee, any pleadings; and (l) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Rochelle McCullough's hourly rates are: Kevin D. McCullough $700 Curt Hochbein $550 Bryan L. Rochelle $450 Diana Salinas $225 According to court filings, Rochelle McCullough LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kevin D. McCullough ROCHELLE MCCULLOUGH LLP 901 Main Street, Suite 3200 Dallas, TX 75202 Telephone: (214) 953-0182 Facsimile: (888) 467-5979 Email: kdm@romclawyers.com About Action Imports, LP Action Imports, LP is a wholesale distributor based in Grand Prairie, Texas, offering a broad range of products including candy, toys, electronics, purses, and collectibles. It serves retail clients across the United States and provides various merchandising solutions such as countertop displays, shippers, and gondolas. Action Imports sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42025) on June 2, 2025. In its petition, the Debtor reported assets and liabilities between $1 million and $10 million. Judge Mark X. Mullin handles the case. The Debtor is represented by Craig D. Davis, Esq., at Davis, Ermis & Roberts, PC. AEROFAB INDUSTRIES: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Aerofab Industries, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral through October 3 to pay operating expenses, including payroll and related taxes in accordance with its budget. The Debtor may exceed the amounts set forth in the budget by as much as 15% without court approval. Based on a search conducted on August 26, and a review of loan documents, the Debtor identified seven UCC-1 financing statement filers but only three asserted to have a valid interest in the Debtor's cash collateral: Craft3, FC Marketplace, LLC (doing business as Funding Circle) and Fundamental Capital, LLC (doing business as Nexi Finance). Although the U.S. Small Business Administration filed a UCC-1 with an incorrect spelling of the Debtor's name, the Debtor reserves the right to treat it as a secured creditor under a Chapter 11 plan if additional information confirms a valid interest. As adequate protection for the Debtor's use of cash collateral, the court granted the secured creditors replacement liens on the Debtor's post-petition cash, accounts receivable and inventory. The replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. The total cash collateral value as of the petition date is estimated at $269,326, consisting of $9,123 in bank deposits, $257,203 in accounts receivable, and $3,000 in inventory. The total secured debt is approximately $313,277.16. The final hearing is set for October 3. Objections are due by September 26. About Aerofab Industries Inc. Aerofab Industries Inc. provides metal fabrication services, offering custom manufacturing, on-site installation, and emergency repair solutions for clients across the food, industrial, medical, and architectural sectors. The Company focuses on quality and timely delivery, supported by a management team with over 59 years of combined experience and a sales team with more than 65 years of combined experience. Aerofab Industries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12454) on September 3, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Timothy W. Dore handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C. AFFINITY INTEGRATED: Cash Collateral Hearing Set for Sept. 30 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, is set to hold a hearing on September 30 to consider another extension of Affinity Integrated Healthcare S.C.'s authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the latest interim order issued by Judge Donald Cassling expires on September 19. In his interim order dated September 9, the bankruptcy judge authorized the Debtor to access cash collateral on the same terms as the order he entered on August 5 and the budget attached thereto. The U.S. Small Business Administration may assert an interest in the cash collateral based on the $150,000 loan it extended to the Debtor prior to the petition date. This loan is secured by a lien on the Debtor's personal property, including accounts receivables and deposit accounts. About Affinity Integrated Healthcare Affinity Integrated Healthcare S.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-09010) on June 19, 2024, listing up to $50,000 in assets and up to $500,000 in liabilities. Judge Donald R. Cassling presides over the case. The Debtor is represented by: Blair R. Zanzig, Esq. Leibowitz Hiltz & Zanzig Tel: 312-566-9008 Email: bzanzig@lakelaw.com AGREETA SOLUTIONS: Hires Theodore Stapleton as Bankruptcy Counsel ----------------------------------------------------------------- Agreeta Solutions USA, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Theodore N. Stapleton, P.C. as legal counsel in its Chapter 11 case. The firm will provide these services: (a) advise the Debtor regarding matters of bankruptcy law, including the rights, obligations, and remedies of the Debtor as Debtor-in-Possession with respect to its assets and creditors; (b) prepare and assist in the preparation of pleadings, exhibits, applications, reports, accountings, and other documents necessary to the administration of the proceedings; (c) investigate, analyze, and evaluate potential claims of the estate, including recovery of avoidable transfers under the Bankruptcy Code; (d) advise the Debtor concerning Chapter 11 plans and alternatives; (e) represent the Debtor at hearings and conferences, and prepare related pleadings and papers; and (f) represent and assist the Debtor with regard to any and all other matters relating to the administration of the case. TNS customary hourly rates are: Theodore N. Stapleton, Esq. $600 Attorneys $200 to $600 Paralegals $50 to $175 According to filings, TNS does not hold or represent an interest adverse to the Debtor's estate and is a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Theodore N. Stapleton, Esq. THEODORE N. STAPLETON, P.C. 2802 Paces Ferry Road, Suite 100-B Atlanta, GA 30339 Telephone: (770) 436-3334 E-mail: tstaple@tstaple.com About Agreeta Solutions USA LLC Agreeta Solutions USA, LLC develops digital solutions for the agriculture technology sector, offering platforms that integrate smart farming, traceability, and agri-commerce tools. It operates in Peachtree Corners, Georgia, and focuses on improving farm productivity, supply chain transparency, and market connectivity. Its services include precision agriculture analytics, end-to-end food product traceability, and support for farmer networks. Agreeta Solutions USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-59677) on August 25, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by Theodore N. Stapleton, Esq. ALASKA AIR: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Alaska Air Group, Inc.'s Long-Term Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook. Fitch also affirmed AS Mileage Plan IP Ltd.'s loyalty program debt at 'BBB-' with a Recovery Rating of 'RR1'. Fitch also affirmed Hawaiian Airlines Holdings, Inc. and Hawaiian Airlines, Inc. at 'BB+' and the current Hawaiian EETCs. Alaska's ratings are supported by its manageable leverage, financial flexibility, and margin performance relative to peers. Fitch expects Alaska's credit metrics to remain outside negative sensitivities in the near term as the Hawaiian integration progresses and the demand environment remains soft. Metrics should improve as synergies materialize and air-travel demand normalizes. Fitch has also upgraded Alaska's 2020-1 Class A certificates to 'A+' from 'A' and affirmed Hawaiian's 2013-1 Class A certificates at 'BBB'. Key Rating Drivers Improving Demand Environment: Fitch expects the demand environment for U.S. air travel to show modest improvement through the remainder of 2025, following a rebound in booking trends that began in June and has continued into the third quarter. Airlines have reported stronger bookings after a slowdown earlier in the year, supported by recovering consumer confidence. However, demand from the most budget-focused travelers is likely to remain subdued, as inflation and tariff impacts continue to influence purchasing behavior. Third-quarter results will reflect relatively soft July performance, given that much of the month's travel was booked before trends improved. Near-term Margin Compression: Fitch expects Alaska's profit margins to compress by several hundred basis points in FY 2025, reflecting softer demand and the continued drag from Hawaiian Airlines' weaker margins. As a result, leverage is projected to rise modestly above previous forecasts but is still anticipated to remain below 4x and decline to within Fitch's rating sensitivities by YE 2026. Risks to the forecast include a more prolonged demand slowdown or integration execution challenges. Alaska's ratings could face pressure if margins do not begin expanding in 2026. Better Positioned than Low Cost Carriers: Fitch believes Alaska is better positioned to manage through a period of soft leisure demand compared to its low-cost competition. Despite its being primarily domestic-focused, Alaska benefits from its strong market position in the Pacific Northwest and established exposure to premium travel. Alaska also has a stronger margin profile than low-cost peers that have struggled to generate profits since the pandemic. Alaska's solid liquidity balance and access to contingent liquidity via a sizeable base of unencumbered assets also support its flexibility relative to lower rated peers. International Strategy Presents Risks: Alaska's efforts to expand long-haul services from its Seattle hub introduces strategic risks. Competing with established network carriers with extensive route networks may prove challenging, as evidenced by a mixed record of airlines expanding into widebody flying. Alaska plans to serve 12 long-haul destinations by 2030, limiting its near-term international reach. However, Fitch believes these risks are offset by Alaska's enhanced ability to utilize widebody aircraft acquired through the Hawaiian acquisition, along with Alaska's established market position in Seattle, which has geographic advantages relative to other West Coast hubs. Hawaiian Profitability Improvement: Fitch views Hawaiian Airlines' recent margin improvement as a positive, with Alaska reporting an 11-point year-over-year gain in second-quarter operating margin and Hawaiian's first quarterly profit since 2019. While Hawaiian is expected to remain a near-term drag on Alaska's overall margins, recent performance reflects early benefits from integration efforts. Demand remains strong from U.S. mainland visitors, although overall improvement is tempered by continued weakness in Japanese travel due to a weak yen, leaving room for additional upside in the future. Merger Synergies to Accrue: Merger synergies are beginning to build in 2025 but will have a more meaningful impact in 2026 and 2027, supporting Fitch's expectations for margin improvement over time. Alaska targeted $1 billion in incremental profit between merger synergies and commercial initiatives by 2027. Although Fitch's forecast is more conservative than management's, it views factors like network integration, loyalty program enhancement, and cost savings as accretive. Management indicates that merger integration progress is on track. The company expects to receive a single air operator certificate by 4Q25. FCF: Fitch expects Alaska to generate a negative low-single-digits FCF margin in 2025, and roughly neutral FCF over 2026-2027. This is a negative revision from prior estimates based on softer margin projections, driven by the current economic environment. Management's investor-day target of hitting pre-tax margins of 11%-13% by 2027 would be sufficient to drive meaningfully positive FCF and debt reduction. Fitch's projections build in a slower recovery, which, coupled with higher aircraft delivery stemming from capital expenditures in 2027 and 2028, may limit FCF generation and gross debt reduction. Shareholder Returns Balanced by Leverage Targets: Fitch does not currently view Alaska's shareholder returns as a negative rating factor. Despite directing $535 million to share repurchases in the first half of 2025—above initial expectations—the company has maintained a solid liquidity position and maintained its de-leveraging goals following the Hawaiian acquisition. Alaska expects to reach its net adjusted leverage target of 1.5x by YE 2026, approximately one turn below current levels. Achieving this target would support positive rating momentum over time. EETCs ALK 2020-1 Class A Certificate Ratings: The upgrade of the class A certificates to 'A+' from 'A' is driven by improving overcollateralization and Loan to Value ratios (LTVs) in line with similarly rated certificates. The transaction's 'A' level stress scenario LTV improved to 83.0% from 89.5% in Fitch's prior review, driven by lower-than-modeled depreciation rates for all aircraft in the collateral pool, combined with the tranche's high rate of amortization, which still outpaces depreciation. Going forward, the LTV is expected to improve, given that the amortization of the certificates continues to outpace the expected aircraft depreciation rate. Fitch views an upgrade to the 'AA' rating category as unlikely, despite improving LTVs driven by a relatively high amortization rate. This is due to qualitative factors including the relative age of the 737-800 aircraft in the pool, as well as Tier 2 status assigned for less attractive collateral such as the 737-900ER and ERJ-175. Per Fitch's criteria, 'AA' category ratings should be supported by collateral pools consisted entirely of Tier 1 aircraft. Credit positives for the transaction include Alaska's relatively high issuer default rating and the size of the collateral pool relative to Alaska's total fleet. HA 2013-1 Class A Certificate Affirmation: Fitch rates the 2013-1 Class A Certificates based on Alaska's 'BB+' IDR, as Alaska has guaranteed the payments on Hawaiian's 2013-1 transaction as part of the Alaska-Hawaiian merger. The class A certificates are affirmed at 'BBB', two notches above Alaska's IDR, reflecting Fitch's 'medium/high' affirmation factor assessment (+1) and the presence of a liquidity facility (+1). Hawaiian EETC Affirmation Factor: Fitch assigns a 'medium/high' affirmation factor, reflecting its view that the A330s in the collateral pool would likely to be affirmed under a hypothetical Alaska bankruptcy. These aircraft are younger than Hawaiian's other A330s, and Hawaiian's widebody aircraft is strategically important to Alaska's acquisition rationale. By contrast, 46% of the remaining A330s in Hawaiian's fleet are currently leased, which Fitch views as more likely to be rejected than owned aircraft in this transaction. The EETC's low coupon further supports the affirmation of the collateral. Stress Scenarios: The rating for the certificates is primarily based on collateral coverage in a stress scenario. The analysis uses a top-down approach assuming a rejection of the entire pool in a severe global aviation downturn. The analysis incorporates a full draw on the liquidity facility and an assumed repossession/remarketing cost of 5% of the total portfolio value. Fitch then applies haircuts to the collateral value. 737-800 Value Stress Assumptions: In its 'A' level stress analysis, Fitch applies a 35% value stress to the 737-800s in the portfolio, representing the mid-point of Fitch's 'A' stress range for Tier 2 aircraft. Under Fitch's criteria, aircraft are reclassified from Tier 1 to Tier 2 when they reach 15 years of age. The 737-800s were delivered between 2007 and 2009, so all are categorized as Tier 2 collateral. Through the pandemic, the 737-800 stayed within Fitch's baseline depreciation assumptions of 6% due to the aircraft's wide userbase, favorable economics and flexibility with conversion to cargo supporting its initial Tier 1 status. Tier 2 Aircraft Value Stresses: Fitch is using a 35% stress for the 737-900ERs and ERJ 175. The higher stress rate reflects the Tier 2 status of the two aircraft types, driven by the limited user base for the 900ER relative to other narrowbodies, and the E-175's limited user base concentrated among North American carriers. Its limited user base is partly offset by its multi class offering, which has been strategically important to its operators. Hawaiian 2013-1 Value Stresses: For the A330-200s in the Hawaiian 2013-1 transaction, Fitch is using A level stress at 45%, BBB level stress at 40%, and BB level stress at 35%. Peer Analysis Alaska's 'BB+' rating is one notch below Delta Air Lines (BBB-/Positive) and one notch above United Airlines (BB/Positive). Fitch expects Alaska's leverage and coverage metrics to be weaker than Delta's. Alaska continues to face merger integration risks, which are incorporated in the rating differential. Fitch expects that leverage metrics for United and Alaska may be similar over time, though United faces FCF pressure from its fleet renewal efforts. However, Fitch expects United's credit profile to improve over time, potentially converging toward Alaska's. Alaska has a history of outperforming peers in profitability, consistently generating margins at or near the top of its peer group in the U.S. These factors partly offset Alaska's smaller size, scale and regional concentration relative to larger airlines. EETCs The ALK-2020-1 Class A certificate ratings at 'A+' compares well against other EETC transactions with similar ratings. The collateral pool is similar to United's 2014-2 transaction which is rated 'A'. Collateral exposure is similar in relation to the 737-900ER and ERJ 175 aircraft, and similar average pool age. The rating differential is primarily driven by stronger LTVs as the ALK 2020-1 transaction amortizes at a faster pace (2.4% higher annually) when compared to United's 2014-2. HA 2013-1 class A certificates' 'BBB' rating is higher than several class A of United Airlines, Air Canada and American Airlines' Class A certificates that are rated bottom up. The rating differential is largely driven by Hawaiian's IDR that is equalized to Alaska Air and is stronger than other peers. Key Assumptions - Alaska experiences traffic growth in the low single digits through the forecast; - Yields decline in the low single digits in 2025 and modestly positive thereafter; - Brent crude prices average $70/barrel through the forecast; - Capex is in line with company guidance. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Gross adjusted leverage rising and remaining above 3.5x; - FFO fixed-charge coverage toward 3x; - Sustained EBIT margins in the single digits. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Adjusted debt/EBITDAR sustained around or below 2.25x; - FCF margins sustained in the mid-single digits; - Execution of Alaska's fleet modernization plan while maintaining or growing unencumbered assets and financial flexibility. EETCs Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The ALK 2020-1 class A certificates could be downgraded due to faster than expected asset value depreciation. - Due to the sharp decline in appraised values for the A330s that occurred during the pandemic, the rating for the HA 2013-1 class A certificates is achieved via a bottom-up approach that acts as a rating floor. Should Fitch downgrade Hawaiian's IDR or change its affirmation factor assessment, the notes will be downgraded accordingly. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Senior tranche ratings are primarily based on levels of overcollateralization. It is unlikely the ALK 2020-1 class A certificates would be upgraded to AA rating category as all of its aircraft is considered tier 2 collateral; - HA 2013-1 senior tranche is rated via Fitch's bottom up approach. As a result, the rating would be upgraded with any upgrades to Hawaiian's IDR or positive changes to the affirmation factor assessment. Liquidity and Debt Structure Fitch views Alaska's liquidity balance as more than adequate to cover obligations, while providing downside protection against an adverse turn in the operating environment. Alaska finished 2Q25 with $2.1 billion of unrestricted cash and marketable securities along with full availability under its $850 million in revolving credit facilities. Alaska renewed and upsized its revolver following the Hawaiian acquisition. The revolver matures in September 2029. Debt principal payments are limited in 2025 but become more material in 2026 and 2027, totaling $520 million and $719 million respectively. Fitch expects FCF to be minimal over this period but expects Alaska to have ample flexibility to address maturities through a combination of cash on hand and borrowing against aircraft deliveries. Alaska's debt capital structure primarily consists of its $2 billion loyalty program financing, $800 million in aircraft EETCs, $1.32 billion in variable rate notes secured by aircraft, and $690 million in unsecured payroll support program (PSP) notes. EETCs ALK 2020-1 Class A certificates feature an 18-month liquidity facility provided by Credit Agricole (A+/F1/Stable). HA 2013-1 Class A certificates feature an 18-month liquidity facility provided by Natixis (A/F1/Stable). Issuer Profile Alaska Air Group, Inc. (Alaska) is the fifth largest air carrier in the U.S. by capacity. Air Group operates through three primary subsidiaries: Alaska Airlines, Inc., Hawaiian Airlines, Inc., and Horizon Air Industries, which is Alaska's wholly owned regional subsidiary. 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 ----------- ------ -------- ----- Alaska Air Group Inc. LT IDR BB+ Affirmed BB+ Alaska Air Group Pass Through Certificate Series 2020-1 senior secured LT A+ Upgrade A AS Mileage Plan IP Ltd. senior secured LT BBB- Affirmed RR1 BBB- Hawaiian Holdings, Inc. LT IDR BB+ Affirmed BB+ Hawaiian Airlines, Inc. LT IDR BB+ Affirmed BB+ Hawaiian Airlines 2013-1 Pass Through Trust senior secured LT BBB Affirmed BBB ALBERT WHITMAN: Court Extends Cash Collateral Access to Oct. 11 --------------------------------------------------------------- Albert Whitman & Company received fifth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The order penned by Judge Jacqueline Cox authorized the Debtor's interim use of cash collateral until October 11 to pay the expenses set forth in its budget and additional amounts that Republic Business Credit, LLC approves in advance. RBC holds an interest in the Debtor's cash, which constitutes cash collateral. As of the petition date, the Debtor owed RBC at least $208,800.96 under a 2023 purchase agreement, which allows the Debtor to obtain cash to operate its business from the sale of its accounts receivable to RBC. The Debtor's obligation to pay its pre-bankruptcy debt is secured by RBC's liens on substantially all of its property, including receivables (with face value of $714,235 as of the petition date according to the Debtor's April 22 report) and inventory (with book value of $731,589.17 according to the Debtor's March 31 report). As adequate protection, the fifth interim order authorized the Debtor to grant RBC perfected replacement liens on its pre-bankruptcy collateral and any assets acquired by the Debtor after the petition date. These replacement liens will have the same priority and extent as RBC's pre-bankruptcy lien. In case the protection granted proves to be insufficient, RBC will have an allowed claim pursuant to Section 507(b) under the Bankruptcy Code, with priority over all other claims. The next hearing is scheduled for October 7. A copy of the court's order is available at https://shorturl.at/0xEgx from PacerMonitor.com. About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. William J. Factor, Esq., is the Debtors legal counsel. Republic Business Credit, LLC, as secured creditor, is represented by: Michael A. Brandess, Esq. Husch Blackwell, LLP 120 South Riverside Plaza, Suite 2200 Chicago, IL 60606 Phone: 312-526-1542 michael.brandess@huschblackwell.com ALEXANDRIA MUSIC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Alexandria Music Inc. d/b/a Alexandria Music Company 1502 Belle View Blvd Alexandria, VA 22307 Business Description: Alexandria Music Inc., doing business as Alexandria Music Company, operates a music retail store in Alexandria, Virginia, offering pianos, guitars, keyboards, percussion, and other stringed and band instruments, along with accessories. The Company also provides instrument rentals, repair services, and music lessons, catering to musicians, students, and schools across Virginia, Maryland, and Washington, D.C. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 25-11896 Judge: Hon. Klinette H Kindred Debtor's Counsel: Richard G. Hall, Esq. RICHARD HALL 601 King Street Suite 301 Alexandria, VA 22314 Tel: (703) 256-7159 Email: richard.hall33@verizon.net Total Assets: $508,005 Total Liabilities: $1,121,046 The petition was signed by Roger Kronstedt 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/TZRUQTI/Alexandria_Music_Inc__vaebke-25-11896__0001.0.pdf?mcid=tGE4TAMA ALUMAX INC: Plan Exclusivity Period Extended to October 2 --------------------------------------------------------- Judge Maria de Los Angeles Gonzalez of the U.S. Bankruptcy Court for the District of Puerto Rico extended Alumax Inc.'s exclusive periods to file a plan of reorganization and disclosure statement to October 2, 2025. As shared by Troubled Company Reporter, the Debtor explains that since this Court's prior extension order, a significant contested matter has emerged that directly impacts fundamental elements of any proposed Plan. Commercial Equipment Finance, Inc. ("CEFI") filed Proof of Claim #2-2 claiming secured status based on cross-collateral agreements and UCC filings. The Debtor claims that the contested matter involves dispositive legal issues including: (i) whether CEFI's UCC filing describes the correct collateral (describing a rivet machine while the loan agreement covers a generator); (ii) whether CEFI's private cross collateral agreements are enforceable against the DIP without proper UCC amendments; and (iii) whether private cross-collateral agreements without public filing can create enforceable security interests against third parties. The Debtor asserts that it requires sufficient time to resolve the CEFI contested matter before preparing a Chapter 11 Plan. The existence of this unresolved contingency directly impacts claim classification, liquidation analysis, and plan feasibility which are core elements that must be determined before proposing a viable plan to creditors. The Debtor further asserts that the timing of this request aligns with the need for judicial resolution of complex legal issues involving UCC perfection, cross-collateral enforceability, and public notice requirements. The requested extension to October 2, 2025 (which aligns with the 300-day statutory deadline) provides adequate time for the Court to consider and resolve the CEFI matter and for the Debtor to incorporate that resolution into plan formulation. Alumax Inc. is represented by: Javier Villarino, Esq. Villarino & Associates LLC P.O. Box 9022515 San Juan, PR 00902 Telephone: (787) 565-9894 Email: jvillarino@vilarinolaw.com About Alumax Inc. Alumax Inc. manufactures aluminum doors and windows with its manufacturing infrastructure located in San Sebastian, Anasco, Ponce and San Domingo. Alumax Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-05312) on December 6, 2024. In the petition filed by Frank J. Jimenez, Cruz as president, the Debtor reports total assets of $416,851 and total liabilities of $2,954,034. The Debtor is represented by Javier Vilarino, Esq. at VILARINO AND ASSOCIATES, LLC. AMERICAN TRASH: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: American Trash Management, Inc. d/b/a SmartTrash, LLC d/b/a SmartTrash Systems, LLC 1900 Powell St. Suite 220 Emeryville CA 94608 Business Description: American Trash Management, Inc. provides trash management products and services to public and private sector clients across North America, offering waste system design, equipment supply, and operational consulting. The Company supports residential, commercial, retail, office, and industrial developments with services including trash compactors, balers, chutes, chute cleaning, equipment maintenance, and concierge trash collection. It also offers waste monitoring technology and compliance- focused consulting aimed at reducing costs, improving efficiency, and minimizing environmental impact. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-30743 Judge: TBD Debtor's Counsel: Stephen Finestone, Esq. FINESTONE HAYES LLP 456 Montgomery St. San Francisco CA 94104 Tel: (415) 421-2624 Email: sfinestone@fhlawllp.com Total Assets as of Sept. 30, 2025: $5,564,965 Total Liabilities as of Sept. 30, 2025: $4,155,759 Scott Brown signed the petition as petition as CEO. 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/FJGIFGQ/American_Trash_Management_Inc__canbke-25-30743__0001.0.pdf?mcid=tGE4TAMA AMKOR TECHNOLOGY: Fitch Gives 'BB+' Rating on $400MM Senior Notes ----------------------------------------------------------------- Fitch Ratings has rated Amkor Technology, Inc.'s (Amkor) $400 million senior notes offering 'BB+' with a Recovery Rating of 'RR4'. The notes will rank pari passu with Amkor's existing and future senior unsecured indebtedness, as the company will use the net proceeds to prefund its senior notes maturing in September 2027. Key Rating Drivers Strengthening FCF: The resumption of positive revenue growth in 2026 should drive FCF margins to average at least 3%, up from flat to low-single digits previously. Amkor's capital spending will remain elevated through the forecast period as Amkor expands its U.S. advanced-packaging footprint. The company will offset a portion of capital expenditure (capex) with U.S. government grants and moderate the pace of investments with end demand. Conservative Financial Policies: Amkor's financial profile is conservative for the rating, in part to provide flexibility to invest through the semiconductor cycle. EBITDA leverage is forecast to remain below its 1.5x long-term target and Fitch's 3.0x positive rating sensitivity. Cash on hand and operating cash flow will support elevated investment over the next several years, including the advanced-packaging facility in Arizona. Moderate Barriers to Entry: Cumulative investments and expectations for high ongoing capital intensity are likely to sustain barriers to entry and, therefore, Amkor's solid market position over the medium term. Fitch expects capex to increase to 15% of net sales by 2027, which will enable expansion of Amkor's geographic footprint, including construction of the advanced-packaging facility in Arizona. Leading foundries are using their financial flexibility to invest in internal advanced-packaging capabilities, heightening competitive intensity for outsourced semiconductor assembly and test (OSAT) providers such as Amkor. Strong Market Position: Amkor's long-term customer relationships and large-scale global footprint provide a sustainable competitive advantage and a strong market position. The company is the second-largest OSAT services provider by revenue but the only pure-play provider with a significant advanced footprint outside Asia-Pacific region. Increasing semiconductor complexity and higher investment requirements in chip design and front-end manufacturing position Amkor favorably against insourcing. Secular Growth Drivers: Increasing semiconductor content and ongoing outsourcing trends support low- to mid-single-digit long-term growth for Amkor. Accelerating digitalization and electrification continue to drive increasing semiconductor penetration across a wide range of products, doubling growth from volume alone in certain markets. Outsourcing trends in semiconductor production, particularly for advanced technologies, are expanding Amkor's addressable market. Customer Concentration: Amkor's reliance on Apple Inc. (Apple; not rated), which accounted for 31% of 2024 net sales, increases operating volatility, despite their long-standing partnership. Although Amkor is a technology leader in OSAT, short product life cycles in smartphones and consumer devices require it to compete for Apple's business each year. Maturing innovation and rising competition add product risk, but Amkor's geographically balanced operations and strong positions with other consumer device makers help mitigate this. Peer Analysis Amkor's financial structure is more conservative than Seagate Technology Holdings Public Limited Company (Seagate; BB+/Stable) and Western Digital Corp. (Western Digital; BB+/Stable). Amkor's long-term EBITDA leverage target is 1.5x, compared with Seagate's and Western Digital's more opportunistic financial policies, due in part to Amkor's less cyclical revenue profile. From a diversification standpoint, increasing customer engagement and less-cyclical demand offset Amkor's concentration to handset makers, particularly Apple, while Seagate and Western Digital are increasingly exposed to cloud service provider spending. Flex Ltd. (Flex; BBB-/Positive) and Jabil Inc. (Jabil; BBB-/Stable) have less-favorable profitability than Amkor due to the competitive electronics manufacturing services (EMS) landscape. Amkor's long-term EBITDA leverage target of 1.5x is favorable compared to Jabil and Flex, which both have leverage above 2x. Amkor's FCF margins in the low- to mid-single digits are comparable to those of Jabil and Flex. Key Assumptions - Low single digit decline in revenue in 2025 before recovering in 2026; - Low- to mid-single digit positive revenue growth in 2027 to 2028; - Gross profit margin expansion driving EBITDA margins to the high teens; - Capital intensity expand to the mid-teens by 2027 to support investment requirements; - Debt is refinanced; - Modest dividend growth; - Fitch does not assume incremental special dividends; - Portion of FCF is returned to shareholders, with the balance building cash over the forecast. RATING SENSITIVITIES Fitch could revise the Outlook to Stable at the current rating level if Fitch expects Amkor to maintain EBITDA leverage at 3.0x to 3.5x or FCF in the low-single digits over the longer term. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FCF margins sustained near 1% or below; - Sustained EBITDA leverage above 3.5x and CFO less capex to total debt sustained below 10%; - Operating profile negatively affected by a weaker competitive position or loss of market share, resulting in lower-than-expected revenue growth or EBITDA margins. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Expectations for FCF margins averaging 3% through the cycle; - Expectations for EBITDA leverage sustained below 3.0x. Liquidity and Debt Structure Amkor's liquidity is sufficient and was supported by $1.5 billion of cash and cash equivalents and $516 million of short-term investments, as of June 30, 2025. The $1 billion U.S.-based senior secured revolving credit facility is fully available and expires May 9, 2030. $100 million to $300 million of annual FCF through the forecast period also supports liquidity. Issuer Profile Amkor Technology Inc. is the number two global provider of outsourced semiconductor assembly and test (OSAT) services by revenue. Date of Relevant Committee 20 June 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 Fitch has revised the ESG Relevance Score for Governance Structure to '3' from '4' due to reduced risk associated with governance. 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 ----------- ------ -------- Amkor Technology, Inc. senior unsecured LT BB+ New Rating RR4 AMNEAL PHARMACEUTICALS: Moody's Alters Outlook on B1 CFR to Pos. ---------------------------------------------------------------- Moody's Ratings affirmed Amneal Pharmaceuticals, LLC's ratings including the B1 Corporate Family Rating, B1-PD Probability of Default Rating, and the B1 rating on the senior secured first lien term loan and B1 rating on the senior secured notes. The company's Speculative Grade Liquidity rating was upgraded to SGL-1 from SGL-2. The outlook was revised to positive from stable. The change in outlook reflects Moody's expectations that Amneal's revenue and profitability will continue to strengthen, supporting further improvement in company's credit metrics. Moody's expects the company will continue to see material growth in sales of Crexont, which along with launches across biosimilars, injectables and specialty products will drive top and bottom-line growth, resulting in debt-to-EBITDA improving below 4.0x, over the next 12 months. Moody's also expects the company will maintain very good liquidity supported by ample positive free cash flow, over the forecasted period. The change in outlook also assumes Amneal would effectively navigate potential tariffs impact, as well as the recently issued FDA warning letter at its' production facility in Gujarat, India, avoiding material disruption to its operations and profitability. RATINGS RATIONALE Amneal's B1 Corporate Family Rating reflects its moderate size and scale by revenue compared to generic pharmaceutical peers, and its moderately high pro forma financial leverage with gross debt/EBITDA of 4.2x as of June 30, 2025, on Moody's adjusted basis. Amneal has significant concentration in the US where it faces earnings volatility in its generics business due to pricing pressure on its base of existing products. However, Amneal generates nearly 50% of operating profit from its specialty branded drugs. In addition, the Avkare distribution business and contribution from portfolio of biosimilar drugs help mitigate the volatility in its generics business. Amneal's rating also reflects its significant manufacturing capacity in the US and India, as well as its advancing complex drug development and in-house active pharmaceutical ingredient (API) production. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Amneal will maintain very good liquidity over the next 12 months. Amneal's unrestricted cash at the close of the refinancing were roughly $137 million. Moody's expects Amneal will generate free cash flow of over $200 million, over the next 12 months. Moody's believes these sources will be sufficient to meet company's operational needs. Amneal's liquidity is bolstered by access to a $600 million asset-based revolver that expires in August 2030. At the close of the refinancing the ABL revolver was undrawn. Amneal's senior secured first lien term loan and senior secured notes do not have financial maintenance covenants. There is a springing minimum fixed charge coverage ratio of 1.0x that is tested only if more than 90% of the revolver is drawn. While Moody's do not believe the covenant will be tested over the next twelve months, Moody's anticipates company to maintain ample cushion. Amneal's $2.1 billion senior secured term loan due 2032, and $600 million senior secured notes due 2032, are both rated B1, the same as the corporate family rating. This is because the senior secured term loan and senior secured notes represent preponderance of the debt in Amneal's capital structure. The rating reflects term loans' first lien priority on all assets of the borrower, except short term assets such as inventory and receivables on which it has a second lien behind the unrated $600 million ABL revolver. The positive outlook reflects Moody's expectations that financial leverage will continue to improve through earnings growth, while liquidity will remain strong, supported by meaningful free cash flow, over the next 12-18 months. The outlook also assumes Amneal will avoid material disruption to its operations and profitability from potential tariffs impact, as well as the recently issued FDA warning letter. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if the company demonstrates consistent organic revenue and EBITDA growth and sustains debt/EBITDA below 4.0x. A rating upgrade would also require Moody's expectations of financial policies that support the above credit metrics, and maintenance of at least good liquidity, with robust free cash flow. The rating could be downgraded if the company's operating performance materially deteriorates, or if there are negative developments in the commercialization of company's pipeline. Ratings could be downgraded should organic revenue or profit margin weaken, or if debt/EBITDA is sustained above 5.0x. Deterioration of liquidity highlighted by weakening in free cash flow generation, or increased reliance of the revolver facility could also lead to a downgrade. The principal methodology used in these ratings was Pharmaceuticals 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. Headquartered in Bridgewater, New Jersey, Amneal Pharmaceuticals, LLC, is a generic pharmaceutical manufacturer with facilities in New York, New Jersey, and India. The company generates most of its revenue in the US, with some presence internationally. Amneal Pharmaceuticals, LLC generated approximately $2.85 billion in revenue for the twelve months ended June 30, 2025. ANCHOR GLASS: Moody's Lowers CFR to Ca & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded Anchor Glass Container Corporation's (Anchor Glass) corporate family rating to Ca from Caa1 and its probability of default rating to C-PD from Caa1-PD. Concurrently, Moody's downgraded the rating of the $682 million backed senior secured first lien term loan due June 2026 to Ca from Caa1, and the rating of the $77 million backed senior secured second lien term loan due December 2026 to C from Caa3. The outlook is changed to stable from negative. On September 02, 2025, Anchor Glass announced that it has reached an agreement with 100% of its first- and second-lien term loan holders and its current sponsor on comprehensive debt recapitalization. The transaction includes a conversion of the first and second lien loans to new equity that results in about 58% reduction in total debt, combined with $100 million of new loans. The maturities of the existing debt will be extended. The transaction has not yet closed and a part of new loans remain unfunded, albeit committed. The company expects to close the entire transaction in the next couple of weeks. Once the transaction closes, Moody's will consider this debt exchange and equity conversion of the first and the second lien loans a distressed exchange and a limited default (LD). Following the closing of the transaction, Moody's would append the /LD designation to Anchor Glass' PDR. Moody's will remove the "/LD" designation from the PDR in approximately three business days after appending. The downgrades, including of the CFR to Ca, reflect a high and imminent likelihood of completing the transaction that Moody's will consider a default, and the substantial loss incurred by the existing debt holders upon completion of the transaction. RATINGS RATIONALE The Ca CFR predominantly reflects the imminent debt exchange and the company's unsustainable capital structure and weak liquidity before the successful completion of the transaction. The rating also reflects that, as a glass packaging manufacturer, Anchor Glass requires periodical spending to refurbish glass furnaces, which constrains its free cash flow relative to plastic or metal packaging manufacturers. The limited free cash flow generation and low profit margins after depreciation and amortization do not support a high debt load. Leverage stood at 7.9x debt/EBITDA for the 12 months that ended June 2025. The company's credit strengths include improving diversification of customers and end markets, which reduces business volatility, and the consolidated nature of the US glass packaging industry. Most of the business is under long-term contracts with cost pass-through provisions. Furthermore, the difficulty in shipping fragile glass packaging over a distance adds value to Anchor Glass' facilities and increases switching costs. Under the current capital structure before incorporating the debt restructuring, Moody's expects Anchor Glass to have weak liquidity over the 12-18 months from June 2025, anchored by Moody's expectations of limited free cash flow generation and increasing dependence on the ABL revolver to support debt amortization. As of June 30, 2025, the company had no cash on hand and $22 million availability under its ABL revolver. All assets are encumbered under the credit facilities, but the company could monetize some of its real estate and use the proceeds to pay down debt. The stable outlook reflects the high likelihood that the debt exchange transaction will close successfully, which will result in a substantial debt reduction and improved capital structure. After closing of the debt exchange transaction, a rating upgrade could be considered, including of more than one notch, given the substantial debt reduction and dependent on the adequacy of Anchor Glass' future liquidity profile. Governance considerations are relevant to the rating action, including risks from an aggressive financial policy with an elevated debt load and an untenable capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Anchor Glass' ratings if it successfully closes the debt restructuring and realize material debt reduction and extends maturities to achieve more sustainable capital structure. An upgrade would also require an improved liquidity profile. Moody's could downgrade Anchor Glass' ratings if the company fails to close the announced debt restructuring and defaults on its obligations. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. Anchor Glass' Ca CFR is three notches below the scorecard-indicated outcome of Caa1. The difference reflects a high and imminent likelihood of completing the debt restructuring transaction that Moody's will consider a default, and a substantial loss to the existing debt holders upon closing of the transaction. Headquartered in Tampa, Florida, Anchor Glass Container Corporation is a North American manufacturer of premium glass packaging products, serving the beer, liquor, food, soft drink, ready-to-drink (RTD) beverage and consumer end markets. The company recorded $619 million of revenue for the 12 months that ended June 2025. Anchor Glass has been a portfolio company of CVC Capital Partners since 2016. ANTHONY'S TRUCK: Lender Seeks to Prohibit Cash Collateral Access ----------------------------------------------------------------- Truist Bank asks the U.S. Bankruptcy Court for the Southern District of West to prohibit Anthony's Truck Repair LTD Co. from using cash collateral. The bank, formerly known as Branch Banking and Trust Company, holds a perfected security interest in substantially all of the Debtor's personal property, including accounts receivable. As of the bankruptcy petition date, the Debtor owed the bank $315,590, a claim supported by a formal proof of claim. Despite this, the Debtor has continued to use the bank's cash collateral without the bank's consent and without providing adequate protection. This led the bank to file its first motion to prohibit such use on June 25. That motion was resolved by an interim consent order dated August 5, which allowed the Debtor to continue using the collateral in exchange for monthly adequate protection payments of $3,000. However, the Debtor has since failed to make any of these payments, accumulating $6,000 in unpaid obligations. Because the Debtor has neither complied with the agreed-upon payment terms nor obtained ongoing consent, Truist Bank argues that it is no longer authorized under bankruptcy law (11 U.S.C. section 363(c)) to use the cash collateral. Accordingly, Truist Bank requests that the court issue an order prohibiting the Debtor's continued use of cash collateral, directing the Debtor to segregate and account for all such collateral in its possession or received since the petition date, and granting any further relief the Court deems appropriate. A court hearing is scheduled for September 24. A copy of the motion is available at https://urlcurt.com/u?l=FUUc4R from PacerMonitor.com. About Anthony's Truck Repair Anthony's Truck Repair Ltd. Co. filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. W. Va. Case No. 25-50023) on April 28, 2025, listing up to $1 million in both assets and liabilities. Judge B. McKay Mignault oversees the case. Andrew S. Nason, Esq., at Pepper & Nason serves as the Debtor's counsel. Truist Bank, as lender, is represented by: Joshua D Bradley, Esq. Rosenberg Martin Greenberg LLP 25 South Charles Street, Floor 21 Baltimore, MD 21201 Tel: (410) 727-6600 jbradley@rosenbergmartin.com AQUA SPAS: Court OKs Deal on Cash Collateral Access --------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado approved a stipulation entered into by Aqua Spas Inc., the Colorado Department of Revenue and Wells Fargo Commercial Distribution Finance, LLC regarding the use of cash collateral. Under the stipulation, the Debtor is authorized to use cash collateral through October 6 in accordance with its operating budget. The Debtor is also permitted to sell all remaining Wells Fargo collateral during the interim period. From the sale proceeds, Wells Fargo will be paid the value of its purchase money security interest first. Of the remaining net proceeds, 20% will be paid to Wells Fargo and 10% to CDOR. Additionally, the Debtor will pay CDOR $5,500 in adequate protection. Other protections for secured creditors as outlined in the court's prior order will remain in place. The final hearing is set for October 3. CDOR and Wells Fargo previously filed objections to the Debtor's use of cash collateral. The tax agency's objection relates to a disputed pre-bankruptcy sales tax obligation it claims is entitled to priority lien status, although the claim is under ongoing audit and is contested by the Debtor. Meanwhile, Wells Fargo asserts a pre-bankruptcy secured claim due to the Debtor's alleged unauthorized sale of its collateral. Wells Fargo also claims a lien on certain inventory still in the Debtor's possession, which was verified by a post-petition site inspection. About Aqua Spas Inc. Aqua Spas Inc., also known as Spas R Us, sells and services hot tubs and swim spas through its locations in Fort Collins, Greeley, and Castle Rock, Colorado. The Company is a longtime dealer of Master Spas products, including the Michael Phelps Signature Swim Spa line. It also offers spa accessories, chemicals, filters, and related supplies, with shipping available for orders over $100. Aqua Spas sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14565) on July 22, 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 Michael E. Romero handles the case. The Debtor is represented by Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley. ARIZONA STATE: Seeks to Hire Allen Jones & Giles PLC as Attorney ---------------------------------------------------------------- Arizona State Masonry, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Allen, Jones & Giles, PLC as attorneys. The firm will provide these services: (a) provide the Debtor with legal advice with respect to its reorganization; (b) represent the Debtor in connection with negotiations involving secured and unsecured creditors; (c) represent the Debtor at hearings set by the court in its bankruptcy case; and (d) prepare necessary legal papers necessary to assist in the Debtor's reorganization. The firm's counsel and staff will be paid at these hourly rates: Thomas Allen, Member $525 David Nelson, Associate $400 Ryan Deutsch, Associate $325 Legal Assistants and Law Clerks $150 - $235 Prior to the petition date, the firm received a retainer of $51,738 from the Debtor. Mr. Allen disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas H. Allen, Esq. David B. Nelson, Esq. Allen, Jones & Giles, PLC 1850 N. Central Ave., Suite 1025 Phoenix, AZ 85004 Telephone: (602) 256-6000 Facsimile: (602) 252-4712 Email: tallen@bkfirmaz.com dnelson@bkfirmaz.com About Arizona State Masonry LLC Arizona State Masonry LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-08405-DPC) on September 5, 2025. In the petition signed by Shannon Dean, member, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Daniel P. Collins oversees the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the Debtor as legal counsel. ASCEND PERFORMANCE: Plan Exclusivity Period Extended to December 17 ------------------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Ascend Performance Materials Holdings Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 17, 2025 and February 16, 2026, respectively. In a court filing, the Debtors explain that these chapter 11 cases include eleven Debtor entities with a vast network of operations, thousands of parties in interest, and a complex corporate and capital structure that includes over $1.8 billion (inclusive of interest) across multiple funded debt instruments. The Debtors also have an array of active constituents, including, among others, the Committee, the Ad Hoc Group of Term Loan Lenders, the DIP ABL Lenders, as well as each constituent's agents, trustees, and advisors (as applicable), and numerous employees and contract counterparties. The Debtors claim that an objective analysis of the other relevant factors demonstrates that they are making meaningful progress in these chapter 11 cases and therefore sufficient cause exists to extend the Exclusivity Periods as provided herein. * The Debtors are paying their bills as they come due. Since the Petition Date, the Debtors have paid their undisputed postpetition debts in the ordinary course of business or as otherwise provided by orders of this Court. * The Debtors are not requesting an extension of the Exclusivity Periods to pressure creditors. An extension of the Exclusivity Periods will permit the Debtors to maintain flexibility without competing plans derailing their ongoing restructuring process. Multi-track negotiations across several plans would give rise to uncertainty to the detriment of all stakeholders and would cause substantial delay in returning value to the Debtors' creditors. All stakeholders benefit from the continued stability and predictability that a centralized process provides, which can only occur while the Debtors remain the sole potential plan proponents. * Relatively little time has elapsed in these Chapter 11 Cases. Only four months have elapsed since the Petition Date, and this is the Debtors' first request for an extension of the Exclusivity Periods. Additional time will enable the Debtors to continue to do so in a value-maximizing, expeditious way that will serve to benefit both the Debtors' estates and their stakeholders. Co-Counsel to the Debtors: Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. BRACEWELL LLP 711 Louisiana Street, Suite 2300 Houston, Texas 77002 Tel: (713) 223-2300 Fax: (800) 404-3970 Email: jason.cohen@bracewell.com jonathan.lozano@bracewell.com Co-Counsel to the Debtors: Christopher Marcus, P.C. Derek I. Hunter, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: cmarcus@kirkland.com derek.hunter@kirkland.com About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. AUTOMATED TRUCKING: Committee Taps Erik Johanson PLLC as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Automated Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Erik Johanson PLLC as its counsel. The firm's services include: (i) reviewing financial information furnished by the Debtor or Committee; (ii) negotiating a budget and use of cash collateral; (iii) reviewing and investigating the liens of purported secured parties; (iv) conferring with the Debtor's management and counsel; (v) coordinating efforts to sell encumbered and unencumbered assets of the Debtor in a manner that maximizes the value for unsecured creditors; (vi) reviewing the Debtor's schedules and statements of financial affairs; (vii) advising the Committee as to the ramifications regarding all of the Debtor's activities and motions before the Court; (viii) preparing and filing appropriate pleadings on behalf of the Committee; and (ix) assisting the Committee in negotiations with the Debtor and other parties in interest. The firm will be paid at these hourly rates: Attorneys $335 to $435 Paraprofessional Staff $125 to $175 Erik Johanson, Esq. disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erik Johanson, Esq. Joseph R. Boyd, Esq. Erik Johanson PLLC 4532 West Beachway Drive Tampa, FL 33609 Telephone: (813) 210-9442 Email: erik@johanson.law jr@johanson.law2148 About Automated Trucking, LLC Automated Trucking LLC provides managed trucking services, allowing investors to lease trucks while the Company handles operations including driver management, maintenance, insurance, and dispatch. It is based in Lakeland, Florida. Automated Trucking LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03886) on June 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtors are represented by Alberto ("Al") F. Gomez, Jr., Esq. at JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP. B & L LAND: Seeks Chapter 11 Bankruptcy in Indiana -------------------------------------------------- On September 12, 2025, B & L Land LLC filed Chapter 11 protection in the Southern District of Indiana. According to court filing, the Debtor reports $10,431,665 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About B & L Land LLC 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. B & L Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05529) on September 12, 2025. In its petition, the Debtor reports total assets of $8,664,000 and total liabilities of $10,431,665. Honorable Bankruptcy Judge Andrea K. Mccord handles the case. The Debtor is represented by Jeffrey Hester, Esq. at HESTER BAKER KREBS LLC. B MAC BUFFET: Case Summary & Nine Unsecured Creditors ----------------------------------------------------- Debtor: B Mac Buffet, LLC B Mac Buffet B Mac Waycross B-Mac's 6991 College Avenue Waycross GA 31501 Case No.: 25-50431 Business Description: B Mac Buffet, LLC, doing business as B-Mac's Buffet, operates a Southern-style buffet restaurant in Waycross, Georgia, serving dishes such as fried chicken, ham, meatloaf, pork chops, vegetables, salads, and baked goods. The establishment caters to local residents and visitors, offering a casual dining setting for families and groups. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court Southern District of Georgia Judge: Hon. Michele J Kim Debtor's Counsel: Jon Levis, Esq. LEVIS LAW FIRM, LLC Post Office Box 129 Swainsboro GA 30401 Tel: 478-237-7029 Email: levis@levislawfirmllc.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Johnathan B. McKinney as managing member. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YCYPXMI/B_Mac_Buffet_LLC__gasbke-25-50431__0001.0.pdf?mcid=tGE4TAMA B-WOOD BASEBALL: Gets OK to Hire Beyond the Numbers as Accountant ----------------------------------------------------------------- B-Wood Baseball LLC received approval from the U.S. Bankruptcy Court for the District of Montana to hire Beyond the Numbers CPAs Inc as accountant. The firm prepare tax returns for the Debtor for tax year 2024, accounting and financial statements for 2024, accounting and financial statements for January 2025. The fee for completing tax returns will be $140 to $250 per hour based upon complexity and $120.00 per hour for completion of accounting and financial statements. Patti Stanfill, CPA, owner of Beyond the Numbers CPAs Inc., assured the court that her firm is a "disinterested person" as defined in 11 U.S.C. 101(14). The accountant can be reached through: Patti Stanfill, CPA Beyond the Numbers CPAs Inc. 1004 Lewis Ave Billings, MT 59102 Phone: (406) 256-0600 About B-Wood Baseball LLC B-Wood Baseball LLC, dba D-BAT is a network of baseball and softball training facilities, providing expert instruction, state-of-the-art equipment, and specialized programs for athletes. Founded in 1998 and franchising since 2008, D-BAT has grown to over 145 locations nationwide, offering private lessons, camps, clinics, and memberships. Through comprehensive franchise training, D-BAT ensures that new franchisees are equipped with the knowledge and support to successfully operate their facilities, maintain brand consistency, and deliver exceptional service to players at all levels. B-Wood Baseball LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-10051) on March 31, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Matt Shimanek, Esq. at SHIMANEK LAW PLLC. BANNERS OF ABINGDON: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Forty-one affiliates that have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: September 14, 2025 Petition Date Debtor Case No. ------ -------- Banners of Abingdon LLC (Lead Case) 25-00378 FKA Banners Hallmark Shop 1801 16th Street Northwest Unit 606 Washington, DC 20009 September 15, 2025 Petition Date Banners of Manassas II LLC 25-00379 Banners of Leesburg, LLC 25-00380 Banners of Kingstowne LLC 25-00381 Banners of Reston, Inc. 25-00383 Banner's of Dulles Town, Inc. 25-00393 Banner's of Fair Oaks, LLC 25-00394 Banner's Of Ashburn, LLC 25-00395 Banner's of Gainesville, LLC 25-00396 Banners of Fair Lakes, LLC 25-00397 Banners of Woodbridge LLC 25-00384 Banners of Williamsburg LLC 25-00385 Banners of Lynchburg, LLC 25-00386 Banners of Winchester LLC 25-00387 Banners of Suffolk LLC 25-00389 Banners of Henrico LLC 25-00388 Banners Of Waynesboro LLC 25-00390 Banners of Roanoke LLC 25-00391 Banners of Charlottesville LLC 25-00392 September 16, 2025 Petition Date Banner's of Warrenton, LLC 25-00398 Banner's of South Riding, LLC 25-00399 Banner's of Stafford, LLC 25-00400 Banner's of Oakton, LLC 25-00401 Banner's of Bradlee Center, LLC 25-00402 Banners of Newport News LLC 25-00403 Banners of Commonwealth Midlothian LLC 25-00404 Banners of Village Market Place Midlothian LLC - Banners of Fairfield Virginia Beach LLC 25-00406 Banners of Hilltop Virginia Beach LLC 25-00407 Banners of Central Park Fredericksburg 25-00408 Banners of Cosner's Corner Fredericksburg LLC - Banners of York River LLC 25-00411 Banners of Harrisonburg VA LLC 25-00410 Banners of Christiansburg VA LLC 25-00412 Banners of Chesapeake VA LLC 25-00413 Banners of Columbus Village VA Beach LLC 25-00414 Banner's of Burke, LLC 25-00415 Banner's of Kamp Washington, LLC 25-00416 Banners of Suffolk II LLC 25-00417 Banners of Rocky Mount VA, LLC 25-00418 LBPO Management, LLC - Business Description: Banners of Abingdon, LLC and its related companies operate a chain of Hallmark- licensed retail stores through consumer- facing leased locations, selling greeting cards, gifts, and related merchandise under the Hallmark brand alongside third-party "Allied" products. The businesses are structured as special purpose entities that hold leases and are centrally managed by LBPO Management, LLC, which handles procurement, revenue collection, payroll, and management functions. Court: United States Bankruptcy Court District of Columbia Judge: Hon. Elizabeth L Gunn Debtors' Counsel: Maurice Verstandig, Esq. THE BELMONT FIRM 1050 Connecticut NW Suite 500 Washington, DC 20036 Tel: (202) 991-1101 Email: mac@mbvesq.com Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $10 million to $50 million Michael Postal signed the petitions as authorized agent. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H4A2JGI/Banners_of_Abingdon_LLC__dcbke-25-00378__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American Paper $157,439 Plastic Company 19 Kiesland CT Hamilton, OH 45015 2. Backd Finwise $900,000 1949 S IH 35 Frontage Rd Austin, TX 78760 3. Caspari Inc $128,011 99 Cogwheel Lane Seymour, CT 06483 4. Commercial Express $70,461 HVAC 44931 Falcon Pl Sterling, VA 20166 5. Crown MAC $5,350,168 7619 Sheridan Rd Kenosha, WI 53143 Email: nancy.warmoth@fs-llc.com 6. Demdaco $82,433 PO Box 803314 Kansas City, MO 64180-3314 7. Enesco LLC $84,741 500 Park Boulevard Ste 1300 Itasca, IL 60143 8. Ganz USA LLC $177,207 PO Box 530 Buffalo, NY 14240-0530 9. Godiva Chocolatier Inc $213,072 PO Box 74008044 Chicago, IL 60674-8044 10. Hallmark Marketing $6,436,457 Company LLC Gold Crown Administration 2501 McGee Kansas City, MO 64141 11. Itria Ventures LLC $400,000 co Corporation Service Company 251 Little Falls Grove Wilmington, DE 19808 12. Kellytoy USA Inc $67,924 PO Box 738667 Dallas, TX 75373-8667 13. PNC Bank NA $3,014,674 130 South Bond Street Bel Air, MD 21014 Email: steven.chambers@pnc.com 14. Pomeroy Technologies LLC $75,383 PO Box 7410512 Chicago, IL 60674 15. Silver Forest Inc $78,289 40 Industrial Drive Bellows Falls, VT 05101 16. Stonewall Kitchen $105,667 2 Stonewall Lane York, ME 03909 17. Touchland LLC $72,930 Capacity 100 SE 2nd St Suite 2000 Miami, FL 33131 18. Vera Bradley Sales LLC $98,062 Attn Accounts Receivable 12420 Stonebridge Rd Roanoke, IN 46783 19. White House $149,930 Historical Association PO BOX 27624 Washington, DC 20038-7624 20. Youngs Inc $67,466 735 Thimble Shoals Blvd 100 Newport News, VA 23606 BEAN BROTHERS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Bean Brothers Landscaping, LLC got the green light from the U.S. Bankruptcy Court for the Western District of North Carolina, Shelby Division, to use cash collateral. At a hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for October 7. The Debtor intends to use the cash collateral of its secured creditors in accordance with a budget, subject to a 10% variance per line item. The Debtor has several secured creditors with UCC financing statements, including financial institutions such as PNC Bank, Truist Bank, Sheffield Financial, and Wells Fargo Vendor Financial Services. The Debtor has not yet fully reviewed the loan documents associated with each creditor and reserves the right to challenge the perfection, validity, and value of the asserted liens and collateral. To protect creditor interests, the Debtor offers replacement liens on post-petition assets to the same extent and priority as pre-petition liens. About Bean Brothers Landscaping LLC Bean Brothers Landscaping, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No.25-40201) on September 5,2025. In the petition signed by Nathan Bean, member, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Ashley Ausin Edwards oversees the case. John C. Woodman, Esq., at Essex Richards PA, represents the Debtor as legal counsel. BIO GYMNASTICS: Lender Seeks to Prohibit Cash Collateral Access --------------------------------------------------------------- The U.S. Small Business Administration asks the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to prohibit BIO Gymnastics and Athletics Unlimited LLC from using cash collateral, or in the alternative provide adequate protection. The SBA asserts its standing as a secured creditor under two COVID Economic Injury Disaster Loans executed by the Debtor: the first on April 19, 2020, for $273,200, and the second on January 11, 2022, for $500,000. Both loans were secured by a blanket security interest in all of the Debtor’s tangible and intangible personal property, perfected by a UCC-1 Financing Statement filed in May 2020, and continued via a UCC-3 filing in May. The Debtor defaulted on both SBA Notes by failing to make timely payments. As of the petition filing date, the Debtor owed $291,690 on SBA Note #1 and $549,078 on SBA Note #2. Despite being listed as secured creditors in the Debtor's bankruptcy schedules, the SBA claims it has not received any adequate protection -- no payments or safeguards -- while the Debtor continues to use the SBA Collateral in ongoing business operations. The SBA argues that such use is causing deterioration and devaluation of the collateral, thereby placing the SBA’s secured interest at risk. Accordingly, the SBA requests that the court prohibit the Debtor from further using its collateral. Alternatively, if the Court allows continued use, the SBA seeks adequate protection in the form of (i) timely payment of all current taxes and insurance on the SBA Collateral, and (ii) monthly installment payments of $1,332 for SBA Note #1 and $2,562 for SBA Note #2 to offset the ongoing loss in collateral value. About BIO Gymnastics and Athletics Unlimited BIO Gymnastics and Athletics Unlimited, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20676) on May 14, 2025. Judge James R. Sacca presides over the case. Antoinette C. Martin, Esq., at ACM Law Group, P.C., represents the Debtor as legal counsel. BLOCKFI INC: 3rd Cir. Affirms Dismissal of Gerro's Claim Appeal --------------------------------------------------------------- In the appeal styled In Re: BLOCKFI INC., et al., Debtors v. George J. Gerro, Appellant, No. 24-2637 (3rd Cir.), Judges Thomas M. Hardiman, Cheryl Ann Krause and Cindy K. Chung of the United States Court of Appeals for the Third Circuit affirmed the judgment of the United States District Court for the District of New Jersey dismissing George J. Gerro's appeal from the Bankruptcy Court's disallowance of his claim against BlockFi, Inc. BlockFi filed for bankruptcy under Chapter 11 in 2022, prompting Gerro to file a proof of claim against the debtor's estate. He argued that BlockFi violated California law by possessing and using his collateral, asserting a claim for 426 Bitcoin or the value thereof at the time BlockFi filed for bankruptcy. The Bankruptcy Court disallowed the claim and Gerro appealed to the District Court. After the District Court dismissed Gerro's appeal, he filed this appeal. Gerro asserts that BlockFi violated its Finance Lender License and Section 22009 of the California Financial Code by using and possessing his collateral. To support his argument, he cites letters sent by the California Department of Business Oversight to BlockFi in connection with its California Financing Law license application, which stated that BlockFi could not hold borrowers' digital assets as collateral due to Sec. 22009. According to the Third Circuit, "[T]he Department's interpretation in those letters was inconsistent with the statute. Indeed, a few months later, the Department reversed course and awarded BlockFi a license, knowing that it would possess and use borrowers' collateral." The panel explains, "It did so because a finance lender 'includes any person who is engaged in the business of making consumer loans or making commercial loans.' Section 22009 then explains that those activities 'may include' secured lending in which the lender does not use or possess the collateral. That inclusive language ensures that certain lending activity is captured by the definition of finance lender, but it does not mark any outer limits. Put simply, BlockFi was a finance lender because it was engaged in the business of making consumer loans. And nothing in the definition itself -- as opposed to the statute's extensive regulatory provisions -- imposes any obligations on finance lenders. For the stated reasons, we will affirm the District Court's judgment as modified." A copy of the Court's Opinion dated September 9, 2025, is available at https://urlcurt.com/u?l=vTRe4L About BlockFi Inc. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi was building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. It made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan was assigned to the cases. The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC, as strategic and communications advisor. Kroll Restructuring Administration, LLC, is the notice and claims agent. In October 2023, BlockFi announced that its bankruptcy plan became is effective, and the company emerged from bankruptcy. CAR TOYS: Seeks to Hire Clark Raymond & Company PLLC as CPA ----------------------------------------------------------- Car Toys Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington at Seattle to hire Clark, Raymond, & Company, PLLC as accountant. The services to be rendered by CRC include: a. providing audit of the financial statements and other related documents of the Debtor with respect to its Plan, which is subject to ERISA, in preparation for the Plan's Form 5500 filing with the EBSA of the DOL; and b. issuing a written report upon completion of this audit. Audit will be performed under a fixed-fee arrangement, with total fees of $9,850. Clark Raymond is disinterested as defined in 11 U.S.C. Sec. 101(14), and represents or holds no interest adverse to the interests of the estate, according to court filings. The firm can be reached through: Jerad Daley Clark, Raymond, & Company, PLLC 8350 164th Ave NE #200 Redmond, WA 98052 Phone: (425) 861-8500 About Car Toys Inc. Car Toys Inc. -- https://www.cartoys.com/ -- is the largest independent multi-channel specialty car audio and mobile electronics retailer in America. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288-TWD) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. CAR TOYS: Seeks to Hire Smith Bunday Berman Britton PS as CPA ------------------------------------------------------------- Car Toys Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington at Seattle to hire Smith Bunday Berman Britton, PS as CPA. The services to be rendered by SBBB will include preparing and filing the Debtor's 2024 federal and state tax returns for the year ended March 31, 2025: a. Form 1120 b. State forms c. OR-20 d. OR-CAT e. TX-05-102 f. NE-1120N g. KS-K-120 h. FL-F-1120 i. CO-DR-0112 j. AZ-120 k. CA-100 l. MULT. CO METBIT-20 m. PORT/MULT-C-2024 Smith Bunday estimates that its tax preparation services for Car Toys will cost between $45,000 and $50,000 each year, although the actual fee will be based on its standard hourly rates for the individuals involved in the preparation of these tax returns. Smith Bunday is not a creditor of the estate, is disinterested as defined in 11 U.S.C. § 101(14), and represents or holds no interest adverse to the interests of the estate, according to court filings. The firm can be reached through: Patrick E. Green Smith Bunday Berman Britton 11808 Northup Way ste 240 Bellevue, WA 98005 Phone: (425) 827-8255 About Car Toys Inc. Car Toys Inc. -- https://www.cartoys.com/ -- is the largest independent multi-channel specialty car audio and mobile electronics retailer in America. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288-TWD) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. CARAWAY TEA: Unsecureds to Get Share of Income for 5 Years ---------------------------------------------------------- Caraway Tea Company, LLC, filed with the U.S. Bankruptcy Court for the Southern District of New York a Plan of Reorganization dated September 8, 2025. The entry of the Confirmation Order shall vest the assets of this estate and the Debtor in the reorganized Debtor, free and clear of all claims of creditors, except as set out in the Plan. Class 1 consists of Any Allowed Unsecured Claims for prepetition taxes, entitled to priority under Section 507(a)(7) of the Code, including statutory interest on such taxes. All Class 1 Allowed Claims shall be paid by Debtor in full, in deferred cash installments over a five-year period from the date of commencement of this case. Such payments will be made in consecutive semi-annual self-amortizing installments of principal and interest. Debtor shall have the right, but not the obligation, to pre-pay all or any part of the Class 1 claims, without penalty. Class 2 consists of the Allowed Secured Claim of Wallkill Valley Federal Savings Bank. The Class 2 Secured Claim shall be allowed in the amount of $330,351.27. The Class 2 Claimant shall retain its liens in and to the property securing such Claim. The Class 2 Allowed Secured Claim shall accrue interest at 7% per annum, and be amortized over 5 years. Class 3 consists of the Allowed Unsecured Claims of creditors, to the extent not included in another class of claims, including any unsecured claims arising from the determination vel non of secured status pursuant to Section 506(a)(1) of the Bankruptcy Code, or as a result of the rejection of executory contracts or unexpired leases. The Class 3 Claims shall be paid pro rata, semi-annually, from the projected disposable income of the Debtor, over a period of five years. Class 4 consists of the Allowed Unsecured Claims of insider unsecured creditors of the Debtor. The Class 4 Claims will not receive a distribution under the Plan, but shall be payable after the completion of all payments due under the Plan. Class 5 consists of equity security interests in the Debtor. Gina Caraway and Michael Caraway shall retain their equity security interests in the Debtor under the Plan, but shall not receive any payment under the Plan solely on account of that interest. The Plan is to be implemented consistent with Sections 1123 and 1190 of the Code. The Plan will be funded by (i) the Debtor's funds on deposit, and (ii) the post-confirmation revenues of the reorganized Debtor. A full-text copy of the Plan of Reorganization dated September 8, 2025 is available at https://urlcurt.com/u?l=CvvUBE from PacerMonitor.com at no charge. Counsel to the Debtor: Michael D. Pinsky, Esq. Law Office of Michael D. Pinsky, PC 463 Canopy Forest Drive Sait Augustine, FL 32092 Telephone: (845) 467-1602 Facsimile: (845) 684-0547 Email: michael.d.pinsky@gmail.com About Caraway Tea Company, LLC Caraway Tea Company LLC is a U.S.-based private label tea manufacturer and co-packer that supplies specialty teas, supplements, and wholesale tea products. With over 20 years of experience, the Company sources from global tea-growing regions including China, India, Sri Lanka, and Japan, partnering directly with artisan growers using organic and sustainable practices. Caraway offers customized co-packing services across retail, foodservice, and e-commerce sectors, supported by in-house blending and manufacturing capabilities. Caraway Tea Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35620) on June 9, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Michael D. Pinsky, Esq. at LAW OFFICE OF MICHAEL D. PINSKY, P.C. CHERISHED LAND: Section 341(a) Meeting of Creditors on October 9 ---------------------------------------------------------------- On September 11, 2025, Cherished Land LLC filed Chapter 11 protection in the District of Maine. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on 10/9/2025 at 10:00 AM by Telephone. About Cherished Land LLC 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. Cherished Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20220) on September 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peter G. Cary handles the case. The Debtor is represented by D. Sam Anderson, Esq. at Adam R. Prescott, Esq. at BERNSTEIN, SHUR, SAWYER & NELSON, P.A. CHESTNUT BAY: Seeks to Hire Turturro Law PC as Special Counsel -------------------------------------------------------------- Chestnut Bay Equestrian, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Turturro Law, P.C. as special counsel. The firm will prosecute and perfect the appeal in the matter of Chestnut Bay Equestrian, Inc. V. The Irrevocable Trust Of Jean Pizzirusso pending before the Appellate Division, Second Department under Appellate Case No. 2025-07177 on behalf of the Debtor. Turturro Law has agreed to prosecute the appeals on a flat fee basis, which has already been paid by the Debtor's principal prior to the filing date. As disclosed in the court filing, Turturro Law is a "disinterested person" under Bankruptcy Code Sec. 101(14). The firm can be reached through: Natraj Saddival Bhushan, Esq. Torturro Law, P.C. 1361 North Railroad Avenue Staten Island, NY 10306 Phone: (718) 384-2323 About Chestnut Bay Equestrian, Inc Chestnut Bay Equestrian, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72960) on August 1, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Alan S Trust presides over the case. Ronald D. Weiss, Esq. represents the Debtor as counsel. CLOUTER CREEK: Taps Adam C. Chapman as Post-Petition Manager ------------------------------------------------------------ Clouter Creek Reserve, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Adam C. Chapman, owner of real estate brokerage firm Driftwood South, LLC, as the post-petition manager. Mr. Chapman will render these services: a. take exclusive authority over the day-to-day operations of the Debtor; b. represent the Debtor in relation to the project's management, which presently includes shepherding the project through the Charleston Technical Review Committee's ("TRC") entitlement process to obtain ground disturbance permits and approvals for subdivision plats; c. file the required monthly operating reports, maintaining ongoing financial records, and advising the Debtor concerning the reorganization and liquidation plan; d. assist the Debtor and its representatives in evaluating, structuring, negotiating and implementing matters relating to the entitlement process; e. communicate regularly with the Debtor's membership and direct Debtor's representatives in connection with the status of the project; and f. presenting the Debtor's project to prospective purchasers, equity partners, and lenders, and regularly attending meetings with architects, engineers, and counsel to supervise work performed and advance on project objectives. He will receive a flat fee monthly fee of $10,000, plus reimbursement for actual, necessary expenses and other charges he may incur. Mr. Chapman assured the court that he is a disinterested as required by the Bankruptcy Code. Mr. Chapman can be reached at: Adam C. Chapman PO Box 8248 Cincinnati, OH 45249 Tel: ‪(513) 201-5775‬ Email: acchapman@abkf.com About Clouter Creek Reserve, LLC Clouter Creek Reserve LLC formerly known as IVO SANDS, LLC, is a single asset real estate entity based in Charleston, South Carolina. Clouter Creek Reserve LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-00034) on January 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and liabilities between $1 million and $10 million. Penn Law Firm LLC represents the Debtor as counsel. CORCHIS CAPITAL: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------- On September 10, 2025, Corchis Capital Inc. filed Chapter 11 protection in the Northern District of Florida. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Corchis Capital Inc. Corchis Capital Inc., together with Corchis Hospitality Group, LLC, Corchis Hospitality Management, LLC, Amici 30A Italian Kitchen, LLC, Amigos 30A Mexican Kitchen, LLC, and Friends 30A Burger Bar, LLC, operates a portfolio of dining and hospitality businesses based in Inlet Beach, Florida. The group develops and manages restaurant concepts including Italian, Mexican, and American casual dining brands serving the 30A and greater Northwest Florida market. Their operations span corporate management, hospitality services, and restaurant ownership. Corchis Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Lead Case No. 25-30866) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Edward J. Peterson, Esq. at BERGER SINGERMAN LLP. COWBOY CARES: Seeks to Hire Clark Stith Esq. as Counsel ------------------------------------------------------- Cowboy Cares Inc. seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Clark Stith, Esq., a professional practicing law in Wyoming, as counsel. Mr. Smith will provide these services: a. preparation of pleadings and applications; b. advice regarding its rights, duties and obligations as a debtor in possession; c. performance of legal services incidental to operation of the Debtor's business; d. negotiation, preparation and confirmation of a plan of reorganization; and e. provision of other necessary and proper action in the preservation and administration of the bankruptcy estate. Mr. Smith will be paid at the rate of $400 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Smith disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Clark Stith, Esq. 505 Broadway Rock Springs, WY 82901 Tel: (307) 382-5565 Fax: (307) 382-5552 Email: clarkstith@yahoo.com About Cowboy Cares Inc. Cowboy Cares Inc., based in Lyman, Wyoming, provides home health and hospice services, including skilled nursing, therapy, and patient support. Cowboy Cares Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20375) on August 29, 2025. In its petition, the Debtor reports total assets of $417,140 and total liabilities of $5,605,776. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Clark D. Stith, Esq. DAV SUB: Seeks to Hire Gary W. Davis CPA LLC as Accountant ---------------------------------------------------------- DAV SUB, Inc., d/b/a Continuum Health Technologies, Corp., seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Gary W. Davis CPA, LLC as accountant. The firm will prepare and file tax returns and related accounting services to the Debtor. The Debtor believes the flat fee of $1,500. As disclosed in the court filings, Gary W. Davis CPA, LLC represents no interest adverse to the Debtor or to its estate in the matters for which GWD is proposed to be retained and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary W. Davis CPA Gary W. Davis CPA LLC Tel: (571) 238-9421 Email: gary.davis@garywdaviscpa.com About DAV SUB, Inc., d/b/a Continuum Health Technologies, Corp. DAV SUB, Inc., d/b/a Continuum Health Technologies, Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40968) on March 20, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge Edward L Morris presides over the case. Jeff P. Prostok, Esq. at Vartabedian Hester & Haynes LLP represents the Debtor as counsel. DEEJAYZOO LLC: Plan Exclusivity Period Extended to November 24 -------------------------------------------------------------- Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the Eastern District of New York extended Deejayzoo LLC d/b/a Shhhowercap's exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 24, 2025 and January 23, 2026, respectively. As shared by Troubled Company Reporter, the Debtor simply needs time to reorganize its business operations, to reach an agreement with Creditors, to obtain Court approval for the settlement terms and to file a feasible plan of reorganization and disclosure statement, offering treatment to all creditors of the estate. The Debtor explains that an extension of the exclusive periods will give the company a reasonable opportunity to negotiate and obtain confirmation of a consensual plan with its creditors. Further, it needs the requested period in order for all parties to file their respective claims within the deadlines to be established by the Court and for the Debtor to review said claims once filed. The Debtor claims that the requested extensions of the exclusivity period to file a plan and disclosure statement will not harm any economic stakeholder. Rather, the time will be used to negotiate a resolution of claims filed in this case, in order to propose feasible plan and disclosure statement. Deejayzoo LLC 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 About Deejayzoo LLC Deejayzoo LLC develops and markets SHHHOWERCAP, a reusable and innovative shower cap designed to replace disposable alternatives. The product is waterproof, humidity-defying, antibacterial, fits all hair types, and machine washable. The Company operates from its headquarters in Brooklyn, New York, and is led by founder Jacquelyn De Jesu. Deejayzoo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42617) on May 28, 2025. In its petition signed by Jacquelyn De Jesu, president, the Debtor disclosed total assets of $12,166 and total liabilities of $2,846,653. Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C. DEEP BLUE I: Fitch Assigns First-Time 'BB-' IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned Deep Blue Operating I LLC (Deep Blue or JV) a first-time Issuer Default Rating (IDR) of 'BB-' and a 'BB+' rating to Deep Blue's proposed new senior secured term loan B issuance with a Recovery Rating of 'RR1'. The Rating Outlook is Stable. The ratings reflect Deep Blue's strong operational alignment with its major counterparty and strategic sponsor, Diamondback Energy Inc. (FANG; BBB+/Stable), its Midland sub-basin operations in the Permian Basin, increased scale following the pending Endeavor water assets acquisition and low expected initial leverage. These strengths are balanced by Deep Blue's limited standalone operating history, volumetric risk, and the potential risks related to M&A, given Fitch's expectation that the company will remain acquisitive. Adherence to announced financial policies is critical to the rating. Fitch has reviewed preliminary documentation for the new offering and expects no material changes in the final terms. Key Rating Drivers Anchor Customer Ownership: The rating is supported by Deep Blue's strategic sponsor, FANG, which holds a 30% ownership stake and contributes close to 90% of pro forma revenues post-acquisition. The dedicated acreages and long-term, fixed-fee contract with inflation escalator underpins Deep Blue's stable cash flow generation and supports its growth outlook. Its assets remain critical to FANG, as the JV manages approximately 95% of its Midland produced water and new wells completions. Strong operational alignment with the strategic sponsor gives Deep Blue greater visibility into production activities, supports operating efficiency, and improves capital planning. The proximity and extensive integration of the assets, along with Deep Blue's role in lowering FANG's capital needs, strengthens the strategic relationship despite FANG's minority ownership interest. Despite the alignment, there is no explicit rating linkage between the two entities. Financial Policy: Fitch considers management's adherence to conservative financial policies as an important credit consideration due to its acquisition strategy and concentrated exposure. Fitch forecasts post-dividend FCF to remain positive over the forecast period, as the infrastructure is largely built out and future capital spending will primarily relate to supporting customers' expansion needs and integrating acquired assets. Fitch anticipates gross EBITDA leverage of around 3.2x by 2026 with free cash flow prioritized for debt reduction to reach management's long-term target net leverage of below 3.0x. Future acquisitions could temporarily pressure credit metrics, and Fitch expects large transactions to be financed in a balanced manner, i.e. both equity and debt. Size and Scale: Fitch forecasts Deep Blue to generate annual EBITDA of around $300 million in 2026, positioning it as one of the largest water midstream operators in the Permian basin. As FANG's growth is concentrated in the basin, Fitch expects the JV to benefit from the sponsor's large scale and strategic alignment. A larger asset base following the Endeavor water assets acquisition should enhance operational efficiencies and flexibility to serve third-party customers. Management views growth-by-acquisition as a core part of its strategy. Fitch regards the achievement of management's integration goals as essential for a successful acquisition-growth strategy. Permian Midland Location: Fitch expects Deep Blue's strategic position in the Midland basin to support sustained growth, even in the face of modest crude price weakness. The Midland basin is one of the most prolific U.S. oil-producing regions, offering large, low-cost reserves with strong drilling economics. Increasingly high water-to-oil ratios creates sustained demand for water handling, disposal, and recycling solutions, while presenting slightly lower operating challenges for water companies compared to the Delaware basin. FANG's scale, concentrated drilling activity, cost leadership and large proved reserves further enhance the JV's volume resilience. Volumetric Exposure: Although Deep Blue benefits from a strategic sponsor and a strong Permian presence, its contracts offer limited volume assurance, leaving volumes exposed to fluctuations in upstream activity driven by global oil supply-demand dynamics or energy transition needs. Its concentrated exposure heightens sensitivity to changes in state regulations, local extreme weather events, and shifts in FANG's activity levels. As third-party revenues increase, Deep Blue's volumetric risk could also increase if there is a substantial change to the counterparty profile. The risk is partially mitigated by the "earn-back" feature, a downside protection offered by FANG. Peer Analysis Waterbridge NDB Operating LLC (NDB; B+/Stable, Term Loan BB/Rating Watch Negative) provides water services to oil & gas producers in the Northern Delaware and Eagle Ford basin and is a close peer of Deep Blue. NDB has a more balanced counterparty exposure and some geographic diversity. While NDB also has an anchor customer sponsor, operational alignment is not as strong as Deep Blue with FANG. NDB mainly operates in the Delaware Basin, where operating risk is slightly higher due to seismic activity management and increased regulatory scrutiny. In terms of size, as measured by annual EBITDA, Deep Blue is larger and expected to be more acquisitive. Fitch expects NDB's leverage to be around 4.5x in the near term, over 1.0x higher than Deep Blue. Fitch considers both companies to have similar business risk and rates Deep Blue one-notch higher primarily due to lower expected leverage. Another peer, Harvest Midstream I, L.P. (HMI, BB-/Stable), is also acquisitive and benefits from a relationship with an affiliated major counterparty. HMI is highly diversified across geography, commodity exposure, and business line, operating in five producing regions with activities in natural gas and crude gathering and processing, crude oil pipelines, and marketing. However, this diversification is offset by lower counterparty credit quality, greater commodity price risk, and assets located in basins with lower growth prospects. Both companies have similar expected leverage, though HMI's funding sources are more diversified. Key Assumptions - West Texas Intermediate oil price of $65/bbl in 2025, $60/bbl in 2026 and 2027, and $57/bbl in 2028 and thereafter; - Henry Hub natural gas prices of $3.60/mcf in 2025, $3.50/mcf in 2026, $3.00/mcf in 2027, and $2.75/mcf in 2028 and thereafter; - Acquisition related growth in 2025 and 2026 with low-single-digit organic growth thereafter; - Bolt-on acquisitions in line with management strategy and financial policy; - All available cash for distribution distributed to the sponsors; - Positive post-dividends FCF over the forecast period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to sustain over 4.0x; - Increases in capital spending and/or funding for major acquisitions beyond Fitch's expectation that have negative consequences for the credit profile (e.g., higher overall business risk or not funded with a balance of debt and equity); - Erosion in FANG's credit profile or an event that has a material negative effect on FANG's operations; - Material change to contractual arrangement and operating practices that negatively affect Deep Blue's cash flow or earnings profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - More than one calendar year of achieving EBITDA leverage below 3.0x, with expectations that leverage will sustain below that level; - Significantly increased size and scale while maintaining a strong relationship with FANG. Liquidity and Debt Structure As of June 30, 2025, Deep Blue has a total liquidity of $91.5 million, including a cash balance of around $23.5 million and $68 million availability under its $500 million revolving credit facility. The partnership may request letters of credit under the credit agreement of up to $25.0 million. Pro forma the Endeavor water assets acquisition, Fitch expects Deep Blue to have a total liquidity of $175 million, which includes approximately $25 million cash and $150 million available capacity under the proposed $300 million revolving credit facility. Key financial covenants in the preliminary marketing term sheet include a quarterly test of Debt Service Coverage Ratio (DSCR) of no less than 1.10x. The annual amortization amount of the term loan is 1.00% of the original principal amount. Fitch expects the 1.10 DSCR test to be satisfied in the forecast years. Issuer Profile Deep Blue Operating I LLC provides produced water disposal and supply water services to producers in the Midland basin. It is the main operating entity of Deep Blue Midland Basin LLC, a JV between FANG and Five Point Infrastructure LLC. Date of Relevant Committee 29-Aug-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 Deep Blue Operating I LLC has an ESG Relevance Score of '4' for Group Structure due to related party transactions with affiliate companies, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Deep Blue Operating I LLC LT IDR BB- New Rating senior secured LT BB+ New Rating RR1 DEPLOYED SOLDIERS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Deployed Soldiers Network, LLC received interim approval from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral through September 30 to fund operations. The court authorized the Debtor to use cash collateral, which consists of cash, receivables and future receivables, in accordance with its budget. Any expenditure exceeding 10% of any line item of the budget requires approval from the Subchapter V trustee, the U.S. trustee and First Business Bank, Inc., the Debtor's secured lender. The Debtor projects total operational expenses of $58,981.76 for September. As adequate protection, First Business Bank (also known as First Business Specialty Finance, LLC) will be granted replacement liens on its pre-bankruptcy bankruptcy collateral and the proceeds generated by the Debtor's use of the collateral. These replacement liens will have the same validity, priority and extent as the lender's pre-bankruptcy liens. A final hearing is scheduled for September 30. Objections are due by September 19. The Debtor previously entered into a loan agreement with First Business Bank, which asserts a first-position lien on the Debtor's cash and cash equivalents under a UCC-1 financing statement filed on June 10. However, the Debtor argued that no lien has been perfected on its bank accounts and that any such lien may be avoidable or wholly unsecured under bankruptcy law. The Debtor's operations include providing internet services to U.S. service members deployed in Kosovo, as well as offering roofing and consulting services. The business currently generates approximately $39,375 in monthly revenue and owns equipment, tools, and bank accounts, including unsecured vehicle assets valued at around $25,000. About Deployed Soldiers Network LLC Deployed Soldiers Network, LLC is an information technology company that appears to provide specialized IT services related to military personnel or veterans. Deployed Soldiers Network sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17821) on August 26, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and liabilities. The Debtor is represented by: David Erwin Cahn Law Office Of David Cahn, LLC Tel: 301-799-8072 Email: david@cahnlawoffice.com DITECH HOLDING: Court Tosses Quiet Title Claim Against Servicer --------------------------------------------------------------- Judge Jane J. Boyle of the United States District Court for the Northern District of Texas grants in part and denies in part the motion for summary judgment filed by Third-Party Plaintiff/Counter-Plaintiff Specialized Loan Servicing, LLC, as successor in interest to Ditech Financial, LLC in the case captioned as KHALIQ BRYANT, Plaintiff/Counter-Defendant, v. DITECH FINANCIAL, LLC, Defendant. SPECIALIZED LOAN SERVICING, LLC As Successor in Interest to DITECH FINANCIAL, LLC, Third-Party Plaintiff/Counter-Plaintiff, v. JAMES M. DAUGHERTY, Third-Party Defendant, Case No. 3:22-cv-00252-B (N.D. Tex.). This is a dispute over real property located in Dallas County, Texas. James Daugherty acquired the Property on April 17, 2002. That same day, Daugherty executed a deed of trust in favor of Allstate Bank. Daugherty refinanced the Property on Dec. 8, 2003, and executed a promissory note secured by a deed of trust in favor of Alpha Bank. On Nov. 14, 2012, Daugherty entered into a loan modification agreement with Ocwen Loan Servicing, LLC -- a successor in interest to Alpha Bank -- to extend the Alpha Note's maturity date. The modification agreement reflected a balance of $238,400.83 then-owed on the note. Despite the modification, Daugherty again fell behind on payments, and Ocwen sent a notice of default on Feb. 19, 2015. On May 15, 2015, Ocwen informed Daugherty that the Alpha Note was now accelerated, with all unpaid principal and interest due immediately. While records indicate that Daugherty made a one-time payment of $10,223.74 toward the balance of the note in February 2016, he did not otherwise attempt to cure his default. Daugherty also defaulted on certain homeowners' association assessments to which the Property was subject. As a result, the homeowners' association foreclosed on its assessment lien, and the Property passed to Sherry Flewellen through a lien sale on June 10, 2016, for $24,500. After Flewellen also failed to pay homeowners' association assessments, the Property was sold by the homeowners' association at auction for $77,000 in July 2021 to Kingdom Group Investments, Inc. Finally, after a series of additional transfers, Bryant purchased an interest in the property on Dec. 6, 2021, for an unknown price. Through a complicated but well-documented chain of title, various mortgage servicers obtained beneficial interest in the Alpha Note by assignment from 2003 to 2019. Ocwen obtained the Alpha Note in May 2013, and assigned its interest to Defendant Ditech Financial, LLC in October 2018. Ditech attempted to initiate a foreclosure sale of the Property in December 2018. But because Flewellen -- then an interest-holder in the Property -- obtained a temporary restraining order in Texas state court, the foreclosure sale did not take place. On Dec. 13, 2019, Ditech exited bankruptcy, and SLS obtained Ditech's interest in the Alpha Note. On May 21, 2021, SLS served notice at the Property of default and SLS's intent to accelerate the Alpha Note. This was followed by a notice of acceleration on July 5, 2021. Bryant filed this lawsuit on Jan. 12, 2022, in Texas state court. Bryant's sole cause of action is a quiet title claim, asserting that Ditech's -- and now SLS's -- lien is invalid because the statute of limitations for foreclosure has expired. On Sept. 3, 2024, SLS filed its Second Amended Counterclaim and Third-Party Complaint, joining and asserting breach of contract claims against Daugherty as Third-Party Defendant, and seeking a declaratory judgment from this Court that it may proceed with a non-judicial foreclosure sale of the Property. Now, SLS moves for summary judgment against Bryant. SLS moves the Court to dismiss Bryant's quiet title claim with prejudice and to enter a declaratory judgment that SLS may proceed with non-judicial foreclosure. Bryant's Quiet Title Claim SLS argues as a threshold matter that Bryant cannot sue to quiet title where he has not first paid the full amount owed under the Alpha Note. Bryant points out that neither case involved an action to quiet title and summarily concludes from this that tender is not required for claims to quiet title or where the claim is that the interest of the adverse party is invalid or void. The Court agrees with SLS that Bryant does not allege that he tendered, or ever attempted to tender, the full amount owed on the Note. Bryant's opposition brief argues that tender is just not an issue in this case and fails to raise any evidence that he tendered the full amount owed on the Note. Moreover, while neither party proffers the price Bryant actually paid for his interest in the Property, that same interest was purchased for a sum of $77,000 only six months earlier. The full amount owed on the Alpha Note would have been significantly greater. SLS has pointed to an absence of evidence that Bryant tendered the full amount owed on the Alpha Note, and Bryant has failed to respond with any specific evidence of that fact, which is a prerequisite to a valid claim of quiet title. Accordingly, the Court grants SLS summary judgment on Bryant's Quiet Title Claim and dismisses it with prejudice. SLS's Foreclosure Action SLS asserts that it has met its prima facie case for non-judicial foreclosure. Bryant claims that SLS's foreclosure action is time-barred by the applicable statute of limitations. Because SLS and its predecessors-in-interest continued to engage in affirmative efforts to collect on the defaulted Alpha Note, despite no evidence of a new notice of default or acceleration, the record reflects that acceleration was not abandoned in 2016. According to the Court, the clock therefore did not reset to prevent SLS's foreclosure action from becoming time-barred on May 15, 2019. The Parties agree that Ocwen first accelerated the Alpha Note on May 15, 2015, when it sent Daugherty a notice of acceleration. Absent intervening events, the foreclosure action would thus have been time-barred as of May 15, 2019 -- 701 days before SLS's Notice of Rescission. Ditech filed for Chapter 11 Bankruptcy on Feb. 11, 2019, resulting in a bankruptcy stay. According to SLS, the Bankruptcy Stay precluded Ditech from foreclosing on the Property until they came out of bankruptcy on Dec. 13, 2019, totaling 305 days (and at which point SLS took possession of the Alpha Note). Alternatively, SLS claims that a related federal district court stay order issued by then Chief Judge Barbara M. G. Lynn in the second Flewellen action also prohibited Ditech from foreclosing on the Property due to the pending bankruptcy. Judge Lynn entered the District Court Stay on June 21, 2019. Ditech and Flewellen voluntarily nonsuited the case on Dec. 10, 2019. The District Court stay was thus in effect for 172 days. The Court finds there are genuine disputes of material fact as to whether the Bankruptcy Stay or District Court Order prevented Ditech from proceeding with non-judicial foreclosure and thereby could form a basis for tolling. Even assuming SLS's other tolling arguments are correct, the statute of limitations would have expired in September 2019. Therefore, SLS is not entitled to judgment as a matter of law. The Court denies summary judgment for SLS on its request for declaratory judgment that it may proceed with nonjudicial foreclosure. A copy of the Court's Memorandum Opinion and Order dated September 3, 2025, is available at https://urlcurt.com/u?l=U1NgH9 from PacerMonitor.com. About Ditech Holding Corporation Ditech Holding Corporation and its subsidiaries -- http://www.ditechholding.com/-- were an independent servicer and originator of mortgage loans. Based in Fort Washington, Pennsylvania, the Debtors serviced a diverse loan portfolio. Ditech Holding and certain of its subsidiaries, including Ditech Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19 10412) on Feb. 11, 2019, after reaching terms with lenders of a Chapter 11 plan that will reduce debt by $800 million. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel, Houlihan Lokey as investment banker and AlixPartners LLP as financial advisor. Epiq Bankruptcy Solutions LLC served as claims and noticing agent. Kirkland & Ellis LLP and FTI Consulting Inc. served as the consenting term lenders' legal counsel and financial advisor, respectively. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' cases on Feb. 27, 2019. The creditors' committee tapped Pachulski Stang Ziehl & Jones LLP as its legal counsel and Goldin Associates, LLC, as its financial advisor. On May 2, 2019, the U.S. trustee appointed an official committee of consumer creditors. The consumers committee tapped Quinn Emanuel Urquhart & Sullivan, LLP, as counsel and TRS Advisors LLC, as financial advisor. On Sept. 26, 2019, the Bankruptcy Court confirmed Ditech's Chapter 11 bankruptcy plan, which became effective four days later. DRAGONFLY PRIMARY: Section 341(a) Meeting of Creditors on Oct. 15 ----------------------------------------------------------------- On September 12, 2025, Dragonfly Primary Care LLC filed Chapter 11 protection in the Southern District of Indiana. According to court filing, the Debtor reports $1,461,850 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 15, 2025 at 02:00 PM Eastern via a teleconference at 888-330-1716; passcode 6790688. About Dragonfly Primary Care LLC Dragonfly Primary Care LLC 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. Dragonfly Primary Care LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05537 on September 12, 2025. In its petition, the Debtor reports total assets of $288,594 and total liabilities of $1,461,850. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by Thomas C. Scherer, Esq. at DENTONS BINGHAM GREENEBAUM. EASY RENTAL: Case Summary & Seven Unsecured Creditors ----------------------------------------------------- Debtor: Easy Rental Holdings Inc. Barrio Vayas Torres Local Industrial 4 Ponce, PR 00731 Business Description: Easy Rental Holdings Inc. provides real estate support services in Puerto Rico, including property management and real estate appraisal for residential and commercial properties. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 25-04130 Debtor's Counsel: Wigberto Lugo Mender, Esq. LUGO MENDER GROUP, LLC 100 Carr 165 Suite 501 Guaynabo, PR 00968-8052 Tel: (787) 707-0404 E-mail: wlugo@lugomender.com Total Assets: $2,700,001 Total Liabilities: $6,169,099 Juan Carlos Teissonniere Quinones signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AAHEMDI/EASY_RENTAL_HOLDINGS_INC__prbke-25-04130__0001.0.pdf?mcid=tGE4TAMA ENTECCO FILTER: Hires Oliver Hughes LLC as Georgia Lien Counsel --------------------------------------------------------------- Entecco Filter Technology, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to hire Oliver Hughes LLC as Georgia lien counsel. The firm will provide professional services required by Debtor, namely, representing the Debtor as counsel with respect to filing a lien in Georgia and related matters, in furtherance of the Chapter 11 process. The firm will be paid at these rates: Partners $425 per hour Associates $300 to $400 per hour Paralegals $200 per hour Oliver Hughes LLC requires an initial retainer of $10,000. As disclosed in the court filings, Oliver Hughes LLC is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Ashley L. Hughes Oliver Hughes LLC 700 Churchill Ct STE 120 Woodstock, GA 30188 Phone: (770) 230-1447 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 E-mail: briandarer@parkerpoe.com EPHESIANS 320: Hires Kutner Brinen Dickey Riley P.C. as Attorney ---------------------------------------------------------------- Ephesians 320 Partner LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. as attorneys. The firm will render these services: a. provide the Debtor with legal advice with respect to its powers and duties; b. aid the Debtor in the development of a plan of reorganization under Chapter 11; c. file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; d. take necessary actions to enjoin and stay until final decree continuation of pending proceedings and to enjoin and stay until final decree commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Sec. 362; and e. perform all other legal services for the Debtor which may be necessary. The firm's customary hourly rates are: Jeffrey S. Brinen $540 Jonathan M. Dickey $400 Keri L. Riley $390 The firm received a pre-Petition retainer of $10,000 from the Debtor, of which $8,262 remained on the Petition Date. Kutner Brinen Dickey Riley, P.C. represents no interest materially adverse to the estate of the Debtor, according to court filings. The firm can be reached through: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 E-mail: klr@kutnerlaw.com Telephone: (303) 832-291 About Ephesians 320 Partner LLC Ephesians 320 Partner LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Ephesians 320 Partner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15543) on August 28, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Keri L. Riley, Esq. at KUTNER BRINEN DICKEY RILEY. ERC MANUFACTURING: Seeks to Hire Milton Flores as Appraiser ----------------------------------------------------------- ERC Manufacturing, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Milton Flores as appraiser. Mr. Flores will provide appraisal services for the Debtor's machinery, equipment and commercial property located at Bo. Cedro Adbajo PR 14 KM 0.8, Naranjito, Puerto Rico. Mr. Torres will be paid a single flat amount of $3,000. He will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Flores disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. He can be reached at: Milton Flores Condado Monderno Development B-6 1st Street Caguas, PR About ERC Manufacturing, Inc. ERC Manufacturing Inc. owns the property located at Carr 814 Km 0.8 Cedro Abajo, Naranjito, Puerto Rico, spanning 6,977.84 square meters. It includes a two-story commercial office building, two metal concrete industrial buildings, 28 parking spaces, two offices, two terraces, two workshops, two mezzanines, and two bathrooms. The appraised value is $213,000, as of July 27, 2016. ERC Manufacturing Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-00475) on February 4, 2025. In its petition, the Debtor reports total assets of $785,322 and total liabilities of $1,599,734. The Debtor is represented by Juan C. Bigas, Esq., in Ponce, Puerto Rico. EXACTECH INC: Gets Court Nod to Abandon Sponsor Deal in Ch. 11 Plan ------------------------------------------------------------------- Rick Archer of Law360 reports that on Monday, September 15, 2025, a Delaware bankruptcy judge approved Exactech's Chapter 11 sale and liquidation plan, which abandons an earlier deal with its equity sponsor in order to pursue potential legal claims against the sponsor for the benefit of creditors. About Exactech Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12441) on October 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Ryan M. Bartley, Esq. at Young Conaway Stargatt & Taylor, LLP. The creditors are represented by Eric Goodman, Esq., David Molton, Esq., and Cameron Moxley, Esq. at Brown Rudnick and TPG is represented by Mark Premo-Hopkins, Esq. at Kirkland & Ellis. EYM CAFE: To Sell Panera Bread Biz to Hamra Enterprises ------------------------------------------------------- EYM Cafe of Texas LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor formerly operated 15 Panera Bread locations in Texas. Four locations closed in May 2025, and the remaining eleven locations closed in July 2025. The Debtor investigated potential sales prior to the Petition Date and communicated with potential franchisees of Panera Bread as well as other third parties. Only one potential bidder has tendered a written proposal to date, and this proposal relates to the purchase of eight of the Debtor's store locations and the assignment of the attendant leases. Hamra Enterprises, LLC, a Delaware limited liability company, proposes to purchase the Assets. Details of the reduction values, prepaid expenses, and deposits associated with the Assets are attached. https://urlcurt.com/u?l=2TDNTD The Debtor reserves the right to propose alternative transactions in the event that additional bids are received for the Debtor's assets, or to propose transactions in addition to the Purchase Agreement if a bidder is located for any of the Debtor's remaining locations. The Debtor intends to request that the Court schedule a sale hearing in October 2025 at which time, the Court can approve the bid of one or more third-party bidders adjudged at the time of the Sale Hearing to be the highest and best bidder for the relevant assets. The Debtor intends to continue to accept bids and discuss additional proposals to purchase its closed stores with other parties while the Motion is pending. The Debtor submits that any Proposed Purchaser will be a "good faith purchaser" and that the consideration contemplated under any transaction with a Proposed Purchaser will reflect a good-faith, arm's-length agreement entitled to the protections of Bankruptcy Code. About EYM Cafe of Texas LLC EYM Cafe of Texas LLC, doing business as Panera Bread, operated a group of Panera Bread franchise locations in Texas. The Company was part of EYM Group, a multi-brand restaurant franchisee based in Irving, Texas. EYM Cafe of Texas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Tex. Case No. 25-42271) on August 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Howard Marc Spector, Esq. at SPECTOR & COX, PLLC. FIREFLY NEUROSCIENCE: Raises CFO Salary to CA$216,000 ----------------------------------------------------- Firefly Neuroscience, Inc. disclosed in the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission that its Board of Directors approved an amendment to the Employment Agreement, dated March 12, 2025, by and between Deel Canada Services Inc., which provides consulting services to the Company, and Paul Krzywicki, the Chief Financial Officer of the Company. Deel and Mr. Krzywicki executed the Amendment on August 29, 2025. Pursuant to the Amendment, Mr. Krzywicki's annual gross base salary is increased from CA$165,000 (approximately US$120,000) to CA$216,000 (approximately US$157,000) effective September 1, 2025. All other terms and conditions of the Krzywicki Employment Agreement remain unchanged and in full force and effect. The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is filed available at https://tinyurl.com/2xduptj7 About Firefly Firefly (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 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 Dec. 31, 2024, the Company had $4,601,000 in total assets, $4,976,000 in total liabilities, and a total stockholders' deficit of $375,000. FIREFLY NEUROSCIENCE: Terminates $10M ELOC Deal With Arena Business ------------------------------------------------------------------- As previously disclosed in the Current Report on Form 8-K filed by the Firefly Neuroscience, Inc. that on December 23, 2024, the Company entered into a Purchase Agreement ("ELOC Agreement") with Arena Business Solutions Global SPC II, Ltd, dated December 20, 2024, pursuant to which Arena had committed to purchase, upon the terms and conditions specified in the ELOC Agreement, up to $10 million of the Company's common stock, par value $0.0001 per share. On September 4, 2025, the Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it delivered written notice to Arena to terminate the ELOC Agreement pursuant to its terms, effective as of September 11, 2025. About Firefly Firefly (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated Apr. 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 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 Dec. 31, 2024, the Company had $4,601,000 in total assets, $4,976,000 in total liabilities, and a total stockholders' deficit of $375,000. FOOT LOCKER: Moody's Withdraws 'Ba3' CFR Following Dick's Deal -------------------------------------------------------------- Moody's Ratings withdrew all of Foot Locker, Inc.'s ratings including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and B1 senior unsecured notes rating. Previously, the ratings were on review with direction uncertain. Additionally, Moody's withdrew the SGL-2 speculative grade liquidity rating (SGL). Prior to the withdrawal, the outlook was rating under review. These withdrawals follow the closing of the acquisition of Foot Locker by DICK'S Sporting Goods Inc. (DICK'S, Baa2, rating under review) in a transaction valued at approximately $2.5 billion. RATINGS RATIONALE The vast majority of the $400 million Foot Locker's senior unsecured notes have been exchanged into notes issued by DICK'S. Approximately $18.1 million of Foot Locker notes remain outstanding and will not be guaranteed by DICK'S. Moody's have decided to withdraw the rating(s) because Moody's believes Moody's have insufficient or otherwise inadequate information to support the maintenance of the rating(s). Please refer to Moody's Ratings' Withdrawal of Credit Ratings Policy, available on Moody's website, https://ratings.moodys.com, for more information. Headquartered in New York, NY, Foot Locker, Inc. is a specialty retailer that sells primarily athletic footwear, apparel, and accessories through over 2,400 stores globally, as well as its websites and mobile apps. Banners include Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos. Revenue for the twelve months ended August 02, 2025 was around $7.86 billion. FU BANG: Has Deal on Cash Collateral Access ------------------------------------------- Fu Bang Group Corp, USA and its two secured lenders, First Credit Bank and Sparknest, LLC, advised the U.S. Bankruptcy Court for the Central District of California, Riverside Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. FCB originally made a $12 million loan to the Debtor in 2016, secured by a Construction Deed of Trust on the Property. The Debtor defaulted pre-petition, prompting FCB to accelerate the loan and initiate foreclosure proceedings. Similarly, Mingzhe Li made a $2 million loan in 2021, also secured by a deed of trust. Sparknest later acquired this loan and the related lien and also initiated foreclosure proceedings before the bankruptcy case stayed all actions. Both lenders claim valid, perfected, and enforceable security interests in the Property and assert that all proceeds generated from it constitute cash collateral under 11 U.S.C. Sections 552(b) and 363, which the Debtor may not use without lender consent or court approval. The stipulation allows the Debtor to use the cash collateral, particularly rents generated by the property, strictly for ordinary operating expenses, including property management and those outlined in a pre-approved budget. All cash collateral must be deposited into DIP accounts, with restrictions on withdrawals and use outside the budget. A variance clause permits the Debtor to exceed individual budget line items by up to 15%, so long as the total monthly expenditures remain within 5% of the overall budget. To protect the interests of the Secured Lenders, the Debtor must make monthly adequate protection payments of $10,000 each to FCB and Sparknest starting in July. The lenders are also granted replacement liens in the Debtor's post-petition assets (excluding Chapter 5 avoidance actions), and liens on the DIP accounts, all of which will be deemed valid and perfected without additional filings. If the adequate protection payments prove insufficient, the lenders are entitled to superpriority claims that supersede nearly all other administrative claims in the bankruptcy case. The Debtor is prohibited from granting any further liens or encumbrances on the collateral unless the secured claims are satisfied or the lenders consent. Importantly, the stipulation does not resolve disputes over the value of the Property, which remain open for litigation or negotiation. The Debtor's authority to use cash collateral continues until October 31, unless terminated earlier upon a "default," which includes missed payments, failure to maintain insurance, breach of any stipulation term, or significant procedural changes in the bankruptcy case (e.g., conversion to Chapter 7, appointment of a trustee, or termination of the automatic stay). The Debtor must submit a new proposed budget by October 1 to seek extended use of cash collateral beyond the termination date. Secured Lenders may object to any such extension. A copy of the motion is available at https://urlcurt.com/u?l=f8Bius from PacerMonitor.com. About Fu Bang Group Corp USA Fu Bang Group Corp USA is a real estate company that owns and manages a single property. Fu Bang Group Corp USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13004) on May 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Derrick Talerico, Esq., at Weintraub Zolkin Talerico & Selth, LLP. FULLER'S SERVICE: Amends Plan to Include SBA Unsecured Claim Pay ---------------------------------------------------------------- Fuller's Service Center Inc. submitted a First Amended Disclosure Statement in conjunction with its First Amended Plan of Reorganization dated September 8, 2025. The Plan provides for the payment of Allowed Claims from cash, cash deposits, Remaining Insurance Proceeds (Class 20 only) and revenue generated from the operation of the Debtor's business as well as from funds of 102 W. Chicago, LLC ("102 LLC") (Class 21 only). The Plan also provides for "Additional Distributions" to the holders of Allowed Claims in Class 19 and Class 20 from the proceeds of any "Related Party Recoveries." The Secured Claims in Classes 4 through 18 are for loans on various vehicles owned by the Debtor for which liens exist on the titles to the respective vehicles. The holders of the Allowed Claims in Classes 4 through 18 shall retain their pre-petition and post-petition liens on the Debtor's respective vehicles. Allowed Claims in Classes 4 through 18 shall be paid in full in cash according to the terms of their respective underlying loan documents. The source of payment for Allowed Claims in Classes 4 through 18 (except for Class 16) shall be cash, cash deposits and revenue generated from the operation of the Debtor's business. As to Class 16, the source of payment shall be funds from Fuller's Home Hardware, Inc. ("FHH"), a Related Party.6 After payment in full of Allowed Claims in Classes 4 through 18, each secured creditor shall release any and all liens and security interests on the Debtor's respective vehicles. Class 19 consists of Unsecured Claims Exclusive of Claims in 20 and 21. In full satisfaction, settlement, release and discharge of and in exchange for each and every Class 19 Claim, the holders of Allowed Class 19 Claims shall receive their pro-rata distribution of $300,000.00 payable in equal quarterly installments commencing at the end of the quarter following the Effective Date and continuing quarterly thereafter for a period of 5 years. The Debtor estimates that Class 19 Claims, aggregate approximately $568,231.00. The payments to the holders of Allowed Class 19 Claims shall be made from available cash, cash deposits, and revenue generated from the operation of the Debtor's business. Class 21 is the unsecured portion of the SBA Claim. In full satisfaction, settlement, release and discharge of and in exchange for each and every Class 21 Claim, the allowed amount of the Class 21 Claim shall be paid in full from funds of 102 LLC in equal monthly payments over the balance of the remaining term of the existing loan documents relating to Class 21 Claims commencing in the month following the Effective Date. To the extent that 102 LLC has insufficient cash resources to make these payments, the members of 102 LLC shall provide cash to 102 LLC to supplement any such cash deficiency. As set forth in Article X, Sections 10.2 and 10.9 of the Plan and Exhibit A to the Plan, distributions under the Plan to the holders of Allowed Claims shall be made from cash, cash deposits and revenue generated from the operation of the Debtor's business. The cash flow projections attached to the Plan as Exhibit A establish that the Debtor is capable in making all of the payments required under the Plan. A full-text copy of the First Amended Disclosure Statement dated September 8, 2025 is available at https://urlcurt.com/u?l=ITDRjM from PacerMonitor.com at no charge. Fuller's Service Center, Inc. is represented by: David K. Welch, Esq. Brian P. Welch, Esq. Burke, Warren, MacKay & Serritella, P.C. 330 N. Wabash Ave., Suite 2100 Chicago, Illinois 60611 Tel: (312) 840-7000 Fax: (312) 840-7900 About Fuller's Service Center, Inc. Fuller's Service Center, Inc. is engaged in the business of car washing, auto repair and automotive maintenance from the leased premises located at 102 West Chicago Avenue, Hinsdale, Illinois and 101-109 West Chicago Avenue, Hinsdale, Illinois ("Leased Premises"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025. In the petition signed by Douglas A. Fuller Jr., president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. FWAK LLC: U.S. Trustee Unable to Appoint Committee -------------------------------------------------- The U.S. Trustee for Region 18 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of FWAK LLC. About FWAK LLC FWAK LLC, doing business as Chrimar Apartments, is a single-asset real estate entity that owns and leases residential property. FWAK sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-01396) on August 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Whitman L. Holt oversees the case. The Debtor is represented by Phillip J. Haberthur, Esq., at Landerholm, P.S. GD TRANSPORT: Claims to be Paid from Continued Operations --------------------------------------------------------- GD Transport, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated September 8, 2025. The Debtor was established in October 2014 by Sofia Delgado and Hernan Giron to provide commercial freight transportation services throughout the Unites States. GD Transport, LLC conducts its business operations from 200 Zell Drive, Orlando, Florida 32824 and also maintains its assets in Orlando, Florida. Prior to the Petition Date, Debtor experienced an increase in operating expenses (namely fuel and insurance costs) which resulted in a reduction in income available for the Debtor to meet its debt obligations. With overhead increasing and revenue of freight services remaining relatively constant, GD Transport found itself unable to support its existing debt structure without a restructuring of its balance sheet. Following the receipt of multiple demands from lenders who financed the acquisition of certain trucking equipment, Debtor elected to seek Chapter 11 relief to preserve its operations and restructure its balance sheet for the benefit of its creditors and estate. Since the Petition Date, the Debtor has continued to operate its business and manage its assets as a debtor-in-possession in accordance with its duties and responsibilities under the Bankruptcy Code. Class 17 consists of all Allowed General Unsecured Claims against the Debtor. The Debtor's projected Disposable Income will exceed $0.00 as set forth in the Projected Feasibility Analysis which will be disclosed and circulated to all interested parties together with the solicitation package associated with this Plan. In full satisfaction of the Allowed Class 17 General Unsecured Claims, Holders of Class 17 Claims shall receive a pro rata share of Distributions equivalent to the Debtor's Disposable Income, which payments shall commence on the 14th day following the Effective Date and continue thereafter on a monthly basis. Class 18 consists of all equity interests in GD Transport, LLC. Class 18 Interest Holders shall retain their respective Interests in GD Transport, LLC in the same proportions such Interests were held as of the Petition Date (i.e., 50.00% Interest retained by Mr. Hernan Giron and 50.00% Interest retained by Sofia Delgado). Class 18 is Unimpaired. The Plan contemplates the Debtor will continue to manage and operate its business in the ordinary course, but with restructured debt obligations. It is anticipated the Debtor's postconfirmation business will mainly involve continued operation of its freight hauling business, the income from which will be committed to make the Plan Payments to the extent necessary. Funds generated from the Debtor's operations through the Effective Date will be used for Plan Payments; however, the Debtor's cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Plan of Reorganization dated September 8, 2025 is available at https://urlcurt.com/u?l=oHYAAN from PacerMonitor.com at no charge. The Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: dvelasquez@lathamluna.com About GD Transport LLC GD Transport, LLC provides transportation and logistics services for national and international shipments. It operates with a modern fleet and offers customized logistics solutions across land, sea, and air. Founded in 2006, GD Transport focuses on timely delivery, safety, and client-focused service. GD Transport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03699) on June 16, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Lori V. Vaughan handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP. GENESIS HEALTHCARE: Brown Rudnick & Stutzman Represent Ad Hoc Group ------------------------------------------------------------------- The law firms of Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC ("SBEP") filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Genesis Healthcare Inc. and its affiliates, the firms represent ad hoc group of holders of personal injury and wrongful death claims (the "Ad Hoc Group"). Counsel represents only the Ad Hoc Group and does not represent, or purport to represent, any other entity in connection with the Debtors' cases. Each member of the Ad Hoc Group is a party in interest and holds a personal injury or wrongful death claim against the Debtors. Counsel does not hold any claim against, or interests in, the Debtors or their estates. On August 3, 2025, the Ad Hoc Group retained Brown Rudnick to represent it as bankruptcy counsel in connection with the Debtors' cases. On August 4, 2025, the Ad Hoc Group retained SBEP to serve as its Texas co-counsel. The Ad Hoc Group Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Estate of Alma Brown John Day, 125 Lincoln Avenue Suite 402 Santa FE, NM 87501 * Personal Injury/Wrongful Death Claim for at Least $2,000,000 2. Estate of Stella Lucero John Day, 125 Lincoln Avenue Suite 402 Santa FE, NM 87501 * Personal Injury/Wrongful Death Claim for at Least $1,000,000 3. Yvonne Tellez-Ramirez Maria Marquez 3212 Dingo Road, Apt. D Spring Lake, NC 28390 * Personal Injury/Wrongful Death Claim for at Least $1,000,000 4. Estate of Janet Copsy John Day, 125 Lincoln Avenue Suite 402 Santa FE, NM 87501 * Personal Injury/Wrongful Death Claim for at Least $250,000 5. Estate of Manuel Salaiz John Day, 125 Lincoln Avenue Suite 402 Santa FE, NM 87501 * Personal Injury/Wrongful Death Claim for at Least $250,000 6. Estate of Gloria Quintana John Day, 125 Lincoln Avenue Suite 402 Santa FE NM 87501 * Personal Injury/Wrongful Death Claim for at Least $250,000 7. Estate of Eshter Monje John Day, 125 Lincoln Avenue Suite 402 Santa FE, NM 87501 * Personal Injury/Wrongful Death Claim for at Least $250,000 8. Estate of Don Arrington John Day, 125 Lincoln Avenue Suite 402 Santa FE, NM 87501 * Personal Injury/Wrongful Death Claim for at Least $250,000 9. Estate of Eloy Medina John Day, 125 Lincoln Avenue Suite 402 Santa FE, NM 87501 * Personal Injury/Wrongful Death Claim for at Least $1,000,000 10. Georgia Romero 1621 Caminito Monica Santa FE, NM 87501 * Personal Injury/Wrongful Death Claim for at Least $600,000 11. Estate of Linda Medlock Jolene Youngers, 505 Cerrillos Road, Ste. A104 Santa FE, NM 88004 * Personal Injury/Wrongful Death Claim for at Least $600,000 12. Estate of Ruben Montoya Jolene Youngers 505 Cerrillos Road, Ste. A104 Santa FE, NM 88004 * Personal Injury/Wrongful Death Claim for at Least $250,000 13. Estate of Faustina Tinkham Mary E. Tinkham De La O P.O. Box 1631 Elephant Butte, NM 87522 * Personal Injury/Wrongful Death Claim for at Least $250,000 14. Adam Gomez 637 Palmer Lane Belen, NM 87501 * Personal Injury/Wrongful Death Claim for at Least $250,000 15. Estate of Johnny Chewiwi John Day, 125 Lincoln Avenue Suite 402 Santa FE, NM 87501 * Personal Injury/Wrongful Death Claim for at Least $250,000 16. Shelia Leakey-O'Brien 328 Lopez SE Los Lunas, NM 87031 * Personal Injury/Wrongful Death Claim for at Least $250,000 17. Estate of Jane Handley Leslie Handley Williams 245 Blossom Lane Elizabethtown, KY 42701 * Personal Injury/Wrongful Death Claim for at Least $250,000 18. Estate of James Chavis Margaret Chavis 4761 Chatford Avenue Baltimore, MD 21206 * Personal Injury/Wrongful Death Claim for at Least $600,000 19. Estate of Paul Baca Carrie Baca 2911 N. 3rd Avenue Pueblo, CO 81008 * Personal Injury/Wrongful Death Claim for at Least $425,000 20. Estate of Lorna Charles Monica Charles 3935 Starwood Drive Cumming, GA 30028 Ashley Vessels 12203 Cypress Court Alpharetta, GA 30005 Maria Charles 11760 Leeward Walk Cir Alpharetta, GA 30005 * Personal Injury/Wrongful Death Claim for at Least $1,000,000 21. Estate of Shearron Mitchell Rakiem Mitchell 75-95 Clinton Ave. Newark, NJ 07114 * Personal Injury/Wrongful Death Claim for at Least $250,000 22. Estate of Nicy Austin Andras Szantho 532 Don Gaspar Ave. Santa Fe, NM 87505 * Personal Injury/Wrongful Death Claim for at Least At Least $5,000,000 23. Vikki Romo Patricia Maes 41414 E. State Highway 51 Coweta, OK 74429 * Personal Injury/Wrongful Death Claim for at Least At Least $900,000 24. Estate of Jerry Jones Betty Jones P.O. Box 212 Chloe, WV 25235 * Personal Injury/Wrongful Death Claim for at Least At Least $200,000 25. Estate of Andrea Dominquez Angelina Sandoval 295 Chukar Road Silver City, NM 88061 * Personal Injury/Wrongful Death Claim for at Least At Least $4,000,000 26. Estate of Emden Syres Karen Wheby (Daughter) 709 Butler Street Princeton, WV 24740 * Personal Injury/Wrongful Death Claim for at Least At Least $4,000,000 27. Estate of Laura Dinkins Samantha Dinkins 121 Union Drive Princeton, WV 24740 * Personal Injury/Wrongful Death Claim for at Least At Least $4,000,000 28. Dina Pacheco Juan Pacheco 505 N. 5th Street Belen, NM 87002 * Personal Injury/Wrongful Death Claim for at Least At Least $1,000,000 The law firms can be reached at: Stutzman, Bromberg, Esserman & Plifka, PC Sander L. Esserman, Esq. Peter C. D'Apice, Esq. 2323 Bryan Street, Ste. 2200 Dallas, Texas 75201-2689 Telephone: (214) 969-4900 Facsimile: (214) 969-4999 Email: esserman@sbep-law.com dapice@sbep-law.com Brown Rudnick LLP David J. Molton, Esq. Eric R. Goodman, Esq. Gerard T. Cicero, Esq. Seven Times Square New York, New York 10036 Telephone: (212) 209-4800 Facsimile: (212) 209-4801 Email: dmolton@brownrudnik.com egoodman@brownrudnick.com gcicero@brownrudnick.com About Genesis Healthcare Genesis Healthcare, Inc. (OTC Expert Market: GENN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 200 skilled nursing centers and senior living communities in 17 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,500 locations in 43 states and the District of Columbia. On July 9, 2025, Genesis Healthcare, Inc. and 298 of its affiliates and subsidiaries each filed voluntary petitions in Dallas, Texas, seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80185). The Debtors listed at least $1 billion in assets and liabilities as of the bankruptcy filing. As of the Petition Date, the Debtors had secured debt of $708.5 million and unsecured obligations totaling $1.568 billion. The Debtors tapped McDermott Will & Emery LLP as bankruptcy counsel, and Jefferies, LLC, as investment banker. Ankura Consulting Group, LLC, provides the services of senior managing directors Russell A. Perry and Louis E. Robichaux IV as CRO of the Debtors. Epiq is the claims agent. The U.S. Trustee for Region 11 appointed an official committee of unsecured creditors. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel, and FTI Consulting, Inc., as its financial advisors. GENESIS HEALTHCARE: PCO Hires Greenberg Traurig as Counsel ---------------------------------------------------------- Suzanne Koenig, the patient care ombudsman of Genesis Healthcare, Inc. and affiliates, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Greenberg Traurig, LLP, as her counsel. The firm's services include: a. representing the Ombudsman in any proceeding or hearing in the Court, and in any action in other courts where the rights of the patients may be litigated or affected as a result of these Cases; b. advising the Ombudsman concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the discharge of her duties under section 333 of the Bankruptcy Code; c. advising and representing the Ombudsman in evaluating any patient or healthcare related issues, including, in connection with any sale or reorganization; and d. performing such other legal services as may be required under the circumstances of these Cases in accordance with the Ombudsman's powers and duties as set forth in the Bankruptcy Code, including assisting the Ombudsman with reports to the Court, fee applications, or other matters. The firm will be paid at these rates: Shareholders/Of Counsel $550 to $2,250 per hour Associates $350 to $1,280 per hour Legal Assistants/Paralegals $145 to $655 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the twelve (12) months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve (12) months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and reasons for the difference. Answer: Greenberg Traurig was not selected to represent the Ombudsman until after she was appointed by the United States Trustee on August 15, 2025, i.e., post-petition. Greenberg Traurig's billing rates increased at the beginning of 2025 from its rates in 2024, but its rates have not increased following the Petition Date Question: Has your client approved your respective budget and staffing plan, and if so, for what budget period? Answer: The Ombudsman and Greenberg Traurig expect to develop a prospective budget and staffing plan, recognizing that in the course of these Cases, there may be unforeseeable fees and expenses that will need to be addressed by the Ombudsman and Greenberg Traurig. Nancy A. Peterman, Esq., a partner at Greenberg Traurig, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nancy A. Peterman, Esq. Greenberg Traurig, LLP 77 West Wacker Drive, Suite 3100 Chicago, IL 60601 Tel: (312) 456-8400 Fax: (312) 456-8435 Email: PetermanN@gtlaw.com About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GENESIS HEALTHCARE: PCO Hires Kane Russell Coleman as Counsel ------------------------------------------------------------- Susan N. Goodman, the patient care ombudsman of Genesis Healthcare, Inc. and affiliates, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Kane Russell Coleman Logan PC as her counsel. The counsel will render these services: a. advise the Ombudsman regarding the Ombudsman's powers and duties under applicable law (including section 333 of the Bankruptcy Code), with respect to the Ombudsman's role in these Bankruptcy Cases, including topics associated with patient notice and records; b. serve as counsel of record for the Ombudsman in all legal aspects of these Bankruptcy Cases, including without limitation, the prosecution of actions on behalf of the Ombudsman that are necessary and appropriate to monitor the quality of patient care and to represent the interests of Debtors' patients; c. prepare pleadings in connection with the foregoing Services; and d. appear before this Court to represent the interests of the Ombudsman in connection with the foregoing Services, where the interests of patients may be affected. The firm will be paid at these rates: Director $650 to $1,000 Senior Attorney $650 Associate $485 to 650 Paraprofessionals $250 to $325 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. J. Casey Roy, Esq., a partner at Kane Russell Coleman Logan PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jason Binford, Esq. J. Casey Roy, Esq. Kane Russell Coleman Logan PC 401 Congress Ave. Suite 2100 Austin, TX 78701 Tel: (512) 487-6572 Email: croy@krcl.com jbinford@krcl.com About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GENESIS HEALTHCARE: PCO Taps Otterbourg P.C. as Legal Counsel ------------------------------------------------------------- Melanie Cyganowski, the patient care ombudsman of Genesis Healthcare, Inc. and affiliates, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Otterbourg P.C. as her counsel. The firm's services include: a) representing the Ombudsman in any proceeding or hearing before this Court where the rights of the patients and/or their care may be litigated or affected as a result of the Cases; b) advising the Ombudsman concerning the requirements of the Bankruptcy Code and Bankruptcy Rules and the requirements of the Office of the United States Trustee relating to the discharge of her duties under section 333 of the Bankruptcy Code; c) assisting the Ombudsman with the preparation of an action plan and carrying out the tasks set forth in the action plan, including, but not limited to, by conducting interviews with the Debtors' leadership, facility staff and patients (when appropriate); reviewing facility financial reporting and other reporting related to patient care; reviewing census data, patient complaints and other metrics that may impact on or be an indicator of facility stability and patient care, reviewing proposed sale and rejection procedures; and visiting certain of the Debtors' facilities assigned to the Ombudsman; d) preparing and filing with the court periodic reports to the Court as required under the Appointment Order; e) preparing and filing applications to retain any other professionals of behalf of the Ombudsman and any related monthly, interim or final fee applications; f) advising and representing the Ombudsman concerning any potential health law related issues; and g) performing such other services as may be required under the circumstances of this Case in accordance with the Ombudsman's powers and duties as set forth in the Bankruptcy Code and the Appointment Order. The firm will be paid at these rates: Partner/Counsel $800 to $1,975 per hour Associate $395 to $1,100 per hour Paraprofessional $450 The following is provided in response to the request for additional information set forth in Paragraph D.1. of the UST Guidelines: (a) Question: Did Otterbourg agree to any variations from, or alternatives to, Otterbourg's standard billing arrangements for this engagement? Answer: The rate structure provided by Otterbourg is appropriate and is not significantly different from (a) the rates that Otterbourg charges for other nonbankruptcy representations or (b) the rates of other comparably skilled professionals. For this engagement, Otterbourg has agreed to provide a 20 percent accommodation on the aggregate fees billed. In addition, as it does in other bankruptcy cases, all non-working travel time will be billed at 50 percent. (b) Question: Do any of the Otterbourg professionals in this engagement vary their rate based on the geographic location of the Debtors' chapter 11 cases? Answer: No. The hourly rates used by Otterbourg in representing the Ombudsman are consistent with the rates that Otterbourg charges other clients, regardless of the location of the chapter 11 case. (c) Question: If Otterbourg has represented the Ombudsman in the 12 months prepetition, disclose Otterbourg's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Otterbourg's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Otterbourg's billing rates have not changed postpetition and are consistent with the rates charged in other matters in which Otterbourg has represented the Ombudsman. Otterbourg reviews and adjusts its rates annually in October of each year. (d) Question: Has the Ombudsman approved Otterbourg's budget and staffing plan, and, if so, for what budget period? Answer: Yes, the Ombudsman has approved Otterbourg's budget and staffing plan for the period from August 15, 2025 through February 28, 2025. Jennifer S. Feeney, Esq., a member of Otterbourg PC, disclosed in a court filing that the firm does not have interest adverse to the Debtor and its estate, creditors or equity holders. The firm can be reached through: Jennifer S. Feeney, Esq. Otterbourg PC 230 Park Ave 30th Floor New York, NY 10169 Phone: (212) 661-9100 (212) 905-3677 Email: jfeeney@otterbourg.com About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GENESIS HEALTHCARE: PCO Taps Sak Management as Operations Advisor ----------------------------------------------------------------- Suzanne Koenig, the patient care ombudsman of Genesis Healthcare, Inc. and affiliates, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire SAK Management Services, LLC d/b/a SAK Healthcare as medical operations advisor. The firm's services include: a. conducting interviews of patients, family members, guardians and hospital staff as required; b. reviewing license and governmental permits; c. reviewing adequacy of staffing, supplies, and equipment; d. reviewing safety standards; e. reviewing hospital maintenance issues or reports; f. reviewing patient, family, staff, or employee complaints; g. reviewing risk management reports; h. reviewing litigation relating to the Debtor; i. reviewing patient records; j. reviewing any possible sale, closure, or restructuring of the Debtor and how it impacts patients; k. reviewing other information, as applicable to the Debtor and this case including, without limitation, patient satisfaction survey results, regulatory reports, utilization review reports, discharged and transferred patient reports, staff recruitment plans and nurse/patient/acuity staffing plans; l. reviewing various financial information, including, without limitation, current financial statements, cash projections, accounts receivable reports and accounts payable reports to the extent such information may impact patient care; and m. assisting the Ombudsman with such other services as may be required under the circumstances of this case, including any diligence or investigation required for the reports to be submitted by the Ombudsman. The firm will be paid at these rates: Principals/Executives $525 per hour Senior Managing Director/Vice Presidents $475 per hour Senior Directors/Regional Directors/Directors $425 per hour Staff/Administrative $275 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Suzanne Koenig, Founder & Chief Executive Officer at SAK Management Services, LLC d/b/a SAK Healthcare, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Suzanne Koenig SAK Management Services, LLC 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Tel: (847) 446-8400 Fax: (847) 446-8432 Email: skoenig@sakmgmt.com About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GENESIS HEALTHCARE: Regulators Close Nursing Home in Alabama ------------------------------------------------------------ Soma Biswas of The Wall Street Journal reports that Genesis Healthcare has been ordered by federal and state regulators to shut down one of its 175 nursing homes, an uncommon step in bankruptcy cases involving healthcare providers. The order applies to Magnolia Ridge in Glendale, Alabama, where more than 100 residents must be transferred to other facilities. The directive came from the Centers for Medicare and Medicaid Services (CMS) and the Alabama Department of Health, which gave Genesis 30 days to complete the transfers, attorney Dan Simon told a bankruptcy court on Monday, September 15, 2025. Regulators had first informed the company in March of their plans to close Magnolia Ridge, signaling the move had been under consideration for months. Government agencies generally try to prevent the closure of healthcare facilities, often supplying financial support to keep them operating. But Genesis had been under heavy strain from healthcare-negligence and wrongful-death lawsuits even before its July bankruptcy, facing $8 million in monthly litigation and settlement costs, according to The Wall Street Journal. Bankruptcy Judge Stacey Jernigan questioned the regulators' decision, especially since a patient-care ombudsman recently reported that Magnolia Ridge was delivering adequate care. However, lawyers representing hundreds of residents argued otherwise, pointing to CMS's consistently low ratings for the facility—just one out of five stars for several years—and staffing levels that fell below national standards, the report states. Genesis said it disagrees with the closure order and intends to challenge it, though the company will follow the requirement to relocate residents. The dispute unfolds as Genesis pursues a restructuring plan, with an affiliate of current owner Joel Landau named as the lead bidder in an upcoming auction, a move opposed by groups of tort claimants. 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. GEON PERFORMANCE: Moody's Affirms 'B2' CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings affirmed GEON Performance Solutions, LLC's (GEON) B2 Corporate Family Rating, the B2-PD probability of default rating and B2 senior secured first lien term loan. Moody's also assigned a B2 rating to GEON's extended senior secured first lien revolving credit facility due in 2028. The existing B2 senior secured revolving credit facility rating has been withdrawn. The outlook remains stable. RATINGS RATIONALE The B2 corporate family rating reflects the company's small scale, high leverage and its significant exposure to cyclical end markets such as the building and construction, transportation, industrial and appliances industries. Moody's adjusted debt/EBITDA was 6.8x in the twelve months ended June 2025 pro forma for Foster acquisition completed in January 2025. Moody's EBITDA does not include one-time items related to the acquisition, severance and footprint optimization. If those items were included, leverage would be around 6.1x during this period. The Foster acquisition has performed in line with expectations and is benefitting from the pricing actions the company has implemented, however, the legacy business has continued to suffer from weak demand as a result of the US housing market slowdown and a decline in auto build rates. Moody's expects leverage to remain above 6x in 2025 after the company lowered its volume and earnings forecast for the year, but Moody's expects the company to generate free cash flow and for leverage to trend below 6x in 2026. The company needs to demonstrate volume and EBITDA improvements to improve leverage in line with the rating. GEON's rating is supported by its extensive industry expertise with a leading position in the polyvinyl chloride (PVC) compounding market and as one of the top independent polypropylene (PP) formulators and its considerable expertise in other polymers such as polyethylene, polycarbonates and nylons. The credit profile is tempered by the fragmented nature of the compounding business with relatively low barriers to entry. GEON has a large, well-established manufacturing footprint, well-known brand name and a diverse customer base with stable and long-term relationships. The rating also assumes that GEON will maintain its competitive position during unanticipated, prolonged economic downturns. GEON's rating also incorporates low capital expenditure requirements due to its asset-light business model, which should enable the company to translate most of the EBITDA into free cash flow. GEON is expected to maintain good liquidity. The company had $17 million of cash as of June 2025. The company has extended its $60 million revolving credit facility to February 2028, six months before the term loan matures. The revolver has a springing maximum First Lien Net Leverage Ratio of 6.65x, which will be tested when the outstanding balance exceeds 35% of the revolver commitment. The company currently has sufficient headroom under the covenant and Moody's do not expect it to be tested. Moody's expects the company to generate positive free cash flow in 2025. Moody's expects the company to use cash it generates to fund further acquisitions and debt reduction will be limited to amortization of 1% per year. Most of the assets are encumbered leaving limited sources of alternative liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the small scale and acquisition-driven growth strategy, an upgrade is unlikely at this time. Moody's would likely upgrade the rating with expectations for adjusted financial leverage (Debt/EBITDA) sustained below 4.0x, retained cash flow-to-debt (RCF/Net Debt) above 12.5% on a sustained basis and if its sponsors adhere to more conservative financial policies, including absolute debt reduction and no further dividends to shareholders. Moody's could downgrade the rating if the company's acquisitive strategy results in sustained increase in balance sheet debt without commensurate growth in earnings, such that adjusted financial leverage sustainably exceeds 6.0x, EBITDA/Interest declines below 1.5x, free cash flow is negative and liquidity deteriorates. Moody's could also downgrade the rating if underperformance results in unsustainable capital structure that increases refinancing risk. The stable outlook reflects Moody's expectations that additional earnings from Foster acquisition will offset weakness in the legacy business, while free cash flow generation will support the rating. GEON Performance Solutions, LLC, headquartered in Westlake, OH, was formed after SK Capital Partners completed the acquisition of Avient Corporation's (fka PolyOne Corporation) Performance Products & Solutions business in October 2019. GEON is the leading polyvinyl chloride compounder for the building and construction, industrial and wire and cable end markets, a top 4 independent polyolefin formulator and also provides contract manufacturing services for customers. The company operates in two primary segments, Vinyl and Engineered Polymer Solutions and has added capabilities with Thermoplastics and Medical Compounding with recent acquisitions. GEON reported revenue of $667 million in the twelve months ended June 2025. 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. HALL LABS: Court OKs Common Stock Sale to Keystone Prive Income --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Utah has permitted Mark C. Rose, Trustee of the case of Hall Labs LLC to sell common stocks free and clear of liens, claims, interests, and encumbrances. The Debtor owns at least 97,392,538 shares of common stock in Vanderhall, Inc., which Debtor represents constitutes at least 51% of all of the issued and outstanding shares (as-converted) of common stock of Vanderhall, Inc. The Court has authorized the Trustee to sell the common stocks in Vanderhall Motor Works, Inc. to Keystone Prive Income Fund. The Trustee is granted and empowered to perform under the Asset Purchase Agreement (APA) and to sell the Shares to Keystone, free and clear of all liens, claims, encumbrances and interests except as otherwise provided in the APA, for the amount of the Total Consideration, and upon such other terms and conditions as have been agreed to by the Trustee and Keystone, all as are more particularly set forth in the APA and the Sale Motion. Trustee and Keystone, and each of their respective officers, employees, and agents, are authorized and empowered to take all actions and execute and deliver any and all documents and instruments that either Trustee or Keystone deem necessary or appropriate to implement and effectuate the terms of the APA and the order. About Hall Labs LLC Hall Labs LLC focuses on developing and monetizing intellectual property across various industries by bringing together scientists and engineers to solve complex problems. After prototyping and market validation, Hall Labs licenses its technologies to newly formed entities, which then commercialize and further develop the innovations. The Company generates revenue through the sale of technologies, patents, and company interests, while its portfolio companies become self-sustaining and progress toward an exit. Hall Labs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21038) on March 5, 2025. In its petition, the Debtor reported assets between $100 million and $500 million and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. Andres Diaz, Esq., at Diaz & Larsen serves as the Debtor's counsel. HARLING INC: Court Extends Cash Collateral Access to Oct. 8 ----------------------------------------------------------- Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the Debtor to use cash collateral retroactive to the date of filing the Debtor's Chapter 11 case through October 8. As protection from any diminution in the value of its collateral, Byline Bank was granted a first-priority lien on property acquired by the Debtor after the petition date, including all proceeds and products thereof. This lien will have the same priority and extent as the bank's pre-bankruptcy lien. A further hearing is scheduled for October 7. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1.05 million, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. Byline Bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HARROW INC: Fitch Assigns 'B-(EXP)' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned Harrow, Inc. a first-time expected Long-Term Issuer Default Rating (IDR) of 'B-(EXP)' with a Stable Outlook. Fitch has also assigned an expected rating of 'B(EXP)' and a Recovery Rating of 'RR3' to Harrow's proposed senior unsecured notes. Harrow benefits from a focused U.S. ophthalmic pharmaceutical strategy, strong brand equity, and a vertically integrated platform that supports efficient operations and recent product launches. These strengths are offset by high leverage, limited diversification, and modest scale, which heighten vulnerability to sector-specific risks and external shocks. Governance concerns and customer and supplier concentration further constrain credit quality and flexibility, while reimbursement and regulatory risks add to challenges. Assignment of final ratings is contingent on Harrow issuing $250 million in senior unsecured notes and using the proceeds to repay existing debt. It also depends on the company establishing a committed external credit facility to support working-capital needs. Key Rating Drivers Limited Market Focus: Harrow's focus on the U.S. ophthalmic pharmaceutical market is a strategic strength, supporting deep market penetration, efficient sales deployment, and strong brand equity among eye care providers. Its vertically integrated platform includes FDA-approved brands, compounded formulations, and biosimilar licenses. This has enabled recent product launches and expanded Harrow's reach, particularly in retina biologics. This specialization allows the company to tailor programs and distribution to the unique needs of ophthalmology and optometry practices. However, this narrow therapeutic and geographic focus limits diversification. It also increases exposure to sector-specific risks, such as reimbursement changes, regulatory scrutiny, and competitive pressures within ophthalmology. Fitch expects the majority of Harrow's 2025 revenue to come from its top-three branded products, and international revenue remains immaterial despite out-licensing. Reliance on a single therapeutic area and domestic market heightens vulnerability to external shocks. Expansion into adjacent areas or international markets could mitigate concentration risk. Constrained Flexibility; High Leverage: Harrow's capital structure is based on Fitch's estimate that CFO will remain very low over the near term due to a slow cash-conversion cycle. Fitch estimates EBITDA leverage will improve faster with revenue opportunities from existing and newly acquired products. Debt-service costs are material, and acquisitions or delays in product launches could further pressure liquidity, requiring additional financing. Hence, Fitch believes Harrow will depend on a committed credit facility to fund working-capital investment. Governance Concerns: Harrow's governance profile presents notable risks, with founder-led management, limited independent board oversight, and recurring related-party transactions. Regulatory risk remains elevated due to FDA warning letters and ongoing compliance issues at its 503B outsourcing facility. While remediation efforts are underway, Fitch believes enhanced transparency, board independence, and risk management are critical for improving investor confidence and mitigating governance concerns. High Customer, Supplier Concentration: Two distributor customers accounted for 94% of accounts receivable, and two suppliers provided 42% of active pharmaceutical ingredients, in 2024. Sales are dominated by a few large distributors, exposing Harrow to potential disruption if a key relationship is lost. Recent incidents, such as a distributor cybersecurity event, have had an impact on cash flow and sales. Harrow is negotiating with additional specialty pharmacies to reduce this risk, but dependency remains high. Modest Market Position, Small Scale: Over half of sales derive from lower-market-share products. Revenue and EBITDA scale are limited, resulting in modest economies of scale and resilience to competition. Harrow remains small versus major ophthalmic players despite strong brand recognition. ImprimisRx has the highest Net Promoter Score among compounders. Scale limitations may affect negotiating leverage with payors, suppliers and distributors. The bolt-on acquisition and biosimilar strategies aim to build scale, but execution risk remains. Limited Organic Growth Potential: Harrow's commercial portfolio is broad across anterior and posterior segment indications, but its pipeline is modest, with limited late-stage R&D. The most transformative asset, MELT-300, is held via a minority stake and is not fully consolidated. The current portfolio is commercially sound, while limited near-term development activity constrains long-term organic growth potential. Reimbursement Risk: Harrow's IHEEZO and TRIESENCE medications are reimbursed under Medicare Part B. Both are administered primarily in office settings and have permanent J-Codes, supporting consistent reimbursement. TRIESENCE's surgical and non-surgical indications allow continued Ambulatory Surgical Center payment beyond the pass-through window, per Centers for Medicare & Medicaid Services policy. The Inflation Reduction Act may affect pricing, but access programs have driven volume growth. A mix of reimbursed and cash-pay products contributes to gross-to-net variability and exposes Harrow to shifting payer dynamics. Peer Analysis Harrow, Inc.'s closest rated peers include Mallinckrodt plc (B+/Rating Watch Positive) and Bausch & Lomb Corporation (BLCO; SCP: b+), given their focus on specialty pharmaceuticals and similar U.S. market exposure. Harrow operates at a significantly smaller scale, with forecast 2025 revenue of less than $300 million compared with about $2.0 billion for Mallinckrodt and approximately $4.8 billion for BLCO. Harrow has demonstrated strong top-line growth and improved gross profit between 2024 and 2025, but its financial profile remains weak, with continued net losses and very modest free cash flow, limiting financial flexibility. Mallinckrodt has shown signs of stabilization, narrowing net losses and generating $47 million in free cash flow in 2024. BLCO benefits from diversification across consumer health and prescription pharmaceuticals and moderate regulatory risk, though its sole focus on eye health limits breadth versus peers. Fitch notes BLCO's ratings are constrained by partial ringfencing and shareholder dynamics. Key Assumptions - Revenue CAGR of approximately 25% through 2028 (the forecast period), driven primarily by volume growth in IHEEZO and VEVYE in 2025 and 2026 and the recent acquisition of two opthalmology biosimilars from Samsung; - EBITDA margins remain flat relative to 2024 margins over the forecast period; - Working-capital investment remains a constraint on the cash-conversion cycle over the near term, and improves with Harrow's expanding product portfolio; - Milestone payments are reflected in other investing cash flows at approximately 75% of management's guidance, reflecting lower revenue growth; - Asset-based credit facility is available to bridge working-capital needs, and is assumed to be used in 2026 and 2027; borrowing costs assumed at SOFR + 1.5%; - Capital expenditures are relatively modest at less than 1% of revenues over the forecast period; - Issuance of $250 million of 9.25% senior unsecured debt to refinance existing debt; no debt amortization over the forecast period; - Investments in additional licenses or assets of $5 million in 2026 and 2027 have been assumed, but may increase with improved CFO; - Cash dividends or share repurchases are not assumed. Recovery Analysis The recovery analysis assumes that Harrow would be considered a going concern in bankruptcy and that the company would be reorganized rather than liquidated. Fitch estimates a going concern enterprise value (EV) available for distribution of $149 million after an allocation of $40 million related to an assumed level of a secured revolving credit facility. Fitch has also deducted an amount of 10% against this value for administrative claims resulting in total EV available for distribution of $189 million. The going concern EV is based upon estimates of post-reorganization EBITDA and the assignment of an EBITDA multiple (see below). Fitch estimates Harrow's going concern EBITDA at $35 million, which is roughly 33% lower than the forecasted 2025 EBITDA. The assumed going concern EBITDA reflects a scenario where Harrow faces a decline in both cash flow and revenues caused by loss of key customers, severe supply chain disruption and competitive pricing pressure, which it can not offset with new product launches. Internal liquidity is inadequate to fund operations, forcing the company to seek concessions from its lenders. Fitch applies a waterfall analysis to the going concern EV based on the relative claims of the debt in the capital structure. Fitch assumes that, in a bankruptcy scenario, the company would draw all of the secured revolving credit facility, which has a limit of $40 million. The senior unsecured debt of $250 million has recovery prospects in a reorganization scenario and is rated 'B'/'RR3', one notch above the IDR. Fitch assumes a recovery EV/EBITDA multiple of 6.0x for Harrow. This is at the low end of the range of 6.0x to 7.0x that Fitch has typically used for pharmaceutical manufacturers. However, Harrow is less diversified than many Fitch-rated manufacturing peers. Fitch observes that the average forward public market trading multiples for small pharmaceutical companies varies significantly depending on sub-industry and size, but falls in the range of 7x to 10x, with some trading higher at times. If Harrow were to issue senior secured debt, such issuance may result in a downgrade of the long-term debt and recovery ratings on the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant and sustained decline in operating performance due to increased competition, regulatory setbacks, or inability to obtain or maintain regulatory approvals for key products and pipeline candidates; - Persistent weakness in cash flow conversion that undermines liquidity and financial flexibility reflected in a CFO-capex/debt ratio at or below zero; - EBITDA leverage persistently above 6.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained improvement in operating profitability, evident from higher EBITDA margins driven by successful commercialization of new and existing products and effective cost management; - Improving cash flow conversion reflected in CFO-capex/debt of 3% or greater; - EBITDA leverage durably below 5.0x; - Increased diversity and independence of the board of directors. Liquidity and Debt Structure Harrow's primary source of liquidity is its cash balance, which was $53 million as of June 30, 2025, up from $47 million at year-end 2024. The cash-conversion cycle has been weak due to high debt-service obligations, elevated operating and R&D expenses, and working-capital demands. Fitch anticipates many of these pressures will persist near term. Key barriers to accelerating cash conversion include pricing power concentration among a limited number of wholesalers and PBMs, given Harrow's narrow product portfolio. As a result, cash flow from operations may not be sufficient to support meaningful growth while comfortably servicing debt without additional capital. Historically, Harrow has relied on equity and debt financing to fund operations and investments. Liquidity may improve with revenue growth from products like VEVYE and IHEEZO, which could support asset-based financing. Management is focused on refinancing approximately $223 million of existing debt, including a secured term loan due January 2026. Fitch's Rating Case assumes refinancing via $250 million of new senior unsecured notes at ~9.25%. If completed, Fitch expects Harrow to have adequate liquidity through its cash balance and access to a new $40 million secured RCF. Issuer Profile Harrow is a U.S.-based eyecare pharmaceutical company focused on the discovery, development, and commercialization of ophthalmic therapies. It serves over 10,000 healthcare providers nationwide and offers a broad portfolio of branded and compounded ophthalmic products through its ImprimisRx division. Summary of Financial Adjustments Fitch has adjusted historical and forecast EBITDA to reflect the effects of stock-based compensation, impairment of intangible assets, investment losses, gains and losses on the sale/disposal of assets, and other nonrecurring expenses and income. 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 Harrow has an ESG Relevance Score of '4' for Exposure to Social Impacts due to pressure to contain healthcare spending growth, a highly sensitive political environment, exposure to price-fixing and opioid litigation, and social pressure to contain costs or restrict pricing. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Harrow has an ESG Relevance Score of '4' for Governance Structure due to its founder-led board, limited independent oversight, and recurring related-party transactions involving affiliated entities. These governance characteristics have a direct and standalone impact on the credit profile, as they raise concerns about transparency, accountability, and risk management. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. This factor is a key driver of the rating, and would likely result in a different rating if governance risks were mitigated. 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 ----------- ------ -------- Harrow, Inc. LT IDR B-(EXP) Expected Rating senior unsecured LT B(EXP) Expected Rating RR3 HEALTHLYNKED CORP: Reverse Split Reduces Outstanding Shares to 2.8M ------------------------------------------------------------------- HealthLynked Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors and Stockholders approved a reverse stock split of the Company's issued and outstanding shares of common stock, par value $0.0001 per share, at a ratio of 1-for-100. The Reverse Stock Split went effective on September 4, 2025. Effects of the Reverse Stock Split: * Effective Date; Symbol; CUSIP Number: The Common Stock began trading on a split-adjusted basis on the OTCQB on the Market Effective Date. In connection with the Reverse Stock Split, the CUSIP number for the Common Stock changed to 42228P 300. The Company's ticker symbol on the OTCQB will be "HLYKD" for 20 trading days, including the Market Effective Date. * Split Adjustment; Treatment of Fractional Shares: The total number of shares of Common Stock held by each stockholder of the Company was converted automatically into the number of shares of Common Stock equal to: (i) the number of issued and outstanding shares of Common Stock held by each such stockholder immediately prior to the Reverse Stock Split divided by (ii) 100. Any fractional share of Common Stock that would otherwise result from the Reverse Stock Split is being rounded to a whole share and, as such, any stockholder who otherwise would have held a fractional share after giving effect to the Reverse Stock Split instead holds one whole share of the post-Reverse Stock Split Common Stock after giving effect to the Reverse Stock Split. As a result, no fractional shares are being issued in connection with the Reverse Stock Split and no cash or other consideration is being paid in connection with any fractional shares that would otherwise have resulted from the Reverse Stock Split. The Company is treating stockholders holding shares of Common Stock in "street name" (that is, held through a bank, broker or other nominee) in the same manner as stockholders of record whose shares of Common Stock are registered in their names. Banks, brokers or other nominees are instructed to effect the Reverse Stock Split for their beneficial holders holding shares of our Common Stock in "street name;" however, these banks, brokers or other nominees may apply their own specific procedures for processing the Reverse Stock Split. The shares of Common Stock underlying the Company's outstanding awarded options, convertible notes and warrants will be similarly adjusted along with corresponding adjustments to their exercise prices. ClearTrust, LLC, the Company's transfer agent, is acting as the exchange agent for the Reverse Stock Split and will provide instructions to stockholders of record regarding the process for exchanging shares. * Certificate of Amendment; Stockholder Approval: The Company effected the Reverse Stock Split pursuant to the Company's filing of the Certificate of Amendment to its Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada on September 2, 2025, in accordance with Nevada Revised Statutes 78.390. The Certificate of Amendment became effective at 12:01 a.m. on September 4, 2025. * Capitalization: The number of authorized shares of Common Stock remain unchanged at 500,000,000 shares. As of September 2, 2025, there were 284,778,332 shares of Common Stock outstanding. As a result of the Reverse Stock Split, there are 2,847,784 shares of Common Stock outstanding (subject to adjustment due to the effect of rounding fractional shares into whole shares). The Reverse Stock Split did not have any effect on the stated par value of the Common Stock. About HealthLynked Corp. HealthLynked Corp. is a healthcare technology company based in Nevada, founded on Aug. 6, 2014. It operates in three main divisions: Digital Healthcare, Medical Distribution, and Health Services, focusing on enhancing patient care, reducing costs, and creating long-term value for shareholders. In an audit report dated March 31, 2025, the Company's auditor RBSM LLP, issued a "going concern" qualification citing that the Company has recurring losses from operations, limited cash flow, and an accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $2.22 million in total assets, $5.35 million in total liabilities, and a total shareholders' deficit of $3.13 million. HERMITAGE NEWARK: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Hermitage Newark, LLC 159 Wagoner Court Fort Worth, TX 76108 Business Description: Hermitage Newark, LLC, owned by Dale E. Behan, manages a sand plant in Newark, Arkansas, overseeing industrial equipment and logistics for sand processing. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-43510 Debtor's Counsel: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Email: Joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dale Behan as owner. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. The petition is available in its entirety for free on PacerMonitor at: https://www.pacermonitor.com/view/UQCRZZA/Hermitage_Newark_LLC__txnbke-25-43510__0001.0.pdf?mcid=tGE4TAMA HRZN INC: Case Summary & 13 Unsecured Creditors ----------------------------------------------- Debtor: HRZN, Inc. d/b/a Plant Escape, Inc. Horizon Landscaping, Inc. PE Horizon, Inc 2930 W 9th Avenue Denver, CO 80204 Business Description: HRZN, Inc is a Colorado company, founded in 1983, that provides commercial landscaping and grounds maintenance services — including lawn care, irrigation, snow removal, and landscape enhancements. It also offers interior plantscaping through its Plant Escape brand, serving businesses, property managers, and commercial clients across the Denver metro area. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-15925 Judge: Hon. Michael E Romero Debtor's Counsel: K. Jamie Buechler, Esq. BUECHLER LAW OFFICE, LLC 10901 W. 120th Avenue, Suite 130 Broomfield, CO 80021 Tel: 720-381-0045 Email: Jamie@kjblawoffice.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Steven J. Brown as president. A copy of the Debtor's list of 13 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7JBTL4Q/HRZN_Inc__cobke-25-15925__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7BYXQAI/HRZN_Inc__cobke-25-15925__0001.0.pdf?mcid=tGE4TAMA INCORA: Court Reverses Bankruptcy Ruling, Upholds Uptier Deal ------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Incora's controversial "uptier" debt swap was upheld by a Texas federal court, which reversed a bankruptcy judge's ruling that had invalidated the deal in a closely watched creditor-on-creditor violence case. About Incora Incora -- http://www.incora.com/-- is the trade name for the group of companies formed by Wesco Aircraft and Pattonair, a provider of comprehensive supply chain management services to the global aerospace and other industries. Beginning with a strong foundation in aerospace and defense, Incora also utilizes its supply chain expertise to serve industrial manufacturing, marine, pharmaceutical and beyond. Incora incorporates itself into customers' businesses, managing all aspects of supply chain from procurement and inventory management to logistics and on-site customer services. The company is headquartered in Fort Worth, Texas, with a global footprint that includes 68 locations in 17 countries and more than 3,800 employees. Wesco Aircraft Holdings, Inc., doing business as Incora, and 43 affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 23-90611) on June 1, 2023. Wesco Aircraft estimated assets and debt of $1 billion to $10 billion as of the bankruptcy filing. The Debtors tapped Milbank, LLP and Haynes and Boone, LLP as bankruptcy counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Quinn Emanuel Urquhart & Sullivan, LLP as special litigation and conflicts counsel. Kurtzman Carson Consultants, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP and Morrison Foerster, LLP as its counsel; Piper Sandler & Co. as investment banker; and Province, LLC as financial advisor. INNOVATIVE FOOD: Section 341(a) Meeting of Creditors on October 27 ------------------------------------------------------------------ On September 11, 2025, Innovative Food Solutions LLC filed Chapter 11 protection in the Northern District of Ohio. According to court filing, the Debtor reports $1,200,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 27, 2025 at 01:00 PM via remotely. About Innovative Food Solutions LLC Innovative Food Solutions LLC develops integrated agricultural systems that combine controlled environment farming, biochar processing, and food manufacturing. The Company's model uses agricultural residues and organic waste to produce soil amendments, CO2, and energy while supporting crop production and food processing. It transforms lower-grade produce into powders, juices, oils, and packaged goods, creating a closed-loop supply chain that emphasizes resource efficiency and sustainability. Innovative Food Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31926) on September 11, 2025. In its petition, the Debtor reports total assets of $3,045,529 and total liabilities of $1,200,000. Honorable Bankruptcy Judge John P. Gustafson handles the case. The Debtor is represented by Scott Ciolek, Esq. at CIOLEK LTD. ITALIAN KITCHEN: Seeks Subchapter V Bankruptcy in New Jersey ------------------------------------------------------------ On September 11, 2025, Italian Kitchen Inc. filed Chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports $1,684,027 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Italian Kitchen Inc. Italian Kitchen Inc., doing business as Di Paolo's Restaurant Bar & Catering, operates an Italian restaurant and catering business in Penns Grove, New Jersey, offering traditional Italian cuisine alongside seafood and steakhouse dishes. The Company provides banquet and event hosting services under the Maria's by Di Paolo's brand. It serves customers in the South Jersey region with both dining and entertainment options. Italian Kitchen Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-19482) on September 11, 2025. In its petition, the Debtor reports total assets of $1,351,915 and total liabilities of $1,684,027. The Debtor is represented by David A. Kasen, Esq. at KASEN & KASEN P.C. J2KE INC: Unsecured Creditors to Get Share of Income for 60 Months ------------------------------------------------------------------ J2KE Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated September 8, 2025. The Debtor operates a Scotter's Coffee franchise located at 2137 W. Washington St., Stephenville, Texas 76401. The post-confirmation management shall remain with the Debtor's owners, Jim and Kelly Dortch. As identified on the Debtor's Amended Schedule A/B filed at Docket No. 49, the Debtor's Assets include its: (i) cash; (ii) office furniture and equipment; (iii) 2020 Ford F-150; (iv) land lease and building structure located at 2137 W. Washington St., Stephenville, TX 76401; (v) miscellaneous kitchen equipment; and (vi) coffee, milk, and syrup inventory. All Allowed Secured Claims will be paid in full under this Plan. The equity interests shall retain their ownership. 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 creditors. Class 4 consists of Allowed Unsecured Claims. In the event the Plan is a consensual plan pursuant to Sections 1191(a) and 1129(a), the Debtor shall make sixty consecutive monthly payments commencing thirty days after the Effective Date in the amount of $954.77 (the "Monthly Payment"), which amount equals the Debtor's Disposable Income identified on the Debtor's Projections. The Holders of Allowed Unsecured Claims shall receive their pro rata share of the Monthly Payment. In the event the Plan is a nonconsensual plan under Section 1191(b), the Debtor shall make sixty consecutive monthly payments commencing thirty days after the Effective Date in the amount of the Monthly Payment, which amount equals the Debtor's Disposable Income identified on the Debtor’s Projections. The Holders of Allowed Unsecured Claims shall receive their pro rata share of the Monthly Payment. The Class 4 Claimants are impaired and entitled to vote on the Plan. Class 5 consists of Current Owners. The Equity Interests of the Debtor shall remain vested with the Debtor's owners, Jim and Kelly Dortch. The Class 5 Claimants are deemed to have accepted the Plan and are not entitled to vote on the Plan. From and after the Effective Date, the Debtor will continue to exist as a Reorganized Debtor. By reducing the Debtor's monthly obligations to creditors to the Reorganized Debtor's Disposable Income, the Reorganized Debtor will have sufficient cash to maintain operations and will allow the Reorganized Debtor to successfully operate following the Effective Date of the Plan. During the period from the Confirmation Date through and until the Effective Date, the Debtor shall continue to operate its business as a debtor-in-possession, subject to the oversight of the Bankruptcy Court as provided in the Bankruptcy Code, the Bankruptcy Rules, and all orders of the Bankruptcy Court that are then in full force and effect. In addition, the Debtor may take all actions as may be necessary or appropriate to implement the terms and conditions of the Plan. Upon Confirmation of the Plan, all actions required of the Debtor to effectuate the Plan shall be deemed authorized and approved in all respects. A full-text copy of the Plan of Reorganization dated September 8, 2025 is available at https://urlcurt.com/u?l=UQYBFw from PacerMonitor.com at no charge. Counsel to the Debtor: Brandon J. Tittle, Esq. Tittle Law Firm, PLLC 1125 Legacy Dr., Ste. 230 Frisco, TX 75034 Tel: (972) 213-2316 E-mail: btittle@tittlelawgroup.com About J2KE Inc. J2KE Inc. operates a Scooter's Coffee franchise located at 2137 W. Washington St., Stephenville, Texas 76401. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42129-elm11) on June 11, 2025. In the petition signed by Kelly Dortch, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, is the Debtor's legal counsel. JB GROUP: Seeks Chapter 11 Bankruptcy in Louisiana -------------------------------------------------- On September 12, 2025, JB Group of LA LLC filed Chapter 11 protection in the Middle District of Louisiana. According to court filing, the Debtor reports between $10 million and $50 million debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About JB Group of LA LLC JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Paul Douglas Stewart, Jr., Esq. at STEWART ROBBINS BROWN & ALTAZAN, LLC. K&D'S SANTA CRUZ: Seeks to Hire Fuller Law Firm PC as Attorney -------------------------------------------------------------- K&D's Santa Cruz Tire and Auto, Inc. asks the U.S. Bankruptcy Court for the Northern District of California to hire The Fuller Law Firm, P.C. as attorneys. The firm will render these services: (a) advise the Debtor with respect to its powers and duties as Debtor-in-possession; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the case, including all of the legal and administrative requirements of being in Chapter 11; (c) take all necessary action to protect and preserve the Debtor's estate. (d) prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate and to review but not to prepare the monthly operating reports required to be filed in the herein case. (e) negotiate and prepare on the Debtor's behalf a plan for reorganization, and all related agreements and/or documents and take any necessary action on behalf of the Debtor to obtain confirmation of such plan.; (f) advise the Debtor in connection with the possible sale or any possible refinance of its assets; (g) appear before the Court and the U.S. Trustee and protect the interest of the Debtor's estate before such courts and the U.S. Trustee; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with its Chapter 11 case. The firm will be paid at these rates: Lars T. Fuller, Attorney $505 per hour Joyce Lau, Attorney $475 per hour The firm received a retainer of $30,045 in addition to the filing fee of $1,738. In addition, the firm will seek reimbursement for expenses incurred. Lars Fuller, Esq., an attorney at The Fuller Law Firm, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lars T. Fuller, Esq. THE FULLER LAW FIRM, PC 60 No. Keeble Ave. San Jose, CA 95126 Telephone: (408) 295-5595 Facsimile: (408) 295-9852 Email: admin@fullerlawfirm.net About K&D's Santa Cruz Tire and Auto K&D's Santa Cruz Tire and Auto, Inc., doing business as Santa Cruz Tire and Auto Care, provides automotive repair and maintenance services including brakes, engine and suspension repair, wheel alignments, smog checks, and air conditioning service. The company also sells and installs tires from brands such as Pirelli and Firestone and offers related services such as towing, financing, and a vehicle shuttle program. It operates from its location in Santa Cruz, California, serving customers in the surrounding area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-51258) on August 15, 2025, with $1,754,537 in assets and $2,350,343 in liabilities. Karl Ryan, CEO, signed the petition. Judge M. Elaine Hammond presides over the case. Lars Fuller, Esq., at The Fuller Law Firm, PC represents the Debtor as bankruptcy counsel. KS MATTSON: Seeks to Hire Douglas Elliman as Real Estate Broker --------------------------------------------------------------- KS Mattson Partners, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Douglas Elliman as real estate broker. Douglas Elliman proposes to sell 4 Properties for Debtor KSMP, approximately 11 percent of Debtor's total real estate portfolio. The firm will receive these commission rates: Buyer's Agent Fee Agent Fee Maximum Maximum Agent Fee up to and above Commission Commission including $8 mil. up to and above $8 mil. including $8 mil. $8 mil. Commercial 1.5% 2.5% 2.0% 4.0% 3.5% Land 2.0% 4.5% 4.0% Residential 2.0% 4.5% 4.0% Mixed-Use Commercial 1.5% 4.0% 3.5% Douglas Elliman is a "disinterested person" as that term is defined in the Bankruptcy Code and does not hold or represent an interest adverse to the Debtor or the Debtor's estate, according to court filings. The firm can be reached through: Brynn Pennel Douglas Elliman Real Estate 150 S El Camino Drive Beverly Hills, CA 90212 Phone: (212) 303-5213 Email: brynn@brynnpennel.com About Lefever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LAKE BENNETT: Claims to be Paid from New Loan Proceeds ------------------------------------------------------ Lake Bennett Village-Ocoee, LLC and Maine Boulevard II, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a First Amended Disclosure Statement with respect to Joint Plan of Reorganization dated September 8, 2025. Lake Bennett Village-Ocoee is a Wyoming limited liability company, and Maine Boulevard is a Florida limited liability company. Lake Bennett owns 6 parcels of undeveloped vacant commercial property at or around 955 Chicago Ave, 1177 Chicago Ave, 1101 Chicago Ave and 355 Maine Street, in Ocoee, FL 34761. Maine owns 3 parcels of undeveloped vacant commercial property located at or around Maine Street and 600 E. Geneva St., in Ocoee, FL 34761. The real property owned by the Debtors is located at Parcel IDs 17-22-28-6144-06-250, 17-22-28-6144-06-260, 17-22-28 6144-06-261, 17-22-28- 6144-05-080, 17-22-28-6144-05-152, 17-22 28-6144-05-141, 17-22-28-6144-05-150, and 17-22- 28-6144-05-151 according to the Orange County Tax Collector (collectively, the "Property"). In 2024, the Debtors faced foreclosure by its lender, Florida Regional Center, LP ("FRC"). FRC holds a first priority mortgage lien on the Debtors' Property. FRC initiated foreclosure proceedings in Orange County, Florida, case number 2024-CA-005753 O, and obtained a Final Judgment of Foreclosure. The Debtors filed this Chapter 11 case to preserve the value of its Property, to obtain new financing to satisfy the secured claim of FRC, cure and decelerate any special assessments owed to the CDD, and/or to otherwise restructure its debt obligations to allow for a successful reorganization for the benefit of all stakeholders. The Plan provides for the reorganization of the Debtors' Estate and the orderly payment of Allowed Claims in full through the restructuring of debt and the further improvement of the Property. The Plan provides for the orderly payment of Allowed Claims, including through obtaining new financing. The Debtors will pay in full all Allowed Administrative Claims on the Effective Date, unless otherwise agreed to by the holder of any such claim. The Debtors shall continue to exist after the Effective Date as limited liability companies in accordance with applicable nonbankruptcy law. The Debtors believe that the Plan is feasible and not likely to be followed by liquidation or the need for further financial reorganization. The Debtors have obtained a Commitment Letter for financing sufficient to make all payments required under the Plan. The Debtors did not have any unsecured debt on the Petition Date. Class 4 consists of any and all beneficial and ownership interests in the Debtors. On the Effective Date, all Holders of beneficial and ownership interests in the Debtors shall retain their interests in the Debtor. Class 4 is Impaired. The Debtors have obtained a commitment letter for financing from ACC with sufficient funding to finance all obligations under the Plan. The Commitment Letter will be provided to any party in interest upon request. The New Loan proceeds from ACC will be used to fund the payments required under this Plan, real estate taxes for 2025 and 2026, administrative expense claims of the Debtors' bankruptcy cases, U.S. Trustee fees, professional fees, construction and development costs, closing costs, lender fees, and interest reserve. The New Loan is anticipated to close as soon as practical after entry of the Confirmation Order and lender conditions. A full-text copy of the First Amended Disclosure Statement dated September 8, 2025 is available at https://urlcurt.com/u?l=cKXOng from PacerMonitor.com at no charge. Counsel for the Debtors: Jonathan M. Sykes, Esq. Nardella & Nardella, PLLC 135 W. Central Blvd., Suite 300 Orlando, FL 32801 Phone: (407) 966-2680 Facsimile (407) 966-2681 About Lake Bennett Village-Ocoee LLC Lake Bennett Village-Ocoee LLC owns five parcels of undeveloped vacant commercial property in Ocoee, Fla. Lake Bennett Village-Ocoee sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02001) on April 7, 2025. In its petition, the Debtor reported total assets of $32,750,000 and total liabilities $27,422,21. Judge Lori V. Vaughan handles the case. The Debtor is represented by Jonathan M. Sykes, Esq., at Nardella & Nardella, PLLC. LEGACY DRAYAGE: Hires Levene Neale Bender as Bankruptcy Counsel --------------------------------------------------------------- Legacy Drayage, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor and interacting with and cooperating with any committee appointed in the Debtor's bankruptcy case; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. representing the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral including, but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor in possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor in possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. The firm will be paid at these hourly rates: David Neale, Attorney $750 Ron Bender, Attorney $750 Timothy Yoo, Attorney $750 David Golubchik, Attorney $750 Eve Karasik, Attorney $750 Gary Klausner, Attorney $750 Eric Israel, Attorney $750 Brad Krasnoff, Attorney $750 Edward Wolkowitz, Attorney $750 Beth Ann Young, Attorney $750 Monica Kim, Attorney $725 Philip Gasteier, Attorney $725 John Tedford, IV, Attorney $725 Daniel Reiss, Attorney $725 Todd Frealy, Attorney $725 Kurt Ramlo, Attorney $725 Richard Steelman, Jr., Attorney $725 Juliet Oh, Attorney $725 Todd Arnold, Attorney $725 Krikor Meshefejian, Attorney $725 John-Patrick Fritz, Attorney $725 Jeffrey Kwong, Attorney $725 Joseph Rothberg, Attorney $725 Michael D'Alba, Attorney $725 Carmela Pagay, Attorney $725 Anthony Friedman, Attorney $725 Lindsey Smith, Attorney $650 Robert Carrasco, Attorney $550 Paraprofessionals $300 In addition, the firm will seek reimbursement for expenses incurred. Mr. Bender disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ron Bender, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, California 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: rb@lnbyg.com About Legacy Drayage Inc. Legacy Drayage, Inc provides trucking, freight logistics, and transportation services, offering solutions such as drayage, transloading, hazardous materials handling, overweight cargo transport, and over-the-road trucking. The Company serves customers with route planning, warehousing, and logistics management, and emphasizes technology-driven operations to improve service levels and delivery efficiency. It also engages in zero-emissions trucking and logistics initiatives as part of its operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17226) on August 20, 2025. In the petition signed by Walter Umana, president and chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Barry Russell oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP, represents the Debtor as legal counsel. LEROUX CREEK: Plan Exclusivity Period Extended to Sept. 30 ---------------------------------------------------------- Judge Michael E. Romero of the U.S. Bankruptcy Court for the District of Colorado extended Leroux Creek Food Corporation and Edward Stuart Tuft's exclusive periods to file a plan to September 30, 2025. As shared by Troubled Company Reporter, the Debtors commenced their Chapter 11 bankruptcy proceeding due to environmental issues that impacted Leroux's profitability and litigation with its largest secured creditor American AGCredit, FLCA and American AGCredit, PCA ("AGCredit"), which caused financial and cash flow problems. Since the Petition Date, as anticipated, orchard growth and production has begun to increase and Debtors have been in discussions with AGCredit to reach a resolution. The parties have reached an agreement, which includes how AGCredit will be treated under the Plan and how they will effectuate the transfer of "Farm5," the sale of which was previously granted by the Bankruptcy Court. The parties require time to finalize the agreement and file certain related pleading with the Bankruptcy Court. The Debtors claim that they require additional time to finalize its agreement with AgCredit and incorporate such terms into the Plan of Reorganization. Debtors have conferred with AgCredit who consent to the relief requested herein. The Debtors anticipate that the Leroux and Tuft plans will be closely related due to the relationship between the Debtors. Leroux Creek Food Corp., LLC is represented by: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Phone: (303) 534-4499 Email: JWeinman@allen-vellone.com KSender@allen-vellone.com BPompea@allen-vellone.com Edward Stuart Tuft is represented by: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Phone: (303) 832-2400 Email: jmd@kutnerlaw.com About Leroux Creek Food Corporation Leroux Creek Food Corporation, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15015) on August 27, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Edward Tuft as president. Judge Michael E Romero presides over the case. Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C., is the Debtor's counsel. LUXURBAN HOTELS: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On September 14, 2025, LuxUrban Hotels Inc. entered Chapter 11 in the Southern District of New York. The filing reports between $10 million and $50 million in liabilities and 200–999 creditors. According to the filing, unsecured creditors are not expected to receive any distribution once administrative expenses are covered. About LuxUrban Hotels Inc. LuxUrban Hotels Inc. is a New York, NY-based hotel operator. LuxUrban Hotels Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12000) on September 14, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Leo Jacobs, Esq. of Jacobs P.C. The Debtor's Financial Adviser/CRO isD avid Goldwasser of FIA Capital. Omni Agent Solutions is the Debtor's Claims Agent. M & M BROADCASTERS: To Sell Radio Assets to G. Baxter Entertainment ------------------------------------------------------------------- M & M Broadcasters, Ltd. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, Waco Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor operates seven radio stations, including KRZI AM and KBHT AM and related FM translators in Waco and Mexia, Texas. The Debtor has been approached by G. Baxter Entertainment, LLC with a proposal to purchase KRZI AM and KBHT AM and the related FM translators in Waco and Mexia, Texas for $1,000,000. On May 13, 2025, the Court approved Debtor's Motion to Enter Into Time Brokerage Agreement, pursuant to which G. Baxter Entertainment, LLC paid the Debtor $200,000 and began operating the related stations. On July 29, 2025, the Debtor entered into an Asset Purchase Agreement with G. Baxter Entertainment, a true and correct copy of which is attached as Exhibit A. It provides for the sale of the Stations for $1,000,000. G. Baxter Entertainment, LLC is a third party not affiliated with the Debtor. It is owned by Gary Baxter, a former NFL player and member of the Baylor Football Hall of Fame. More information on Mr. Baxter can be found at: https://baylorbears.com/honors/baylor-athleticshall-of-fame/gary-baxter/9. The principal creditor with a lien upon the Debtor's assets is the Small Business Administration. The Small Business Administration has filed a claim in the amount of $493,224.76. Various creditors claim subordinate liens. About M & M Broadcasters Ltd. M & M Broadcasters, Ltd. operates seven radio stations in the Waco, Texas area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-60165-mmp) on March 24, 2025. In the petition signed by Gary Moss, president of general partner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michael M. Parker oversees the case. Stephen W Sather, Esq., at Barron & Newburger, P.C., represents the Debtor as legal counsel. MAMMOTH INC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Mammoth, Inc. d/b/a Mammoth Construction 2911 Enterprise Dr. Anderson, IN 46013 Business Description: Mammoth, Inc., doing business as Mammoth Construction, provides general contracting and construction management services from its base in Anderson, Indiana. The Company focuses on projects for the automotive industry, including car washes, dealerships, service centers, gas stations, and tire shops, while also undertaking commercial renovations and build-outs. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-05558 Judge: Hon. Jeffrey J Graham Debtor's Counsel: Sarah L. Fowler, Esq. BLACKWELL, BURKE, FOWLER & ROSSOW, P.C. 101 W. Ohio St., Suite 1700 Indianapolis, IN 46204 Tel: 317-635-5005 Fax: 317-634-2501 Email: sfowler@bbfr.law Total Assets: $7,427,011 Total Liabilities: $2,063,375 The petition was signed by Jason L. Marlow as CEO. 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/SRWZHOA/Mammoth_Inc__insbke-25-05558__0001.0.pdf?mcid=tGE4TAMA MARVEL LIGHTING: Unsecureds to Get Share of Income for 3 Years -------------------------------------------------------------- Marvel Lighting, LLC filed with the U.S. Bankruptcy Court for the Southern District of Indiana a Plan of Reorganization for Small Business dated September 8, 2025. The Debtor has been in operation since 2018, incorporated by John Ansted and operating as a lighting designer and retailer providing lighting distribution primarily to the commercial and industrial marketplace. The Debtor was incorporated in 2018 as an Indiana corporation by John Ansted. Marvel's sole shareholder as of the Petition Date is, and continues to be, John Ansted. The Debtor owns and operates as a lighting designer and retailer. As a result in a decline in gross revenue in 2023 and 2024, Marvel had difficulty paying certain vendors. To protect its cash flow and focus on the reorganization of Marvel rather then being distracted by the collection matters, Marvel initiated this Chapter 11 proceeding. The Debtor has reviewed its cash flow and cut its staff to the lowest level in years to help address overhead. Marvel has also been working with its financial advisor who is assisting Marvel in its restructuring efforts. Class 4 consists of General Unsecured Claims. The General Unsecured Claims shall receive an annual pro rata distribution of the disposable income of the Debtor commencing on or before December 31, 2026, the twelves following confirmation and continuing of December 31, of 2027 and 2028, each time for the following twelve month periods after the initial twelve months, for a three-year term. The Debtor shall be entitled to retain an operating capital reserve of $25,000.00 before calculating the disposable income to be distributed under its Plan. Class 5 consists of Equity Holders. John Ansted shall remain the sole shareholder. The source of funds used in this Plan for payments to creditors shall be the from the business operations of Marvel. The Bankruptcy Court must find that confirmation of the Plan is not likely to be followed by the liquidation, or the need for further financial reorganization, of the Debtor or any successor to the Debtor, unless such liquidation or reorganization is proposed in the Plan. The Debtor believes that the Debtor will have enough cash on hand on the Effective Date of the Plan to pay all the Claims and expenses that are entitled to be paid on that date. A full-text copy of the Plan of Reorganization dated September 8, 2025 is available at https://urlcurt.com/u?l=6no5tM from PacerMonitor.com at no charge. About Marvel Lighting LLC Marvel Lighting LLC is a lighting designer and distributor based in Carmel, Indiana,. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03349-JJG-11) on June 10, 2025. In the petition signed by John Ansted, principal, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Jeffrey J. Graham oversees the case. The Debtor is represented by: John Joseph Allman Hester Baker Krebs LLC Tel: 317-833-3030 Email: jallman@hbkfirm.com MEAT U ANYWHERE: Voluntary Chapter 11 Case Summary -------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Meat U Anywhere Grapevine, LLC 25-43503 d/b/a Meat U Anywhere BBQ 919 W. Northwest Hwy Grapevine, TX 76051 Meat U Anywhere Trophy Club, LLC 25-43505 f/d/b/a Meat U Anywhere, LLC - Trophy Club d/b/a Meat U Anywhere BBQ 91 Trophy Club Drive Trophy Club, TX 76262 Meat U Anywhere Management, LLC 25-43506 919 W. Northwest Hwy Grapevine, TX 76051 MUA GV Properties, LLC 25-43507 919 W. Northwest Hwy Grapevine, TX 76051 Business Description: Meat U Anywhere Grapevine, LLC; Meat U Anywhere Trophy Club, LLC; Meat U Anywhere Management, LLC; and MUA GV Properties, LLC are part of the Meat U Anywhere business, founded by Andres Sedino, and operate under a unified brand focused on barbecue and catering services. The Grapevine and Trophy Club LLCs run the two restaurant locations in Texas, serving slow-smoked meats, exclusive sides, special offerings, and breakfast tacos, while Meat U Anywhere Management, LLC oversees operational and administrative functions and MUA GV Properties, LLC manages properties. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court Northern District of Texas Judge: Hon. Edward L Morris Debtors' Counsel: Bryan C. Assink, Esq. BONDS ELLIS EPPICH SCHAFER JONES LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Tel: 817-405-6900 Email: bryan.assink@bondsellis.com Combined Total Assets as of June 30, 2025: $1,875,756 Combined Total Liabilities as of June 30, 2025: $2,551,985 The petitions were signed by Andres Sedino as manager. The petitions were filed without the Debtors' list of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/44ZMM6Q/Meat_U_Anywhere_Grapevine_LLC__txnbke-25-43503__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/RRSAGTI/Meat_U_Anywhere_Trophy_Club_LLC__txnbke-25-43505__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/R4BHZAY/Meat_U_Anywhere_Management_LLC__txnbke-25-43506__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/GLDSIAA/MUA_GV_Properties_LLC__txnbke-25-43507__0001.0.pdf?mcid=tGE4TAMA MERIT STREET: Creditors' Committee Supports Chapter 11 Settlement ----------------------------------------------------------------- Emily Lever of Law360 reports that the official committee of unsecured creditors for Merit Street Media has endorsed a proposed $17 million Chapter 11 settlement financed by Dr. Phil McGraw's Peteski Productions, stating that the bankruptcy plan offers the most favorable recovery for creditors. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MERLIN BUYER: Moody's Affirms 'B3' CFR, Outlook Stable ------------------------------------------------------ Moody's Ratings affirmed Merlin Buyer Inc.'s (Fortifi) B3 Corporate Family Rating and B3-PD Probability of Default Rating after the company announced plans to acquire Provisur Technologies, Inc., a supplier of protein processing equipment. Concurrently, Moody's downgraded the senior secured first lien term loan and senior secured revolving credit facility to B3 from B2. Moody's also affirmed the Caa2 rating on the senior secured second lien term loan. The outlook is stable. The $725 million acquisition will be funded by a $400 million incremental senior secured first lien term loan and approximately $270 million in cash equity from the sponsor, KKR. The seller will roll $181 million of equity into Fortifi. In addition, proceeds from the incremental first lien term loan will be used to repay in full the senior secured second lien term loan. The affirmation of the CFR reflects the sizable equity contribution that will be used alongside the incremental first lien debt to fund the Provisur acquisition. The downgrades of the senior secured first lien debts reflect the addition of $400 million of first lien debt to the capital structure. RATINGS RATIONALE The B3 CFR reflects Fortifi's aggressive capital structure, modest scale relative to several other rated manufacturers, and integration risk. In the short-term, the acquisition of Provisur will modestly increase Fortifi's credit risk. Post-transaction close, Fortifi will face significant integration and execution risk as it folds this transformational acquisition into its business while augmenting the target's profitability. Due to the strong equity contribution from the sponsor, pro forma adjusted debt/EBITDA as of June 30, 2025 will remain essentially flat at 6.2x. Despite the aforementioned risk factors, the transaction also offers the potential of material long term benefits to Fortifi. Fortifi will achieve significantly greater scale, as revenue stands to increase by more than 50%. Further, the acquisition appears to be a strong strategic fit as it will allow Fortifi to expand its capabilities into downstream protein processing. Moreover, the company sees good synergy opportunities that Moody's believes will be achievable over the next few years. The stable outlook reflects Moody's expectations that Fortifi will successfully integrate Provisur while maintaining adequate liquidity and delivering good operating results. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Fortifi could be upgraded if free cash flow-to-debt rises to the low single digits, FFO plus interest to interest is sustained above 2.0x, or if debt/EBITDA is sustained below 5.5x. Fortifi could be downgraded if negative free cash flow persists, debt to EBITDA is sustained above 7.5x, or FFO plus interest to interest falls below 1.0x. Headquartered in The Woodlands, Texas, Merlin Buyer Inc., parent company of Fortifi, designs and manufacturers cutting tools, processing equipment and automation solutions for the meat, pork and poultry industries. The company is owned by the private equity firm KKR. Pro forma revenue was $915 million for the twelve months ended June 30, 2025. The principal methodology used in these ratings was Manufacturing published in September 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. MIDSOUTH AUTO: Seeks to Hire Sheehan & Ramsey PLLC as Attorney -------------------------------------------------------------- MidSouth Auto & Truck Sales LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire Sheehan & Ramsey, PLLC as attorneys. The firm will provide these services: (a) consult with the Subchapter V Trustee and any appointed committee concerning the administration of the Debtors' Chapter 11 cases; (b) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors and other matters relevant to the cases; (c) formulate a Chapter 11 plan; and (d) prepare legal papers and reports necessary in the bankruptcy cases; (e) attend all hearings and trials concerning the Debtor or the estate; and (f) initiate adversary proceedings as deemed necessary for successful reorganization. The firm will be paid at these rates: Patrick A. Sheehan $425 per hour Associate Attorneys $300 per hour Paralegals $150 per hour In addition, the firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Patrick Sheehan, Esq., a partner at Sheehan & Ramsey, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick A. Sheehan, Esq. SHEEHAN & RAMSEY, PLLC 492 Porter Avenue Ocean Springs, MS 39564 Tel: (228) 875-0572 Fax: (228) 875-0895 Email: Pat@sheehanramsey.com About MidSouth Auto & Truck Sales LLC MidSouth Auto & Truck Sales LLC is a used car dealership based in Pascagoula, Mississippi, offering pre-owned cars, trucks, and sport utility vehicles across multiple brands including Ford, Chevrolet, GMC, Jeep, Nissan, and Toyota. The Company operates a virtual showroom where customers can browse inventory, view detailed vehicle information, and schedule visits. It serves the Pascagoula area through its sales lot located at 3635 14th Street. MidSouth Auto & Truck Sales LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51311) on September 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Katharine M. Samson handles the case. The Debtor is represented by Patrick Sheehan, Esq. at SHEEHAN AND RAMSEY, PLLC. MOSAIC SWNG: Gets Extension to Access Cash Collateral ----------------------------------------------------- Mosaic SWNG, LLC received seventh interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use its secured lender's cash collateral. The seventh interim order signed by Judge Christopher Lopez authorized the Debtor to use the cash collateral of Fannie Mae to pay the expenses set forth in its budget pending the final hearing. The budget shows total expenses of $91,400 for the week ending September 18; $31,950 for the week ending September 25; $19,400 for the week ending October 2; $49,400 for the week ending October 9; $39,900 for the week ending October 16; $91,400 for the week ending October 23; and $31,950 for the week ending October 30. The lender's cash collateral consists of rents and accounts receivable generated from the Debtor's assets, including a 504-unit multifamily residential real property located in Pasadena, Texas. As protection, Fannie Mae was granted post-petition replacement liens on all property of the Debtor, whether acquired before or after the petition date. To the extent the replacement liens are insufficient to provide protection against the diminution, if any, in value of the lender's interest in the collateral, Fannie Mae will be granted a superpriority claim. The Debtor was ordered to remit to the secured lender a cash payment equal to the amount by which its remaining cash balance at the end of the prior calendar month exceeded $80,000. The final hearing is scheduled for October 30. The seventh interim order is available at https://is.gd/Z7s7G1 About Mosaic SWNG LLC Mosaic SWNG LLC, doing business as Mosaic Apartments, was established in October 2021 with the exclusive purpose of acquiring and owning the 504-unit multifamily residential property known as "Mosaic Apartments." The apartment complex, built in 1981, is located at 4025 Burke Road, Pasadena, Texas, in Harris County. Mosaic SWNG sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90010) on January 30, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Christopher M. Lopez handles the case. Melissa A. Haselden, Esq., at Haselden Farrow, PLLC is the Debtor's legal counsel. Fannie Mae, as secured lender, is represented by: Keith M. Aurzada, Esq. Michael P. Cooley, Esq. Dylan T.F. Ross, Esq. 2850 N. Harwood Street, Suite 1500 Dallas, TX 75201 Telephone: (469) 680.4200 Facsimile: (469) 680.4299 kaurzada@reedsmith.com mpcooley@reedsmith.com dylan.ross@reedsmith.com MOUNTAIN LIFE: A.M. Best Cuts FS Rating to B(fair) -------------------------------------------------- AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to "bb" (Fair) from "bbb-" (Good) of Mountain Life Insurance Company (Mountain Life) (headquartered in Lexington, KY). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Mountain Life's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also reflect a change in the balance sheet strength assessment from strong to adequate characterized by the issuance of a $10 million unaffiliated surplus note, which has created concern over the organization's quality of capital. While absolute and risk-adjusted capital has increased substantially because of this issuance, financial leverage has also increased to very high levels. Due to the debt service associated with the surplus note, AM Best expects Mountain Life's capital growth to be impacted going forward. The company is also dependent upon reinsurance, which includes a quota-share reinsurance agreement on its multi-year guaranteed annuity product. As of the second quarter of 2025, Mountain Life had an ACL RBC ratio of 1,263%. Additionally, their adjusted Capital and Surplus to liability ratio was 27% as of the end of the second quarter. While the company's operating performance is expected to improve due to the added reinsurance support, AM Best expects reinsurance leverage to increase as Mountain Life writes more business. AM Best will continue to monitor the company's results, any associated impacts to the balance sheet strength and any ERM enhancements. MW HOMES: Section 341(a) Meeting of Creditors on October 14 ----------------------------------------------------------- On September 10, 2025, MW Homes LLC entered Chapter 11 in the District of Arizona. The filing shows up to $100,000 in liabilities, and 1–49 creditors. A meeting of creditors under Section 341(a) to be held on October 14, 2025 at 09:00 AM as a Telephonic Hearing (341). About MW Homes LLC MW Homes LLC is a single asset real estate company. MW Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08533) on September 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Brenda K. Martin handles the case. NATUROMULCH LLC: Amends Unsecured Claims Pay Details ---------------------------------------------------- Naturomulch, LLC, submitted a Second Amended Plan of Reorganization dated September 8, 2025. The Plan calls for variable monthly payments averaging $10,983.48 per month beginning November 1, 2025 for 120 months for a total paid in base of $1,318,017.86. This is a 100% repayment to all creditors over 120 months. Plan payments will be as follows: $17,170.11 per month for 16 months, then $16,202.52 per month for 14 months, then $14,842.02 per month for 4 months, then $13,858.25 per month for 2 months, then $12,806.54 per month for 24 months, then $9,155.10 per month for 6 months, then $8,445.33 per month for 8 months, then $6,502 per month for 46 months for a total paid in base over 120 months of $1,318,017.86. This Plan of Reorganization provides for the repayment of 100% of its administrative debts and 100% of its unsecured debts by paying the amounts. Attorney's fees of $15,000.00 will be paid from first funds as an administrative claim subject to court approval (Class 1). Priority creditors (Class 2) and secured creditors (Classes 4, 5, 6 and 7) shall be paid 100% of their claims at contract rates or cramdown based on the value of their collateral at the 9% Till rate in the amount of $1,086,053.00. Those creditors with cramdowns shall be paid 100% of their unsecured portions as Class 8 creditors. Tax claims secured by property (Class 3) shall be paid through regular mortgage payments. The holders of all unsecured claims will receive payments totaling $204,521.00 or 100% of the amount of their allowed claims in the amount of $204,521.00 at 0% for 120 months (Class 8). Funds for the payment of these claims will come from continued operations. Class 8 consists of Unsecured Creditors. The five unsecured creditors whose claims total $205,521.00 shall be paid 100% of their claims at 0% interest on their claims for 120 months for a total of $204,521.00 and distribution shall be made pro rata according to the distribution table. The Debtor shall retain all of its property and shall operate its business during the period of the Plan. The funds for implementing and carrying out the Plan shall be provided by the Debtor's business operations. A full-text copy of the Second Amended Plan dated September 8, 2025 is available at https://urlcurt.com/u?l=8lYPEj from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel C. Durand, III, Esq. Durand & Associates, P.C. 522 Edmonds Ste 101 Lewisville, TX 75067 Tel: (972) 221-5655 Fax: (972) 221-9569 About Naturomulch, LLC Naturomulch LLC is a Texas-based manufacturer and distributor of wood mulch products. Naturomulch LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40909) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Daniel C Durand, III, Esq. at Durand & Associates, P.C. NEAL MEATS: To Sell Seymour Property to Samuel & Magdalena Schwartz ------------------------------------------------------------------- Neal Meats, LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Missouri, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property to be sold is 33 acres laying North of Gentry Road in Seymour, Missouri and 10 acres laying South of Gentry Road in Seymour, Missouri, to be purchased together at the same time and closing date. The Debtor wants to sell the Property to Samuel Z. Schwartz and Magdalena E. Schwartz in the purchase price of $380,500.00. The sale price represents the fair market value of the property. There are no lienholders other than the Creditor Branson Bank. The sale will provide adequate security to the creditor and provide additional sums to potentially allow the business to continue operation. The proceeds will be used to provide adequate protection for passed amounts owed and future use. About Neal Meats, LLC Neal Meats, LLC provides USDA-inspected meat processing services from its facility in Seymour, Missouri, where it handles beef, pork, and deer for both custom and USDA markets. Founded in 2020 by Will and Julia Neal, the Company operates a 9,500-square-foot plant equipped with advanced cooling systems, vacuum packaging machines, and smoking equipment for specialty products such as sausages and bacon. The business serves farmers, ranchers, and individual customers across the region, emphasizing product quality, food safety, and secure handling. Neal Meats, LLC in Seymour MO, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Mo. Case No. 25-60458) on July 21, 2025, listing as much as $1 million to $10 million in both assets and liabilities. William Neal as managing member, signed the petition. JB JAMES LAW FIRM serve as the Debtor's legal counsel. NEHAL LLC: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------- On September 9, 2025, Nehal LLC sought Chapter 7 protection in the Southern District of California. The filing lists between $1 million and $10 million in liabilities and identifies between 1 and 49 creditors. About Nehal LLC Nehal LLC is a single asset real estate company. Nehal LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case. 25-03750) on September 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge J Barrett Marum handles the case. The Debtor is represented by Joseph Crudo, Esq. at Joseph C. Crudo PLC. NEW FORTRESS: Fiscal Q2 Net Loss Widens to $556.83 Million ---------------------------------------------------------- New Fortress Energy Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $556.83 million for the three months ended June 30, 2025, compared to a net loss of $86.86 million for the three months ended June 30, 2024. Total revenue for the three months ended June 30, 2025, was $301.69 million, compared to a revenue of $428.01 million for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net loss of $754.20 million, compared to a net loss of $30.19 million for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $772.23 million, compared to a revenue of $1.12 billion for the same period in 2024. As of June 30, 2025, the Company had $11.96 billion in total assets, $10.56 billion in total liabilities, convertible preferred stock with an aggregate liquidation preference of $41.154 million and $1.35 billion in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/eftvb63u About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. NEW REDBIRD: Seeks to Hire Helton Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- New Redbird Business Group LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to employ Joe D. Byars Jr. and Helton Law Firm as counsel. The firm's services include: (a) participation with co-counsel in negotiating documents, preparing pleadings, and representing the Debtor at hearings related to those matters; (b) participation with co-counsel in taking all necessary actions to protect and preserve the Debtor's estate; (c) participation with co-counsel in preparing on behalf of the Debtor all necessary motions, applications, answers, pleadings, orders, reports, and papers in administration of the estates or in furtherance of the Debtor's business operations, or as required to preserve the Debtor's assets, and as otherwise requested by the Debtor's management; (d) participation with co-counsel in negotiating and drafting documents relating to debtor in possession financing and/or use of cash collateral, if any, and attend any hearings on such matters, prepare discovery and respond to discovery served on the Debtor, respond to creditor inquiries and information requests, assist with preparation of Schedules, Statements of Financial Affairs, Monthly Operating Reports, attendance at the Initial Debtor Interview and the Section 341 creditors' meeting and representation in connection with meetings, discussions and negotiations with creditors, as well as any committee appointed by the United States Trustee; (e) participation with co-counsel in counseling the Debtor in connection with the Debtor's restructurings in this case; (f) participation with co-counsel in drafting, negotiating, and pursuing confirmation on behalf of the Debtor's plan of reorganization, the related disclosure statement, and any revisions, amendments, and supplements relating to the foregoing documents, and all related transaction documents, and other ancillary documents and materials; and (g) participation with co-counsel in performing all other necessary legal services in connection with these cases and any other bankruptcy-related representation that the Debtor's may require. Mr. Byars's hourly rate is $325 per hour. Joe D. Byars Jr., Esq., a partner at Helton Law Office, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joe D. Byars Jr., Esq. HELTON LAW FIRM 9125 S. Toledo Ave. Tulsa OK 74137 Phone: (918) 928-7104 Email: joe@heltonlawfirm.com About New Redbird Business Group LLC New Redbird Business Group LLC is a holding company that owns and manages interests in cannabis-related operations in Oklahoma. Its portfolio includes Redbird Bioscience, which provides consulting services, and RB RealtyCo, which owns the real estate used in the business. The Company's affiliated entities are involved in medical marijuana cultivation, processing, and retail sales. New Redbird Business Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Okla. Case No. 25-80714) on August 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Paul R. Thomas handles the case. The Debtor is represented by Joe Byars, Esq. at HELTON LAW FIRM. NIBA DESIGNS: Seeks to Hire Hacker & Romano as Accountant --------------------------------------------------------- Niba Designs, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida to hire Hacker & Romano as accountant. The firm's services include: (a) preparation of federal and state incomes tax returns for 2024 for the Debtor; (b) preparation of any bookkeeping entries found necessary in connection with the preparation of the 2024 tax return; and (c) preparation and posting of any adjusting entries for Debtor. The accountant expects the total fee to be $5,000 and the initial retainer will be $2,500. As disclosed in the court filings, Hacker & Romano does not represent any interest to the Debtor or the estate, and is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Gary Hacker, CPA Hacker & Romano 3300 N 29th Ave Hollywood, FL 33020 Phone: (954) 922-2207 Email ghacker@hackerromano.com About NIBA Designs Inc. NIBA Designs Inc. designs and manufactures custom luxury rugs for interior designers and architects, offering fully bespoke pieces handmade by artisans in India, Nepal, and Peru. The Company provides thousands of customizable rug designs in various styles and offers consultation services including custom renderings, color consulting, and product sampling for residential and commercial projects. Based in the United States, NIBA Designs works exclusively with GoodWeave-certified factories and is recognized in the design community for its craftsmanship, originality, and socially responsible production practices. NIBA Designs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19316) on August 13, 2025. In its petition, the Debtor reported total assets of $157,574 and total liabilities of $2,728,104. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, P.A. O-I GLASS: Moody's Affirms 'B1' CFR & Rates New Bank Loans 'Ba3' ---------------------------------------------------------------- Moody's Ratings affirmed O-I Glass, Inc. 's (O-I) B1 corporate family rating and its B1-PD probability of default rating. At the same time, Moody's also assigned a Ba3 rating to the proposed backed senior secured bank credit facilities comprised of a $800 million backed senior secured term loan A due September 2030 and $1.25 billion backed senior secured revolving credit facility due September 2030, issued by subsidiaries of O-I Glass including Owens-Brockway Glass Container, Inc., O-I European Group B.V., and other group subsidiaries, and $650 million backed senior secured term loan B due September 2032, issued by Owens-Brockway Glass Container, Inc. Concurrently, Moody's affirmed the B1 rating on the existing backed senior unsecured notes issued by OI European Group B.V. and the B3 rating on the existing senior unsecured notes issued by Owens-Brockway Glass Container, Inc. O-I's SGL-2 speculative grade liquidity rating (SGL) remains unchanged. The outlook remains stable. The proceeds of the loans will be used to repay the existing unrated senior secured loans and for general corporate purposes. "Moody's views this as a leverage neutral, refinancing transaction of senior secured debt with no impact on O-I's overall credit quality. The extension of upcoming maturities is credit positive", said Motoki Yanase, VP - Senior Credit Officer at Moody's Ratings. RATINGS RATIONALE O-I's B1 CFR reflects the company's leading market position as the largest glass packaging company in the world by revenue and volume; broad manufacturing presence with multiple locations globally; high exposure to defensive end markets such as beer, soft drinks, spirits and food; and strategic relationships with global blue-chip beverage customers. Moody's views is supported by O-I's ability to generate stable profit, with majority of global sales under long-term contracts, which include provisions for raw material and energy costs pass-through. O-I's credit quality is constrained by the continued weak volume recovery which, combined with high restructuring costs, has pushed leverage to 9.1x debt/EBITDA for the 12 months that ended in June 2025. Due to their recurring nature, Moody's includes restructuring costs in Moody's adjusted EBITDA for O-I. As restructuring costs decline and sales recover, Moody's expects leverage to improve to less than 5.5x the latest by 2027. O-I's credit profile also reflects the company's product concentration, low organic growth and capital-intensive nature with high fixed costs of glass manufacturing that restrain free cash flow generation. The Ba3 ratings on the backed senior secured terms loans and revolving credit facility at O-I's subsidiaries reflect their senior position in O-I's debt capital structure based on the collateral provided by the direct and indirect subsidiaries in each region, which contractually brings the senior secured credit facilities ahead of the B3 rated senior unsecured notes issued by the group's subsidiary. The SGL-2 reflects Moody's expectations of good liquidity over the next 12-18 months, supported by the company's cash balance, the $1.25 billion senior secured revolving credit facility and positive free cash flow Moody's projects for 2026. The stable outlook reflects Moody's expectations of a gradual improvement in volumes and profitability and combined with a successful execution of restructuring activities will support material improvements in the company's credit metrics in 2026, with visibility for further improvements in 2027. The stable outlook also reflects the company's good liquidity and an expected return to positive free cash flow in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if debt/EBITDA is below 4.5x, EBITDA/interest coverage is above 4.0x, and retained cash flow/net debt is trending toward 15%. Moody's could downgrade the ratings if debt/EBITDA is above 5.5x, EBITDA/interest coverage is below 3.0x, and retained cash flow/net debt is below 10%. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers 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. Headquartered in Perrysburg, Ohio, O-I Glass, Inc. is the leading global glass packaging company by revenue. The company manufactures glass bottles for soft drinks, beer, wine and hard liquor, and glass containers for cosmetics and food. For the 12 months that ended June 2025, O-I generated about $6.5 billion in revenue. OBJECT & SUBJECT: Seeks Chapter 11 Bankruptcy in Utah ----------------------------------------------------- On September 12, 2025, Object & Subject LLC filed Chapter 11 protection in the District of Utah. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Object & Subject LLC 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. Object & Subject LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Case No. 25-25418) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by George B. Hofmann, Esq. at COHNE KINGHORN, P.C. ONDAS HOLDINGS: Completes $12M Acquisition of Apeiro Motion ----------------------------------------------------------- Ondas Holdings Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company completed the previously announced acquisition of Apeiro Motion Ltd., a company organized under the laws of the State of Israel, pursuant to the Share Purchase Agreement, dated August 18, 2025, by and among the Company, Apeiro, the Apeiro shareholders and Mr. Rotem Lesher, solely in his capacity as the representative, agent and attorneys-in-fact of the Indemnifying Parties (as defined in the Agreement). In accordance with the terms of the Agreement, the Company acquired 100% of the issued and outstanding share capital of Apeiro, for a purchase price of approximately $12 million cash. The foregoing description of the Acquisition and the Agreement does not purport to be complete and is qualified in its entirety by the full text of the Agreement, a copy of which is available at https://tinyurl.com/369wc44w About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, and $16.58 million in total stockholders' equity. As of June 30, 2025, the Company had $151.95 million in total assets, $39.29 million in total liabilities, and $90.82 million in total stockholders' equity. PALAZZO DEVELOPMENT: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------------- Palazzo Development Group, Inc. asks the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, for authority to use cash collateral and provide adequate protection. The Debtor seeks immediate authorization to use funds currently held in its Truist Bank business account, which are subject to a garnishment hold by creditors John and Anna Wagener. The underlying dispute arises from a pre-petition final judgment obtained by the Wageners against the Debtor in the amount of $66,303, entered on June 13 and recorded on June 20, in Lee County, Florida. On August 13, the Wageners served a Writ of Garnishment on Truist Bank, which then placed a garnishment hold of $132,606, which is twice the judgment amount, on the Debtor's business bank account. The Wageners may assert that they hold a perfected security interest in these funds, thereby classifying them as cash collateral. However, the Debtor disputes the existence of a perfected lien, arguing that no final judgment of garnishment has been entered and, at most, the Wageners' interest should be limited to the original judgment amount of $66,303. Out of an abundance of caution, the Debtor seeks authority from the Court to use these funds as cash collateral, strictly in accordance with a proposed interim budget. The Debtor proposes to use the funds for essential business purposes, including the preservation of assets, payment of ongoing operational expenses, and compensation for the company's president to ensure continuity of management. The Debtor does not intend to use any cash collateral to pay pre-petition obligations without court authorization. To provide adequate protection to the Wageners, the Debtor offers a floating replacement lien on post-petition assets in the same amount, priority, and validity as any pre-petition lien they may hold. A copy of the motion is available at https://urlcurt.com/u?l=po2gaJ from PacerMonitor.com. About Palazzo Development Group, Inc. Palazzo Development Group, Inc.is a small business specializing in swimming pool construction, remodeling, service, and outdoor living design, operating throughout southwest Florida. Palazzo sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01721) on September 3, 2025, listing up to $500,000 in both assets and liabilities. Ronald L. Demuro, II, owner and president of Palazzo, signed the petition. Judge Caryl E. Delano oversees the case. Jonathan Bierfeld, Esq., at Martin Law Firm, P.L., represents the Debtor as bankruptcy counsel. PATAGONIA HOLDCO: Moody's Lowers CFR to B3, Outlook Negative ------------------------------------------------------------ Moody's Ratings downgraded the Corporate Family Rating of Patagonia Holdco LLC ("Patagonia" or "Cirion") to B3 from B1 and the company's senior secured bank credit facilities to B3 from B1, with a negative outlook. Previously, the ratings were on review for downgrade. This action concludes the review initiated in May 30, 2025. RATINGS RATIONALE The downgrade reflects Moody's expectations that Cirion's credit profile over the rating horizon, particularly regarding leverage, cash flow generation, and interest coverage, will be more consistent with the metrics expected for a B3 rating. Cirion's operating performance has consistently fallen short of initial projections that supported the B1 rating. Execution risks tied to the separation have proven more disruptive than anticipated, introducing a high degree of unpredictability in operational performance. Patagonia is a holding company fully owned and established by Stonepeak to manage the Latin American assets acquired from Lumen in July 2022. The negative outlook reflects Moody's views that Cirion's credit metrics and liquidity will remain under pressure over the next 12-18 months, with limited prospects for material improvement absent a significant turnaround in operating performance. Cirion is expected to continue its heavy reliance on equity contributions from its sponsor, Stonepeak, to fund growth capital expenditures and complete its data center expansion projects. While the company generates enough cash flow from operations to cover maintenance capex, it does not generate sufficient funds for all planned success-based capex. Liquidity has deteriorated over the past year and remains a concern, particularly given the absence of confirmed sponsor support for future periods. Moody's expects Cirion to generate enough cash flow from operations in 2025 to cover maintenance and part of its projected success-based capex. However, to fully execute its strategy and complete ongoing projects, the company will require additional liquidity, either through further debt—initially using funds available under its revolving credit facility—or additional equity from Stonepeak, or a combination of both. As a result, leverage is expected to remain elevated, between 5.5x and 6.0x over at least the next two years, and could increase further depending on EBITDA performance and the funding strategy employed. While Stonepeak has supported Cirion's expansion and project capex through equity injections in the past, there remains uncertainty regarding the amount of liquidity that will be available to the company in 2025 and beyond. Revenue has underperformed due to the wind-down of low-margin operations surpassing organic growth in core services, resulting in negative revenue growth in 2024 and for the last twelve months as of June 2025. This weaker top-line performance has contributed to a decline in EBITDA margin, which fell to 32.1% for the last twelve months ended June 2025, from 33.5% in 2024, well below the 45% margin expected at rating assignment. FCF has been negative, strained by substantial investments required to support contracted capital expenditures and to expand capacity across its fiber network and data center platform. Moody's anticipates FCF generation will remain negative until at least 2027, driven by lower-than-expected funds from operations (FFO) and higher contracted capex. The FFO margin closed at around 15% in 2024, down from 22.7% in 2023, which is weak compared to other B-rated companies. Cirion has recently implemented strategic and leadership changes intended to sharpen its strategic focus and improve execution alignment. However, these actions are not expected to materially improve credit metrics over the rating horizon. The separation of Connectivity and Data Centers into distinct business units, each with dedicated leadership and management teams, is designed to enhance accountability, decision-making, and operational discipline. However, given the ongoing financial pressures and limited visibility into future revenue streams, Moody's do not expect these organizational changes to offset the challenges posed by weak operating performance, elevated leverage, and persistent liquidity pressure. Cirion holds a strong competitive position in the Latin American market as a pan-regional independent fiber network provider across 12 countries, with a majority-owned, integrated network of strategic backbone fiber, subsea assets, and data center infrastructure. The company benefits from a diversified and stable customer base with a high percentage of recurring revenue contracts, ensuring a predictable revenue stream. However, it is smaller in scale compared to international peers and faces significant execution risks related to the transition to stand-alone operations and challenges in shifting toward higher-margin products within the data segment. Governance considerations are relevant for the company' credit quality. As a private company, Patagonia is not subject to the same level of corporate governance, financial reporting and compliance procedures required from a publicly traded company. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, ratings upgrades are unlikely. However, Moody's could stabilize the rating outlook if visibility into future revenue streams and sponsor contributions improves and the credit metrics and liquidity are in line with the rating category. Moody's could downgrade Cirion's ratings if Moody's expects liquidity indicators or credit metrics to remain weak for the ratings levels or to deteriorate further and visibility into future revenue streams and sponsor contributions remains limited. Quantitatively, the ratings could be downgraded if leverage, measured by Moody's adjusted total debt/EBITDA, exceeds 5.0x for a prolonged period without a clear path to leverage reduction, or the company´s FCF generation is expected to remain weak. COMPANY PROFILE Patagonia Holdco LLC (Patagonia) is a leading communications infrastructure provider in Latin America. The company operates an expansive, pan-Latin American platform comprising strategically located fiber, subsea network and data center assets and infrastructure, which differentiates it from its regional competitors. The company's assets include more than 100,000 kilometers (km) of fiber, 18 data centers with about 158 MW of capacity including development, more than 5,800 cross connects and 7 cloud on-ramps. The fiber network is further divided into 22,000 km of metro fiber, 32,500 km of long-haul fiber and 50,000 km of subsea fiber connecting Latin America to the US. The principal methodology used in these ratings was Communications Infrastructure published in September 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. PEGASUS BUILDERS: Taps Johnson Ritchey as Family Law Counsel ------------------------------------------------------------ David Cummings Forkey seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Johnson Ritchey Family Law Firm, PLLC, as family law counsel. The firm will represent the Debtor in connection with the dissolution of marriage action pending before the Fifteenth Judicial Circuit in and for Palm Beach County, Florida. The firm will be paid at its standard hourly rates. Johnson Ritchey received a retainer in the amount of $7,500. Johnson Ritchey Family Law Firm is disinterested as required by 11 U.S.C. Sec. 327(a), according to court filings. The firm can be reached through: Marissa B. Gart, Esq. Johnson Ritchey Family Law Firm, PLLC Yamato Rd, Ste. 405 Boca Raton, FL 33431 Tel. (561) 392-4400 Email: mgart@jrfamilylaw.com About Pegasus Builders, Inc. Pegasus Builders Inc. is a licensed general contractor specializing in luxury custom homes and equestrian estates across Wellington and South Florida. The Company holds licenses in general contracting, engineering, and roofing, backed by over 25 years of experience in the Florida market. It serves both residential and commercial clients and actively participates in philanthropic initiatives supporting various local and national organizations. Pegasus Builders Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16181) on May 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtors are represented by Aaron Wernick, Esq. at WERNICK LAW PLLC. PERASO INC: Receives Nasdaq Bid Price Deficiency Notice ------------------------------------------------------- Peraso Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC indicating that, based upon the closing bid price of the Company's common stock for the 30 consecutive business days ending on September 4, 2025, the Company no longer meets the requirement to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided a period of 180 calendar days, or until March 4, 2026, in which to regain compliance. In order to regain compliance with the minimum bid price requirement, the closing bid price of the Company's Common Stock must be at least $1 per share for a minimum of 10 consecutive business days during this 180-day period. In the event the Company does not regain compliance within this 180-day period, the Company may be eligible to seek an additional compliance period of 180 calendar days provided it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and further provides written notice to Nasdaq of its intent to cure the deficiency during this second compliance period by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice to the Company that its Common Stock will be subject to delisting. The Letter does not result in the immediate delisting of the Company's Common Stock from the Nasdaq Capital Market. The Company is monitoring the closing bid price of its Common Stock and considering its available options in the event the closing bid price of the Company's Common Stock remains below $1 per share. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2024, the Company had $5.53 million in total assets against $3.74 million in total liabilities. PINANNCLE BUYER: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned 'B+' first-time Long-Term Issuer Default Ratings (IDR) to Pinnacle Buyer, LLC and Pinnacle Parent, LLC (dba Summit Companies). This follows BDT & MSD Partners' acquisition of Summit Companies and related financing transactions. The Rating Outlook is Stable. Fitch has assigned 'BB-' ratings with Recovery Ratings of 'RR3' to Summit's $1.3 billion senior secured term loans, $250 million delayed draw term loan (DDTL) and $200 million revolver. Summit's ratings reflect its market leadership and national scale in the fire & life safety industry, high proportion of recurring revenue, regulatory driven demand, and diverse customer base. Favorable industry trends, industry consolidation and acquisitions support Summit's growth strategy. Fitch expects the company to manage its Fitch-calculated EBITDA leverage between 4.5x to 5.5x, consistent with its 'B+' rating, while executing on its growth strategy including acquisitions, supported by Fitch forecasted FCF of $50 million to over $100 million. Key Rating Drivers Regulated, Recurring & Stable Revenue: Summit operates in the fire & life safety (FLS) industry, where demand is driven by regulatory and insurance requirements. The FLS industry is highly regulated at federal, state, and local levels and is an essential service with a high cost of failure. Ongoing regulatory changes, stricter compliance & enforcement, an increasing need for maintenance of aging infrastructure, and technological improvement and system upgrades in alarm and detection systems are positive tailwinds for FLS services. Summit has shifted its focus to recurring and reoccurring services that account for about 80% of gross profits, up from 30% in 2007. Noncyclical, nondiscretionary recurring services such as required inspection, maintenance and repair account for about 66% of its 2024 sales while reoccurring retrofit and remodel services contribute another 16% of 2024 sales. Fitch believes Summit's high proportion of recurring and reoccurring revenues is a credit positive, supporting the company's business stability and enhancing its ability to weather economic cycles. National Scale in FLS: Summit is a national leader in the fragmented FLS market with branches in over half of U.S. states. The company offers a comprehensive suite of services including alarm, sprinkler, extinguisher, suppression along with other specialized systems to national, regional and local customer across a range of end markets. Summit has achieved same store sales growth in the high single digits in recent years as the company signs new customers, capitalizes on cross-sell opportunities and converts inspections to services. The company's growth has also been supported by strong momentum in its national accounts and successful price increases. Acquisitions Complement Organic Growth: Fitch forecasts Summit to realize double-digit CAGR from 2024 to 2028 through organic initiatives and M&A activity. Since 2021, Summit has expanded its geographic footprint through numerous acquisitions including the acquisition of PSI that will broaden its geographic presence to the Pacific Northwest. Fitch expects Summit to remain active in M&A, leveraging its reputation as an acquiror of choice in the highly fragmented $30 billion industry. Summit's acquisition strategy centers around acquiring strategic hub companies, complemented by tuck-in acquisitions. Improving EBITDA Margins: Summit is targeting higher EBITDA supported by IT investments, improved sales representative productivity, workforce optimization, centralized procurement, and standardized quoting. Fitch forecasts Fitch-calculated EBITDA margins to trend towards 19% over the forecast period, from 16% in 2024. Fitch factors in a more modest improvement than targeted by Summit from productivity gains, and a more gradual impact from the higher-margin PSI acquisition as it contributes a full year of earnings and anticipated cost synergies are realized. Forecasted $50 Million Plus FCF: Fitch forecasts Summit to generate stable FCF margins in the mid-single digits with annual FCF of about $50 million to $100 million plus, primarily allocated to growth initiatives, including acquisitions. Minimal working capital needs and capital intensity of around 3% of revenues supports Summit's FCF conversion of around 80%, with management targeting further improvement. Summit's strong FCF generation affords considerable financial flexibility, as evidenced by its projected (CFO-Capex)/Debt metrics in the mid-to high single digit range. M&A Linked, 5x Leverage Profile: Fitch expects Summit's EBITDA leverage to be elevated following its recent change in ownership and the PSI acquisition and deleveraging to around 5x in 2026 as PSI contributes a full year of earnings. Fitch expects Summit to balance its acquisition strategy, including transactions assumed by Fitch at around $250 million annually in 2027 and 2028, against its financial policy. Summit's deleveraging path, supported by EBITDA expansion, FCF generation and debt repayment, is forecast to bring EBITDA leverage down to 4.6x in 2028. In the event of larger acquisitions, Fitch would expect the company to prioritize on deleveraging. Shareholder Loan: Fitch treats the preferred shares held by BDT & MSD Partners as equity in accordance with Fitch's criteria for rating Shareholder Loans. The securities are held by affiliates with economic and strategic interests that Fitch expects to remain aligned with those of common equity holders and do not have redemption rights. The securities are issued outside the restricted group, only senior with respect to common stock, with payment-in-kind at the company's option and no maturity date. Peer Analysis Summit Companies' operating profile is similar to industrial service and service-oriented Engineering and Construction peers such as APi Group Corporation (BB+/Stable), Construction Partners, Inc. (BB/Stable), Waste Pro USA, Inc.(B+/Stable) and Watt New Aggregator LP (WEC, B+/Stable). The companies have strong market position and high business stability. Summit Companies and the larger APi Group benefit from essential regulatory-driven, end-market diversification and recurring demand, and long-standing customer relations with a high percentage of repeat business. The companies have a high degree of financial flexibility given their mid-single digit FCF margins. APi Group's higher rating reflects its stronger financial structure with EBITDA Leverage expected to stay around 3.0x. Waste Pro and CPI benefits from a strong local market position. Waste Pro provides waste management and recycling services in the Southeast under long-term municipal contracts while CPI is a vertically integrated, local market leader with a focus on essential, maintenance-linked services across thousands of projects annually supports recurring demand. WEC holds a leading technology position in the commercial nuclear reactor sector, generating significant recurring revenue from maintenance, repair and operations and service contracts. CPI maintains a more conservative financial structure with EBITDA leverage projected to be in the low-3.0x and FCF margins in the low-to mid-single-digits. Waste Pro and WEC's EBITDA leverage is forecasted to trend towards the low 4.0x range and FCF margins expected to improve to the low-single-digit range. Key Assumptions - Revenue grow in the double digits per annum driven by organic growth and acquisitions; - EBITDA margins trend towards 19%; - Capex intensity of around 2% to 3%; - M&A is more modest in 2026 as Summit focuses on integration but M&A activity resumes with $250 million per annum of activity assumed in 2027 and 2028; - Effective interest rate of around 7% through the forecast period. Recovery Analysis The Recovery Rating assumes that Summit would be reorganized as a going concern (GC) in a bankruptcy scenario rather than liquidated, with a 10% administrative claim on the enterprise value (EV) assumed. Fitch estimates a GC EBITDA of $190 million, reflecting pro forma adjustments for acquisitions. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level, upon which the agency bases the enterprise valuation. The estimate reflects a hypothetical scenario where Summit loses major customers and faces customer churn. Customer loss may also result from reputational damage tied to an inability in meeting industry standards. It also reflects the corrective measures taken in reorganization to offset the adverse conditions that triggered default, such as cost-cutting and contract repricing. Fitch assumes Summit will receive an EV multiple of 6.0x, which is applied to the GC EBITDA to calculate the post-reorganization enterprise value. This multiple reflects Summit's significant portion of recurring revenue, its consistent growth track record, and strong long-term relationships with blue-chip customers. The multiple is balanced against Summit's smaller size and limited diversification relative to larger peers. It also considers historical acquisition multiples and comparable valuations among peers in diversified services. Fitch's recovery scenario assumes that the RCF and DDTL are fully drawn. The Recovery Rating results in a 'BB-'/'RR3' rating for the first lien RCF, Term Loan, and DDTL. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A shift to a more opportunistic financial policy that leads to EBITDA Leverage sustained above 5.5x or EBITDA Interest Coverage sustained below 2.5x - Reduced financial flexibility, including less than 75% credit facility availability or (CFO-Capex)/Debt below 2.5% - Weaker or more volatile operational and cash flow profiles due to a change in business strategy and/or a more shareholder friendly capital allocation policy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Commitment to a capital allocation and financial policy that leads to EBITDA leverage sustained below 4.5x and EBITDA Interest Coverage sustained above 3.0x - Preservation of financial flexibility, including FCF margin in the mid-single-digits and (CFO-Capex)/Debt in the high-single digits. Liquidity and Debt Structure Following the transaction, Summit's capital structure will consist of $1.3 billion in senior secured term loans, $250 million in delayed draw term loans and a $200 million revolver. The company's liquidity profile is comfortable, with no near-term debt maturities and supported by the company's FCF generation. Issuer Profile Summit Companies, headquartered in Mendota Heights, Minnesota, is a national leader in the Fire & Life Safety industry. The company operates 125 branches across 37 states with a full-lifecycle capabilities. Date of Relevant Committee August 18, 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 ----------- ------ -------- Pinnacle Parent, LLC LT IDR B+ New Rating Pinnacle Buyer, LLC LT IDR B+ New Rating senior secured LT BB- New Rating RR3 PLAZA 106: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Plaza 106, LLC 1800 Airport Road Price, UT 84501 Business Description: Plaza 106, LLC, based in Price, Utah, operates in the Iron and Steel Mills and Ferroalloy Manufacturing industry, producing and processing ferrous metals and related materials. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court District of Utah Case No.: 25-25459 Judge: Hon. Peggy Hunt Debtor's Counsel: Andres Diaz, Esq. DIAZ & LARSEN 757 East South Temple, Suite 201 Salt Lake City, UT 84102 Tel: (801) 596-1661 Fax: (801) 359-6803 Email: courtmail@adexpresslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Nagendra Prasad Reddy signed the petition as member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V7DTB3Y/Plaza_106_LLC__utbke-25-25459__0001.0.pdf?mcid=tGE4TAMA POWIN LLC: Seeks to Extend Plan Exclusivity to January 5, 2026 -------------------------------------------------------------- Powin, LLC and affiliated debtors asked the U.S. Bankruptcy Court for the District of New Jersey to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 5, 2026 and March 6, 2026, respectively. The Debtors explain that these Chapter 11 Cases involve nine Debtor entities that formerly operated global energy platforms across the United States, Vietnam, China, Canada, Australia, and Spain. Powin and its affiliates engineered and installed battery energy storage systems ("BESS") for clean energy projects. The Debtors' business model was highly technical, capital-intensive, and proprietary. The scale and complexity of restructuring such a business strongly support extending the Exclusivity Periods to allow the Debtors to continue building on the progress already achieved and to craft a comprehensive chapter 11 plan. The Debtors claim that working closely with the Committee, they have made substantial, goodfaith progress toward developing a chapter 11 plan and preparing the related disclosures that seeks to liquidate the proceeds of the FlexGen Sale and the EKS Sale, among other things, for the benefit of all creditors. Additional time is necessary to ensure that the plan maximizes value for creditors and the estates. The Debtors assert that because of the substantial work, they were able to stabilize their business and ultimately successfully negotiate and close the FlexGen Sale, the Mainfreight Sale, and the EKS Sale, each generating significant value for the Debtors' estates and their stakeholders. Thus, this factor supports the extension of the Exclusive Periods. The Debtors further assert that an extension of the Exclusivity Periods will directly benefit the estates and their stakeholders by allowing them to continue this orderly administration while finalizing the formulation of a comprehensive chapter 11 plan. The ability to continue making timely payments ensures the orderly administration of the estates, preserves creditor confidence, and facilitates the cooperative engagement of key constituencies in connection with the chapter 11 process. For these reasons, this factor strongly supports the relief requested. Moreover, the Debtors have worked cooperatively with the Committee and other stakeholders throughout these proceedings, and those efforts have yielded substantial consensus on the framework for a value-maximizing outcome. Given the estates' available cash, the progress to date, and the ongoing dialogue with creditors, there is every reason to believe that the Debtors will file, and ultimately confirm, a viable plan within a reasonable time frame. Accordingly, this factor weighs strongly in favor of extending exclusivity. Since the commencement of these Chapter 11 Cases, the Debtors have maintained regular and transparent communication with their creditors, including ongoing, constructive engagement with the Committee. The Debtors have worked closely with the Committee to discuss the estates' assets and liabilities, the results of the sale transactions, and the framework for a chapter 11 plan that maximizes value for all stakeholders. The Debtors intend to continue this collaborative process throughout the pendency of these cases and anticipate filing a chapter 11 plan that is fully supported by the Committee. The Debtors cite that their request to extend the Exclusive Periods is driven solely by the need to maximize value for the estates and their stakeholders, not by any intent to coerce or pressure creditors into accepting the Debtors' proposed plan. The extension is necessary to allow the Debtors to finalize a comprehensive and equitable chapter 11 plan, incorporating input from the Committee and other key stakeholders, and to ensure that all distributions reflect the full value realized from the completed asset sales. In addition, terminating the Exclusive Periods at this stage would significantly disrupt the administration of these Chapter 11 Cases. If the Court were to deny the Debtors' request, then upon the expiration of the Exclusive Filing Period, any party in interest would be free to propose a chapter 11 plan and solicit acceptances. Importantly, there would be no corresponding benefit to the estates or creditors from such disruption. On the contrary, denying the requested relief could frustrate the objectives of chapter 11, impede recoveries, and materially diminish the value available to the Debtors' stakeholders. Counsel to the Debtors: Tania M. Moyron, Esq. Van C. Durrer, II, Esq. DENTONS US LLP 601 S. Figueroa Street #2500 Los Angeles, CA 90017 Tel: (213) 623-9300 Fax: (213) 623-9924 Email: tania.moyron@dentons.com van.durrer@dentons.com - and - John D. Beck, Esq. Sarah M. Schrag, Esq. 1221 Avenue of the Americas New York, NY 10020-1089 Tel: (212) 768-6700 Fax: (212) 768-6800 Email: john.beck@dentons.com sarah.schrag@dentons.com Coumsel to the Debtors: Frank A. Oswald, Esq. TOGUT, SEGAL & SEGAL LLP 550 Broad Street Suite 1508 Newark, NJ 07102 Tel: (212) 594-5000 Fax: (212) 967-4258 Email: frankoswald@teamtogut.com - and - Albert Togut, Esq. Amanda C. Glaubach, Esq. Eitan Blander, Esq. One Penn Plaza, Suite 3335 New York, New York 10119 Tel: (212) 594-5000 Fax: (212) 967-4258 Email: altogut@teamtogut.com aglaubach@teamtogut.com eblander@teamtogut.com About Powin LLC Powin, LLC, is a manufacturer of utility-scale battery energy storage systems. It specializes in designing and manufacturing advanced energy storage solutions for utility, commercial, and industrial applications. Powin and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137) on June 10, 2025. In its petition, Powin listed assets and liabilities between $100 million and $500 million. Bankruptcy Judge Michael B. Kaplan handles the cases. The Debtors tapped Togut, Segal & Segal LLP and Dentons US LLP as counsel, and Huron Transaction Advisory LLC as investment banker. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Powin LLC and its affiliates. The Committee retained Genova Burns LLC and Brown Rudnick LLP as its co-counsel. PREMIER TILLAGE: Seeks Cash Collateral Access --------------------------------------------- Premier Tillage, Inc asks the U.S. Bankruptcy Court for the District of Kansas, Kansas City Division, for authority to use cash collateral and provide adequate protection. The Debtor's secured debt is primarily held by Equity Bank, which has mortgages and blanket liens on virtually all of the Debtor's assets, including real property, inventory, equipment, cash, and accounts receivable. Additional secured creditors include the Northwest Kansas Economic Innovation Center, the Small Business Administration, and multiple Purchase Money Security Interest lenders. A court-approved bidding process led to two offers for the Debtor's assets, with the Debtor ultimately accepting a $1.95 million bid from Unverferth Manufacturing Company for its inventory. The sale process is still ongoing due to objections from the U.S. Trustee and NW Kansas. The Debtor has ceased active operations as of September 5, due to the expiration of cash collateral authority, but a few employees remain to assist in finalizing the sale. The Debtor now seeks court approval to use approximately $100,000 from its two debtor-in-possession accounts (totaling around $450,000) to cover essential expenses through September 30, including payroll, insurance, legal and accounting fees, security, and trustee payments—all of which are necessary to close the Unverferth sale and complete the bankruptcy process. The proposed use of funds is limited strictly to preserving asset value and facilitating the sale. As adequate protection, the Debtor offers Equity Bank replacement liens on post-petition collateral. A streamlined budget reflecting reduced operations is included in the motion. The Debtor further requests an expedited hearing on this matter to avoid disruption and potential loss of sale value. A copy of the motion is available at https://urlcurt.com/u?l=mKCZ1a from PacerMonitor.com. About Premier Tillage Inc. Premier Tillage, Inc. is a family-owned company based in Kansas, specializing in products and services for both no-till and conventional tillage farming. The Company's flagship product, the Minimizer blade plow, enhances efficiency by reducing weeds and boosting profits. In addition, the Company offers replacement parts and other farming equipment, such as stubble treaders and sweep plows. Premier Tillage filed Chapter 11 petition (Bankr. D. Kan. Case No. 25-20314) on March 18, 2025, listing $5,285,139 in total assets and $9,284,642 in total liabilities. Daniel W. Chupp, president of Premier Tillage, signed the petition. Neil Sader, Esq., at Sader Law Firm, LLC represents the Debtor as bankruptcy counsel. Equity Bank is represented by Nicholas J. Zluticky, Esq. at Stinson LLP. PROFESSIONAL DIVERSITY: Secures Up to $20M via Prepaid Stock Deal ----------------------------------------------------------------- Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a securities purchase agreement with Streeterville Capital, LLC, a Utah limited liability company, pursuant to which the Company agreed to issue and sell to the Investor shares of its common stock, par value $0.01 per share, in one or more pre-paid advance purchases for an aggregate purchase price of up to $20,000,000. The Company also agreed to issue to the Investor 22,197 shares of Common Stock as consideration for the Investor's commitment, after Shareholder Approval is obtained, and 227,500 shares of Common Stock for $2,275 as pre-delivery shares, which Pre-Delivery Shares will be issued at the closing of the transactions contemplated by the Securities Purchase Agreement. The proceeds from the Pre-Paid Purchases are expected to be used for working capital and other corporate purposes, including repayment of debt, strategic and other general corporate purposes. The Securities Purchase Agreement provides for an initial Pre-Paid Purchase in the principal amount of up to $8,655,000, an original issue discount of up to $640,000 and transaction expenses of $15,000, the terms of which are set forth on secured prepaid purchase #1. The Company received $3,397,725 in cash proceeds under the Initial Pre-Paid Purchase and $2,275 for the Pre-Delivery Shares on the Closing Date. The Initial Pre-Paid Purchase accrues interest at the rate of 8% per annum. Within thirty (30) days after closing, the Investor will fund the remaining $4,602,275.00 under the Initial Pre-Paid Purchase into a deposit account of the Company's wholly-owned subsidiary, IPDN Holdings, LLC, a Utah limited liability company, to be secured by a deposit account control agreement, a guaranty by IPDN Holdings, and a pledge agreement by the Company pledging 100% of the equity interests in IPDN Holdings, subject to certain conditions: (i) the DACA, the Guaranty and the Pledge Agreement are each executed and delivered to the Investor, (ii) the Deposit Account has been opened, (iii) no Event of Default (as defined in the Initial Pre-Paid Purchase) under the Initial Pre-Paid Purchase has occurred, and (iv) trading in the Common Stock is not suspended, halted, chilled, frozen, reached zero bid or otherwise ceased trading on the Nasdaq Capital Market. The Pre-Delivery Shares and $3,397,725 shares of Common Stock issuable pursuant to the Pre-Paid Purchases to be issued under the Initial Pre-Paid Purchase will be issued pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-282831). Concurrently with the filing of this Current Report on Form 8-K, the Company is filing a prospectus supplement with the U.S. Securities and Exchange Commission in connection with the offer and sale of such shares of Common Stock. The offer and sale of all other securities was completed by the Company in a private placement transaction that was exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act without engaging in any advertising or general solicitation of any kind. Pursuant to the Securities Purchase Agreement, the Company also agreed to file a registration statement on Form S-1 under the Securities Act of 1933, as amended, to register the resale of the Commitment Shares and all Purchase Shares (other than the $3,397,725 shares of Common Stock registered with the Registration Statement) within twenty (20) days after the Closing Date, and cause such registration statement to be declared effective by the SEC within one hundred and twenty (120) days of the Closing Date (or one hundred and fifty (150) days if subject to a full review by the SEC). If such registration statement has not been declared effective by such date, then the outstanding balance of the aggregate Pre-Paid Purchases will automatically increase by one percent (1%) on such date and continue to increase by one percent (1%) for each thirty (30) days that such registration statement is not declared effective until the date that is six (6) months from the Closing Date. Pursuant to the Securities Purchase Agreement and Pre-Paid Purchase, the Investor, at its sole discretion, has the right, but not the obligation, to purchase shares of the Common Stock, by delivering purchase notices to the Company. The number of shares issuable is determined by dividing the applicable purchase amount by the purchase price, which equals 80% of the lowest daily volume weighted average price during the ten (10) trading days immediately prior to the purchase notice date, but not less than a stated floor price of $1.608. In no event may such issuances cause the Investor to beneficially own more than 9.99% of the Company's outstanding Common Stock at any time. Unless and until the Company obtains the requisite stockholder approval for the issuance of all Purchase Shares as required by Nasdaq Listing Rule 5635(d), the total cumulative number of shares of Common Stock that may be issued to the Investor under all Pre-Paid Purchases cannot exceed the numerical threshold required by that rule. If the purchase share purchase price is less than the floor price, or if issuance would exceed 19.99% cap of Nasdaq Listing Rules without shareholder approval, the Company must instead repay the applicable purchase amount in cash. The Company may at any time prepay all or any portion of the outstanding balance of a Pre-Paid Purchase. In the event the Company elects to do so, the Company must pay the Investor an amount equal to 120% multiplied by the portion of the outstanding balance the Company has elected to prepay. If an event of default occurs under a Pre-Paid Purchase, the outstanding balance will become immediately due and payable. At any time thereafter, upon written notice given by the Investor, the outstanding balance will increase by seven-and-a half percent (7.5%) and interest will begin accruing at a rate of the lesser of 18% per annum or the maximum rate permitted under applicable law. The Pre-Paid Purchase includes customary and specific events of default, including, among others, the Company's failure to pay amounts when due; bankruptcy or insolvency events; failure to comply with covenants in the Securities Purchase Agreement; failure to timely deliver purchase shares or maintain the required share reserve; effecting a reverse stock split without twenty (20) trading days' prior written notice; the filing of a non-management supported proxy; breaches of other agreements with the Investor; and certain other material defaults. Upon the occurrence of an event of default, the outstanding balance of the Pre-Paid Purchase becomes immediately due and payable at the "Mandatory Default Amount," which includes a 10% increase in the balance, and interest begins to accrue at the rate equal to the lesser of 18% per annum or the maximum rate permitted by law until repaid. The Investor also retains all other rights and remedies available at law or in equity. Pursuant to the Securities Purchase Agreement, the Investor has agreed that, while the Pre-Paid Purchase is outstanding, neither the Investor nor any of its affiliates will engage in any short sales or hedging transactions with respect to the Company's common stock. The Company has agreed to enter into any variable rate transactions without Investor's consent as long as any Pre-Paid Purchase remains, subject to certain exceptions. About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. -- https://www.prodivnet.com/ -- is a global developer and operator of online and in-person networks that provides access to networking, training, educational, and employment opportunities for diverse professionals. The Company operates subsidiaries in the United States, including National Association of Professional Women (NAPW) and its brand, International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and its relationship recruitment affinity groups, the Company provides its employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. The Company's mission is to utilize the collective strength of its affiliate companies, members, partners, and unique proprietary platform to be the standard in business diversity recruiting, networking, and professional development for women, minorities, veterans, LGBTQ+, and disabled persons globally. Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Professional Diversity Network had $7,981,801 in total assets, $3,140,897 in total liabilities, and a total stockholders' equity of $4,840,904. PYRAMID CONCRETE: Seeks Chapter 11 Bankruptcy in Tennessee ---------------------------------------------------------- On September 12, 2025, Pyramid Concrete Pumping LLC filed Chapter 11 protection in the Western District of Tennessee. According to court filing, the Debtor reports between $10,000 and $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Pyramid Concrete Pumping LLC 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. Pyramid Concrete Pumping LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24656) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Denise E. Barnett the case. The Debtor is represented by Bo Luxman, Esq. at LUXMAN LAW FIRM. QSR STEEL: Seeks to Hire Klingman Law LLC as Bankruptcy Counsel --------------------------------------------------------------- QSR Steel Corporation, LLC seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to hire Klingman Law, LLC as counsel for a limited scope, pending resolution of the motion to withdraw of Pullman & Comley, LLC. Klingman Law, LLC would act as stand-in counsel on a temporary basis while the Withdraw Motion awaits resolution so there is no lapse in representation for Debtor during this post-confirmation period. The counsel will appear on Debtor's behalf in hearings before the Court, primarily to facilitate communications, and will provide administrative and liaison services with the Bankruptcy Court and other parties. The Debtor will compensate the counsel based upon the normal hourly rates of its sole member, Patrick A. Klingman, which are currently $400 per hour. The firm received an initial retainer of $4,000. As disclosed in the court filings, Klingman Law is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Patrick A. Klingman, Esq. KLINGMAN LAW, LLC 280 Trumbull Street Floor 21 Hartford, CT 06103-3514 Tel: (860) 256-6120 Email: pak@klingmanlaw.com About QSR Steel Corporation QSR Steel Corporation, LLC is a one-stop, full service structural steel company based in Hartford, Conn., offering everything from steel buildings to stairs and railings. QSR Steel filed Chapter 11 petition (Bankr. D. Conn. Case No. 24-20562) on June 18, 2024, with $2,838,179 in assets and $2,124,057 in liabilities as of March 31, 2024. Glenn Salamone, a member of QSR Steel, signed the petition. Judge James J. Tancredi oversees the case. Irve J. Goldman, Esq., at Pullman & Comley, LLC is the Debtor's legal counsel. Liberty Bank, as secured creditor, is represented by: Linda c. Hadley, Esq. Gfeller Laurie, LLP West Hartford Center 977 Farmington Avenue, Suite 200 West Hartford, CT 06107 Telephone: (860) 760-8428 (860) 760-8400 Facsimile: (860) 760-8401 E-mail: lhadley@gllawgroup.com REWORLD HOLDING: S&P Rates Proposed $400MM Term Loan B 'BB' ----------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to Reworld Holding Corp.'s proposed $400 million term loan B (TLB). At the same time, S&P lowered its issue-level rating on Reworld's senior unsecured debt to 'B-' from 'B', following Reworld's announcement it will refinance senior unsecured debt with the proposed $400 million senior secured TLB and upsize its revolving credit facility (RCF) to $900 million from $600 million. S&P also affirmed its 'BB' issue level rating on the senior secured debt. The refinancing is leverage neutral and does not materially affect Reworld's credit metrics. S&P lowered its senior unsecured recovery rating to '6' from '5', reflecting expectations of negligible recovery (0%-10%; rounded estimate: 0%). The refinancing (including the increased RCF) increases the amount of senior secured debt, which results in negligible recovery for the remaining senior unsecured debt in our hypothetical default scenario. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P said, "Our simulated recovery contemplates a default in 2029 due to Reworld's EBITDA declining below its consolidated fixed charges and debt maturities. We assume a decrease due to higher-than-expected operating costs; lower power prices and tip fees; inability to renew existing contracts on acceptable terms; and poor operating results." -- S&P believes that Reworld's underlying business would continue to have considerable value and expect that the company would emerge from bankruptcy with EBITDA of about $470 million. -- S&P applies a 6.5x EBITDA multiple for Reworld. This is higher than our standard 6.0x multiple and reflects the company's highly contracted revenue profile, which it believes would allow it to attain a higher valuation in a distressed scenario. Simulated default assumptions -- Year of default: 2029 -- Default year EBITDA: $470 million -- Implied enterprise value multiple: 6.5x -- The $900 million revolver is 85% drawn -- The term loan C is not drawn at default S&P includes accounts receivables sold and finance leases in our measure of secured debt Simplified waterfall -- Net enterprise value (after 5% administrative costs): $3.0 billion -- Priority claims: $180 million -- Value available to senior secured debt: $2.8 billion -- Senior secured debt claims: $3.1 billion --Recovery expectations: 90%-100% (rounded estimate: 90%) -- Value available to senior unsecured debt: None -- Senior unsecured debt claims: $1.5 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. RINGCENTRAL INC: S&P Upgrades ICR to 'BB+', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on RingCentral Inc. to 'BB+' from 'BB'. S&P also affirmed its rating on its senior unsecured notes at 'BB'. This reflects the greater amount of secured debt in its pro forma capital structure after the expected refinancing of its senior unsecured convertible notes maturing in March 2026, using proceeds from a new secured delayed draw term loan A. S&P said, "The stable outlook reflects our expectation that RingCentral will continue to expand its unified communications as a service (UCaaS) user base and the cross-selling of its contact center as a service (CCaaS) platforms and other solutions, such that revenues grow 4%-5% in 2025 and 2026. We also expect EBITDA margins above 20% and strong FOCF will decrease leverage to slightly above 2x in 2025 and potentially below 2x in 2026." RingCentral, a provider of cloud-based unified communications and contact center software, has improved its EBITDA margins and free operating cash flow (FOCF) consistently over the last several years with support from cost efficiencies and operating leverage gains. S&P said, "We expect mid-single-digit percent revenue growth in 2025 to drive continued EBITDA and FOCF expansion. This reflects the company's good market position, partner ecosystem, and product innovation. We expect this will lower its S&P Global Ratings' adjusted leverage to low-2x by the end of the year." RingCentral's expanding EBITDA margins and FOCF generation has allowed it to rapidly reduce leverage over the last several years. EBITDA margins have steadily increased to about 22% from about 12% in 2022 due to effective cost management and operating leverage gains from consistent revenue growth. Annual revenue growth slowed over this period as management placed greater focus on profitability and an increase in revenue scale. S&P said, "However, EBITDA growth has still lowered S&P Global Ratings' adjusted leverage to mid-2x as of June 30, 2025 (including about $200 million of series A convertible preferred equity, which we treat as debt). We expect leverage to decrease further to slightly above 2x by the end of the year, with support from revenue growth of 4%-5% and EBITDA margins of 22%-23%. "RingCentral's FOCF generation has also benefitted from EBITDA growth and net working capital management given its asset-light operating model. We therefore expect reported FOCF to increase to slightly above $500 million in 2025 (or over 40% of debt on an S&P Global Ratings' adjusted basis)." This will allow the company to repay debt further while maintaining share repurchases. Its stated goal is to reduce reported gross debt to below $1 billion by the end of 2026 from about $1.3 billion as of June 30, 2025. RingCentral's good market position, partner ecosystem, and product innovation supports near-term revenue growth. The company maintains a strong competitive platform and brand recognition in the UCaaS market, while continuing to expand its presence in the CCaaS market. Its partner ecosystem facilitates its ability to reach large enterprise and international customers looking to transition to a cloud solution and at potentially lower customer acquisition costs. These partners include on-premises unified communications providers, global telecoms service providers, and value-added resellers. Furthermore, its product platform allows it to cross-sell integrated offerings like its native RingCX CCaaS platform or its more enterprise-focused CCaaS platform from its partnership with NICE Systems, as well as recent AI-driven products. S&P said, "While the UCaaS market remains highly competitive, we expect the above drivers to support mid-single-digit percent annual revenue growth over the next few years. This is generally in line with the International Data Corp.'s forecast of a compound annual growth rate of about 4.3% over 2024-2029 for the public cloud UCaaS market. We also note that RingCentral's predominantly subscription-based revenue model and low customer concentration provides good revenue visibility. "The stable outlook reflects our expectation that RingCentral will continue to expand its UCaaS user base and the cross-selling of its CCaaS platforms and other solutions, with support from product innovation and its partnerships, such that revenues grow 4%-5% in 2025 and 2026. We also expect cost discipline and operating leverage gains to support EBITDA margins remaining above 20% and strong FOCF. As a result, we expect leverage will decrease to low-2x in 2025 and potentially below 2x in 2026. A conservative financial policy, focused on debt reduction, share repurchases largely offsetting dilution from stock compensation and potential tuck-in acquisitions, further supports this view." S&P could lower its rating if: -- Macroeconomic uncertainty, increased competition, or operational missteps lead to a weakened market position or a sustained revenue decline; -- Execution errors around cost-reduction initiatives reduce EBITDA margins well below 20%; or -- S&P expects leverage will increase above 2.5x or FOCF to debt fall below 15% due to weaker-than-expected operating performance. This could also be the result of a more aggressive financial policy around acquisitions or shareholder distributions. Although S&P views it as unlikely over the next 12-24 months, it could raise our rating if: -- The company strengthens its market position and revenue scale while achieving above-UCaaS market growth rates; -- Operating leverage gains and cost discipline support EBITDA margins of well above 25%, and strong FOCF generation on a sustained basis; and -- It maintains a conservative financial policy that supports leverage of mid-1x or below on a sustained basis, even after acquisitions and shareholder distributions. RIVER NORTH FARMS: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: River North Farms Incorporated 159 Waggoner Court Fort Worth, TX 76108 Business Description: River North Farms Incorporated operates as a general crop farming business with additional mineral interests in Tarrant County. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-43509 Debtor's Counsel: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 Email: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Dale Behan signed the petition as owner. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YVSPATI/River_North_Farms_Incorporated__txnbke-25-43509__0001.0.pdf?mcid=tGE4TAMA RIVERFRONT ASSOCIATES: Hires Perkins Coie as Bankruptcy Counsel --------------------------------------------------------------- Riverfront Associates Limited Partnership seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Perkins Coie LLP as Chapter 11 bankruptcy counsel. The firm will render these services: a. advise the Debtors of their rights, powers and duties as Debtors and Debtors in possession; b. work with the Debtors promptly to disseminate the disclosure statement filed concurrently herewith and to obtain confirmation of the liquidating plan of reorganization filed concurrently herewith (with such modifications, supplements, and substitutions as may be necessary); c. take all actions necessary to protect and preserve Debtors' bankruptcy estate, including the prosecution of actions on Debtors' behalf, the defense of any action commenced against the Debtors, negotiations concerning all litigation in which Debtors are involved, objections to claims against the Debtors in these Chapter 11 cases and the compromise or settlement of claims; d. advise the Debtors concerning, and prepare on behalf of the Debtors, all necessary applications, motions, memoranda, responses, complaints, answers, orders, notices, reports and other papers, and review all financial and other reports required from the Debtors as Debtors-in-possession in connection with administration of these Chapter 11 cases; e. advise the Debtors regarding (i) their ability to initiate actions to collect and recover property for the benefit of their estates; (ii) any potential property dispositions; and (iii) to the extent necessary, any executory contract and unexpired lease assumptions, assignments and rejections, and lease restructuring and re-characterization; f. serve as Debtors' noticing, claims and ballot agent; and g. provide such other legal advice or services as may be required including collaboration with Debtors' management and other advisors. Perkins Coie's hourly rates are: Alan D. Smith, Partner $1,220 Amir Gamliel, Partner $1,020 Kimberly McClure, Paralegal $320 Alan Smith, Esq., a partner at Perkins Coie LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alan D. Smith, Esq. PERKINS COIE LLP 700 13th Street, NW Suite 800 Washington, DC 20005-3960 Tel: (202) 654-6266 Fax: (202) 624-9529 Email: ADSmith@perkinscoie.com About Riverfront Associates Limited Partnership 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. Riverfront Associates Limited Partnership filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wa. Case No. 25-12476) on September 5, 2025. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. Alan D. Smith, Esq. at PERKINS COIE LLP represents the Debtor as counsel. RIZO-LOPEZ FOODS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Rizo-Lopez Foods, Inc. d/b/a Tio Francisco d/b/a Don Francisco 201 S. McClure Road Modesto, CA 95357 Business Description: Rizo-Lopez Foods, Inc. produces Mexican- style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Based in Modesto, California, the Company operates as a food processor that supplies Hispanic specialty foods to retail and foodservice markets across the United States, with a focus on authentic Central American and Mexican flavors. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-25004 Judge: Hon. Christopher M Klein Debtor's Counsel: Hagop T. Bedoyan, Esq. MCCORMICK, BARSTOW, SHEPPARD, WAYTE & CARRUTH 7647 North Fresno Street Fresno, CA 93720 Tel: 559-433-1300 Email: hagop.bedoyan@mccormickbarstow.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Edwin Rizo as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BJ6H3LY/Rizo-Lopez_Foods_Inc__caebke-25-25004__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Sargento Foods, Inc. Recall $58,730,443 c/o Sarah L. Brew Faegre Drinker Biddle & Reath LLP 90 S. Seventh Street Minneapolis, MN 55402 Email: sarah.brew@faegredrinker.com Phone: (612) 766-7000 2. Castle Importing Recall $4,798,722 14550 Miller Ave. Fontana, CA 92336 Marc Zadra Email: mzadra@castleimporting.com Phone: (909) 428-9200 3. Pacific Cheese-Hayward Recall $3,776,000 21090 Cabot Blvd. Hayward, CA 94545 Jonathan Franco Email: jfranco@pacificcheese.com Phone: (510) 784-8800 4. Reser's Fine Foods, Inc. Recall $3,690,358 dba Fresh Creative Foods c/o Sussman Shank, LLP 1000 SW Broadway Bldg., #1400 Portland, OR 97205 Sean R. McClendon Email: smcclendon@sussmanshank.com Phone: (503) 227-1111 5. Amy's Kitchen, Inc. Recall $2,964,424 PO Box 4759 Petaluma, CA 94955 Tim Griffin Email: tim.griffin@amys.com Phone: (707) 781-7543 6. Wells Fargo Bank N.A. Leasehold $2,275,894 299 S. Main St., 60th Improvement Floor Loan Salt Lake City, UT 84111 Greg Mondon Email: gmondon@wellsfargo.com Phone: (385) 415-8221 7. Wells Fargo Equipment $1,275,592 Equipment Finance, Inc. Loans MAC 539828-034 2700 S. Price Rd. Chandler, AZ 85286 Melissa Harris Email: melissa.k.harris@wellsfargo.com Phone: (480) 887-5079 8. Jimenez Mexican Foods, Inc. Business Debt $697,567 20343 Harvill Ave. Perris, CA 92570 Veronica Jimenez Email: veronica@jimenezfoods.com Phone: (951) 351-0102 9. Latitude 36 Foods Recall $646,466 300 EI Sobrante Rd. Corona, CA 92879 Michelle Shaw Email: mshaw@latitude36food.com Phone: (951) 817-2300 10. R&D Incentives Group Unpaid Fees $548,510 725 S. Figueroa St., Ste. 2250 Los Angeles, CA 90017 Email: bchang@rdincentivesgroup.com Phone: (310) 883-4859 11. Prime Meats Business Debt $481,677 2150 Boggs Rd., Ste. 500 Duluth, GA 30096 Gabriel Ruiz Email: gruiz@primemeats.com Phone: (404) 421-8154 12. Wells Fargo Bank, N.A. Line of $418,786 299 S. Main St., 60th Floor Credit Salt Lake City, UT 84111 Greg Mondon Email: gmondon@wellsfargo.com Phone: (385) 415-8221 13. Pacific Gold Milk Business Debt $325,000 Producers, Inc. P.O. Box 1403 Ripon, CA 95366 Mary Brehm Email: mary@pacificgoldmilkproducers.com Phone: (209) 679-6710 14. NorCal Construction Business Debt $295,199 1465 Ellerd Dr. Turlock, CA 95380 Luis Orellana Email: I-orellana@sbcglobal.net Phone: (209) 667-2400 15. Stanislaus County Personal $292,293 Tax Collector Property PO Box 1003 Taxes Modesto, CA 95353 Donna Riley Email: rileyd@stancounty.com Phone: (209) 525-6388 16. Chemco Products Company Vendor $282,754 6401 Alondra Blvd. Paramount, CA 90723 Jeff Stanhope Email: jeff@chemcoprod.com Phone: (562) 602-2116 17. Crystal Creamery Trade Debt $227,595 PO Box 883369 Los Angeles, CA 90088 LaTonia Haynes Email: Ihaynes@crystalcreamery.com Phone: (209) 576-3400 18. Dairy Farmers of America Trade Debt $199,837 2637 Collection Center Dr. Chicago, IL 60693 Johnny Hiramoto Email: jhiramoto@dfamilk.com Phone: (951) 493-4926 19. Jimenes Food, Inc. Trade Debt $168,377 7046 Jackson St. Paramount, CA 90723 Justin Campos Email: jimenesfood@hotmail.com Phone: (562) 602-2505 20. Rana Meal Trade Debt $159,768 Solutions, LLC 1370 Brewster Creek Blvd. Bartlett, IL 60103 Matthew Sheahin Email: msheahin@lavellelaw.com Phone: (630) 233-2300 ROCK N CONCEPTS: To Sell The Colony Property to LMG Ventures ------------------------------------------------------------ Rock N Concepts LLC and its affiliate, Lava Cantina The Colony LLC, seek approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sharman Division, to sell Property through private sale, free and clear of liens, claims, interests, and encumbrances. The Debtors seek to sell via private sale, the substantially all their property as is, where is, and free and clear of liens, claims and encumbrances with any liens or encumbrances to attach to the proceeds of the sale with the same validity, priority and extent that they are attached to the Property. The Debtor's Property is located in The Colony, Texas. The Property is comprised of buildings, outdoor space including a stage, and all other improvements in the Property. The Debtors' principal secured creditors, AE Perkins and the Small Business Administration, hold liens on the Property. The Debtors filed the case with the expectation that it would result in a value-maximizing sale for the benefit of the Debtors' stakeholders. The Debtors believe that liquidation of the Property at this time in the best interest of the Debtors. The Debtors receive an offer in the amount of approximately $3.75 million from LMG Ventures to purchase substantially all assets of the Debtors. The Asset Purchase Agreement was extensively negotiated, proposed, and entered into by the parties without collusion, in good faith, and from an arm’s-length bargaining position. In the Debtors' business judgment, the proposed sale under the Asset Purchase Agreement is in the best interest of the Debtors and their creditors and should be authorized by this Court. About Rock N Concepts LLC Rock N Concepts, LLC and Lava Cantina The Colony, LLC, a live entertainment venue and restaurant located in The Colony, Texas, filed Chapter 11 petitions (Bankr. E.D. Tex. Lead Case No. 25-40416) on February 18, 2025. At the time of the filing, both Debtors reported between $1 million and $10 million in assets and liabilities. Sarah M. Cox, Esq., at Spector & Cox, PLLC is the Debtor's legal counsel. Regions Bank, as secured creditor, is represented by Jason T. Rodriguez, Esq., at Higier Allen & Lautin, PC, in Dallas, Texas. RYVYL INC: Genevieve Baer, Ezra Laniado Resign as Directors ----------------------------------------------------------- RYVYL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that independent directors Genevieve Baer and Ezra Laniado resigned from the Board of Directors. On September 1, 2025, the Company entered into Advisory Services Agreements with each of Mr. Laniado and Ms. Baer, and continuing through August 30, 2026. Pursuant to the terms and conditions of the Consulting Agreements, each of Mr Laniado and Ms. Baer will provide services relating to advising the Company on strategic investor partnerships, investment relationships, exploration of M&A opportunities, corporate development, and such other revenue-generating advice and consulting as the Company may reasonably request from time to time. In consideration for their consulting services and in recognition of the services, the Company has agreed to pay each of Mr Laniado and Ms. Baer a cash consulting fee equal to $99,000 per annum. With prior written consent from the Company, the Company shall reimburse each of Mr Laniado and Ms. Baer for preapproved out-of-pocket travel expenses incurred by Mr Laniado and Ms. Baer on behalf of Company. Either party may terminate the Consulting Agreement upon ninety (90) days prior written notice, provided however such notice shall not be issued within the first 30 days following September 1, 2025. Mr Laniado's and Ms. Baer's departures are for personal reasons and are not the result of any disagreements with management or the Company's Board of Directors on any matter relating to the Company's operations, policies or practices. Appointment of George Oliva and Gene Jones as Directors: On September 1, 2025, the Board appointed each of George Oliva and Gene Jones as a director of the Company to fill the vacancies created by Mr. Laniado's and Ms. Baer's resignations. Mr. Oliva and Mr. Jones will serve until the date of the Company's 2025 Annual Meeting of Shareholders and until their successors are duly elected and qualified. * Mr. Oliva has served as RYVYL's CFO since October 2023. He has over 30 years of experience as a senior finance professional, with a background in corporate finance, treasury, financial planning and analysis, international tax, and strategic planning. Prior to joining RYVYL, he was Chief Financial Officer and Corporate Secretary for WiSA Technologies, Inc. since 2019. He was also a partner with Hardesty LLC, a national executive services firm, through which he provided financial consulting services to public and private companies nationwide. As Interim Chief Financial Officer of SpineEx, Inc., a California-based medical equipment manufacturer, Mr. Oliva was responsible for managing the company's financial, human resources and information technology departments. Prior to that, he served as Vice President of Finance of GameWorks, a family entertainment chain, where he developed a plan to restructure the company's business in connection with an acquisition by a lender. He also served as controller for Eva Automation, an audio company, where he implemented purchase accounting in connection with a $180 million acquisition. Mr. Oliva began his career in auditing with Arthur Andersen & Co. He earned a degree in Business Administration from the University of California, Berkeley with a dual emphasis in Accounting and Finance Mr. Oliva has no family relationships with any of the Company's directors or executive officers, and he is not a party to, and does not have any direct or indirect material interest in, any transaction requiring disclosure under Item 404(a) of Regulation S-K. There are no arrangements or understandings between Mr. Oliva and any other persons pursuant to which he was selected as a director. * Mr. Jones previously served as RYVYL's Interim CFO and SEC Project Advisor from March 2023 to October 2023, and collaborated with the RYVYL team to complete the 2021 and 2022 financial restatements and subsequent compliance filings. He is a partner at SeatonHill Partners, LP, a firm specializing in CFO services and project-based financial leadership. With over 35 years of experience in various executive roles, including Chief Financial Officer, Chief Operating Officer, Corporate Treasurer, and Controller, Mr. Jones has contributed to both public and private equity companies, as well as venture-funded startups. He possesses a substantial history of assisting organizations of varying sizes in areas such as financial management, information technology, human resources, risk management, and technology services. His expertise extends across several key sectors, including technology services, manufacturing and distribution, retail, restaurants, legal and engineering firms, litigation support services, and physician practice management. His primary areas of focus involve organizations undergoing transitions, particularly those facing leadership changes or requiring process remediation, as well as entities in need of emergency funding or engaged in fraud detection and investigation. Mr. Jones's extensive background includes a decade with KPMG, where he oversaw several hundred engagements, executed over 40 mergers and acquisitions, and led the sales process for six different private equity firms. He earned an MBA from Indiana University and a Bachelor of Science in Accounting from St. Joseph's College. He is a licensed Certified Public Accountant in Texas. There is no arrangement or understanding between Mr. Jones and any other person pursuant to which he was selected to serve as a director. Mr. Jones does not have any family relationships with any of the Company's executive officers or directors, and does not have any direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K. About Ryvyl Inc. San Diego, Calif.-based RYVYL Inc., together with its subsidiaries, is a financial technology company that develops, markets, and sells innovative blockchain-based payment solutions, which offer significant improvements for the payment solutions marketplace. The Company's core focus is to develop and monetize disruptive blockchain-based applications, integrated within an end-to-end suite of financial products, capable of supporting a multitude of industries. In its report dated March 28, 2025, the Company's auditor, Simon & Edward, LLP, issued a 'going concern' qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, noting that the transitioning of the Company's QuickCard product in North America led to a significant decline in processing volume and revenue, the recovery of these lost revenues is not expected until late 2025. The loss of revenue resulting from this business reorganization has jeopardized its ability to continue as a going concern. As of Dec. 31, 2024, RYVYL had $122.28 million in total assets against $123.77 million in total liabilities. As of June 30, 2025, RYVYL had $20.60 million in total assets against $27.54 million in total liabilities. SALEM POINTE: Trustee Taps Bass Berry & Sims as Legal Counsel ------------------------------------------------------------- Gary M. Murphey, Chapter 11 Trustee for Salem Pointe Capital, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Bass, Berry & Sims PLC as his counsel. The firm will render these services: a. advise and represent the Trustee during the pendency of this Chapter 11 Case; b. prepare and file with the Bankruptcy Court all necessary and appropriate documents in connection with the operation of the Debtor's Chapter 11 Case; c. advise the Trustee with respect to his powers and duties as in the management and operation of the Debtor's business and properties; d. attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the case including all of the legal and administrative requirements of operating in chapter 11; e. take all necessary action to protect and preserve the Debtor's estate including the prosecution of actions on the estate's behalf, the defense of any actions commenced against the estate, negotiations concerning all litigation in which the Debtor may be involved, and objections to claims filed against the estate; f. prepare on behalf of the Trustee all motions, applications, answers, orders, reports and papers necessary for the administration of the estate; g. negotiate and prepare on the Trustee's behalf plan(s) of reorganization, disclosure statement(s) and all related agreements and/or documents and take any necessary action on behalf of the Trustee to obtain confirmation of such plan(s); h. advise the Trustee in connection with any sale of assets, including real estate and transactional advice, and prepare and file all necessary motions and documents associated with any such sale; i. appear before this Court, any appellate courts, and the U.S Trustee and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; j. perform all other necessary legal services and provide all other necessary legal advice to the Trustee in connection with this chapter 11 case; and k. assist in all other matters on which the Trustee requests assistance from Bass, Berry, including general non-bankruptcy matters that may arise during the course of this Chapter 11 Case, including, but not limited to, contract reviews, intellectual property matters, real estate matters, and other commercial business matters. Bass, Berry's hourly rates are: Paul G. Jennings $790 Gene L. Humphreys $715 Sara K. Morgan $650 Michelle Harding $300 (paralegal) LeAnn Lewis $300 (paralegal) Paul Jennings, Esq., an attorney with Bass, Berry & Sims, assured the court that the firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul G. Jennings, Esq. Gene L. Humphreys, Esq. Sara K. Morgan, Esq. Bass, Berry & Sims PLC 21 Platform Way South, Suite 3500 Nashville, TN 37203 Telephone (615) 742-6200 Facsimile (615) 742-6293 Email: pjennings@bassberry.com ghumphreys@bassberry.com sara.morgan@bassberry.com About Salem Pointe Capital Salem Pointe Capital, LLC is a financial services company that typically focuses on investment and capital management. Its operations include providing financing solutions, investment opportunities, and asset management to various sectors. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-31702) on Sept. 29, 2024, with $10 million to $50 million in both assets and liabilities. Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by James R. Moore, Esq. at Moore & Brooks. SALEM POINTE: Trustee Taps Resurgence Financial as Advisor ---------------------------------------------------------- Gary M. Murphey, Chapter 11 Trustee for Salem Pointe Capital, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire Resurgence Financial Services, LLC as his financial and restructuring advisor. The firm's services include: a. control and/or review of all bank accounts; b. approve and/or review of all disbursements as required for timely payment of all administrative claims; c. oversee accounting and reporting including reporting as required by the bankruptcy court and timely communications with the stakeholders; d. control and/or review of all company books and records including those possessed by the management company and/or the general partner; e. hire and manage new and independent property managers or leasing or sales agents as necessary; f. communicate with homeowners and tenants as well as potential homeowners and tenants regarding the bankruptcy process; g. perform forensic accounting of books and records since the Debtor’s inception to produce accurate financial statements as necessary; and h. advise the Trustee during the pendency of this Chapter 11 Case. The firm's standard hourly rates are: Senior Managers (including Gary Murphey) $350 to $450 Managers and Associates $95 to $300 Resurgence is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, according to court filings. The broker can be reached through: Gary Murphey Resurgence Financial Services, LLC 3330 Cumberland Blvd SE Ste 500 Atlanta, GA 30339-5997 Phone: (770) 933-6855 About Salem Pointe Capital Salem Pointe Capital, LLC is a financial services company that typically focuses on investment and capital management. Its operations include providing financing solutions, investment opportunities, and asset management to various sectors. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-31702) on Sept. 29, 2024, with $10 million to $50 million in both assets and liabilities. Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by James R. Moore, Esq. at Moore & Brooks. SANDY HILLS: Hires Jones Lang LaSalle as Real Estate Broker ----------------------------------------------------------- Sandy Hills LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Jones Lang LaSalle Brokerage as real estate broker. The firm will sell the Debtor's real property known as 839 Middle Country Road, Brookhaven Township, Middle Island, New York. The broker's a standard commission is 1 percent. Ray Ruiz, a managing director at Jones Lang LaSalle Brokerage, Inc., assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Ray Ruiz Jones Lang LaSalle Brokerage, Inc. 839 Middle Country Road Brookhaven Township Middle Island, NY Phone: (631) 962-2890 Email: ray.ruiz@jll.com About Sandy Hills LLC Sandy Hills LLC is a land development company based in Babylon, New York. It focuses on acquiring and rezoning land for residential and mixed-use projects. Sandy Hills LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72181) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtors are represented by Marc A. Pergament, Esq. at WEINBERG, GROSS & PERGAMENT LLP. SANDY'S GIFT: Claims to be Paid from Rental Income -------------------------------------------------- Sandy's Gift, LLC, filed with the U.S. Bankruptcy Court for the Northern District of New York a First Amended Disclosure for Plan of Reorganization dated September 8, 2025. The Debtor's business consists of real property located at 37690 State Highway 23, Grand Gorge, New York 12424 and State Highway 23, Grand Gorge, New York 12424 (parking lot). The Debtor's business consists of real property located at 37690 State Highway 23, Grand Gorge, New York 12424 and State Highway 23, Grand Gorge, New York 12424 (parking lot). Eugenie Gilmore Otway is the Sole Member of the Debtor. The Debtor purchased the property located at 37690 State Highway 23 in Grand Gorge, NY 12434 with the intention to rent the space to two separate entities. One, a not-for-profit museum, and the second a for-profit tavern. Debtor has already rented the space to the not-for-profit museum and is collecting rent from this tenant currently. The tavern has yet to occupy the space, but the Debtor anticipates that the tavern will move forward forthwith. Both entities will operate out of Debtor's real property, and it is the rent realized from these two entities that will largely fund the Chapter 11 Plan. In addition to the rents received, Otway anticipates making a contribution to Debtor out of her personal assets in a sum sufficient to assist in full satisfaction of all claims at issue in this case. This is a reorganizing Plan in which the Debtor seeks to accomplish payments under the Plan by continuing to operate its business in Grand Gorge, NY in a successful and profitable manner. Eugenie Gilmore Otway is Debtor's sole member and, as such, is the only holder of a Class 4 Equity Interest. She will contribute a sum certain of new value, and will retain her equity interest in Debtor, but will receive no distribution. Class 4 will not be entitled to vote. Under the Plan, the Debtor will continue to collect rent, which will be used in large part to fund the Plan. The Debtor also expects contributions from the Debtor’s principal in an amount sufficient to pay all allowed claims in full. Debtor's principal intends to sell assets, namely a painting, that will provide sufficient funding to allow for payment in full of all claims. A full-text copy of the First Amended Disclosure Statement dated September 8, 2025 is available at https://urlcurt.com/u?l=uBqFDQ from PacerMonitor.com at no charge. About Sandy's Gift Sandy's Gift, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-60871) on October 29, 2024. Judge Patrick G. Radel presides over the case. Counsel to the Debtor: ORVILLE & MCDONALD LAW, PC Zachary D. McDonald, Esq. 30 Riverside Drive Binghamton NY 13905 Tel: (607) 770-1007 Fax: (607) 770-1110 SCENIC CITY: Gets Extension to Access Cash Collateral ----------------------------------------------------- Scenic City Boot Camp, LLC and Kevin and Kristen Harvey received interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Southern Division, to use cash collateral from September 9 to November 13. Subject to the carveout for U.S. Trustee quarterly fees, the Debtors were authorized to continue using cash collateral to pay the items listed in the budget and professional fees and expenses (subject to separate court approval). Disbursements exceeding 25% of budgeted amounts require approval by the court or the U.S. Small Business Administration. As adequate protection for the Debtors' use of its cash collateral, SBA will be granted replacement liens on assets similar to its pre-bankruptcy collateral. These replacement liens will have the same validity and priority as the secured creditor's pre-bankruptcy lien. SBA asserts a lien on the Debtors' assets including cash collateral based on a UCC financing statement recorded in 2020. A final hearing is scheduled for November 13. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/McC7f from PacerMonitor.com. About Scenic City Boot Camp LLC Scenic City Boot Camp, LLC filed Chapter 11 petition (Bankr. E.D. Tenn. Case No. 25-10863) on April 4, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Kevin Harvey, president of Scenic City Boot Camp, signed the petition. Judge Nicholas W. Whittenburg oversees the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law, represents the Debtor as bankruptcy counsel. SCOOPIE LLC: Seeks to Hire Magnolia Law Group as Special Counsel ---------------------------------------------------------------- The Scoopie, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ The Magnolia Law Group as special counsel. The firm's services include: a. assisting the Movant in analyzing/prosecuting/etc. claims owned by the estate against third parties; b. preparing and filing such pleadings as are necessary to pursue the estate's claims against third parties; c. conducting appropriate examinations of witnesses, claimants and other parties in interest in connection with such litigation; d. collecting any judgment that may be entered in the contemplated litigation; e. handling any appeals that may result from the contemplated litigation; and f. performing any other legal services that may be appropriate in connection with the prosecution of the litigation. The firm received a retainer in the amount of $10,000 plus the state court filing fee in the amount of $350. As disclosed in the court filing, The Magnolia Law Group is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Connell C. Hess, Esq. The Magnolia Law Group 506 Honea Egypt Rd Suite 309 Magnolia, TX 77354 Phone: (281) 907-2507 Email: Connell@theMagnoliaLawGroup.com About The Scoopie, LLC The Scoopie, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32929) on May 28, 2025. In the petition signed by Jarred Allen, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Julie M. Koenig, Esq., at Cooper & Scully, PC, represents the Debtor as legal counsel. SEARS HOMETOWN: Investors Reach $9MM Fiduciary Breach Suit Dealt ---------------------------------------------------------------- Benjamin Morse of Law360 Bankruptcy Authority reports that a hedge fund manager and his firm agreed to pay more than $9 million to settle a Delaware Chancery Court case alleging they underpaid investors in the 2019 take-private of Sears Hometown and Outlet Stores Inc. About Sears Authorized Hometown Stores Sears Authorized Hometown Stores, LLC distributes products through approximately 121 "Sears Hometown Stores," which are locally owned and operated businesses that offer a selection of the trusted names in home appliances, lawn and garden equipment, and tools. Sears Authorized Hometown Stores, LLC, and Sears Hometown Stores, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-11303) on Dec. 12, 2022. In the petition signed by Elissa Robertson, CEO, Sears Authorized Hometown disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Laurie Selber Silverstein oversees the cases. Saul Ewing LLP is the Debtors' legal counsel. The Debtors tapped Gray & Company, LLC, as financial advisor and Stretto as claims and noticing agent. SERVICE PROPERTIES: S&P Affirms 'B' ICR, Outlook Negative --------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Service Properties Trust (SVC). S&P said, "At the same time, we lowered our issue-level rating on its senior secured notes to 'B+' from 'BB-' and revised our recovery rating to '2' from '1'. We also lowered our issue-level rating on its guaranteed senior unsecured notes to 'B' from 'BB-' and revised our recovery rating to '3' from '1'. Additionally, we lowered our issue-level rating on its nonguaranteed senior unsecured notes to 'CCC+' from 'B' and revised our recovery rating to '6' from '4'. "We assigned a preliminary issue-level rating of 'B+' and recovery rating of '2' to the company's proposed zero-coupon notes. The negative outlook reflects ongoing refinancing risks and covenant concerns. Furthermore, we expect operating performance will remain volatile over the near term due to the company's hotel portfolio." SVC asset sales and zero-coupon bond offering have alleviated near-term liquidity and refinancing pressure, though uncertainty around its longer-term access to capital remains. Service Properties Trust has made significant progress with its near-term debt maturities. During the second quarter, the company entered into purchase and sale agreements for 114 hotels for a combined sales price of $920 million. Buyers waived all due diligence and provided nonrefundable deposits for most of the sales, with closing expected by year-end 2025. Along with the expected proceeds from its zero-coupon bond issuance, SVC would have the necessary liquidity to repay its 2026 and part of its 2027 debt maturities while also repaying its revolving credit facility, restoring the facility as a source of future liquidity. However, the company breached its debt service incurrence covenant and fully drew on its revolving credit facility as a precautionary measure following the end of the second quarter. While in breach of the covenant, SVC's financial flexibility is materially impaired and makes any refinancing efforts more challenging. SVC's plans for asset sales and the zero-coupon offering, with proceeds used for debt reduction, should get the company back in compliance with the covenant. S&P expects operating performance within SVC's hotel portfolio will remain volatile. In the second quarter of 2025, the company's adjusted hotel EBITDA for its retained hotels declined 11.7% year over year, despite slight improvements in occupancy, average daily rate (ADR), and revenue per available room (RevPAR). While the underlying performance metrics are promising, the bottom-line results indicate a challenging expense environment and ongoing disruptions from renovations. With significant macroeconomic uncertainty, operating performance into 2026 and beyond will likely remain volatile. S&P projects flat to slightly positive RevPAR growth for U.S. hotels in 2025, with low-end leisure and government-related travel slowing the most. Given SVC's covenant concerns, having ample cushion on its covenant as its 2027 debt maturities approach will be critical given the more unpredictable nature of hotel earnings. Benefitting the company's earnings profile is its ongoing shift away from hotels, with a larger proportion of its revenues coming from more stable triple-net lease assets. Additionally, SVC has invested a lot of capital into its hotel portfolio in recent years, and the completion of projects should boost performance. S&P said, "We assigned a preliminary 'B+' issue-level rating and '2' recovery rating to SVC's proposed zero-coupon notes. The '2' recovery rating indicates our expectation for substantial (70%-90%) recovery for the zero-coupon noteholders in the event of a payment default. We expect the company will use proceeds to repay upcoming debt maturities. The preliminary ratings reflect our view of the transaction's strong collateral and legal structure, among other factors. "The preliminary ratings are based on information as of Sept. 15, 2025, including the size and tenor of the offering. Upon the successful execution of the transaction and our review of the final terms, we will assign final ratings to the zero-coupon notes. Subsequent information that materially deviates from our expectations may lead us to assign final ratings that differ from the preliminary ratings. "We lowered the issue-level ratings on the company's existing debt due to the proposed zero-coupon issuance. Per our recovery analysis, the senior secured noteholders, unsecured guaranteed noteholders, and unsecured nonguaranteed noteholders benefit from the value of the company's unencumbered asset pool. Given the use of previously unencumbered assets as collateral for the new zero-coupon notes, recovery value is reduced for existing noteholders. Future secured issuances will likely affect the recovery prospects for existing noteholders further, though this could be offset by improved operating performance, debt reduction, or other factors." The changes to the issue-level ratings are based on information as of Sept. 15, 2025, for the zero-coupon notes. Deviations from our expectations may lead to further changes to the issue-level ratings on existing securities. The negative outlook reflects ongoing refinancing risks and covenant concerns. Furthermore, S&P expects operating performance will remain volatile over the near term due to the company's hotel portfolio. S&P could lower its ratings on SVC if: -- Liquidity pressure or refinancing concerns increase, raising concerns about the company's capital structure; -- Hotel operating margins deteriorate meaningfully from the current level; or -- Its covenant cushion does not improve sufficiently, perhaps as a result of poor execution on asset sales and expected debt repayment. S&P could also lower its issue-level ratings on SVC's notes if our estimate of recovery prospects for bondholders decreases, perhaps due to the company refinancing upcoming debt maturities with a higher proportion of secured debt or guaranteed notes. S&P could revise its outlook on SVC to stable if: -- Liquidity and refinancing risks ease, with the company maintaining comfortable covenant headroom; and -- Hotel operating margins improve in line with S&P's expectations. SF OAKLAND: Seeks to Hire Peter N. Hadiaris as Bankruptcy Counsel ----------------------------------------------------------------- SF Oakland Bay, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Peter N. Hadiaris as counsel. Mr. Hadiaris will render general legal services to the Debtor as needed throughout the course of this case including the bankruptcy main case, adversary proceedings, and contested matters, claim objections, and plan confirmation, except to the extent that the Debtor chooses to retain special counsel. The Debtor has agreed to pay Mr. Hadiaris $450 per hour for his time. Mr. Hadiaris received a a retainer of $25,000. Mr. Hadiaris assured the court that he does not hold or represent any interest adverse to the estate, or represent any entity having an adverse interest in connection with this case, and is a "disinterested person" as defined in 11 USC Sec. 101(14). Mr. Hadiaris can be reached at: Peter N. Hadiaris, Esq. Sheppard, Uziel & Hendrickson Law Firm 423 Washington St. San Francisco, CA 94111 Phone: (415) 694-0052 About SF Oakland Bay LLC SF Oakland Bay, LLC operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby condominiums, offices, and residences. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30699) on September 3, 2025, listing up to $10 million in assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Peter Hadiaris, Esq., at the Law Office of Peter N. Hadiaris, represents the Debtor as bankruptcy counsel. SHAHINAZ SOLIMAN: Unsecureds Will Get 3.21% over 60 Months ---------------------------------------------------------- Shahinaz Soliman Clinic Corp. filed with the U.S. Bankruptcy Court for the Central District of California an Amended Plan of Reorganization for Small Business dated September 8, 2025. The Debtor operates a state-of-the-art medical facility established by Dr. Shahinaz Soliman in November 2003. The center specializes in providing comprehensive and continuous healthcare services, catering to pediatric, adolescent, geriatric and adult patients. The Debtor's proposed 5-year projections itemize the Debtor's revenue and source and the expenses for the next 5 years. The Debtor intends to fund its plan from the continued operation of its business. Class 3(D) consists of General Unsecured Creditors. The total amount of the allowed general unsecured claims in Class 3(D) is $2,718,639.56 and includes the undersecured claims of Prosperum Capital Partners LLC, Quick Fix Capital, Silverline Services, Inc., and Bitty Advance 2, LLC. Based on the liquidation analysis and the income valuation of the Debtor's assets, the holders of allowed general unsecured claims will be receiving an estimated 3.21% pro-rata distribution through the plan. The distribution to allowed general unsecured claims will be made monthly, with the first payment of $1,456.26 due on the effective date, followed by 59 consecutive payments, each in the amount of $1,456.26 to be paid pro-rata to each holder of allowed general unsecured claim. This Class is impaired. The equity security holder of the Debtor is Shahinaz Soliman. Dr. Soliman is the CEO and a 100% equity security holder of the Debtor. Dr. Soliman does not hold a pre-petition or a post-petition claim against the Debtor. She will retain her interest in the Debtor after the effective date. The Debtor's proposed 5-year projections itemize the Debtor's revenue sources and the expenses for the next 5 years. The Debtor intends to fund its plan from the continued operation of its business. A full-text copy of the Amended Plan dated September 8, 2025 is available at https://urlcurt.com/u?l=gngSVB from PacerMonitor.com at no charge. About Shahinaz Soliman Clinic Corp. Shahinaz Soliman Clinic Corp., dba Soliman Care Family Practice Center Inc., is a family practice health center that offers comprehensive healthcare services for individuals of all ages, from pediatrics to geriatrics. The clinic specializes in both acute and chronic care, focusing on prevention, diagnosis, and holistic treatment. Led by Dr. Shahinaz Soliman, the center is committed to providing compassionate, culturally competent, and patient centered care to the community. Shahinaz Soliman Clinic Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12747) on April 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Barry Russell handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. SHELLE REALTY: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Shelle Realty, LLC 28 Church Street, Suite 14 Winchester, MA 01890 Business Description: Shelle Realty, LLC invests in and manages residential properties with a focus on affordable and recovery housing across multiple states. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-11949 Debtor's Counsel: James P. Ehrhard, Esq. JAMES P. EHRHARD, ESQ. 27 Mechanic Street Worcester MA 01608 Tel: 508-791-8411 Email: ehrhard@ehrhardlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michelle Ngila as manager. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PFSQ32Y/Shelle_Realty_LLC__mabke-25-11949__0001.0.pdf?mcid=tGE4TAMA SINGH BROS: Seeks to Extend Plan Exclusivity to November 11 ----------------------------------------------------------- Singh Bros Express LLC and affiliates asked the U.S. Bankruptcy Court for the Western District of Washington to extend their exclusivity periods to file a plan of reorganization to November 11, 2025. On May 16, 2025, the Debtors, Kuldip Singh, Surjit Singh, and All Track Transport USA, Inc. (together, the "Parties "), along with their respective counsel, participated in an all-day settlement conference conducted by the Honorable Peter C. McKittrick. At the end of the conference, the Parties (including Transition360) reached an agreement that would comprehensively settle all disputes, provide for the transfer of assets, and result in the dismissals of numerous appeals and the bankruptcy cases of the Debtors, Kuldip, and Surjit. The agreement was memorialized on the record (the "Settlement Agreement") before Judge McKittrick. On September 11, 2025, this Court entered the Agreed Order approving Settlement Agreement and Compromise. The Debtors explain that although two prior extensions have previously been sought and granted, they submit that cause exists to extend the exclusivity period. The Debtors seek to extend the exclusivity period pending the performance of the Settlement Agreement through dismissal of these cases. As to postpetition operations, Express continues to pay its postpetition expenses in a timely manner. The Debtors claim that they have filed a Plan, and the extension of the exclusivity period is not meant to pressure creditors. The Debtors are paying their trade creditors in full each month and have reached a Settlement Agreement with their primary creditor, which has been reduced to writing and approved by this Court. Counsel to the Debtors: Jane Pearson, Esq. Polsinelli PC 1000 Second Avenue, Suite 3500 Seattle, WA 98104 Telephone: (206) 393-5415 Email: jane.pearson@polsinelli.com About Singh Bros Express Singh Bros Express, LLC, operates in the general freight trucking industry. Singh Bros Express and its affiliates, Singh Bros Transport, LLC, and Singh Bros Trucking, LLC, filed Chapter 11 petitions (Bankr. W.D. Wash. Lead Case No. 24-42600) on Nov. 15, 2024. At the time of the filing, Singh Bros Express reported $1 million to $10 million in both assets and liabilities. Judge Mary Jo Heston handles the cases. The Debtors are represented by Jane E. Pearson, Esq., at Polsinelli, PC. SKYX PLATFORMS: Issues $6M Convertible Note, Extends Debt to 2030 ----------------------------------------------------------------- SKYX Platforms Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company restructured and extended the maturity date of two outstanding convertible promissory notes with an aggregate principal balance of $2.75 million by five years to September 2, 2030, and secured $3.25 million in additional capital from one of its lead existing investors. As a result, the Company entered into a new subordinated secured convertible promissory note in the total principal amount of $6 million pursuant to a securities purchase agreement. The $3.25 million of incremental proceeds will be used for general working capital purposes. The principal amount of the Note is convertible, at the option of the holder at any time after the Closing Date, in whole or in part, into shares of the Company's common stock at a conversion price of $1.20 per share. The Note bears 8% interest payable quarterly in arrears in cash and 2% interest payable quarterly in arrears in cash or shares of Company's common stock at the conversion price upon repayment or conversion of the Note, with total interest accruing at a rate of 10% per annum. The SPA contains customary representations and warranties and provides the investor with certain registration rights. The Note also includes customary beneficial ownership limitations, restricting conversions that would result in the holder and its affiliates owning more than 4.99% or 9.99%, at the holder's election, of the Company's outstanding common stock. The foregoing summary of the SPA and Note does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the SPA and Note, copies of which are filed as Exhibit 10.1 and Exhibit 4.1, respectively, to the Current Report on Form 8-K available at https://tinyurl.com/mr4cswfv The representations, warranties and covenants contained in the SPA were made solely for the benefit of the parties to the SPA and may be subject to limitations agreed upon by the contracting parties. Accordingly, the SPA is incorporated herein by reference only to provide investors with information regarding the terms of the SPA, and not to provide investors with any other factual information regarding the Company or its business, and should be read in conjunction with the disclosures in the Company's periodic reports and other filings with the Securities and Exchange Commission. About SKYX Platforms Corp. Headquartered in Pompano Beach, Florida, SKYX Platforms Corp. develops advanced platform technologies focused on enhancing safety, quality, and ease of use in homes and buildings. With nearly 100 patents and pending applications, the Company's products are designed to improve safety and lifestyle in residential and commercial spaces. In 2023, Sky expanded by acquiring an online retailer specializing in home lighting, ceiling fans, and furnishings. The Company's technologies enable quick and safe installation of light fixtures and ceiling fans without the need to handle hazardous wires. In its report dated March 24, 2025, the Company's auditor, M&K CPAS, PLLC, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing the Company's accumulated deficit, negative cash flows from operations, and recurring net losses, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, SKYX reported total assets of $65.89 million, total liabilities of $56.83 million, and total equity of $4.05 million. As of June 30, 2025, the Company had $64.3 million in total assets, $58.7 million in total liabilities, and $689,939 in total stockholders' equity. SMYRNA READY: $240MM Term Loan Add-on No Impact on Moody's 'B1' CFR ------------------------------------------------------------------- Moody's Ratings said that Smyrna Ready Mix Concrete, LLC's (Smyrna) B1 corporate family rating and B1-PD probability of default rating are not affected by the proposed $240 million add-on to the company's backed senior secured term loan B due April 2029, which is rated B1. The B1 ratings on the company's backed senior secured $1.1 billion notes due 2028 and $1.1 billion notes due 2031, which are pari passu to each other and to the term loan, are also not affected. The outlook remains stable. The company's proposed $240 million add-on, which will increase the size of the existing backed senior secured term loan to around $970 million, will be used to redeem a similar amount of borrowings used for bolt-on acquisitions and land purchases under the company's $425 million asset-based revolving credit facility due 2027 (unrated). Moody's views the proposed transaction as credit positive because it will improve the company's liquidity in essentially a leverage-neutral transaction. Revolver availability will total around $400 million as of September 30, 2025, after considering no borrowings, $6 million in letter of credit commitments and the borrowing base formula. Any change in interest expense from the transaction is not material relative to Smyrna's cash interest payments of about $250 million per year. Smyrna's credit profile reflects a highly leveraged debt capital structure due to past debt-financed acquisitions and near-term volatility in the construction industry that is adding to operating pressures. Moody's projects debt/EBITDA of 5.6x as of year-end 2026, with total debt of about $3.6 billion. Interest coverage is currently weak and will remain in the range of 1.5x-1.7x EBIT/interest expense through 2026. Smyrna does not have room for additional debt until leverage declines to more comfortable levels. Future capital deployment for debt-financed acquisitions is an ongoing credit risk given the company's history. At the same time, Smyrna faces intense competition because the industry is highly fragmented and very local. These credit challenges are offset by Smyrna's improving operating performance because of management's efforts to reduce costs in response to lower demand and to negotiate better terms with suppliers. Moody's projects that EBITDA margin will near 20% by late 2026. Smyrna has no significant maturities until 2027, which mitigates some pressure from high leverage and adequate liquidity. Moody's projects that Smyrna will have adequate liquidity over the next 18 months, constrained by limited free cash flow (FCF) and availability under the company's revolving credit facility. Moody's forecasts FCF to be modestly negative in 2025, but Moody's projects that Smyrna will generate around $80 million of FCF in 2026. Smyrna typically consumes cash in the first half of each calendar year because of seasonality, but generates most of its cash in the third quarter. Cash on hand (about $30 million as of June 30, 2025) is a minor source of liquidity. The stable outlook reflects Moody's views that leverage will continue to decline towards 5.5x debt/EBITDA over the next 18 months. Improving operating performance, no near-term maturities and long-term fundamentals of the US construction industry further support the stable outlook. Smyrna, headquartered in Nashville, Tennessee, is the largest ready-mix concrete producer in the United States. The Hollingshead family owns Smyrna. Its revenue for the 12 months ended June 30, 2025 was $3.3 billion. SPHERE 3D: Nasdaq Extends Bid Price Compliance Deadline to March 2 ------------------------------------------------------------------ As previously reported, on March 6, 2025, Sphere 3D Corp. received a notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC stating that the bid price of the Company's common shares for 30 consecutive trading days had closed below the minimum $1.00 per share required for continued listing under Nasdaq Listing Rule 5550(a)(2). The Company was provided 180 calendar days, or until September 2, 2025, to regain compliance with the Listing Rule. The Company did not regain compliance with the Listing Rule by September 2, 2025, and it submitted written notice to Nasdaq of its intention to cure the Listing Rule deficiency during a second 180 calendar day compliance period. On September 3, 2025, the Company received a notice from the Staff of Nasdaq stating that, pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company is eligible for an additional 180 calendar day compliance period, or until March 2, 2026, to regain compliance with the Listing Rule. The notice from Nasdaq has no immediate effect on the listing or trading of the Company's common shares on The Nasdaq Capital Market. If the Company does not regain compliance with the Listing Rule by March 2, 2026, the Staff will provide written notification that the Company's securities will be delisted and, at that time, the Company may appeal the Staff's determination to a Hearings Panel, at which it will be asked to provide a plan to regain compliance to the Panel. The Company intends to continue monitoring the closing bid price of its common shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse stock split of its outstanding securities, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. About Sphere 3D Sphere 3D Corp. (Nasdaq: ANY) is a cryptocurrency miner, growing its industrial-scale digital asset mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best-in-class data center operators. Sphere 3D is dedicated to increasing shareholder value while honoring its commitment to strict environmental, social, and governance standards. For more information about the Company, please visit Sphere3D.com. In its report dated March 28, 2025, the Company's auditor MaloneBailey, LLP, issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and does not expect to have sufficient cash on hand to fund its operations that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $34.42 million in total assets, $1.71 million in total liabilities, and $32.71 million in total stockholders' equity. STATE OF FLUX: Unsecureds Will Get 4.70% of Claims in Plan ---------------------------------------------------------- State of Flux, Inc. filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization for Small Business dated September 8, 2025. The Debtor is a California corporation. Since 2019, the Debtor has been in the business as an independent streetwear brand and retail shop located in San Francisco's Mission District. The Debtor's financial projections show that it will have projected disposable income of $12,000.00. The final Plan payment is expected to be paid on October 1, 2030, which is anticipated to be 60 months after the effective date. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately $0.047 cents on the dollar, providing more than the liquidation analysis and consistent with projected disposable income. The Plan also provides for the payment of secured administrative and priority claims. Class 3 consists of non-priority unsecured creditors. Non-priority unsecured creditors shall receive their pro-rata share of $12,000.00; estimated 4.70% distribution $200.00 paid monthly. This Class is impaired. The Debtor will fund the Plan with contribution by Johnny Ray Travis Jr., to pay allowed administrative claims and revenue from the Debtor. The Debtor will then pay Plan payments from the Debtor's revenue. A full-text copy of the Plan of Reorganization dated September 8, 2025 is available at https://urlcurt.com/u?l=rQqD9h from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan C. Wood, Esq. Law Offices of Ryan C. Wood, Inc. 611 Veterans Blvd., Ste. 218 Redwood City, CA 94063 Telephone: (650) 366-4858 Facsimile: (650) 366-4875 About State of Flux Inc. State of Flux Inc., formerly doing business as Haze Apparel, is a San Francisco-based retail business likely operating in the apparel industry. State of Flux sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30541) on July 7, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Ryan C. Wood, Esq., at Law Offices of Ryan C. Wood, Inc. STEWARD HEALTH: Court Sets Hearing for Vendors' Sanctions Request ----------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge said Monday, September 15, 2025, that he would hear arguments on a sanctions motion targeting the buyer of Steward Health Care's hospitals, following claims by two vendors that the buyer ignored a $7 million payment order. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. SUPOR PROPERTIES: Court Disallows Bezzone Claims ------------------------------------------------ The Honorable Stacey L. Meisel of the United States Bankruptcy Court for the District of New Jersey granted Supor Properties Enterprises LLC's motion for summary judgment seeking to disallow proofs of claim filed by Joseph Bezzone, Jr. and J. Bezzone Inc. and for related relief. In 2016, Bezzone began providing consulting services for Joseph Supor III regarding the potential redevelopment of certain properties owned or controlled by Mr. Supor, located in Harrison, New Jersey. Bezzone's services were engaged, at the very least, to obtain redevelopment agreements from the town of Harrison for the RDA Properties. On March 3, 2016, Frank Mustilli, the Director of Finance and Chief Financial Officer of J. Supor & Son Trucking & Rigging Co., Inc., transmitted a revised version of the term sheet back to Bezzone. Mr. Supor never signed the March 2016 Term Sheet. The March 2016 Term Sheet provides that J. Bezzone, Inc., E Sharp LLC -- an unrelated third party whose principal is named Ed Walsh and not involved in this case -- and Mr. Supor or his affiliate were supposed to form a joint venture to develop property. Mr. Supor was supposed to own 90% of the joint venture for his contribution of all property to be developed, while Bezzone and Walsh would split 10% for their contribution of "sweat equity." Proceeds from revenue profits or a capital event were to be distributed quarterly: first repaying any accrued loans; then a 90/10 split up to the approved value of the properties; next a 70/30 split on the next $1,000,000; and finally, a 60/40 on remaining proceeds. The Town of Harrison approved a redevelopment agreement in October of 2017 for certain RDA Properties. Subsequently, another proposed, non-binding term sheet was circulated between Mr. Supor and Bezzone. Mr. Supor and Bezzone never executed a definitive agreement as contemplated under the October 2017 Term Sheet. The Town of Harrison later approved a second redevelopment agreement in March 2021 for certain other RDA Properties. On April 2, 2024, Supor Properties Enterprises LLC, J Supor 136-1 Realty LLC, Supor-172 Realty LLC, Supor Properties Breiderhoft LLC, Supor Properties Devon LLC, Shore Properties Associates North LLC, Supor 600, JS Realty, and Supor Properties Harrison Avenue LLC filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. Supor 600 and JS Realty were formed in 2019 and 2020, respectively. On April 8, 2024, the Court entered an Order Granting Motion For Joint Administration Lead Case, allowing the Debtors' cases to be jointly administered, and establishing Supor Properties Enterprises, LLC as the lead case. On June 10, 2024, Bezzone filed identical proofs of claim in five of the Debtors' cases: Claim No. Case Name Claim Amount --------- --------- ------------ 5-1 Supor Properties Enterprises LLC $27,032,310 4-1 J Supor 136-1 Realty LLC $27,032,310 4-1 Supor-172 Realty LLC $27,032,310 2-1 Supor Properties 600 Urban Renewal LLC $27,032,310 2-1 JS Realty Properties, LLC $27,032,310 Bezzone asserts entitlement to 10% of the value of the RDA Properties in addition to outstanding fees for other Supor-related projects. Motion to Disallow On June 24, 2024, the Debtors filed Motion to Disallow Proofs of Claims Filed by Joseph Bezzone, Jr. and J. Bezzone Inc., and for Related Relief In the Motion to Disallow, the Debtors argue the POCs should be disallowed pursuant to Section 502(b) of the Bankruptcy Code. The Debtors also assert, to the extent Bezzone believes they have a claim against the Debtors, those claims are disputed, contingent, and unliquidated. They further contend that Bezzone's claims should be disallowed because Bezzone failed to provide any documentary evidence to support their POCs, submitting only a copy of the disputed and unsubstantiated Superior Court Complaint. Bezzone objects to the Motion to Disallow for primarily three reasons: (1) the Debtors cannot identify a basis for their objection under Section 502; (2) under the burden-shifting provisions set forth in In re Allegheny Int'l, Inc., the Debtors failed to overcome the prima facie validity of Bezzone's claim; and (3) the Superior Court already decided the issue raised in the Debtors' objection -- that Bezzone established enough factual detail and evidence to support their contract based claims -- and therefore, res judicata bars this Court from relitigating the issue. On Oct. 7, 2024, the Court confirmed the Debtors' Chapter 11 plan of reorganization. On Oct. 11, 2024, the parties filed a Status Change Form indicating that the Motion to Disallow Claims had been settled and the parties would submit a joint scheduling order. The parties never filed any pleadings demonstrating a settlement occurred. Instead, this motion followed. Summary Judgment Motion On March 17, 2025, the Debtors filed a Motion for Summary Judgment Disallowing Proofs of Claim Filed By Joseph Bezzone, Jr. and J. Bezzone, Inc. The Summary Judgment Motion raises several issues with the POCs. The Debtors argue the alleged oral agreement arising from the March 2016 Term Sheet violates New Jersey's statute of frauds because Mr. Supor never signed it. They allege that Bezzone asserts a claim for a property interest. They assert that New Jersey law requires transactions to transfer a property interest be memorialized in a descriptive writing signed by or on behalf of the transferor to be enforceable. Accordingly, the Debtors argue, the March 2016 Term Sheet is not enforceable. The Debtors contend Bezzone's contractual claims are time-barred. They argue that if Bezzone's right to be compensated was triggered in October of 2017, then his contractual claim for recovery is more than six years old. Accordingly, Debtors argue, any contractual claim included in the POCs is time-barred, entitling them to summary judgment. The Debtors assert that no valid contract exists between Bezzone and the Debtors. They assert that under New Jersey law, a valid contract requires mutual assent and an intent to be bound. In this case, Debtors argue Mr. Supor never signed the March 2016 Term Sheet and none of the Debtors were listed as a party therein. The Debtors argue the POCs should be disallowed because they lack sufficient factual or evidentiary support to establish liability. Per Debtors, a valid proof of claim requires allegations of facts demonstrating the debtor's legal obligation. The POCs merely assert unsubstantiated amounts. According to Debtors, the POCs provide no documentation, calculations, or legal basis for the claimed amounts. Bezzone argues that there are genuine issues of material fact regarding: (1) the existence/scope of the Parties' agreement; (2) the legitimacy of the July 2022 settlement; and (3) whether Debtors ratified Bezzone's work through conduct (e.g., using Bezzone's renderings for financing). Bezzone asserts summary judgment is premature because the disputed facts and credibility issues require a trial. According to Bezzone: -- genuine disputes of material fact preclude summary judgment, including issues related to the statute of frauds, the validity of a purported settlement agreement, and the liability of all Debtors under alter ego and implied contract theories. -- the statute of frauds does not apply because Parties' agreement was for payment for services rendered, not a transfer of real estate. -- the Debtors' corporate form is a "sham" due to commingled funds, shared management, and undercapitalization, and that Debtors' own admissions (e.g., joint tax returns and intercompany loans) justify piercing the corporate veil. -- the claims are not barred by the statute of limitations because the Debtors' obligation to pay Bezzone arose upon the approval of the RDA 2 Agreement in 2021. On June 23, 2025, the Court held oral argument on the Summary Judgment Motion. At the Summary Judgment Hearing, the Debtors argued Bezzone failed to provide supporting evidence sufficient to create genuine issues of fact to defeat summary judgment. The Debtors argued the POCs are time-barred because Bezzone's causes of action accrued in October 2017 when the Town of Harrison approved the RDA 1 Agreement. They asserted Bezzone used October 2017 as the accrual date in the Superior Court Complaint by asserting that approval of the RDA 1 Agreement, by itself, triggered an obligation to pay Bezzone under the alleged oral contract. They contended that Bezzone repeatedly used the RDA 1 Agreement approval date as the accrual date in the POCs and also in Mr. Bezzone's Declaration. The Debtors argued New Jersey's statute of limitations for a contract action is six years. The Debtors asserted that, by Bezzone's own admissions, the causes of action accrued more than six years before the Petition Date. At the Summary Judgment Hearing, Bezzone asserted the statute of limitations began to run on the date of the second appraisal because that is when the alleged final amount of the damages could be calculated. According to the Court, not only does this argument contradict Bezzone's admissions and prior statements, it also has no merit. Bezzone's right to initiate an action began, as they have previously admitted, when Mr. Supor's alleged first obligation to compensate Bezzone occurred. This date was after the approval of the RDA 1 Agreement, in October of 2017. The Court concludes the Debtors have carried their burden and sufficiently shown that the statute of limitations has run on the causes of action underlying the POCs. Relying on the undisputed facts in this case, coupled with Bezzone's own admissions, the Court finds the POCs are time-barred and thereby unenforceable against the Debtors pursuant to 11 U.S.C. Sec. 502(b)(1). The Debtors are therefore entitled to judgment as a matter of law. The POCs must be disallowed, and the Motion for Summary Judgment is granted. Claims 5-1, 4-1, 4-1, 2-1, and 2-1 in cases 24-13427, 24-13428, 24-13429, 24-13433, and 24-13434, respectively, are disallowed and expunged in their entirety. A copy of the Court's decision dated September 8, 2025, is available at https://urlcurt.com/u?l=yrevMa from PacerMonitor.com. About Supor Properties Enterprises LLC Supor Properties Enterprises, LLC is a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). The company is based in Kearny, N.J. Supor Properties Enterprises and its affiliates filed Chapter 11 petitions (Bankr. D.N.J. Lead Case No. 24-13427) on April 2, 2024. In the petition, Supor Properties Enterprises disclosed $100 million to $500 million in assets and $50 million to $100 million in liabilities. Judge Stacey L. Meisel oversees the cases. Michael E. Holt, Esq., at Forman Holt, represents the Debtors as legal counsel. * * * On October 7, 2024, the Court entered an order confirming the Debtor's First Amended Plan of Reorganization and/or Liquidation. TEXAS MANAGEMENT: Taps Simplified Tax & Accounting as Accountant ---------------------------------------------------------------- Texas Management Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Simplified Tax & Accounting Services as accountant. Simplified Tax will provide payroll accounting services at $60 per pay period. Julie Young of Simplified Tax & Accounting Services assured the court that she is a "disinterested person" within the meaning of 1 1 U.S.C. Sec. 327. The accountant can be reached through: Julie Young Simplified Tax & Accounting Services 1120 Keystone Ave Lansing, MI 48911 Phone: (517) 882-2441 About Texas Management Group Texas Management Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34650) on August 11, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Robert C. Lane, Esq., at The Lane Law Firm, PLLC as counsel and Jimmy Riggle as bookkeeper. TILSON TECHNOLOGY: Gets Court OK for $22MM Chapter 11 Asset Sale ---------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that on Monday, September 15, 2025, a bankruptcy court approved Tilson Technology Management Inc.'s $22.07 million asset sale to ITG Communications LLC, following a competitive marketing process that attracted multiple bids. About Tilson Technology Management Inc. Tilson Technology Management Inc. is a telecommunications infrastructure construction and technology management firm based in Portland, Maine, specializes in building and managing telecommunications infrastructure projects across the United States. The company works with various construction, technology, and service providers to deploy telecommunications networks. Tilson Technology Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10949) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Evan T. Miller, Esq. at Saul Ewing LLP. TOCO HOLDINGS: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------------- On September 12, 2025, Toco Holdings LLC filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Toco Holdings LLC Toco Holdings LLC, based in Houston, Texas, operates in the investment management sector, focusing on stock holdings. Toco Holdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35378) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by T. Josh Judd, Esq. at ANDREWS MYERS, P.C. TOPBUILD CORP: Moody's Rates New $750MM Sr. Unsecured Notes 'Ba2' ----------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to TopBuild Corp.'s (TopBuild) proposed $750 million senior unsecured notes due 2034. TopBuild's Ba1 corporate family rating and Ba1-PD probability of default rating are not affected. The Ba2 rating on the company's $400 million senior unsecured notes due 2029 and $500 million senior unsecured notes due 2032 are also not affected. The SGL-1 Speculative Grade Liquidity Rating remains unchanged. The outlook remains stable. Moody's expects the terms and conditions of the proposed senior unsecured notes will be similar to TopBuild's existing rated senior unsecured notes. The notes are pari passu to each other. Proceeds from the proposed notes will be used to build liquidity for general corporate purposes, including acquisitions. Despite incremental leverage, the transaction is credit positive. Proceeds from the debt issuance give TopBuild liquidity to pursue larger acquisitions that could expand its product offering and reduce exposure to the volatile residential homebuilding industry. Credit metrics will remain consistent with Moody's expectations for the Ba1 rating. Moody's now project pro forma debt/EBITDA of about 2.2x as of December 31, 2025, with total debt of about $2.8 billion and based on the assumption that all proceeds from the notes are utilized in Q4 2025. Interest expense is increasing to about $125 million per year from $80 million, resulting in pro forma of around 10x EBITDA/interest for 2025. RATINGS RATIONALE TopBuild's Ba1 CFR reflects the company's status as the largest installer and distributor of insulation in North America, its healthy operating performance, with an EBITDA margin sustained around 20%, and solid credit metrics through the cycle. While construction activity can be cyclical, code changes and the focus on improved energy efficiency will continue to create additional demand for insulation. Moody's expects TopBuild to grow its sales organically and through acquisitions. Offsetting TopBuild's credit strengths is the cyclicality of new home construction (both single-family and multi-family), from which TopBuild derives about 60% of its revenue, which can create significant earnings volatility. At the same time, TopBuild faces intense competition. TopBuild's SGL-1 Speculative Grade Liquidity (SGL) rating reflects very good liquidity, generating nearly $600 million of expected free cash flow (FCF) in 2025. Moody's expects excess cash to be used to fund bolt-on acquisitions and share repurchases. As of June 30, 2025, revolver availability totaled around $940 million after considering no borrowings and around $60 million in letter of credit issuances and the borrowing base formula. TopBuild has no material maturities until 2029. The stable outlook reflects Moody's expectations that TopBuild will continue to perform well through the cycle, generating healthy margins and leverage will remain below 3x debt/EBITDA over the next 12-18 months. Very good liquidity, no material near-term debt maturities and conservative financial policies further support the stable outlook. The Ba2 senior unsecured ratings, one notch below the Ba1 corporate family rating, results from their subordination to TopBuild's secured debt, including a $1 billion senior secured revolving credit facility and a $1 billion senior secured term loan. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING A ratings upgrade could occur if end markets remain supportive of organic growth such that debt/EBITDA stays below 2x and preservation of very good liquidity. Upwards rating movement also requires continuance of conservative financial policies and an unsecured capital structure. A ratings downgrade could occur if debt/EBITDA is sustained above 3x. Negative ratings pressure may also transpire if the company experiences material contraction in operating performance, deterioration in liquidity or adopts aggressive acquisition or financial policies. TopBuild (NYSE: BLD), headquartered in Daytona Beach, Florida, is the largest installer and distributor of insulation and related products in North America. Its revenue for the 12 months ended June 30, 2025 was $5.2 billion. The principal methodology used in this rating was Distribution and Supply Chain Services published in December 2024. TOPBUILD CORP: S&P Assigns 'BB+' Rating on Proposed Senior Notes ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level and '4' recovery ratings to TopBuild Corp.'s proposed senior notes. The '4' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 35%) recovery in the event of a payment default or bankruptcy. The company will use proceeds for general corporate purposes, which could include acquisitions. S&P said, "Our base case reflects proceeds used primarily for acquisitions that contribute to earnings. This is consistent with the company's track record and its stated capital allocation strategy. We therefore expect the new debt issuance to be modestly leveraging with S&P Global Ratings-adjusted leverage increasing to the low 2.0x area, remaining below our downside ratings threshold and maintaining sufficient cushion to withstand industry cyclicality." S&P's issuer credit rating on TopBuild remains 'BB+' with a stable outlook. Issue Ratings--Recovery Analysis Key analytical factors -- TopBuild's updated capital structure will consist of a $1 billion revolving credit facility, a $1 billion senior secured term loan, a $250 million senior secured delayed-draw term loan, along with $400 million senior unsecured notes due 2029, $500 million senior unsecured notes due 2032, and up to $750 million of new proposed senior unsecured notes due 2034. -- TopBuild is the issuer and borrower of the debt. The notes rank junior to the company's senior secured credit facilities. Our simulated default scenario contemplates a default occurring in 2030 stemming from decreased demand due to a sustained downturn in the company's end markets (namely U.S. single- and multi-family residential construction) and heightened competition for insulation products and services. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $507 million -- Implied enterprise valuation multiple: 5.0x -- Gross enterprise value: $2.5 billion Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $2.4 billion -- Total collateral value available for secured debt: About $2.4 billion -- Secured debt claims: About $1.79 billion -- Remaining value available for unsecured debt: About $617 million -- Unsecured debt claims: About $1.69 million -- Recovery expectations: 30%-50% (rounded estimate: 35%) Note: All debt amounts include six months of prepetition interest. TRIANGLE 40: To Sell Weatherford Property to New Standard Living ---------------------------------------------------------------- Triangle 40 Ranch LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Delaware limited liability company, registered to do business in Texas. The Debtor's current address is 180 Bielss Lane, Weatherford, TX 76087. The Debtor owns a 79.926-acre ranch (Property) in Parker County, Texas. The Debtor purchased the Ranch from Blackburn Ranches, LLC, which financed a portion of the purchase price. The Debtor's sole owner, Cole W. Johnson, lives on the Ranch as his primary residence, along with his life partner. The Debtor bought the Ranch from Blackburn on September 16, 2024. The sale was partially financed by Blackburn. The Debtor made a $100,000 down payment and executed a promissory note to Blackburn in the principal amount of $3,100,000. The Note is secured by a first lien deed of trust and was personally guaranteed by Johnson. When the Debtor bought the Ranch, it was in a dilapidated condition and littered with trash. Both the Ranch House and the Ranch Hand House were in poor condition. The fair market value of the Ranch is $4,445,000 according to a professional appraisal, dated April 23, 2025, prepared by Edwin G. White, a Certified Appraiser . The Appraiser appraised the Ranch as residential real estate, which it is. The Debtor agrees with the Appraiser’s opinion of market value and hereby adopts it. Though the Ranch is valuable as residential real estate, it does not generate any business income. The Debtor seeks entry of the proposed Real Estate Purchase and Sale Agreement with New Standard Living LLC, a Delaware limited liability company. The Purchaser is a related entity in the sense that it is controlled by Cord H. Johnson, who is the brother of Cole W. Johnson, the Debtor's sole equity holder. However, despite the familial relationship, the Debtor does not control the Purchaser, nor does the Purchaser control the Debtor. The purchase price of the Property is $3,400,000 and the earnest money is $10,000. The Closing Date is on or before December 1, 2025. The sooner the sale closes, the less money the Debtor loses. Blackburn is the Debtor's only significant creditor, and it is fully aware of this Sale Motion. About Triangle 40 Ranch LLC Triangle 40 Ranch LLC is a limited liability company. Triangle 40 Ranch LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42047) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by Robert A. Simon, Esq. at WHITAKER CHALK SWINDLE AND SCHWARTZ. TRICO MILLWORKS: Seeks Subchapter V Bankruptcy in Maine ------------------------------------------------------- On September 15, 2025, Trico Millworks Inc. filed Chapter 11 protection in the District of Maine. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Trico Millworks Inc. Trico Millworks 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. Trico Millworks Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20222) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by Adam Prescott, Esq. at BERNSTEIN SHUR SAWYER & NELSON, P.A. BCM ADVISORY GROUP is the Debtor's Financial Advisor. TRONOX HOLDINGS: S&P Rates New $400MM Senior Secured Notes 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned it 'BB-' issue-level rating to the proposed $400 million senior secured notes due in 2030 to be issued by Tronox Inc., subsidiary of Tronox Holdings plc (B/Stable). The recovery rating is '1' reflecting its expectation for exceptional (rounded estimate: 95%) recovery in the event of default. S&P said, "At the same time, we lowered the issue-level ratings on the company's senior unsecured notes to 'B' from 'B+' and revised our recovery rating to '4' (rounded estimate: 35%) from '2' (rounded estimate: 75%). "We expect the company will use the proceeds to pay down the balances on the existing cash flow revolver, the RMB revolving credit facility and Emirates revolver, the remainder will go to cash on the balance sheet." TRONOX INC: Moody's Rates New Senior Secured Notes 'B1' ------------------------------------------------------- Moody's Ratings has assigned B1 to senior secured notes issued by Tronox Incorporated and guaranteed by Tronox Holdings Plc ("Tronox"). The new notes will rank pari passu with the existing senior secured revolver and term loans issued by Tronox Finance LLC. The use of proceeds is expected to be the repayment of existing revolving credit facilities and to support liquidity. Tronox's B2 Corporate Family Rating ("CFR"), B2-PD Probability of Default Rating, as well as the B1 ratings on the backed senior secured bank credit facilities issued by Tronox Finance LLC, the Caa1 rating on the backed senior unsecured notes issued by Tronox Incorporated remain unaffected by the issuance. Tronox's Speculative Grade Liquidity Rating remains SGL-3. The outlooks for Tronox and its two debt issuing subsidiaries, Tronox Finance LLC and Tronox Incorporated, are negative. RATINGS RATIONALE The expected issuance of five-year senior secured notes will improve Tronox's liquidity to about $700 million to weather a prolonged downturn in the TiO2 sector. The notes issuance will have limited impact on debt leverage, as management plans to use the proceeds to repay outstanding amounts under the $350 million revolver and other local revolving credit facilities. Moody's expects management will remain disciplined in financial policy by ensuring adequate liquidity during downturns and reducing outstanding debt upon cyclical recovery, as evidenced from 2020 to 2022. Hence, Tronox's other ratings remain unchanged. On August 14, 2025, Moody's downgraded Tronox's ratings due to earnings deterioration, increased debt leverage and continued weak business fundamentals. A key concern was the expected negative free cash flow due to depressed earnings and significant capex to sustain feedstock cost advantage against peers. The negative outlook reflects the company's depressed credit metrics relative to the rating requirements due to a prolonged downturn in the TiO2 business. ESG CONSIDERATIONS Tronox's Credit Impact Score of CIS-4 indicates that its rating would be significantly higher without considering environmental, social and governance factors. Although the company had a track record of reducing debt during the periods of strong earnings, its debt level is expected to increase due to weak earnings and business investments. The company is exposed to very high risks in waste and pollution as well as high risks in health and safety, water management and responsible production associated with its mining operations in South Africa and Australia, and its nine pigment facilities worldwide. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The outlook could return to stable if Tronox improves its earnings aided by a recovery in construction activities, removal of high-cost TiO2 capacity and tariffs against Chinese imports. An improved cost position through business investments and a reduction in reported total debt towards $2.5 billion could support a higher rating. An upgrade would require the company to improve profit margins, generate free cash flow and maintain adequate liquidity. Downgrade could be triggered, if the company fails to improve its earnings and make meaningful progress to reduce adjusted financial leverage below 6.0x, or if free cash flow stays negative and liquidity continues to weaken. Tronox Holdings Plc ("Tronox") is one of the world's largest producers of titanium dioxide (TiO2) and is the most backward integrated among the leading western pigment producers into the production of titanium ore feedstocks. It also co-produces zircon, pig iron and other products. The company operates nine pigment plants and eight mineral sands facilities globally. Tronox's revenues were roughly $2.9 billion for the twelve months ended June 30, 2025. The principal methodology used in this rating 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. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. TROYZ TOWING: Gets Court OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida granted Troyz Towing & Storage, Inc.'s motion to use cash collateral retroactive to the petition date. The order signed by Judge Jason Burgess authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, the U.S. Small Business Administration. As adequate protection, SBA will receive a monthly payment of $550 from the Debtor, starting October 1. In addition, SBA and other creditors with a security interest in cash collateral will be granted replacement liens on assets acquired by the Debtor after its bankruptcy filing, which are equal in priority and extent to their pre-bankruptcy liens. As further protection, Troyz agreed to keep its property insured, provide access to its business records upon request, and comply with all obligations as a debtor-in-possession. The next hearing is scheduled for October 1. About Troyz Towing & Storage Inc. Troyz Towing & Storage Inc., a company based in Jacksonville, Florida, provides towing, roadside assistance, and vehicle storage services. The Company operates 24/7 and offers light, medium, and heavy-duty towing, flatbed transport, diesel truck repair, and related automotive support. It serves the Jacksonville area through its main facility on Old Kings Road. Troyz Towing & Storage sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02906) on August 23, 2025. In its petition, the Debtor reported total assets of $2,125,617 and total liabilities of $2,043,87. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Rehan N. Khawaja, Esq., at Nassau Bankruptcy Lawyers, P.A. ULTRA CLEAN: S&P Assigns 'B+' Rating on Repriced Term Loan B ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating to Ultra Clean Holdings Inc.'s (B+/Stable/--) repriced term loan B due 2028. The '3' recovery rating reflects our expectation for meaningful (rounded estimate: 65%) recovery in the event of default. The repricing of the $484 million term loan B closed with a 50-basis point interest rate reduction. S&P said, "We view this transaction as leverage-neutral. Our 'B+' issuer credit rating and stable outlook on the company are unchanged. The company's recent revenue outlook remains cautious, reflecting limited demand visibility amid ongoing global semiconductor market uncertainty. On margins, we expect tariff-related supply-chain costs and delayed customer reimbursements will weigh on near-term profitability. Nevertheless, these pressures are being partially offset by proactive measures to preserve margins, including workforce reductions and tighter cost controls. Overall, we maintain our base-case assumption of broadly flat revenue growth in fiscal 2025, with S&P Global Ratings–adjusted EBITDA margins staying at 9.0%-10.0%. We project annual free cash flow of $40 million-$50 million. We also expect leverage to remain at 3.0x-3.5x over the next 12 months, below our 4.0x downside trigger." Issue Ratings - Recovery Analysis Key analytical factors -- S&P assigned its 'B+' issue-level rating and '3' recovery rating (rounded estimate: 65%) to Ultra Clean's repriced $484 million term loan B due 2028. -- For the purposes of this analysis, S&P valued the company as a going concern, which would maximize the value available to its creditors. -- S&P's simulated default scenario assumes a default in 2029 due to a significant decline in the wafer fab equipment market and the material insourcing of manufacturing by Ultra Clean's key customers. -- S&P uses a 5x multiple, consistent with the multiples it uses for Ultra Clean's rated peers. -- S&P assumes bankruptcy administrative expenses of 5%. Simulated default assumptions -- Simulated year of default: 2029 -- Emergence EBITDA: $82.5 million -- EBITDA multiple: 5x -- Revolving credit facility: 85% drawn at default Simplified waterfall -- Gross recovery value: $412.5 million -- Net enterprise value (after 5% administrative costs): $391.9 million -- Obligors/nonobligor valuation split: 50%/50% -- Estimated first-lien claim: $600 million -- Value available for first-lien claim: $391.9 million -- Recovery expectations: 50%-70% (rounded estimate: 65%) All debt amounts include six months of prepetition interest. US MAGNESIUM: Seeks to Sell Rowley Property at Auction ------------------------------------------------------ US Magnesium LLC seeks permission from the U.S. Bankruptcy Court for the District of Delaware to sell substantially all of its Assets at Auction, free and clear of liens, claims, interests, and encumbrances. The Debtor operates a facility on the Great Salt Lake in Rowley, Utah, where historically the Debtor has produced primary magnesium and magnesium alloys, as well as other chemicals and mineral salts such as liquid chlorine, and lithium carbonate. The Debtor's current operations are limited to the production of dust suppressants, de-icing products, and raw sodium chloride. The Debtor operates its business pursuant to a certain Mineral Lease & Option Agreement with the State of Utah’s Division of Forestry, Fire & State Lands, originally executed by their respective predecessors-in-interest and which has been in place since 1961. Prior to the Petition Date, the State of Utah commenced informal adjudicative proceedings to terminate the Mineral Lease, which proceedings are now stayed by virtue of section 362(a) of the Bankruptcy Code. The Debtor seeks to assume and assign the Mineral Lease to the Successful Bidder in connection with the Sale Process. The lienholders of the Property are Wells Fargo are Renco Global Capital, Inc. The Debtor and LiMag Holdings, LLC, as purchaser (Stalking Horse Bidder) have entered into an Asset Purchase Agreement. The Stalking Horse Bidder, which is an affiliate of the Renco Group, Inc., proposes to purchase substantially all of the Debtor’s assets for the following Purchase Price considerations (Purchase Price): a. a credit bid equal to the total aggregate amount due to Renco in respect of its 100% participation interests in the Term Loan C and the Trance B DIP Term Loans (Credit Bid); b. assumption of all of the Debtor's obligations under each of the Renco Global Credit Agreement and the Subordinated Loan Agreement; c. assumption of all of the Debtor's obligations under the Prepetition Credit Agreement and DIP Agreement (other than in respect of Term Loan C and the Tranche B DIP Term Loans satisfied by the Credit Bid); d. assumption of the Debtor's obligations under its defined benefit pension plan which it maintains subject to Title IV of the Employee Retirement Income Security Act of 1974 (ERISA); e. assumption of the Debtor's obligations under the Consent Decree, subject to agreement with the EPA. f. certain Cash Consideration and Cure Costs (each as defined in the Stalking Horse APA), and the assumption of all other Assumed Liabilities as such term is defined in the Stalking Horse APA. The Purchase Price will serve as a competitive baseline of recovery for the Debtor's stakeholders. The Debtor submits that the proposed Sale transaction with the Stalking Horse Bidder, if approved, will generate significant value for the Debtor's estate and, among other things, satisfy a meaningful portion of the prepetition claims against the Debtor and pave the way for the best outcome to this case. The Debtor seeks authority to market test the transactions contemplated by the Stalking Horse APA to ensure that the Debtor obtains the highest or otherwise best offer for the Debtor's assets. The Debtor reserves the right to file and serve any supplemental pleading or declaration that the Debtor deems appropriate or necessary in its reasonable business judgment, including any pleading summarizing the competitive bidding and sale process and the results, in support of its request for entry of the Sale Order before the Sale Hearing. The Debtor requests that the Court approve the following general timeline: (a) Contract Cure Objection Deadline: 4:00 p.m. (ET) seven calendar days from service of the Contract Notice. (b) Bid Deadline: October 24, 2025 at 12:00 p.m. (ET). (c) Auction: October, 31, 2025, at 10:00 a.m. (ET). (e) Sale Hearing: on or before November 7, 2025, at T.B.D. The Debtor believes that this timeline maximizes the prospect of receiving a higher or otherwise better offer without unduly prejudicing this estate. To further ensure that the Debtor's proposed Auction and Sale process maximizes value to the benefit of the Debtor's estate, the Debtor will use the time following entry of the Bid Procedures Order to actively market the Assets n an attempt to solicit higher or otherwise better bids. About US Magnesium LLC US Magnesium LLC is a Salt Lake City, UT-based magnesium producer. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Michael Busenkell, Esq. of Gellert Seitz Busenkell & Brown, LLC. The Debtor's Financial Advisor/CRO is Ron Mayo of Carl Marks LLC.SSG Advisors, LLC is the Debtor's Investment Banker and Stretto, Inc. is the Debtor's Claims Agent. USA COMPRESSION: Moody's Rates New $750MM Sr. Unsecured Notes 'B1' ------------------------------------------------------------------ Moody's Ratings assigned a B1 rating to USA Compression Partners, LP's (USAC) proposed $750 million senior unsecured notes due 2033. USAC's other ratings, including its Ba3 corporate family rating, SGL-3 speculative grade liquidity rating (SGL) and stable outlook were unchanged. Net proceeds will be used to redeem its 2027 notes in full. As of June 30, 2025, there was $750 million aggregate principal amount of the 2027 notes outstanding. RATINGS RATIONALE USAC's senior unsecured notes are rated B1, one notch below the Ba3 CFR, reflecting the unsecured debt's junior position relative to USAC's senior secured ABL revolving credit facility. The notes are unsecured and guaranteed by substantially all of its domestic subsidiaries. USA Compression Partners, LP's (USAC) Ba3 CFR reflects the extensive scale of its high horsepower (HP) compression fleet and the diverse geographic reach over which it is deployed. More than 75% of USAC's 3.86 million HP fleet is advantageously comprised of high HP compression (exceeding 1,000 HP per unit). A fee-based contractual revenue stream produces stable gross margins that have consistently exceeded 60%, even at the cyclical bottom of natural gas prices. The increased reliance on compression in shale plays and the burdensome cost to the customer associated with returning equipment adds to the stickiness of revenue. Relatively high, albeit improving, debt leverage and the industry's exposure to natural gas production volumes offset the company's otherwise strong operating profile. Robust demand characteristics further support the company's credit profile, as US natural gas production continues to grow, driven by strong demand from export markets and power generation. Natural gas compression continues to play a vital role in support of the systemic regional movement and supply of natural gas. Moody's considers USAC's liquidity to be adequate, as indicated by its SGL-3 Speculative Grade Liquidity Rating and is principally supported by its $1.75 billion secured ABL revolving credit facility. At June 30, 2025, USAC had $771 million drawn under the revolver which should provide ample capacity to cover capital needs in excess of cash flow. Reduced growth spending in 2025 should allow the company to approach cash flow breakeven, something it has not historically done. Moody's expects the modest cash deficit in 2025 to be funded by borrowing from the revolver. Covenants under the credit facility require maintenance of a minimum of 2.5x interest coverage and maximums of 5.5x debt/EBITDA and 3.0x secured indebtedness/EBITDA, which Moody's expects USAC to remain in compliance through 2026. Following redemption of the 2027 notes, USAC's next notes maturity is in 2029. The revolver expires in August 2030, unless more than $50 million of the 2029 notes are outstanding on December 14, 2028 in which case the revolver expires on that date. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if debt leverage is sustained below 3.5x, distribution coverage is maintained above 1.2x, and the company is able to consistently internally fund its distributions and capital spending. Moody's would consider downgrading USAC's ratings if debt leverage approaches 4.5x or distribution coverage is maintained below 1.0x. USA Compression Partners, LP, headquartered in Dallas, Texas, is a publicly traded partnership providing compression services to the domestic natural gas industry. The company provides its services to exploration and production companies as well as to midstream energy and utility companies. Energy Transfer LP (Baa2 stable) holds the non-economic general partnership interest in USAC as well as 38% of its common units. The principal methodology used in this rating was Oilfield Services published in January 2023. USA COMPRESSION: S&P Rates Proposed $750MM Unsecured Notes 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '4' recovery rating to USA Compression Partners' (B+/Stable) proposed $750 million senior unsecured notes due 2033. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. The company intends to use the proceeds from this issuance to redeem its $750 million of unsecured notes due 2027. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's recovery analysis of the company contemplates a hypothetical default scenario occurring in 2029 stemming from prolonged poor demand that leads to reduced revenue as customers cannot meet their contractual obligations and do not renew their existing contracts. This could occur because of an extended period of weak demand for natural gas exacerbated by excess equipment capacity in the market. -- S&P assumes the $1.75 billion asset-based lending (ABL) facility is drawn at 60% at the time of hypothetical default based on current and expected utilization over the forecast period. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $273 million -- EBITDA multiple: 7.0x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.8 billion -- Priority claims on the ABL facility: $1.1 billion (not rated) -- Value available for unsecured debt claims: $0.75 billion -- Senior unsecured debt: $1.8 billion --Recovery expectations for senior unsecured debt: 30%-50% (rounded estimate: 40%) recovery Note: All debt amounts include six months of prepetition interest. VANTAGE DRILLING: Moody's Withdraws 'B3' CFR on Debt Redemption --------------------------------------------------------------- Moody's Ratings withdrew all assigned ratings for Vantage Drilling International Ltd. (Vantage), including its B3 Corporate Family Rating, B3-PD Probability of Default Rating, and B3 senior secured 1st lien notes ratings, and SGL-3 Speculative Grade Liquidity Rating. Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE Vantage fully repaid the remaining balance on its senior secured notes with proceeds from the sale of the Tungsten Explorer drillship. All of Vantage's ratings have been withdrawn since all of its rated debt is no longer outstanding. Vantage is an international offshore drilling company providing offshore drilling contract services to oil exploration and production companies. VICARA GROUP: Unsecured Creditors to Split $60K over 5 Years ------------------------------------------------------------ The Vicara Group LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas an Amended Plan of Reorganization dated September 8, 2025. The Debtor is a Texas corporation which currently operates North Texas. Debtor operates a WorkDay based consulting business. This bankruptcy case filing was precipitated by the strains on cashflow stemming from certain Merchant Cash Advance transactions. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of Non-priority unsecured Claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $1,000.00 per month ($60,000.00 over the life of the plan). Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed five years (20 quarterly payments) and the first quarterly payment will be due on the 20th day of the first full calendar month following the last day of the first quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims is approximately $350,000.00 based upon the Debtor's review of the Court's claim register, the Debtor's bankruptcy schedules, and anticipated claim objections. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 interest shall retain their interests in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Bankruptcy Code. From and after the Effective Date, in accordance with the terms of this Plan and the Confirmation Order, the Reorganized Debtor shall perform all obligations under all executory contracts and unexpired leases assumed in accordance with Article 6 of this Plan. A full-text copy of the Amended Plan dated September 8, 2025 is available at https://urlcurt.com/u?l=3AvkDN from PacerMonitor.com at no charge. Counsel to the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com mike@demarcomitchell.com About The Vicara Group The Vicara Group, LLC operates a WorkDay based consulting business. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-42109) on June 9, 2025, with up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Mark X. Mullin presides over the case. Robert Thomas DeMarco, Esq., represents the Debtor as legal counsel. VIVACE HOSPITALITY: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------ On September 12, 2025, Vivace Hospitality LLC filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports $2,185,248 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Vivace Hospitality LLC 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. Vivace Hospitality LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20637) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities of $2,185,248. The Debtor is represented by Thomas Zeichman, Esq. AT BEIGHLEY MYRICK UDELL LYNNE AND ZEICHMAN. WATCHTOWER FIREARMS: SSG Served as Investment Banker in Asset Sale ------------------------------------------------------------------ SSG Capital Advisors, LLC served as investment banker to Watchtower Firearms, LLC, in the sale of substantially all assets to CK Strategic Partners, LLC. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the Northern District of Texas (Fort Worth Division). The transaction closed in August 2025. Watchtower is a Texas-based, veteran-founded designer and manufacturer of premium firearms, suppressors, and tactical accessories. The Company's product portfolio includes double-stack 1911 pistols and AR-style modern sporting rifles, manufactured in the United States with premium coatings and precision-machined components. Leveraging modern manufacturing techniques and a brand rooted in military values, Watchtower services both civilians and military and law enforcement agencies. Despite being launched less than three years ago after acquiring a legacy business primarily focused on AR-style rifles, the Company has successfully designed and marketed three new handgun models and an improved AR-style rifle. Although Watchtower has achieved meaningful growth in recent history, ongoing legal disputes with its landlord disrupted operations and additional capital was required to support the Company's increased demand. In order to restructure its balance sheet and help settle landlord disputes, the Company filed for Chapter 11 bankruptcy protection in February 2025. SSG was retained to conduct an expedited sale process that targeted a broad universe of potential strategic and financial acquirers. After significant marketing and discussion with numerous interested parties, Watchtower's DIP lender, CK Strategic Partners, LLC, submitted a stalking horse credit bid that was determined to be the highest and best offer for substantially all the Company's assets. SSG's extensive Chapter 11 transaction experience and ability to reach a large universe of likely buyers ensured that the sale maximized value for stakeholders and preserved American manufacturing jobs. Other professionals who worked on the transaction include: * Steven Bellah, Chief Restructuring Officer, and Jeff Betz of KCP Advisory, financial advisor to Watchtower Firearms, LLC; * H. Joseph Acosta, Dustin H. Sparks, Rebecca E. Donachie, and Clara G. Martin of Condon Tobin, counsel to Watchtower Firearms, LLC; * Trinitee G. Green, Jeremy R. Johnson, Mark B. Joachim, Edward T. Laborde, L. Maverick Flowers and Erika H. Stinnett of Polsinelli PC, counsel to CK Strategic Partners, LLC; * Eric Seitz of McDermott Will & Schulte, counsel to Texas Capital Bank (equipment lender); and * Buffey E. Klein, Caleb T. Holzaepfel and Thomas J. Zavala of Husch Blackwell LLP, counsel to the Unsecured Creditors Committee. About Watchtower Firearms LLC Watchtower Firearms LLC is a veteran-owned company offering a diverse range of firearms, including custom rifles, special edition rifles, and handguns. The Company serves military, law enforcement, hunting, and personal use markets. In addition to firearms, it provides suppressors, components, and specialized gear tailored to meet the needs of its customers. Watchtower Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40684) on February 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Judge Mark X. Mullin oversees the case. Joseph Acosta, Esq. at CONDON TOBIN represents the Debtor as counsel. WELLMADE FLOOR: Comm. Taps Dundon Advisers as Financial Advisor --------------------------------------------------------------- The committee of creditors holding unsecured claims of Wellmade Floor Coverings International, Inc. and Wellmade Industries MFR NA LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Dundon advisers, LLC as financial advisor. The firm will render these services: -- assist in the analysis, review, and monitoring of the restructuring and/or liquidation process, including, but not limited to, an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; -- develop a complete understanding of the Debtors' businesses and their valuations; -- determine whether there are viable alternative paths for the disposition of the Debtors' assets any currently or in the future proposed by the Debtors; -- monitor and, to the extent appropriate, assist the Debtors in efforts to develop and solicit transactions which would support unsecured creditor recovery; -- assist the Committee in identifying, valuing and pursuing estate causes of action, including, but not limited to, relating to prepetition transactions, control person liability and lender liability; -- assist the Committee to analyze, classify and address claims against the Debtors and to participate effectively in any effort in this Chapter 11 Case to estimate (in any formal or informal sense) contingent, unliquidated and disputed claims; -- assist the Committee to identify, preserve, value and monetize tax assets of the Debtors, if any; -- advise the Committee in negotiations with the Debtors, certain of the Debtors' lenders and third parties; -- assist the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of as cash budgets and monthly operating reports; -- assist the Committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; -- review and provide analysis of the present and any subsequent proposed debtor-in-possession financing or use of cash collateral; -- assist the Committee in evaluating and analyzing avoidance actions, including fraudulent conveyances and preferential transfers; -- review and provide analysis of any proposed disclosure statement and chapter 11 plan and, if appropriate, assist the Committee in developing an alternative chapter 11 plan; -- attend meetings and assist in discussions with the Committee, the Debtors, the secured lenders, the U.S. Trustee and other parties in interest and professionals; -- present at meetings of the Committee, as well as meetings with other key stakeholders and parties; -- perform such other advisory services for the Committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and -- provide testimony on behalf of the Committee as and when may be deemed appropriate. Dundon Advisers’ case rates are: Principal $1,090 Managing Director and Senior Adviser $960 Senior Director $850 Director $755 Associate Director $650 Senior Associate $495 Associate $350 In addition, the firm will seek reimbursement for expenses incurred. Eric Reubel, a managing director at Dundon Advisers, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric Reubel Dundon Advisers LLC 10 Bank Street, Suite 1100 White Plains, NY 10606 About Wellmade Floor Coverings International Wellmade Floor Coverings International Inc. manufactures and distributes hard-surface flooring products, including bamboo, hardwood, and vinyl. The privately owned Company is based in the United States, with a manufacturing facility in Cartersville, Georgia, and sales offices and warehousing in Portland, Oregon. A non-debtor affiliate operates in China. Wellmade Floor Coverings International Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-58764) on August 4, 2025. In its petition, Wellmade Floor reports estimated assets between $50 million and $100 millio million and $50 million. Honorable Bankruptcy Judge Sage M. Sigler handles the cases. The Debtors are represented by Greenberg Traurig, LLP. Kurtzman Carson Consultants, LLC d/b/a Verita Global is the Debtors' claims, noticing, solicitation and administrative agent. WELLMADE FLOOR: Committee Taps Pachulski Stang as Legal Counsel --------------------------------------------------------------- The committee of creditors holding unsecured claims of Wellmade Floor Coverings International, Inc. and Wellmade Industries MFR NA LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Pachulski Stang Ziehl & Jones LLP as its counsel. The firm's services include: a. assisting, advising, and representing the Committee in its consultations- with the Debtors regarding the administration of these Chapter 11 Cases; b. assisting, advising, and representing the Committee in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens, and participating in and reviewing any proposed asset sales, asset dispositions, financing arrangements, and cash collateral stipulations or proceedings; c. assisting, advising, and representing the Committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; d. assisting, advising, and representing the Committee in assessing the acts, conduct, assets, liabilities, and financial condition of the Debtors, the Debtors' operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to these cases or to the formulation of any plan; e. assisting, advising, and representing the Committee in its participation in the negotiation, formulation, and drafting of a plan of liquidation or reorganization; f. assisting and advising the Committee in communicating with unsecured creditors regarding significant matters in these Chapter 11 Cases; g. representing the Committee at hearings and other proceedings; h. reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee regarding same; i. assisting the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; j. assisting, advising, and representing the Committee in the evaluation of claims and on any litigation matters; k. preparing, on behalf of the Committee, any pleadings, including, without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing; and l. providing such other services as may be required or requested or as may otherwise be deemed in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm's 2025 standard hourly rates are: Partners $1,075 to $2,350 Of Counsel $1,050 to $1,850 Associates $725 to $1,225 Paraprofessionals $575 to $675 In addition, the firm will seek reimbursement for expenses incurred. Bradford Sandler, Esq., a partner at Pachulski Stang Ziehl & Jones, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bradford J. Sandler, Esq. Shirley S. Cho, Esq. Maxim B. Litvak, Esq. Cia H. Mackle, Esq. Theodore S. Heckel, Esq. PACHULSKI STANG ZIEHL & JONES LLP 1700 Broadway, 36th Floor New York, NY 10019 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 Email: bsandler@pszjlaw.com scho@pszjlaw.com mlitvak@pszjlaw.com cmackle@pszjlaw.com theckel@pszjlaw.com About Wellmade Floor Coverings International Wellmade Floor Coverings International Inc. manufactures and distributes hard-surface flooring products, including bamboo, hardwood, and vinyl. The privately owned Company is based in the United States, with a manufacturing facility in Cartersville, Georgia, and sales offices and warehousing in Portland, Oregon. A non-debtor affiliate operates in China. Wellmade Floor Coverings International Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-58764) on August 4, 2025. In its petition, Wellmade Floor reports estimated assets between $50 million and $100 million and $50 million. Honorable Bankruptcy Judge Sage M. Sigler handles the cases. The Debtors are represented by Greenberg Traurig, LLP. Kurtzman Carson Consultants, LLC d/b/a Verita Global is the Debtors' claims, noticing, solicitation and administrative agent. WELLMADE FLOOR: Committee Taps Small Herrin LLP as Local Counsel ---------------------------------------------------------------- The committee of creditors holding unsecured claims of Wellmade Floor Coverings International, Inc. and Wellmade Industries MFR NA LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Small Herrin, LLP, as local counsel. The firm's services include: a. providing the Committee with legal advice with respect to the Chapter 11 Cases; b. preparing on behalf of the Committee any necessary applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of Debtors' plan and underlying financial documentations; d. evaluating and participating in any sale process to ensure such process proceeds in the most efficient manner to maximize recoveries to the unsecured creditors; e. assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of Debtors; f. attending meetings of the Committee and meetings with Debtors, and its attorneys and other professionals, and participating in negotiations with Debtors and other parties, as requested by the Committee; g. taking all necessary action to protect and preserve the interests of the Committee, including possible prosecution of actions on its behalf and investigations concerning litigation in which Debtors are involved; and h. performing any and all other legal services for the Committee which may be necessary. The standard hourly rates of Small Herrin are: Gus H. Small $600 Brent W. Herrin $450 Anna M. Humnicky $450 Benjamin S. Klehr $450 Q. Andy T. Nguyen $245 Paralegals & Law Clerk $100 to $210 Anna M. Humnicky, Esq., partner at Small Herrin, assured the court that her firm is a "disinterested person" as that term is defined in section 101(14). The firm can be reached through: Anna M. Humnicky, Esq. Small Herrin, LLP 100 Galleria Parkway, Suite 350 Atlanta, GA 30339 Tel: (770) 857-4770 Fax: (404) 332-0315 Email: ahumnicky@smallherrin.com About Wellmade Floor Coverings International Wellmade Floor Coverings International Inc. manufactures and distributes hard-surface flooring products, including bamboo, hardwood, and vinyl. The privately owned Company is based in the United States, with a manufacturing facility in Cartersville, Georgia, and sales offices and warehousing in Portland, Oregon. A non-debtor affiliate operates in China. Wellmade Floor Coverings International Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-58764) on August 4, 2025. In its petition, Wellmade Floor reports estimated assets between $50 million and $100 millio million and $50 million. Honorable Bankruptcy Judge Sage M. Sigler handles the cases. The Debtors are represented by Greenberg Traurig, LLP. Kurtzman Carson Consultants, LLC d/b/a Verita Global is the Debtors' claims, noticing, solicitation and administrative agent. WHITTAKER CLARK: Court Declines to Name Privacy Ombudsman --------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that on Monday, September 15, 2025, a Delaware bankruptcy judge approved bidding procedures for the sale of online furniture retailer Walker Edison's assets but declined to appoint a consumer privacy ombudsman. 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. WORKSPORT LTD: Signs $125K Marketing Deal With Wall Street Reporter ------------------------------------------------------------------- Worksport Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Marketing Services Agreement with Octagon Media Corp., a Wyoming corporation, doing business as Wall Street Reporter. Under the Marketing Agreement, Wall Street Reporter will provide the Company with a six-month investor marketing program through its "Next Super Stock" platform, consisting of online investor presentations, promotional placements, and related marketing services. The term of the Marketing Agreement commences on September 3, 2025, and will expire on March 3, 2026. In consideration for these services, the Company agreed to pay Wall Street Reporter $125,000 upon execution of the Marketing Agreement and to issue to Wall Street Reporter warrants to purchase 100,000 shares of the Company's common stock, par value $0.001 per share, at an exercise price of $4.00 per share, and warrants to purchase an additional 100,000 shares of the Company's common stock at an exercise price of $5.00 per share. The warrants include customary piggyback registration rights and will expire two (2) years from the date of issuance. The Marketing Agreement contains customary representations, confidentiality provisions, and other terms and conditions typical for agreements of this nature. The foregoing description of the Marketing Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Marketing Agreement, available at https://tinyurl.com/3kjev7d2 About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of Dec. 31, 2024, the Company had $25,736,660 in total assets, $8,323,029 in total liabilities, and a total stockholders' equity of $17,413,631. WT REPAIR: Seeks to Extend Plan Exclusivity to December 11 ---------------------------------------------------------- WT Repair, LLC asked the U.S. Bankruptcy Court for the District of Arkansas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 11, 2025 and February 9, 2026, respectively. The Debtor explains that it requires additional time to file its Plan and Disclosure Statement. The Debtor is attempting to negotiate the terms of the Plan and needs additional time to file a confirmable Plan and Disclosure Statement. This is the first request for an extension of time to file the Plan and Disclosure Statement and to extend the exclusivity periods. The Debtor states that the complication of this case, which includes the Debtor closing businesses and transitioning to a new accountant, is cause to allow an extension. The Debtor claims that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and are in the best interest of all parties. WT Repair LLC is represented by: Colin N. Gotham, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About WT Repair LLC WT Repair, LLC is an independently owned used equipment dealer and service shop based in Beloit, Kansas. It specializes in buying, selling, and servicing farm machinery, including tractors, harvesters, and used trucks. WT Repair is also a full-line dealer for Bush Hog, Farm King, MacDon, Geringhoff, Quicke, Kelly Ryan, and HyGrade. WT Repair sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan.) on May15, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Dale L. Somers presides over the case. Colin N. Gotham at Evans & Mullinix, P.A. represents the Debtor as legal counsel. YELLOW CORP: NY Teamsters' $76MM Claim Draws Shareholder Objection ------------------------------------------------------------------ Emlyn Cameron of Law360 Bankruptcy Authority reports that the biggest public shareholder of Yellow Corp. challenged a $76 million claim from the New York State Teamsters Conference Pension and Retirement Fund, saying the pension fund skipped required steps. The bankrupt trucking company backed the shareholder's stance. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. YELLOW CORPORATION: To Sell Baltimore Property to Phelps Properties ------------------------------------------------------------------- Yellow Corp. and its affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell Acquired Assets located at 6311 E Lombard Street, Baltimore, MD 21224, free and clear of liens, claims, interests, and encumbrances. On July 31, 2023, the Debtors, through their investment banker, Ducera Partners, commenced a marketing and sale process for their extensive portfolio of Real Property Assets. The Debtors retaines Ducera to serve as their investment banker. Ducera's mandate included leading a comprehensive marketing and sale process for the Real Property Assets, including the Subject Property. The Subject Property was included in the Debtors' prepetition marketing launch, which involved outreach by Ducera to approximately 650 prospective purchasers. The Debtors retained CBRE Inc. as their exclusive real estate broker for the properties comprising their Remaining Real Estate Portfolio, including the Subject Property. However, the Debtors and their advisors, including Ducera, in consultation with the Committee and its advisors, determined as of the First Bid Deadline that the competitive dynamics for the Subject Property were insufficient to support a value-maximizing auction for the Subject Property at the time. Accordingly, the Subject Property, among other of the Debtors' Real Property Assets, were not made subject to the Auction held on November 28-30, 2023. The Debtors and their advisors have engaged in hard-fought, good faith, and arm's-length negotiations with the Purchaser regarding the Asset Purchase Agreement. The Debtors reserve all rights under the Bidding Procedures Order, including, without limitation, to further modify the Bidding Procedures and to seek all value-maximizing alternatives for the Remaining Properties in accordance with the terms. The Bidding Procedures provide that the Debtors, in their business judgment and in consultation with the Committee, may enter into private sale transactions for their Real Property Assets. On September 9, 2025, the Debtors’ advisors shared an advanced draft of the Asset Purchase Agreement with the advisors to the Committee. The Asset Purchase Agreement was executed on September 11, 2025. Phelps Properties-Earls Rd LLC proposes to purchase the Property for $4,700,000. The Debtors, in an exercise of their sound business judgment and in consultation with the Committee, seek to enter into and consummate the Asset Purchase Agreement. The Debtors' request for the relief follows intensive, hard-fought, and good-faith negotiations with the Purchaser regarding the terms and provisions of the Asset Purchase Agreement and follows thorough marketing of the Subject Property. The Debtors believe that it is beneficial to their stakeholders and will maximize the value of the Subject Property (and, in turn, their estates and creditor recoveries) to consummate the Sale Transactions under the Asset Purchase Agreement. The Purchase Price proceeds to be obtained by the Debtors' estates under the Asset Purchase Agreement is approximately $4,700,000. The closing of the purchase and sale of the Acquired Assets, the delivery of the Purchase Price, the assumption of the Assumed Liabilities in accordance with this Agreement will take place by telephone conference and electronic exchange of documents at 10:00 a.m. Eastern Time on the second Business Day following full satisfaction or due waiver. The Debtors believe that the total consideration provided by the Purchaser under the Asset Purchase Agreement is fair and reasonable, and that the Sale Transactions under the Asset Purchase Agreement maximize the value of the Subject Property. Further, the Bidding Procedures in the Chapter 11 Case provides that the Debtors may, in their business judgment and in consultation with the Committee, seek private sales of their Real Property Assets in lieu of bringing them to the Bid Deadline and the Auction. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [] CRAGSI Launches Startup Restructuring Platform ------------------------------------------------- CRAGSI (Corporate Repair and Growth Strategies, Inc.) on Sept. 11 launched as the first integrated restructuring firm of its type, designed primarily for VC-backed startups and addressing a critical gap in the $730+ billion venture capital ecosystem where 75% of portfolio companies never return cash to investors. CRAGSI's proprietary turnarounds.ai platform and unique team, which includes two former Wall Street portfolio managers, a court-appointed restructuring and financial advisor, a global leader in crisis communications, and a specialist at unlocking value from intellectual property , achieved an exceptionally high success rate as they test-cased the idea throughout 2024, ultimately positioning clients for growth, including follow-on funding, achieving portfolio company restructurings of $38MM+ in liabilities eliminated at an average of 6.½ cents on the dollar. "Sadly, the venture capital community has accepted a 75% failure rate as inevitable. But leveraging techniques from my days as a Special Situations Portfolio Manager at a major Wall Street firm, our team at CRAGSI is proving that a high failure rate across portfolio companies doesn't have to be accepted. LPs can and should demand more, because we're often able to help struggling VC portfolio companies, demonstrating that despite their uniqueness, with the right strategy and skill, they're just as capable of undergoing successful workouts as other illiquid entities," said CRAGSI's CEO and core founder, David Groshoff. "Our integrated approach transforms what others see as inevitable failures into more valuable portfolio assets, extending runway, alpha, and optionality for VC portfolios and the startups inside them. " Addressing a $730 Billion Problem Harvard Business School research shows VCs "bury their dead very quietly," with every 7-year cycle presenting $2.4-5.1 billion in restructuring opportunities. Traditional solutions typically focus on liquidation and dissolution, resulting in complete write-offs for investors and damaged reputations for startup founders. Distinctly co-founded by a boutique corporate law firm, CRAGSI's "vertical keiretsu" model combines strategic, financial, accounting, technical, operational, crisis management, and people expertise under one roof, enabling parallel workflows that accelerate decision-making. Combined with the company's turnarounds.ai™ platform, CRAGSI can extend a startup's runway by months in mere days and weeks, compared to traditional approaches requiring significant multiples of that. Proven Results CRAGSI's track record demonstrates the effectiveness of its integrated approach of a core team displaying complementary but non-redundant skills. The company recently helped a Bay Area synthetic biology company with only weeks of runway remaining to reduce over $30MM in liabilities at just $0.059 on the dollar while positioning the startup for a successful Q4 2024 equity round. Similarly, a Bay Area AI company eliminated $7.5MM in liabilities at less than $0.09 on the dollar and successfully completed a new equity round in Q3 2024. The impact extends beyond financial metrics. "From crushing liabilities to a successful Series B, CRAGSI's team made what seemed impossible into reality," said one Bay Area CEO whose company was a CRAGSI client. Dr. Alex Lorestani, Founder & CEO of Geltor, added: "We wouldn't be here without you." These results illustrate the CRAGSI team's ability to transform distressed situations into stable growth opportunities, preserving and maximizing value for founders, investors, and other key stakeholders. World-Class Team CRAGSI's leadership combines decades of experience across multiple domains: Former Wall Street portfolio managers with $6B+ assets under management MBA, CFA(R), CPA, JD, and Tax LLM credentials Court-appointed financial advisors, each with 25+ years restructuring experience MIT-trained PhD in engineering + MS in Biochemistry with deep-tech startup expertise USPTO-registered patent practitioner with experience collaborating at a startup with a Nobel Laureate in the sciences Global leader in crisis communications Skilled Human Resource and People professionals with PHR(R) and other credentials The company often operates strategically with the colloquially known "GAU LLP" law firm that, along with Scott Telford and Jarett Abramson, co-founded CRAGSI in an effort to offer CRAGSI clients with near-comprehensive professional guidance. Aligned Incentives Drive Results Unlike traditional hourly or flat-fee billing models, CRAGSI's compensation is flexible and offers clients the opportunity to choose from compensation models that align CRAGSI's compensation with a client's particular desired outcomes. At times, the company takes equity positions and can defer significant compensation until demonstrable value is delivered to clients. With increasing market distress and traditional solutions failing to meet VC fund managers', founders', and startups' needs, CRAGSI's launch addresses a critical gap in the venture capital, esoteric, and illiquid asset ecosystem. The company's proprietary AI-enhanced approach and proven methodology provide portfolio optimization tools that extend beyond initial investment selection, offering a strategic alternative to the traditional binary choice between continued funding or liquidation. Rather than claiming to have "the one" solution for every challenged startup, CRAGSI quickly presents clients with a suite of options and likely outcomes, along with a recommendation and rationale as to which course of action is likely to be the most value accretive. About CRAGSI Corporate Repair and Growth Strategies, Inc. (CRAGSI) is the first integrated restructuring firm designed specifically for VC-backed startups. The company combines strategic, financial, accounting, technical, operational, crisis management, and human capital expertise with proprietary AI technology to deliver rapid turnarounds, restructurings, and liquidity events that are value accretive and create growth opportunities primarily for VC-backed startups, their investors, and other stakeholders. CRAGSI will operate from the San Francisco Bay Area, Boston, New York, Orange County, Cincinnati, Salt Lake City, and Raleigh-Durham. [] Jackson Walker Seeks to Exit Judge Relationship Lawsuit ---------------------------------------------------------- Adrian Cruz of Law360 reports that Jackson Walker LLP says a proposed bondholders' class action accusing the firm of covering up a romance between a one-time partner and bankruptcy judge is an attempt at invalidating an already confirmed Chapter 11 plan and should be tossed. About Jackson Walker LLP Jackson Walker LLP is a law firm. The Firm's practice areas include aviation, antitrust, bankruptcy, energy, environmental, entertainment, health care, immigration, insurance, intellectual property, international, labor and employment, real estate, and tax law. [] Teneo Appoints Todd Fleisher as Senior Managing Director ----------------------------------------------------------- Teneo, the global CEO advisory firm, announced the appointment of Todd Fleisher as a Senior Managing Director with the firm's Financial Advisory business. In this role, he will primarily focus on the firm's Retail and Consumer Products practice. Mr. Fleisher has been a restructuring professional for more than 20 years, specializing in advising companies with in-court and out-of-court financial and operational restructurings, as well as performance improvement initiatives. He has served in both financial advisory and interim management roles, where he has led strategy, execution and implementation efforts. He has advised publicly and privately held corporations, board of directors, lending institutions, private equity firms, creditors and stakeholders of businesses and companies, helping to revitalize operations, implement operational improvements and reposition businesses for future growth. He has deep experience across multiple sectors including, but not limited to: Retail & Consumer Products, Private Equity, Aerospace, Telecommunications, Manufacturing, Oil & Gas, Coal, Publishing, Software, Direct Marketing and Real Estate. Prior to joining Teneo, Mr. Fleisher spent over six years as a Managing Director in EY-Parthenon's Restructuring practice, more than 10 years at Alvarez & Marsal's Restructuring practice and five years with the TJX Companies, Inc. While at the TJX Companies, he served in various capacities within the Financial Planning & Analysis and Financial Control departments across the Marshalls, T.J. Maxx and HomeGoods divisions. He also served as a Director in the Corporate Finance & Restructuring practice at FTI Consulting, Inc. "Todd brings tremendous restructuring experience to Teneo, particularly in Retail and Consumer Products, and provides additional strength to the team's existing expertise in that sector. We are very excited for Todd to join the team and help us build out our financial advisory capabilities in the U.S.," said Nathan Cook, Head of Teneo's U.S. Financial Advisory business. "I am thrilled to join the tremendous team at Teneo and look forward to contributing to the growth of the Financial Advisory business," said Mr. Fleisher. "The great culture and dedicated team of professionals at Teneo have created a strong track record of success. I look forward to participating in the firm's continued growth, while supporting our clients and creating opportunities for our people to learn and grow." ********* 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. 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