250919.mbx

250919.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, September 19, 2025, Vol. 29, No. 261 Headlines 100 PERCENT CHIROPRACTIC: Gets Final OK to Use Cash Collateral 177 HAMPSHIRE: Taps Law Offices of John F. Sommerstein as Counsel 19 W 55 LLC: Voluntary Chapter 11 Case Summary 2018 LI LIN REALTY: Claims to be Paid from Property Sale Proceeds 2018 LI LIN: Hires MYC & Associates as Real Estate Broker 245-249 8TH STREET: Section 341(a) Meeting of Creditors on Oct. 9 339 RIVER ROAD: Class 6 Unsecureds to Get Insurance Proceeds 4721 DITMARS: Seeks Chapter 7 Bankruptcy in New York 5902 HUDSON: Hires Mr. Goldwasser of FIA Capital as CRO ADVANCED DRAINAGE: Moody's Affirms Ba1 CFR, Outlook Remains Stable ALEXANDRIA MUSIC: Section 341(a) Meeting of Creditors on Oct. 14 ALLIANCE COMMERCIAL: Hires Kantrow Law Group as Legal Counsel AMERICAN AXLE: Moody's Affirms 'B1' CFR, Outlook Stable AMERICAN TRASH: Section 341(a) Meeting of Creditors on October 20 ANDERSON HOOP: L. Todd Budgen Named Subchapter V Trustee ANTHOLOGY INC: Explores Lender Takeover Through Ch. 11 Bankruptcy APOGEE BREWING: Taps eXp Realty LLC as Real Estate Broker APPLE CENTRAL: Applebee Franchise Dispute Stays in Bankr Court AQUABOUNTY TECHNOLOGIES: Regains Nasdaq Min. Bid Price Compliance ARIZONA STATE: Hires Goetz Platzer as Special Counsel AUTOMATED TRUCKING: Two New Committee Members Appointed AZUL SA: Presents Restructuring Plan to New York Court BANNERS OF ABINGDON: Seeks Chapter 11 Bankruptcy in D.C. BARE ARMS: Gets Interim OK to Use Cash Collateral Until Oct. 15 BAYONNE ENERGY: Moody's Rates New Secured Credit Facilities 'Ba3' BEAN BROTHERS: Hires Essex Richards P.A. as Legal Counsel BHOWMICK LIQUOR: Hires Wadsworth Garber Warner as Counsel BOONE HOSPITAL: Moody's Lowers Revenue Bond Rating to B2 BREAKERS MEZZ: X-Caliber to Sell Assets on Sept. 26, 2025 BRIDGEWATER CASTLE: To Sell Castle Rock Property to RJ Castle BROOKS CUSTOM: Case Summary & 20 Largest Unsecured Creditors CALIFORNIA RESOURCES: Berry Deal No Impact on Moody's 'B1' CFR CHERRY HILL: Seeks to Hire A.Y. Strauss LLC as Legal Counsel CHORD ENERGY: Moody's Rates New Senior Unsecured Notes 'Ba2' COMMUNITY HEALTH: Board OKs Compensation for Interim CEO, CFO CONDUENT INC: Moody's Lowers CFR to B2, Outlook Negative CYPRESSWOOD SPRING: Cash Collateral Hearing Set for Oct. 7 DALLAS PARTY: Taps Compass US Accountants & Advisors as Accountants DATAVAULT AI: EOS CEO Nathaniel Bradley Holds 16.9% Stake DEL RIO PARKS: Unsecureds to be Paid in Full over 12 Months DELTA TOPCO: $760MM Incremental Debt No Impact on Moody's 'B3' CFR DESKTOP METAL: Updates Unsecured Claims Pay Details DESTINATIONS TO RECOVERY: Residents Relocated, PCO Report Says DFRF ENTERPRISES: Claims Filing Deadline Set for Dec. 19, 2025 DRAGONFLY PRIMARY: Judy Wolf Weiker Named Subchapter V Trustee ELEVEN STATE: Seeks Chapter 7 Bankruptcy in New York ENI DIST: Court Extends Cash Collateral Access to Oct. 9 ESCO OIL: Court Denies Bid to Appoint Chapter 11 Trustee EVERSTREAM SOLUTIONS: Unsecureds to Get Nothing in Sale Plan EXACTECH INC: Court OKs Medical Device Biz Sale to EI Bidco EXACTECH INC: Exits Chapter 11 Amid Tort Claimants' Legal Push EXTENSIONS PLUS: Hires F.M. Razi Bookkeeping as Accountant FIVE POINT: Moody's Upgrades CFR to B2, Outlook Remains Stable FRANKLIN 175 LLC: Lender Sets Sept. 25, 2025 Auction G & T 5206: Hires Center City Law Offices LLC as Counsel GIULIANI CATTLE: Gets Approval to Tap Tyler Buck as Special Counsel GIZMO MEDICAL: Public Auction Set for Oct. 2, 2025 GMTFH LLC: Oct. 20, 2025 Auction Set by Lender GOOD LIFE: Hires Capstone Accounting and Tax as Accountant GREENWAVE TECHNOLOGY: Regains Nasdaq Bid Price Compliance GUITAR CENTER: Moody's Rates New Secured PIK Notes Due 2029 'Caa3' H5 TRANSPORT: Case Summary & 16 Unsecured Creditors HALL OF FAME: $14.9 Million Debt Due Sept. 30 Amid Merger Dispute HALL OF FAME: Stuart Lichter Holds 73.1% Equity Stake INNOVATIVE FOOD: Patricia Fugee Named Subchapter V Trustee IRWIN NATURALS: Unsecured Creditors to be Paid in Full in Plan ITALIAN KITCHEN: Natasha Songonuga Named Subchapter V Trustee J & J CONSULTING: Claims Filing Deadline Set for Dec. 1, 2025 KIDTASTIC CONSULTING: Taps Ronald D. Weiss as Legal Counsel KROLL MIDCO: Moody's Withdraws 'B3' CFR Following Debt Repayment L & D CAFE: Hires Koutoulas & Relis LLC as Accountant LAKE COUNTY: Hires D & C Hospitality as Real Estate Agent LAVIE CARE: No Decline in Resident Care, PCO Report Says LCC INC: Gets Final OK to Use Cash Collateral LIGHT AND WONDER: Fitch Rates New 8-Yr. Unsecured Notes 'BB' LINQTO INC: Reaches Settlement on Elusive Private Shares LIVEONE INC: All Proposals OK'd at Annual Meeting LOOKOUT TAVERN: Dawn Maguire Named Subchapter V Trustee LOOKOUT TAVERN: Taps Allen Jones & Giles as Legal Counsel LOOP MEDIA: To Deregister Shares as Asset Sale, Wind-Up Loom M&K ACTIVE: Todd Hennings Named Subchapter V Trustee MAITE LLC: Case Summary & Four Unsecured Creditors MAMMOTH INC: Seeks Subchapter V Bankruptcy in Indiana MANA GROUP: Hires Allred Tax Advisors PLLC as Tax Professionals MAYFIELD MEDICAL: Hires J. D. Graham PC as Bankruptcy Counsel MEAT U ANYWHERE: Section 341(a) Meeting of Creditors on October 24 MY STORE-SOLWAY: Seeks to Hire Vogel Law Firm as Counsel MY STORE-WASKISH: Seeks to Hire Vogel Law Firm as Counsel NAKED CUPCAKE: Court Extends Cash Collateral Access to Oct. 15 NEPHRITE FUND: Trustee to Hire Spencer Fane as Legal Counsel NEW REDBIRD: Hires John Langham & Co. CPAs as Accountant NITRO FLUIDS: Gets Court Confirmation on Chapter 11 Plan NORTHERN FUEL: Seeks to Hire Vogel Law Firm as Counsel NOW SOLUTIONS: Taps Armanino LLP, Designates Chris Lang as CRO OAKLAND VILLAGE: Gets Court OK to Use Cash Collateral Until Oct. 9 ONDAS HOLDINGS: Raises $217M in Public Offering of Common Stock ONE TABLE RESTAURANT: Claims to be Paid from Liquidation Proceeds PALATIN TECHNOLOGIES: Common Stock Begins OTCQB Trading as "PTNT" PERASO INC: Considers Mobix Labs' Unsolicited Acquisition Offer PHRG INTERMEDIATE: $175MM Loan Add-on No Impact on Moody's B2 CFR PLANET GREEN: Increases Authorized Shares to 1.6 Billion PM INVESTMENTS: Case Summary & 20 Largest Unsecured Creditors PRESBYTERIAN HOMES: No Resident Complaints, 4th PCO Report Says PRIME ELECTRICAL: Court Extends Cash Collateral Access to Oct. 2 PROFESSIONAL DIVERSITY: To Buy Music Copyrights From Streams Ohio PURDUE PHARMA: Gets Court OK to Pay CEO Ch.11 Bonus QUICKSILVER PROPERTIES: Hires Looper Auction as Auctioneer QVC GROUP: Permit Capital Entities Hold 4.6% Equity Stake RANA REAL ESTATE: Case Summary & Two Unsecured Creditors RAZIF MANAGEMENT: Voluntary Chapter 11 Case Summary RELIANT LIFE: Seeks to Sell Life Insurance Policies REMEMBER ME: PCO Reports No Change in Resident Care RETREAT AT JARRETT: Case Summary & Five Unsecured Creditors REWORLD HOLDING: Moody's Rates New First Lien Term Loan 'Ba3' ROBERT PAUL: Creditors to Get Proceeds From Liquidation ROCKFORD SILK: Case Summary & 20 Largest Unsecured Creditors ROYALE ENERGY: Completes $1.5M Barnett Wells Acquisition RYVYL INC: Plans Board, Committee Appointments to Regain Compliance SAFE & GREEN: Effects 1-for-64 Reverse Stock Split SAFEMOON US: Bankruptcy Estate Reaches Deal w/ Investor Class SASAS HOSPITALITY: Hires D & C Hospitality as Real Estate Agent SEELOS THERAPEUTICS: Secures Court OK for $22MM Chapter 11 Sale SENSIENCE INC: S&P Downgrades ICR to 'CCC-' on Ongoing Cash Burn SERTA SIMMONS: Prelim. Injunction Bid from Excluded Lenders Denied SHANE BARNES: Linda Gore Named Subchapter V Trustee SHARPLINK GAMING: Repurchases 939K Shares at $15.98 Avg Price SHELLE REALTY: Section 341(a) Meeting of Creditors on October 20 SHERLAND & FARRINGTON: Hires Kantrow Law Group as Counsel SHOWERS HACKING: Case Summary & Two Unsecured Creditors SMITH MICRO: Raises $933,000 via Insider Loans & Warrant Purchases SOLSTICE ADVANCED: Fitch Assigns BB+ LongTerm IDR, Outlook Positive SPI ENERGY: Cayman Liquidators Assume Control, Investors Notified SPIRIT AIRLINES: Explores Job Cuts, Scales Back Operations ST. MATTHEW TRUST: Hires Meridian Law LLC as Counsel STANFORD AND 12TH: Case Summary & Two Unsecured Creditors SUMMIT HARD: Hires Bell Gould Linder as Legal Counsel SYNDIGO LLC: S&P Withdraws 'B-' Issuer Credit Rating TEAL JONES: To Sell Martinsville Property to Giving Tree Lumber THOMPSON ELECTRIC: Court Extends Cash Collateral Access to Nov. 4 TOGETHER GOOD: Taps BlackBriar Advisors as Financial Advisor TRB SUPPLY: Hires Heard Ary & Dauro LLC as Counsel TWO JOE'S: Case Summary & Two Unsecured Creditors TWO20 LLC: Seeks Chapter 7 Bankruptcy in Pennsylvania U S SKYLINE: Files Amendment to Disclosure Statement VARSITY BRANDS: S&P Rates New Secured Term Loan B Facility 'B' VENETIAN NAIL: Seeks to Hire Aubrey Rudd Law as Counsel VFH PARENT: $200MM Term Loan Upsize No Impact on Moody's 'Ba3' CFR VIVA LIBRE: Court OKs Deal to Use Hanmi Bank's Cash Collateral VIVACE HOSPITALITY: Carol Fox Named Subchapter V Trustee VIVAKOR INC: Gets 180-Day Nasdaq Extension to Meet Min. Bid Price WALGREENS BOOTS: S&P Withdraws 'BB-' LT Issuer Credit Rating WILLIAMS PROPERTIES: Tarek Kiem Named Subchapter V Trustee WOLFSPEED INC: Court Confirms Chapter 11 Reorganization Plan WORKSPORT LTD: Revenue Surpasses $1.7M in July, Margin Tops 30% X4 PHARMA: Increases Shares Available for Inducement Equity Plan X4 PHARMA: Stockholders to Resell 59.9M Common Shares YARA TEST: Sam Della Fera Named Subchapter V Trustee ZOOZ POWER: Changes Sept. 19 EGM Start Time to 1:00 PM [^] BOOK REVIEW: Bendix-Martin Marietta Takeover War ********* 100 PERCENT CHIROPRACTIC: Gets Final OK to Use Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division granted 100 Percent Chiropractic Foster, LLC final approval to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral until confirmation of a Chapter 11 reorganization plan or further order consistent with its budget, subject to a 10% variance. Gill Valerio, Ridgestone Capital, Kalmata Capital, Tactic Franchising, and the U.S. Small Business Administration are the lenders that may assert liens on the cash collateral, with SBA holding first-position lien. To the extent they hold a valid lien, security interest, or right of setoff as of the petition date, lenders will be granted a valid and properly perfected replacement lien on all property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 avoidance actions. The Debtor must also make monthly adequate protection payments of $663 to the SBA. Meanwhile, the court ordered the Debtor to pay the Subchapter V trustee deposits earmarked for purposes of paying any compensation awarded to the trustee. The Debtor was ordered to pay a monthly deposit of $1,000, starting on August 31 until further order. About 100 Percent Chiropractic Foster 100 Percent Chiropractic Foster, LLC, operates a wellness clinic providing chiropractic care, massage therapy, and nutritional supplements. It offers services such as corrective chiropractic treatment, family wellness programs, personal injury care, prenatal and pediatric care, and therapeutic massage. It is part of the 100% Chiropractic franchise network, which operates across the U.S. 100 Percent filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58291) on July 24, 2025. In the petition signed by Jamie Foster, manager, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Stacey G. Jernigan oversees the case. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. 177 HAMPSHIRE: Taps Law Offices of John F. Sommerstein as Counsel ----------------------------------------------------------------- 177 Hampshire Road, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Law Offices of John F. Sommerstein as general bankruptcy counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and assets; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and respond to creditors inquiries; (c) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (d) advise and assist the Debtor in connection with any potential property disposition; (e) assist the Debtor in reviewing, estimating and resolving claims asserted against its estate; (f) negotiate and prepare on behalf of the Debtor a feasible plan of reorganization and all related documents; (g) prepare necessary legal documents necessary for the administration of the estate; and (h) perform all other bankruptcy-related legal services and provide all other legal advice to the Debtor that may be necessary and proper in this proceeding. John Sommerstein, the owner of the Law Offices of John F. Sommerstein, will be paid at his hourly rates of $475 plus reimbursement for expenses incurred. The firm is holding a $15,000 retainer. Mr. Sommerstein 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: John F. Sommerstein, Esq. Law Offices of John F. Sommerstein 1091 Washington Street Gloucester, MA 01930 Telephone: (617) 523-7474 About 177 Hampshire Road, LLC 177 Hampshire Road, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 4:25-bk-40936) on Sep 03, 2025. The Debtor hires Law Offices of John F. Sommerstein as counsel. 19 W 55 LLC: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: 19 W 55 LLC 1110 42nd Street Brooklyn, NY 11219 Business Description: 19 W 55 LLC is primarily engaged in leasing real estate properties, with its principal assets located at 19 W. 55th Street, New York, NY. Chapter 11 Petition Date: September 16, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-44436 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Leo Jacobs, Esq. JACOBS P.C. 717 5th Avenue, fl 17 New York, NY 10022 Tel: (212) 229-0476 Fax: (212) 937-3368 -mail: leo@jacobspc.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Abraham Leifer as managing member. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JGGP7CY/19_W_55_LLC__nyebke-25-44436__0001.0.pdf?mcid=tGE4TAMA 2018 LI LIN REALTY: Claims to be Paid from Property Sale Proceeds ----------------------------------------------------------------- 2018 Li Lin Realty LLC in conjunction with Secured Creditor SSA NE Assets LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Joint Plan of Liquidation dated September 10, 2025. The Debtor is the sole owner of the real property located at 63-86 Wetherole Street, Rego Park, New York 11230 (the "Real Property"). Prior to the Equity Sale, Jie Li was the sole equity holder of the Debtor, holding all of the membership interests in the Debtor (the "Equity"). On September 30, 2021, the Debtor executed a construction loan note in favor of Flatiron Realty Capital LLC (the "Original Lender"), whereby the Debtor promised to repay the Original Lender the original principal amount of $1,300,000.00, plus interest and other fees and charges authorized thereunder ("Note 1"). To secure the repayment of the Note 1, the Debtor executed a Mortgage, Assignment of Rents, Security Agreement and Fixture Filing in favor of the Original Lender and encumbering the Real Property ("Mortgage 1" and, together with Note 1, the "Building Loan"). As a result of an uncured default on the Loan, on or about August 15, 2023, the Original Lender filed a foreclosure action in the Supreme Court of the State of New York, County of Kings under Index No. 716902/2023 (the "Foreclosure Proceeding"). Subsequent to the commencement of the Foreclosure Proceeding, the Loan was ultimately assigned to SSA NE Assets LLC (the "Secured Creditor"). As of the Petition Date, the secured obligation due and owing to the Secured Creditor under the Loan amounts to $923,425.21, which amount has and continues to accrue interest and other charges under the Loan (the "Secured Claim"). Li, on behalf of the Debtor in a previous bankruptcy case, scheduled approximately $160,000 of unsecured claims against the Debtor (collectively, the "Disputed Claims"), which is exclusive of the Secured Claim. Class 4 shall consist of Allowed General Unsecured Claims. Allowed General Unsecured Claims may not receive a full distribution under the Plan, and, may only be entitled to the pro rata portion of the Plan Contribution. Class 4 is Impaired under the Plan, and shall thus, be entitled to vote on the Plan. Class 5 shall consist of Allowed Equity Interests in the Debtor. Equity Interest Holders may not receive any distribution under the Plan. Class 5 is Impaired; Holders of Class 5 Interests are not entitled to vote and are deemed to reject the Plan. Pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, Distributions, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlements of all Claims and Equity Interests and controversies resolved pursuant to the Plan. Distributions made to Holders of Allowed Claims in any Class are intended to be final. On September 3, 2025, the Debtor filed an application seeking to retain MYC to sell the Real Property under the Plan. Shortly after the filing of this Disclosure Statement, the Debtor will be filing a motion seeking to approve bidding procedures and sale of the Real Property. All Cash necessary to fund the Plan will be derived from the Proceeds of the Sale Transaction or, in the event of a credit bid from the Secured Creditor, the Secured Creditor will fund the Plan Contribution in the amount of $25,000 for the benefit of the Class 3 and Class 4 Claimants. A full-text copy of the Disclosure Statement dated September 10, 2025 is available at https://urlcurt.com/u?l=s6G068 from PacerMonitor.com at no charge. Counsel to the Debtor: Silverman Law PLLC Brett S. Silverman, Esq. 4 Terry Terrace Livingston, New Jersey 07039 Phone: 646.281.6008 Email: brett@getconciergelaw.com About 2018 Li Lin Realty LLC 2018 Li Lin Realty LLC is a single asset real estate company with a property located at 63-86 Wetherole Street, Rego Park, NY. 2018 Li Lin Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43475) on July 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Brett Silverman, Esq. at Silveman Law PLLC. 2018 LI LIN: Hires MYC & Associates as Real Estate Broker --------------------------------------------------------- 2018 Li Lin Realty LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ MYC & Associates, Inc. as real estate broker. The firm will market and sell the Debtor's real property located at 63-86 Wetherole Street, Rego Park, NY. The firm will be paid a commission of 6 percent of the amount of the contract of sale of the property. As 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: Marc P. Yaverbaum MYC & Associates, Inc. 1110 South Avenue, Ste. 22 Staten Island, NY 10314 Tel: (347) 273-1258 About 2018 Li Lin Realty LLC 2018 Li Lin Realty LLC is a single asset real estate company with a property located at 63-86 Wetherole Street, Rego Park, NY. 2018 Li Lin Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43475) on July 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Brett Silverman, Esq. at Silveman Law PLLC. 245-249 8TH STREET: Section 341(a) Meeting of Creditors on Oct. 9 ----------------------------------------------------------------- On September 15, 2025, Easy Rental Holdings Inc. filed Chapter 11 protection in the District of Puerto Rico. According to court filing, the Debtor reports $6,169,099 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 9, 2025 at 10:00 AM via Telephonic Conference Information for AUST/Trial Attys. About Easy Rental Holdings Inc. Easy Rental Holdings Inc. provides real estate support services in Puerto Rico, including property management and real estate appraisal for residential and commercial properties. Easy Rental Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-04130) on September 15, 2025. In its petition, the Debtor reports total assets of $2,700,001 and total liabilities of $6,169,099. The Debtor is represented by Wigberto Lugo Mender, Esq. at LUGO MENDER GROUP, LLC. 339 RIVER ROAD: Class 6 Unsecureds to Get Insurance Proceeds ------------------------------------------------------------ 339 River Road Holdings LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan dated September 10, 2025. The Debtor is a Limited Liability Company organized under the laws of the State of New Jersey. It is the owner of real property located at 339 River Road, Edgewater, New Jersey ("the real property"). At its inception, the Debtor was owned by Hongkun ESA Real Estate Development, LLC, Hongkun Group USA Holdings Corp. and Hongkun USA Real Estate Holdings, LLC. (collectively the "Hongkun Group"). Between August 18, 2018 and August 30, 2019 the Debtor and the Hongkun Group obtained two separate loans from East-West Funding, LLC totaling $30,000,00.00 secured by a mortgage which was recorded on August 20, 2018. East-West Funding also received and recorded two assignments of rents. After the Debtor failed to make required payments under a series of subsequent loan modifications on September 7, 2021, East-West Funding accelerated the loan and sent the Debtor and the Hongkun Group a Notice of Default and Demand for Payment. Thereafter, the Debtor filed a complaint in lieu of prerogative writ in the Superior Court of New Jersey, Chancery Division, Bergen County, seeking a judgment vacating the decision of the Edgewater Planning Board ("the Prerogative Writ Action"). That action was also pending when this bankruptcy petition was filed. On June 20, 2024 a Final Judgment in Foreclosure was entered in the action commenced by East-West Funding. The judgment amount was $47,373,075.98 as of February 29, 2024. After numerous adjournments and attempts to resolve the judgment consensually, a Sheriff Sale was ultimately scheduled for June 13, 2025. The instant proceeding was filed on the eve of the Sheriff Sale. The Debtor has had no business operations. Its sole asset is the real property. The last appraisal of the real property was completed on March 3, 2021. The appraised value was estimated to be $80,000,000.00 at that time. The Debtor estimates the appraised value to be approximately $60,000,000. An updated appraisal is being prepared and will be provided upon completion. This is a reorganization plan. In other words, the Debtor seeks to accomplish restructuring of its debts under the plan by making payments to its creditors and retaining its assets. Class 5 consists of the Claims of Judgment Creditors and Prior Insiders. Class 5 creditors will receive a prorata distribution of a fund of $500,000.00 plus up to an additional $500,000.00 of any disallowed portion of the asserted secured claims of of Liqing Dong and Jiaoyan Yi and High Ground Industrial, LLC. This Class is impaired. Class 6 consists of the Unsecured Claims of Personal Injury Creditors. Class 6 creditors will be paid from insurance proceeds based on Cross Claims for Indemnification in pending litigation. In the event insurance proceeds are not available, the Court shall estimate the maximum amount of such claim for purposes of distribution under the Plan. In that event, Class 6 creditors will share in the pro rata distribution to creditors in Class 5. This Class is impaired. Class 7 consists of Current equity holders in the Debtor. The current equity holders in the Debtor will relinquish their interest. Equity in the amount of $28,000,000 will be raised for purposes of funding the plan and working capital. Prior to filing this Chapter 11 case, the Debtor solicited and received proposals for a ground lease of the real property. The highest and best proposal provides for a 20-year land lease at an annual rent of $3,000,000.00 per year for years 1 to 10 with a 7% increase for years 11 to 15 and a further increase of 7% for years 16 to 20. The Debtor is continuing to pursue the highest and best use of the real property. Based on the ground lease proposal, the Debtor is expecting a term sheet for a loan in the amount of $32 million to be secured by the real property. In addition, the Debtor intends to raise $28 million by way of private equity. The Debtor anticipates that sufficient equity will be raised by the Effective Date to make all payments required at that time. The remainder of the funds will be raised prior to the date of the closing of the refinance of the real property so that all payments required under the Plan can be made on that date. A full-text copy of the Disclosure Statement dated September 10, 2025 is available at https://urlcurt.com/u?l=VOJWk5 from PacerMonitor.com at no charge. Counsel to the Debtor: Bruce H. Levitt, Esq. LEVITT & SLAFKES, PC 515 Valley Street, Suite 140 Maplewood, NJ 07040 Telephone: (973) 313-1200 Email: blevitt@lsbankruptcylaw.com About 339 River Road Holdings LLC 339 River Road Holdings LLC is a real estate company that owns a single property located at 339 River Road in Edgewater, New Jersey. The property has an appraised value of $80 million. 339 River Road Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-16275) on June 12, 2025. In its petition, the Debtor reports total assets of $80 million and total liabilities of $55,569,838. The Debtors are represented by Bruce H. Levitt, Esq. at LEVITT & SLAFKES, P.C. 4721 DITMARS: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- 4721 Ditmars Blvd LLC filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of New York on September 17, 2025. In its petition, the company reported liabilities ranging from $100,001 to $1 million, and listed between one and forty-nine creditors. About 4721 Ditmars Blvd LLC 4721 Ditmars Blvd LLC is a single asset real estate company. 4721 Ditmars Blvd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case. 25-44439) on September 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. 5902 HUDSON: Hires Mr. 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 employ FIA Capital Partners, LLC and designate David Goldwasser as chief restructuring officer. Mr. Goldwasser will provide the Debtor with restructuring and crisis management services. Mr. Goldwasser 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: David Goldwasser FIA Capital Partners LLC 295 Front Street Brooklyn, NY 11201 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. ADVANCED DRAINAGE: Moody's Affirms Ba1 CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed Advanced Drainage Systems, Inc.'s (ADS) Ba1 corporate family rating, Ba1-PD probability of default rating, the Baa3 ratings on the senior secured bank credit facilities and the Ba2 ratings on the senior unsecured notes. The SGL-1 Speculative Grade Liquidity Rating remains unchanged. The outlook remains stable. The affirmation and stable outlook reflects the company's strong credit metrics and robust liquidity profile. The company is expected to maintain its conservative business operations and strong balance sheet. RATINGS RATIONALE ADS' Ba1 CFR reflects the company's leading market position as a manufacturer of water management solutions across the US and end market dynamics that support growth over the longer term such as material conversion and the importance of water management. The rating also reflects the company's very good liquidity and strong credit metrics. ADS has a proven track record of maintaining solid credit metrics and a low leverage through the cycle. Overall, debt-to-EBITDA should remain below 2x over the next 12-18 months, and Moody's project robust free cash flow generation. The company is exposed to business cyclicality because a portion of its business is tied to new construction activity. However, conservative financial strategies mitigate the negative impact from the cyclicality and seasonality of its end markets. Moody's expect ADS will continue to pursue attractive bolt-on acquisitions to expand its portfolio of water management products. The company's secured capital structure is also a constraint on the rating. The stable outlook reflects Moody's expectation that ADS will continue to generate strong margins and robust levels of free cash flow despite a challenging market environment. Moody's expect the company to pursue bolt-on acquisitions while maintaining very good liquidity and low leverage. Moody's also expect the company to maintain a secured capital structure which constrains its credit quality. ADS's SGL-1 Speculative Grade Liquidity Rating reflects Moody's view that the company will maintain very good liquidity, generating about $300 million in annual free cash flow each of the next two years. ADS has access to $600 million revolving credit facility due in May 2027. Revolver availability totaled about $590 million on June 30, 2025 after considering $10 million of letters of credit. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require the company to maintain very good liquidity and conservative financial policies as it continues to grow its scale and expand its product offerings and geographic reach. An upgrade would also require strong corporate governance practices and for the company to move toward a capital structure that allows for maximum flexibility, which includes being fully unsecured. Quantitatively, an upgrade would require EBITDA margin maintained near 25% and debt-to-EBITDA maintained below 2.0x. The ratings could be downgraded if there is a contraction in operating performance or a deterioration in liquidity. The ratings could also be downgraded with more aggressive financial policy actions, including large debt-financed acquisitions. Quantitatively, the ratings could be downgraded if adjusted debt-to-EBITDA is above 3.5x. Headquartered in Hilliard, Ohio, Advanced Drainage Systems, Inc. (NYSE: WMS) is a manufacturer of plastic pipes ranging in size from two inches to five feet and provides other stormwater management products and drainage solutions throughout the US, Canada and Mexico. ADS also manufacturers on-site septic systems for new and existing homes in the US and Canada. ADS's revenue for the 12 months ended June 30, 2025 was $2.9 billion. The principal methodology used in these ratings was Manufacturing published in September 2025. ADS's Ba1 rating is two notches below the scorecard-indicated outcome of Baa2. The difference reflects the company's modest scale, more limited diversification and secured capital structure. ALEXANDRIA MUSIC: Section 341(a) Meeting of Creditors on Oct. 14 ---------------------------------------------------------------- On September 15, 2025, Alexandria Music Inc. filed Chapter 11 protection in the Eastern District of Virginia. According to court filing, the Debtor reports $1,121,046 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 14, 2025 at 02:00 PM at ALX division (11): Office of the U.S. Trustee, Telephonic meeting. About Alexandria Music Inc. 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. Alexandria Music Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11896) on September 15, 2025. In its petition, the Debtor reports total assets of $508,005 and total liabilities of $1,121,046. Honorable Bankruptcy Judge Klinette H. Kindred handles the case. The Debtor is represented by Richard G. Hall, Esq. ALLIANCE COMMERCIAL: Hires Kantrow Law Group as Legal Counsel ------------------------------------------------------------- Alliance Commercial Capital Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire The Kantrow Law Group, PLLC to serve as legal counsel in its Chapter 11 case. The Kantrow Law Group will provide these services: (a) advise the Debtor of the rights and duties of a debtor-in-possession; (b) oversee preparation of necessary reports to the Court and creditors; (c) conduct all appropriate investigation or litigation; and (d) perform all other necessary duties in aid of the administration of the estate. The firm will receive compensation at these hourly rates: - Partners $645 - Associates $355 - Paralegals $125 The Kantrow Law Group, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Fred S. Kantrow, Esq. Hailey L. Kantrow, Esq. THE KANTROW LAW GROUP, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 Telephone: (516) 703-3672 E-mail: fkantrow@thekantrowlawgroup.com About Alliance Commercial Capital Group LLC Alliance Commercial Capital Group LLC is a commercial lender based in Brooklyn, New York. Alliance Commercial Capital Group LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.25-44218) on September 3, 2025. In its petition, the Debtor reports assets of $5 million and liabilities of $20.9 million. The Debtor is represented by Fred S. Kantrow, Esq. at The Kantrow Law Group, PLLC. AMERICAN AXLE: Moody's Affirms 'B1' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings affirmed American Axle & Manufacturing, Inc.'s (American Axle) corporate family rating at B1 and probability of default rating at B1-PD. Moody's also downgraded the ratings on the company's existing senior secured debt to Ba2 from Ba1 and the ratings on its senior unsecured debt to B3 from B2. In addition, Moody's assigned Ba2 ratings to the proposed term loan C and senior secured notes and Moody's assigned a B3 rating to the proposed senior unsecured notes. The outlook remains stable. The speculative grade liquidity rating was unchanged at SGL-2. The rating action follows American Axle's launch of acquisition financing to fund the nearly $3 billion acquisition of Dowlais Group plc (Dowlais) with proceeds from the new term loan, new senior secured notes and new senior unsecured notes totaling approximately $2.3 billion. The company is expected to use available cash to fund the remainder of the purchase price. Closing of the acquisition is targeted for Q4 2025. The rating affirmations reflect Moody's expectation that despite the considerable increase in debt, debt-to-EBITDA of around 4x by the end of 2026 will be similar to leverage at June 30, 2025. The addition of Dowlais nearly doubles American Axle's scale with pro forma revenue over $11 billion. The acquisition also improves both customer and geographic diversification and will be additive to American Axle's capabilities to transition to alternative propulsion. Dowlais should also be near-term accretive to margins and free cash flow, especially considering American Axle's projected run-rate synergies of at least $300 million over the first three years. The downgrades of the instrument ratings reflect the addition of a large amount of senior secured debt that results in first lien debt comprising a greater portion of the debt capital structure. The additional secured debt reduces recovery expectations in the event of a default with recovery now spread across a larger amount of senior secured debt. Therefore, the senior secured rating moves closer to the B1 CFR. The increase in the amount of first lien secured debt also lowers the expected recovery for the junior debt, which results in the unsecured rating also moving lower. RATINGS RATIONALE American Axle has a strong competitive position in driveline and metal forming products that skew toward light trucks and SUVs/CUVs, which continue to increase as a percentage of global light vehicle production. Revenue is reliant on internal combustion engine platforms. However, products correlate with increasing demand for fuel efficiency and emissions reductions with a focus on axle efficiency, vehicle light weighting and all-wheel drive applications. Diversification is weaker compared to peers with significant reliance on North America, which comprises over 70% of 2024 revenue. There is also a limited number of customers as just under 70% of revenue is derived from only three automakers. However, customer concentration is partially mitigated by significant driveline content on top-selling light truck and SUV platforms. With the addition of Dowlais, customer and geographic diversification will significantly improve. Despite an average EBIT margin of less than 4% over the past five years, free cash flow has averaged approximately $250 million per year over the same period. This track record demonstrates good working capital and capital spending management while balancing investments in alternative propulsion platforms with legacy internal combustion engine platforms. The stable outlook reflects Moody's expectation that improved scale and diversification, along with anticipated cost synergies with the addition of Dowlais, will help offset growing uncertainty within the global light vehicle sector and enable steady strengthening of key credit metrics. Free cash flow will again be solidly positive, providing the capacity for debt repayment and accelerated restoration of financial flexibility. Liquidity is expected to remain good, helping to manage through an uneven industry backdrop and the integration of Dowlais. The SGL-2 Speculative Grade Liquidity Rating reflects our expectation that American Axle will maintain good liquidity. Moody's expect the company to maintain cash of at least $500 million and generate free cash flow in excess of $150 million in 2026 before increasing meaningfully in 2027 as the realization of synergy savings accelerate. The $925 million revolving credit facility, undrawn at June 30, 2025, is scheduled to expire in 2030. Upon closing of the acquisition, the revolving facility will be upsized to $1.495 billion and will expire five years from the acquisition closing date. With solid free cash flow expectations, the revolving facility is expected to have only modest, infrequent usage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with an EBIT margin approaching 5%, EBITDA-to-interest maintained above 6x and debt-to-EBITDA below 4x. Maintenance of very good liquidity, including annual free cash flow sustained above $150 million, could also result in positive rating action. Progress in improving diversification as well as a strategy that enables increased participation in the OEMs' move to alternative propulsion drivetrains would also be viewed favorably. The ratings could be downgraded if projected synergies fall materially shy of the company's target over the next few years, reducing American Axle's ability to offset market weakness. More specifically, if the EBIT margin falls below 3%, debt-to-EBITDA approaches 5x or EBITDA-to-interest falls below 3.5x the ratings could be downgraded. Deteriorating liquidity, including sharply lower free cash flow could also pressure ratings. The principal methodology used in these ratings was Automotive Suppliers published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. American Axle & Manufacturing Holdings, Inc. provides driveline (axles, all-wheel drive systems, electric drive systems) and metal forming (axle and transmission shafts, ring and pinion gears, connecting rods) products designed to make the next generation of automotive vehicles lighter, safer and more efficient. Revenue for the twelve months ended June 30, 2025 was $5.8 billion. Dowlais Group plc is a UK-based provider of automotive components in drive systems (sideshafts, propshafts, all-wheel drive systems) for internal combustion engine and electric vehicles and a manufacturer of sintered components and metal powders. Revenue for the year ended 2024 was approximately $5.4 billion. AMERICAN TRASH: Section 341(a) Meeting of Creditors on October 20 ----------------------------------------------------------------- On September 15, 2025, American Trash Management Inc. filed Chapter 11 protection in the Northern District of California. According to court filing, the Debtor reports $4,155,759 in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 20, 2025 at 01:00 PM via UST Teleconference San Francisco, Call in number: 1-888-330-1716 Passcode: 8324431. About American Trash Management Inc. American Trash Management Inc., d/b/a SmartTrash, LLC and SmartTrash Systems, LLC, 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. American Trash Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30743) on September 15, 2025. In its petition, the Debtor reports total assets as of Sept. 30, 2025 amounting to $5,564,965 and total liabilities as of Sept. 30, 2025 of $4,155,759. The Debtor is represented by Stephen D. Finestone, Esq. at Finestone Hayes LLP. ANDERSON HOOP: L. Todd Budgen Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Anderson Hoop Dreams, Inc. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Anderson Hoop Dreams Anderson Hoop Dreams, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05772) on September 12, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC represents the Debtor as legal counsel. ANTHOLOGY INC: Explores Lender Takeover Through Ch. 11 Bankruptcy ----------------------------------------------------------------- Reshmi Basu and Eliza Ronalds-Hannon of Bloomberg News report that Anthology Inc. is preparing the groundwork for a potential Chapter 11 filing that could ultimately transfer ownership of the education-technology company to a group of secured creditors, according to individuals with knowledge of the matter. Under the contemplated framework, lenders led by Nexus Capital Management would convert a portion of their debt into equity, positioning themselves to take control of a reorganized entity. Nexus, based in Los Angeles, has accumulated significant holdings of Anthology’s debt in recent months, emerging as one of the company’s largest stakeholders. The restructuring strategy also contemplates divestitures of select assets as part of efforts to stabilize the business, though the scope and terms of any such sales remain under discussion and subject to change. In parallel, Anthology is in negotiations to secure debtor-in-possession financing that would provide the liquidity necessary to maintain operations during the Chapter 11 process. In a statement, the company underscored progress in enhancing its competitiveness and reaffirmed its commitment to delivering innovative solutions to its institutional clients, regardless of the restructuring outcome, according to Bloomberg. Backed by private equity sponsor Veritas Capital, Anthology has been pursuing various strategic alternatives to address a debt load exceeding $1 billion, including a potential sale, according to prior reports. The company's financial challenges were highlighted in April 2025 when Moody's downgraded its credit rating to Ca, citing declining new bookings and heightened customer attrition, despite cost reductions aimed at offsetting these pressures. Anthology, which merged with Blackboard Inc. in 2021, is advised by PJT Partners Inc. Representatives for Nexus and Veritas have not provided comment on the ongoing process, the report states. About Anthology Inc. Anthology offers integrated tools for schools to oversee student information and support learning management. APOGEE BREWING: Taps eXp Realty LLC as Real Estate Broker --------------------------------------------------------- Apogee Brewing, Limited Liability Company d/b/a True Anomaly, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Shahin Naghavi of eXp Realty, LLC to serve as commercial real estate broker in its Chapter 11 case. Mr. Naghavi will provide these services: (a) assist, advise, and represent the Debtor relative to sale and/or lease of the Property located at 4001 Navigation Boulevard, Houston, Harris County, Texas 77003; (b) attend showings and negotiate with representatives of potential buyers/lessors; (c) advertise the sale/lease of the Property; and (d) take all necessary actions to protect and preserve the interests of the Debtor. eXp Realty, LLC has agreed to accept a contingent fee of six percent of the sale/purchase and/or lease price. If the transaction does not close, the Debtor and/or bankruptcy estate will not be responsible for any fees or expenses. eXp Realty, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Shahin Naghavi Commercial Real Estate Broker eXp Realty, LLC Houston, TX 77056 About Apogee Brewing, LLC Apogee Brewing, LLC operates a craft brewery and taproom in Houston, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34497) on August 4, 2025. In the petition signed by Michael Duckworth, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Stacey Barnes, Esq., at Kearney, McWilliams & Davis, PLLC, represents the Debtor as legal counsel. APPLE CENTRAL: Applebee Franchise Dispute Stays in Bankr Court -------------------------------------------------------------- Judge Holly L. Teeter of the United States District Court for the District of Kansas denied the motion of Applebee's Franchisor, LLC to withdraw the reference from the bankruptcy court and transfer the underlying adversary proceeding captioned as APPLE CENTRAL KC, LLC, Plaintiff, v. APPLEBEE'S FRANCHISOR, LLC, Defendant, Case No. 2:25-cv-02358-HLT (D. Kan.) to the district court under 28 U.S.C. Sec. 157(d), Bankruptcy Rule 5011(a), and D. Kan. Rule 83.8.6. Defendant franchises the casual-dining restaurants known as Applebee's Grill & Bar. Defendant enters agreements with franchisees allowing franchisees to operate the restaurants subject to specific terms. Plaintiff Apple Central KC, LLC entered various franchise agreements with Defendant. It ran eight restaurants for many years. But Plaintiff closed restaurants without Defendant's consent on Oct. 30, 2024. It filed a Chapter 11 bankruptcy petition the same day, and Defendant filed a civil case in the District of Kansas, Case No. 2:24-cv-02497-HLT-BGS. Defendant sued Plaintiff's principal and guarantors in the Civil Case. It alleges they are responsible for Plaintiff's breaches of the franchise agreements and lease assignments. Defendant also filed a proof of claim in the bankruptcy case on Jan. 8, 2025, seeking damages from Plaintiff's breach of contract. Plaintiff brought an adversary proceeding in bankruptcy court, Adversary No. 25-6002, against Defendant on Jan. 13, 2025. It asserts claims for breach of the franchise agreements, breach of the covenant of good faith and fair dealing, and an objection to the proof of claim. Defendant answered and counterclaimed. Defendant asks the District Court to withdraw the reference of the Adversary Proceeding to the bankruptcy court and to consolidate all disputes in the district court. Defendant argues that cause exists for permissive withdrawal of reference. Courts consider several non-exclusive factors to decide whether cause exists: (1) the nature of the claim(s), core or non-core; (2) judicial economy; (3) forum-shopping prevention; (4) uniform bankruptcy administration; and (5) whether there is a jury demand. The bankruptcy court recommended that the District Court deny Defendant's motion for withdrawal of reference. The District Court adopts the R&R and denies the motion to withdraw the reference because permissive withdrawal is not warranted under the relevant factors. The District Court determines that the claims in the Adversary Proceeding are core claims upon which the bankruptcy court may enter orders and judgments. This factor weighs in favor of denying withdrawal. The remaining factors lean in the same direction, supporting the conclusion that permissive withdrawal is not warranted in this case. A copy of the Court's Order dated September 12, 2025, is available at https://urlcurt.com/u?l=dz2Rg7 from PacerMonitor.com. About Apple Central KC Apple Central KC LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-21427) on October 30, 2024. In the petition signed by Michael Rummel, authorized signatory, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge: Dale L Somers oversees the case. Frank Wendt, Esq., at Brown & Ruprecht, PC represents the Debtor as legal counsel. AQUABOUNTY TECHNOLOGIES: Regains Nasdaq Min. Bid Price Compliance ----------------------------------------------------------------- AquaBounty Technologies, Inc. said in a Form 8-K filing with the Securities and Exchange Commission it has regained compliance with The Nasdaq Stock Market LLC's minimum bid price requirement, according to a Sept. 15 letter from the Exchange, closing a review that had previously put the stock at risk of delisting. On Jan. 15, 2025, AquaBounty received a letter from Nasdaq notifying the Company that its common stock, $0.001 par value, had closed below $1.00 per share for 30 consecutive business days, falling out of compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market under Rule 5550(a)(2). About AquaBounty AquaBounty Technologies, Inc., headquartered in Harvard, Massachusetts, develops genetically engineered Atlantic salmon and previously operated farms in Indiana and Canada, which it has sold along with associated intellectual property, trademarks, and patents. Its primary remaining asset is the Ohio Farm Project in the U.S., consisting of land, construction in progress, and equipment. The Company is focused on realizing the potential of this asset through new investment, partnerships, or other strategic options. In its audit report dated March 27, 2025, Deloitte & Touche LLP issued a "going concern" qualification citing that the Company has incurred cumulative net losses that raise substantial doubt about its ability to continue as a going concern. According to the Company, its ability to continue as a going concern is dependent upon its ability to raise additional capital, including its ability to sell assets to generate liquidity to fund ongoing operations, and there can be no assurance that such capital will be available in sufficient amounts, on a timely basis, or on terms acceptable to the Company, or at all. AquaBounty reported total assets of $26.65 million, total liabilities of $13.04 million, and total stockholders' equity of $13.61 million as of June 30, 2025. Since inception, the Company has incurred cumulative net losses of $373 million and expects that this will continue for the foreseeable future. As of June 30, 2025, the Company had $730,000 in cash and cash equivalents on its condensed consolidated balance sheet. ARIZONA STATE: Hires Goetz Platzer as Special Counsel ----------------------------------------------------- Arizona State Masonry LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Clifford Katz of Goetz Platzer LLP to serve as special counsel in its Chapter 11 case. The firm will provide these services: (a) advise the Debtor regarding business-related litigation matters, specifically with respect to numerous merchant cash advance companies with which the Debtor did business prior to the petition date; and (b) investigate possible claims against the merchant cash advance companies which the Debtor had previously contracted with prior to the petition date. Mr. Katz will receive an hourly rate of $535, while associates of the Goetz Firm shall receive hourly rates ranging from $360 to $500. The Debtor paid the Goetz Firm a $10,000 retainer, of which $2,889 has been applied to pre-petition fees incurred and $7,111 is being held in trust to be applied to post-petition fees and expenses, subject to court approval. Goetz Platzer LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Clifford Katz, Esq. GOETZ PLATZER LLP 1 Pennsylvania Plaza New York, NY 10119 Telephone: 212 695 8100 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. AUTOMATED TRUCKING: Two New Committee Members Appointed ------------------------------------------------------- The U.S. Trustee for Region 21 appointed Trumanage, LLC and Vanen Property Company as additional members of the official committee of unsecured creditors in the Chapter 11 case of Automated Trucking, LLC. The committee is now composed of: 1. Stagecoach Transportation Services LLC Kurt Petricek, Owner 4238 E Knudsen Dr. Phoenix, AZ 85050 (480) 570-9082 kpetricek@msn.com 2. R + S Rojas LLC Raymond Rojas, Owner 2910 N. Kingsway Road Thonotosassa, FL 33592 (813) 610-7350 rr125@aol.com 3. Kash Ruby Trucking Kristen Hopkins, Managing Member 1525 Oberlin Way Phoenix, AZ 85085 (970) 290-8097 kristen@magnitudeequitypartners.com 4. Trumanage LLC Flemming Elleboe - Owner 1953 River Forest Dr. Marietta, GA 30068 trumanagesolutions@gmail.com 5. Vanen Property Company Robert Vanskike - Owner 11001 S. Louisville Avenue Tulsa, OK 74146 rvanen@outlook.com (678) 810-1706 (918) 630-9056 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 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 reported estimated assets and liabilities between $10 million and $50 million. Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. AZUL SA: Presents Restructuring Plan to New York Court ------------------------------------------------------ Ney Hayashi of Bloomberg News reports that Azul submitted its restructuring plan to the NY court overseeing the proceedings on the evening of September 16, 2025, Valor reports without citing the source of the information. The plan lists as a goal the elimination of approximately $2 billion in debt from the company's balance sheet, the report states. Azul wants to raise around $950 million through a share offering, according to Valor. About Azul S.A. Azul S.A. and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025, listing up to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal & Segal LLP as counsel. On June 13, 2025, the United States Trustee for Region 2 appointed the Committee under section 1102 of the Bankruptcy Code. BANNERS OF ABINGDON: Seeks Chapter 11 Bankruptcy in D.C. -------------------------------------------------------- On September 14, 2025, Banners of Abingdon LLC initiated a voluntary Chapter 11 bankruptcy in the District of Columbia, according to court records. The filing, case #25-00378, shows the company holding between $10 million and $50 million in aliabilities in the same range, with as many as 999 creditors. About Banners of Abingdon LLC 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. Banners of Abingdon LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00378) on September 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Maurice Verstandig, Esq. at THE BELMONT FIRM. BARE ARMS: Gets Interim OK to Use Cash Collateral Until Oct. 15 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Kentucky issued a second agreed interim order authorizing Bare Arms Limited Liability Company to use cash collateral, with the consent of its secured creditor, Burke and Herbert Bank. The order authorized the interim use of cash collateral through October 15. Use of funds is limited to expenses in the approved budget necessary to prevent immediate and irreparable harm to the estate. Any expense exceeding 10% of the budget requires written approval from Burke and Herbert Bank. As adequate protection, Burke and Herbert Bank will be granted replacement liens on all unencumbered assets and an adequate protection payment of $2,500 due by October 1. These liens are deemed perfected automatically and will survive conversion, dismissal, or trustee appointment. The bank retains inspection and audit rights, while the debtor must maintain insurance and pay post-petition taxes. The Debtor was also authorized to use cash collateral to pay $4,250 for attorney fees and Subchapter V trustee fees during the interim period as provided in the budget, which must be deposited into the IOLTA of Dennery, PLLC pending an order approving compensation for any attorney fees, Subchapter V fees or any subsequent orders of this court. The interim order remains effective until October 15, unless terminated earlier by specified events such as case conversion, nonperformance, overspending, or inaccurate reporting. The final hearing on the motion is set for October 15. Objections are due by October 8. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/lR3IO from PacerMonitor.com. About Bare Arms Limited Liability Company Bare Arms Limited Liability Company, d/b/a Bare Arms Trading Co. and Bladez, operates indoor shooting ranges and provides firearms training and retail services in Kentucky and West Virginia. The Company offers range rentals, concealed carry certification courses, and branded tactical merchandise through physical stores and pickup locations across multiple states. Bare Arms Limited Liability Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 25-10174) on July 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Douglas L. Lutz handles the case. The Debtor is represented by J. Christian Dennery, Esq., at Dennery PLLC. BAYONNE ENERGY: Moody's Rates New Secured Credit Facilities 'Ba3' ----------------------------------------------------------------- Moody's Ratings has assigned a Ba3 rating to Bayonne Energy Center, LLC's (BEC) proposed $575 million senior secured term loan B due 2032 and $50 million senior secured revolving credit facility due 2030. The rating outlook is stable. Proceeds from the new term loan will be used to repay BEC's existing debt, pay transaction fees and expenses, and fund a sponsor distribution. RATINGS RATIONALE The assigned Ba3 rating reflects BEC's qualification and participation of the project within the premium-priced NYISO Zone J, its competitive position as one of the newest, most efficient fast-start peaking thermal assets with high utilization factors, providing critical, dispatchable power into New York City, BEC's track record of strong operating performance along with the partially contracted structure with tolling agreements and capacity swaps that provide for fixed contracted payments as well as several energy hedges which together provide a reasonable level of cash flow certainty. The Ba3 rating factors in continued strong regional pricing for power and capacity driven by regional demand, access to attractively priced natural gas resources and high barriers to entry for new generation that have increased by asset retirements. These credit considerations, combined with expected sound pricing levels for each of capacity and energy over at least the near-term, should allow BEC to generate key financial metrics that are commensurate with the Ba rating category while achieving meaningful debt reduction over the 7-year financing term. For example, New York City strip auction capacity prices for each of the summer 2024 and summer 2025 capability period auctions (May-October) cleared at $17.24/kW-month and $13.38/kW-month, respectively, up substantially from $5.16/kW-month in the summer of 2022. The winter 2024/2025 capability period auction (November-April) cleared at $8.67/kW-month, down from $12.90/kW-month for winter 2023/2024 but substantially up from $1.66/kW-month for the winter of 2022/2023. The substantial increase in capacity price levels is driven in part by the onset of stricter limits on NOx emissions from simple-cycle combustion turbines that led to asset retirements in Zone J. BEC units are not impacted by the stricter NOx emission limits. Moody's capacity pricing assumptions for Zone J are around $12.00/kW-month during summer months and $8.00/kW-month during winter months. These positive credit factors are offset in part by BEC's increased exposure to merchant capacity and energy revenues following the expected expiry of BEC's last tolling agreement in 2027, which will reduce the degree of cash flow certainty during the term of the debt, especially since Zone J capacity pricing levels have historically experienced meaningful swings as witnessed during 2021 and 2022. To mitigate this risk, BEC entered into several heat rate call options (HRCOs) with creditworthy counterparties, totaling 360 MW (or 54% of BEC's capacity) through Q2/Q3 2027. The 360 MW hedged capacity is in addition to the 132 MW (or 20% of BEC's capacity) which will still be under toll through Q2 2027. The rating acknowledges BEC's hedging strategy to hedge 50% of capacity through year-end 2030, with approximately 15% of hedged capacity already executed so far. Although these hedge arrangements will provide incremental fixed payments, the Project is contract reset risk from these hedges and remains exposed to basis risk, which could lead to negative financial settlements should the Project perform materially different than the pre-defined parameters under the HRCO. The rating incorporates prospective consolidated debt service coverage ratios (DSCR) and consolidated Project CFO to Debt cash flow metrics that generally fall within the 'Ba' category under Moody's case. The sensitivities considered combinations of more modest capacity prices and unhedged energy margins, and modestly higher O&M and maintenance capex. Moody's case also considers more modest capacity factors which are closely more aligned with BEC's historical performance. Utilizing these assumptions lead to a 3-year period 2026-2028 average DSCR of 2.75x, Project CFO to Debt of 15.3%, and Debt to EBITDA of 3.9x. The expected debt maturity under Moody's sensitivity case predicts that around 43% of the consolidated debt will be outstanding at the maturity date. The Ba3 rating recognizes the standard project financing structural features anticipated under the proposed transaction, which includes a six month debt service reserve account, backed by LCs, limitations on additional indebtedness (up to $50 million subject to rating's affirmation), a security package including all property and assets of BEC, a cash flow waterfall, a financial covenant of 1.10x DSRC, and an excess cash flow sweep mechanism in the financing document that begins at 75% but declines to 50% and 25% if leverage ratio is equal or below 3.5x and 2.5x, respectively. OUTLOOK The stable outlook reflects an expectation for continued robust operating performance and sound financial metrics in line with the Ba rating category owing in part to the high capacity and energy pricing environment that is expected for Zone J assets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE The rating could be upgraded if its Project CFO/debt and DSCR were to exceed 20% and 3.5x, respectively, and debt-to-EBITDA of less than 3.0x on a sustained basis. FACTORS THAT COULD LEAD TO A DOWNGRADE The rating could face negative pressure if BEC's operating performance is substantially weaker than expected resulting in materially higher operating costs, or if merchant capacity and energy revenues are well below expectations leading to weakening of key financial metrics, such as annual CFO to debt of less than 10%, DSCR of less than 1.9x, and debt-to-EBITDA greater than 5.0x on a sustained basis. LIST OF AFFECTED RATINGS Issuer: Bayonne Energy Center, LLC Assignments: Backed Senior Secured Bank Credit Facility, Assigned Ba3 Outlook Actions: Outlook, Stable The principal methodology used in these ratings was Power Generation Projects published in June 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. PROFILE Bayonne Energy Center, LLC (BEC)operates a 660 MW gas-fired electric power plant located in Bayonne, New Jersey, selling energy, capacity and ancillary services to New York City via a direct connection to the Zone J wholesale power market of NYISO. BEC achieved commercial operations in June 2012. Of the 660 MW, the facility has two sources of power generation BEC 1 (8 units x 66 MW = 528 MW) and BEC 2 (2 units x 66 MW = 132 MW.) Each unit consists of a Siemens SGT-A65 TR (f/k/a Rolls-Royce Trent 60) combustion turbine generator (CTG) operating in simple-cycle configuration. The technology is dual fueled aero-derivative, which can produce full power from a standing start in less than 10 minute of receiving a request. Funds managed by Morgan Stanley Infrastructure Partners (MSIP, or the "Sponsors") own 100% ownership interest in BEC since 2018. BEAN BROTHERS: Hires Essex Richards P.A. as Legal Counsel --------------------------------------------------------- Bean Brothers Landscaping LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire John C. Woodman of Essex Richards P.A. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) represent the Debtor and Debtor-in-Possession in connection with its Chapter 11 proceedings; (b) prepare and file necessary schedules, statements, motions, and other legal papers on behalf of the Debtor; (c) advise the Debtor with respect to its powers and duties under the Bankruptcy Code; and (d) perform all other legal services as may be necessary in the administration of this Chapter 11 case. Essex Richards P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: John C. Woodman, Esq. ESSEX RICHARDS, P.A. 1701 South Boulevard Charlotte, NC 28203 Telephone: (704) 377-4300 E-mail: jwoodman@essexrichards.com About Bean Brothers Landscaping LLC Bean Brothers Landscaping LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40201) on September 5, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $100,001 to $500,000. Judge Ashley Austin Edwards oversees the case. Essex Richards P.A. is Debtor's legal counsel. BHOWMICK LIQUOR: Hires Wadsworth Garber Warner as Counsel --------------------------------------------------------- Bhowmick Liquor, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, P.C. as bankruptcy counsel. The firm's services include: (a) prepare all necessary legal papers in this Chapter 11 case; (b) perform all legal services for the Debtor which may become necessary; and (c) represent the Debtor in any litigation which it determines is in the best interest of the estate, whether in state or federal court(s). The firm will be paid at these rates: David Wadsworth, Attorney $500 per hour Aaron Garber, Attorney $500 per hour David Warner, Attorney $425 per hour Aaron Conrardy, Attorney $425 per hour Hallie S. Cooper, Attorney $225 per hour Paralegals $125 per hour The firm received from the Debtor a retainer of $23,062.50. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Wadsworth 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: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: agarber@wgwc-law.com About Bhowmick Liquor, Inc. Bhowmick Liquor Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-14811) on July 31, 2025, with $500,001 to $1 million in assets and liabilities. Judge Kimberley H. Tyson presides over the case. BOONE HOSPITAL: Moody's Lowers Revenue Bond Rating to B2 -------------------------------------------------------- Moody's Ratings has downgraded Boone Hospital Center's (MO) (BHC) revenue bond rating to B2 from B1. The outlook is revised to negative from stable. The system had approximately $119 million of debt outstanding (consisting of direct debt and financing leases) as of fiscal year 2024. The downgrade reflects continued unrestricted cash losses over multiple years and a protracted pace of operating cash flow recovery. RATINGS RATIONALE The B2 rating reflects ongoing cash flow challenges and weak liquidity, with days cash on hand anticipated to remain around 40 days on a consolidated basis (Boone Hospital Center + Board of Trustee financials). A limited view into future performance and the absence of a clearly defined plan to turn around operations highlight elevated governance risk, a key driver of the rating change. Despite on-going pressures, BHC's role as a regional tertiary referral center and low Medicaid exposure remain key credit strengths. Moody's do not expect a covenant breach within the next year, supported by a special debt service reserve and provisions for operational transfers in coverage calculations. BHC has announced plans to seek a strategic partnership to address capital needs and enhance operations. No partner or terms have been identified yet, and Moody's will continue to monitor progress. RATING OUTLOOK The negative outlook reflects elevated risks of deeper operating losses and further cash deterioration through 2025 and beyond as a result of investments. The system projects days cash on hand to stay near 40 days, with operating cash flow margins between 1.5% and 2.0% in the near term. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Sustained improvement in operating cash flow margins -- Significant growth in cash reserves (days cash on hand) -- Successful execution of a strategic partnership that materially supports operations and capital FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Failure to maintain current financial performance (1.5% - 2.0% operating cash flow margin %) or liquidity, with days cash on hand sustained below 40 days -- Incurrence of additional debt or inability to comply with debt covenants -- Inability to execute strategic initiatives which allow for durable investments in capital, improved operating performance and increased unrestricted cash and investments PROFILE Boone Hospital Center is 392-licensed bed regional medical center whose real estate is owned by the County. The buildings are owned by the Board of Trustees and all other major movable equipment assets are owned by CH Allied Services. Hospital operations are the responsibility of the Board of Trustees for the benefit of the residents of the County and surrounding areas. Day to day operations of the hospital (but not all of the Hospital Facilities) are managed via a lease agreement to CH Allied Services, Inc., a private nonprofit corporation (the "Lessee"). METHODOLOGY The principal methodology used in this rating was Not-for-profit Healthcare published in October 2024. BREAKERS MEZZ: X-Caliber to Sell Assets on Sept. 26, 2025 --------------------------------------------------------- Pursuant to Section 9-610 of the California Uniform Commercial Code and that certain accommodation pledge agreement dated as of Sept. 23, 2021, provided by Breakers Mezz I LLC ("pledgor") in favor of X-Caliber Funding LLC ("lender"), lender will sell some or all of the pledgor's following assets that are subject to the lender's lien thereon: 100% of the shares of the membership interest in Breakers Development LLC. The assets secured the repayment of the indebtedness of Breakers Development LLC ("borrower") and lender. The assets will be sold pursuant to public auction to the highest bidder at the offices of lender's counsel, Blank Rome LLP, 2029 Century Park East, 6th Floor, Los Angeles, California 90067 on Sept. 26, 2025, at 9:00 a.m. PT. Person interested in bidding on the assets at the sale will contact counsel for the lender, Paige Tinkham, paige.tinkham@blankrome.com or 312-776-2514, during normal business hours, no later than two business days prior to the auction date. BRIDGEWATER CASTLE: To Sell Castle Rock Property to RJ Castle ------------------------------------------------------------- Bridgewater Castle Rock ALF, LLC seeks permission from the U.S. Bankruptcy Court for the District of Colorado, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor owns and is in the process of developing real property located at 3997 Home Street, Castle Rock, Colorado 80108. The Property is the site of a planned development of a 142-unit multifamily senior housing community. The Debtor entered into an Indenture Agreement for a loan in the original principal amount of $38,435,000 with UMB Bank, N.A. as the Indenture Trustee. The lienholders of the Property are NRE Excavating, Inc. , Martin Marietta Materials, Inc., Jones Heartz Building Supply, H&E Equipment Services, Lightning Ventures, Baxter Construction Company, LLC, Denver Commercial Property Services, Schindler Elevator Corporation, Castle Construction Services, LLC, Rio Grande Co., Colorado Mechanical Systems, LLC, Spectra Holdings, Inc., and Horizon, LLC AKA Horizon, Inc. The Property is further encumbered by a Deed of Trust dated February 8, 2021, securing a "Subscription Agreement" with HR Castle, LLC. The Debtor employs Raymond James & Associates, Inc. as Investment Broker. During the sale process, the Debtor received two qualified bids, and on July 8, 2025, the Debtor conducted an in-person auction with the qualified bidders in Denver, Colorado. At the conclusion of the auction, the Debtor, in exercising its business judgment, designated the Buyer as the winning bidder. The Buyer holds a minority 25% equity interest in Bridgewater Castle Rock, LLC, the 100% equity interest owner of the Debtor. The Buyer is a possible insider of the Debtor by virtue of its indirect ownership of through its 25% ownership interest in the Equity Holder. Notwithstanding the Buyer's status as a possible insider, the Buyer was and is not a manager, officer, or director of the Equity Holder or the Debtor, did not and does not have any authority, direction, or control over the Equity Holder or the Debtor, and was not and is not privy to any confidential business information as a result of its interest in the Equity Holder or its indirect ownership of the Debtor. On September 12, 2025, the Debtor entered into the Asset Purchase Agreement (APA) with the buyer, RJ Castle Rock Investment LLC, subject to Court approval. The total purchase price is $36,500,000.00 for substantially all assets of the Debtor, including the Property and the Project. The price is comprised of the escrow deposit in the amount of $1,775,000 and funds at closing for the remaining amount. About Bridgewater Castle Rock ALF, LLC Bridgewater Castle is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bridgewater Castle Rock ALF, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-13319) on June 14, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Steve Jorgenson as CEO. Patrick R. Akers, Esq. at FENNEMORE CRAIG represents the Debtor as counsel. BROOKS CUSTOM: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Brooks Custom Application, LLC 132 County Road 31 Houston, MS 38851 Business Description: Brooks Custom Application, LLC provides agricultural application services including liquid fertilizer and chemical treatments, lime spreading, and both fixed-rate and variable-rate applications. The family- owned Company, founded in 1969 and based in Houston, Mississippi, serves growers and ag retailers across Mississippi, Alabama, Tennessee, and Kentucky. Chapter 11 Petition Date: September 16, 2025 Court: United States Bankruptcy Court Northern District of Mississippi Case No.: 25-13062 Judge: Hon. Selene D Maddox Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC 601 Renaissance Way, Suite A Ridgeland, MS 39157 Tel: 601-427-0048 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Paul Brooks as managing member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KDWOB6Y/Brooks_Custom_Application_LLC__msnbke-25-13062__0007.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FKKKU5I/Brooks_Custom_Application_LLC__msnbke-25-13062__0001.0.pdf?mcid=tGE4TAMA CALIFORNIA RESOURCES: Berry Deal No Impact on Moody's 'B1' CFR -------------------------------------------------------------- Moody's Ratings said that California Resources Corporation (CRC) agreement to acquire Berry Corporation (Berry) for $717 million was credit positive. The all-equity transaction, which is expected to close in the first quarter of 2026, will deepen CRC's foothold in California's liquids-rich San Joaquin Basin while preserving its strong credit metrics. CRC's B1 Corporate Family Rating and stable outlook are unaffected by the acquisition. The acquisition will increase the production scale and reserves of CRC's core California acreage and slightly increase the proportion of oil in its production mix. On a pro forma basis, the combined company produced approximately 161 thousand barrels of oil equivalent per day (Mboe/d) in the second quarter of 2025, of which 81% was oil, and held approximately 568 million barrels of oil equivalent (MMboe) of proved developed reserves as of year-end 2024. CRC will assume about $408 million in incremental net debt at close, which will have a very modest negative effect on the company's relatively strong credit metrics. The transaction is immediately cash flow accretive, with pro forma free cash flow increasing by around 12% at close. Free cash flow will increase by around 30% by the end of 2026 when accounting for $80 to $90 million of identified synergies, including corporate synergies, lower interest costs through debt refinancing, operating improvements and supply chain efficiencies. While the company's reported free cash flow / debt will initially decline to around 40% at close, from around 50% previously, it will increase back towards 45% when accounting for synergies by the end of 2026. The company's net debt / EBITDAX ratio will only marginally increase to 0.8x at close, from 0.7x. The company indicated it would maintain optionality on Berry's Uinta acreage, which could be sold to support deleveraging. Moody's expect CRC to maintain its conservative financial policies following the acquisition, including its low leverage and track record of positive free cash flow generation and financial flexibility. CHERRY HILL: Seeks to Hire A.Y. Strauss LLC as Legal Counsel ------------------------------------------------------------ Cherry Hill Portfolio LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire A.Y. Strauss LLC to serve as legal counsel in its Chapter 11 case. A.Y. Strauss will provide these services: (a) providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; (b) taking all necessary actions to protect and preserve the Debtor's estate during the pendency of this Chapter 11 Case; (c) preparing on behalf of the Debtor, as debtor-in-possession, all necessary motions, applications, answers, orders, reports and papers in connection with the administration of this Chapter 11 Case; (d) counseling the Debtor with regard to its rights and obligations as debtor-in-possession; (e) appearing in Court to protect the interests of the Debtor; and (f) performing all other legal services for the Debtor which may be necessary and proper in these proceedings and in furtherance of the Debtor's operations. The firm's hourly billing rates are $500 to $650 for partners, $475 for counsel, $425 to $450 for associates, and $200 for paralegals. The firm agreed to cap its attorney hourly rate at $595 per hour, plus costs and expenses. Prior to the filing, A.Y. Strauss received a retainer of $25,000 in addition to the filing fee. A.Y. Strauss LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Eric H. Horn, Esq. David S. Salhanick, Esq. Eva M. Thomas, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue, Suite 3260 Livingston, NJ 07039 Telephone: (973) 287-5006 Facsimile: (973) 533-0217 About Cherry Hill Portfolio LLC Cherry Hill Portfolio LLC is a real estate company operating in New York and New Jersey. Cherry Hill Portfolio LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43199) on July 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtors are represented by Eric H. Horn, Esq. at A.Y. Strauss. CHORD ENERGY: Moody's Rates New Senior Unsecured Notes 'Ba2' ------------------------------------------------------------ Moody's Ratings assigned a Ba2 rating to Chord Energy Corporation's (Chord) proposed offering of senior unsecured notes. Chord's existing ratings, including its Ba1 Corporate Family Rating, existing Ba2 senior unsecured notes rating and stable outlook are unchanged. Chord plans to use the net proceeds from the proposed notes to fund a large acquisition of acreage close to its existing operations. "Chord Energy's $550 million acquisition of acreage in the Williston Basin will enhance its drilling inventory and modestly add to the company's production scale," stated James Wilkins, Moody's Ratings Vice President. "Moody's expect the company's leverage metrics, which were strong prior to the debt-financed acquisition, to remain supportive of the Ba1 Corporate Family Rating." RATINGS RATIONALE The proposed senior unsecured notes due 2030 are rated Ba2, one notch below the Ba1 CFR, and the same level as the Ba2 rating on Chord's existing senior unsecured notes due 2033. The two notes issues will rank pari passu. The Ba2 ratings on the senior unsecured notes reflects the contractual subordination of the notes to obligations under Chord's secured revolving credit facility. Chord's Ba1 CFR reflects its significant reserves and production scale in the Williston Basin, modest debt balance and strong leverage metrics, even following the recently announced acreage acquisition. The acquisition will add approximately 48 thousand net acres in close proximity to Chord's existing oilfield footprint, 90 net 10,000-foot equivalent drilling locations and nine thousand barrels of oil equivalent per day (boepd) of production (78% oil). The company expects the acquired acreage will build its inventory of reserves with low breakeven oil price economics, enhance operating margins and boost it cash flow. The all debt-financed purchase price will not impact the rating due to Chord's already low debt balance and strong credit metrics. As of mid-2025, its debt on average daily production was -$3,500, and pro forma for the acquisition, rose to -$5,400, which is low for a Ba-rated entity. Chord is the largest oil producer by volume in the Williston Basin, producing 282 Mboepd in the second quarter 2025. The benefits of larger scale are somewhat offset by the risks of its largely single-basin focus and lack of meaningful portfolio diversification. Chord's assets are oil-weighted with strong cash margins at higher oil prices, and the company has generated significant free cash flow ($543 million for the twelve months ended June 30, 2025) while growing production volumes. However, the company realizes relatively low natural gas and natural gas liquids prices in the Williston Basin. Chord's SGL-1 rating reflects its very good liquidity and is supported by its ability to generate meaningful free cash flow at mid-cycle oil prices, balance sheet cash ($40.5 million as of June 30, 2025) and availability under its revolving credit facility due July 2027. The borrowing base revolving credit facility had $2 billion of commitments, $180 million of borrowings and unused capacity of $1,790 million as of June 30, 2025, after accounting for $30 million of outstanding letters of credit. The credit facility is subject to financial covenants including a maximum Total Net Debt to EBITDAX ratio of 3.5x and minimum current ratio of 1x. Moody's expect Chord to comfortably comply with these covenants through 2026. The next debt maturity is the credit facility maturity in 2027. Chord's stable outlook reflects Moody's expectation that the company's credit profile will improve while maintaining low debt levels due to acquisition integration and scale benefits even if commodity prices remain volatile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Chord strengthens its business profile by either significantly increasing its production and reserves scale, with production exceeding 400 thousand barrels of oil equivalent per day, or achieving sufficient basin diversification, while sustaining low leverage and strong credit metrics. For an upgrade, the company's leveraged full-cycle ratio (LFCR) should exceed 2x, it should generate consistent free cash flow after sufficiently reinvesting in the business, and further establish a track record with its overall capital allocation framework and financial policy to support an investment grade rating. Ratings could be downgraded if Chord generates meaningful negative free cash flow, LFCR approaches 1x, retained cash flow (RCF) to debt falls below 35%, or Chord's financial policy becomes more aggressive, such as using substantial debt for acquisitions or to provide shareholder payouts. Chord Energy Corporation, headquartered in Houston, Texas, is an independent exploration & production company with operations focused largely in the Williston Basin. The principal methodology used in this rating was Independent Exploration and Production published in December 2022. Chord's Ba1 CFR is two notches below the scorecard indicated outcome of Baa2 due to a higher priority being placed on its single basin focus (business profile), its production scale, and profitability, as measured by its leveraged full-cycle ratio, as compared to higher rated peers. COMMUNITY HEALTH: Board OKs Compensation for Interim CEO, CFO ------------------------------------------------------------- Community Health Systems, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Kevin J. Hammons, who currently serves as the President and Chief Financial Officer of the Company, as Interim Chief Executive Officer of the Company, effective October 1, 2025, replacing Tim L. Hingtgen, the Company's Chief Executive Officer, who is retiring on September 30, 2025. In this capacity, Mr. Hammons will serve as the Company's principal executive officer. The contemplated appointment of Mr. Hammons as Interim Chief Executive Officer and retirement of Mr. Hingtgen as a director and executive officer of the Company were previously announced in a Current Report on Form 8-K filed by the Company on July 23, 2025. Appointment of Interim Chief Financial Officer In addition, the Board appointed Jason K. Johnson, who currently serves as Senior Vice President and Chief Accounting Officer of the Company, as Interim Chief Financial Officer of the Company, effective October 1, 2025, replacing Mr. Hammons in conjunction with Mr. Hammons' appointment as Interim Chief Executive Officer. In connection therewith, Mr. Johnson will serve as the Company's principal financial officer and will also continue to serve as the Company's principal accounting officer. The contemplated appointment of Mr. Johnson as Interim Chief Financial Officer was previously announced in a Current Report on Form 8-K filed by the Company on July 23, 2025. Compensation Arrangements Furthermore, on September 10, 2025, the Board, upon the recommendation of the Compensation Committee of the Board, approved certain revised compensation arrangements for Mr. Hammons and Mr. Johnson in connection with their promotions to Interim Chief Executive Officer and Interim Chief Financial Officer, respectively. In connection therewith, the Board approved an increase in Mr. Hammons' 2025 annualized base salary to $1,250,000 and an increase in Mr. Johnson's 2025 annualized base salary to $630,000 for the remainder of 2025, effective October 1, 2025. Additionally, with the promotions set forth above, the Board also approved new cash incentive compensation awards for Mr. Hammons and Mr. Johnson for the period from October 1, 2025 to December 31, 2025 under the Company's 2019 Employee Performance Incentive Plan by increasing their percentage bonus opportunities with respect to this period in comparison to their prior percentage bonus opportunities which had been approved by the Board in February 2025. These increased percentage bonus opportunities will be applied to their revised base salary levels for this period as noted above. The goals with respect to these awards are the same as the goals for 2025 performance which were established for the Company's Chief Executive Officer and Chief Financial Officer, respectively, and which were approved by the Board in February 2025. The performance goals for these cash incentive awards based on Company financial performance provide for target opportunities as follows (expressed as a percentage of base salary from October 1, 2025 to December 31, 2025): Name and Position Target Opportunity Kevin J. Hammons, Interim CEO 215% Jason K. Johnson, Interim CFO 115% In addition, in connection therewith, each of Mr. Hammons and Mr. Johnson will have the opportunity to achieve an additional percentage of his base salary from October 1, 2025 to December 31, 2025 based on the attainment of specific non-financial performance improvements up to a maximum of an additional 50% for Mr. Hammons and 45% for Mr. Johnson. Each of Mr. Hammons and Mr. Johnson will also have the opportunity to achieve an additional percentage of his base salary from October 1, 2025 to December 31, 2025 for overachievement of the performance goals up to a maximum of an additional 35% for Mr. Hammons and 65% for Mr. Johnson. For the period from January 1, 2025 to September 30, 2025, the percentage bonus opportunities for the cash incentive compensation awards for Mr. Hammons and Mr. Johnson will remain the same as the awards that were previously approved for them by the Board in February 2025, and will be applied to their base salary compensation payable for the period from January 1, 2025 through September 30, 2025. About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2025, the Company had $13.64 billion in total assets, $14.73 billion in total liabilities, and $1.41 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. CONDUENT INC: Moody's Lowers CFR to B2, Outlook Negative -------------------------------------------------------- Moody's Ratings downgraded Conduent Incorporated's (Conduent) corporate family rating to B2 from B1 and probability of default rating to B2-PD from B1-PD. Moody's also downgraded Conduent Business Services, LLC's backed senior secured bank credit facility expiring 2026 and backed senior secured notes due 2029 to B2 from B1. Additionally, Moody's assigned B2 ratings to the company's $186.67 million backed senior secured revolving credit facility expiring 2028 and $93.33 million backed senior secured performance letter of credit facility expiring 2028. The speculative grade liquidity rating was downgraded to SGL-3 from SGL-1. The outlooks remain negative. Conduent is a provider of business process outsourcing services across the commercial, government and transportation sectors. The downgrade of the CFR to B2 from B1 reflects Moody's expectation that Conduent's debt/EBITDA will remain above 5x through the end of 2025 and that the company will continue to experience cash flow deficits through 2026. Profitability rates should improve by the end of 2026, but remain low, with EBITDA margins reaching the 6% range, aided by lower restructuring and stranded costs from divested assets. Although Moody's expect revenue and earnings growth to begin in the second half of 2025, the company's historical pattern of revenue declines casts doubt on the sustainability of this growth. The downgrade of the liquidity rating to SGL-3 from SGL-1 reflects Moody's anticipation for cash flow deficits over the next 12 to 18 months. Moody's consider the company's ability to return to sustained free cash flow over the next 12 to 18 months uncertain. Nevertheless, the availability of the new revolving and letter of credit facilities through 2028 offers adequate liquidity support, affording Conduent time to implement its turnaround strategy and achieve consistent revenue growth. ESG considerations, specifically governance risk associated with financial strategy and risk management policies, which feature a tolerance for high financial leverage, was a key driver of the rating actions. RATINGS RATIONALE Conduent's B2 CFR reflects its high financial leverage, with debt/EBITDA of 6.2x for the twelve months ended June 30, 2025, pro forma for the impact of divestitures and excluding one-time restructuring charges, and giving partial credit for stranded costs, which Moody's expect should improve to around 4.5x by the end of 2026. Profit rates are low compared to many other rated business process outsourcing (BPO) companies; most notably in its transportation segment. In 2026, Moody's expect that the company will generate cash flow deficits of around $10 million and that debt/EBITDA will improve to around 4.5x. Moody's anticipation for lower financial leverage is driven by Moody's forecast for some growth in revenue and EBITDA margins improving to around 6.5% over the next 12 to 18 months. Moody's recognize that there is execution risk in these restructuring efforts and the company's history of revenue and earnings declines limit earning visibility. The company intends to achieve incremental cost efficiencies by the end of 2025 that should be fully realized in 2026. Pricing pressure in the highly competitive BPO space could also dampen profit rate improvements. All financial metrics cited reflect Moody's standard adjustments. The credit profile is supported by the company's large scale and its solid market position in the BPO industry to governments, particularly healthcare services, as well as commercial clients operating in the healthcare industry and other private sector markets. Moody's expect revenue of around $3.1 billion in 2025. Conduent has a recurring revenue base with long standing customer relationships that provides top-line stability. Exposure to federal healthcare program changes could represent an opportunity as states look to implement redetermination and other eligibility requirements. The B2 secured debt ratings are consistent with Conduent's CFR as the rated secured debt accounts for the preponderance of the company's debt capital structure. Conduent's liquidity is adequate, as indicated by the SGL-3 liquidity rating, despite Moody's expectation for cash flow deficits during the next 12 to 18 months. Moody's expect free cash flow of around negative $100 million in 2025, an improvement relative to negative $120 million for the twelve months ended June 30,2025 and considers around $25 million in remediation costs from a one-time cyber event expected to be paid in the second half of 2025. The company's cash flow is seasonal, with the bulk of cash flows occurring in the fourth quarter. Moody's expect the company to make additional voluntary term loan A repayments in late 2025. Moody's project free cash flow to improve significantly in 2026 to around negative $10 million, but this relies on improved profitability with EBITDA margins approaching 7% and sustained revenue growth in the low single digits. Liquidity is supported by cash of $275 million as of 30 June 2025 and $356 million in revolver capacity following its August 2025 amendment to its credit facilities. Total availability includes a $170 million tranche that expires in October 2026, with the remaining facilities expiry in August 2028. Moody's believe that the company has limited excess cash at June 30, 2025. Moody's note that the company participates in a non-recourse receivable factoring program, selling $624 million in 2024, and believe that a reduction or loss of the program would create near term working capital needs to fund accounts receivables that could be covered by the company's revolver. There are no material term debt maturities until 2029. Conduent's term loan and revolver are subject to a financial covenant based on a maximum consolidated first lien net leverage ratio of 4.5x and a fixed charge coverage ratio of 2.5x. Based on current operating performance expectations, Moody's anticipate that the company will remain well in compliance with these covenants over the next 12 to 18 months. The negative outlook reflects Moody's concerns that Conduent's low profitability rates may not rise, driving cash flow deficits which weaken liquidity and debt/EBITDA to remain above 5x. The negative outlook also incorporates execution risk in the company's cost management efforts and reversing revenue declines by the end of 2025. The outlook could be revised to stable if the company can demonstrate revenue growth and profitability rate improvements that lead us to anticipate debt/EBITDA will remain around or below 5x and sustained, positive free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, a ratings upgrade is not likely in the near term. Over the longer term, the ratings could be upgraded if Conduent realizes sustained organic sales growth, demonstrates meaningful improvements in profitability and free cash flow generation, and adheres to conservative financial policies such that debt/EBITDA is maintained below 4.5x and Moody's expect free cash flow/debt to be sustained in a mid-single digits percentage range. The ratings could be downgraded if Moody's anticipate Conduent's sales will continue to decline after 2025, profitability rates stall, debt/EBITDA remains above 5x or cash flow deficits will persist beyond 2026. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Conduent (NASDAQ: CNDT), based in Florham Park, New Jersey, is a provider of business process outsourcing services to clients operating in the healthcare industry and other private sector markets as well as domestic and foreign governments. The company divested its BenefitWallet, curbside management and public safety, and casualty claims solutions businesses in 2024. Moody's forecast that Conduent will generate sales of around $3.1 billion in 2025. CYPRESSWOOD SPRING: Cash Collateral Hearing Set for Oct. 7 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, is set to hold a hearing on October 7 to consider another extension of Cypresswood Spring Memory Care, LLC's authority to use cash collateral. The court's latest interim order issued on September 10 authorized the Debtor's interim use of cash collateral in accordance with its monthly budget, subject to a 15% variance. The interim order granted PSF I Cypresswood, LLC, a secured lender, adequate protection in the form of a post-petition claim secured by perfected senior liens, with priority over all other costs and expenses. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case; the appointment of a trustee or examiner; cessation of operations; non-compliance with or default by the Debtor of the terms of the order; the granting of claim or lien to another creditor that is equal or superior in priority; or the lifting of the automatic stay to allow any creditor to proceed against any asset of the Debtor valued at $75,000 or more. About Cypresswood Spring Memory Care Cypresswood Spring Memory Care, LLC, doing business as Autumn Leaves of Cypresswood, operates a 54-bed, purpose-built community in Spring, Texas that provides specialized residential care for people with Alzheimer's disease and other dementias. The facility is part of family-owned Autumn Leaves Memory Care, which runs similar communities in Texas and Illinois. Cypresswood sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41420) on April 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Edward L. Morris handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. PSF I Cypresswood, LLC, as secured lender, is represented by: Kevin M. Lippman, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7565 Facsimile: (214) 978-5335 klippman@munsch.com DALLAS PARTY: Taps Compass US Accountants & Advisors as Accountants ------------------------------------------------------------------- Dallas Party Bike LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Compass US Accountants & Advisors to serve as accountants in its Chapter 11 case. Compass will provide these services: (a) preparation of 2024 tax returns; and (b) preparation of any bookkeeping entries and/or adjusting journal entries Compass finds necessary in connection with the preparation of income tax returns. Compass will receive a flat fee of $1,650 for preparation of the 2024 tax return and $150 per hour for any year-end financial adjustments required for tax return purposes. Compass US Accountants & Advisors is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jennifer Webb Compass US Accountants & Advisors About Dallas Party Bike LLC Dallas Party Bike LLC, likely operating pedal-powered tour vehicles for entertainment and transportation services in Dallas, Texas. Dallas Party Bike LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32509) on July 2, 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 Judge Scott W. Everett oversees the case. The Debtors are represented by Melissa S. Hayward, Esq. at Hayward PLLC. DATAVAULT AI: EOS CEO Nathaniel Bradley Holds 16.9% Stake --------------------------------------------------------- Nathaniel Bradley, Sonia Choi and Eos Technology Holdings Inc., disclosed in a Schedule 13D (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of September 7, 2025, they beneficially own shares of Datavault AI Inc.'s Common Stock, representing significant ownership interests in the issuer. * Nathaniel Bradley beneficially owns 19,700,790 shares, representing 16.9% of the outstanding Common Stock of Datavault AI Inc. These shares consist of 4,235,970 shares held directly by Mr. Bradley, 12,289,002 shares held directly by EOS Technology Holdings Inc., and 3,175,818 shares held directly by his spouse, Sonia Choi. * Sonia Choi beneficially owns 7,411,788 shares, representing 6.4% of the outstanding Common Stock. These shares consist of 3,175,818 shares held directly by Ms. Choi and 4,235,970 shares held directly by Mr. Bradley. * EOS Technology Holdings Inc., a Delaware corporation of which Mr. Bradley is Chief Executive Officer and sole director, beneficially owns 12,289,002 shares, representing 10.5% of the outstanding Common Stock. The percentages are based on 116,701,378 shares outstanding as of September 9, 2025. Nathaniel Bradley may be reached through: Nathaniel Bradley 48 Wall Street, Floor 11 New York, N.Y. 10005 Tel: 520-631-9595 A full-text copy of the SEC Report is available at: https://tinyurl.com/2c7b3hux About Datavault AI Datavault AI Inc. (formerly WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for Seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $120.7 million in total assets, against $46.6 million in total liabilities. DEL RIO PARKS: Unsecureds to be Paid in Full over 12 Months ----------------------------------------------------------- Del Rio Parks, LLC submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated September 10, 2025. The Debtor's income and expenses are projected to be stable going forward, with normal adjustments for inflation going forward. The income to make the payments required under the Plan will come from the operations of the property. Should there be a shortfall from operations, Scott Kramer will contribute the amounts necessary to meet the Debtor's obligations under the Plan. An additional contribution of up to $1,500.00/month by Scott Kramer should be sufficient to make the Plan feasible. The Debtor, which is owned 100% by Scott Kamp, will continue to operate under the Plan. Mr. Kamp is a Plaintiff in a malpractice lawsuit against former counsel in a non-related venture. The Debtor expects a significant settlement in that litigation within 2 years, which will allow the Debtor to fully satisfy all allowed claims of creditors under the terms of this Plan of Reorganization. Negotiations are ongoing, which Mr. Kramer believes will result in a settlement of the matter in the next year. The Debtor will continue to run its financial affairs without change, other than as set forth herein, post-confirmation. Mr. Kramer receives no income from the Debtor, and has agreed to contribute up to $1,500.00/month (and more if needed) to make sure the Plan payments as proposed herein are made in a timely manner. The Debtor has been working for the U.S. Department of Labor as a GS 11, with an income of $83,000.00/year. He is leaving his position at the end of September this year. However, Mr. Kramer has an income of $15,000.00/month from his other R.V. parks that he owns, and will not have an issue funding the Plan. Class 4 consists of Unsecured Creditors. There are unsecured claims in Class 4. The Debtor scheduled five unsecured claims totaling the amount of less than $1,000.00. The allowed Class 4 unsecured claims will be paid in full under the Plan, without interest, through equal monthly payments over a period of 12 months beginning on the 1st day of the month following the effective date of the Plan. The estimated monthly payments are less than $100.00/month. The Class 4 creditors are impaired. The Plan is feasible as a result of the income being generated by the Debtor from the contribution of Scott Kramer. The income is projected to be sufficient to service the debts of the Debtor for the foreseeable future. A full-text copy of the Amended Disclosure Statement dated September 10, 2025 is available at https://urlcurt.com/u?l=l7ruJn from PacerMonitor.com at no charge. Counsel to the Debtor: William R. Davis, Jr., Esq. Langley & Banack, Inc. 745 E. Mulberry, Suite 700 San Antonio, TX 78212 Telephone: (210) 736-6600 Email: wrdavis@langeybanack.com About Del Rio Parks LLC Del Rio Parks, LLC, runs a mobile home park located at 9670 U.S. Hwy. 90 W, Del Rio, TX 78840. The Debtor filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 25-50409) on March 3, 2025, listing up to $500,000 in both assets liabilities. Scott Kramer, president of Del Rio Parks, signed the petition. Judge Michael M. Parker oversees the case. William R. Davis, Jr., at Langley & Banack, Inc., is the Debtor's legal counsel. DELTA TOPCO: $760MM Incremental Debt No Impact on Moody's 'B3' CFR ------------------------------------------------------------------ Moody's Ratings said that Delta Topco, LLC's ("Infoblox") credit ratings and stable outlook are unaffected by the company's proposed $760 million in incremental debt, which along with about $23 million of balance sheet cash, will be used to fund a distribution to shareholders, net of fees and expenses, bringing the company's total debt load to about $3,308 million from $2,548 million. The incremental debt will include a fungible $600 million senior secured first lien term loan B due November 2029 and a $160 million senior secured second lien term loan due November 2030. The company's current ratings include the B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), B2 rating on the company's senior secured first lien term loan B, B2 rating on the senior secured first lien revolving credit facility, and Caa2 rating on the senior secured second lien term loan. While the transaction is credit negative, Moody's expect strong growth of about 30% in fiscal 2026 (ending July 31, 2026), which comes after revenue expansion of about 23% in FY 2025, will enable Infoblox to reach about 9x debt-to-EBITDA (or about 6.5x on a cash-adjusted basis, which expenses capitalized software development costs and adds back stock-based compensation and changes in deferred revenue) at 2026 fiscal year end, with further reductions on debt-to-EBITDA (non cash-adjusted) to below 8x in FY 2027. Those leverage numbers are pro forma for the proposed dividend transaction. The company's tech refresh with end of life support for the previous generation of DDI products happening in April 2026, along with continued solid expansion and new bookings, will lead to strong subscription sales growth in FY 2026 and very healthy upfront collections given revenue recognition and collection dynamics. For this reason, Moody's expect solid free cash flow in FY 2026, with free cash flow to debt above 5%. That said, cash flows are likely to soften in FY 2027 post-tech refresh and the company is dependent on healthy new and upsell bookings to maintain solid cash generation then. The ratings, including the B3 CFR, reflect elevated financial leverage, aggressive financial policies, with the potential of ongoing debt-funded dividends, as well as occasional lower cash flows amid potential shortfalls in expected new and expansion bookings, compounded by high interest costs without hedges. This is balanced by robust growth dynamics, given very solid retention rates and an underpenetrated market with a large number of sizable companies still not using an enterprise grade DDI solution as well as newer tools that provide greater network visibility and that have seen strong uptake. Moreover, the product is sticky given its mission criticality for network functioning and integration with customers' systems. Liquidity is good and includes a $60 million cash balance and an undrawn $200 million revolver at July 31, 2025, pro forma for the proposed dividend transaction. Furthermore, Moody's expect around $200 million in free cash flow in fiscal 2026, despite the expected higher interest costs. The stable outlook reflects expectations of solid revenue growth into fiscal 2026 and for financial leverage to decline with earnings expansion. The ratings could be downgraded if competitive or execution challenges result in revenue and EBITDA declining such that debt-to-EBITDA is sustained above 8x, the company experiences a deterioration in its market position, and/or aggressive financial policies intensify. The ratings could be upgraded with strong and sustained revenue growth, such that financial leverage is maintained below 6.5x while free cash flow to debt is maintained around the mid-single-digit range, and the company exhibits more conservative financial policies. Infoblox provides core network services, including DNS, DHCP and IPAM along with related security and network automation products. The company, headquartered in Santa Clara, CA, is owned by funds affiliated with Warburg Pincus and Vista Equity Partners. Infoblox generated total revenue of $938 million and annual recurring revenue of $888 million for the fiscal year ended July 31, 2025. DESKTOP METAL: Updates Unsecured Claims Pay Details --------------------------------------------------- Desktop Metal, Inc. and its Affiliated Debtors submitted a Second Amended and Restated Combined Disclosure Statement and Plan of Liquidation dated September 10, 2025. To address its immediate liquidity needs, the Company entered into an agreement with Anzu Special Acquisition Corp., pursuant to which Anzu would acquire the Company's German, Italian, and Japanese subsidiaries, including certain related U.S. assets, in a private sale for total consideration of $10 million (the "Private Sale Transaction"). Concurrently, the Company filed the Cash Collateral Motion seeking to use a portion of the proceeds from the Private Sale Transaction to fund the Chapter 11 Cases and the sale of the Company's remaining assets. The Court approved the Private Sale Transaction and the Cash Collateral Motion (on an interim basis) on July 31, 2025. The Court set a hearing to consider approval of the Cash Collateral Motion on a final basis on September 11, 2025. The Private Sale Transaction with Anzu has closed. On July 31, 2025, the Company also sought and obtained approval of the Bid Procedures, pursuant to which the Company sold its dental labs businesses at an auction held on August 11, 2025 for total consideration of approximately $7.8 million in the aggregate pursuant to the Sale Orders. The Debtors also sold certain of their remaining assets pursuant to the Additional Sale Orders. After selling the foregoing assets, the Debtors are seeking to effectuate an orderly wind down of their remaining operations and assets, including the investigation and prosecution of any viable Causes of Action, and to disburse the proceeds therefrom to their Creditors. On the Effective Date, the Debtors will transfer the remaining unliquidated assets, the Administration Trust Assets and Litigation Trust Assets, to the Administration Trust and Litigation Trust, as applicable. The Administration Trust and Litigation Trust will investigate the Estate's Causes of Action as set forth in the Administration Trust Agreement and Litigation Trust Agreement, as applicable, and will liquidate, collect, prosecute, sell, settle, or otherwise dispose of the transferred assets. The Litigation Trust will transfer Litigation Recoveries to the Administration Trust, which will distribute all net proceeds to Creditors in accordance with the priority scheme under the Bankruptcy Code and the Plan. There will be no distributions to Holders of Interests. Class 7 Unsecured Claims, estimated amount $130,875,250. Holders of Class 7 Claims shall receive a Pro Rata share of the Administration Trust Interests in exchange for their Allowed Class 7 Claims, which entitle the Beneficiaries thereof to a Pro Rata share of any net proceeds of the Administration Trust Assets, after payment of all Administration Trust Expenses, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, any Allowed adequate protection claims, and net of any proceeds of Collateral payable to the Holders of Allowed Secured Claims. Unsecured Claims are subject to all statutory, equitable, and contractual subordination claims, rights, and grounds available to the Debtors, the Estates, the Plan Administrator, and the Litigation Trustee, which subordination claims, rights, and grounds are fully enforceable prior to, on, and after the Effective Date. The estimated recovery for General Unsecured Claims is "unknown", according to the Disclosure Statement. There shall be no Distribution on account of Class 9 Interests. Upon the Effective Date, all Interests in Desktop will be deemed cancelled and will cease to exist, and all Interests in Debtors other than Desktop shall be retained at the option of the Debtors or the Administration Trust, as applicable. The Debtor(s) shall make Distributions to Holders of Claims on the Initial Distribution Date. Subject to the terms of the Plan and the Administration Trust Agreement, Plan Administrator may, in its sole discretion, make a full or partial Pro Rata Distribution to the Holders of Claims on a Subsequent Distribution Date. Any Distribution not made on the Initial Distribution Date or a Subsequent Distribution Date because the Claim relating to such Distribution had not been Allowed on that Distribution Date shall be held by the Plan Administrator for Distribution on any Subsequent Distribution Date after such Claim is Allowed. A full-text copy of the Second Amended and Restated Combined Disclosure Statement and Plan dated September 10, 2025 is available at https://urlcurt.com/u?l=1QpEc0 from PacerMonitor.com at no charge. Proposed Counsel to the Debtors: PACHULSKI STANG ZIEHL & JONES LLP Michael D. Warner, Esq. Maxim B. Litvak, Esq. Benjamin L. Wallen, Esq. 700 Louisiana Street, Suite 4500 Houston, TX 77002 Telephone: (713) 691-9385 Facsimile: (713) 691-9407 Email: mwarner@pszjlaw.com mlitvak@pszjlaw.com bwallen@pszjlaw.com -and- Richard M. Pachulski, Esq. Gregory V. Demo, Esq. 10100 Santa Monica Blvd., 13th Floor Los Angeles, CA 90067 Telephone: (310) 277-6910 Facsimile: (310) 201-0760 Email: rpachulski@pszjlaw.com gdemo@pszjlaw.com About Desktop Metal Inc. Desktop Metal designs and markets 3D printing systems. ExOne's business primarily consisted of manufacturing and selling 3D printing machines and printing products to specification for its customers for both direct and indirect applications. ExOne offered its pre-production collaboration and print products for customers through its network of ExOne Adoption Centers and supplied the associated materials, including consumables and replacements parts, and other services, including training and technical support, necessary for purchasers of its 3D printing machines to print products. Desktop Metal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90268 (CML). Judge Christopher M. Lopez presides over the case. Benjamin Lawrence Wallen at Pachulski Stang Ziehl & Jones LLP, serves as the Debtor's counsel. DESTINATIONS TO RECOVERY: Residents Relocated, PCO Report Says -------------------------------------------------------------- Tamar Terzian, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California her report regarding the quality of patient care provided at Destinations to Recovery, LLC's treatment facilities. The PCO filed the report on an emergency basis to notify the court that Destinations to Recovery had insufficient funds to operate the facilities and that there is immediate need to transfer all patients to other facilities. As of September 10, there were eight patients in two of the residential facilities Calenda and Hatteras with four patients at each location. From the eight patients, two were already in the process of discharge. The PCO worked with the Debtor to transfer the remaining six patients. The PCO was assured that staff was present to assist each patient through the transition process. She received communication that the six patients were discharged, that legal guardians executed discharge paperwork, and upon discharge, patients did not have any current suicidal ideation, homicidal ideation, self-harm urges or hallucinations, and did not exhibit delusional thought processes. The PCO noted that as of the filing of this report, there are no patients under the supervision or control of Destinations to Recovery. She has contacted each patient's parents and confirmed the transfer. The PCO has informed Destinations to Recovery to preserve all patient records stored electronically in the Kipu system. Destinations to Recovery is also required to properly destroy any medication in its possession. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=RilYZG from PacerMonitor.com. The ombudsman may be reached at: Tamar Terzian, Esq. Email: tterzian@hansonbridgett.com Hanson Bridgett, LLP 601 W. 5th Street, 3rd Floor Los Angeles, CA 90071 Tel: (323) 210-7747 About Destinations to Recovery Destinations to Recovery, LLC, operates an IPO and PHO rehabilitation center located at 20951 Burbank Blvd., Woodland Hills, Calif. Destinations to Recovery filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 24-11877) on November 8, 2024, with up to $1 million in both assets and liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge Martin R. Barash oversees the case. The Debtor is represented by Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc. Tamar Terzian is the patient care ombudsman appointed in the Debtor's case. DFRF ENTERPRISES: Claims Filing Deadline Set for Dec. 19, 2025 -------------------------------------------------------------- The DFRF Distribution Plan provides for the distribution of funds collected on the final judgments entered in this action: U.S. Securities and Exchange Commission DFRF Enterprises LLC, et al., 15-cv-12857-PBS (D. Mass.). The DFRF Distribution Fund ("Fund") has been created for the benefit of investors harmed by the defendants' violation alleged in this action. To be considered for eligibility to share in the fund, you must submit a claim form by Dec. 19, 2025, in accordance with the steps set forth in the plan and in the plan notice. Visit https://www.DFRDDistributionFund.com to view the notice and the plan, to submit a claim form, and to learn more about he fund. DRAGONFLY PRIMARY: Judy Wolf Weiker Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 10 appointed Judy Wolf Weiker of Manewitz Weiker Associates, LLC as Subchapter V trustee for Dragonfly Primary Care, LLC. Ms. Weiker will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Weiker declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Judy Wolf Weiker Manewitz Weiker Associates, LLC P.O. Box 40185 Indianapolis, IN 46240 Phone: 973-768-2735 Email: JWWtrustee@manewitzweiker.com About Dragonfly Primary Care Dragonfly Primary Care, LLC provides comprehensive primary care services for patients of all ages in Indianapolis, Indiana, 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 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05537) on September 12, 2025, with $288,594 in assets and $1,461,850 in liabilities. Caleb Wiles, practice manager of Dragonfly Primary Care, signed the petition. Judge James M. Carr presides over the case. Thomas C. Scherer, Esq., at Dentons Bingham Greenebaum represents the Debtor as legal counsel. ELEVEN STATE: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- Eleven State Street Corporation filed a voluntary Chapter 7 petition in the Eastern District of New York on September 16, 2025. The filing disclosed liabilities as high as $1 million, and a creditor count between 1 and 49. About Eleven State Street Corporation Eleven State Street Corporation operates in the real estate industry. Eleven State Street Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73541) on September 16, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities up to $1 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. ENI DIST: Court Extends Cash Collateral Access to Oct. 9 -------------------------------------------------------- ENI DIST, Inc. received second interim approval from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to use cash collateral. The interim order authorized the Debtor to use cash collateral1 through October 9 to fund the expenses provided in the budget that are necessary to operate and maintain its business and property. As adequate protection for any diminution in the value of their collateral, ARBA Credit Investors III, L.P. and other creditors will be granted replacement liens on all post-petition assets of the Debtor, to the same extent and with the same priority as their pre-bankruptcy liens. The order required the Debtor to pay $6,000 to ARBA Credit Investors III, L.P. by September 25 as additional protection. The next hearing is set for October 9. The Debtor's cash collateral consists of $71,489 in business bank accounts; $446,189 in receivables held by third-party vendors; $1,640,047 in additional accounts receivable; and funds reclaimable from preferential payments made to ARBA and another creditor totaling over $160,000. ARBA, through a series of loan assignments and mergers involving Columbia Bank and Fulton Bank, claims to be a secured creditor. However, the Debtor challenges the legitimacy of ARA's lien on accounts receivable and bank deposits due to faulty UCC continuation filings by Columbia Bank, which no longer legally existed in Maryland at the time. ARBA's $6 million claim is thus asserted only against two real properties owned by Taehyun Holdings, a company 100% owned by the Debtor. ARBA is represented by: David S. Musgrave, Esq. Gordon Feinblatt, LLC 1001 Fleet Street, Suite 700 Baltimore, Maryland 21202 Telephone/Fax: (410) 576-4194 dmusgrave@gfrlaw.com About ENI DIST Inc. ENI DIST Inc. imports and distributes Asian food products from South Korea and Southeast Asia. The Company supplies dry, refrigerated, and frozen goods to wholesale distributors, chain retailers, foodservice distributors, and independent supermarkets. It operates a warehouse for handling various product types and offers both local and container drop shipment services across the United States. ENI DIST sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17220) on August 6, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Michelle M. Harner oversees the case. The Debtor is represented by: Weon G. Kim, Esq. Weon G. Kim Law Office Tel: 571-278-3728 Email: jkkchadol99@gmail.com ESCO OIL: Court Denies Bid to Appoint Chapter 11 Trustee -------------------------------------------------------- A U.S. bankruptcy judge denied the motion filed by Cameron Exploration, Inc. and two others to appoint a Chapter 11 trustee for ESCO Oil Operating Company, LLC. In his order dated September 17, Judge Eduardo Rodriguez denied the motion, saying that a Chapter 11 trustee cannot be appointed because the company's case is a Subchapter V case and that Section 1104(a) does not apply to Subchapter V according to Section 1181 of the Bankruptcy Code. Cameron Exploration, Everett Lawley and Cameron Kyle Smith asked the court on September 15 to direct the U.S. trustee overseeing ESCO's bankruptcy to appoint an independent trustee to take over the case, arguing that the company and its principal, Danny Davis, are "recklessly secreting" assets of the estate. These assets include an oil well capable of producing in commercial quantities, which the company allegedly omitted from its schedules and its Chapter 11 plan of reorganization, and substantial amounts of cash including $368,000, which the company allegedly used to drill another well. The group also accused the company of defrauding the court regarding its current operations and assets, and "grossly mismanaging" the business, depriving its creditors of available assets to pay its debts. The group is represented by: Laura P. Haley, Esq. Haley Law Firm, PLLC 1617 E. Tyler Ave., Ste. A Harlingen, TX 78550 Tel:(956) 446-0601 laura@laurahaleylaw.com About ESCO Oil Operating Company ESCO Oil Operating Company, LLC is a Texas-based oil and gas operator engaged in managing producing wells primarily in Maverick County. It is headquartered in Houston and holds mineral interests across multiple counties in the state. ESCO Oil Operating Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32573) on May 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez handles the case. The Debtor tapped Leonard Simon, Esq., at Pendergraft & Simon, LLP as bankruptcy counsel and Bjornrae Kemp, Esq., at Calhoun, Meredith, PLLC as litigation counsel. EVERSTREAM SOLUTIONS: Unsecureds to Get Nothing in Sale Plan ------------------------------------------------------------ Everstream Solutions LLC and its affiliated debtors filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Joint Chapter 11 Plan dated September 10, 2025. Debtor Midwest Fiber Holdings LP ("HoldCo") is the ultimate Debtor parent of 13 direct and indirect subsidiaries that, collectively with Everstream Solutions LLC, are Debtors in the Chapter 11 Cases. Everstream was founded in 2014 as a for-profit subsidiary of OneCommunity, a Cleveland-based nonprofit organization, to provide fiber, data, and network services to businesses across northeast Ohio. Since its founding, the Company has expanded through a combination of organic growth and strategic acquisitions. Everstream classifies its suite of services into three broad categories: (i) connectivity services, (ii) communications solutions, and (iii) network security. On July 22, 2025, the Debtors held a live auction (the "Auction") that included multiple rounds of competitive bidding among the Qualified Bidders and resulted in the designation of Bluebird's final bid, which provided for an aggregate cash purchase price of $384.6 million (subject to certain purchase price adjustments) plus certain assumed liabilities, as the Successful Bid. The Debtors also selected Metro Comm's final bid, which provided for an aggregate cash purchase price of $366 million (subject to certain purchase price adjustments) plus certain assumed liabilities, including the liabilities associated with the Pennsylvania Business, as the Back-Up Bid (as defined in the Bidding Procedures Order). The Successful Bid and Back-Up Bid were the culmination of the extensive eight-month WholeCo Prepetition Sale Process, the 50-day Postpetition Sale Process, and a competitive Auction. Each bid also marked a significant improvement from the Stalking Horse Bid to the benefit of the Debtors' estates, creditors, and all parties in interest. On August 1, 2025, upon a hearing held to approve the WholeCo Sale Transaction, the Bankruptcy Court entered an order approving (i) that certain Asset Purchase Agreement, dated as of July 31, 2025, memorializing the WholeCo Sale Transaction (the "Bluebird APA") with Bluebird as the Successful Bidder and (ii) the designation of Metro Comm as the Back-Up Bidder and its bid as the Back-Up Bid pursuant to the terms of that certain Asset Purchase Agreement (the "Metro Comm APA," and, as applicable between the Metro Comm APA and the Bluebird APA, in each case, together with the exhibits thereto, as may be amended, supplemented, or otherwise modified from time to time in accordance with the terms thereof, the "WholeCo APA"). The Plan contemplates the distribution of proceeds from the WholeCo Sale Transaction with the Successful Bidder and a wind down of the Debtors' remaining assets. To implement the provisions of the Plan, the Plan contemplates the appointment of a plan administrator (the "Plan Administrator") to facilitate the wind down of the Debtors' remaining assets after the Effective Date (the "Wind Down"). The Plan further provides that, on the Effective Date, an Entity or Entities that, in the discretion of Debtors with the consent of the Requisite Prepetition Lenders, may be established or otherwise designated for the benefit of holders of Claims against the Debtors (the "Wind Down Co") in connection with the distribution of cash on hand, proceeds from the WholeCo Sale Transaction, and any other assets of the Debtors. Wind Down Co will be funded with Cash equal to the aggregate amount of projected disbursements (plus any additional amounts recovered or realized by Wind Down Co in accordance with the Wind Down) (the "Wind Down Fund"), which shall be used in accordance with a budget (the "Wind Down Budget") to be agreed upon between the Debtors and Prepetition Lenders holding, in the aggregate, at least 75% of each of the outstanding DIP Loans, OpCo Loans, and HoldCo Loans (the "Requisite Prepetition Lenders"). Plan Distributions to holders of Claims entitled to a recovery under the Plan will be funded by Cash on hand, the Sale Proceeds, Cash proceeds from the sale or liquidation of any of the Debtors' assets that are not Transferred Assets, and, with respect to distributions on account of Allowed HoldCo Lender Secured Claims, any Cash in the Credit Card Program Bank Account. Plan Distributions will be made in accordance with the following distribution priority (in each case, until paid in full in Cash) (the "Waterfall Recovery Priority"): (i) first, on account of Allowed Administrative Expense Claims, Allowed DIP Claims, Allowed Priority Tax Claims, and Allowed Other Priority Claims (if any); (ii) second, on account of Allowed Other Secured Claims (if any); and (iii) third, on account of Allowed OpCo Lender Secured Claims. As further set forth in the Plan, following completion of the Wind Down, the Plan Administrator will distribute to the OpCo Lenders the amount (if any) remaining in the Wind Down Fund after the Plan Administrator completes all of its duties under the Plan before the dissolution of Wind Down Co. As of the Petition Date, the Debtors estimate that there is approximately $37.5 million on account of Claims against the Debtors that are neither secured by collateral nor entitled to priority under the Bankruptcy Code or any order of the Court. Class 4 consists of OpCo General Unsecured Claims. All OpCo General Unsecured Claims shall be cancelled, released, and extinguished as of the Effective Date, and will be of no further force or effect, and holders of Allowed OpCo General Unsecured Claims shall not receive any distribution on account of such Allowed OpCo General Unsecured Claims. This Class will receive a distribution of 0% of their allowed claims. This Class is impaired. Class 6 consists of HoldCo General Unsecured Claims. All HoldCo General Unsecured Claims shall be cancelled, released, and extinguished as of the Effective Date, and will be of no further force or effect, and holders of Allowed HoldCo General Unsecured Claims shall not receive any distribution on account of such Allowed HoldCo General Unsecured Claims. This Class will receive a distribution of 0% of their allowed claims. This Class is impaired. A full-text copy of the Disclosure Statement dated September 10, 2025 is available at https://urlcurt.com/u?l=f3MIe7 from Stretto Inc., claims agent. The Debtors' Counsel: Gabriel A. Morgan, Esq. Clifford W. Carlson, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: gabriel.morgan@weil.com clifford.carlson@weil.com - and - Matthew S. Barr, Esq. Andriana Georgallas, Esq. Alexander P. Cohen, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com andriana.georgallas@weil.com alexander.cohen@weil.com About Everstream Networks Everstream Networks LLC is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. EXACTECH INC: Court OKs Medical Device Biz Sale to EI Bidco ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware, has approved Exactech Inc. and its affiliates, to sell Assets, free and clear of liens, claims, interests, and encumbrances. Founded in 1985, the Debtors, together with their non-Debtor subsidiaries are a global medical device company that designs, manufactures, and markets joint replacement implants and related surgical instruments to help surgeons worldwide make patients more mobile. The Company's broad and innovative products include hip implants, knee implants, extremity implants, and ExactechGPS systems, among others. The Company directs commercial operations in the United States as well as nine international markets, including Spain, Australia, Japan, the United Kingdom, and Italy. The Company is headquartered in Gainesville, Florida and employs approximately 900 individuals worldwide. Since its founding in 1985, the Company has expanded its distribution to over 30 countries. The Court has authorized the Debtor to sell Assets to EI Bidco LLC as the winning bidder, and upon the Buyer and certain of the Debtors having entered into that certain Asset Purchase Agreement. The aggregate consideration for all or substantially all of the Debtors' Assets will be (i) the assumption of Assumed Liabilities; (ii) the Wind-Down Amount,8 (iii) a credit bid, pursuant to Section 363(k) of the Bankruptcy Code, in an amount equal to (x) all of the Prepetition Obligations, and (y) the full amount of the obligations of Sellers under the DIP Facility due and payable as of the Closing Date; (iv) the GUC Reserve (a cash payment of $500,000, which shall be an Excluded Asset and reserved for distributions to the general unsecured creditors of the Sellers in accordance with the Plan; and (v) the payment of Cure Costs. The Court determined that the consummation of the Transactions is legal, valid, and properly authorized under all applicable provisions of the Bankruptcy Code, Bankruptcy Rules, and applicable Local Rules. The Debtors, on the one hand, and the Buyer, on the other hand, have complied with all applicable requirements of such provisions and rules in respect of the Transactions. The consideration provided by the Buyer for the Acquired Assets shall be deemed for all purposes to constitute reasonably equivalent value and fair consideration under the Bankruptcy Code, the Uniform Fraudulent Transfer Act, the Uniform Voidable Transactions Act, the Uniform Fraudulent Conveyance Act, and any other similar applicable law. The Buyer shall not be required to seek or obtain relief from the automatic stay under section 362 of the Bankruptcy Code to enforce any of its rights or remedies under any Sale Transaction Document. The notices described in the foregoing paragraphs constitute due, proper, timely, adequate, and sufficient notice to all parties in interest, including all known claimants and unknown claimants of the relief requested in the Sale Motion, the Bidding Procedures, the execution of the Asset Purchase Agreement, and the Sale Hearing. The reversal or modification on appeal of the authorization provided herein to consummate the Transactions shall not alter, affect, limit, or otherwise impair the validity of the Transactions (including the assumption, assignment, and/or transfer of the Assigned Contracts), unless such authorization and consummation are duly stayed pending such appeal. The Buyer shall have the full rights, benefits, privileges, and protections of a good faith purchaser under section 363(m) of the Bankruptcy Code. 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. EXACTECH INC: Exits Chapter 11 Amid Tort Claimants' Legal Push -------------------------------------------------------------- Akiko Matsuda of The Wall Street Journal reports that joint replacement implant maker Exactech won approval Monday, September 15, 2025, from a Delaware bankruptcy judge to exit Chapter 11, while personal-injury claimants retained the right to press lawsuits against its private-equity backer, TPG. Judge Laurie Selber Silverstein also cleared the company's sale to a lender group led by Strategic Value Partners and Stellex Capital Management. The restructuring plan allows Exactech to emerge from bankruptcy under new ownership and creates a trust to pursue claims on behalf of unsecured creditors, including thousands of patients alleging harm from defective implants. The ruling came after Exactech abandoned an earlier proposal that would have released TPG from tort liability in exchange for a $10 million payment. Patient representatives opposed that deal, calling it inadequate and unfair. TPG has maintained confidence in its defense, with its counsel pointing to past victories in federal litigation over the implants. The firm did not immediately respond to requests for comment following Monday's decision, according to The Wall Street JOurnal. Lawyers for Exactech's unsecured creditors welcomed the outcome as a potential framework for handling mass tort bankruptcies, though Judge Silverstein cautioned that she did not intend it to serve as precedent. Exactech sought Chapter 11 protection in October amid 2,600 product liability suits, and attorneys for claimants estimate potential damages against TPG could exceed $1 billion, the report states. 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. EXTENSIONS PLUS: Hires F.M. Razi Bookkeeping as Accountant ---------------------------------------------------------- Extensions Plus, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ F.M. Razi Bookkeeping & Tax Services, Inc. as accountant. The firm's services include: a. providing general accounting services, as necessary; b. providing assistance in the preparation of Operating Reports as required by the Offices of the U.S. Trustee; c. preparing supporting financial documentation as may be required in connection with the development of a disclosure statement and plan of reorganization; d. providing such other assistance to the Debtor as may be required to assist with feasibility of the Plan; and e. preparing tax return. The firm will be paid at the rate of $350 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Fereydoun Mehran Razi 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: Fereydoun Mehran Razi F.M. Razi Bookkeeping & Tax Services, Inc. 20501 Ventura Boulevard, #160 Woodland Hills, CA 91364 Tel: (818) 301-8100 About Extensions Plus, Inc. Extensions Plus, Inc. designs and supplies high-quality women's hairpieces and wigs, including custom and ready-made styles made from real Indian human hair. It serves clients globally and domestically, including those experiencing hair loss and celebrities seeking premium hair extensions. Founded in 1988, Extensions Plus operates out of its headquarters in Tarzana, California. Extensions Plus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11102) on June 23, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor is represented by: Peter T. Steinberg, Esq. Steinberg Nutter And Brent Tel: (818) 876-8535 Email: mr.aloha@sbcglobal.net FIVE POINT: Moody's Upgrades CFR to B2, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings upgraded Five Point Holdings, LLC's (with Five Point Operating Company, LP collectively known as Five Point) corporate family rating to B2 from B3 and the probability of default rating to B2-PD from B3-PD. At the same time, Moody's assigned a B2 rating to Five Point Operating Company, LP's proposed $450 million senior unsecured notes due 2030. The SGL-2 Speculative Grade Liquidity Rating remains unchanged. The outlook remains stable. The upgrade of Five Point's CFR to B2 reflects the improvement in debt leverage credit metrics due to the lower amount of debt on the company's balance sheet. Moody's expect leverage will remain around 16% debt/book capitalization through 2026. Five Point has reduced its debt by 28% since year-end 2023. Moody's expect the terms and conditions of the proposed senior unsecured notes will be similar to Five Point's existing rated senior unsecured notes. Proceeds from the proposed senior unsecured notes and cash on hand will be used to fully redeem Five Point Operating Company's existing $1.5 million senior unsecured notes due 2025 and $523.5 million senior unsecured notes due 2028. Upon closing and repayment of the senior unsecured notes due 2025 and 2028, the ratings on these notes will be withdrawn. The transaction reduces Five Point's refinancing risk and extends its maturity profile, which is credit positive. The only maturity over the next five years occurs in July 2027, when $100 million of the company's senior unsecured revolving credit facility expires. RATINGS RATIONALE Five Point's B2 CFR remains constrained by the company's limited scale, with just $200 million in annual revenue and significant dependence on the Great Park Venture development located in Irvine, CA. This limited scale makes Five Point susceptible to the local economy and accentuates the volatility in land development, especially with regard to the predictability in earnings and cash generation. Despite being a publicly-traded company, Five Point has a concentrated ownership that can influence business decisions, including the long-term deployment of cash and capital. Low debt leverage and no near-term maturities are key credit strengths. Distributions received from unconsolidated entities should be more than sufficient to pay the company's cash interest payments at about $40 million per year, down from $55 million paid in 2024. Moody's expect solid demand in Five Point's invested communities. Five Point's credit quality is further supported by its liquidity profile. Five Point's Speculative Grade Liquidity (SGL) rating of SGL-2 rating reflects the company's good liquidity over the next 12-18 months. Cash on hand ($457 million as of June 30, 2025) is a key source of liquidity. Excess cash will likely be used for acquisitions. Five Point has full access to a $125 million senior unsecured revolving credit facility due 2027, of which $25 million expires in 2026. Moody's do not expect any revolver usage because of the company's cash position. Five Point's land portfolio is unencumbered, had a book value of $2.4 billion as of June 30, 2025, and provides the company with a very good alternative source of liquidity. The stable outlook reflects Moody's expectation that leverage will remain below 30% debt/book capitalization over the next 18 months. Good liquidity, absence of near-term maturities and ongoing conservative financial policies further support the stable outlook. The B2 senior unsecured notes rating, the same rating as the B2 CFR, results from their position as the preponderance of debt in the company's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade could occur if end markets remain supportive of organic growth such that the company increases its scale and diversification of revenue while maintaining conservative financial policies. Debt/book capitalization sustained below 25% and preservation of good liquidity with consistent cash flow would further support upwards ratings movement. A ratings downgrade could occur if debt/book capitalization remains above 30% or operating performance erodes on a sustained basis. Negative ratings pressure may also transpire if liquidity deteriorates or the company pursues sizeable debt-financed acquisitions or increasingly aggressive financial policies. Five Point (NYSE:FPH), headquartered in Irvine, California, is the owner and developer of three mixed-use, masterplanned communities in California. Lennar Corporation (Baa2 positive) and Glick Family Investments, control about 39% and 17%, respectively, of the company's total voting rights. Five Point's revenue for the 12 months ended June 30, 2025 was $197 million. The principal methodology used in these ratings was Homebuilding And Property Development published in October 2022. Five Point's scorecard-indicated outcome is Ba2, three notches above Five Point's CFR. The three-notch difference reflects Five Point's small revenue base, volatility in earnings and dependence on cash from unconsolidated entities for debt service. FRANKLIN 175 LLC: Lender Sets Sept. 25, 2025 Auction ---------------------------------------------------- Newmark, on behalf of DC Franklin Lender LLC, as asignnee of G4 18228 LLC ("secured party") will offer for sale at public auction 100% of the limited liability company membership interests held by Bahram Benaresh ("pledgor") in Franklin 175 LLC ("pledged entity") as set forth in that certain ownership interests pledged and security agreement dated April 13, 2022, together with certain rights and property representing, relating to, or arising from the interests ("collateral"). The sale will take place on Sept. 25, 2025, at 10:00 a.m. Eastern Time in compliance with New York Uniform Commercial Code Section 9-610 (i) in person at the offices of Moritt Hock & Hamroff LLP, 1407 Broadway, 39th Floor, New York, New York 10018, and (ii) virtually via online video conference. The URL address and password for online video conference will be provided to all registered participants. The sale is being made in connection with the foreclosure on a pledge of the collateral to the secured party by pledgor under the pledge agreement pursuant to which the pledgor has granted to the secured party a first priority lien on the collateral as collateral for the loan in the original principal amount of $11,200,000 from the secured party to pledged entity. The online datasite for the sale is available at https://tinyurl.com/175FranklinUCC. Further information regarding the sale contact Brock Cannon at +1 212-372-2066 or Brock.Cannon@nmrk.com G & T 5206: Hires Center City Law Offices LLC as Counsel -------------------------------------------------------- G & T 5206 Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Center City Law Offices, LLC as counsel. The firm will provide these services: (a) prepare all papers required to be filed in connection with this bankruptcy proceeding; (b) give the Debtor legal advice with respect to its powers and duties; (c) represent the Debtor at its Initial Debtor Interview, its first meeting of creditors, all status hearings, confirmation hearings and any Rule 2004 examinations; (d) prepare on behalf of the Debtor all necessary legal papers; and (e) perform all other legal services for the Debtor as may be required and necessary in the continued administration of this case. The firm's principal will be paid at an hourly rate of $300. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Ms. Soboleski 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: Maggie S. Soboleski, Esq. Center City Law Offices LLC 2705 Bainbridge St. Philadelphia, PA 19146 Tel: (215) 820-2132 Fax: (215) 977-9644 About G & T 5206 Investments, LLC G & T 5206 Investments is a specialized freight transportation company based on its NAICS classification (484122). G & T 5206 Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12940) on July 23, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by Maggie Soboleski, Esq. GIULIANI CATTLE: Gets Approval to Tap Tyler Buck as Special Counsel ------------------------------------------------------------------- Giuliani Cattle Company received approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to employ Tyler Buck, a professional practicing law in California, as special counsel. The Debtor needs Mr. Buck's legal assistance in connection with a case (Case No. 25CU023664C) filed in California, captioned as Giuliani Cattle Company v. Gro-Tech Systems, Inc. He will be paid at the rate of $300 per hour. Mr. Buck received from the Debtor a retainer of $3,200. He will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Buck 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: Tyler Buck 2667 Camino Del Rio S, Ste 206 San Diego, CA 92108-3733 About Giuliani Cattle Company Giuliani Cattle Company is a corporation located in Tishomingo, Oklahoma. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Okla. Case No. 25-80424) on May, 19, 2025. The Debtor hired Robert C. Newark, III as counsel. GIZMO MEDICAL: Public Auction Set for Oct. 2, 2025 -------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code, as enacted in Illinois and all other applicable jurisdictions, St. Cloud Capital Partners III SBIC, LP, as agent ("Secured Party"), intends to offer for sale, at public auction, all right, title, and interest of Gizmo Medical, LLC, a Delaware limited liability company ("Debtor") in, under, and to all assets owned by Debtor, including Accounts, Chattel Paper, Documents, General Intangibles, Instruments, Goods, Insurance, Intellectual Property, Investment Related Property, Letter-of- Credit Rights, Supporting Obligations, Proceeds of the foregoing property, and all other Collateral, in each case, capable of being sold by Secured Party. The public auction will be conducted on Oct. 2, 2025, at 10:00 a.m. (PT), at the offices of Secured Party, 10866 Wilshire Boulevard, Suite 1450, Los Angeles, CA 90024, and by remote auction via telephonic and/or web-based video conferencing. Qualified bidders may attend and participate at the auction. Secured Party reserves the right to cancel the sale or adjourn the sale to a future date at any time at or prior to the sale. Secured Party further reserves the right, at its election, to designate one or more stalking horse bidders. Parties interested in entering a bid must contact Cordell Gee, at 310-475-2700, Ext 108, to receive terms of sale, bidding procedures, and other information, which will be available after execution of a confidentiality agreement. Interested parties who do not contact Cordell Gee and qualify prior to the sale will not be permitted to participate in the auction. GMTFH LLC: Oct. 20, 2025 Auction Set by Lender ---------------------------------------------- Northgate Real Estate Group ("NREG") on behalf of 460 WEST 20 LENDERS LLC, a New York limited liability company ("Secured Party") will offer for sale at public auction 100% of the limited liability company interests ("Interests") held by GMTFH, LLC, a Delaware limited liability company ("Pledgor") in 10th Avenue Associates, LLC, a New York limited liability company ("Pledged Entity"), as set forth in that certain Pledge and Security Agreement made as of July 31, 2024 ("Pledge Agreement"), together with certain rights and property representing, relating to, or arising from the Interests ("Collateral"). Based upon information provided by Pledgor, it is the understanding of Secured Party that (i) the Interests constitute the principal asset of Pledgor, (ii) Pledged Entity owns the property located at 460 West 20th Street, New York, New York ("Property"), (iii) the Property is subject to a ground lease, and (iv) Borrower is debtor under a mortgage loan in the original principal amount of $4,500,000 ("Loan"), which Loan is in default. The Sale will take place on October 24, 2025 at 10:00 a.m. Eastern Time by Matthew D. Mannion, Licensed Auctioneer, and/or William Mannion, Licensed Auctioneer, of Mannion Auctions, LLC in compliance with New York Uniform Commercial Code Section 9-610. The sale will be conducted in person on the courthouse steps of the New York County Supreme Court, 60 Centre Street, New York, New York 10007 and virtually via online video conference. The URL address and password for the "Datasite" referred to below will be provided to all registered participants. Auction Details: Bid Deadline: Oct. 20, 2025 at 9:00 A.M. Eastern Time Auction Date: Oct. 24, 2025 at 10:00 AM Eastern Time Location: In Person At: New York County Supreme Court 60 Centre Street New York, New York 10007 and Via ZOOM: https://bit.ly/460w20ucc (URL is case sensitive) Meeting ID: 820 5608 4939 Passcode: 481061 Dial-in: +1 646 931 3860 (US) GOOD LIFE: Hires Capstone Accounting and Tax as Accountant ---------------------------------------------------------- Good Life, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire Bryce Wilberger, CPA of Capstone Accounting and Tax to serve as accountant in its Chapter 11 case. The firm will provide these services: (a) prepare Federal and Oregon S-Corporation tax returns for the 2024 filing year; (b) provide tax and business consulting/planning for the 2025 tax year; and (c) prepare the 2025 tax returns. The firm will be paid at these standard hourly rates: Rajvi Patel (Tax Associate) $135 Garrett Keller (Senior Tax Associate) $175 Peter Mongan (Tax Manager) $250 Bryce Wilberger (Senior Partner) $375 Emely Carranza (Tax Coordinator/Executive Assistant) $80 Capstone and Mr. Wilberger are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Bryce Wilberger, CPA Capstone Accounting and Tax 3232 Hillcrest Park Drive Medford, OR 97504 About Good Life Inc. Good Life, Inc. develops and sells ultrasonic bark control and pest repellent products. The company operates through its primary e-commerce site -- ultimatebarkcontrol.com -- and is based in Medford, Oregon. Its offerings include devices such as the Dog Silencer MAX, BarkWise, and Pest Repeller Ultimate. Good Life sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61636) on June 11, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Kathy Alexander, secretary, signed the petition. Judge Thomas M. Renn oversees the case. Keith Y. Boyd, Esq., at Keith Y Boyd, PC, represents the Debtor as legal counsel. GREENWAVE TECHNOLOGY: Regains Nasdaq Bid Price Compliance --------------------------------------------------------- Greenwave Technology Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received formal notice from the Staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC that the Company had regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). As a result, the previously disclosed listing matter has been closed. About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. For detailed financials and updates, visit www.GWAV.com. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $63,087,617 in total assets, $26,132,634 in total liabilities, and a total stockholders' equity of $36,954,983. GUITAR CENTER: Moody's Rates New Secured PIK Notes Due 2029 'Caa3' ------------------------------------------------------------------ Moody's Ratings assigned a Caa3 rating to Guitar Center Inc.'s (NEW) (Guitar Center) new senior secured first lien paid in kind ("PIK") notes due January 2029 and affirmed the company's Caa2 corporate family rating and its Caa2-PD probability of default rating. At the same time, Moody's appended a limited default designation ("/LD") to the PDR, revising it to Caa2-PD/LD, following the completion of an amend and extend transaction. In addition, Moody's withdrew the existing Caa3 ratings of the company's senior secured notes. The outlook was changed to stable from negative. This amend and extend transaction included the exchange of $549.6 million of the company's senior secured notes due January 2026 for approximately $577.1 million of newly issued senior secured first lien paid in kind ("PIK") notes due January 2029. Additionally, the company exchanged $61.2 million of series A preferred stock and $1.9 million of senior unsecured PIK notes due December 2030 for $36.3 million of newly issued second lien notes and $20.2 million of newly issued third lien notes, both maturing in August 2032. Moody's view the amend and extend as a distressed exchange, which is a limited default under Moody's definition given that the company amended its interest terms to PIK interest from cash interest. The "/LD" designation will be removed after three business days. Governance considerations are a key factor in this rating action, particularly Guitar Center's history of distressed exchanges, including this most recent one, its high funded leverage, consistently negative free cash flow and ownership by private equity sponsors and former creditors. The change in outlook to stable reflects Guitar Center's improved liquidity as it has extended its debt maturity profile. RATINGS RATIONALE Guitar Center's Caa2 CFR reflects the company's high funded leverage, weak interest coverage and persistent negative free cash flow. For the LTM Ended May 3, 2025, the company had high funded debt/EBITDA of 8.9x. Given the impact of Guitar Center's leases, lease adjusted debt/EBITDA is more moderate at about 5.5x, and unchanged from 2024. EBITA to interest also weakened to 0.6x from 0.7x over the same period. Over the next 12 months, Moody's expect credit metrics to improve modestly, including EBITA/ interest remaining less than 1x, debt to EBITDA at about 5.2x, and free cash flow remaining negative to breakeven. The rating also reflects Moody's expectation that the execution of the company's strategic initiatives will remain challenging over the next 12 months. This is due to the difficult consumer spending environment and the company's ongoing efforts to refocus its inventory assortments toward enthusiast and professional musicians, who typically purchase higher-end instruments and equipment, while pairing back on beginner musician inventory. Although this strategy has gained some traction, progress has been slower than anticipated. Guitar Center's Caa2 CFR is supported by its omni-channel retail capability, well-recognized brand name, a broad product assortment, including a selection of private label brands, and high margin in-store services. While the company's turnaround is taking longer than Moody's expected and gross margins remain challenged, there are signs that its strategy to refocus on enthusiast musicians and professionals is gaining traction. After several quarters of negative same store sales, Guitar Center segment same store sales have been positive since Q1 2024. The company's leading market position and importance to its key vendors also provide credit support. While smaller in scale than merchandise sales, services such as rentals, lessons, and repairs is a growth opportunity and can help balance volatility in the merchandise side of the business. Guitar Center has adequate liquidity, largely supported by $117.4 million available under its $375 million asset based lending facility ("ABL") expiring December 31, 2027. The company has no near term debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company meaningfully improves operating performance, maintains positive same store sales while generating positive free cash flow and reduces funded leverage to more sustainable levels such that the likelihood of another distressed exchange is reduced. An upgrade would also require the company to maintain at least adequate liquidity. The ratings could be downgraded if liquidity deteriorates or the company fails to materially improve operating performance resulting in an increased likelihood of default. Moody's estimates for lower debt recovery could also lead to a downgrade. Guitar Center Inc. (NEW) is the largest retailer of musical instruments and related products and services in the US. The company operates 552 stores under the Guitar Center and Music & Arts brands, has a growing audio visual professional services business and is the only large-scale retailer in the category with omnichannel capability. Guitar Center is controlled by funds affiliated with Ares Capital Management, Brigade Capital Management and The Carlyle Group following its bankruptcy emergence in December 2020. The company generates about $2.5 billion in annual revenue. The principal methodology used in these ratings was Retail and Apparel 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. H5 TRANSPORT: Case Summary & 16 Unsecured Creditors --------------------------------------------------- Debtor: H5 Transport, LLC 322 11th St N, Apt 9 Oakes, ND 58474 Business Description: H5 Transport LLC, founded in 2018 and based in Oakes, North Dakota with a satellite office in Bradenton, Florida, provides transportation and logistics services specializing in dry van and refrigerated freight. The veteran-led Company offers full truckload and less-than-truckload shipping, regional and long-haul coverage, and custom logistics support including dispatch, driver management, and billing solutions. H5 Transport serves shippers, small fleets, and independent owner- operators across the United States, with core lanes in the Midwest and expanding routes nationwide. Chapter 11 Petition Date: September 16, 2025 Court: United States Bankruptcy Court District of North Dakota Case No.: 25-30409 Judge: Hon. Shon Hastings Debtor's Counsel: Christianna A. Cathcart, Esq. THE DAKOTA BANKRUPTCY FIRM 1630 1st Ave N Suite B PMB 24 Fargo, ND 58104-4246 Tel: 701-970-2770 E-mail: christianna@dakotabankruptcy.com Total Assets: $270,951 Total Liabilities: $2,029,269 The petition was signed by Lonnie Helgerson as sole member. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MOLUGFI/H5_Transport_LLC__ndbke-25-30409__0001.0.pdf?mcid=tGE4TAMA HALL OF FAME: $14.9 Million Debt Due Sept. 30 Amid Merger Dispute ----------------------------------------------------------------- As previously disclosed, on May 7, 2025, Hall of Fame Resort & Entertainment Company entered into an Agreement and Plan of Merger with buyers -- HOFV Holdings, LLC, a Delaware limited liability company ("Parent") and Omaha Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent -- and, CH Capital Lending, LLC, a Delaware limited liability company, solely as guarantor of certain of Parent's obligations under the Merger Agreement. The Merger Agreement provided that, among other things, Merger Sub would merge with and into the Company, with the Company surviving as a subsidiary of Parent. Parent and Merger Sub are affiliates of Industrial Realty Group, LLC, and the Company's director Stuart Lichter serves as President and Chairman of the Board of Directors of IRG. As previously disclosed, the Company and certain of its subsidiaries entered into: (i) the Note and Security Agreement, dated November 14, 2024 with the Guarantor, which, as amended through the Ninth Amendment dated July 24, 2025, provides for a total facility amount of $15,000,000 and (ii) an Omnibus Extension of Debt Instruments, effective March 31, 2025 with certain of the buyers and their affiliates, which governs various Company debt instruments. On September 5, 2025, the Company received a Notice of Intent to Terminate Merger Agreement and Non-Extension of Note & Security Agreement from the buyers and certain of their affiliates. Pursuant to the Notice, the buyers and Guarantor provided written notice of their intention to terminate the Merger Agreement under Section 8.1(e) due to the Company's failure to perform its obligations thereunder. Specifically, the Company has failed to satisfy its obligations under Section 7.2(g) of the Merger Agreement which requires the Company to obtain executed consents from the third parties listed on Schedule 7.2(g), including, without limitation, all holders of the Company's 8% Convertible Notes due 2025 issued July 1, 2020 (as such notes may be amended from time to time, the "PIPE Notes"). These consents are material to the Merger, and the failure to obtain them constitutes a material breach of the Company's obligations under Section 7.2(b). As a result, and in accordance with Section 8.1(e), Parent notified the Company of Parent's intention to terminate the Merger Agreement effective as of September 17, 2025, unless the Company cures such breach prior to the Termination Date. The Notice also provides that the buyers will not consent to any further increases in the Facility Amount under the Note & Security Agreement of which approximately $14.9 million in principal is outstanding as of September 1, 2025 or extensions of the maturity date of the Subject IRG Debt Instruments (as defined in the Omnibus Modification), which mature on September 30, 2025. Accordingly, absent an event of default occurring prior to such date, the outstanding balance of all loans made pursuant to the Note & Security Agreement and the Subject IRG Debt Instruments will be due and payable in full on September 30, 2025. The Company is currently discussing with the buyers and Guarantor possible solutions to address the default under the Merger Agreement and to receive additional funding, however, there can be no assurance that any such arrangements will materialize or provide sufficient working capital to support the Company's operations on a short-term basis. If the Company continues not to have sufficient liquidity to fund its operations in the near term or if the Company is unable to resolve the asserted default under the Merger Agreement, the foregoing would be expected to have a material adverse effect on the Company's liquidity and financial condition and may render the Company insolvent and unable to sustain its operations and continue as a going concern. No assurance can be provided that the Company will be able to refinance, restructure or repay its indebtedness or to continue as a going concern. The full text of the Notice is available at https://tinyurl.com/42khfc5e About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. As of June 30, 2025, the Company had $360.5 million in total assets, $315.7 million in total liabilities, and $44.8 million in total equity. HALL OF FAME: Stuart Lichter Holds 73.1% Equity Stake ----------------------------------------------------- Stuart Lichter, together with IRG Canton Village Manager, LLC, IRG Canton Village Member, LLC, American Capital Center, LLC, CH Capital Lending, LLC, IRG, LLC, and Midwest Lender Fund, LLC, disclosed in a Schedule 13D (Amendment No. 7) filed with the U.S. Securities and Exchange Commission that as of September 5, 2025, he beneficially owns 14,152,264 shares of Hall of Fame Resort & Entertainment Co.'s Common Stock, $0.0001 par value, representing 73.1% of the class. The joint filers reported beneficial ownership as follows: * IRG Canton Village Manager, LLC – 840,168 shares, representing 12.3% of the class. * IRG Canton Village Member, LLC – 840,168 shares, representing 12.3% of the class. * American Capital Center, LLC – 18,521 shares, representing 0.3% of the class. * CH Capital Lending, LLC – 12,380,981 shares, representing 67.6% of the class. * IRG, LLC – 477,165 shares, representing 6.7% of the class. * Midwest Lender Fund, LLC – 421,796 shares, representing 5.9% of the class. Percentages are based on 6,698,645 shares of Common Stock outstanding as of March 21, 2025, as reported in the Company's Form 10-K. Mr. Stuart may be reached through: 631 Paseo De La Playa Redondo Beach, Calif. 90277 A full-text copy of the SEC is available at: https://tinyurl.com/4cftucas About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. As of June 30, 2025, the Company had $360.5 million in total assets, $315.7 million in total liabilities, and $44.8 million in total equity. INNOVATIVE FOOD: Patricia Fugee Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Patricia Fugee of FisherBroyles, LLP as Subchapter V trustee for Innovative Food Solutions, LLC. Ms. Fugee will be paid an hourly fee of $365 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fugee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Patricia B. Fugee FisherBroyles, LLP 27100 Oakmead Drive #306 Perrysburg, OH 43551 Phone: (419) 874-6859 Email: Patricia.Fugee@FisherBroyles.com About Innovative Food Solutions Innovative Food Solutions, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31926) on September 11, 2025, listing between $1 million and $10 million in assets and liabilities. Judge John P. Gustafson presides over the case. Scott A. Ciolek, Esq., represents the Debtor as legal counsel. IRWIN NATURALS: Unsecured Creditors to be Paid in Full in Plan -------------------------------------------------------------- IN Holdings, Inc., f/k/a Irwin Naturals and its related debtor entities, and the Official Committee of Unsecured Creditors submitted a Joint Disclosure Statement describing Joint Plan of Reorganization dated September 10, 2025. Prior to the sale of its supplement business in August of 2025, IN Nevada was a popular dietary supplement company that was founded in 1994 and operated profitably for approximately thirty years. IN Nevada is the operating entity through which the Debtors' business is conducted. IN Canada is the ultimate "parent company" of the Debtors. IN Canada does not have any employees and only transacts limited business with its subsidiaries. DAI is a wholly owned subsidiary of IN Canada. DAI is solely a holding company that owns 100% of the Class A Voting Shares of IN Nevada amounting to 2% of beneficial ownership of IN Nevada (with Klee Irwin owning the other 98% personally or through his family trust in the form of 100% of the Class B non voting shares of IN Nevada). 5310 is a wholly owned subsidiary of IN Nevada. Given the multiple competing plans filed in these cases, the Debtors subsequently determined that a 363 sale process made more sense under the circumstances than a competing plan process. Subsequently, on June 2, 2025, the Debtors entered into a term sheet with FitLife pursuant to which FitLife was named the Stalking Horse Bidder under terms where FitLife would acquire the Debtors' supplement business as a going concern for, among other things, (a) $36 million in cash, (b) the assumption of certain liabilities including, among others, the Debtors' post-petition ordinary course accounts payable, and (c) certain excluded assets including the Debtors' cash estimated to be $5 million at the time of closing. The Debtors file a bid procedures motion on June 6, 2025 (the "Bid Procedures Motion"). The Sale Motion was approved by the Bankruptcy Court by order entered July 31, 2025 (the "Sale Order"). Pursuant to the Sale Order, the Debtors' supplement business was sold to FitLife in exchange for payment by FitLife to the Debtors of $42,500,000 in cash plus the assumption of certain liabilities. The sale to FitLife closed on August 8, 2025 (the "Sale Closing"). The Plan described in this Disclosure Statement is a reorganizing plan, which will be funded by the sale proceeds from the sale of the Debtors' supplement business, which sale closed on August 8, 2025. Among other assets, the Debtors retain significant net operating losses ("NOLs") and are in the process of determining whether they start a new consumer packaged goods business and/or merge with an existing consumer packaged goods business. Class 3 consists of General Unsecured Claims [Excluding Insider Claims]. Estimated at approximately $5 to $7 million. (This number may change based upon resolution of objections to Disputed Claims). Allowed General Unsecured Claims will be paid in full by the Plan Distribution Trustee within fourteen days of the Effective Date (assuming the Plan Distribution Trustee is in possession of a W‐9 for each creditor holding an Allowed Claim). Interest shall accrue at the California default state law rate of 10% on all Allowed General Unsecured Claims commencing as of the Petition Date. Upon resolution of the Debtors' objections to disputed General Unsecured Claims, the respective claimants shall be paid their Allowed General Unsecured Claim in full within ten days of a final non‐appealable order allowing such claim. The treatment proposed herein shall be in full settlement and satisfaction of all General Unsecured Claims. This Class is impaired. Class 4 consists of General Unsecured Claim of Insider Klee Irwin ($1,035,682.49 – plus 4.43% interest from the Petition Date). Subordinated to Allowed General Unsecured Claims of non‐insiders. Paid in full after the payment in full of Class 3 Allowed Claims by the Plan Distribution Trustee. This Class is impaired. Class 5 consists of General Unsecured Claim of Insider Mark Green ($1 million due only upon certain types of liquidation events as= described in the contract). Subordinated to Allowed General Unsecured Claims of non‐insiders. Late filed and no basis for claim per contract terms. The Debtors intend to object. If allowed, payment by the Plan Distribution Trustee after payment in full of Class 3 Allowed Claims. This Class is impaired. The Plan will be funded by the Debtors' cash of $20.5 million. The Reorganized Debtors will be responsible for directly paying, among other things, any allowed claim of the IRS, any allowed claim of EWB, ordinary course administrative expenses, and UST quarterly fees. The Plan Distribution Trustee will be responsible for paying all other allowed claims including pre-Effective Date professional fees, administrative tax claims, 503(b)(9) claims, priority claims and general unsecured claims. The Plan Distribution Trust will be funded with $13.5 million in Cash contributed by the Reorganized Debtors from the aforementioned $20.5 million in Cash on the Effective Date. Against this amount, the total amount of claims to be paid from the Plan Distribution Trust are approximately $13.27 million. The Plan Distribution Trust shall be established and shall become effective on the Effective Date. The Plan Distribution Trust is created pursuant to the Plan and the Confirmation Order, and no separate trust instrument shall be required. The sole purpose of the Plan Distribution Trust will be to hold $13.5 million in Cash to make the Distributions required of it by the Plan. A full-text copy of the Joint Disclosure Statement dated September 10, 2025 is available at https://urlcurt.com/u?l=NAnI8H from Omni Agent Solutions, Inc., claims agent. Counsel to the Debtors: David M. Poitras, Esq. Susan K. Seflin, Esq. Jessica S. Wellington, Esq. BG LAW LLP 21650 Oxnard Street, Suite 500 Woodland Hills, CA 91367 Telephone: (818) 827-9000 Facsimile: (818) 827-9099 Email: dpoitras@bg.law sseflin@bg.law jwellington@bg.law Counsel to the Official Committee of Unsecured Creditors: Jeffrey I. Golden, Esq. Ryan W. Beall, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Telephone: (714) 966-1000 Facsimile: (714) 966-1002 Email: jgolden@go2.law rbeall@go2.law About Irwin Naturals Irwin Naturals is a provider of business support services. Irwin Naturals and affiliates, 5310 Holdings, LLC, DAI US HoldCo, Inc. and Irwin Naturals, Inc., filed Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 24-11323) on Aug. 9, 2024. At the time of the filing, Irwin Naturals reported $10 million to $50 million in both assets and liabilities. Judge Victoria S. Kaufman oversees the cases. The Debtors tapped BG Law, LLP as bankruptcy counsel; Beach, Freeman, Lim & Clelland, LLP as accountant; Province, LLC as financial advisor; and Marula Capital Group, LLC as valuation consultant. Omni Agent Solutions, Inc., is the Debtors' administrative agent. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Golden Goodrich, LLP. East West Bank, as secured creditor, is represented by Catherine Lyons, Esq. at Wilson Sonsini Goodrich & Rosati. ITALIAN KITCHEN: Natasha Songonuga Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Natasha Songonuga, Esq., at VTrustee, LLC as Subchapter V trustee for Italian Kitchen, Inc. Ms. Songonuga will be paid an hourly fee of $450 for her services as Subchapter V trustee and will receive reimbursement for work related expenses incurred. Ms. Songonuga declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Natasha Songonuga, Esq. VTrustee LLC PO Box 841 Wilmington, DE 19899 Email: Nsongonuga@VTrusteellc.com 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 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-19482) on September 11, 2025, with $1,351,915 in assets and $1,684,027 in liabilities. Michael DiPaolo, Jr., authorized representative, signed the petition. David A. Kasen, Esq., at Kasen & Kasen, P.C. represents the Debtor as legal counsel. J & J CONSULTING: Claims Filing Deadline Set for Dec. 1, 2025 ------------------------------------------------------------- The U.S. District Court, District of Nevada, set Dec. 1, 2025, as the deadline for investors and creditors of J & J Consulting Services Inc. to submit claims to the receiver, Geoff Winkler, of American Fiduciary Services (AFS). If you wold prefer to complete a hard copy of the claim form, contact AFS at contact@jjconsulting-receivership.com. Claims must be submitted electronically or, if mailed, received by Stretto, the receiver's claims agent, by Dec. 1, 2025. Claims that are received late will not receive a distribution from the receiver or the receivership estate. About J & J A group of creditors, including Keith Ozawa, Anthony Bonifazio, Brian Schumann, Darius Rafie and Martin Keevin Cordova, filed involuntary petitions under Chapter 11 of the Bankruptcy Code against J & J Consulting Services, Inc. and J and J Purchasing, LLC (Bankr. D. Nev. Lead Case No. 22-10942) on March 17, 2022. The creditors are represented by Samuel A. Schwartz, Esq., at Schwartz Law, PLLC. Judge Mike K. Nakagawa presides over the cases. The Debtors tapped Garman Turner Gordon, LLP as legal counsel and Province, LLC as financial advisor. Peter Kravitz of Province Partners, LLC is the Debtor's chief restructuring officer. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of J & J Consulting Services, Inc. and J and J Purchasing, LLC. KIDTASTIC CONSULTING: Taps Ronald D. Weiss as Legal Counsel ----------------------------------------------------------- Kidtastic Consulting Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Ronald D. Weiss, P.C. to serve as legal counsel in its Chapter 11 case. Ronald D. Weiss, P.C. will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in the continued management of its property; (b) represent the Debtor before the Bankruptcy Court and at all hearings on matters pertaining to its affairs, as Debtor-in-Possession, including contested matters that may arise during the Chapter 11 case; (c) advise and assist the Debtor in the preparation and negotiation of a Plan of Reorganization with its creditors; (d) prepare necessary or desirable applications, motions, answers, orders, reports, documents, and other legal papers; and (e) perform other legal services for the Debtor which may be desirable and necessary. The Firm will receive an hourly rate of $450 for attorneys and $250 for paralegals. A $25,000 retainer was received, of which $19,555 remains available to be applied against post-petition fees and expenses, subject to court approval. Ronald D. Weiss, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Ronald D. Weiss, Esq. RONALD D. WEISS, P.C. 445 Broadhollow Road, Suite CL-10 Melville, NY 11747 Telephone: (631) 271-3737 Facsimile: (631) 271-3784 E-mail: weiss@ny-bankruptcy.com About Kidtastic Consulting Services, Inc. Kidtastic Consulting Services, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73339-ast) on August 29, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Alan S. Trust oversees the case. Ronald D. Weiss, P.C. is Debtor's legal counsel. KROLL MIDCO: Moody's Withdraws 'B3' CFR Following Debt Repayment ---------------------------------------------------------------- Moody's Ratings has withdrawn Kroll Midco Corporation's (Kroll) ratings, including the company's B3 corporate family rating and the B3-PD probability of default rating. Moody's have also withdrawn the B2 ratings assigned to Deerfield Dakota Holding, LLC's senior secured first lien bank credit facility (consisting of a revolving credit facility and term loans), and its Caa2 senior secured second lien bank credit facility rating (consisting of a term loan). Prior to the withdrawal, the rating outlook was negative for both entities. The ratings withdrawal follows the full repayment of the previously rated debt. L & D CAFE: Hires Koutoulas & Relis LLC as Accountant ----------------------------------------------------- L & D Cafe, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Koutoulas & Relis, LLC as accountant. The firm will provide these services: -- provide tax preparation services; -- provide consulting services for income tax, sales and other tax and accounting matters; -- represent the Debtor with the IRS and the State of Florida; -- perform bookkeeping services to help the Debtor close the books each month; -- produce monthly balance sheets and income statements and report the same on the prescribed forms as required by the Bankruptcy Court; -- assist the Debtor with the preparations of budgets as required by the Bankruptcy Court. The firm will be paid at the rates of $125 to $375 per hour. Pre-petition, the firm performed general accounting services for the Debtor, and as of the Petition Date, the firm was owed approximately $1,500. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Relis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Steven L. Relis Koutoulas & Relis, LLC 777 Yamato Road, Suite 100 Boca Raton, FL 33431 Tel: (954) 332-1345 Fax: (954) 332-1346 About L & D Cafe, Inc. L & D Cafe, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19748-PDR) on August 22, 2025. In the petition signed by Constantine N. Manos, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Peter D. Russin oversees the case. Chad P. Pugatch, Esq., at Lorium Law represents the Debtor as bankruptcy counsel. LAKE COUNTY: Hires D & C Hospitality as Real Estate Agent --------------------------------------------------------- Lake County Hospitality, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ D & C Hospitality Investments LLC, dba HREC Investment Advisors as the real estate agent. The firm will market and sell the real estate of the Debtor located at 900 W Lake Cook Rd., Buffalo Grove, Illinois. The firm will be paid a commission of 3 percent of the gross purchase price. As 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: Thomas Sommer D & C HOSPITALITY INVESTMENTS LLC dba HREC INVESTMENT ADVISORS 750 North State Street Chicago, IL 60654 Telephone: (312) 399-9663 About Lake County Hospitality, LLC Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. LAVIE CARE: No Decline in Resident Care, PCO Report Says -------------------------------------------------------- Shelby Walker, the patient care ombudsman, filed her report regarding the quality of patient care provided at the Mississippi nursing facilities operated by LaVie Care Centers, LLC's affiliates. The local long-term care ombudsman assigned to oversee Hilltop Manor Health and Rehabilitation Center reported that the facility continues to provide consistent, quality care since the last visit. The facility was clean, free of unpleasant odors, and maintained a calm, pleasant atmosphere. While no complaints were received directly from residents during the visit, there were previously noted concerns regarding food quality and staffing levels. Overall, the facility is operating well, and residents seem content with the care they are receiving. During a recent visit, the local long-term care ombudsman assigned to monitor the Courtyard Rehabilitation and Healthcare facility observed ongoing improvements reflecting a positive shift in overall facility conditions and resident care. The facility has been consistently clean, free of foul odors, and residents appeared well-groomed and appropriately dressed. Staff were observed to be respectful and helpful during visits, contributing to a generally positive morale among residents and staff alike. The local long-term care ombudsman assigned to Oaks Rehabilitation and Healthcare Center reported that the overall quality of care for residents remains consistent. The facility was clean, free of unpleasant odors, and residents were appropriately dressed and well-groomed. The facility floors were clean in the hallways and in the resident's rooms. No complaints were reported by residents during the visit. The local long-term care ombudsman assigned to Starkville Manor Health Care and Rehabilitation Center reported that the quality of care for residents remains satisfactory. The facility is in full compliance with its corrective action plan and no new concerns or complaints have been reported. Care Plan meetings continue to be effective in addressing any issues that arise. Meanwhile, the local long-term care ombudsman assigned to oversee Winona Manor Health Care and Rehabilitation Center reported that several visits have been completed to monitor the facility's condition and ensure resident care standards are being upheld. The local long-term care ombudsman reported that the quality of care remains satisfactory. The ombudsman noted that all residents are receiving appropriate care, staffing levels at the facility are adequate, and there are no issues regarding the availability of supplies for residents. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=pInVtmf rom Kurtzman Carson Consultants, LLC, claims agent. About Lavie Care Centers LaVie Care Centers, LLC is the parent company of skilled nursing facility operators and providers, with facilities primarily located in Mississippi, North Carolina, Pennsylvania and Virginia. The company operates 43 licensed facilities, with 4,300 beds, providing short-term rehabilitation, comprehensive post-acute care, and long-term care to its residents. On June 2 and 3, 2024, LaVie Care Centers and 281 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 24-55507) before Judge Paul Baisier in Atlanta. The Debtors tapped McDermott Will & Emery, LLP as legal counsel; Stout Capital, LLC as investment banker; and Ankura Consulting as financial advisor. M. Benjamin Jones, senior managing director at Ankura, serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC is the claims agent, and maintains the page http://www.kccllc.com/LaVie The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The U.S. Trustee also appointed a patient care ombudsman in the Debtors' cases. LCC INC: Gets Final OK to Use Cash Collateral --------------------------------------------- L.C.C., Inc. received final approval from the U.S. Bankruptcy Court for the District of Colorado to use the cash collateral of Citywide Banks. The final order authorized the Debtor to use cash collateral pursuant to its budget, subject to fluctuation by no more than 15% for each expense line item per month, plus any fees owed to the U.S. Trustee. As adequate protection, Citywide Banks and any other creditor that has a properly perfected security interest in the cash collateral will be granted a replacement lien on all post-petition accounts receivable of the Debtor. As further protection, the Debtor must make monthly payments of $7,500 to Citywide Banks, starting this month. The Debtor was ordered keep its personal property insured against any potential loss as further protection to secured creditors. Aggregate collateral value must not drop more than 10% per month. If it does, Citywide may request additional adequate protection payments, taking into account the $7,500 payment. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/PMYN5 from PacerMonitor.com. Citywide Banks is represented by: Douglas W. Brown, Esq. BROWN DUNNING WALKER FEIN DRUSCH PC 7995 E. Prentice Ave, Suite 101E Greenwood Village, CO 80111 Telephone: 303-329-3363 Fax: 303-393-8438 Email: dbrown@bdwfd.com About L.C.C. Inc. L.C.C. Inc. specializes in selling and servicing commercial, off-road, light truck, and passenger tires. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15137) on October 15, 2025. In the petition signed by Luis Carlos Chavez, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. LIGHT AND WONDER: Fitch Rates New 8-Yr. Unsecured Notes 'BB' ------------------------------------------------------------ Fitch Ratings has assigned Light and Wonder International, Inc.'s (LNWI) proposed eight-year senior unsecured notes a 'BB' rating with a 'RR4' Recovery Rating. Proceeds of the notes will be used to refinance LNWI's existing 7% senior unsecured notes due 2028, fully repay its senior secured revolver, and for general corporate purposes. LNWI is a subsidiary of Light & Wonder, Inc. (collectively, LNW). LNW's Long-Term Issuer Default Rating (IDR) is 'BB' with a Stable Outlook, and its senior secured debt is rated 'BBB-'/'RR1'. The ratings reflect no material changes in Fitch-defined EBITDA leverage since its last review. LNW's rating reflects its top-three gaming supplier status, conservative leverage profile of about 3.6x, pro forma for the refinancing and the Grover Gaming acquisition, and robust FCF margin. The Stable Outlook reflects Fitch's expectation that the company will maintain a conservative balance sheet and a disciplined capital allocation strategy. Key Rating Drivers Conservative Leverage: Pro forma Fitch-defined EBITDA leverage will rise to 3.6x from 3.5x due to a slightly higher debt load. Fitch expects it to then trend down over the forecast horizon to about 2.5x as LNW progresses towards its 2028 adjusted EBITDA (AEBITDA) target of $2 billion. This decrease should be supported by expansion of the company's gaming market share, entrance into new charitable gaming markets, improvements in its SciPlay segment supported by its direct-to-consumer (DTC) channel, and content production and margin enhancement in iGaming. LNW has a target net EBITDA leverage band of 2.5x-3.5x and will remain stable at 3.4x post refinancing. LNW could quickly de-lever back within its leverage band if it limits acquisitions and moderates use of its recently upsized $1.5 billion share repurchase plan by the end of 2025. Growing Digital Presence: LNW generated a third of its revenue and Fitch-defined EBITDA from its digital segments as of LTM 2Q25, which have grown at a low-double digit CAGR over the last five years. Fitch expects LNW to slowly grow into the digital space, helping balance any cash flow variability under its land-based gaming operations. SciPlay has been able to continue improving its player monetization, despite some negative variance in active users. Fitch believes LNW can continue outpacing the broader social casino market over the near to medium term through quality games, player engagement, and new market expansion. iGaming has grown steadily, helped by continued momentum in the U.S. and Canadian wagers - both first-party and third-party - processed through LNW's aggregation platform. However, Fitch expects the rate of improvement over the short term to moderate as the legalization of online gaming slows. Moderately Diversified Product Mix: LNW is a somewhat diversified gaming supplier with exposure to traditional gaming, including charitable, iGaming, social casino and casual mobile gaming. The share of traditional gaming has declined by 10% from pre-pandemic levels to 65% as of LTM 2Q25, as the company works on expanding into digital adjacencies with the traditional slot industry's high-competitive threats, tepid replacement cycle and unreliable new casino opening schedule. SciPlay is a strong revenue driver and now accounts for about 25% of LNW's revenue, in large part due to its core social casino business, and has the potential to expand its market share, should it continue to acquire customers efficiently. Leading Gaming Supplier: LNW is a top-three gaming supplier and has increased its global ship share since 2021 and maintained a stable North American gaming operation share throughout. Fitch anticipates a further improvement in its installed base as LNW expands across adjacencies, grows its premium games, and expands into various markets across gaming products. Growth among suppliers may soften over the near term as catch-up demand in gross gaming revenue (GGR) eases, outright sales and base installations normalize and pricing power tempers to some extent. However, market share among participants can remain dynamic depending on their expansion plans, as well as their ability to maintain strong recent prices. Strong FCF Generation: Fitch expects the company's FCF margin to improve steadily to around 20% over the forecast period, in part due to EBITDA elevation from future market share in the core gaming space, further expansion into adjacent markets, its ability to keep growing its pipeline of games in the social gaming segment, along with a relatively stable capex spend. LNW's FCF is robust relative to the broader gaming industry and in line with other supplier peers. Its FCF benefits from management's preference for share repurchases over dividends and Fitch assumes a majority of its FCF will be allocated toward repurchases and tuck-in acquisitions. Parent Subsidiary Linkage: Fitch equalizes the ratings of Light & Wonder, Inc., the parent, and LNWI as the former provides guarantees to LNWI, effectively equalizing the probability of default between them. Furthermore, the parent does not have any material assets or liabilities and there are no material impediments to accessing the assets of LNWI. Peer Analysis LNW is a top-three gaming supplier behind Aristocrat Leisure Limited and Voyager Parent, LLC. Aristocrat Leisure Limited (BBB-/Positive) has a leading market position in the slot segment, greater diversification and lower leverage (target net leverage of 1.0x-2.0x). This positions it as a low-investment-grade gaming supplier. In addition, it is a solid digital offeror of mobile gaming, iLottery and real-money gaming, consistently generating robust FCF margins. Voyager Parent, LLC (BB/Stable), recently formed by a combination of International Gaming Technology plc's Gaming & Digital business with Everi Holding Inc., is rated on par with LNW. The rating reflects its top-three slot supplier status in North America, FinTech diversification (15% of sales), moderate leverage of about 4.0x, though it lacks a formal financial policy, strong FCF margins in the low to mid-single digits, and private equity ownership (Apollo Global Management, Inc.). Bingo Holdings I, LLC (also known as PlayAGS, Inc.) (B+/Stable) is a small player in the slots supplier industry. Its 'B+' rating incorporates PlayAGS' weaker market position in the segment, larger North American market focus, higher product concentration, FCF margins in the low single digits, leverage in the 4.0x-4.5x range, and private equity ownership (Brightstar Capital Partners). Key Assumptions - Total revenue grows in the mid-to-high single digits over the medium term, supported by enhancement across all segments; - Segmentally, the gaming business improves by around high single digits in 2026 and approaches mid-single digits by 2028, as all subsegments - gaming operations (both installed bases and ADR), gaming machine sales (both unit sales and ASP), gaming systems, and table products - normalize to some extent; - SciPlay continues its strong growth in the low to high single digits range as LNW gains market share due to the quality and volume of its games and it persists with its strategy of improving monetization by driving average daily active users, average revenue per daily active users and payer conversion rates; - iGaming revenue growth remains in the high-single digit region over the rating period as legalization of online gaming across jurisdictions moderates; - Fitch-defined EBITDA margin gradually approaches 45% during the projection period as the company continues to execute on its business optimization plans to reach its 2028 AEBITDA target in the near term, slowly pivots to the high margin generating DTC platform in the SciPlay segment over time, and investments in the iGaming space yield result; - Capex as a percentage of revenue remains about 9% over the rating horizon; - Capital allocation is balanced between shareholder returns and tuck-in M&A in the digital space. Fitch assumes share repurchases are the primary avenue to return capital to shareholders and the $1.5 billion plan is fully utilized during its tenure; - Debt balance of about $5 billion declines modestly due to a nominal amortization requirement under the term loans A and B. Fitch does not expect any meaningful voluntary debt paydown; - Base interest rates assumptions reflect the current SOFR curve. Recovery Analysis Fitch applies the generic approach for issuers in the 'BB' rating category and equalizes the IDR and unsecured debt instrument ratings when average recovery prospects are present, as per the Corporates Recovery Ratings and Instrument Ratings Criteria, as issuers rated 'BB-' and above are too far from default for a credible default scenario analysis to be generated, and would likely generate Recovery Ratings (RR) that are too high across all instruments. Where an RR is assigned, the generic approach reflects the relative instrument rankings and their recoveries, as well as the higher enterprise valuation of 'BB' ratings in a generic sense for the most senior instruments. Considering the IDR of 'BB', the Category 1 first lien senior secured debt is notched two levels to 'BBB-'/'RR1'. The unsecured debt is equalized at 'BB'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustaining above 4.0x; - Slots business suffering from market share loss or the deterioration of operating fundamentals; - Greater revenue concentration in the more cyclical and hit-driven casual mobile gaming business. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustaining below 3.0x; - Diversification of EBITDA towards digital, while maintaining sustained operations in land-based gaming. Liquidity and Debt Structure As of June 30, 2025, LNW had $136 million of cash and $195 million outstanding under its $1 billion senior secured 2030 revolving credit facility, which is expected to be fully repaid from the proceeds of the proposed notes. In comparison, scheduled annual debt repayment is nominal under its senior secured term loan A ($20 million-$40 million) and its term loan B ($22 million), which mature in 2028 and 2029 respectively. LNW's debt maturity schedule is long-dated and well-laddered, with its various unsecured notes now set to come due starting 2029. Fitch believes the company has ample liquidity, supported by solid FCF margin, to fund continued tuck-in acquisitions in the mobile segment and drive shareholder returns primarily in the form of repurchases. Issuer Profile LNW is a leading cross-platform global games company focused on content and digital markets, operating under three business segments: Gaming, SciPlay, and iGaming. Date of Relevant Committee 04-Nov-2024 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Light and Wonder International, Inc. senior unsecured LT BB New Rating RR4 LINQTO INC: Reaches Settlement on Elusive Private Shares -------------------------------------------------------- Steven Church of Bloomberg News reports that Linqto Inc., a fintech that went bankrupt this summer, agreed to repay clients who were falsely told they could access shares in high-demand private firms. Launched in 2020, the company rode a trend of opening private markets to individual investors but, according to court documents, deceived customers about its ownership stakes. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. LIVEONE INC: All Proposals OK'd at Annual Meeting ------------------------------------------------- LiveOne, Inc. held its 2025 Annual Meeting of Stockholders during which four proposals were approved by the Company's stockholders. Summary of the proposals and corresponding vote: a. All seven nominees were elected to the Board with each director receiving votes as follows: 1. Robert S. Ellin * For: 46,099,917 * Withheld: 1,643,058 * Broker Non-Vote: 24,187,574 2. Jay Krigsman * For: 45,166,859 * Withheld: 2,576,116 * Broker Non-Vote: 24,187,574 Effective as of September 5, 2025, the Board of Directors appointed Jay Krigsman, current member of the Board, to the Audit Committee of the Board and as the Chairman of the Audit Committee. The Board determined that Mr. Krigsman is an "independent" director pursuant to the definition of independence under Rule 5605(a)(2) of the Nasdaq Listing Rules. Mr. Krigsman will be entitled to participate in the annual compensation package the Company provides to its non-employee directors. There is no arrangement or understanding between Mr. Krigsman and any other persons pursuant to which Mr. Krigsman was appointed to the Audit Committee of the Board and as the Chairman of the Audit Committee. There are no family relationships between Mr. Krigsman and any of the Company's officers or directors. Other than as described herein, there are no other transactions to which the Company or any of its subsidiaries is a party in which Mr. Krigsman has a material interest subject to disclosure under Item 404(a) of Regulation S-K. 3. Ramin Arani * For: 47,374,434 * Withheld: 368,541 * Broker Non-Vote: 24,187,574 4. Patrick Wachsberger * For: 47,371,592 * Withheld: 371,383 * Broker Non-Vote: 24,187,574 5. Kenneth Solomon * For: 32,480,497 * Withheld: 15,262,478 * Broker Non-Vote: 24,187,574 6. Bridget Baker * For: 47,306,068 * Withheld: 436,907 * Broker Non-Vote: 24,187,574 7. Kristopher Wright * For: 46,154,892 * Withheld: 1,588,083 * Broker Non-Vote: 24,187,574 b. The approval of an amendment to the Company's Certificate of Incorporation, as amended, to effect a reverse stock split of its issued and outstanding shares of common stock at a ratio to be determined in the discretion of the Board within a range of no less than one-for-three through one-for-ten (without reducing the authorized number of shares of common stock), and with the Board able to elect to abandon such proposed amendment and not affect the Reverse Split authorized by the Company's stockholders in its sole discretion. The votes on this proposal were as follows: * For: 66,902,553 * Against: 4,988,549 * Abstained: 39,447 * Broker Non-Vote: -- c. The ratification of the appointment of Macias Gini & O'Connell, LLP as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2026. The votes on this proposal were as follows: * For: 70,012,771 * Against: 1,882,937 * Abstained: 34,841 * Broker Non-Vote: -- d. The approval, to adjourn the Annual Meeting to a later date or time, if necessary, to permit further solicitation and vote of proxies if there are not sufficient votes at the time of the Annual Meeting to approve any of the proposals presented for a vote at the Annual Meeting. The votes on this proposal were as follows: * For: 57,582,245 * Against: 14,314,822 * Abstained: 33,481 * Broker Non-Vote: ‒ No other matters were considered or voted upon at the Annual Meeting. About LiveOne Headquartered in Beverly Hills, California, LiveOne, Inc. -- www.liveone.com -- is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Through its comprehensive service offerings and innovative content platform, it provides music fans the ability to listen, watch, attend, engage and transact. Serving a global audience, the Company's mission is to bring the experience of live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed around the world. As of June 30, 2025, the Company had $48.9 million in total assets, $61.0 million in total liabilities, and $12.1 million in total stockholders' deficit. New York, New York-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, a "going concern" qualification dated July 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Macias Gini & O'Connell cited that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. LOOKOUT TAVERN: Dawn Maguire Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at Guttilla Murphy Anderson, as Subchapter V trustee for Lookout Tavern, LLC. Ms. Maguire will be paid an hourly fee of $380 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Maguire declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dawn Maguire, Esq. 10115 E. Bell Rd., Ste. 107 #498 Scottsdale, AZ 85260 Phone: (480) 304-8302 Fax: (480) 304-8301 Email: Trustee@MaguireLawAZ.com About Lookout Tavern Lookout Tavern, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08549) on September 10, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Daniel P. Collins presides over the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC represents the Debtor as legal counsel. LOOKOUT TAVERN: Taps Allen Jones & Giles as Legal Counsel --------------------------------------------------------- Lookout Tavern LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Allen, Jones & Giles, PLC to serve as legal counsel in its Chapter 11 case. Allen, Jones & Giles, PLC 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 Debtor’s bankruptcy case; and (d) prepare necessary applications, motions, answers, orders, reports or other legal papers necessary to assist in the Debtor's reorganization. The firm will be paid at these hourly rates: $525 for Member Thomas H. Allen $400 for Associate David B. Nelson $325 for Associate Ryan M. Deutsch, and $150 to $235 for legal assistants and law clerks. Allen, Jones & Giles, PLC received a $30,000 retainer, from which $11,858.30 was applied to pre-petition fees and costs, including the Chapter 11 filing fee, and $18,141.70 is held in the firm's IOLTA Trust Account for postpetition fees and costs. Allen, Jones & Giles, PLC 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: 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 E-mail: tallen@bkfirmaz.com dnelson@bkfirmaz.com About Lookout Tavern LLC Lookout Tavern LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-08549-DPC) on September 10, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Daniel P. Collins oversees the case. Allen, Jones & Giles, PLC is Debtor's legal counsel. LOOP MEDIA: To Deregister Shares as Asset Sale, Wind-Up Loom ------------------------------------------------------------ Loop Media disclosed in a Form 8-K that it plans to file a Form 15 with the Securities and Exchange Commission to deregister its securities and suspend reporting obligations as its lender prepares to auction most of the Company's assets, a process that could lead to a wind-up of operations. The Company said the move follows default notices from lender Capital Foundry Funding, LLC, which accused the firm of exceeding credit limits and failing to repay excess borrowings. Capital Foundry plans to auction the collateral pledged under the loan -- substantially all of Loop Media's assets -- on Sept. 25 to satisfy outstanding obligations, a sale the Company warned could render its securities nearly worthless. Loop Media and its subsidiary Retail Media TV, Inc., entered into a revolving credit facility with Capital Foundry in February, pledging a first-priority security interest over their assets. As of Sept. 1, the Borrowers owed about $1.94 million under the Agreement. About Loop Media Loop Media, Inc. operates a multichannel digital video platform that curates and distributes short-form video content to connected televisions in out-of-home venues such as restaurants, hotels, retail stores, and convenience outlets. The Company leverages its technology and content library to provide businesses with digital signage, advertising solutions, and customer engagement tools, while also offering ad-free subscription options. Its platform serves both location operators and third-party advertisers seeking targeted marketing channels. The Company has generated limited revenue, and as of June 30, 2025, its cash totaled $109,692, and it had an accumulated deficit of $164,959,880. The Company anticipates further losses as well as negative cash flows used in operations in the foreseeable future. According to the Company, these factors raise substantial doubt about its ability to continue as a going concern for a period of at least one year from the date of issuance of the financial statements for the period ended June 30, 2025. In its audit report dated Dec. 12, 2024, Marcum LLP issued a "going concern" qualification citing that the Company has incurred recurring losses resulting in an accumulated deficit, had negative cash flows used in operations, and needs to raise additional funds to meet its obligations and sustain its operations. As of June 30, 2025, Loop Media reported $3.36 million in total assets, $30 million in total liabilities, and $26.64 million in total stockholders' deficit. The company said its ability to continue as a going concern depends on generating enough revenue and securing fresh funding through equity or debt, while keeping spending in check. The Company continues to explore potential strategic alternatives to maximize shareholder value and to evaluate potential financing opportunities. M&K ACTIVE: Todd Hennings Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for M&K Active Transport, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About M&K Active Transport M&K Active Transport, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60477) on September 11, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Barbara Ellis-Monro presides over the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. MAITE LLC: Case Summary & Four Unsecured Creditors -------------------------------------------------- Debtor: Maite LLC 1111 Brickell Ave, Suite 2775 Miami, FL 33131 Case No.: 25-15985 Chapter 11 Petition Date: September 17, 2025 Court: United States Bankruptcy Court District of Colorado Judge: Hon. Thomas B Mcnamara Debtor's Counsel: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 Email: jmd@kutnerlaw.com Total Assets: $0 Total Liabilities: $22,451,109 The petition was signed by Robert Koffler as sole member. A copy of the Debtor's list of four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FKUCTTY/Maite_LLC__cobke-25-15985__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FAN5PXA/Maite_LLC__cobke-25-15985__0001.0.pdf?mcid=tGE4TAMA MAMMOTH INC: Seeks Subchapter V Bankruptcy in Indiana ----------------------------------------------------- On September 15, 2025, Mammoth Inc. filed Chapter 11 protection in the Southern District of Indiana. According to court filing, the Debtor reports $2,063,375 in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About Mammoth Inc. 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. Mammoth Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Inc. Case No. 25-05558) on September 15, 2025. In its petition, the Debtor reports total assets of $7,427,011 and total liabilities of $2,063,375. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor is represented by Sarah L. Fowler, Esq. at BLACKWELL, BURKE, FOWLER & ROSSOW, P.C. MANA GROUP: Hires Allred Tax Advisors PLLC as Tax Professionals --------------------------------------------------------------- Mana Group Pharmacies, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Allred Tax Advisors, PLLC as tax professionals. The firm will assist the Debtor in preparing and filing of the Debtor's tax returns and franchise tax reports that are due by the Debtor. The firm will be paid $1,500 for each 2024 and 2025 tax return, $250 for each 2025 and 2026 franchise tax report. Ms. Baker 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: Lisa Baker Allred Tax Advisors, PLLC 600 River Pointe Dr., Ste 201 Conroe, TX 77304 Tel: (713) 897-8344 About Mana Group Pharmacies, LLC Mana Group Pharmacies, LLC, operating as Brown's Pharmacy, is an independent, locally owned pharmacy in Irving, Texas, serving the Irving, Las Colinas, and Greater Dallas-Fort Worth areas since 1973. The pharmacy focuses on providing personalized, friendly customer service, distinguishing itself from larger chain pharmacies. Services include prescription refills, compounding, delivery, vaccines, wound care, MEDSYNC (medication synchronization), and PakMyMeds (a free medication packaging service). Additionally, the pharmacy acts as an Amazon Hub, securely accepting and storing Amazon packages for customers. Mana Group Pharmacies filed Chapter 11 petition (Bankr. N.D. Texas Case No. 25-31057) on March 27, 2025, listing $332,938 in assets and $4,952,261 in liabilities. Christopher Tapper, managing member of Mana Group Pharmacies, signed the petition. David R. Langston, Esq., at Mullin Hoard & Brown, L.L.P., is the Debtor's legal counsel. Live Oak Banking Company, as secured creditor, is represented by: Kristin A. Zilberstein, Esq. ZBS Law, LLP 30 Corporate Park, Suite 450 Irvine, CA 92606 Telephone: (714) 848-7920 Facsimile: (714) 908-7807 MAYFIELD MEDICAL: Hires J. D. Graham PC as Bankruptcy Counsel ------------------------------------------------------------- Mayfield Medical Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ J. D. Graham P.C. as bankruptcy counsel. The firm will provide these services: a. advising Debtor with respect to their rights, power, and duties in this Chapter 11 Case; b. assisting and advising Debtor in their consultations with any appointed committee related to the administration of this Chapter 11 Case; c. assisting Debtor in analyzing the claims of creditors and negotiating with such creditors; d. assisting Debtor with investigation of the assets, liabilities, and financial condition of Debtor and reorganizing Debtor business in order to maximize the value of Debtor assets for the benefit of all creditors; e. advising Debtor in connection with the sale of assets or business; f. assisting and advising Debtor with respect to any communications with the general creditor body regarding significant matters in this Chapter 11 Case; g. commencing and prosecuting necessary and appropriate actions and/or proceedings on behalf of Debtor; h. reviewing, analyzing, or preparing, on behalf of Debtor, all necessary applications, motions, answers, orders, reports, schedules, pleadings, and other documents; i. representing Debtor at all hearings and other proceedings; j. conferring with other professional advisors retained by Debtor in providing advice to Debtors; k. performing all other necessary legal services in this Chapter 11 Case as may be requested by Debtors; and l. assisting and advising Debtors regarding pending arbitration and litigation matters in which Debtor may be involved, including continued prosecution or defense of actions and/or negotiations on Debtors' behalf. The firm will be paid at these rates: Partners $325 per hour Associates $300 per hour Paralegals $175 per hour As of the Petition Date, the firm has been paid the sum of $4,893.25 for services performed prior to the Petition Date. The Firm is currently holding the sum of $4,893.25 as a retainer less the filing fee of $1,738 resulting in a balance of $3,155.25. As disclosed in the court filings, J. D. Graham is a "disinterested Mr. Graham Jr. 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: Jerry D Graham, Jr., Esq. JD GRAHAM PC #1 Eagle Center; Suite 3A O'Fallon, IL 62269 Telephone: (618) 235-9800 Facsimile: (618) 235-9805 Email: court@jdgrahamlaw.com About Mayfield Medical Services, Inc. Mayfield Medical Services Inc. provides repair, maintenance, and preventative services for medical, laboratory, dental, and veterinary equipment across the Midwest and through nationwide depot support. The Company delivers on-site service, equipment audits, and manufacturer-recommended maintenance, including tagging and detailed record-keeping of client assets. Mayfield Medical Services Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-30662) on August 29, 2025. In its petition, the Debtor reports total assets of $224,636 and total liabilities of $2,142,616. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtor is represented by J. D. Graham, Esq. at J. D. Graham, PC. 1st MidAmerica Credit Union, as secured creditor, is represented by: Christopher D. Lee, Esq. Sandberg Phoenix & von Gontard, P.C. 701 Market Street, Suite 600 St. Louis, MO 63101 Tel: (314) 725-9100 Fax:( 314) 725-5754 E-mail: clee@sandbergphoenix.com MEAT U ANYWHERE: Section 341(a) Meeting of Creditors on October 24 ------------------------------------------------------------------ On September 15, 2025, Meat U Anywhere Grapevine LLC filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports $2,551,985 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 24, 2025 at 09:30 AM by TELEPHONE. About Meat U Anywhere Grapevine LLC Meat U Anywhere Grapevine LLC and affiliates 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. Meat U Anywhere Grapevine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43503) on September 15, 2025. In its petition, the Debtor reports combined total assets as of June 30, 2025 amounting to $1,875,756 and combined total liabilities as of June 30, 2025 of $2,551,985. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Bryan C. Assink, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP. MY STORE-SOLWAY: Seeks to Hire Vogel Law Firm as Counsel -------------------------------------------------------- My Store-Solway, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Vogel Law Firm as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Kesha Tanabe $420 per hour Collin Poolman $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the filing date, Nathan and Amanda Preuss paid $20,000 to the firm as a pre-petition retainer on August 22, 2025. Kesha L. Tanabe, Esq., a partner at Vogel Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kesha L. Tanabe, Esq. Vogel Law Firm 218 NP Avenue PO Box 1389 Fargo, ND 58107-1389 Tel: (701) 237-6983 Email: ktanabe@vogellaw.com About My Store-Solway, Inc. My Store-Solway, Inc. owns and operates a convenience store and gasoline station at 4895 Jones Townhall Road NW, Solway, Minnesota, serving local residents and travelers with fuel, snacks, and essential supplies. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-60537) on September 2, 2025, with $156,000 in assets and $1,249,346 in liabilities. Nathan Preuss, managing member, signed the petition. Judge Shon Hastings oversees the case. Kesha Tanabe, Esq., at Vogel Law Firm represents the Debtor as bankruptcy counsel. MY STORE-WASKISH: Seeks to Hire Vogel Law Firm as Counsel --------------------------------------------------------- My Store-Waskish, LLC seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Vogel Law Firm as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Kesha Tanabe $420 per hour Collin Poolman $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the filing date, Nathan and Amanda Preuss paid $20,000 to the firm as a pre-petition retainer on August 22, 2025. Kesha L. Tanabe, Esq., a partner at Vogel Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kesha L. Tanabe, Esq. Vogel Law Firm 218 NP Avenue PO Box 1389 Fargo, ND 58107-1389 Tel: (701) 237-6983 Email: ktanabe@vogellaw.com About My Store-Waskish, LLC My Store – Waskish, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Minn. Case No. 6:25-bk-60538) on Sept. 2, 2025. The Debtor hires Vogel Law Firm as counsel. NAKED CUPCAKE: Court Extends Cash Collateral Access to Oct. 15 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued a preliminary order extending The Naked Cupcake Orlando, LLC's authority to use cash collateral through October 15. The order authorized the Debtor to use cash collateral to pay amounts expressly authorized by the court, including monthly payments to the Subchapter V trustee; 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 Bank of Central Florida. Bank of Central Florida will be granted a post-petition lien on cash collateral, with same validity, priority and extent as its pre-bankruptcy liens. In addition, the Debtor was ordered to keep its property insured in accordance with its loan and security agreements with the secured creditor. The Bank of Central Florida is the Debtor's primary secured creditor, holding a UCC financing statement filed on October 18, 2021, that purports to cover all of the Debtor's inventory, chattel paper, accounts, deposit accounts, equipment, and general intangibles. The Debtor owes BCF approximately $305,719. However, the Debtor contends that BCF may not have properly perfected its lien on deposit accounts because it lacks a deposit control agreement, as required under Florida law. As of the filing date, the Debtor had $4,691 in cash and approximately $9,201 in other assets, including accounts receivable and equipment. These funds and future earnings may be considered "cash collateral" under bankruptcy law if they are subject to a secured creditor's lien. The next hearing is scheduled for October 15. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/mr9w7ksa from PacerMonitor.com. About Naked Cupcake Orlando LLC Naked Cupcake Orlando, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:25-bk-05495-TPG) on August 29, 2025. In the petition signed by Sandra Shorter, owner/manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Tiffany P. Geyer oversees the case. Todd Budgen, Esq., at Budgen Law, represents the Debtor as bankruptcy counsel. NEPHRITE FUND: Trustee to Hire Spencer Fane as Legal Counsel ------------------------------------------------------------ Eric L. Johnson, the duly-appointed Chapter 11 Trustee of Nephrite Fund I, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Spencer Fane LLP to serve as his legal counsel in the Chapter 11 case. Spencer Fane will provide these services: (a) investigate claims and potential assets and take appropriate actions related to the same as directed by the Trustee; (b) handle the sale of real and personal property; (c) investigate and pursue avoidance and turnover claims, including preferences and fraudulent transfers; and (d) otherwise assist the Trustee in the discharge of his duties. Spencer Fane LLP shall receive hourly rates of $450 to $880 for Partners and Of Counsel, $325 to $510 for Associates, and $175 to $315 for Paralegals. The primary timekeepers and their discounted hourly rates are: Eric L. Johnson ($550), Andrea Chase ($505), Kristen Evans ($325), and Felecia Morris ($200). According to court filings, Spencer Fane LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Eric L. Johnson, Esq. SPENCER FANE LLP 1000 Walnut Street, Suite 1400 Kansas City, MO 64106 Telephone: (816) 474-8100 E-mail: ejohnson@spencerfane.com About Nephrite Fund 1 LLC Nephrite Fund 1 LLC owns Suncrest Apartments located in Raytown, Missouri. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 24-40655) on May 14, 2024. In the petition signed by Alan Sheehy, member, the Debtor disclosed $7,895,492 in assets and $7,194,305 in liabilities. Judge Cynthia A. Norton oversees the case. Robert E. Eggmann, Esq., at Carmody MacDonald PC, is the Debtor's legal counsel. NEW REDBIRD: Hires John Langham & Co. CPAs as Accountant -------------------------------------------------------- New Redbird Business Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to employ John Langham & Co., CPAs as accountant. The firm will provide these services: -- preparing or reviewing the monthly operating reports statements of financial affairs, schedule of assets, and liabilities, and other services in the bankruptcy case, as requested by the Debtor; -- preparing or reviewing the financial budgets, projections, project costs and profitability estimates, as requested by the Debtor; -- providing assistance in developing or reviewing plans of reorganization or disclosure statements, including tax ramifications as requested by the Debtor; -- taking tax compliance filings and matters, as requested by the Debtor; and -- reviewing and analyzing reports of any DIP financing arrangements and budgets, as requested by the Debtor. The firm will be paid at these rates: John Langham $250 per hour Staffs $125 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. As 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: John Langham John Langham & Co., CPAs 820 South 21st Street Fort Smith, AK 72901 Tel: (479) 783-2500 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. NITRO FLUIDS: Gets Court Confirmation on Chapter 11 Plan -------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that Nitro Fluids LLC secured court approval for its Chapter 11 liquidation plan Wednesday, September 17, 2025, with a Texas bankruptcy judge ruling the shift was necessary following unsuccessful efforts to market the fracking services company's assets. About Nitro Fluids LLC Nitro Fluids, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-60018) on May 15, 2024, listing $50 million to $100 million in both assets and liabilities. The petition was signed by Brad Walker as chief restructuring officer. Judge Christopher M. Lopez presides over the case. Eric Thomas Haitz, Esq., at Bonds Ellis Eppich Schafer Jones LLP, is the Debtor's counsel. NORTHERN FUEL: Seeks to Hire Vogel Law Firm as Counsel ------------------------------------------------------ Northern Fuel & Convenience Inc. seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Vogel Law Firm as counsel to handle its Chapter 11 case. The firm will be paid at these rates: Kesha Tanabe $420 per hour Collin Poolman $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the filing date, Nathan and Amanda Preuss paid $20,000 to the firm as a pre-petition retainer on August 22, 2025. Kesha L. Tanabe, Esq., a partner at Vogel Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kesha L. Tanabe, Esq. Vogel Law Firm 218 NP Avenue PO Box 1389 Fargo, ND 58107-1389 Tel: (701) 237-6983 Email: ktanabe@vogellaw.com About Northern Fuel & Convenience Inc. Northern Fuel & Convenience Inc. operates convenience stores and gas stations in Minnesota, managing locations at 54345 Highway 72 NE in Waskish and 4895 Jones Townhall Road NW in Solway, serving local communities with fuel and retail products. Northern Fuel & Convenience Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-60536) on September 2, 2025. In its petition, the Debtor reports total assets of $214,000 and total Liabilities of $2,468,948. The Debtor is represented by Kesha Tanabe, Esq. at VOGEL LAW FIRM. NOW SOLUTIONS: Taps Armanino LLP, Designates Chris Lang as CRO -------------------------------------------------------------- NOW Solutions Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to retain Armanino LLP and designate Chris Lang as Chief Restructuring Officer in its Chapter 11 case. The firm will provide these services: (a) assist the company in developing strategies to improve cash flow and reduce expenses; (b) assist the company in identifying and implementing both short-term and long-term liquidity generating initiatives; (c) assist the company in reporting to its pre- and post-petition secured lenders, if any; (d) assist the company in complying with budgets; (e) assist the company in amending or terminating leases and contracts; (f) assist the company in reporting to creditor constituencies; (g) assist the company in complying with due diligence by prospective business/asset acquirers; (h) assist in developing and implementing cash management strategies, tactics and processes including developing a cash receipts and disbursements forecasting tool; (i) assist the company in the preparation of data required in order to prepare the first day motions and related orders which may be required by the Bankruptcy Court; (j) assist with the preparation of the Statement of Financial Affairs, Schedules of Assets and Liabilities, and other regular reports required in its Chapter 11 case and in contract rejection analysis in the Chapter 11 Case; (k) assist the company in areas such as testimony before the Bankruptcy Court on matters that are within Armanino's areas of expertise; and (l) assist with such other matters as may be requested by the Board that fall within Armanino's expertise and that are mutually agreeable. Armanino will charge hourly rates ranging from $195 to $695. Current hourly rates are: Partners $495 to $695 Senior or Managing Directors $440 to $595 Directors $390 to $495 Managers $250 to $395 Consultants and Staff $195 to $275 Armanino LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Chris Lang Armanino LLP 2700 Camino Ramon, Suite 350 San Ramon, CA 94583 About NOW Solutions Inc. NOW Solutions Inc. provides human resources management systems (HRMS) and payroll software solutions, serving clients across education, healthcare, technology, insurance, manufacturing, public sector, retail, and transportation industries. Its primary product, emPath, is a web-based platform integrating HR and payroll functions, including employee self-service, performance reviews, and benefits tracking. The Company operates in the U.S. and Canada. NOW Solutions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42648) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Brandon Tittle, Esq. at TITTLE LAW FIRM, PLLC. ARMANINO LLP is the Debtor's Financial Advisor. OAKLAND VILLAGE: Gets Court OK to Use Cash Collateral Until Oct. 9 ------------------------------------------------------------------ Oakland Village Associates FL, LLC received third interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando, Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral until October 9 to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee and payroll obligations incurred post-petition; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. Secured creditors including Wilmington Trust, Pjeter Lulaj, and Javier DelHoyo will be granted replacement liens on post-petition cash collateral, to the same extent and with the same validity and priority as their pre-bankruptcy liens. As additional protection to secured creditors, Oakland was ordered to keep its property insured. The next hearing is scheduled for October 9. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/JpCLK from PacerMonitor.com. About Oakland Village Associates FL LLC Oakland Village Associates FL LLC is a real estate company based in Orlando, Florida. Oakland Village Associates FL LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02805) on May 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtors are represented by Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP. Wilmington Trust, N.A., as lender, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. Shutts & Bowen, LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 Email: bdennis@shutts.com rreinert@shutts.com ONDAS HOLDINGS: Raises $217M in Public Offering of Common Stock --------------------------------------------------------------- Ondas Holdings Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into an Underwriting Agreement with Oppenheimer & Co. Inc., as representative of several underwriters relating to the Company's underwritten registered direct offering of 40,000,000 shares of its common stock, par value $0.0001 per share. Pursuant to the Underwriting Agreement, the Company also granted the Underwriters a 30-day option to purchase an additional 6,000,000 shares of Common Stock. On September 9, 2025, the Underwriters exercised the Option in full. The Shares were offered, issued, and sold pursuant to a prospectus supplement and accompanying prospectus that form part of an effective automatic shelf registration statement on Form S-3ASR (File No. 333-290121), which was filed with the Securities and Exchange Commission (the "SEC") and automatically became effective upon filing on September 9, 2025. On September 10, 2025, the Company closed the Offering and issued the Shares. The offering price for each Share was $5.00. The net proceeds to the Company from the Offering are approximately $217 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds of the Offering for corporate development and strategic growth, including acquisitions, joint ventures, and investments. The Underwriting Agreement includes customary representations, warranties, and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such Underwriting Agreement and as of specific dates, were solely for the benefit of the parties to the Underwriting Agreement and were subject to limitations agreed upon by the contracting parties. The foregoing summary of the Underwriting Agreement does not purport to be complete and is subject to, and qualified in its entirety by, such document is available at https://tinyurl.com/3d6hzajm 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. ONE TABLE RESTAURANT: Claims to be Paid from Liquidation Proceeds ----------------------------------------------------------------- One Table Restaurant Brands, LLC and its affiliates submitted a Combined Disclosure Statement and Plan of Liquidation dated September 10, 2025. The Debtors operated two restaurant brands, Tender Greens, a "farm-to-fork" concept, and Tocaya, a modern Mexican eatery, which are fast casual restaurant chains with thirty-nine restaurants throughout California and Arizona as of the Petition Date. Tender Greens was founded by three chefs in 2006 in Culver City, California on the principle of "Good food for Everyone." Tender Greens provides healthy, fresh, high-quality chef-created meals for a reasonable price, filling an important gap in the restaurant market. Tocaya was founded in Venice Beach California in 2015 and rose to prominence in Los Angeles between 2015-2019 by serving high quality "Healthy Mexican Fare" in a high energy atmosphere. On August 9, 2024, the Debtors filed their Motion for Entry of Orders: (I) (A) Approving Bidding Procedures and Protections in Connection With a Sale of Substantially All of Debtors' Assets Free And Clear Of Liens, Claims, Encumbrances and Interests; (B) Authorizing the Debtors to Designate a Stalking Horse Bid; (C) Scheduling an Auction and Sale Hearing; (D) Approving the Form And Manner of Notice Thereof; and (E) Approving Procedures Related to Assumption and Assignment of Certain Executory Contracts and Leases; (II) (A) Authorizing Sale of Substantially All of Debtors' Assets Pursuant to Successful Bidder(s) Asset Purchase Agreement(s), Free and Clear of Liens, Claims, Encumbrances, and Other Interests; and (B) Approving Assumption and Assignment of Certain Executory Contracts and Leases; and (III) Granting Related Relief (the "Sale Motion") seeking to sell substantially all of their assets at auction to the highest bidder. In accordance with the terms of the Bidding Procedures Order, on August 23, 2024 the Debtors filed the Stalking Horse Notice and on September 5, 2024, the Amendment to Stalking Horse Notice (collectively, the "Stalking Horse Notice"). Pursuant to the Stalking Horse Notice, the Debtors sought to designate an affiliate of the DIP Lender, OTRB Corporate, LLC (the "Purchaser"), as the stalking horse bidder for the Debtors' assets. On October 9 and October 24, 2024, the Court entered orders approving the sale (the "Sale Orders"). The Sale Orders authorized, among other things, the Debtors and the Purchaser to close and otherwise consummate the sale of all of the Debtors' assets to the Purchaser (the "Closing"). The Closing occurred effective as of October 29, 2024. Accordingly, on October 31, 2024, the Debtors filed a Notice of Closing of the Sale. The Plan is a liquidating chapter 11 plan. The Plan provides for the proceeds from the Assets already liquidated to be distributed to holders of Allowed Claims in accordance with the terms of the Plan and the priority of claims provisions in the Bankruptcy Code. Specifically, the Debtors have only Cash remaining on hand from the liquidation of their assets and the global resolution by and among various parties that resulted in a Cash payment to the Committee to be used to pay Committee professionals and General Unsecured Creditors. After the Effective Date, the Debtors will make a one-time distribution to holders of Allowed General Unsecured Claims equal to their Pro Rata share of the Distribution Fund. Importantly, BW/OTRB has agreed that in connection with the confirmation of the Plan, it will pay the BW/OTRB Backstopped Claims. Class 3 consists of all General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive, in full satisfaction, release and discharge of and in exchange for such Allowed General Unsecured Claim, its Pro Rata share of the Distribution Fund; provided however, in the event that any such Pro Rata share would result in a Distribution of less than $25.00, than no Distribution will be made on account such Allowed General Unsecured Claim and such Pro Rata share will be reallocated to the other Allowed General Unsecured Claims entitled to receive a Distribution. Class 3 is Impaired under the Plan. Class 4 consists of the shareholders and all Holders of equity in the Debtors. Each Allowed Interest shall be canceled, released, and extinguished, and will be of no further force or effect and no Holder of Allowed Interests shall be entitled to any recovery or Distribution under the Plan on account of such Interests. The Plan will be implemented by the Plan Administrator in a manner consistent with the terms and conditions set forth in this Plan and the Confirmation Order. The Plan will be funded by the Distribution Fund which, as of the Effective Date, should be approximately $115,000. BW/OTRB has agreed to pay the BW/OTRB Backstopped Claims. For the avoidance of doubt, the Distribution Fund cannot be used to pay the BW/OTRB Backstopped Claims. Finally, although BW/OTRB has agreed to pay the BW/OTRB Backstopped Claims as part of the confirmation of the Plan, BW/OTRB has not agreed to do the same in the event the Chapter 11 Cases were converted to Chapter 7. All Cash remaining after payment of the Administrative Claims incurred in connection with the Chapter 7 cases would be utilized to pay the Allowed Administrative and Priority Claims incurred in the Chapter 11 Cases. As a result, there would no distribution to the holders of Allowed General Unsecured Claims in the event of a conversion to Chapter 7. Accordingly, the Plan Proponent believes that Holders of Allowed Claims would receive less ($0) than anticipated under the Plan (1-2% in the case of General Unsecured Claims, and 100% in the case of Allowed Priority Unsecured Claims and Allowed Secured Claims) if the Chapter 11 Cases were converted to Chapter 7 cases, and therefore, the classification and treatment of Claims and Interests in the Plan complies with section 1129(a)(7) of the Bankruptcy Code. The Confirmation Hearing has been scheduled for November 6, 2025 at 9:30 a.m. Any objection to the final approval of the Plan as providing adequate information must be actually received on or before October 15, 2025 at 4:00 p.m. A full-text copy of the Combined Disclosure Statement and Plan dated September 10, 2025 is available at https://urlcurt.com/u?l=GPRrK3 from PacerMonitor.com at no charge. Counsel to the Debtors: Thomas J. Francella, Jr., Esq. Raines Feldman Littrell LLP 1200 North Broom Street Wilmington, DE 19806-4204 Tel: (302) 772-5805 Email: tfrancella@raineslaw.com And Alan J. Friedman, Esq. Melissa Davis Lowe, Esq. Max Casal, Esq. SHULMAN BASTIAN FRIEDMAN & BUI LLP 100 Spectrum Center Drive, Suite 600 Irvine, CA 92618 Tel: (949) 340-3400 Fax: (949) 340-3000 Email: afriedman@shulmanbastian.com mlowe@shulmanbastian.com mcasal@shulmanbastian.com About One Table Restaurant Brands One Table Restaurant Brands, LLC is a next generation restaurant platform of best-in-class emerging concepts. The company is based in Los Angeles, Calif. One Table Restaurant Brands and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11553) on July 17, 2024. At the time of the filing, One Table Restaurant Brands reported total assets of up to $50,000 and total liabilities of up to $50 million. The Debtors are represented by Thomas Joseph Francella, Jr., Esq., at Raines Feldman Littrell, LLP. CR3 Partners, LLC as financial advisor. Hilco Corporate Finance, LLC as investment banker. Raines Feldman Littrell LLP as Delaware bankruptcy counsel. PALATIN TECHNOLOGIES: Common Stock Begins OTCQB Trading as "PTNT" ----------------------------------------------------------------- Palatin Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a notice from the NYSE American LLC stating that the NYSE Regulation has determined that the Company is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low selling price of the Company's Common Stock. NYSE American commenced delisting proceedings in connection with the foregoing determination, and trading the Company's common stock was suspended on May 7, 2025. The Company's common stock has traded on the OTCQB Market of the OTC Markets Group under the trading symbol "PTNT" since June 2005, and since August 12, 2025, the Company has traded on the OTCQB Market of the OTC Markets Group under the trading symbol "PTNTD". Effective September 10, 2025, the Company's common stock began trading on the OTCQB Market of the OTC Market Group under the symbol "PTNT", reflecting the expiration of the twenty-trading day period under the symbol "PTNTD" following the 1-for-50 reverse stock split of the outstanding shares of the Company's common stock. About Palatin Headquartered in New Jersey, Palatin Technologies Inc. -- www.Palatin.com -- is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception and will need additional funding to complete planned product development efforts that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, Palatin Technologies had $4,310,018 in total assets, $10,691,127 in total liabilities, and $6,381,109 in total stockholders' deficit. PERASO INC: Considers Mobix Labs' Unsolicited Acquisition Offer --------------------------------------------------------------- Peraso Inc. confirmed that it has received two further letters from Mobix Labs, Inc. in connection with Mobix Labs' unsolicited offer to acquire the Company. Mobix Labs' letter dated September 4, 2025 included a revised acquisition proposal involving a combination of cash and stock consideration in an undetermined amount. The September 4 letter reiterated Mobix Labs' refusal to enter into a confidentiality agreement or receive material non-public information and requested a response by September 8, 2025. Mobix Labs' follow-up letter, dated September 5, 2025, stated that while Mobix Labs continues to oppose any standstill restrictions, it would be willing to consider a limited confidentiality arrangement to permit Peraso to share non-public information deemed reasonably necessary, provided that such arrangement does not include a standstill and does not indefinitely constrain Mobix Labs. After careful consideration, in consultation with its legal and financial advisors, the Board of Directors of Peraso has authorized a limited exploratory call with Mobix Labs. The Company has requested that any such discussion take place without Peraso sharing any MNPI and outside the bounds of a confidentiality agreement. The purpose of the call, if Mobix Labs agrees to proceed on those terms or on other mutually acceptable terms, would be to allow the Company to better understand Mobix Labs' revised proposal and intentions. The Company is aware of recent public statements by Mobix Labs regarding the Board's responsiveness to its unsolicited proposal. The Board has remained open to engaging with all interested parties, including Mobix Labs, through a fair and disciplined process consistent with its fiduciary duties. The Company extended to Mobix Labs the same opportunity provided to other parties to participate under a customary mutual confidentiality agreement. The Company continues to conduct a disciplined strategic review process focused on maximizing value for all stockholders. Multiple other parties have entered into customary mutual confidentiality agreements, including standard standstill provisions, and are actively participating in the process. While Peraso remains open to evaluating any proposal that may enhance stockholder value, the Company will continue to pursue its review in a manner that is fair, consistent, and aligned with its fiduciary obligations. 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. PHRG INTERMEDIATE: $175MM Loan Add-on No Impact on Moody's B2 CFR ----------------------------------------------------------------- Moody's Ratings said that PHRG Intermediate, LLC's ("Power Home Remodeling" or "Power Home") B2 corporate family rating and B2-PD probability of default rating are not affected by the proposed $175 million add-on to the company's $1 billion senior secured term loan B due 2032 (issued by HP PHRG Borrower, LLC), which is rated B2. The B2 rating on the company's senior secured revolving credit facility due 2030 is also unaffected. The outlook remains unchanged at stable. The company's proposed $175 million add-on, which will increase the size of the existing senior secured term loan to $1.175 billion, along with $75 million of cash, will be used to fund a shareholder distribution of $250 million. The add-on increases pro forma leverage to 3.6x debt/EBITDA as of June 30, 2025. Moody's expect interest coverage to remain above 4.0x EBITA to interest in 2025 and above 3.5x in 2026 once a full year of cash interest is paid on the term loan that was issued in February 2025. The $125 million revolver remains undrawn. Power Home's B2 ratings reflect the company's sound position in the US repair and remodel segment, which is supported by solid underlying long-term demand for housing improvements in the US. 2025 operating performance has been strong, with year-to-date revenue growth of 24% compared to the same period in 2024, driven by growth in both net projects and average selling price. Margins continue to expand, with adjusted EBITDA margin of approximately 22% for the last twelve months ending June 30, 2025. The rating also benefits from the company's asset-lite business model, which requires minimal capital expenditures or overhead and supports the ability to generate free cash flow and robust EBITDA margins that should remain above 20%. Factors constraining the rating include high supplier concentration, with about 70% of product purchases coming from two suppliers, regional concentration in the Northeast and Midwest, and historical earnings volatility, partially as a result of supply chain disruptions and a temporary shutdown during the COVID-19 pandemic. Moody's expect Power Home's liquidity to be good over the next 12 to 18 months. Liquidity is supported by $48 million of pro forma cash on the balance sheet as of August 31, 2025 and the expectation of full availability under the company's $125 million revolver. Free cash flow will be negative in 2025 due to shareholder distributions, though Moody's expect positive free cash flow in 2026 through continued growth in earnings, barring any additional significant dividends. The stable outlook reflects Moody's expectation that Power Home can sustain current margins in a modest growth environment, which should support debt to EBITDA below 4.0x and interest coverage around 3.5x. Moody's also expect that Power Home will maintain good liquidity. Power Home Remodeling, headquartered in Philadelphia, PA, is an exterior remodeling company serving 24 markets across the U.S. Harvest Partners LP is the company's financial sponsor. Revenue for the last twelve months ending June 30, 2025 was about $1.6 billion. PLANET GREEN: Increases Authorized Shares to 1.6 Billion -------------------------------------------------------- Planet Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 9, 2025, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada to increase the total number of shares of all classes of stock which the Company has authority to issue to 1,600,000,000 consisting of: (a) 1,500,000,000 shares of common stock, par value $0.001 per share, and (b) 100,000,000 shares of preferred stock, par value $0.001 per share, to be issued from time to time with such rights, preferences and priorities as the Board of Directors shall designate. About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of June 30, 2025, the Company had $28.14 million in total assets, $18.07 million in total liabilities, and $10.07 million in total stockholders' equity. PM INVESTMENTS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: PM Investments & Consulting, Inc. d/b/a Moore Healthcare Group 307 Alcide Domingue Drive Lafayette, LA 70506 Business Description: PM Investments & Consulting, Inc., doing business as Moore Healthcare Group, operates a medical clinic in Lafayette, Louisiana, providing internal medicine and primary care services, including chronic disease management, preventive care, acute care, and weight management. Chapter 11 Petition Date: September 17, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-50831 Judge: Hon. John W Kolwe Debtor's Counsel: D. Patrick Keating, Esq. THE KEATING FIRM, APLC 220 Heymann Blvd. Lafayette, LA 70503 Tel: (337) 233-0300 Fax: (337) 233-0694 E-mail: rick@dmsfirm.com Total Assets: $760,400 Total Liabilities: $4,127,050 The petition was signed by Dr. Patrick D. Moore 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/3SL2OUQ/PM_Investments__Consulting_Inc__lawbke-25-50831__0001.0.pdf?mcid=tGE4TAMA PRESBYTERIAN HOMES: No Resident Complaints, 4th PCO Report Says --------------------------------------------------------------- Sherry Culp, the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Western District of Kentucky her fourth report regarding the quality of patient care provided by Presbyterian Homes and Services of Kentucky, Inc. and St. James Group Inc. On July 24, District Ombudsman, Darcus Hall, made facility visits to Cedar Creek Assisted Living, and spoke with the Assistant to the Administrator, Trisha Buckley. On August 21, Mr. Hall spoke with two Assistant's to the Administer, Trisha Buckley and Chelsea Hamilton. Mr. Hall observed staff in the building interacting with and serving residents. There were no complaints about staffing at Cedar Creek. District Ombudsman, Erika Rhodes-Chism, made facility visits to Rose Anna Hughes Assisted Living on July 2 and 14. Ms. Rhodes Chism observed staff in the building interacting with and serving residents. There were no complaints about staffing at Rose Anna Hughes. Ms. Rhodes-Chism learned there had been a fire in the facility on June 28. Staff reported that residents were quickly evacuated outside, the staff considered the fire department response quick, and that residents were allowed back inside as soon as possible as it was over 90 degrees with high heat index. During the July 2 visit, Director Peterson provided an updated list of when and where residents were relocating to new facilities because of the facility's plans to close. Residents interviewed indicated to Ms. Rhodes-Chism that they had been assisted by the facility staff with all activities associated with securing placement and arranging transfer to another facility. The facility appeared clean, staff were available to assist residents and there were no complaints about staff or services. The ombudsmen had no concerns about the cooperation of the facility staff at the time of this report. The Long-Term Care Ombudsman Program has not observed any significant changes in the facility services or resident satisfaction. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=G6dS6g from PacerMonitor.com. The ombudsman may be reached at: Sherry Culp Kentucky State Long Term Care Ombudsman Nursing Home Ombudsman Agency of the Bluegrass, Inc. 3138 Custer Drive, Suite 110 Lexington, Kentucky 40517 Email: sherry@ombuddy.org About Presbyterian Homes and Services of Kentucky Presbyterian Homes and Services of Kentucky, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-33060) on December 15, 2024, listing up to $10 million in both assets and liabilities. Hattie H. Wagner, president and chief executive officer of Presbyterian, signed the petition. Judge Alan C. Stout oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP, represents the Debtor as legal counsel. Stock Yards Bank & Trust Company, as secured creditor, is represented by: Edward M. King, Esq. Jamie Brodsky, Esq. Frost Brown Todd, LLP 400 W. Market Street, 32nd Floor Louisville, Kentucky 40202 Telephone: (502) 589-5400 Hardin KY Opco and Hardin KY Propco, as secured creditors, are represented by: Mary Elisabeth Naumann, Esq. Chacey R. Malhouitre, Esq. Jackson Kelly, PLLC 100 W. Main Street, Ste. 700 Lexington, KY 40507 Telephone: (859) 255-9500 Facsimile: (859) 252-0688 Email: mnaumann@jacksonkelly.com chacey.malhouitre@jacksonkelly.com PRIME ELECTRICAL: Court Extends Cash Collateral Access to Oct. 2 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued a fifth preliminary order extending Prime Electrical Services, LLC's authority to use cash collateral through October 2. The order approved the use of cash collateral to pay amounts expressly authorized by the court, including payments of U.S. trustee quarterly fees; expenses set forth in the Debtor's budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by the U.S. Small Business Administration. The budget projects net operational expenses of $31,450 for the period from August to October. As adequate protection, SBA and other secured creditors will be granted a post-petition lien on cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The next hearing is scheduled for October 2. About Prime Electrical Services Prime Electrical Services, LLC manufactures relays and industrial controls. It offers engineering, procurement, fabrication, and field construction services for the drilling, industrial, heat trace, production, and petrochemical industries. The company serves customers in the United States. Prime Electrical Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06663) on December 8, 2024, with total assets of $256,996 and total liabilities of $5,419,312. Camell D. Williams, manager of Prime Electrical Services, signed the petition. Judge Tiffany P. Geyer handles the case. The Debtor is represented by: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com PROFESSIONAL DIVERSITY: To Buy Music Copyrights From Streams Ohio ----------------------------------------------------------------- Professional Diversity Network, Inc. said it signed a copyright transfer agreement with Streams Ohio Corp., a non-affiliated accredited investor, on Sept. 12, according to a Form 8-K filing with the Securities and Exchange Commission. Pursuant to the Copyright Agreement, Professional Diversity agreed to acquire eight original musical works from Streams Ohio for $1.8 million, with payment to be made in cash, stock, or a mix of both. The board of directors approved issuing 556,000 common shares to cover the stock portion of the consideration, subject to Nasdaq Listing Rule 5635. The stock will be issued under exemptions from registration provided by Section 4(a)(2) of the Securities Act and Regulation D. The Agreement includes standard representations, warranties, and covenants. Also Signs Consulting Agreement The Company reported that on Sept. 12, 2025, it entered into a consulting agreement with B&W Capital Group LLC, a non-affiliated accredited investor. Under the agreement, B&W will provide strategic, business development, investor relations and capital markets advisory services for 12 months, unless ended earlier under its terms. As compensation, the Board approved issuing 550,000 common shares, subject to Nasdaq Listing Rule 5635, with the shares to be issued under exemptions provided by Section 4(a)(2) of the Securities Act and Regulation D. The Agreement includes customary representations, warranties and covenants. About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. In its audit report dated March 31, 2025, Sassetti LLC issued a "going concern" qualification 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. The Company had an accumulated deficit of $103,612,710 at June 30, 2025. During the six months ended June 30, 2025, the Company generated a loss from continuing operations, net of tax, of $1,233,147. During the six months ended June 30, 2025, the Company used cash in continuing operations of $779,651. At June 30, 2025, the Company had a cash balance of $125,081. Total revenues were $3,146,076 and $3,417,302 for the six months ended June 30, 2025 and 2024, respectively. The Company had a working capital deficit from continuing operations of $1,919,261 at June 30, 2025 and a working capital from continuing operations of $270,695 at Dec. 31, 2024. The Company stated it is keeping a close watch on operating expenses and capital needs, noting that management is working to cut costs through staff reductions, renegotiating with certain vendors, and using technology to lessen manual work in routine tasks. It cautioned that if these efforts are not enough, it may have to sell other assets or shut down certain business lines. As of June 30, 2025, the Company reported $7.33 million in total assets, $3.49 million in total liabilities, and $3.84 million in total stockholders' equity. PURDUE PHARMA: Gets Court OK to Pay CEO Ch.11 Bonus --------------------------------------------------- Ben Zigterman of Law360 reports that a New York bankruptcy court on Sept. 17 approved a roughly $3 million bonus plan for Purdue Pharma's chief executive, conditioned on his agreement to trim $500,000 from his total compensation. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and privateplaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QUICKSILVER PROPERTIES: Hires Looper Auction as Auctioneer ---------------------------------------------------------- Quicksilver Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Looper Auction & Realty II, LLC as auctioneer. The firm will auction the Debtor's real property located at 122 Main Street, Berryville, Arkansas 72616. The firm will be paid at or before auction 10 percent of gross sale proceeds paid through a buyer's premium. As 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: Shawn Looper Looper Auction & Realty II, LLC 4525 Palestine Road Huntington, AR 72940 Tel: (479) 996-4848 About Quicksilver Properties, LLC Quicksilver Properties, LLC filed Chapter 11 petition (Bankr. E.D. Ark. Case No. 25-10820) on March 12, 2025, listing up to $1 million in both assets and liabilities. Judge Bianca M. Rucker oversees the case. The Debtor tapped Bond Law Office as bankruptcy counsel. QVC GROUP: Permit Capital Entities Hold 4.6% Equity Stake --------------------------------------------------------- Permit Capital, LLC, Permit Capital Enterprise Fund, LP, Permit Capital GP, LP, and John C. Broderick, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 3, 2025, they beneficially own shares of QVC Group, Inc.'s Series A Common Stock. * Permit Capital, LLC reported beneficial ownership of 361,790 shares, representing 4.6% of the class (based on 7,885,884 outstanding shares as of July 31, 2025). The securities are held on behalf of funds it advises. * Permit Capital Enterprise Fund, LP directly holds 361,790 shares, representing 4.6% of the class. * Permit Capital GP, LP, as the general partner of the Enterprise Fund, reported beneficial ownership of 361,790 shares, representing 4.6% of the class. * John C. Broderick reported beneficial ownership of 452,591 shares (including 90,801 shares held in his individual capacity), representing 5.7% of the class. Permit Capital may be reached through: John C. Broderick, Partner Permit Capital, LLC One Tower Bridge 100 Front Street, Suite 900 West Conshohocken, Pa. 19428 A full-text copy of Permit Capital, LLC, Permit Capital Enterprise Fund, LP, Permit Capital GP, LP, and John C. Broderick's SEC report is available at: About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of June 30, 2025, QVC had $6.69 billion in total assets against $9.58 billion in total liabilities. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its issuer credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+' . . . The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." RANA REAL ESTATE: Case Summary & Two Unsecured Creditors -------------------------------------------------------- Debtor: Rana Real Estate, LLC c/o Ali Rana Mazhar 12386 State Road 535 Orlando, FL 32826 Business Description: Rana Real Estate, LLC owns three properties in Gainesville and Kissimmee, Florida, with a total appraised value of approximately $1.98 million. Chapter 11 Petition Date: September 17, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-05881 Judge: Hon. Grace E Robson Debtor's Counsel: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expy. Jacksonville FL 32211 Email: bkmickler@planlaw.com Total Assets: $1,990,494 Total Liabilities: $1,947,845 The petition was signed by Dr. Ali Rana Mazhar as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4WQCUTY/Rana_Real_Estate_LLC__flmbke-25-05881__0001.0.pdf?mcid=tGE4TAMA RAZIF MANAGEMENT: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Razif Management, Inc. 2215 W. Lake St. Melrose Park, IL 60160 Business Description: Razif Management, Inc., a Melrose Park, Illinois-based general contractor, provides residential interior remodeling services in the Chicago area. The Company specializes in construction and renovation projects for homeowners, with a focus on countertops, bathrooms and kitchens. Chapter 11 Petition Date: September 17, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-14280 Judge: Hon. Timothy A Barnes Debtor's Counsel: Saulius Modestas, Esq. MODESTAS LAW OFFICES, P.C. 401 S. Frontage Rd., Suite C Burr Ridge, IL 60527-7115 Tel: 312-251-4460 Fax: 312-277-2586 E-mail: smodestas@modestaslaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Alejandro Bordesio as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A complete copy of the petition can be accessed for free on PacerMonitor at: https://www.pacermonitor.com/view/CZ3VBXA/Razif_Management_Inc__ilnbke-25-14280__0001.0.pdf?mcid=tGE4TAMA RELIANT LIFE: Seeks to Sell Life Insurance Policies --------------------------------------------------- Reliant Life Shares LLC seeks approval from the U.S. Bankruptcy Court for the District of California, San Fernando Valley Division, to sell life insurance policies, free and clear of liens, claims, interests, and encumbrances. The Debtor was formed in 2011 to buy life insurance policies from the holders of policies who could no longer afford or who no longer wanted to pay the premiums. The Debtor formed the Reliant Life Shares Series Statutory Trust, which had a series of sub-trusts, each of which held one life insurance policy and had a third-party trustee. The clients purchased a beneficial interest in a sub-trust that owned a life insurance policy, with the expectation that when the insured covered by the policy died, the investor would receive a percentage of the death benefit. The filing of the case was precipitated by the need for one forum to resolve the competing interests of a judgment creditor who was a former owner of the Debtor and who asserts a lien against certain assets of the Debtor and the clients holding fractional beneficial interests in a series of sub-trusts, some of whom had litigation pending against the Debtor. The Debtor is the current grantor of the Original Trust. The State Court appointed Christopher Conway of Longevity Asset Advisors, an expert in the life settlement field, as the receiver. . The Receiver made strides in stabilizing the portfolio but believed because of the way the Debtor's former management had mismanaged the Debtor's business and improperly siphoned investor funds, the best way to stabilize the portfolio for everyone's benefit would be to pool the insurance policies into one trust (with no sub-trusts) with the clients to retain the same dollar amount of death benefits but under a pooled structure. When the Receiver was appointed, the policies were held by the Original Trust. UMB Bank had been the trustee until it resigned and was replaced with Bank of Utah. Under the Receivership Trust, the Receiver has broad authority to manage trust assets, oversee Odyssey Transfer, and make decisions regarding the life insurance policies. The Debtor has taken proactive steps to safeguard the interests of clients and creditors by continuing with the invoicing process, determining how many Reliant clients choose to retain their investments, and updating the medical histories of the insureds in order to assist with the identification of policies that should be maintained and those that can be sold, and the determination of whether any should be permitted to lapse. The Debtor has proposed a chapter 11 plan of liquidation under which it will use its grantor interest to pool the policies, shedding policies that are not needed in order to maintain the $55.9 million of death benefits. The hearing on the adequacy of the disclosure statement was originally scheduled for August 10, 2025, but was continued at the request of the Debtor to October 1, 2025, to permit the Debtor to make some additional disclosures that will better enable creditors to make informed determinations about whether to vote to support or reject the plan. The Debtor has consulted with ISC Services and identified 7 policies with total available death benefits of $27,000,500 that it wants to shed now in order to stem the quarterly losses and generate funds for the estate. The Debtor seeks to engage Melville Capital as the broker for the Policies. Melville is a life settlement broker with a team of licensed insurance professionals specializing in monetizing existing life insurance policies. Melville will receive a transaction fee of 5% of the purchase price for the Policies, to be paid when payments are received. Because the Debtor is seeking to sell the Policies prior to having the pooling concept implemented through confirmation of its chapter 11 plan, the Debtor will agree to hold the net proceeds from the sale of each of the Policies until the pooling concept is approved. In connection with the sale of the Policies and in order to increase the potential value of the Policies, the Debtor seeks authority to use its grantor interest prior to the sale of the Policies to assign them to the Debtor. The Debtor believes that it is unlikely that the Policies with more significant value will not be sold and believes that it is possible that the Policies with less value will not be sold. The lienholders of the estate are Mikhail Finkelbaum, E Substance Ltd., and Daniel Cooper and Richard Cooper. The Debtor believes that sell proposal is in the best interests of all concerned and strikes the appropriate balance between the various constituencies. It will help the Debtor ensure that it is able to maintain the policies that it needs to assure the holders of active positions in the various policies that they will receive the same amount of death benefit across a pooled portfolio after the Debtor's plan is confirmed. In the event that any of the Policies does not sell and is burdensome, then the Debtor seeks authority to use its permit those Policies to lapse or under 11 U.S.C. § 554(a) if the Debtor determines in the exercise of its discretion that maintaining them would be burdensome and of inconsequential value to the estate because of the ongoing obligation to pay premiums and the fact that the corresponding death benefits are not needed. About Reliant Life Shares LLC Reliant Life Shares LLC is an investment service in Los Angeles, California. Reliant Life Shares sought relief under Chapter 11 of the U.S. Bankruptcy Code {Bankr. C.D. Cal. Case No. 24-11695) on Oct. 7, 2024. In the petition filed by CRO Nicholas Rubin, Reliant estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Martin R. Barash oversees the case. The Debtor tapped Raines Feldman Littrell LLP as counsel, and Force Ten Partners LLC as restructuring advisor. Stretto is the claims agent. REMEMBER ME: PCO Reports No Change in Resident Care --------------------------------------------------- Stacy Lynn Archer, the appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee her third report regarding the quality of patient care provided by Remember Me Senior Care, LLC. At the time of the PCO's first visit on March 26, the Debtor had approximately 81 employees (69 were full-time employees). As of June 23, the Debtor had 83 total staff (62 are full-time employees; 12 are part-time employees; and nine are PRN). Therefore, staffing levels remain similar. The PCO began the visit in Housing Unit 1. A new resident approached the PCO and Ashley Howard and discussed several topics, including her work history in Cleveland and her childhood in Louisiana. She said that Remember Me was very nice and she particularly liked the atrium, as it allowed her to go outside without having to be accompanied by staff. The PCO concluded her visit to Unit 1 with an inspection of the secure room that contains the washing machines and dryers. The room was well stocked with supplies, including gloves, paper products, and cleaning products. Ms. Archer spoke with a resident at Housing Unit 5, who has been at Remember Me for almost three years. The resident said she was aware of the bankruptcy but she thought that the food quality and cleanliness of the facility had remained the same since the bankruptcy. Her only complaint was that she would like more activities. She is a very active resident and can take care of herself. As set forth in the first two reports, the PCO has been contacted by a number of family members. Some family members have expressed concern that they do not think that there are sufficient staff present at Remember Me. Others have expressed that they do not think that the quality of the food is sufficient. Other family members have said that they are very happy with the care their loved one receives and that their family member is well cared for at Remember Me. The PCO does not believe that the residents of Remember Me are at risk of harm and she believes that the quality of care is consistent with the care that was provided prior to the filing of the bankruptcy petition. Most importantly, the PCO believes the care provided is consistent with the care required by the regulations governing Remember Me established by the State of Tennessee. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=5xjdh8 from PacerMonitor.com. The ombudsman may be reached at: Stacy Lynn Archer Robinson, Smith & Wells, PLLC 633 Chestnut Street, Suite 700 Chattanooga, TN 37450 Office: (423) 756-5051 Fax: (423) 266-0474 About Remember Me Senior Care LLC Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by Jeffrey W. Maddux, Esq., at Chambliss, Bahner & Stophel P.C. Stacy Lynn Archer is the patient care ombudsman appointed in the Debtor's case. Stacy Lynn Archer is the patient care ombudsman appointed in the Debtor's case. RETREAT AT JARRETT: Case Summary & Five Unsecured Creditors ----------------------------------------------------------- Debtor: Retreat at Jarrett Farms, LLC 38009 US Hwy 75 Bartlesville, OK 74006 Business Description: Retreat at Jarrett Farms, LLC, doing business as Jarrett Farm Resort & Events, operates a hospitality and event venue in Ramona, Oklahoma, offering lodging, outdoor recreation, and event hosting services across its 114-acre property. The Company provides accommodations in suites and cabins with amenities such as fireplaces, jetted tubs, and full kitchens, and organizes events including weddings, corporate retreats, and seasonal celebrations. It serves private guests and event clients primarily in the Bartlesville and surrounding Oklahoma region. Chapter 11 Petition Date: September 16, 2025 Court: United States Bankruptcy Court Northern District of Oklahoma Case No.: 25-11355 Judge: Hon. Paul R Thomas Debtor's Counsel: Ron Brown, Esq. BROWN LAW FIRM PC 1609 E. 4th St. Tulsa OK 74120 Tel: (918) 585-9500 E-mail: ron@ronbrownlaw.com Total Assets as of June 30, 2025: $2,937,228 Total Liabilities as of June 30, 2025: $2,061,046 David Stewart signed the petition as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KW52D7Q/Retreat_at_Jarrett_Farms_LLC__oknbke-25-11355__0001.0.pdf?mcid=tGE4TAMA REWORLD HOLDING: Moody's Rates New First Lien Term Loan 'Ba3' ------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Reworld Holding Corporation's (Reworld, fka Covanta Holding Corporation) proposed senior secured first lien term loan. The Ba3 rating on Reworld's existing senior secured first lien credit facilities remains unchanged. Reworld's other ratings, including the B2 corporate family rating, B2-PD probability of default rating and Caa1 senior unsecured debt rating are also not affected by the action. The stable outlook is unchanged. Reworld intends to use the proceeds from the new $400 million senior secured term loan maturing in January 2031 to refinance $377.3 million of the company's existing $400 million senior unsecured bonds due 2030 and repay a portion of borrowings on the company's revolving credit facility. The company recently announced a tender offer for the $400 million senior unsecured bonds that will expire on September 22, 2025. To the extent additional bondholders tender by the expiration date, Reworld plans to prioritize the use of the new term loan proceeds to refinancing the bonds, pay the transaction costs and (to the extent funds remain) pay down the revolver. In conjunction with the transaction, Reworld is also amending its revolving credit facility, upsizing it to $900 million from $600 million. The refinancing transaction and revolver amendment are expected to close in September 2025. RATINGS RATIONALE Reworld's B2 CFR reflects its high leverage and exposure to plant downtime that lowers earnings and constrains free cash flow. The company is also exposed to commodity price volatility through its energy/power and recycled metal sales. Reworld has taken measures to reduce liquidity risks from hedging positions by converting the majority of its hedge counterparties to lien-based security arrangements. However, this dilutes the security for the company's existing senior secured lenders if Reworld is unable to perform on its energy supply obligations. Still, cash flow stability will rely on the resiliency of waste volumes and related contract wins and renewal pricing as the merchant power market is challenging. Energy revenue is contracted at a fixed price through 2028, but the unhedged portion will remain exposed to price volatility. Reworld is also exposed to the industrial cycle. The rating also reflects the company's stable waste volumes underpinned by long term contracts. This provides recurring revenue and helps to offset volatility from Reworld's commodity-related businesses. Moody's expect favorable waste market fundamentals and a higher margin mix of profiled (i.e. specialty) waste to support revenue and earnings growth into 2026. This will be aided by continued investments to improve the company's waste-to-energy (WtE) plant efficiency, which have yielded some gains. Reworld's waste operations benefit from strategically located infrastructure assets, including WtE facilities and transfer stations, making it well positioned to capture growing demand for diversion in its markets. The stable outlook reflects Moody's expectation that favorable waste pricing, new contract wins and operational efficiency gains will support EBITDA growth and leverage falling toward 6x over the next year, aided by recent acquisition synergies. The stable outlook is also supported by the essential nature of waste demand, including municipal solid waste volumes, and Moody's expectation that the company will maintain adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded with a meaningful improvement in operating results such that debt-to-EBITDA approaches 5x, EBITDA less capex-to-interest approaches 2x and funds from operations to debt remains above 8%. Mitigation of operational and market risks such that earnings and cash flow are more consistent and predictable would also be important considerations for a ratings upgrade. Good liquidity, including consistently healthy free cash flow and maintaining ample availability on the revolving credit facility, would also be a prerequisite for an upgrade. The ratings could be downgraded if Moody's expect debt-to-EBITDA to be sustained above 6x and EBITDA less capex-to-interest sustained below 1.0x. Weakening liquidity, including increased revolver reliance or sustained negative free cash flow, could also lead to a downgrade. Additionally, a decline in revenue or margins driven by plant outages, inability to increase pricing and control costs, or challenges with integrating acquisitions would also pressure the ratings. Further, debt funded acquisitions or shareholder distributions that weaken the metrics could also result in a ratings downgrade. The principal methodology used in this rating was Environmental Services and Waste Management published in August 2024. Reworld Holding Corporation, based in Florham Park, New Jersey, is a leading developer, owner and operator of waste management infrastructure with 33 waste-to-energy facility projects. Reworld also provides sustainable waste solutions through its network of transfer stations, materials processing facilities, and water treatment and hazardous waste handling facilities. Revenue was approximately $2.7 billion for the twelve months ended June 30, 2025. Reworld is a portfolio company of EQT Investors (EQT), a private equity firm, following a leveraged buyout in November 2021. ROBERT PAUL: Creditors to Get Proceeds From Liquidation ------------------------------------------------------- Robert Paul Johnson Investments, LLC filed with the U.S. Bankruptcy Court for the Northern District of Alabama a Disclosure Statement describing Chapter 11 Plan dated September 10, 2025. The Debtor was formed in December, 2016, approximately a year after its sole member Robert Paul Johnson became employed with Redstone Federal Credit Union as an advisor. The Debtor was formed at the suggestion of its member's accountant to help offset some of the self-employment tax related to his escalating income. Debtor is a sole member entity which files its tax returns as an S corp. As the years progressed, Debtor's sole member purchased several pieces of real estate in its name to minimize his potential personal liability with rental properties. The Debtor incurred one master loan with The Southern Bank with an interest rate of 3.95%. Debtor owned several properties: 5711 Spring Creek Drive, Guntersville, AL 35976 (home of Debtor's sole member); residential rental property located at 201 St. Louis Street, Madison, AL 35758; rental cabins located at 355/375/400 & 405 Whitaker Drive, Grant, AL 35747; a vacant lot located at 0 Gaines Street, Guntersville, AL 35976; and a boathouse and lot located at 4003 US Hwy 79, Guntersville, AL 35976. In 2023 Debtor's new accountant informed its sole member that the real estate securing the loan with The Southern Bank could not continue to be held by Debtor. He wanted the sole member's income separated from the real estate income. As a result, Debtor's sole member formed Robert Paul Johnson Properties, LLC in March, 2023. The real estate securing the loan with The Southern Bank was transferred to the Properties LLC in May 2023. The rate on the loan with The Southern Bank increased to 5%. The vacant lot on Gaines Street remained in Debtor's name because it was free and clear. It generated no income for Debtor. It was sold by Debtor in 2024. The boathouse remained in the Debtor's name because it was owner financed. It also generated no income for Debtor. The boathouse was sold post-petition with prior Court approval, and the net proceeds deposited into Debtor's operating account. As of the commencement of this case Debtor's sole asset was a lot and boathouse located at 4003 US Hwy 79, Guntersville, AL 35976 valued by the tax assessor at $348,800.00 and securing claim #4 in the amount of $261,162.00. The Debtor sought relief under Chapter 11 to liquidate as a result of a collection action filed by an unsecured creditor. While allowing Debtor to liquidate, the Plan proposes to pay the creditors at least the return the creditors would receive if the Debtor filed under Chapter 7 of Title 11, United States Code, commonly referred to as a "straight bankruptcy". Class II consists of allowed general unsecured claims in the amount of $96,033.37 shall be paid pro rata from available funds after payment of all administrative expenses and quarterly fees on the effective date of the Plan. These payments will deplete Debtor's bank account and shall be the only payment made to claims in this class. This class claim #1 of AmeriCredit Financial Services, Inc. in the amount of $29,809.37, claim #2 of Redstone Federal Credit Union in the amount of $16,333.77, claim #5 of American Express National Bank, AENB in the amount of $33,089.23, claim #6 of Cellco Partnership d/b/a Verizon Wireless in the amount of $1.00, and PNC Equipment Finance in the scheduled amount of $16,800.00 (no claim filed). The Plan of Liquidation filed by Debtor provides for Debtor to pay in full administrative expenses and all allowed secured and priority claims, and to pay pro rata from available funds allowed general unsecured claims. A full-text copy of the Disclosure Statement dated September 10, 2025 is available at https://urlcurt.com/u?l=tkw2hk from PacerMonitor.com at no charge. Attorney for the Debtor: Tameria S. Driskill, Esq. Tameria S. Driskill, LLC 246 South 8th Street Gadsden, AL 35901 (256) 546-5591 About Robert Paul Johnson Investments Robert Paul Johnson Investments, LLC s a sole member entity which files its tax returns as an S corp. The Debtor filed Chapter 11 petition (Bankr. N.D. Ala. Case No. 25-40503) on April 15, 2025, listing under $1 million in both assets and liabilities. Tameria S. Driskill, Esq., serves as the Debtor's counsel. ROCKFORD SILK: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Rockford Silk Screen Process, Inc. Fetch Graphics 6201 Material Avenue Loves Park IL 61111 Business Description: Rockford Silk Screen Process, Inc. operates a custom printing business from 6201 Material Avenue, Loves Park, Illinois, providing silk screen, digital, and large- format printing services. The Company serves corporate and franchise clients across North America, offering products including decals, nameplates, electronic overlays, signage, and fleet graphics, and supports project management, creative design, and installation for vehicle fleets. With over 40 years of experience in the print industry, Rockford Silk Screen Process utilizes both traditional and advanced printing technologies from its 100,000+ square foot facility. Chapter 11 Petition Date: September 17, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-81268 Debtor's Counsel: George P. Hampilos, Esq. HAMPILOS & ASSOCIATES, LTD. 6838 E. State Street, Suite 302 Rockford IL 61108 Tel: 815-962-0044 E-mail: georgehamp@aol.com Total Assets: $3,339,844 Total Liabilities: $6,456,627 The petition was signed by Jason Yost 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/CXIP4FA/Rockford_Silk_Screen_Process_Inc__ilnbke-25-81268__0001.0.pdf?mcid=tGE4TAMA ROYALE ENERGY: Completes $1.5M Barnett Wells Acquisition -------------------------------------------------------- Royale Energy, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 3, 2025, the Company, as buyer, and Pradera Fuego, LP, as seller, consummated assignment transactions whereby the Company acquired non-operated working interests in seven producing Barnett wells from the Seller within the Seller's 17,000-net-acre Pradera Fuego project, operated by Ares Energy in Ector County, Texas. The Company acquired the Properties for $1,500,000 with cash on hand. Pursuant to the assignments, the Company acquired various non-operated working interests in producing oil and gas leases and related property for cash consideration of $1,500,000. With this acquisition, Royale and its outside investors now hold in the aggregate a 7.5% non-operated working interest across seven producing horizontal Barnett wells, and a 5% working interest in the associated acreage. Royale is currently negotiating a Farm-out agreement to obtain the drilling rights to an additional 2.5% working interest on the acreage. The Pradera Fuego asset provides a robust development pathway for Royale, including 39 future Barnett drilling locations and 44 future Woodford locations, creating significant long-term growth potential for Royale's investor drilling programs. At current commodity prices, the acquired producing interests are expected to deliver approximately $715,000 in additional annual cash flow in the first 12 months, further strengthening Royale's financial position and supporting its strategy to expand production and reserves. "With this acquisition, Royale secures immediate production gains and puts us in a position to negotiate additional interest in the deep inventory of high-value drilling locations in an outstanding Permian Basin project. The Barnett and Woodford locations provide a strong foundation for growth across our investor programs for many years," said Johnny Jordan, CEO of Royale Energy. About Royale El Cajon, Calif.-based Royale Energy, Inc. -- http://www.royl.com -- is an independent oil and natural gas producer. Royale's principal lines of business are the production and sale of oil and natural gas, acquisition of oil and gas lease interests and proved reserves, drilling of both exploratory and development wells, and sales of fractional working interests in wells to be drilled by Royale. Ridgeland, Mississippi-based Horne LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 8, 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 its total liabilities exceed its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15,640,191 in total assets, $27,969,506 in total liabilities, and a total stockholders' deficit of $12,329,315. RYVYL INC: Plans Board, Committee Appointments to Regain Compliance ------------------------------------------------------------------- RYVYL Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that it notified the Nasdaq Continued Listing Center that it is not in compliance with board independence and audit committee requirements. The Board of Directors currently has two independent directors, Brett Moyer and Gene Jones, and two non-independent directors, Fredi Nisan and George Oliva. The Company plans to fill one of three board vacancies with an independent director, which will bring the Board to five members with a majority independent, restoring Nasdaq compliance. Brett Moyer currently serves as the sole member of the Audit Committee and is considered an audit committee financial expert. To reqain compliance with Nasdaq's Audit Committee Composition Requirement, the Company must appoint two additional independent members, including the new director who will satisfy Nasdaq's independence standards. The Company plans to appoint the third Audit Committee member by Feb. 27, 2026, thereafter it expects to have regained compliance with the requirement. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, California, develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. The Company reported a net loss of $26.83 million in 2024 following a net loss of $53.10 million in 2023. As of June 30, 2025, the Company had $20.60 million in total assets, $27.54 million in total liabilities, and a total stockholders' deficit of $6.94 million. As of Dec. 31, 2024, the Company had an accumulated deficit of $179.4 million. According to RYVYL, there can be no assurances that it will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, it will need to raise additional working capital. There is no guarantee that additional financing will be available, or that any obtained funding can be secured on terms deemed acceptable. SAFE & GREEN: Effects 1-for-64 Reverse Stock Split -------------------------------------------------- Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Amended and Restated Certificate of Incorporation. The Amendment became effective as of 12:01 a.m. Eastern Time on September 8, 2025. Pursuant to the Amendment, the Company effected a one-for-sixty-four (1-for-64) reverse stock split of its issued and outstanding shares of common stock, par value $0.01 per share. At the effective time of the Reverse Stock Split, every 64 shares of the Company's issued and outstanding common stock were automatically reclassified into one share of common stock. No fractional shares were issued in connection with the Reverse Stock Split. Instead, stockholders who would otherwise be entitled to receive a fractional share received the number of shares of common stock rounded up to the nearest whole share. About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, 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 net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $6,071,524 in total assets, $18,531,832 in total liabilities, and a total stockholders' deficit of $12,460,308. SAFEMOON US: Bankruptcy Estate Reaches Deal w/ Investor Class ------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the Chapter 7 trustee for SafeMoon US LLC has reached a settlement valued at approximately $12 million to resolve class claims alleging investor fraud tied to sales of the SFM token. As detailed in papers submitted September 17, 2025 to the U.S. Bankruptcy Court for the District of Utah, distributions to token holders will occur on a classwide basis following satisfaction of all unsecured creditor claims. The agreement was presented by trustee Ellen E. Ostrow. About SafeMoon US LLC Pleasant Grove, Utah-based SafeMoon US, LLC, is a cryptocurrency company project. SafeMoon US LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 23-25749) on Dec. 14, 2023. In its petition, the Debtor listed between $10 million and $50 million in estimated assets and a maximum of $500,000 in estimated liabilities. The Debtor's counsel is Mark C. Rose, Esq. at Mckay, Burton & Thurman, P.C. The Chapter 7 trustee is Ellen Ostrow, Esq. at Foley & Lardner LLP. SASAS HOSPITALITY: Hires D & C Hospitality as Real Estate Agent --------------------------------------------------------------- SASAS Hospitality, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ D & C Hospitality Investments LLC, dba HREC Investment Advisors as the real estate agent. The firm will market and sell the real estate of the Debtor located at 900 W Lake Cook Rd., Buffalo Grove, Illinois. The firm will be paid a commission of 3 percent of the gross purchase price. As 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: Thomas Sommer D & C HOSPITALITY INVESTMENTS LLC dba HREC INVESTMENT ADVISORS 750 North State Street Chicago, IL 60654 Telephone: (312) 399-9663 About SASAS Hospitality, LLC SASAS Hospitality, LLC is a hospitality company that owns a property at 5105 S Howell Ave, Milwaukee, Wis. SASAS Hospitality filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-03643) on March 10, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. Albany Bank & Trust Company, as secured creditor, is represented by: David A. Golin, Esq. Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 E-mail: david.golin@saul.com SEELOS THERAPEUTICS: Secures Court OK for $22MM Chapter 11 Sale --------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on Wednesday, Sept. 17, 2025, a New York bankruptcy judge approved the $22 million credit bid sale of Seelos Therapeutics, after the buyer agreed to sweeten the deal with an additional $100,000 in cash. About Seelos Therapeutics Inc. Seelos Therapeutics Inc., a publicly traded biopharmaceutical company in New York. Seelos Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11987) on November 16, 2024. In its petition, the Debtor reports estimated liabilities between $10 million and $50 million. The Debtor is represented by Gabriel Del Virginia, Esq. at Law Offices of Gabriel Del Virginia. SENSIENCE INC: S&P Downgrades ICR to 'CCC-' on Ongoing Cash Burn ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Mansfield, Ohio-based Sensience Inc. to 'CCC-' from 'CCC'. At the same time, S&P lowered its issue-level rating on its first-lien credit facilities to 'CCC-' from 'CCC' and its issue-level rating on its second-lien term loan to 'CC' from 'CCC-'. The recovery ratings are unchanged. The negative outlook reflects S&P's view that the company's constrained liquidity could lead it to undertake a distressed exchange or payment default in the next six months. Sensience Inc.'s liquidity continues to weaken due to persistently negative free operating cash flow (FOCF). Despite improving demand for the company's products and EBITDA margin normalization, its inability to improve cash flows has led to minimal liquidity sources to cover upcoming obligations, namely its interest payments. In addition, the company no longer has the option to pay interest in kind on its second-lien debt. Therefore, S&P believes there's heightened risk of another distressed debt restructuring or payment default within the next six months. S&P said, "The downgrade reflects our view that Sensience's liquidity position will remain stressed over the near term. We believe this increases the likelihood for a distressed exchange or payment default." In November 2024, the company's financial sponsor, One Rock, injected about $16 million of common equity into the business. In addition, Sensience's lenders amended the terms of the second-lien term loan to allow quarterly interest to be paid in kind (PIK) for Oct. 31, 2024, through July 31, 2025. Sensience exercised this option in each of these four quarters, which also included a small equity infusion from its sponsor with each PIK election. This resulted in approximately $20 million of liquidity (in addition to the $16 million initially provided by One Rock) to support operations through fiscal 2025 (ending Sept. 30). However, the company has been unable to generate positive cash flows to improve its liquidity position organically. For the nine months ended June 30, 2025, Sensience had an FOCF deficit of about $13 million (on a S&P Global Ratings-adjusted basis), as continued inflationary pressures and delays in inventory-reduction initiatives continued to pressure working-capital conversion. S&P expects full-year fiscal 2025 FOCF will likely remain negative and worse than our previous expectation. S&P said, "With about $12 million of total accessible liquidity sources (accessible cash plus the revolving credit facility availability) on hand as of June 30, 2025, we forecast that the company won't have enough sources to cover its needs over the next six months. With no further option to PIK the interest on its second-lien debt, the company will be responsible for its full interest obligations, which we estimate to be approximately $17 million per quarter. We therefore forecast a material liquidity deficit within the next six months and believe the company will be dependent on external support to meet its financial obligations." Sensience's demand and margins continue to improve, partially offsetting its liquidity shortfall. Volumes began softening in late 2022 due to its appliance and heating, ventilation, and air conditioning (HVAC) original equipment manufacturer (OEM) customers destocking inventory that had accumulated from previous demand cycles and supply-chain issues in 2020 and 2021. This led to negative revenue growth in fiscal 2022 and 2023. Revenue trends turned positive in the third quarter of 2024 as HVAC inventory levels normalized, leading to growth of about 3% in fiscal 2024. In 2025, S&P anticipates the company will continue benefitting from stronger HVAC replacement-cycle demand as well as higher pricing actions taken to combat tariffs, resulting in 5%-6% revenue growth for the year. Partially offsetting this is the still-soft consumer appliances market due to inventory overhang, low housing turnover, and weak consumer sentiment, which could persist for at least several more quarters. Sensience also faced several years of depressed margins while it was working through stand-up and stand-alone costs related to its carve-out from Emerson. Since its ownership by One Rock, Sensience significantly reduced its cost base to adjust to the lower demand environment and improve profitability. These initiatives helped improve the company's S&P Global Ratings-adjusted EBITDA margin to above 12% in fiscal 2024 from about 7.4% in fiscal 2023. With most of the restructuring and severance costs completed in early 2024, S&P anticipates the company should be able to sustain EBITDA margins in the 15%-17% range in fiscal 2025 and going forward. However, the timing of pricing actions relative to material freight and other inflationary pressures in early fiscal 2025 partially constrained full-year EBITDA generation and were another reason for its cash shortfall. S&P said, "The negative outlook reflects our view that the company's constrained liquidity could lead it to undertake a distressed exchange or payment default in the next six months. "We could lower our ratings on Sensience if it misses--or announces it will miss--a contracted principal or interest payment, it announces a transaction that we view as distressed, or we believe a default is a virtual certainty. "We could raise our ratings on Sensience if we no longer view a default scenario as highly probable over the next six months. This could occur if the company improves its liquidity and cash flow such that we no longer anticipate material deficits." SERTA SIMMONS: Prelim. Injunction Bid from Excluded Lenders Denied ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Tuesday, September 16, 2025, rejected a request from lenders excluded from Serta Simmons' disputed "uptier" exchange to prevent opponents from using funds that could go toward compensation, months after the Fifth Circuit invalidated the transaction. About Serta Simmons Bedding Serta Simmons Bedding, together with its non-debtor affiliates, are manufacturers and marketers of bedding products in North America, operating various bedding manufacturing facilities across the United States and Canada. Serta Simmons Bedding, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90020) on Jan. 23, 2023. The petitions were signed by John Linker, chief financial officer, treasurer and assistant secretary. At the time of filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. During the Chapter 11 process, Weil, Gotshal & Manges LLP served as SSB's legal counsel, Evercore Group L.L.C. served as SSB's investment banker and FTI Consulting, Inc., served as SSB's financial and restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims and noticing agent. Gibson, Dunn & Crutcher LLP served as legal counsel, and Centerview Partners served as financial advisor and investment banker, to an ad hoc group of SSB's priority lenders. SHANE BARNES: Linda Gore Named Subchapter V Trustee --------------------------------------------------- J. Thomas Corbett, the U.S. Bankruptcy Administrator for the Northern District of Alabama, appointed Linda Gore as Subchapter V trustee for Shane Barnes Construction, LLC. The Subchapter V trustee can be reached at: Linda B. Gore P.O. Box 1338 Gadsden, AL 35902 Telephone No. 256-546-9262 Email: linda@ch13gadsden.com About Shane Barnes Construction Shane Barnes Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81865) on September 11, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Clifton R. Jessup Jr. presides over the case. Angela Stewart Ary, Esq., at Heard, Ary & Dauro, LLC represents the Debtor as legal counsel. SHARPLINK GAMING: Repurchases 939K Shares at $15.98 Avg Price ------------------------------------------------------------- SharpLink Gaming, Inc., one of the world's largest corporate holders of Ether and prominent industry advocate of Ethereum adoption, announced that it has begun to utilize its share buyback program to drive long-term stockholder value. The Company believes its common stock is significantly undervalued in the market and believes buybacks represent a compelling investment that underscores confidence in its long-term strategy and growth prospects. SharpLink today stands in a position of strength -- holding approximately $3.6 billion of ETH with no current outstanding debt. Even more compelling, nearly 100% of the $3.6 billion of ETH is staked, which is generating material revenue for the Company. While the Company trades below its Net Asset Value ("NAV"), stock repurchases are immediately accretive to stockholders. To demonstrate its commitment, the Company began utilizing its share buyback program, starting with the repurchase of approximately 939,000 shares of its common stock at an average price of $15.98. The Company expects to repurchase additional shares based on market conditions using cash on hand, cash available from operating activities like staking, or alternative forms of financing. SharpLink also reaffirms that it has not utilized its At-the-Market facility while trading below NAV, as doing so would be dilutive on an ETH per share basis. If market conditions change, however, the Company reserves the right to utilize the ATM facility in an accretive manner for the stockholders. "Maximizing stockholder value remains our top priority as we execute on our vision of being the most trusted ETH treasury company in the market," said Joseph Chalom, Co-Chief Executive Officer of SharpLink. "With a robust balance sheet, zero debt and a powerful ETH treasury generating income, we are in a position of strength. We believe the market currently undervalues our business, and rather than issue equity while trading below NAV, we are focused on disciplined capital allocation -- including share repurchases -- to increase stockholder value. We continue to be focused on the long-term Ethereum opportunity, and our strategy reflects that." About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report dated March 14, 2025, for the fiscal year ended December 31, 2024. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. As of Dec. 31, 2024, the Company had $2.57 million in total assets against $488,300 in total liabilities. As of June 30, 2025, the Company had $453.92 million in total assets, including $382.4 million in digital tangible assets, against $1.393 million in total liabilities. SHELLE REALTY: Section 341(a) Meeting of Creditors on October 20 ---------------------------------------------------------------- On September 15, 2025, Shelle Realty LLC filed Chapter 11 protection in the District of Massachusetts. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 20, 2025 at 11:00 AM as Telephonic Meeting. About Shelle Realty LLC Shelle Realty LLC invests in and manages residential properties with a focus on affordable and recovery housing across multiple states. Shelle Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11949) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by James P. Ehrhard, Esq. at Ehrhard & Associates. SHERLAND & FARRINGTON: Hires Kantrow Law Group as Counsel --------------------------------------------------------- Sherland & Farrington, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ The Kantrow Law Group, PLLC as counsel. The firm's services include: (a) analysis of the financial situation, and rendering advice and assistance to the Debtor; (b) representation of the Debtor; (c) preparation of motions, documents, applications, disclosure statement(s) and plan in connection with the case; and (d) provision of legal advice to the Debtor in connection with all matters pending before the Court. The firm will be paid at these rates: Partners $645 per hour Associates $355 per hour Paralegal $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Fred S. Kantrow, Esq., a partner at The Kantrow Law Group, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 Tel: (516) 703-3672 Email: fkantrow@thekantrowlawgroup.com About Sherland & Farrington, Inc. Sherland & Farrington, Inc. provides commercial flooring services including consultation, design specification, renovation logistics and installation for corporate clients. The company has operated for more than five decades in the New York area, working with businesses on large-scale flooring projects. It is a founding member of Fuse Alliance, a network of independent flooring contractors. Sherland & Farrington sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73272) on August 26, 2025. In its petition, the Debtor reported total assets of $3,165,506 and total liabilities of $7,917,185. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Fred S. Kantrow, Esq., at The Kantrow Law Group, PLLC. SHOWERS HACKING: Case Summary & Two Unsecured Creditors ------------------------------------------------------- Debtor: Showers Hacking Corp 110-11 Queens Blvd Apt 11K Forest Hills, NY 11375 Business Description: Showers Hacking Corp. holds and manages taxi medallions 7K89 and 7K90, operating a transportation business in New York City. Chapter 11 Petition Date: September 17, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-44465 Debtor's Counsel: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-3156 Email: alla@kachanlaw.com Total Assets: $340,000 Total Liabilities: $1,096,582 Valentina Zubok signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/I5QA42Q/Showers_Hacking_Corp__nyebke-25-44465__0001.0.pdf?mcid=tGE4TAMA SMITH MICRO: Raises $933,000 via Insider Loans & Warrant Purchases ------------------------------------------------------------------ Smith Micro Software, Inc. said in a Form 8-K filing with the Securities and Exchange Commission it received gross proceeds of approximately $933,000 from CEO William W. Smith, Jr., through the Smith Living Trust, and COO/CFO Timothy C. Huffmyer, consisting of secured loans and the upfront purchase of unregistered warrants, with net proceeds intended for working capital and general corporate purposes. Effective Sept. 11, 2025, Smith Micro entered into Note Purchase Agreements with the Executives pursuant to which CEO Smith may lend up to $715,000 and Huffmyer up to $90,000 in exchange for secured promissory notes and unregistered common stock purchase warrants. The Notes carry 15% annual interest, are secured by the Company's accounts receivable and certain other assets, and are due on or before March 31, 2026 unless extended by mutual consent. The transactions were approved by an independent committee of the board and the audit committee. The initial closing with CEO Smith occurred on Sept. 11, 2025, followed by subsequent closings with CEO Smith and Huffmyer on Sept. 17, 2025. Gross proceeds from CEO Smith's transactions totaled approximately $833,000, including a $709,706 loan and $123,293 received for the accompanying warrants, while gross proceeds from Huffmyer's transaction totaled approximately $100,000, including an $85,030 loan and $14,970 for the warrants, before deducting transaction expenses. The Company expects to seek stockholder approval for the warrant adjustment provisions at its next annual meeting. About Smith Micro Smith Micro Software, Inc., headquartered in Pittsburgh, Pennsylvania, provides software solutions designed to enhance the mobile experience for wireless service providers globally. The Company's offerings include family safety software and visual voice messaging, targeting digital lifestyle services, online safety, automotive telematics, and consumer Internet of Things (IoT) applications. It focuses on leveraging technology and data analytics to meet customer needs and support connected lifestyles. In its audit report dated March 12, 2025, SingerLewak LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has projected future cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. During 2024 and 2023, the Company has been in a net loss position, partially driven by the loss of one of its U.S. Tier 1 customers in 2023. In February 2023, following receipt of notice of termination of this U.S. Tier 1 customer contract, the Company announced it would accelerate its efforts designed to reduce operating costs to advance its ongoing commitment to profitable growth. As a result, the Company has reduced operating expenditures significantly since that date, and it may need to continue such efforts. As of June 30, 2025, Smith Micro reported $29.58 million in total assets, $6.27 million in total current liabilities, $895,000 in total non-current liabilities, and $22.41 million in total stockholders' equity. As of 0June 30, 2025, the Company's cash and cash equivalents were approximately $1.4 million. Since Dec. 31, 2024 the Company has utilized cash collections, including the proceeds from the sale of its ViewSpot product and cash on hand to cover routine working capital requirements. SOLSTICE ADVANCED: Fitch Assigns BB+ LongTerm IDR, Outlook Positive ------------------------------------------------------------------- Fitch Ratings has assigned a first-time Long-Term Issuer Default Rating (IDR) of 'BB+' to Solstice Advanced Materials, LLC (Solstice). Fitch has also assigned a rating of 'BBB-' with a Recovery Rating of 'RR1' to Solstice's revolving credit facility and term loan. The Rating Outlook is Positive. The 'BB+' IDR reflects Solstice's competitive position, strong margin and cash flow profile, and low leverage relative to the 'BB+' rating category. The rating also considers Solstice's somewhat narrow scope and limited operating history as an independent company. The Positive Outlook reflects the company's capacity to shift to an investment-grade profile if it maintains a commitment to conservative financial and operating policies. Key Rating Drivers Strong Competitive Position: Solstice is a leading global producer of low-global-warming potential (LGWP) refrigerants and blowing agents, with a strong presence in stationary and automotive markets and in specialty chemicals for the semiconductor sector. In healthcare, Solstice leads in specialty molecular solutions, supplying medical barrier packaging and emission-reducing propellants for metered dose inhalers. Its proprietary products benefit from a broad intellectual property portfolio of almost 6,000 patents and a deep bench of technical staff, creating a competitive innovation advantage that helps the company maintain its strong position. Solid Margin Profile, Cash Flow: Solstice's post-spinoff pro forma financial profile benefits from EBITDA margins consistently in the mid-20% range and post-dividend FCF margins in the mid-single digits. Solstice's current growth and expansion projects drive a high relative capex burden that will moderate over time and lead to capex closer to 5%-7% of revenue. Solstice should benefit from some margin expansion as the refrigerant shift to hydrofluoroolefins (HFOs) matures and its revenue mix moves toward higher margin replacement sales. Fitch anticipates that Solstice will use its FCF for discretionary share repurchases with limited debt reduction over the forecast period. Moderate Leverage: Solstice's pro forma Fitch-calculated EBITDA leverage of around 2.0x is low for the 'BB+' rating category, providing material headroom within the current rating. Fitch expects the company to maintain this conservative leverage profile and exhibit prudent financial management and flexibility after the spinoff from Honeywell. Sustained EBITDA leverage at or below this level would be consistent with higher-rated peers and could support positive rating momentum over time should other credit factors remain stable. Narrow Scope Limits Diversification Benefits: Solstice has a somewhat limited business scope as it focuses primarily on refrigerants for heating, ventilation, air conditioning and refrigeration (HVAC/R) and automotive applications. This results in significant exposure to the construction and automotive sectors. In addition, its specialty chemicals segment is concentrated in products with narrow applications such as semiconductors and certain healthcare products. This limited scope reduces the diversification benefit typically associated with broader chemical peers. Limited Standalone History: Solstice lacks operating history as an independent entity following its planned separation from Honeywell International Inc. The company must build standalone corporate infrastructure including information technology, finance, legal, human resources and tax functions. The transition will increase corporate costs, and actual expenses may exceed management's estimates due to the complexity of the transition. In addition, Solstice will lose access to Honeywell's resources and support, increasing operational and financial risk particularly during periods of market stress. Peer Analysis Solstice has a narrower operating scope and smaller scale than DuPont de Nemours, Inc. (BBB+/Stable), Celanese Corporation (BB+/Negative) and Orbia Advance Corporation, S.A.B. de C.V. (BBB/Stable), although it is less exposed to cyclical end markets such as automotive and construction than Celanese and Orbia. It is more diversified than Entegris, Inc. (BB/Stable), which is more concentrated in semiconductors. Fitch-calculated EBITDA margins in the mid-20% range are broadly in line with DuPont and Celanese, reflecting product specialization and, for Celanese, a favorable cost position. Solstice's margins are materially above Orbia's, given Orbia's greater exposure to building/infrastructure and PVC piping and more limited aftermarket/replacement dynamics, while below Entegris' due to business-mix differences. Leverage is toward the low end of the peer set, except for DuPont, whose leverage is more consistent with its higher rating. Higher leverage at Celanese and Entegris reflects structural targets and past M&A, while cyclicality contributes to variability at Orbia. Despite lower leverage, Solstice's FCF margins are modestly weaker than Entegris, DuPont and Celanese, driven by relatively higher capex and dividend outlays. Key Assumptions - Solstice's revenues decline in the low single digits in 2025, driven by the absence of one-time sales in 2024 that do not repeat as well as a mix-shift from HFCs to HFOs that leads to less replacement revenue, with revenue growth in the low to mid-single digits thereafter as the shift to HFOs concludes and key construction end markets start to recover toward the end of the decade. Solstice also benefits from steady growth in its ESM segment from continued data center growth; - EBITDA margins remain in the 25% range as the company incurs higher corporate SG&A from as a result of its spinoff; - Capex remains elevated over the next two to three years from growth projects, tapering to about 7.5% of revenue by 2028; - Dividends grow in line with cash flows; - Fitch assumes no acquisitions and about $100 million in share repurchases annually. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage durably above 3.0x; - EBITDA margins consistently below 20%, indicating a loss of competitive position; - FCF margins (after dividends) below 2%, potentially due to persistently high capex and/or an aggressive dividend policy; - The Outlook could be revised to stable if management's capital allocation and financial policies do not align with an investment-grade profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment to an investment-grade profile; - Improved financial flexibility, evidenced by a less encumbered capital structure; - Maintained EBITDA leverage durably below 2.3x; - Increased scale and diversification. Liquidity and Debt Structure Solstice exhibits solid liquidity. Pro forma for the transactions, Fitch expects that Solstice will have around $450 million in cash and full access to an undrawn five-year, $1 billion revolving credit facility. Solstice's liquidity is further bolstered by $750 million of bilateral letter of credit facilities that backstop certain asset retirement obligations. With no upcoming debt maturities, annual debt amortization will be minimal and very manageable with Solstice's existing liquidity and cash flow. Issuer Profile Solstice Advanced Materials is leading global provider of refrigerants, semiconductor materials, protective fibers and healthcare packaging. 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 ----------- ------ -------- Solstice Advanced Materials, LLC LT IDR BB+ New Rating senior secured LT BBB- New Rating RR1 SPI ENERGY: Cayman Liquidators Assume Control, Investors Notified ----------------------------------------------------------------- SPI Energy Co., Ltd. informed shareholders on Sept. 16, 2025, that the Grand Court of the Cayman Islands granted a winding-up order placing the Company into official liquidation and appointing Graham Robinson and James Parkinson of Crowe Cayman Ltd. as Joint Official Liquidators effective July 22, 2025. As such, the powers of the directors of the Company ceased at the date of the Order. A full-text copy of the letter to the stakeholders is available for free at: https://www.sec.gov/Archives/edgar/data/1210618/000168316825007069/spi_ex1001.htm Trading of the Company's ordinary shares has been suspended by the Nasdaq Stock Market LLC as of Jan. 15, 2025. Pursuant to section 99 of the Cayman Islands Companies Act 2025 and Order 19, Rule 4 of the Cayman Islands Companies Winding Up Rules (2023 Consolidation), acquisitions and disposals of the shares in a company subject to a winding up order are only permissible subject to the provision of a validation order from the Cayman Court, on request of a company's liquidators. Consequently, by virtue of the JOLs' appointment, no acquisition or disposal of the Company's shares, from July 22, 2025, onward will be considered valid, unless otherwise agreed to by the JOLs and subsequently, sanctioned by Cayman Court. The JOLs advise that they are in the process of investigating the Company's financial position and are not presently able to comment on its future prospects. SPI Energy noted that further disclosures will be provided in due course; under Cayman Islands law, the Company's liquidation is a formal insolvency process in which ordinary shareholders rank behind unsecured creditors for any recovered assets. About SPI Energy SPI Energy Co., Ltd., headquartered in McClellan Park, California, provides photovoltaic (PV) solutions for commercial, residential, government, and utility customers globally. The Company develops solar PV projects for sale to third-party operators or for self-operation to supply electricity to the grid across Asia, North America, and Europe, and in Australia primarily sells PV components to retail customers and project developers. SPI Energy also began roofing and solar system installation in the U.S. in 2021, initiated pilot production of "Made-in-America" solar modules in 2022, and engaged in sales and leasing of zero-emission electric vehicles in the U.S. from 2020 until September 2023. As of Sept. 30, 2023, the Company had $7.8 million in cash and cash equivalents, and restricted cash. The Company suffered a net loss of $5.6 million during the nine months ended Sept. 30, 2023 from continuing operations. As of Sept. 30, 2023, there was net working capital deficit of $114.7 million and accumulated deficit of $684.7 million. The Company said these factors raise substantial doubt as to the Group's ability to continue as a going concern. SPIRIT AIRLINES: Explores Job Cuts, Scales Back Operations ---------------------------------------------------------- Leslie Josephs of CNBC reports that Spirit Airlines is preparing to scale back its operations and workforce as part of ongoing restructuring following its second bankruptcy filing in less than a year, CEO Dave Davis told employees in a memo Wednesday, September 17, 2025. The carrier will slash its November schedule and cut overall flying capacity by 25% in 2024, a move designed to focus on its strongest markets and curb expenses. The airline has already been flying at reduced levels since exiting bankruptcy in March 2025, with flight volumes lower through June. The additional reductions highlight Spirit's effort to streamline operations while negotiating with vendors and aircraft lessors and reviewing the size of its fleet. Management's goal is to reshape the company into a leaner, more financially sustainable business amid persistent headwinds, according to CNBC. Davis acknowledged the restructuring will lead to job cuts but said the changes are essential to stabilizing the airline. He described the measures as difficult but necessary and pledged to keep staff informed throughout the process. Despite the uncertainty, Davis expressed confidence that the new structure will help Spirit emerge on stronger footing, the report states. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. ST. MATTHEW TRUST: Hires Meridian Law LLC as Counsel ---------------------------------------------------- St. Matthew Trust seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Meridian Law, LLC as counsel. The firm will provide legal services in connection with the filing and prosecution of the Debtor's Chapter 11 case. The firm will be paid at the rate of $450 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Aryeh Stein, Esq., a member of Meridian Law, 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: Aryeh E. Stein, Esq. Meridian Law, LLC 1212 Reisterstown Road Baltimore, MD 21208 Tel: (443) 326-6011 Fax: (410) 653-9061 Email: astein@meridianlawfirm.com About St. Matthew Trust St. Matthew Trust is a business trust operating as a single asset real estate entity based in Cockeysville, Maryland. St. Matthew Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17780) on August 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Aryeh E. Stein, Esq. of Meridian Law, LLC. STANFORD AND 12TH: Case Summary & Two Unsecured Creditors --------------------------------------------------------- Debtor: Stanford and 12th Street, LP 807 East 12th Street Suite 401 Los Angeles, CA 90021 Business Description: Stanford and 12th Street, LP wholesales clothing, fabrics, and sewing supplies to retailers and commercial clients across the United States. The Company distributes men's, women's, and children's apparel and supplies piece goods and notions used in garment production. Chapter 11 Petition Date: September 15, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18089 Judge: Hon. Neil W Bason Debtor's Counsel: Jacon Wallach, Esq. MICHEL | MILLER | PARK ALC Michel Miller Park 1901 Avenue of the Stars, Suite 1100 Los Angeles, CA 90067 Tel: (818) 404-1249 Email: jwallach@mmplawyers.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Shawn Zackary, chief executive officer of Falcon Western Investments Inc., which serves as the Debtor's general partner. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/76SVJDA/Stanford_and_12th_Street_LP__cacbke-25-18089__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Fire Guard Corporation Trade Debt $0 dba Builtright c/o Sepehr Omrani 6355 Topanga Canyon Blvd Woodland Hills, CA 91367 2. Kou Family and Trusts Sub Ground Lease $0 c/o David L. Prince, Esq. 1912 E. Vernon Ave Ste 100 Los Angeles, CA 90058 SUMMIT HARD: Hires Bell Gould Linder as Legal Counsel ----------------------------------------------------- Summit Hard Cider and Perry Company, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Bell Gould Linder & Scott, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) provide the Debtor with legal advice with respect to their powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Section 362; and (e) perform all other legal services for the Debtor which may be necessary herein. Bell Gould Linder & Scott, P.C. will receive these hourly rates: $250 for Attorney Payton L. Buhler $350 for Attorney Gregory S. Bell (Of Counsel) $125 for paralegal services The firm received a retainer of $16,338, which was fully applied prepetition. The firm estimates it will bill approximately $15,000 through the confirmation and completion of the Debtor's plan. Bell Gould Linder & Scott, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Payton L. Buhler, Esq. BELL GOULD LINDER & SCOTT, P.C. 318 East Oak Street Fort Collins, CO 80524 Telephone: (970) 493-8999 Facsimile: (970) 224-9188 E-mail: pbuhler@bell-law.com About Summit Hard Cider and Perry Company, LLC Summit Hard Cider and Perry Company LLC, operating in Fort Collins, Colorado, produces and sells craft hard ciders and perries, and operates a taproom and pub under the Scrumpy's brand, offering beverages and food to consumers. The Company also collects local fruit through a mobile juicing trailer to create both alcoholic and non-alcoholic drinks. Summit Hard Cider and Perry Company LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15079) on August 13, 2025. In its petition, the Debtor reports total assets of $164,233 and total liabilities of $2,663,400. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Payton L. Buhler, Esq., at Bell, Gould, Linder & Scott, P.C. SYNDIGO LLC: S&P Withdraws 'B-' Issuer Credit Rating ---------------------------------------------------- S&P Global Ratings withdrew all its ratings on Syndigo LLC, including our 'B-' issuer credit rating, at the issuer's request. On Sept. 2, 2025, Syndigo LLC refinanced its existing term loan debt with a private credit facility. Additionally, the company acquired 1WorldSync as part of the transaction. TEAL JONES: To Sell Martinsville Property to Giving Tree Lumber --------------------------------------------------------------- Teal Jones Holdings Ltd., in its capacity as the duly appointed foreign representative of Pine Products, LLC, seeks permission from the U.S. Bankruptcy Court for the District of Delaware, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors are the largest privately held forest products company operating on the West Coast of Canada. Since their inception in 1946, the Debtors’ operations have been profitable. However, declines in lumber prices, inflationary pressures and interest rate increases adversely impacted the Debtors and resulted in severe liquidity constraints that caused the Debtors to commence the Canadian Proceedings. On April 24, 2024, the Debtors commenced the Canadian Proceedings to implement certain restructuring transactions related to the marketing, sale and investment solicitation process (SSIP). On April 26, 2024, the Foreign Representative filed petitions under chapter 15 of the Bankruptcy Code, seeking, among other things, recognition of the Canadian Proceedings and the Initial Order. The Debtors marketed substantially all of their assets as 11 distinct parcels designed to maximize value. The Purchased Assets are referenced in the SISP as "Parcel 3." Parcel 3 comprises a sawmill located on 78 acres in Martinsville, Virginia, owned by Debtor Pine Products, LLC. The Pine Mill specializes in the production of Southern Yellow Pine that is primarily sold in the United States. However, due in part to the Debtors’ liquidity constraints, operations at the Pine Mill have been limited to asset maintenance since January 2025. As part of the SISP, the Former Monitor contacted 464 domestic and international parties across the forestry and real estate industries, of which 84 signed non-disclosure agreements and 70 requested the Debtors’ confidential information memoranda. The Debtors received no actionable bids for the Pine Mill prior to the September 24, 2024 bid deadline established under the SISP. In December 2024, Mr. Kiel Miller, the Debtors’ Vice President of Sales and Marketing for Southern Pine and New Markets, advised the Monitor that he was working with a group of investors (Virginia Investors) that intended to submit a bid for the Pine Mill and another mill (Potomac Mill) owned by Debtor Potomac Supply LLC. The Virginia Investors engaged in negotiations with the Monitor beginning in January 2025 and ultimately submitted the successful bid for the Pine Mill and the Potomac Mill. On April 25, 2025, the parties entered into that certain Asset Purchase Agreement by and among Pine Products and Potomac Supply, as Sellers, Mercury Merchant LLC, as buyer, and the Monitor, as same was later amended (Initial Purchase Agreement). On June 3, 2025, the Canadian Court entered an order approving the Initial Purchase Agreement. After multiple extensions of the Closing Date, on July 22, 2025, with the consent of the Monitor, Pine Products and Potomac Supply exercised their right to terminate the Initial Purchase Agreement and retain the deposits thereunder as a result of Mercury’s failure to timely fund the purchase price and close the transaction. Following termination of the Initial Purchase Agreement, the Monitor resumed marketing the Pine Mill and Potomac Mill and identified Giving Tree Lumber LLC as (Buyer) as a potential purchaser of the Pine Mill. The Buyer is an affiliate of Beachcombers, LLC, which successfully acquired the Debtors' assets identified in the SISP as "Parcel 2," a sawmill in Antlers, Oklahoma, and "Parcel 5", a sawmill in Liberty, Mississippi. The Debtors believe the sale of the Purchased Assets to Buyer under the Purchase Agreement is appropriate. The purchase price is $4,500,000 and the amount of the Assumed Liabilities. The Debtor believes that the sale is a prudent exercise of its business judgment. The Sale is the result of the Debtors' thorough, transparent, and fair marketing and sale process – the Canadian Court-approved SISP. Teal Jones Holdings Ltd. -- https://tealjones.com -- is a Canadian forestry company established in 1946 and headquartered in Surrey, British Columbia. THOMPSON ELECTRIC: Court Extends Cash Collateral Access to Nov. 4 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Tennessee entered an agreed interim order authorizing Thompson Electric, Inc. to continue using cash collateral. The interim order penned by Judge Nancy King authorized the Debtor's interim use of cash collateral through November 4 to fund its business operations. The creditors that may have liens on the Debtor's assets are ServisFirst Bank and FCCI Insurance Company. To protect the interests of ServisFirst and FCC, the Debtor will provide the secured creditors with replacement liens on assets it acquires after the bankruptcy filing, with the same priority and extent as the secured creditors' pre-bankruptcy liens. The value of the collateral is expected to be maintained or increased via continued business activity. In addition, ServisFirst will continue to receive payments of $7,500 every other week during the interim period. The final hearing will be held on November 4. About Thompson Electric Inc. Thompson Electric, Inc. is an electrical service provider based in Lebanon, Tenn., specializing in residential and commercial electrical installations, repairs and large-scale projects. Thompson Electric filed Chapter 11 petition (Bankr. M.D. Tenn. Case No. 25-01471) on April 7, 2025, listing between $1 million and $10 million in both assets and liabilities. Jon Thompson, president of Thompson Electric, signed the petition. Judge Nancy B. King oversees the case. R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC, represents the Debtor as legal counsel. ServisFirst Bank, as secured creditor, is represented by: Thomas H. Forrester, Esq. Gullett, Sanford, Robinson & Martin, PLLC 150 Third Avenue South, Suite 1700 Nashville, TN 37201 Phone: (615) 244-4994 Fax: (615) 256-6339 tforrester@gsrm.com; djames@gsrm.com FCCI Insurance Company, as secured creditor, is represented by: Joshua K. Chesser, Esq. Stites & Harbison, PLLC SunTrust Plaza 401 Commerce Street, Suite 800 Nashville, TN 37219 Phone: (615) 782-2202 Fax: (615) 782-2371 jchesser@stites.com TOGETHER GOOD: Taps BlackBriar Advisors as Financial Advisor ------------------------------------------------------------ Together Good Deeds IV, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division to hire BlackBriar Advisors LLC, with Managing Director Harold Kessler, to serve as financial advisor in its Chapter 11 case. BlackBriar will provide these services: (a) analysis of the Debtor's financial position; (b) preparation of cash flow forecasts and budgets; (c) preparation and direction of plan to improve liquidity; (d) review and management of disbursement based on available liquidity to maintain operations; (e) supervisory assistance with preparation of the bankruptcy schedules, including the Statement of Financial Affairs and supporting schedules; (f) review and preparation of cash flow forecasts and budgets to be filed with the Court; (g) preparation and/or review of required schedules and monthly operating reports to support Chapter 11 administration; (h) administration of post-petition banking facilities, as required; (i) assistance with obtaining and negotiation of post-petition financing; (j) negotiation with creditors to support the Debtor’s restructuring/reorganization plan; and (k) such other duties as are mutually agreed upon. BlackBriar will be paid on an hourly basis at these rates: Partners and Managing Directors $650 Senior Directors $525 Directors $450 Senior Financial Analysts $375 Financial Analysts $300 The parties agreed to a $30,000 retainer, from which BlackBriar drew down $21,512.50 for prepetition fees and expenses, leaving $8,487.50 in trust as of the petition date. BlackBriar Advisors LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Harold Kessler Managing Director BLACKBRIAR ADVISORS LLC 2626 Cole Ave., Suite 300 Dallas, TX 75204 Telephone: (214) 599-8600 Email: info@blackbriaradvisors.com About Together Good Deeds IV, LLC Together Good Deeds IV LLC, based in Texas, provides professional. architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Vickie L. Driver, Esq., at Driver Stephenson, PLLC. TRB SUPPLY: Hires Heard Ary & Dauro LLC as Counsel -------------------------------------------------- TRB Supply Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Heard, Ary & Dauro, LLC as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties as debtor-in-possession; (b) take necessary action against various creditors, entities, governmental agencies, etc., to enforce the stay and protect the interests of the Debtor; (c) prepare on behalf of or to assist the Debtor in preparing, as debtor-in-possession, all necessary applications, answers, orders, reports and legal papers including the formulation of a disclosure statement and plan of reorganization; and (d) perform all other legal services for Debtor, as debtor-in-possession, which may be necessary. The hourly rates charged by the firm's attorneys are: Kevin D. Heard $395 per hour Angela S. Ary $350 per hour Ms. Ary disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin D. Heard, Esq. Angela S. Ary, Esq. HEARD, ARY & DAURO, LLC 303 Williams Avenue, Suite 921 Huntsville, AL 35801 Phone: (256) 535-0817 Email: kheard@heardlaw.com aary@heardlaw.com About TRB Supply Inc. TRB Supply Inc. based in Collinsville, Alabama, provides structural steel fabrication and produces various steel products in the metal fabrication and manufacturing industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-41170) on September 3, 2025. In the petition signed by Thomas A. Banks, the Debtor disclosed $795,624 in assets and $3,218,089 in liabilities. Judge James J. Robinson oversees the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC, represents the Debtor as legal counsel. TWO JOE'S: Case Summary & Two Unsecured Creditors ------------------------------------------------- Debtor: Two Joe's Hacking Corp 110 -11 Queens Blvd Apt 11K Forest Hills, NY 11375 Case No.: 25-44464 Business Description: Two Joe's Hacking Corp holds and manages New York City taxi medallions 7P18 and 7P17, valued at approximately $340,000, and operates taxi transportation services in New York City area. Chapter 11 Petition Date: September 17, 2025 Court: United States Bankruptcy Court Eastern District of New York Judge: TBD Debtor's Counsel: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-3156 Email: alla@kachanlaw.com Total Assets: $340,000 Total Liabilities: $1,084,972 The petition was signed by Valentina Zubok as president. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/II7KMGI/Two_Joes_Hacking_Corp__nyebke-25-44464__0001.0.pdf?mcid=tGE4TAMA TWO20 LLC: Seeks Chapter 7 Bankruptcy in Pennsylvania ----------------------------------------------------- On September 17, 2025, TWO20 LLC commenced a voluntary Chapter 7 proceeding in the United States Bankruptcy Court for the Western District of Pennsylvania, case number 25-22497. The debtor's petition lists estimated liabilities of $100,001 to $1,000,000. The petition further discloses that the company has between one and forty-nine creditors. About TWO20 LLC TWO20 LLC operates in the traveler accommodation sector. TWO20 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22497) on September 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge John C. Melaragno handles the case. The Debtor is represented by Christopher M. Frye, Esq. at Steidl & Steinberg, P.C. U S SKYLINE: Files Amendment to Disclosure Statement ---------------------------------------------------- Loan Ranger Capital Investments REIT, LLC, a creditor, submitted an Amended Disclosure Statement for Chapter 11 Plan for U S Skyline, Inc., dated September 10, 2025. Loan Ranger proposes to sell the real property. It does not propose to operate a business upon the property. The Debtor's existing management will be responsible for all matters which do not relate to the Plan. Loan Ranger will be responsible for administering the plan. The Debtor owns real property located at 6341 Norwood Drive, Frisco, TX 75034. The property was appraised by Veritas Appraisal Partners as of October 10, 2024 in the amount of $1,572,000. The Collin County Appraisal District has valued the property at $1,419,449. Loan Ranger believes that these estimates are high. It is aware of a comparable property located at 6009 Westchester Lane, Frisco, TX 75034 is listed for sale for $1,025,000 and has not sold for four months. The plan proposes to sell the Debtor's real property and distribute the funds to the parties determined to be entitled to receive such proceeds. The Debtor's personal property shall be surrendered to Truist Bank and the SBA, the creditors holding liens upon personal property. Thus, if the property sold for $1,500,000, secured, administrative and priority claims would be paid in full and unsecured creditors would receive a distribution of approximately $359,000. If the property sold for $1,000,000, ad valorem taxes would be paid in full and Loan Ranger Capital would receive 95% of its claim, but no junior claims would recover. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 8 shall consist of Allowed Claims of Unsecured Creditors. The following creditors are believed to fall within Class 8: Level Supply, Inc. $106.031.00; MAPCO, Inc. ($65,000.00); NTTA ($10,000.00); SBA ($1,968,000.00); SBA ($41,552.24); and SBA ($67,813.95). Upon sale of the Debtor's real property, the Class 8 claims shall be paid after claims in Classes 1 to 7 have been paid in full to the extent of proceeds actually received. Class 8 is impaired. * Class 9 shall consist of the Equity Interests of the Debtor. The Class 9 Equity Interests shall be retained. The Class 9 Equity Holder shall not receive any distributions until the Allowed Claims in Classes 1 to 8 have been paid. The feasibility of the Plan depends on the ability of the Debtor to sell the real property. The Plan Proponent believes that the property is in a desirable area and should be able to sell for a fair price. A full-text copy of the Amended Disclosure Statement dated September 10, 2025 is available at https://urlcurt.com/u?l=GbNGXX from PacerMonitor.com at no charge. Counsel for Loan Ranger: BARRON & NEWBURGER, P.C. Stephen W. Sather, Esq. 7320 N. Mopac Expwy, Suite 400 Austin, Texas 78731 Phone: (512) 476-9103 About U S Skyline Inc. U S Skyline Inc. is a construction company in Texas. U S Skyline Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40046) on January 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Gary G. Lyon, Esq. represents the Debtor as counsel. VARSITY BRANDS: S&P Rates New Secured Term Loan B Facility 'B' -------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Varsity Brands Inc.'s proposed repriced $2.37 billion senior secured term loan B facility due 2031. S&P expects this transaction to be leverage neutral and anticipate it will moderately reduce the company's interest expense. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. All S&P's existing ratings on Varsity, including the 'B' issuer credit rating and stable outlook, are unchanged. S&P said, "We continue to expect the company will increase its consolidated reported revenue by the mid-single digit percent area in 2025 and 2026, supported by continued satisfactory demand for its products, improved distribution, high sports participation rates, and revenue from bolt-on acquisitions. We anticipate Varsity will sustain an S&P Global Ratings-adjusted EBITDA margin of about 15% in 2025 and 2026 due to its improving product mix. This primarily stems from the company's increased penetration of private-label apparel sales and new licensing partnerships with large apparel companies (both of which carry higher margins), which are partially offset by its relatively material exposure to tariffs. We believe Varsity has substantially reduced its previous material legal liability overhang, which has decreased its liquidity risk. We forecast the company will generate positive free operating cash flow and reduce its S&P Global Ratings-adjusted leverage below 6x by the end of 2025." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Varsity's debt capital structure comprises a $400 million asset-based lending (ABL) revolver due 2029 (not rated) and a $2.37 billion senior secured first-lien term loan due 2031. -- Varsity Brands Inc. is the borrower of the ABL and senior secured term loan. The term loan is guaranteed jointly and severally by parent Gameday Buyer Inc. and all the existing and future direct and indirect wholly owned domestic restricted subsidiaries of the borrower. The term loan is secured by a first-priority lien on all non-ABL collateral and second-priority lien on ABL collateral. -- Varsity Brands Inc. is headquartered in the U.S. In the event of an insolvency proceeding, S&P anticipates the company would file for bankruptcy protection under the U.S. federal bankruptcy court system without involving other foreign jurisdictions. -- S&P believes creditors would receive meaningful recovery in a payment default if Varsity Brands reorganizes rather than liquidates, given its well-established customer and supplier relationships. Therefore, in evaluating the recovery prospects for its debtholders under a simulated default scenario, S&P assumes Varsity Brands continues as a going concern and arrive at its emergence enterprise value by applying a multiple to its assumed emergence EBITDA. Simulated default assumptions -- S&P's simulated default scenario considers a default in 2028 due to weak demand for Varsity Brands' products and services amid escalating competition, increasing prices for input costs it cannot pass along to customers, and adverse legal outcomes. These factors significantly reduce its EBITDA and cash flow and eventually cause a payment default. -- Default year debt service (including amortization): $174 million -- Default year minimum capital expenditure: $27 million -- Default EBITDA proxy: $201 million -- Operational adjustment: $81 million (40%) -- Emergence EBITDA: $282 million S&P estimates a $1.69 billion gross emergence enterprise value by applying a 6x multiple to our estimate of the company's emergence EBITDA. This multiple is consistent with those it uses for other U.S.-based branded nondurables issuers. Simplified waterfall -- Gross recovery value: $1.69 billion -- Net recovery value for waterfall after 5% administrative expenses: $1.61 billion -- Obligor/nonobligor valuation split: 100%/0% -- Estimated priority claims (ABL): $239 million -- Remaining recovery value: $1.37 billion -- Estimated first-lien claims: $2.37 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) VENETIAN NAIL: Seeks to Hire Aubrey Rudd Law as Counsel ------------------------------------------------------- Venetian Nail Spa MMP, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Aubrey Rudd Law as counsel to handle its Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Rudd 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: Aubrey Rudd, Esq. Aubrey Rudd Law 100 Edgewater Drive, Suite 312 Miami, FL 33133 Tel: (305) 310-3871 Email: aubreyruddlaw@gmail.com About Venetian Nail Spa MMP, LLC Venetian Nail Spa MMP, LLC is a nail salon operating in Miami, Florida. It offers nail care services including manicures, pedicures, and related spa treatments to customers in the Miami area. Venetian sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19379) on August 13, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Aubrey Rudd, Esq. VFH PARENT: $200MM Term Loan Upsize No Impact on Moody's 'Ba3' CFR ------------------------------------------------------------------ Moody's Ratings commented that VFH Parent LLC's (VFH Parent) ratings, including its Ba3 Corporate Family Rating and its B1 Issuer Rating and senior secured bank credit facility rating, and stable outlook are not affected by its proposed repricing and $200 million upsize to its senior secured 1st lien Term Loan B. The proceeds from the proposed upsize will be used for general corporate purposes. The proposed transaction will result in a pro forma total debt amount of nearly $2.0 billion, and result in a trading capital to debt ratio of 125% – a level consistent with Moody's expectations for the rating. The firm continues to exhibit strong performance with reported adjusted EBITDA of $369 million and an adjusted EBITDA margin of 65% in the latest quarter. The ratings reflect VFH Parent's franchise as a technology enabled institutional brokerage firm that makes markets and provides related execution services to market participants across asset classes and execution venues globally. VFH Parent is a subsidiary and borrowing entity of Virtu Financial, Inc. (Virtu), and is the entity that indirectly controls all of Virtu's major operating subsidiaries. Through market cycles, Virtu's revenues and cash flows are driven by the competitive nature of electronic market-making, transaction volumes and volatility, and the effectiveness of its risk controls. Virtu's business model entails substantial operational risk which it manages primarily through a series of pre-set guardrails governing various trade, order, and other risk parameters, which trigger automatic strategy lockdowns when breached. These automated controls, short holding periods and granular position sizes reduce the capital intensity of Virtu's business model. Although, the firm uses short-term wholesale funding, this funding is diversified amongst secured financing counterparties, prime brokers, and banks. The B1 ratings on VFH Parent's senior secured notes and its senior secured credit facilities are a notch below its Ba3 corporate family rating (CFR) because of the structural subordination of VFH Parent to Virtu's operating companies, where the preponderance of the group's debt and debt-like obligations reside. The stable rating outlook reflects Moody's view that Virtu can sustain its franchise through market cycles, without compromising on its disciplines of generally taking only very short-term positions of modest size in the most liquid instruments. VIVA LIBRE: Court OKs Deal to Use Hanmi Bank's Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division approved the stipulation between Viva Libre Restaurant Concepts Inc. and Hanmi Bank regarding the use of cash collateral. Under the stipulation, Hanmi Bank consents to the Debtor's continued use of cash collateral from the petition date and going forward so long as payments under the stipulation or a confirmed Chapter 11 plan are received. As adequate protection, Hanmi Bank will receive a replacement lien on all post-petition revenues of the Debtor, with the same priority, validity and extent that its lien attached to its collateral. In addition, the bank will receive a monthly payment of $500 from the Debtor, starting this month. Hanmi Bank is also entitled to a superpriority claim over the life of the Debtor's bankruptcy case, according to the stipulation. The stipulation is available at https://is.gd/46AQU3 Hanmi Bank asserts a security interest of $12,664.38, of which $4,221.46 was delinquent as of the petition date. Hanmi Bank is represented by: Raffi Khatchadourian, Esq. Hemar, Rousso & Heald, LLP 15910 Ventura Boulevard 12th Floor Encino, CA 91436 Telephone: (818) 501-3800 Facsimile: (818) 501-2985 About Viva Libre Restaurant Concepts Viva Libre Restaurant Concepts Inc. operates Blue Agave Southwest Grill, a Mexican and Southwestern fusion restaurant based in Yorba Linda, California. The restaurant offers dishes like Mahi Mahi, Mazatlan Mango Wrap and Montego Bay Coconut Shrimp. Viva Libre filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11186) on May 1, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Theodor Albert handles the case. The Debtor is represented by Christopher James Langley, Esq., at Shioda Langley & Chang, LLP. VIVACE HOSPITALITY: Carol Fox Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Vivace Hospitality, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Vivace Hospitality 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 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20637) on September 12, 2025, listing up to $50,000 in assets and $2,185,248 in liabilities. Vito DiSalvo, manager, signed the petition. Thomas Zeichman, Esq., at Beighley, Myrick, Udell, Lynne and Zeichman, P.A represents the Debtor as legal counsel. VIVAKOR INC: Gets 180-Day Nasdaq Extension to Meet Min. Bid Price ----------------------------------------------------------------- Vivakor, Inc. said in a statement that the Listing Qualifications Department of The Nasdaq Stock Market LLC has granted it a 180-day extension, until March 16, 2026, to regain compliance with the Exchange's minimum bid price rule. As previously disclosed, on March 18, 2025, Nasdaq notified the Company that its listed securities did not meet the minimum bid price requirement of $1.00 per share over the preceding 30 consecutive business days. The initial 180-day period to regain compliance expired on Sept. 15, 2025. The additional compliance period was granted based on the Company's compliance with all other continued listing requirements for the Nasdaq Capital Market, except for the bid price requirement, and the fact the Company provided written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. To regain compliance, the Company's shares must maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days during the compliance period. If the Company does not regain compliance by March 16, 2026, Nasdaq will provide written notification that the Company's securities are subject to delisting. At that time, the Company would have the right to appeal the determination to a Nasdaq Hearings Panel. This notification from Nasdaq has no immediate effect on the listing or trading of the Company's shares, which will continue to trade on the Nasdaq Capital Market under the symbol "VIVK." About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of these financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, 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. WALGREENS BOOTS: S&P Withdraws 'BB-' LT Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings withdrew all its ratings on Walgreens Boots Alliance Inc. (WBA) and Walgreen Co. at the issuer's request following the completion of the company's acquisition by Sycamore Partners, as well as the redemption of most of its rated debt. At the time of withdrawal: -- S&P's long-term issuer credit rating on WBA and Walgreen Co. was 'BB-'; -- S&P's short-term credit rating on WBA and Walgreen Co. was 'B'; -- S&P rated WBA's unsecured debt 'BB-' with a '4' recovery rating; and -- S&P rated Walgreen Co.'s unsecured debt 'BB-' with a '3' recovery rating. At the time of withdrawal, S&P's long-term issuer credit rating and issue-level ratings remained on CreditWatch, where it placed them with negative implications on March 7, 2025. S&P was unable to resolve the CreditWatch placement due to insufficient information, including details on the financial results of the remaining business and its go-forward capital structure. WILLIAMS PROPERTIES: Tarek Kiem Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for Williams Properties 15206, LLC. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About Williams Properties 15206 Williams Properties 15206, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20676) on September 14, 2025, listing up to $50,000 in assets and liabilities. Judge Robert A. Mark presides over the case. Vincent T. Brown, Esq. represents the Debtor as legal counsel. WOLFSPEED INC: Court Confirms Chapter 11 Reorganization Plan ------------------------------------------------------------ Wolfspeed, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 8, 2025, the Court entered the Order (I) Approving the Disclosure Statement, (II) Confirming Joint Prepackaged Chapter 11 Plan of Reorganization of Wolfspeed, Inc. and its Debtor Affiliate, and (III) Approving Entry into the Backstop Agreement confirming the Plan. The Company expects that the effective date of the Plan will occur once all conditions precedent to the Plan have been satisfied or waived. The Plan incorporates by reference certain documents filed with the Court as part of the plan supplement, as the same have been amended from time to time prior to confirmation of the Plan and may be further amended prior to the Plan Effective Date or as otherwise set forth in the Plan (including the plan supplements) or the Confirmation Order. It is also possible that technical amendments could be made to the Plan prior to the Plan Effective Date. The Company continues to operate its businesses as "debtor-in-possession" under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. The material terms of the restructuring transactions that are set forth in the Plan, as confirmed by the Court, were previously described under "Restructuring Support Agreement" in Item 1.01 on a Current Report on Form 8-K filed by Wolfspeed on June 23, 2025, which description is incorporated herein by reference. This summary describes only certain material provisions of the Plan, does not purport to be complete and is qualified in its entirety by reference to the Plan. As of the date of the Confirmation Order, there were 156,479,390 outstanding shares of Wolfspeed's common stock, $0.00125 par value per share (the "Common Stock"). Under the Plan, on the Plan Effective Date, all of the Common Stock will be cancelled, and existing equity holders are expected to receive their pro rata share of 3.0% or 5.0% (depending on whether certain regulatory approvals have been obtained) of reorganized Wolfspeed's new common equity as of the Plan Effective Date, subject to dilution by the other issuances contemplated in the Plan. Upon the Plan Effective Date and assuming certain regulatory approvals have been obtained, Wolfspeed expects to have an aggregate of approximately 43.6 million shares of New Common Stock issued and outstanding and approximately 55.3 million shares of New Common Stock reserved for issuance pursuant to the Plan and the Restructuring Support Agreement. If certain regulatory approvals have not been obtained by the Plan Effective Date, then Wolfspeed expects to have approximately 25.8 million shares of New Common Stock issued and outstanding and approximately 73.0 million shares of New Common Stock reserved for issuance pursuant to the Plan and the Restructuring Support Agreement. Information regarding the assets and liabilities of Wolfspeed as of the most recent practicable date can be found in Wolfspeed's Annual Report on Form 10-K for the fiscal year ended June 29, 2025, filed with the SEC on August 26, 2025, available at https://tinyurl.com/2fk9bxjh About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. WORKSPORT LTD: Revenue Surpasses $1.7M in July, Margin Tops 30% --------------------------------------------------------------- Worksport Ltd., a U.S.-based innovator and manufacturer of hybrid and clean energy solutions primarily for the light truck, overlanding, and global consumer goods markets, reported that July 2025 revenue reached $1.71 million (unaudited), marking the fourth consecutive monthly sales record. In tandem, gross margin expanded to 31% in July, meaning Worksport achieved its year-end 30% margin goal one quarter early. The Company expects a continual upward trend in revenue and gross margin. Operating Momentum and Financial Highlights 1. Four straight monthly records: * April (approx. $1.2M), May (approx. $1.3M) June (approx. $1.6M), July ($1.71M). 2.Gross margin ramp: * 31% in July, up from 26% in Q2 2025, 18% in Q1 2025, and 11% in Q4 2024. 3.Annualized run-rate (non-GAAP): * July performance paces above $20M+. Expected to continue to grow every month. 4. Production strength: * July production reached the Company's strongest levels to date, driven by scale and manufacturing efficiencies. 5. Product catalysts: * HD3 heavy-duty tonneau cover (expected Q3); * SOLIS solar cover and COR modular power system (expected Q4). * Proprietary ZeroFrost(TM) Heat Pump Technology (expected 2026) CEO Commentary "Four consecutive record months and 31% gross margin underscore that our U.S. manufacturing model and American-made products are winning in the marketplace," said Steven Rossi, Worksport CEO. "We believe our execution is positioning Worksport on a disciplined path toward sustained profitability and long-term shareholder value. With HD3, SOLIS, and COR on deck this year – and continued operational scale – we see a compelling setup for the back half of 2025." Growth Trajectory At July's run rate, Worksport is pacing above $20M+ in annualized sales (non-GAAP), in line with reaffirmed full-year guidance. Management continues to expect full-year 2025 revenue of at least $20 million with gross margins consistent at 30%+ by year-end. The Company anticipates the upcoming launches of its HD3 heavy-duty tonneau cover (Q3) and its flagship SOLIS solar tonneau and COR portable power system (Q4) will add further growth catalysts. 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. X4 PHARMA: Increases Shares Available for Inducement Equity Plan ---------------------------------------------------------------- X4 Pharmaceuticals, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission. This Registration Statement on Form S-8 was filed for the purpose of increasing the number of securities of the same class as other securities for which a Registration Statement on Form S-8 of the Registrant relating to the same employee benefit plan is effective. Accordingly, pursuant to General Instruction E to Form S-8, this Registration Statement incorporates by reference the contents of: (i) the Registration Statement on Form S-8 (File No. 333-233162) filed with the Securities and Exchange Commission on August 9, 2019 relating to the Registrant's 2019 Inducement Equity Incentive Plan (as amended and restated from time to time, the "Inducement Plan"); (ii) the Registration Statement on Form S-8 (File No. 333-237164) filed with the SEC on March 13, 2020 relating to the Inducement Plan and certain other employee benefit plans of the Registrant; (iii) the Registration Statement on Form S-8 (File No 333-254618) filed with the SEC on March 23, 2021 relating to the Inducement Plan and certain other employee benefit plans of the Registrant; (iv) the Registration Statement on Form S-8 (File No 333-263430) filed with the SEC on March 10, 2022 relating to the Inducement Plan and certain other employee benefit plans of the Registrant; (v) the Registration Statement on Form S-8 (File No 333-269335) filed with the SEC on January 20, 2023 relating to the Inducement Plan and certain other employee benefit plans of the Registrant; (vi) the Registration Statement on Form S-8 (File No 333-273960) filed with the SEC on August 14, 2023 relating to the Inducement Plan and certain other employee benefit plans of the Registrant; (vii) the Registration Statement on Form S-8 (File No 333-282513) filed with the SEC on October 4, 2024 relating to the Inducement Plan, and the Registration Statement on Form S-8 (File No. 333-286107) filed with the SEC on March 26, 2025 relating to the Inducement Plan, in each case except for Item 8, Exhibits, with respect to which the Exhibit Index is incorporated therein by reference. X4 Pharmaceuticals may be reached through: Adam R. Craig, M.D., Ph.D. Executive Chairman c/o X4 Pharmaceuticals, Inc. 61 North Beacon Street, 4th Floor Boston, Mass. 02134 Tel: (857) 529-8300 A full-text copy of the registration statement is available at https://tinyurl.com/bdhukhr8 About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 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 operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, X4 Pharmaceuticals had $146.45 million in total assets, $124.23 million in total liabilities, and $22.15 million in total shareholders' equity. As of June 30, 2025, it had $105.17 million in total assets, $101.2 million in total liabilities, and $3.97 million in total shareholders' equity. X4 PHARMA: Stockholders to Resell 59.9M Common Shares ----------------------------------------------------- X4 Pharmaceuticals, Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission. Pursuant to the prospectus, the selling stockholders -- Funds managed by Empery Asset Management, LP; Entities affiliated with Bain Capital Life Sciences Investors, LLC; Entities affiliated with Growth Equity Opportunities 18 VGE, LLC; Coastlands Capital Partners LP; Deep Track Biotechnology Master Fund, Ltd.; Trails Edge Biotechnology Master Fund, LP; Entities affiliated with BVF Partners, L.P.; Kalehua Capital Partners LP; Blackwell Partners LLC – Series A; Stonepine Capital, LP; Nantahala Capital Partners Limited Partnership; Pinehurst Partners, L.P.; and NCP RFM LP. -- are offering on a resale basis an aggregate of 59,893,548 shares of common stock, par value $0.001 per share, of X4 Pharmaceuticals, Inc. consisting of: (i) 11,040,776 shares of Common Stock and (ii) 48,852,772 shares of Common Stock issuable upon the exercise of pre-funded warrants with a per share exercise price equal to $0.001. The Shares and the Pre-Funded Warrants were acquired by the Selling Stockholders pursuant to securities purchase agreements by and among the Company and the Selling Stockholders, dated August 11, 2025 and August 12, 2025. "We are registering the resale of the Shares covered by this prospectus as required by registration rights agreements by and among the Company and the Selling Stockholders, dated August 11, 2025 and August 12, 2025," the Company stated. "We will not receive any of the proceeds from sales by the Selling Stockholders of the Shares, except the exercise price of $0.001 per share of any of the Pre-Funded Warrants exercised by payment of cash." "The Selling Stockholders may sell or otherwise dispose of the Shares covered by this prospectus in a number of different ways and at varying prices. However, our registration of the Shares does not mean that the Selling Stockholders will offer or sell any of the Shares. We provide more information about how the Selling Stockholders may sell or otherwise dispose of the Shares covered by this prospectus in the section entitled "Plan of Distribution" on page 14. Discounts, concessions, commissions and similar selling expenses attributable to the sale of the Shares covered by this prospectus will be borne by the Selling Stockholders. We will pay all expenses (other than discounts, concessions, commissions and similar selling expenses) relating to the registration of the Shares with the Securities and Exchange Commission." "Our common stock is listed on The Nasdaq Capital Market under the symbol "XFOR." On September 8, 2025, the last reported sale price of our common stock on Nasdaq was $3.39 per share." X4 Pharmaceuticals may be reached through: Adam R. Craig, M.D., Ph.D. Executive Chairman c/o X4 Pharmaceuticals, Inc. 61 North Beacon Street, 4th Floor Boston, Mass. 02134 Tel: (857) 529-8300 A full-text copy of the registration statement is available at https://tinyurl.com/yc3uamsc About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 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 operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, X4 Pharmaceuticals had $146.45 million in total assets, $124.23 million in total liabilities, and $22.15 million in total shareholders' equity. As of June 30, 2025, it had $105.17 million in total assets, $101.2 million in total liabilities, and $3.97 million in total shareholders' equity. YARA TEST: Sam Della Fera Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Sam Della Fera, Jr., Esq., at Chiesa, Shahinian & Giantomasi, PC as Subchapter V trustee for Yara Test, LLC. Mr. Della Fera will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Della Fera declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Sam Della Fera, Jr., Esq. Chiesa, Shahinian & Giantomasi, PC One Boland Drive West Orange, NJ 07052 Telephone: 973-530-2076 Email: sdellafera@csglaw.com About Yara Test LLC Yara Test LLC, doing business as Fancy European Chocolate, imports and distributes confectionery and toy products in the United States, sourcing primarily from suppliers in China, Germany, Spain, and the United Kingdom. It operates in the wholesale trade and import sector. Yara Test sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-19461) on September 10, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Stevens, Esq., at Scura, Wigfield, Heyer, Stevens & Cammarota, LLP. ZOOZ POWER: Changes Sept. 19 EGM Start Time to 1:00 PM ------------------------------------------------------ ZOOZ Power Ltd. previously provided notice to its shareholders of an extraordinary general meeting of shareholders of the Company to be held on Friday, September 19, 2025 at 4:00 PM (Israel time). On or about September 4, 2025, the Company commenced distributing copies of its proxy statement to its shareholders and to mail to its shareholders of record a proxy statement for such extraordinary general meeting of shareholders of the Company. The Company is providing notice of a change to the time of the extraordinary general meeting such that it will commence at 1:00 PM (Israel time). Copies of the updated notice of the extraordinary general meeting of shareholders of the Company, the proxy statement and the proxy card reflecting the updated time are attached to the Form 6-K filed with the U.S. Securities and Exchange Commission, as Exhibits 99.1, 99.2 and 99.3, respectively. The 6-K is available at https://tinyurl.com/z7w4vrnc. About ZOOZ Power Headquartered in St. Lod, Israel, ZOOZ is a provider of flywheel-based power boosting and energy management solutions, enabling the widespread deployment of ultra-fast charging infrastructure for electric vehicles (EVs) while overcoming existing grid limitations. ZOOZ pioneers its unique flywheel-based power-boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure. ZOOZ Power's sustainable, power-boosting solutions are built with longevity and the environment in mind, helping its customers and partners accelerate the deployment of fast-charging infrastructure, thus facilitating improved utilization rates, better efficiency, greater flexibility, and faster revenues and profitability growth. ZOOZ is publicly traded on NASDAQ and TASE under the ticker ZOOZ. As of December 31, 2024, the Company had $12.3 million in total assets, $6.1 million in total liabilities, and a total equity of $6.7 million. Jerusalem, Israel-based Kesselman & Kesselman, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 7, 2025, citing that the Company has net losses and has generated negative cash flows from operating activities for the years ended Dec. 31, 2024, 2023 and 2022. These conditions create significant uncertainty regarding the Company's ability to continue as a going concern. [^] BOOK REVIEW: Bendix-Martin Marietta Takeover War ---------------------------------------------------- MERGER: The Exclusive Inside Story of the Bendix-Martin Marietta Takeover War Author: Peter F. Hartz Publisher: Beard Books Soft cover: 418 pages List Price: $34.95 Review by Gail Owens Hoelscher http://www.beardbooks.com/beardbooks/merger.html William Agee, the youngest man ever to head one of the top 100 American corporations, seemed unstoppable. In 1977, at the age of 39, he took over Bendix Corporation, an aerospace, automotive, and industrial firm, determined to diversify the company out of the automotive industry. In his words, "Automobile brakes are in the winter of their life and so is the entire automobile industry." He sold off a few Bendix units, got some cash together, and began to look for acquisitions. Then Agee's relationship with Mary Cunningham burst into the news. Agee had promoted Cunningham from his executive assistant to vice president, to the outrage of other Bendix employees. Their affair, replete with power, brains, youth, good looks, charm, denial, and deceit, fascinated the American public. Cunningham was forced to leave Bendix to work for Seagrams, with the entire country wondering just how well she would do. The two divorced their respective spouses and married soon thereafter. To the chagrin of many, Cunningham continued to play a pivotal role in Bendix affairs. Eager to regain his standing, Agee turned to acquisition as soon as the gossip died down. A failed attempt to acquire RCA left him more determined than ever. He then set his sights on Martin-Marietta, an undervalued gem in the 1982 stock market slump. Thus began an all-out war of tenders and countertenders, egoism and conceit, half-truths and dissimulation, and sudden alliances and last-minute court decisions. This is a very exciting account of the war's scuffles, skirmishes, and battles. The author, son of a long-time Bendix director, was able to interview some of the major participants who most likely would have refused the requests of other authors. Some gave him access to personal notes from the various proceedings. The author thoroughly researched the documents involved in the takeover war, as well as news reports and press releases. He explains the complicated legal maneuverings very clearly, all the while keeping the reader entertained with the personal lives and thoughts of the players. People love this book. The New York Times Book Review said "Aggression and treachery, hairbreadth escapes and last-minute reversals, "white knights" and "shark repellants" -- all of these and more can be found in the true-life adventure of the Bendix-Martin Marietta merger war." The Wall Street Journal said "Merger brims with tension, authentic-sounding dialogue and insider detail." Peter F. Hartz was born in Toronto, Canada, in 1953, and moved to the U.S. as a child. He holds degrees from Colgate University and Brown University. He lives in Toluca Lake, California. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***