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T R O U B L E D C O M P A N Y R E P O R T E R
Monday, September 29, 2025, Vol. 29, No. 271
Headlines
22ND CENTURY: Repays $3.9M, Terminates JGB Financing Deal
23ANDME HOLDINGS: Judge to Issue Ruling on Data Breach Deals
31FO LLC: To Sell Lloyd Neck Property to Private Individual
418RE - ONE: Hires Verdolino & Lowey P.C. as Accountant
575 RIVER ROAD: Seeks Chapter 11 Prior to Sheriff's Sale
7 AT BLUE LAGOON: Seeks Chapter 11 Bankruptcy in Florida
7 AT BLUE LAGOON: Voluntary Chapter 11 Case Summary
7243 APRIL: Hires Rountree Leitman Klein & Geer as Attorney
8TH STREET NE: Hires Offit Kurman P.A. as Special Counsel
8TH STREET NE: Hires Potkin Williamowsky as Special Counsel
ACPRODUCTS INC: Lord Abbett Bond Marks $11.4MM Loan at 76% Off
AMN HEALTHCARE: Moody's Rates New Senior Unsecured Notes 'B1'
ANASTASIA PARENT: Lord Abbett Bond Marks $23.9MM Loan at 17% Off
ANASTASIA PARENT: Lord Abbett Marks $744,016 Loan at 17% Off
APPLIED ENERGETICS: All Proposals Approved at 2025 Annual Meeting
ARAMSCO INC: Credit Suisse Marks $416,000 Loan at 19% Off
ASCEND PERFORMANCE: Credit Suisse Marks $697,000 Loan at 94% Off
ASPIRA WOMEN'S: Jack W. Schuler, Living Trust Hold 9.1% Stake
ASPIRA WOMEN'S: Raises $3.06M in Equity Financing From Investors
ASTRA ACQUISITION: Credit Suisse Marks $282,000 Loan at 72% Off
ASTRA ACQUISITION: Credit Suisse Virtually Writes Off $834,000 Loan
ATLAS CC: Credit Suisse Marks $893,000 Loan at 46% Off
AVANTOR FUNDING: Moody's Rates New Sr. Secured Bank Debt 'Ba1'
AVON PRODUCTS: Judge Confirms Chapter 11 Plan
BANK5 2025-5YR17: DBRS Gives Prov. BB Rating on Class G Certs
BLUEWORKS CORP: Seeks to Sell Vehicles at Auction
BOKQUA LLC: Hires Precision Accounting Inc. as Accountant
BRAND INDUSTRIAL: Lord Abbett Credit Marks $24.5MM Loan at 16% Off
BRIDGE TO ADULTHOOD: Section 341(a) Meeting of Creditors on Oct. 29
C & S MEMORIAL: Taps Don Juan as Operational and Financial Advisor
CALIFORNIA RESOURCES: Moody's Ups CFR to 'Ba3', Outlook Stable
CAREERBUILDER LLC: Prospect Virtually Writes Off $745,615 Loan
CARESTREAM HEALTH: Credit Suisse Marks $290,000 Loan at 55% Off
CARNICERIA LOS AMIGOS: Unsecureds Will Get 8 Cents on Dollar
CEMTREX INC: Declares Stock Dividend on Series 1 Preferred Shares
CENTRAL FLORIDA FIREARMS: Seeks Chapter 11 Bankruptcy in Florida
CENTRAL FLORIDA: Case Summary & 20 Largest Unsecured Creditors
CENTRAL PARENT: Lord Abbett Corporate Marks $1.8MM Loan at 16% Off
CENTRAL PARENT: Lord Abbett Credit Marks $29.3MM Loan at 16% Off
CENTURY DESIGN: Case Summary & 15 Unsecured Creditors
CHEMTRADE LOGISTICS: DBRS Gives Prov. BB Credit Rating
CINEMA MANAGEMENT: Court OKs Deal on Cash Collateral Access
CONAIR HOLDINGS: Lord Abbett Credit Marks $37.8MM Loan at 26% Off
CONVERGEONE HOLDINGS: Court Reverses Part of Ch. 11 Plan on Appeal
CORCHIS CAPITAL: Hires Berger Singerman as Legal Counsel
CTL-AEROSPACE INC: Taps Capstone Capital as Investment Banker
DCA OUTDOOR: Hires Evans & Mullinix as Legal Counsel
DENOYER-GEPPERT SCIENCE: Hires David R. Herzog as Legal Counsel
DERBY MOBILE: Section 341(a) Meeting of Creditors on October 29
EASY RENTAL: Section 341(a) Meeting of Creditors on October 9
EASY RENTAL: Seeks to Hire Lugo Mender Group as Counsel
EAZY-PZ LLC: Hires Stephen P. Bosco, Esq. as Appeal Counsel
EDGE PROMO: Gets Final OK to Use Cash Collateral
EMPIRE RESORTS: Fitch Keeps 'B-' IDR on Watch Negative
ENKB-MONTICELLO LLC: Hires Joyce W. Lindauer as Bankruptcy Counsel
ERC REPAIR: Case Summary & Nine Unsecured Creditors
EVERSTREAM SOLUTIONS: Disclosure Statement Hearing Set for Oct. 8
FIRST BRANDS: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
FIRST BRANDS: Prepares for Filing Chapter 11 Bankruptcy
FLEMING STEEL: Hires Tishkoff PLC as Special Litigation Counsel
FOUR PALMS: Seeks Subchapter V Bankruptcy in Florida
FR BR HOLDINGS: S&P Assigns 'B-' ICR, Outlook Stable
FUTURE FINTECH: Jian Ke, FT Global Hold 1.13% Stake
FWAK LLC: Seeks to Use Cash Collateral
GEOZ GLOBAL: Seeks Chapter 7 Bankruptcy in Arizona
GETTY IMAGES: Moody's Cuts CFR to 'B2', Outlook Remains Stable
GOLAR LNG: Moody's Assigns First Time 'B2' Corporate Family Rating
GRANGE PUBLIC: Section 341(a) Meeting of Creditors on October 24
HALL OF FAME: Stuart Lichter Holds 73.1% Equity Stake
HARMON LAND MANAGEMENT: Seeks Chapter 7 Bankruptcy in Arkansas
HELIUS MEDICAL: Appoints Joseph Chee as Executive Chairman
HELIUS MEDICAL: Board Increases Authorized Shares to 800 Million
HELIUS MEDICAL: Raises $508.7M via Cash & Crypto Private Placements
HIGHLAND CAPITAL: CEO Claims Judge’s Novels Undermine Impartiality
HOPSCOTCH HEALTH: Case Summary & 12 Unsecured Creditors
HUNTSMAN CORP: S&P Alters Outlook to Negative, Affirms 'BB+' ICR
HYPERION DEFI: Avenue Venture and Affiliates Hold 4.2% Stake
HYPERSCALE DATA: Ault & Company, 4 Affiliates Hold 71.48% Stake
IMMERSIVE ART: Hires Glassratner as Financial Advisor
IN HOME PERSONAL: Court Extends Cash Collateral Access to Nov. 11
INDEPENDENT MEDEQUIP: Hires Richard L. DeShazo as Accountant
INDEPENDENT MEDEQUIP: Hires Warren Averett CPAs as Accountants
INDEPENDENT MEDEQUIP: Seeks Chapter 11 Bankruptcy in Alabama
INDEPENDENT MEDEQUIP: Taps Memory & Memory as Legal Counsel
INTERNATIONAL PETROLEUM: Moody's Rates New Sr. Unsecured Notes 'B1'
ION PLATFORM: S&P Rates Proposed Senior Secured Notes 'B+'
IQSTEL INC: Fintech Unit, Globetopper Drive $15M 2026 EBITDA Target
IQSTEL INC: Raises Authorized Shares to 26 Million
IROBOT CORP: Extends Credit Deal Waiver With Carlyle to Oct. 24
IRON HILL: Closes All 15 Locations Abruptly
IRON WORKS: Gets Extension to Access Cash Collateral
JELD-WEN HOLDING: S&P Downgrades ICR to 'B-', Outlook Negative
JT MASONRY: Seeks to Hire BFSNG Law Group LLP as Attorney
KARBONX CORP: Morsevo Trade Holds 8% Equity Stake as of Sept. 16
KEESTONE PROPERTIES: Hires Dunham Hildebrand as Counsel
KIN DEE: Hires Mahendru PC as Special Litigation Counsel
KITCHEN MAN: Gets Extension to Access Cash Collateral
KULA GRAIN: Claims to be Paid from Continued Operations
L.S. TRUCKING: Case Summary & 20 Largest Unsecured Creditors
LAKE COUNTY: Hires CUSA LLC as Hospitality and Property Manager
LAMAR MEDIA: Moody's Rates New Senior Unsecured Notes 'Ba3'
LASEN INC: Committee Hire Nach Rodgers Hilkert as Co-Counsel
LASERSHIP INC: Credit Suisse Marks $261,000 Loan at 69% Off
LASERSHIP INC: Credit Suisse Marks $346,000 Loan at 40% Off
LASERSHIP INC: Credit Suisse Marks $785,000 Loan at 41% Off
LERETA LLC: S&P Affirms 'CCC+' ICR on Debt Issuance, Outlook Neg.
LIGH PARENT: Moody's Assigns 'B2' CFR, Outlook Stable
LILLY INDUSTRIES: Mark Sharf Named Subchapter V Trustee
LOOK CINEMAS: Court Extends Cash Collateral Access to Oct. 14
M + D PROPERTIES: Seeks Subchapter V Bankruptcy in North Carolina
MACHIKO MANAGEMENT: Seeks Subchapter V Bankruptcy in California
MAITE LLC: Hires Kutner Brinen Dickey as Attorney
MAXEON SOLAR: Registers 1.48M Shares Under Amended Incentive Plan
MENOTTI ENTERPRISE: Hires Medina Law Firm as Special Counsel
MERIT STREET: Dr. Phil Denounces Christian Broadcaster's Claims
MERIT STREET: Dr. Phil Justifies Employee Layoffs in Chapter 11
MISS AMERICA: Clash Centers on Competing Fraud Allegations
MODIVCARE INC: Taps FTI as Advisor and Chad J. Shandler as CTO
NASH ENGINEERING: Court Okays $9MM Deal with Insurers
NEAL MEATS: Seymour Property Sale to S. & M. Schwartz OK'd
NEEDSPACE VENTURE: Section 341(a) Meeting of Creditors on Nov. 17
NEW AGE LEASING: Plan Exclusivity Period Extended to October 27
NIKOLA CORP: CEO Plans Appeal of Chapter 11 Plan Confirmation
NORDICUS PARTNERS: Closes $2 Million Private Stock Offering
NURSE YARD: Gets Final OK to Use Cash Collateral
OCUGEN INC: Carisma Merger Terminated Due to Funding Shortfall
ODEVO AB: Blackstone Private Marks $1.8MM Loan at 90% Off
ODS INC: Hires Ehrlich Alexander Leibowitz Gold as Accountant
OID-OL INTERMEDIATE: Credit Suisse Virtually Writes Off $1.8MM Loan
OLD REDFORD ACADEMY: S&P Lowers 2050A/2010A Bond Ratings to 'B+'
OMNICARE LLC: Gets Interim OK to Obtain DIP Loan From JMB Capital
OMNICARE: Deadline for Panel Questionnaires Set for Oct. 7
ORIGINAL MOWBRAY'S: Claims to be Paid from Trust Proceeds & Income
PAPER IMPEX: To Sell 2019 & 2020 Volvo Equipment to JIMM LLC
PARAMOUNT SKYDANCE: S&P Assigns 'BB+ ICR on Completed Transaction
PATAGONIA HOLDCO: Credit Suisse Marks $973,000 Loan at 18% Off
PERATON CORP: Credit Suisse Marks $581,000 Loan at 29% Off
PINE GATE RENEWABLES: Prepares Possible Chapter 11 Filing
PM INVESTMENTS: Hires Keating Firm as Legal Counsel
POLAR US: Credit Suisse Marks $1.1MM Loan at 61% Off
POLAR US: Credit Suisse Marks $714,000 Loan at 61% Off
POWER SOLUTIONS: New General Counsel, Corporate Secretary Appointed
PRECISION EXPRESS: Seeks Chapter 11 Bankruptcy in Arkansas
PRETZEL PARENT: $125MM Loan Add-on No Impact on Moody's 'B3' CFR
PROST LLC: Hires Law Office of Donald W. Reid as Counsel
RACKSPACE FINANCE: Lord Abbett Credit Marks $12.1MM Loan at 54% Off
RANA REAL: Hires Mickler & Mickler LLP as Legal Counsel
RECONNECT INCORPORATED: Cash Collateral Hearing Set for Sept. 30
REDSTONE HOLDCO: Credit Suisse Marks $514,000 Loan at 45% Off
REGIS REAL: To Sell Holmdel Property to Daniel & Gina Schifter
RETAIL ECOMMERCE: SEC Alleges Ponzi Scheme in Lawsuit
RETREAT AT JARRETT: Seeks to Hire Brown Law Firm P.C. as Counsel
REYNA HOSPITALITY: Seeks Cash Collateral Access
RMS CARRIERS: Seeks to Hire Penn Law Firm LLC as Counsel
ROCKFORD SILK: Gets Interim OK to Use Cash Collateral Until Oct. 6
ROCKY MOUNTAIN: B. Radoff, Radoff Family Foundation Hold 4.6% Stake
ROCKY MOUNTAIN: Director Resignation Triggers Nasdaq Noncompliance
RONALD JINSKY: Taps Summit Accounting as Accountants
RYVYL INC: Completes Sale of Bulgarian Subsidiary Ryvyl EU
SAFE & GREEN: Resolves EDI Litigation With $2 Million Payment
SANTOPIETRO FOOD: Gets Extension to Access Cash Collateral
SARIT ABIKZER: Secured Party Sets Oct. 17, 2025 Public Auction
SASAS HOSPITALITY: Hires Cusa LLC as Property Manager
SCIENCE APPLICATIONS: Moody's Rates New First Lien Loans 'Ba3'
SCORPIUS HOLDINGS: Raises $128K Through Non-Convertible Note
SEAGATE DATA: Moody's Assigns Ba2 CFR & Alters Outlook to Positive
SHARING SERVICES: Heng Fai and Affiliates Hold 99.3% Equity Stake
SJ HOLDINGS: Seeks Cash Collateral Access
SK NEPTUNE: Credit Suisse Virtually Writes Off $745,000 Loan
SOLAR MOSAIC: Davis Polk Advised ABS Holders in Chapter 11
SOLUNA HOLDINGS: Generate Strategic Entities Hold 9.99% Stakes
SONRAVA HEALTH: Credit Suisse Marks $854,000 Loan at 63% Off
SORENTO ON YESLER: Hires CBRE Inc. as Real Estate Broker
SOUTHERN COLONEL: Employs Dukes Dukes & Hunter as Special Counsel
SPAC RECOVERY: Case Summary & 14 Unsecured Creditors
SPEEDHAUS 405: Seeks to Hire Hammond Law Firm as Counsel
SRX HEALTH: Dismisses CBIZ, Appoints Davidson as Auditor
SRX HEALTH: Updates on Ongoing CCAA Proceedings, Asset Sales
SSR HOSPITALITY: Hires Cusa as Hospitality and Property Manager
SSR HOSPITALITY: Hires D & C Hospitality as Real Estate Agent
THOMAS ST. JOHN: Hires Saul Ewing LLP as Legal Counsel
TLH-26 GILES: Section 341(a) Meeting of Creditors on October 23
TRIDENT GROUP: Seeks Chapter 7 Bankruptcy in Alabama
TRIDENT TPI: S&P Alters Outlook to Stable, Affirms 'B-' ICR
TRUGREEN LP: Credit Suisse Marks $400,000 Loan at 20% Off
TRY TROUT: Hires Garman Turner Gordon as Bankruptcy Counsel
USA STAFFING: Proceeds from Liquidation & Income to Fund Plan
VALYRIAN MACHINE: Charles Mouranie Named Subchapter V Trustee
VANKIRK ELECTRIC: Gets Interim OK to Use Cash Collateral
VENTURE GLOBAL: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
VIBRANTZ TECHNOLOGIES: Moody's Cuts CFR to Caa1, Outlook Negative
WATERBRIDGE MIDSTREAM: Fitch Hikes IDR to 'B+', Outlook Stable
WATERBRIDGE NDB: Fitch Affirms & Then Withdraws 'B+' LongTerm IDR
WBK TRANSPORT: Case Summary & One Unsecured Creditor
WELLMADE FLOOR: To Sell Flooring Biz to AHF IC for $58.5MM
WELLPATH HOLDINGS: Court Tosses Carr v. Wilkerson, et al. Lawsuit
WELLPATH HOLDINGS: Nurse Employee Must Face Poronto Case
WELLPATH HOLDINGS: Wins Bid to Partially Dismiss Leschinski Lawsuit
WILLIAM PENN: S&P Lowers GO Debt Long-Term Rating to 'BB+'
WOLFSPEED INC: Eyes Corporate Shift During Chapter 11
WOOF HOLDINGS: Credit Suisse Marks $300,000 Loan at 44% Off
WORLDWIDE MACHINERY: To Sell Equipment Biz to Macquarie Equipment
WR PROPERTY: Seeks Chapter 7 Bankruptcy in Alabama
X4 PHARMA: Expects $13M Annual Savings From 50% Workforce Reduction
XCEL BRANDS: Dismisses CBIZ, Appoints Wolf & Company as Auditor
XWELL INC: Adjourns 2025 Annual Meeting to Oct. 10
*********
22ND CENTURY: Repays $3.9M, Terminates JGB Financing Deal
---------------------------------------------------------
22nd Century Group, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that it repaid in full
all outstanding obligations under, and terminated, that certain
Securities Purchase Agreement, dated as of March 3, 2023 (as
amended from time to time, the "JGB SPA"), the related debentures
issued thereunder, and the related security and collateral
documents, by and among the Company, JGB Partners, LP, JGB Capital,
LP and JGB Capital Offshore Ltd., and JGB Collateral, LLC, as
collateral agent.
In connection with the payoff and termination, the Company paid the
outstanding principal, accrued and unpaid interest, and all other
amounts then due and payable, totaling $3.9 million in aggregate
payments made between August 29, 2025 and September 18, 2025.
All liens and security interests securing the Debentures and
related obligations were released. The termination of the JGB SPA,
Debentures and related security documents occurred prior to their
stated maturity.
"We are pleased to remove one of the last legacy liabilities from
the previous 22nd Century organization," said Larry Firestone,
Chief Executive Officer in a press release. "This is a huge step
forward for the company, having now eliminated greater than $20
million in senior secured and subordinated debt since I joined the
team. With a debt-free balance sheet, we see a significant
opportunity to use our resources in a forward-looking manner
focused on growth, driven by the expected margin expansion from
branded products which have begun shipping in Q3 2025. Our plans
for further adoption of partner VLN as well as additional branded
product SKU's are setting up our growth strategy into 2026. We are
fully focused on utilizing our strong IP portfolio and resources to
drive continuous expansion of our VLN(R) reduced nicotine content
products with our partners."
Completion of the Series A convertible preferred stock offering and
senior secured debt repayment resulted in an approximate $9.1
million increase in as adjusted pro forma net tangible book value,
or approximately $1.05 per share. Management has plans to deploy a
portion of capital to expand its very low nicotine tobacco leaf
inventory in the fourth quarter of 2025, with inventory reserves
allowing for production of more than one million cartons of VLN
combustible products.
About 22nd Century Group
Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco
products company specializing in the sales and distribution of its
proprietary reduced nicotine tobacco products, which have been
authorized as Modified Risk Tobacco Products by the FDA. The
company also provides contract manufacturing services for
conventional combustible tobacco products for third-party brands.
Buffalo, New York-based Freed Maxick P.C. (f/k/a Freed Maxick CPAs,
P.C.), the Company's auditor since 2011, issued a "going concern"
qualification in its report dated March 20, 2025, attached to the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2024 citing that the Company has incurred significant losses and
negative cash flows from operations since inception and expects to
incur additional losses until such time that it can generate
significant revenue and profit in its tobacco business. This raises
substantial doubt about the Company's ability to continue as a
going concern.
As of December 31, 2024, the Company had $21.7 million in total
assets, $17.7 million in total liabilities, and $4 million in total
stockholders' equity. As of June 30, 2025, the Company had $22.4
million in total assets, $16.8 million in total liabilities, and
$5.6 million in total stockholders' equity.
23ANDME HOLDINGS: Judge to Issue Ruling on Data Breach Deals
------------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that during a
Thursday, September 26, 2025, hearing, U.S. Bankruptcy Judge Brian
C. Walsh said he expects to decide by Friday on proposed
settlements resolving 23andMe’s data breach liabilities.
The judge also indicated support for approving the company's
disclosure statement and voting process for its Chapter 11 plan,
which comes on the heels of its summer asset sale as the case moves
toward conclusion, the report states.
About 23andMe Holding Co.
23andMe Holding Co. is a genetics-led consumer healthcare and
biotechnology company in San Francisco, Calif. Through its
direct-to-consumer genetic testing, 23andMe offers personalized
insights into ancestry, genetic traits, and health risks. The
company has developed a large database of genetic information from
over 15 million customers, enabling it to provide health and
carrier status reports and collaborate on genetic research for drug
development. On the Web: http://www.23andme.com/
On March 23, 2025, 23andMe and 11 affiliated debtors each filed a
voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe
disclosed $277,422,000 in total assets against $214,702,000 in
total liabilities as of Dec. 31, 2024.
Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis &
Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to
the Debtors while Alvarez & Marsal North America, LLC serve as the
restructuring advisor. The Debtors tapped Reevemark, LLC and Scale
Strategy Operations, LLC as communications advisors and Kroll
Restructuring Administration Services, LLC as claims agent.
Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve
as special local counsel, investment banker, and legal advisor to
the Special Committee of 23andMe's Board of Directors,
respectively.
Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP
and Stinson, LLP as legal counsel and FTI Consulting, Inc. as
financial advisor.
31FO LLC: To Sell Lloyd Neck Property to Private Individual
-----------------------------------------------------------
31FO LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of New York to sell Property, free and clear of
liens, claims, interests, and encumbrances.
The Debtor's Property is located at 31 Fort Hill, Lloyd Neck, New
York.
The Property constitutes a substantial real asset under any
objective measure, improved by a 25,000 square foot mansion,
overlooking the Long Island Sound, sitting on 10 acres, with all of
the accoutrements
of a true luxury residence.
The Debtor is a real estate developer and acquired the Property in
2018 for redevelopment purposes. The Debtor’s principal, David
DeRosa, has contributed approximately $1 million in capital during
the bankruptcy case alone to complete the remaining construction.
The Debtor obtained a certificate of occupancy for the Property and
previously retained the firm of Serhant LLC as the Debtor’s real
estate broker to market and sell the Property.
The Debtor and various affiliates were involved in a settlement, as
co-obligators, to resolve a complex partnership dispute principally
between Rakesh Bhargava of MangoTree Real Estate Holdings, L.P. and
David DeRosa, the principal of the Debtor and manager of IPA Asset
Management LLC.
The exit strategy for the bankruptcy from day one has been and
remains to finish renovations and sell the Property for going
concern value. Over the last several months, the Debtor has fended
off efforts by MangoTree to continue the Sheriff's sale which,
inter alia, included the follow-up Chapter 11 filings by affiliate
and co-obligor under the Settlement.
The Debtor is pleased that a proposed purchaser has emerged to buy
the Property at a price of $16.8 million, all cash, without
contingencies. This purchase price is sufficient to satisfy the
first mortgage held by CrossCountry Mortgage LLC in the principal
sum of $4,250,000, plus pay-off the balance of the MangoTree
judgment following final allowance.
Not atypical of residential sales in this high price range, the
proposed purchaser is insistent about maintaining confidentiality
and does not want his identity disclosed or to engage in a
competitive bankruptcy process.
The Property has been heavily marketed, and the Debtor believes, in
the exercise of its sound business judgment, that proceeding with a
private sale is appropriate. The closing is anticipated to occur
about 60 days after Bankruptcy Court approval, but no later than
year end.
About 31FO LLC
31FO LLC was organized in 2018 as a New York limited liability
company to own and develop real property. The Debtor is the fee
simple owner of real property located at 31 Fort hill, Lloyd Neck,
NY 10073 having an appraised value of $23 million.
31FO LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D.N.Y. Case No. 24-73893) on Oct. 10, 2024. In the
petition filed by David D. DeRosa, managing member, the Debtor
reports total assets of $23,000,000 and total liabilities of
$12,841,948.
The Honorable Bankruptcy Judge Robert E. Grossman handles the
case.
The Debtor is represented by Robert L. Rattet, Esq., at Davidoff
Hutcher & Citron LLP.
418RE - ONE: Hires Verdolino & Lowey P.C. as Accountant
-------------------------------------------------------
418RE - One Appleton, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to employ Verdolino &
Lowey, P.C. as accountant.
The firm will perform general accounting services and to assist the
Debtor in fulfilling is bankruptcy reporting requirements.
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. Flynn 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:
Matthew R. Flynn, CPA, CFF, CIRA
Verdolino & Lowey, P.C.
124 Washington Street Suite # 101
Foxboro, MA 02035
Tel: (508) 543-1720
About 418RE – One Appleton, LLC
418RE - One Appleton, LLC is a single asset real estate company
that owns property at 439 Tremont Street in Boston's South End.
418RE - One Appleton sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-11380) on July 3,
2025. In its petition, the Debtor reported estimated assets between
$10 million and $50 million and estimated liabilities between $1
million and $10 million.
Judge Christopher J. Panos handles the case.
The Debtor is represented by David B. Madoff, Esq. at Madoff &
Khoury, LLP.
575 RIVER ROAD: Seeks Chapter 11 Prior to Sheriff's Sale
--------------------------------------------------------
Rihem Akkouche of USA Herald reports that on September 25, 2025,
575 River Road Edgewater LLC, controlled by Fen “Richard" Liu,
filed for Chapter 11 bankruptcy protection, reporting $67.3 million
in outstanding debts. The petition was submitted just one day
before a scheduled sheriff’s sale of its vacant lot at 575 River
Road in Edgewater, New Jersey.
The property has been the subject of litigation with East-West
Funding LLC, an entity linked to developer Fred Daibes, which sued
in 2022 to foreclose on a $27 million mortgage Liu obtained the
previous year. East-West's attorney, Jason Shafron, criticized the
bankruptcy move as a delay tactic, emphasizing that no payments had
been made on the loan in three years. He added that bankruptcy "is
not meant for a single-asset entity that has no operations,"
according to USA Herald.
The Chapter 11 case adds to a series of legal troubles facing Liu.
In 2024, Sheng Da Xing Ye Investment LLC accused him of a $19
million fraud involving the same River Road site. According to
Sheng Da, Liu falsely promised a joint venture to build a high-rise
development overlooking Manhattan, while secretly transferring
ownership to his private company, New Asia USA Holding LLC. The
investor claims Liu fabricated development plans, solicited
millions more for supposed project expenses, and concealed the
foreclosure case until it surfaced during a potential sale, the
report states.
Beyond these disputes, Liu has faced multiple lawsuits in Bergen
County tied to loan defaults and financial misconduct. Courts have
already issued multimillion-dollar judgments against him, including
an arrest warrant in September 2024, further complicating the
financial and legal challenges surrounding the River Road
property.
About 575 River Road Edgewater LLC
575 River Road Edgewater LLC is a limited liability company.
575 River Road Edgewater LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20056) on September
25, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
The Debtor is represented by Yimin Chen, Esq.
7 AT BLUE LAGOON: Seeks Chapter 11 Bankruptcy in Florida
--------------------------------------------------------
On September 26, Miami real estate developer 7 at Blue Lagoon (1)
LLC filed for Chapter 11 bankruptcy in the Southern District of
Florida on September 26. The Miami-based developer reported
liabilities between $10 million and $50 million. The petition
states that unsecured creditors are likely to receive distributions
from the estate.
About 7 at Blue Lagoon (1) LLC
7 at Blue Lagoon (1) LLC is a limited liability company.
7 at Blue Lagoon (1) LLC and affiliate sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21286)
on September 26, 2025. In its petition, the Debtor reports
estimated estimated assets between $50 million and $100 million and
estimated liabilities between $10 million and $50 million.
The Debtors are represented by Joel M. Aresty, Esq. of Joel M.
Aresty, P.A.
7 AT BLUE LAGOON: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
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7 At Blue Lagoon (1), LLC (Lead) 25-21286
3187 Royal Road
Miami, FL 33133
7 At Blue Lagoon (2), LLC 25-21287
3187 Royal Road
Miami, FL 33133
Business Description: 7 At Blue Lagoon LLC is a real estate
development company that owns a parcel at
4865 Northwest 7th Street in Miami, Florida.
The Company has pursued plans for a large
mixed-use project in the Blue Lagoon area,
including residential towers and hotel
space. It operates as part of the Weiss
Group of Companies led by developer Caroline
Weiss.
Chapter 11 Petition Date: September 26, 2025
Court: United States Bankruptcy Court
Southern District of Florida
Judge: Hon. Laurel M Isicoff
Debtors'
Bankruptcy
Counsel: Joel Aresty, Esq.
JOEL M. ARESTY PA
309 1st Ave. S.
Tierra Verde, FL 33715
Tel: (305) 904-1903
E-mail: aresty@icloud.com
Each Debtor's
Estimated Assets: $50 million to $100 milllion
Each Debtor's
Estimated Liabilities: $10 million to $50 million
The petitions were signed by Caroline Weiss as managing member.
The Debtors have declared in the petitions that there are no
unsecured creditors.
Full-text copies of the petitions are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/PZ7645Y/7_AT_BLUE_LAGOON_1_LLC__flsbke-25-21286__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/EAXWLUY/7_AT_BLUE_LAGOON_2_LLC__flsbke-25-21287__0001.0.pdf?mcid=tGE4TAMA
7243 APRIL: Hires Rountree Leitman Klein & Geer as Attorney
-----------------------------------------------------------
7243 April Court, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to hire Rountree, Leitman,
Klein & Geer, LLC as its attorneys.
The firm's services include:
a. giving the Debtor legal advice with respect to its powers
and duties as Debtor-in-Possession in the management of its
property;
b. preparing on behalf of the Debtor as Debtor-in-Possession
necessary schedules, applications, motions, answers, orders,
reports and other legal matters;
c. assisting in examination of the claims of creditors;
d. assisting with formulation and preparation of the
disclosure statement and plan of reorganization and with the
confirmation and consummation thereof; and
e. performing all other legal services for the Debtor as
Debtor-in-Possession that may be necessary.
The firm will be paid at these hourly rates:
Attorney:
William A. Rountree $595
Will B. Geer $595
Michael Bargar $535
Hal Leitman $425
William Matthews $425
David S. Klein $495
Elizabeth Childers $395
Ceci Christy $425
Caitlyn Powers $375
Shawn Eisenberg $300
Paralegals:
Dorothy Sideris $200
Elizabeth Miller $290
Megan Winokur $175
Catherine Smith $150
Law Clerk $175
Rountree received a pre-petition retainer of $35,000 from the
Debtor.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Powers disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
William A. Rountree, Esq.
Caitlyn Powers, Esq.
ROUNTREE LEITMAN KLEIN & GEER, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Email: wrountree@rlkglaw.com
cpowers@rlkglaw.com
About 7243 April Court, LLC
7243 April Court, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60025) on
September 1, 2025, listing up to $50,000 in assets and $50,001 to
$100,000 in liabilities.
Will B. Geer, Esq. at Rountree Leitman Klein & Geer LLC represents
the Debtor as counsel.
8TH STREET NE: Hires Offit Kurman P.A. as Special Counsel
---------------------------------------------------------
8th Street NE Partners, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to employ Offit Kurman, P.A. as
special counsel.
The Debtor needs the firm's legal assistance in connection with a
case involving landlord-tenant matters, including landlord-tenant
disputes before courts in the District of Columbia.
The firm will be paid at these rates:
Brew, Zachary B., Associate $350 per hour
Cannon, William P., Principal $575 per hour
Cook, Shelbie J., Associate $315 per hour
Czekala, Amy C., Counsel $440 per hour
Davis, Lindsey I., Associate $325 per hour
Donahue, Robert C., Associate $370 per hour
Dorwin, Brian N., Principal $475 per hour
DuMont, Gregory T., Principal $480 per hour
Hessler, Stephen O., Principal $600 per hour
Jean-Gilles, Jennifer A., Principal $450 per hour
Kelting, Todd A., Principal $520 per hour
Rauch, Peter M., Associate $365 per hour
Roy-Harrison, Gwendolyn A., Principal $475 per hour
Wagner, Dayshon L., Associate $420 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Wilburn 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:
Frances C. Wilburn, Esq.
Offit Kurman, P.A.
7501 Wisconsin Avenue, Suite 1000W
Bethesda, MD 20814
Tel: (240) 507-1712
Fax: (240) 507-1735
Email: fwilburn@offitkurman.com
About 8th Street NE Partners, LLC
8th Street NE Partners LLC is a single-asset real estate firm that
owns a connected building spanning 4017, 4021, and 4025 8th Street
NE in Washington, D.C.
8th Street NE Partners LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00299) on July 29,
2025. In its petition, the Debtor reports total assets of
$2,669,993 and total liabilities of $100,000.
Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case.
The Debtor is represented by Augustus T. Curtis, Esq. at OFFIT
KURMAN, P.A.
8TH STREET NE: Hires Potkin Williamowsky as Special Counsel
-----------------------------------------------------------
8th Street NE Partners, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to employ Potkin, Williamowsky &
Pillay, PLLC as special counsel.
The firm will assist the Debtor in connection with a tenant
association's offer to purchase the Real Property under the
District of Columbia Tenant Opportunity to Purchase Act ("TOPA").
The firm will be paid at the rate of $450 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Pillay 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:
Anand M. Pillay, Esq.
Potkin, Williamowsky & Pillay, PLLC
4725 Wisconsin Avenue NW Ste. 250
Washington, DC 20016.
Tel: (202) 545-3403
Fax: (202) 244-8930
Email: apillay@lplawdc.com
About 8th Street NE Partners, LLC
8th Street NE Partners LLC is a single-asset real estate firm that
owns a connected building spanning 4017, 4021, and 4025 8th Street
NE in Washington, D.C.
8th Street NE Partners LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00299) on July 29,
2025. In its petition, the Debtor reports total assets of
$2,669,993 and total liabilities of $100,000.
Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case.
The Debtor is represented by Augustus T. Curtis, Esq. at OFFIT
KURMAN, P.A.
ACPRODUCTS INC: Lord Abbett Bond Marks $11.4MM Loan at 76% Off
--------------------------------------------------------------
Lord Abbett Bond-Debenture Fund, Inc. has marked its $11,494,365
loan extended to ACProducts, Inc. to market at $8,760,890 or 24% of
the outstanding amount, according to Lord Abbett Bond's Form N-CSR
for the semi-annual year ending June 30, 2025, filed with the U.S.
Securities and Exchange Commission.
Lord Abbett Bond is a participant in a 2021 Term Loan B to
ACProducts, Inc. The loan accrues interest at a rate of 8.807% per
annum. The loan matures on May 17, 2028.
Lord Abbett Bond is registered under the Investment Company Act of
1940, as a diversified, open-end management investment company. The
Fund was organized in 1970 and incorporated under Maryland law on
January 23, 1976. The Fund's investment objective is to seek high
current income and the opportunity for capital appreciation to
produce a high total return. The Fund has eleven active classes of
shares: Class A, C, F, F3, I, P, R2, R3, R4, R5 and R6, each with
different expenses and dividends. A front-end sales charge is
normally added to the net asset value for Class A shares.
Lord Abbett Bond is led by Douglas B. Sieg as President and Chief
Executive Officer and Michael J. Hebert Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Douglas B. Sieg
Lord Abbett Bond-Debenture Fund, Inc.
30 Hudson Street,
Jersey City, NJ 07302-4804
Telephone: (888) 522-2388
About ACProducts, Inc.
AC Products, Inc. was founded in 1995 and the company's line of
business includes the manufacturing of plumbing fixtures and
bathroom accessories.
AMN HEALTHCARE: Moody's Rates New Senior Unsecured Notes 'B1'
-------------------------------------------------------------
Moody's Ratings assigned a B1 rating to AMN Healthcare Inc.'s (AMN)
new backed senior unsecured notes. Moody's also withdrew the B1
rating of the $500 million senior notes due October 2027. There are
no changes to the existing ratings including AMN's Ba3 corporate
family rating, Ba3-PD probability of default rating, and B1 ratings
on the company's senior unsecured notes due 2029. The outlook
remains unchanged at negative and the company's speculative grade
liquidity rating of SGL-1 is unchanged.
Proceeds from the offering combined with $100 million drawn on the
new $450 million revolving credit facility (not rated) will be used
to repay AMN's $500 million of senior notes due October 2027, and
pay related fees and expenses. The offering will lengthen the AMN's
debt maturity profile and is leverage neutral. Moody's expects that
leverage will remain moderate in the 4.0x to 4.5x range, with
current LTM June 30, 2025 leverage of approximately 4.1x.
RATINGS RATIONALE
AMN Healthcare, Inc.'s ("AMN") Ba3 rating reflects the company's
leading market position in the temporary healthcare staffing
industry, good free cash flow and very good liquidity. However,
AMN's business model poses risks, which could continue to have
negative implications on the credit profile. AMN's operating
performance could continue to be negatively affected by high
inflation, shortage of healthcare professionals, defensive
strategies employed by the company's key customers and possible
regulatory actions to curb rapidly increasing healthcare expenses.
The rating also reflects Moody's expectations that debt-to-EBITDA
will remain above 4.0x over the next 12-18 months.
Moody's expects that the company's profitability will continue to
normalize in the next year as AMN continues to cut costs to offset
declines in demand. The company's nurse and allied solutions
business is cyclical and still accounts for a majority of the
company's revenue, but AMN's concentration in this business has
reduced in recent years, which will help to stabilize margins.
The SGL-1 rating reflects Moody's expectations of very good
liquidity. The company had $42 million in cash at the end of June
30, 2025, and will have approximately $350 million available under
its new $450 million revolving credit facility expiring September
2030. Further, Moody's expects that the company will generate
between $100-$125 million in free cash flow over the next 12
months. The company will also remain well in compliance with its
total net leverage covenant over this period. Alternate liquidity
is limited due to the small fixed asset base.
The B1 rating on the senior unsecured notes ($350 million due 2029;
and $400 million due 2031), one notch below the Ba3 CFR, reflects
their junior position in the capital structure compared to the new
senior secured $450 million revolving credit facility (not rated).
The revolver is secured by substantially all of the company's
assets and guaranteed by the company's subsidiaries.
The negative outlook reflects Moody's expectations that financial
leverage will rise and remain elevated, as the company continues to
face declining sales.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company returns to topline
revenue growth and profitability. The ratings could also be
upgraded if the company continues to follow conservative financial
policy and materially expands its scale and diversification while
sustaining Debt/EBITDA below 3.25 times.
The ratings could be downgraded if Moody's expects AMN's
debt/EBITDA to exceed 4.25 times or if the company adopts a more
aggressive acquisition strategy or financial policy. Furthermore, a
weakening of liquidity or sustained decline in free cash flow could
also result in a downgrade.
Headquartered in Dallas, TX, AMN Healthcare, Inc. is the largest
provider of workforce solutions and staffing services to healthcare
facilities in the United States. The company's services include
managed services programs, vendor management systems, recruitment
process outsourcing and consulting services. The company is
publicly traded, and its LTM June 30, 2025 revenues were
approximately $2.8 billion.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
ANASTASIA PARENT: Lord Abbett Bond Marks $23.9MM Loan at 17% Off
----------------------------------------------------------------
Lord Abbett Bond-Debenture Fund, Inc. has marked its $23,981,238
loan extended to Anastasia Parent LLC to market at $19,984,405 or
83% of the outstanding amount, according to Lord Abbett Bond's Form
N-CSR for the semi-annual year ending June 30, 2025, filed with the
U.S. Securities and Exchange Commission.
Lord Abbett Bond is a participant in a 2018 Term Loan B to
Anastasia Parent LLC. The loan accrues interest at a rate of 8.212%
per annum. The loan matures on August 11, 2025.
The Fund is registered under the Investment Company Act of 1940, as
a diversified, open-end management investment company. The Fund was
organized in 1970 and incorporated under Maryland law on January
23, 1976. The Fund's investment objective is to seek high current
income and the opportunity for capital appreciation to produce a
high total return. The Fund has eleven active classes of shares:
Class A, C, F, F3, I, P, R2, R3, R4, R5 and R6, each with different
expenses and dividends. A front-end sales charge is normally added
to the net asset value for Class A shares.
Lord Abbett Bond is led by Douglas B. Sieg as President and Chief
Executive Officer and Michael J. Hebert Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Douglas B. Sieg
Lord Abbett Bond-Debenture Fund, Inc.
30 Hudson Street,
Jersey City, NJ 07302-4804
Telephone: (888) 522-2388
About Anastasia Parent LLC
Anastasia Parent, LLC retails cosmetics and beauty products through
Internet.
ANASTASIA PARENT: Lord Abbett Marks $744,016 Loan at 17% Off
------------------------------------------------------------
Lord Abbett Corporate Opportunities Fund (LRSPFCA) has marked its
$744,016 loan extended to Anastasia Parent LLC to market at
$620,015 or 83% of the outstanding amount, according to LRSPFCA's
Form N-CSR for the semi-annual year ending June 30, 2025, filed
with the U.S. Securities and Exchange Commission.
LRSPFCA is a participant in a 2018 Term Loan B to Anastasia Parent
LLC. The loan accrues interest at a rate of 8.212% per annum. The
loan matures on August 11, 2025.
LRSPFCA is registered under the Investment Company Act of 1940, as
a closed-end management investment company that continuously offers
its common shares and is operated as an interval fund. The Fund is
diversified for purposes of the 1940 Act. The Fund's classification
changed from a non-diversified fund to a diversified fund. As a
result of this classification change, the Fund is limited in the
proportion of its assets that may be invested in the securities of
a single issuer. The Fund was organized as a Delaware statutory
trust on September 18, 2018. The Fund's investment objective is
total return. The Fund currently offers three classes of Shares:
Institutional Class, Class A and Class U. A front-end sales charge
is normally added to the net asset value for Class A shares.
LRSPFCA is led by Steven F. Rocco as President and Chief Executive
Officer and Michael J. Hebert as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Steven F. Rocco
Lord Abbett Corporate Opportunities Fund
30 Hudson Street,
Jersey City, NJ 07302-4804
Telephone: (888) 522-2388
About Anastasia Parent LLC
Anastasia Parent, LLC retails cosmetics and beauty products through
Internet.
APPLIED ENERGETICS: All Proposals Approved at 2025 Annual Meeting
-----------------------------------------------------------------
The 2025 Annual Meeting of Stockholders of the company was held
virtually via webcast. A total of 139,394,852 (or approximately
63%) of the company's shares issued, outstanding and entitled to
vote at the 2025 Annual Meeting of Stockholders were represented in
person or by proxy at the meeting.
Final voting results for the proposals voted on at the meeting:
1. Election of Directors
1. Michael Alber (1 year)
* For: 67,133,288
* Withhold: 1,768,588
* Broker Non-Vote: 70,492,976
2. John Schultz (1 year)
* For: 58,161,888
* Withhold: 10,739,988
* Broker Non-Vote: 70,492,976
3. Gregory J. Quarles (1 year)
* For: 57,678,390
* Withhold: 11,223,486
* Broker Non-Vote: 70,492,976
4. Scott Andrews (2 years)
* For: 67,135,069
* Withhold: 1,766,807
* Broker Non-Vote: 70,492,976
5. Christopher Donaghey (2 years)
* For: 66,816,656
* Withhold: 2,085,220
* Broker Non-Vote: 70,492,976
6. Bradford T. Adamczyk (3 years)
* For: 65,547,698
* Withhold: 3,354,178
* Broker Non-Vote: 70,492,976
7. Mary P. O'Hara (3 years)
* For: 65,545,503
* Withhold: 3,356,373
* Broker Non-Vote: 70,492,976
Accordingly, all nominees were elected as recommended by the Board
of Directors.
2. To approve, on an advisory basis, the compensation of the
Company's named executive officers.
* For: 60,609,343
* Against: 6,852,664
* Abstain: 1,439,869
* Broker Non-Vote: 70,492,976
Accordingly, proposal 2 was approved by the stockholders, as
recommended by the Board of Directors.
3. To approve, on an advisory basis, the frequency with which the
Company holds advisory votes regarding the compensation of the
Company's named executive officers.
* Three Years: 55,109,156
* Two Years: 1,169,643
* One Year: 12,320,838
* Abstain: 302,239
* Broker Non-Vote: 70,492,976
Accordingly, proposal 3 was approved by the stockholders, as
recommended by the Board of Directors.
4. To approve and adopt the Company's 2025 Equity Incentive Plan.
* For: 58,537,750
* Against: 9,362,858
* Abstain: 1,001,268
* Broker Non-Vote: 70,492,976
Accordingly, proposal 4 was approved by the stockholders, as
recommended by the Board of Directors.
5. To ratify the appointment of RBSM LLP as the Company's
independent registered public accounting firm for the fiscal year
ending December 31, 2025.
* For: 138,491,020
* Against: 26,982
* Abstain: 876,850
Accordingly, proposal 5 was approved by the stockholders, as
recommended by the Board of Directors.
For more information about the proposals, please see the company's
definitive Proxy Statement filed with the Securities and Exchange
Commission on August 1, 2025.
About Applied Energetics
Headquartered in Tucson, Arizona, Applied Energetics, Inc. --
http://www.appliedenergetics.com-- specializes in the development
and manufacture of advanced high-performance lasers and optical
systems, and integrated guided energy systems, for prospective
defense, national security, industrial, biomedical, and scientific
customers worldwide.
As of Jun. 30, 2025, the Company had $3,531,171 in total assets,
$1,831,658 in total liabilities, and a total stockholders' equity
of $1,699,513. As of Dec. 31, 2024, the Company had $2,070,869 in
total assets, $1,678,122 in total liabilities, and a total
stockholders' equity of $392,747.
Las Vegas, NV-based RBSM LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
28, 2025, citing that the Company has suffered recurring losses
from operations and will require additional capital to fund its
current operating plan, that raises substantial doubt about the
Company's ability to continue as a going concern.
ARAMSCO INC: Credit Suisse Marks $416,000 Loan at 19% Off
---------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$416,000 loan extended to ARAMSCO, Inc. to market at $337,103 or
81% of the outstanding amount, according to Credit Suisse's Form
10-K for the semi-annual year ending June 30, 2025, filed with the
U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to ARAMSCO, Inc. The loan
accrues interest at a rate of 9.046% per annum. The loan matures on
October 10, 2030.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About ARAMSCO, Inc.
Aramsco, Inc. operates as a protective equipment and specialist
chemicals distributor. The Company offers restoration, remediation,
surface preparation, janitorial, sanitation, traffic safety, as
well as provides stone fabrication, professional cleaning, support,
and training. Aramsco serves customers in the United States and
Canada.
ASCEND PERFORMANCE: Credit Suisse Marks $697,000 Loan at 94% Off
----------------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$697,000 loan extended to Ascend Performance Materials Operations
LLC to market at $40,595 or 6% of the outstanding amount, according
to Credit Suisse's Form 10-K for the semi-annual year ending June
30, 2025, filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Ascend Performance
Materials Operations LLC. The loan accrues interest at a rate of
zero percent per annum. The loan matures on August 27, 2026.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Ascend Performance Materials Operations LLC
Ascend Performance Materials Operations LLC manufactures and
distributes chemical products. The Company offers nylon plastics,
chemicals, polymers, and fibers.
ASPIRA WOMEN'S: Jack W. Schuler, Living Trust Hold 9.1% Stake
-------------------------------------------------------------
Jack W. Schuler and the Jack W. Schuler Living Trust, disclosed in
a Schedule 13D (Amendment No. 18) filed with the U.S. Securities
and Exchange Commission that as of September 17, 2025, they
beneficially own an aggregate of 3,830,365 shares of Aspira Women's
Health Inc.'s common stock, $0.001 par value, representing 9.1% of
the 42,205,918 shares of common stock outstanding (based on
35,655,918 shares outstanding as of August 8, 2025, plus 6,550,000
shares sold pursuant to the September 2025 Purchase Agreement).
On September 16, 2025, the Jack W. Schuler Living Trust purchased
1,111,111 shares of common stock and a warrant to purchase 833,333
shares of common stock at $0.75 per share (exercisable for five
years) under a Securities Purchase Agreement with the issuer. Mr.
Schuler, as sole trustee of the Trust, may be deemed to
beneficially own the securities.
Reporting Persons may be reached through:
Jack W. Schuler
PO Box 531
Lake Bluff, Ill. 60044
Tel: (520) 906-2991
A full-text copy of Jack W. Schuler's SEC Report is available at
https://tinyurl.com/vcm3then
About Aspira Women's Health
Formerly known as Vermillion, Inc., Aspira Women's Health Inc. --
http://www.aspirawh.com-- is dedicated to the discovery,
development, and commercialization of noninvasive, AI-powered tests
to aid in the diagnosis of gynecologic diseases. OvaWatch and
Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they
provide a comprehensive portfolio of blood tests to aid in the
detection of ovarian cancer for the 1.2+ million American women
diagnosed with an adnexal mass each year. OvaWatch provides a
negative predictive value of 99% and is used to assess ovarian
cancer risk for women where initial clinical assessment indicates
the mass is indeterminate or benign, and thus surgery may be
premature or unnecessary. Ova1Plus is a reflex process of two
FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian
malignancy in women planned for surgery.
Boston, Massachusetts-based BDO USA, P.C., the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated March 27, 2025, attached to the Company's Form 10-K Report
for the year ended December 31, 2024, citing that the Company has
suffered recurring losses from operations and expects to continue
to incur substantial losses in the future, which raise substantial
doubt about its ability to continue as a going concern.
As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in
total assets, $8.05 million in total liabilities, and a total
stockholders' deficit of $2.56 million. The Company's working
capital deficit was $1,285,000 at Dec. 31, 2024.
ASPIRA WOMEN'S: Raises $3.06M in Equity Financing From Investors
----------------------------------------------------------------
Aspira Women's Health Inc. announced that it has received equity
capital totaling $3.06 million from existing and new investors.
The Company has entered into a securities purchase agreement dated
September 16, 2025, pursuant to which the Company has sold and
issued an aggregate principal amount of $2.95 million in the form
of a Unit Purchase, which includes Common Stock and a partial
Warrant in a private placement with existing and new accredited
investors, including members of the Board of Directors.
Additionally, the unsolicited exercise of warrants arising from the
March 11, 2025, private placement netted the company $112,500 upon
the issuance of 450,000 shares.
The price at which the Units were offered is a fixed price using
the 10-day volume weighted average lookback price as of September
8, 2025, resulting in a fixed price per unit sold of $0.45. Each
unit is comprised of a share of Common Stock combined with 75% of
one warrant. Each warrant shall convey the right to purchase one
share of common stock at a fixed cash price of $0.75 per share,
with a term of five years from date of issuance. As a result of
this transaction, the Company issued 6,550,000 additional common
shares, and 4,912,500 new warrants.
Net proceeds from the offering will be used to support Aspira's
ongoing commercial activities as well as general corporate purposes
and working capital.
"We are pleased to announce this capital infusion," commented Jack
Fraser, Chairman of Aspira. "We appreciate the commitment and
confidence these investors have placed in our team. During the
investor due diligence process, we articulated our business plans
for our existing commercial portfolio of revenue generating
products, as well as our anticipated innovations. Based on what we
feel is a compelling outlook for Aspira, our investor community
delivered financial backing enabling our team to focus on the
successful execution of our near-term goals. Further, we are
particularly excited about the innovative product pipeline that
offers potentially game-changing utility to patients and their
providers in battling ovarian cancer and endometriosis."
"I want to thank our Board of Directors for the key roles they
played helping our executive team to review our business plans and
material strategy changes with appropriate investors, who
envisioned the tremendous value we are seeking to unlock solving
some of the most pressing unmet needs in women's health today,"
commented Mike Buhle, CEO of Aspira. "I believe we have executed
extremely well in the first eight months of our transformative
strategic plans as well as operational changes on all fronts. We
overhauled our cost structure, streamlined our operations, and have
become highly efficient on many measures.
"Equally importantly, our new model is delivering sustained growth
metrics despite vastly reducing our resourcing, including staffing
and financial resources. Recent client adoptions of our
non-invasive diagnostic solutions with globally recognized health
delivery platforms are strong examples of market validation of our
science and our team, and we anticipate additional engagements.
These important platform partnerships are examples of how we expect
to drive scalable growth in 2025, 2026, and for numerous years
going forward. This unfolding market adoption momentum drives our
confidence that this important capital infusion can propel the
Company forward as we execute on our growth plans," concluded Mr.
Buhle. "We have many opportunities before us, and our focus is
entirely on executing on them."
The securities offered and sold by the Company in the Private
Placement have not been registered under the Securities Act of
1933, as amended, or state securities laws and may not be offered
or sold in the United States absent registration with the
Securities and Exchange Commission or an applicable exemption from
such registration requirements.
About Aspira Women's Health
Formerly known as Vermillion, Inc., Aspira Women's Health Inc. --
http://www.aspirawh.com-- is dedicated to the discovery,
development, and commercialization of noninvasive, AI-powered tests
to aid in the diagnosis of gynecologic diseases. OvaWatch and
Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they
provide a comprehensive portfolio of blood tests to aid in the
detection of ovarian cancer for the 1.2+ million American women
diagnosed with an adnexal mass each year. OvaWatch provides a
negative predictive value of 99% and is used to assess ovarian
cancer risk for women where initial clinical assessment indicates
the mass is indeterminate or benign, and thus surgery may be
premature or unnecessary. Ova1Plus is a reflex process of two
FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian
malignancy in women planned for surgery.
Boston, Massachusetts-based BDO USA, P.C., the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated March 27, 2025, attached to the Company's Form 10-K Report
for the year ended December 31, 2024, citing that the Company has
suffered recurring losses from operations and expects to continue
to incur substantial losses in the future, which raise substantial
doubt about its ability to continue as a going concern.
As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in
total assets, $8.05 million in total liabilities, and a total
stockholders' deficit of $2.56 million. The Company's working
capital deficit was $1,285,000 at Dec. 31, 2024.
ASTRA ACQUISITION: Credit Suisse Marks $282,000 Loan at 72% Off
---------------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$282,000 loan extended to Astra Acquisition Corp. to market at
$80,155 or 28% of the outstanding amount, according to Credit
Suisse's Form 10-K for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Astra Acquisition Corp.
The loan accrues interest at a rate of zero percent per annum. The
loan matures on February 25, 2028.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Astra Acquisition Corp.
Astra Acquisition Corp. was a Special Purpose Acquisition Company
(SPAC) that, through a merger with Astra, a rocket maker, took
Astra public in 2021, but the SPAC itself is now private and its
shares ceased trading in July 2024 after a take-private
transaction.
ASTRA ACQUISITION: Credit Suisse Virtually Writes Off $834,000 Loan
-------------------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$834,000 loan extended to Astra Acquisition Corp. to market at
$18,768 or 2% of the outstanding amount, according to Credit
Suisse's Form 10-K for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Astra Acquisition Corp.
The loan accrues interest at a rate of zero percent per annum. The
loan matures on October 25, 2028.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Astra Acquisition Corp.
Astra Acquisition Corp. was a Special Purpose Acquisition Company
(SPAC) that, through a merger with Astra, a rocket maker, took
Astra public in 2021, but the SPAC itself is now private and its
shares ceased trading in July 2024 after a take-private
transaction.
ATLAS CC: Credit Suisse Marks $893,000 Loan at 46% Off
------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$893,000 loan extended to Atlas CC Acquisition Corp. to market at
$478,490 or 54% of the outstanding amount, according to Credit
Suisse's Form 10-K for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Atlas CC Acquisition
Corp. The loan accrues interest at a rate of 8.844% per annum. The
loan matures on May 26, 2028.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Atlas CC Acquisition Corp.
Atlas CC Acquisition Corp. was a special purpose acquisition
company (SPAC) formed in 2021 to acquire Cubic Corporation, a
public transportation and defense technology company.
AVANTOR FUNDING: Moody's Rates New Sr. Secured Bank Debt 'Ba1'
--------------------------------------------------------------
Moody's Ratings assigned Ba1 ratings to Avantor Funding, Inc.'s
("Avantor") senior secured bank credit facilities, including a $1.4
billion revolving credit facility expiring in 2030, 400 million
Euro-denominated term loan A due in 2030, and 550 million
Euro-denominated term loan B-6 due in 2032. There are no changes to
the company's Ba3 corporate family rating, Ba3-PD probability of
default rating, and B1 ratings on the senior unsecured notes (both
USD and Euro-denominated). The company's speculative grade
liquidity rating of SGL-1 reflects very good liquidity. The outlook
remains stable.
Proceeds from Avantor's new senior secured Euro-denominated term
loans along with approximately $304 million of cash from the
balance sheet will be used to repay $100 million of borrowings on
the accounts receivable (A/R) securitization facility, 764 million
outstanding on the senior secured Euro-denominated notes, 367
million on the senior secured Euro-denominated term loan B-4, 83
million on the senior secured Euro-denominated term loan B-5, $89
million on the senior secured USD term loan B-6, and pay related
fees and expenses. The proposed transaction will upsize the
revolving credit facility to $1.4 billion from the existing $975
million. The Ba1 ratings on the company's existing senior secured
bank credit facility (USD and Euro-denominated) is unaffected, and
will be withdrawn once the refinancing transaction is completed.
RATINGS RATIONALE
Avantor's Ba3 CFR is supported by the company's good scale with
revenue of approximately $6.7 billion, as well as good business and
product diversity. The rating is further supported by the company's
large proportion of consumable products sold that contribute to its
strong recurring revenue profile. Avantor sells its products
globally and it has very low customer concentration. The rating is
also supported by Avantor's good margins and good liquidity that is
highlighted by its solid free cash flow generation.
Conversely, Avantor is experiencing weaker demand for certain
products in select end markets partly due to customer funding
constraints. The company is also susceptible to increased
competitive pressures within the industry, including pricing
pressures. Avantor's rating is also constrained by the company's
moderately high financial leverage that Moody's expects will remain
in the low-to-mid 4 times range over the next 12 to 18 months.
The SGL-1 speculative grade liquidity rating reflects Moody's
expectations that Avantor will maintain very good liquidity over
the next 12 months. As of June 30, 2025, and pro forma for the
refinancing transaction, Avantor's cash balance will be
approximately $145 million. Moody's expects Avantor will generate
between $500-$600 million of free cash flow over the next 12
months. Moody's believes these sources will be sufficient to meet
the company's operational needs. Avantor's liquidity will be
further bolstered by access to a new $1.4 billion revolving credit
facility that will expire in September 2030. The revolving credit
facility and term loan A will have a first lien net leverage ratio
covenant of 3.5 times, as well as a minimum interest coverage ratio
(EBITDA/Interest Expense) of 2.0x. Moody's expects Avantor will
maintain ample cushion under this covenant over the next 12
months.
Avantor's capital structure will consist of a $1.4 billion (USD)
senior secured revolving credit facility, 400 million
Euro-denominated term loan A, 550 million Euro-denominated term
loan B-6, $1.5 billion (USD) senior unsecured notes, 400 million
Euro-denominated senior unsecured notes, and $800 million (USD)
senior unsecured notes. Avantor's senior secured debt (revolving
credit facility and Euro-denominated term loans) are pari passu
with each other and are all rated Ba1, two notches above the
company's CFR of Ba3. The two-notch uplift for the company's senior
secured debt reflects a substantial amount of first-loss absorption
cushion provided by the senior unsecured notes in the company's
capital structure. Avantor's senior unsecured notes are rated B1,
one notch below the company's Ba3 CFR. The one-notch lower than CFR
reflects the effective subordination to the senior secured debt in
the capital structure.
The stable outlook reflects Moody's expectations that Avantor will
maintain adjusted debt/EBITDA in the low-to-mid 4x range over the
next 12-18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company further expands its
scale. Ratings could also be upgraded if business diversification
improves while maintaining balanced financial policies.
Quantitatively, ratings could be upgraded if debt-to-EBITDA were
sustained below 4.0 times.
The ratings could be downgraded if the company's operating
performance deteriorates. Ratings could also be downgraded if the
company pursues large debt-funded acquisitions. A weakening of
liquidity could also result in a ratings downgrade. Quantitatively,
debt-to-EBITDA sustained above 5.0 times could result in a ratings
downgrade.
Headquartered in Pennsylvania, Avantor Funding, Inc. ("Avantor") is
a global provider of products and services to the life sciences and
advanced technologies & applied materials industries. Avantor
supports its customers from research to clinical trial and
manufacturing and serves more than 300,000 customers in
approximately 180 countries. Avantor generated approximately $6.7
billion in revenue for the last twelve months ended June 30, 2025.
Avantor is a public company.
The principal methodology used in these ratings was Distribution
and Supply Chain Services published in December 2024.
AVON PRODUCTS: Judge Confirms Chapter 11 Plan
---------------------------------------------
Rihem Akkouche of USA Herald reports that Avon secured court
approval of its Chapter 11 plan Wednesday, September 24, 2025, as
U.S. Bankruptcy Judge Craig Goldblatt confirmed the reorganization,
paving the way for the company to tackle its debt load and
talc-related claims.
The plan establishes a compensation trust for talc victims backed
by insurance assets, a compromise reached after prolonged
resistance from insurers. Goldblatt, who in August asked for narrow
adjustments to safeguard insurance rights, said at a September 22,
2025 hearing that the revised proposal was ready, ending a
protracted confirmation fight, the report states.
About AIO US, Inc.
AIO US Inc., Avon Products Inc. and some of its affiliates are
manufacturers and marketers of beauty, fashion, and home products
with operations and customers across the globe.
AIO US and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on
Aug. 12, 2024. In the petition filed by Philip J. Gund as chief
restructuring officer, AIO US disclosed $1 billion to $10 billion
in assets and debt.
Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are
counsel to the Debtors. Ankura Consulting Group LLC serves as
restructuring advisor to the Debtors. Rothschild & Co US Inc is the
Debtors' investment banker and financial advisor. Epiq Corporate
Restructuring LLC acts as claims and noticing agent to the Debtors.
BANK5 2025-5YR17: DBRS Gives Prov. BB Rating on Class G Certs
-------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2025-5YR17 (the Certificates) to be issued by BANK5 2025-5YR17 (the
Issuer):
-- Class A-1 at (P) AAA (sf)
-- Class A-2 at (P) AAA (sf)
-- Class A-2-1 at (P) AAA (sf)
-- Class A-2-2 at (P) AAA (sf)
-- Class A-2-X1 at (P) AAA (sf)
-- Class A-2-X2 at (P) AAA (sf)
-- Class A-3 at (P) AAA (sf)
-- Class A-3-1 at (P) AAA (sf)
-- Class A-3-2 at (P) AAA (sf)
-- Class A-3-X1 at (P) AAA (sf)
-- Class A-3-X2 at (P) AAA (sf)
-- Class X-A at (P) AAA (sf)
-- Class X-B at (P) A (high) (sf)
-- Class A-S at (P) AAA (sf)
-- Class A-S-1 at (P) AAA (sf)
-- Class A-S-2 at (P) AAA (sf)
-- Class A-S-X1 at (P) AAA (sf)
-- Class A-S-X2 at (P) AAA (sf)
-- Class B at (P) AA (sf)
-- Class B-1 at (P) AA (sf)
-- Class B-2 at (P) AA (sf)
-- Class B-X1 at (P) AA (sf)
-- Class B-X2 at (P) AA (sf)
-- Class C at (P) A (sf)
-- Class C-1 at (P) A (sf)
-- Class C-2 at (P) A (sf)
-- Class C-X1 at (P) A (sf)
-- Class C-X2 at (P) A (sf)
-- Class D at (P) BBB (sf)
-- Class X-D at (P) BBB (sf)
-- Class F at (P) BB (high) (sf)
-- Class X-F at (P) BB (high) (sf)
-- Class G at (P) BB (sf)
-- Class X-G at (P) BB (sf)
All trends are Stable.
Classes D, X-D, F, X-F, G, X-G, H, and X-H will be privately
placed.
The Class A-2-1, Class A-2-2, Class A-2-X1, Class A-2-X2, Class
A-3-1, Class A-3-2, Class A-3-X1, Class A-3-X2, Class A-S-1, Class
A-S-2, Class A-S-X1, Class A-S-X2, Class B-1, Class B-2, Class
B-X1, Class B-X2, Class C-1, Class C-2, Class C-X1, and Class C-X2
certificates are also offered certificates. Such classes of
certificates, together with the Class A-2, Class A-3, Class A-S,
Class B, and Class C certificates, constitute the Exchangeable
Certificates. The Class A-1, Class D, Class F, Class G, and Class H
certificates, together with the Exchangeable Certificates with a
certificate balance, are referred to as the principal balance
certificates.
The collateral for the BANK5 2025-5YR17 transaction consists of 44
loans secured by 66 commercial and multifamily properties with an
aggregate cut-off date balance of approximately $1.0 billion. Three
loans, representing 15.2% of the pool, are shadow-rated investment
grade by Morningstar DBRS. Morningstar DBRS analyzed the conduit
pool to determine the provisional credit ratings, reflecting the
long-term probability of loan default within the term and its
liquidity at maturity. When the cut-off balances were measured
against the Morningstar DBRS Net Cash Flow (NCF) and their
respective constants, the initial Morningstar DBRS Weighted-Average
(WA) Debt Service Coverage Ratio (DSCR) of the pool was 1.60 times
(x). Excluding the three shadow-rated loans, the Morningstar DBRS
Issuance DSCR drops to 1.40x. Of the 44 loans, 13 loans,
representing 23.7% of the pool, have a Morningstar DBRS Issuance
DSCR of less than 1.25x, which have historically had higher default
frequencies. The pool's Morningstar DBRS WA Issuance Loan-to-Value
Ratio (LTV) was 59.8%, and the pool is scheduled to amortize to a
Morningstar DBRS WA Balloon LTV of 59.2% at maturity based on the A
note balances. Excluding the shadow-rated loans, the deal exhibits
a moderate Morningstar DBRS WA Issuance LTV of 64.0% and a
Morningstar DBRS WA Balloon LTV of 63.2%. Sixteen of the 44 loans,
representing 39.3% of the pool, have Morningstar DBRS Issuance LTVs
above 67.6%, which have historically had higher default
frequencies. The transaction has a sequential-pay pass-through
structure.
A cash flow underwriting review and a cash flow stability and
structural review were completed on 22 of the 44 loans in the pool,
representing 77.6% of the pool. For the loans not subject to
underwriting review, Morningstar DBRS applied the average NCF
variance of its respective loan seller. Morningstar DBRS generally
adjusted cash flow to current in-place rent and, in some instances,
applied an additional vacancy or concession adjustment to account
for deteriorating market conditions or tenants with above-market
rent. In certain instances, Morningstar DBRS accepted contractual
rent bumps if they were within market levels. Generally,
Morningstar DBRS recognized most expenses based on the higher of
historical figures or the borrower's budgeted figures. Real estate
taxes and insurance premiums were inflated if a current bill was
not provided. Capital expenditures were deducted based on the
greater of the engineer's inflated estimates or the Morningstar
DBRS standard estimate, according to property type. Finally,
leasing costs were deducted to arrive at the Morningstar DBRS NCF.
If a significant upfront leasing reserve was established at
closing, Morningstar DBRS reduced its leasing costs. Morningstar
DBRS gave credit to tenants not yet in occupancy if a lease had
been signed and the loan was adequately structured with a reserve,
letter of credit, or a holdback earn-out. The Morningstar DBRS
sample has an average NCF variance of -13.2% that ranged from -3.0%
to -30.2%.
Three loans, representing 15.2% of the pool, exhibited credit
characteristics consistent with investment-grade shadow ratings.
Making up 8.7% of the pool, Vertex HQ exhibited credit
characteristics consistent with an investment-grade shadow rating
of AA (high). Aman Hotel New York, which makes up 3.9% of the pool,
exhibited credit characteristics consistent with an
investment-grade shadow rating of AA (low). Similarly, The
Pruneyard, which makes up 2.6% of the pool, exhibited credit
characteristics consistent with an investment-grade shadow rating
of BBB (high).
Seven loans, representing 19.8% of the pool, are within Morningstar
DBRS Market Rank 7, which is indicative of dense urban areas that
benefit from increased liquidity driven by consistently strong
investor demand, even during times of economic stress.
Additionally, eight loans, representing 18.5% of the pool, are in
areas with Morningstar DBRS Market Ranks 5 or 6, which benefit from
lower default frequencies than less dense suburban, tertiary, and
rural markets. Lastly, 13 loans, representing 31.3% of the pool,
are in Morningstar DBRS Metropolitan Statistical Area (MSA) Group
3, the best-performing group in terms of historical CMBS default
rates among the top 25 MSAs.
The property quality assessment for seven loans, representing 26.4%
of the pool, was Excellent, Above Average, or Average +, while
seven loans, representing only 18.6% of the pool, received a
property quality assessment of Average - or Below Average; the
remaining loans in the pool received a property quality assessment
of Average. Higher-quality properties are more likely to retain
existing tenants/guests and more easily attract new tenants/guests,
resulting in more stable performance.
Thirteen loans, representing 34.6% of the pool, have Morningstar
DBRS Issuance LTVs lower than 60.9%, a threshold historically
indicative of relatively low-leverage financing and generally
associated with below-average default frequency. The pool has a
Morningstar DBRS Issuance LTV of 59.8% (64.0% excluding
shadow-rated loans) and a Morningstar DBRS Balloon LTV of 59.2%
(63.2% excluding shadow-rated loans).
The pool has a relatively high concentration of loans secured by
office and retail properties, at 18 loans, representing 28.4% of
the pool. These property types were among the most affected by the
COVID-19 pandemic and many have yet to return to pre-pandemic
performance. Future demand for office space is uncertain because of
the post-pandemic growth in remote or hybrid work, resulting in
less use and, in some cases, companies downsizing their office
footprints. Declining consumer sentiment and spending will continue
to affect the retail sector, with many companies closing stores as
a result of decreased sales.
Thirty-nine loans, representing 82.3% of the pool, have
interest-only (IO) payment structures throughout the loan term.
Loans with IO payment structures potentially face refinance risk at
maturity if the appraised values do not remain stable. The two
remaining loans amortize over their full loan terms with no periods
of IO payments.
Twenty loans, representing 42.8% of the pool, exhibit negative
leverage, defined as the Issuer's implied capitalization rate (cap
rate; Issuer's NCF divided by the appraised value), less the
current interest rate. On average, the transaction exhibits -0.9%
of negative leverage. While cap rates have been increasing over the
last few years, they have not surpassed the current interest rates.
In the short term, this suggests borrowers are willing to have
their equity returns reduced in order to secure financing. In the
longer term, should interest rates hold steady, the loans in this
transaction could be subject to negative value adjustments that may
affect the borrower's ability to refinance its loans.
Notes: All figures are in U.S. dollars unless otherwise noted.
BLUEWORKS CORP: Seeks to Sell Vehicles at Auction
-------------------------------------------------
Michael T. Bowers, the Chapter 11 Trustee of Blueworks Corporation,
seeks approval from the U.S. Bankruptcy Court for the Western
District of North Carolina, to sell Vehicles at auction, free and
clear of liens, claims, interests, and encumbrances.
The Trustee intends to liquidate the Debtor's assets for the
benefit of creditors.
The Debtor's Vehicles are the 2018 Lexus RS 450 H: VIN
JTJDGKCA3J2005175 and the 2018 Tesla Model 3: VIN
5Y3E1EB4JF122121.
William B. Lilly, Jr. of Iron Horse Auction Co., Inc. has inspected
the Vehicles and provided the Trustee with an Auction Marketing
Agreement.
Pursuant to the Auction Marketing Agreement, Iron Horse offers to
sell the Personal Property and Vehicles through a public online
auction, with auction expenses not to exceed $1,000 in advertising
charges. Iron Horse shall not charge a commission on its sale of
the Vehicles, but shall have the right to charge a buyer’s
premium in an amount not to exceed 10%.
The Trustee requests authority to employ Iron Horse as an
auctioneer to sell the Vehicles via public online auction, free and
clear of any interest in the Vehicles, and in accordance with the
Auction Marketing Agreement.
the Trustee believes that employing Iron Horse would reflect the
best interests of the bankruptcy estate. Because Iron Horse
specializes in conducting auctions of personal property and is a
licensed auctioneer, Iron Horse is qualified to provide the
services that the Trustee requires.
The Trustee is not aware of any liens or other interests
encumbering the Vehicles.
About Blueworks Corporation
Blueworks Corp. specializes in developing and manufacturing a
comprehensive range of swimming pool equipment. Products include
Salt Chlorinator, Salt Chlorinator Cell Replacement, Saltwater
System Parts, Pool Light, Pool Alarm, Pool Timer, Pool Pump and
more.
Blueworks Corp. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 24-30494) June 11, 2024.
In the petition signed by Michael Bowers, chief restructuring
office, the Debtor reports estimated assets between $500,000 and $1
million and estimated liabilities between $10 million and $50
million.
Honorable Bankruptcy Judge Laura T. Beyer oversees the case.
The Debtor tapped Matthew L. Tomsic, Esq. at Rayburn Cooper &
Durham, PA as bankruptcy counsel and Platinum Intellectual
Property, PC and Shumaker, Loop & Kendrick, LLP as special
counsels.
On July 26, 2024, Michael T. Bowers was appointed as trustee in
this Chapter 11 case. The trustee tapped Grier Wright Martinez, PA
as counsel.
BOKQUA LLC: Hires Precision Accounting Inc. as Accountant
---------------------------------------------------------
Bokqua LLC seeks approval from the U.S. Bankruptcy Court for the
District of Colorado to hire Precision Accounting, Inc. to provide
professional accounting services in its Chapter 11 case.
Precision Accounting, Inc., led by Certified Public Accountant
Heidi McIntire, will provide these services:
(a) reviewing and amending as necessary Debtor's books and
records;
(b) preparing updated financial statements;
(c) assisting the Debtor with financial reporting, including
preparation of the Monthly Operating Reports; and
(d) assisting the Debtor with the preparation of required
financial reporting to the Bankruptcy Court, as well as financial
projections pertaining to any required budgets and a plan of
reorganization.
Ms. McIntire will bill at a rate of $100 per hour. Accountant has
requested a $5,000 retainer, with all fees and costs subject to
Court approval.
Precision Accounting, Inc. 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:
Heidi McIntire, CPA
Precision Accounting, Inc.
Lexington, KY 40503
Telephone: (859) 533-3153
E-mail: jane@precisionacc.com
About Bokqua LLC
Bokqua LLC is a real estate investment company that owns and
manages residential properties in the Denver metropolitan area. The
Company operates in association with BVRE, a property management
firm based in Denver, Colorado.
Bokqua LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its
petition, the Debtor reports estimated assets between $10 million
and $50 million and estimated liabilities between $50 million and
$100 million.
Honorable Bankruptcy Judge Michael E. Romero handles the case.
The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER
BRINEN DICKEY RILEY.
BRAND INDUSTRIAL: Lord Abbett Credit Marks $24.5MM Loan at 16% Off
------------------------------------------------------------------
Lord Abbett Credit Opportunities Fund has marked its $24,564,848
loan extended to Brand Industrial Services, Inc. to market at
$20,660,634 or 84% of the outstanding amount, according to Lord
Abbett Credit's Form N-CSR for the semi annual year ending June 30,
2025, filed with the U.S. Securities and Exchange Commission.
Lord Abbett Credit is a participant in a Term Loan B to Brand
Industrial Services, Inc. The loan accrues interest at a rate of
8.776% per annum. The loan matures on August 1, 2030.
Lord Abbett Credit is registered under the Investment Company Act
of 1940, as a closed-end management investment company that
continuously offers its common shares and is operated as an
interval fund. The Fund is diversified for purposes of the 1940
Act. The Fund’s classification changed from a non-diversified
fund to a diversified fund. As a result of this classification
change, the Fund is limited in the proportion of its assets that
may be invested in the securities of a single issuer.
The Fund was organized as a Delaware statutory trust on September
18, 2018. The Fund's investment objective is total return. The Fund
currently offers three classes of Shares: Institutional Class,
Class A and Class U. A front-end sales charge is normally added to
the net asset value for Class A shares.
Lord Abbett Credit is led by Steven F. Rocco as President and Chief
Executive Officer and Michael J. Hebert as Chief Financial Officer
and Treasurer.
The Fund can be reach through:
Steven F. Rocco
Lord Abbett Credit Opportunities Fund
30 Hudson Street,
Jersey City, NJ 07302-4804
Telephone: (888) 522-2388
About Brand Industrial Services, Inc.
Brand Industrial Services, Inc. is a global company that provides
access, scaffolding, and specialized industrial services for
construction, maintenance, and energy projects, operating under the
name BrandSafway.
BRIDGE TO ADULTHOOD: Section 341(a) Meeting of Creditors on Oct. 29
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On September 23, 2025, Bridge to Adulthood LLC filed Chapter 11
protection in the Western District of Kentucky. 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 on Section 341(a)to be held on October 29,
2025 at 11:00 AM at UST - Harris: Phone 888-330-1716, Meeting Code
5188675.
About Bridge to Adulthood LLC
Bridge to Adulthood LLC provides residential and community-based
support services for individuals with intellectual and
developmental disabilities in Kentucky. The Company participates in
state Medicaid waiver programs, including the Michelle P. Waiver
for children and teenagers and the Supports for Community Living
program for adults, offering alternatives to institutional care.
Its services include residential care, in-home and community
support, and animal therapy, with operations centered at its
facility in Allensville.
Bridge to Adulthood LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-10810) on September
23, 2025. In its petition, the Debtor reports estimated estimated
assets between $100,000 and $500,000 and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Joan A. Lloyd handles the case.
The Debtor is represented by Charity S. Bird, Esq. of KAPLAN
JOHNSON ABATE & BIRD LLP.
C & S MEMORIAL: Taps Don Juan as Operational and Financial Advisor
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C & S Memorial, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Louisiana to Don Juan Enterprises, LLC
dba Exit Strategy USA as operational and financial advisor.
The firm's services include:
a. Officer. In connection with the engagement, Mr. Schouest will
serve in the role of general business and financial consultant to
the Debtor. He shall devote such time to the performance of his
services, including onsite involvement at the Debtor's office (the
"Office"), as he determines appropriate to perform the Services.
Mr. Schouest, as advisor and consultant, is a party in interest as
contemplated under Bankruptcy Code section 1109(b) and shall be
authorized to raise questions and appear and be heard on any issue
in this chapter 11 case.
b. Duties. Subject to his business judgment and fiduciary
responsibilities and with the assistance of the Debtor's other
executive officers, Mr. Schouest:
i. Will assume a lead management position in assisting, but
not controlling, the Debtor through its reorganization efforts and
the evaluation, development, negotiation and implementation of such
restructuring efforts (the "Reorganization Efforts");
ii. Will determine the necessity for retention and use of
other restructuring-related professionals in the case, subject to
orders of this Court; and
iii. Will have authority to evaluate, implement and manage cost
reduction measures, operational improvement, and capital structure
optimization measures necessary to preserve and maximize the value
and efficiency of the Debtor.
c. Responsibilities. Subject to applicable bylaws, corporate
governance processes, required outside approval and with the
assistance of he and the Debtor's other executive officers, Mr.
Schouest will have lead responsibility for the following
Reorganization Efforts (to include but not be limited to): (i) make
restructuring process decisions; (ii) potential court-approved
sales of the Debtor's assets; (iii) negotiations with stakeholders
and counterparties; (iv) the review and development of any material
drafted for consumption outside the Debtor; (v) assistance in
developing and evaluating the Debtor's business plan, and the
preparation of a revised operating plan and cash flow forecasts;
(vi) approval of any new expenditures or cash payments; (vii)
management of the financial and operational reporting processes to
creditors; (viii) make business and financial decisions with
respect to any Debtor-in-Possession financing sought or put in
place; (ix) make decisions with respect to the Debtor's day-to-day
operations; (x) engage in day-to-day normal business operations;
(xi) provide assistance with pleadings, Debtor's Schedules of
Assets and Liabilities, Statements of Financial Affairs, DIP
budgets and cash flow forecasts; (xii) in general, assist the
Debtor in the preparation of documents and disclosures required by
the Court subsequent to the Chapter 11 bankruptcy filing,
including, but not limited to, Monthly Operating Reports,
compliance reporting, periodic budgets, and other disclosure
documents required by the Court or the Debtors' stakeholders from
time to time; (xiii) make decisions with respect to all
professionals engaged by, strategies developed, and activities
taken by the Debtors related to the Reorganization Efforts; (xiv)
other services and activities as mutually agreed by the Debtor's
Board and any other management to the extent not be duplicative of
services provided by other professionals.
The firm will be paid at the rate $150 per hour. The firm received
an initial retainer of $2,500.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Mr. Schouest 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:
Paul Daryl Schouest
Don Juan Enterprises, LLC
dba Exit Strategy USA
P.O Box 390
Leonville, LA 70551
Tel: (337) 418-9290
Email: daryl@exitstrategyusa.com
About C & S Memorial, Inc.
C & S Memorial, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. La. Case No. 25-50731) on Aug. 21,
2025, listing under $1 million in both assets and liabilities.
Judge John W. Kolwe oversees the case.
H. Kent Agullard, Esq., and Caleb K. Aguillard, Esq., serve as the
Debtor's counsel.
CALIFORNIA RESOURCES: Moody's Ups CFR to 'Ba3', Outlook Stable
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Moody's Ratings upgraded California Resources Corporation's (CRC)
Corporate Family Rating to Ba3 from B1, its Probability of Default
Rating to Ba3-PD from B1-PD, and its senior unsecured notes rating
to B1 from B2. The company's Speculative Grade Liquidity Rating
(SGL) is maintained at SGL-2 and the rating outlook is stable.
"CRC's upgrade reflects the significant reduction in regulatory
uncertainty regarding the development of its oil resources brought
by California Senate Bill 237," said Thomas Le Guay, a Moody's
Ratings Vice President, "CRC successfully increased its production
scale and reserves inventory through successive acquisitions and is
now in a position to maintain its production scale and replace its
reserves organically, all while maintaining its prudent financial
policies."
RATINGS RATIONALE
CRC's upgrade to Ba3 CFR reflects the significant reduction in
regulatory uncertainty brought by California Senate Bill 237, which
should allow the company to support its oil production development
and reserves replacement efforts through 2036. The bill, which was
signed into law on September 19, 2025, authorizes Kern County to
issue new well permits for ten years starting January 2026 and
streamlines the permitting process. This will significantly broaden
CRC's ability to drill its acreage and exploit its reserves, the
vast majority of which are located in Kern County. It will allow
the company to reduce the impact of production decline on its
existing wells more easily and over a longer period of time. This
favorable change in regulatory risks eased the direct negative
effects of environmental and social risks on the company, which is
an important consideration in this rating. The upgrade is further
supported by the company's demonstrated track record of increasing
its production scale and reserves inventory through successive
acquisitions while maintaining its prudent financial policies.
The Ba3 CFR reflects CRC's track record of maintaining low
leverage, positive free cash flow generation and financial
flexibility. The company benefits from its large production scale
and legacy production with significant infrastructure as one of the
largest operators in California. CRC benefits from a well-defined,
mature asset base, which has a relatively shallow decline rate of
10% to 15% per year. The company is pursuing a low carbon intensity
strategy that includes developing carbon management and solar
business opportunities as well as a full-scope net zero goal
(offsetting scope 1, 2 and 3 emissions) by 2045.
The stable outlook reflects Moody's expectations that CRC will
maintain its prudent financial policies in the current volatile oil
price environment, achieving significant positive free cash flow
while limiting the decline in its production volumes.
The SGL-2 Speculative Grade Liquidity (SGL) Rating reflects Moody's
expectations that CRC will have good liquidity through 2026,
supported by cash flow from operations and its revolving credit
facility due March 2029. Moody's expects CRC to limit its capital
spending such that it does not materially outspend internally
generated cash flow. The revolver has a $1.5 billion borrowing base
and $1.15 billion of commitments and only had $167 million of
letters of credit outstanding as of June 30, 2025. Moody's expects
the company to have ample headroom under its financial covenants
– a maximum total net leverage ratio of 3.0x and minimum current
ratio of 1.0x. CRC's next debt maturity is $122 million
(outstanding) of notes due February 2026 which the company can
comfortably repay with excess cash flow from operations. The
revolving credit facility has a springing maturity date on or after
Oct. 31, 2025, if availability under the revolver less the
outstanding principal amount of notes due 2026 exceeds 25% of the
total revolver commitments.
CRC's senior unsecured notes are rated B1, one notch below the Ba3
CFR, reflecting the effective subordination of the unsecured notes
to the significant size of the $1.15 billion senior secured
revolving credit facility which has a first lien claim on all oil &
gas assets.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
CRC's Ba3 CFR could be upgraded if the company demonstrates its
ability to increase production and replace reserves at competitive
returns on investment, enhance its diversification either
geographically or through other revenue streams, all while
maintaining a strong financial profile. To support an upgrade, the
company should increase its leveraged full cycle ratio (LCFR) above
2x and sustain RCF to debt over 50% at mid-cycle oil and gas
prices. More visibility on the capital requirements and free cash
flow generation of CRC's carbon management projects would also be
considered for an upgrade. The ratings may be downgraded if there
is a substantial increase in leverage to fund acquisitions or
shareholder returns or if the company experiences a meaningful
decline in production. A downgrade could occur if RCF to debt falls
below 30% or LFCR falls towards 1.0x.
California Resources Corporation, headquartered in Long Beach,
California, is a publicly-listed independent oil and gas
exploration and production company operating in California. The
company produced an average of 137 Mboe/d in the second quarter of
2025, of which 80% was oil, from its operations in the San Joaquin,
Los Angeles and Sacramento basins. The company had around 10 years
of proved developed reserves as of December 31, 2024. CRC is also
developing a low carbon business with potential carbon capture and
sequestration (CCS), direct air capture (DAC) and solar projects.
Carbon TerraVault JV is a joint venture with BGTF Sierra Aggregator
LLC (Brookfield) established to finance and develop a carbon
capture and sequestration (CCS) business.
The principal methodology used in these ratings was Independent
Exploration and Production published in December 2022.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
CAREERBUILDER LLC: Prospect Virtually Writes Off $745,615 Loan
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Prospect Floating Rate and Alternative Income Fund, Inc. has marked
its $745,615 loan extended to CareerBuilder, LLC to market at
$10,066 or 1% of the outstanding amount, according to Prospect's
Form 10-K for the fiscal year ending June 30, 2025, filed with the
U.S. Securities and Exchange Commission.
Prospect is a participant in a Senior Secured First Lien Term Loan
to CareerBuilder, LLC. The loan accrues interest at a rate of 9.94%
per annum. The loan matures on July 31, 2026.
Prospect was formed as a Maryland corporation on April 29, 2011.
The company is an externally managed, closed-end, non-diversified
management investment firm that has elected to be regulated as a
business development company, under the Investment Company Act of
1940. It has elected to be taxed for U.S. federal income tax
purposes, and intend to qualify annually as a regulated investment
company, under Subchapter M of the Internal Revenue Code of 1986.
The company's adviser manages its portfolio and makes all
investment decisions for the company, subject to supervision by its
Board of Directors.
Prospect is led by M. Grier Eliasek as Chief Executive Officer and
Director, Kristin L. Van Dask as Chief Financial Officer, and
Andrew C. Cooper as Director.
The Fund can be reach through:
M. Grier Eliasek
Prospect Floating Rate and Alternative Income Fund, Inc.
10 East 40th Street, 42nd Floor
New York, NY 10016
Telephone: (212) 448-0702
About CareerBuilder, LLC
CareerBuilder is one of the most trusted sources for job
opportunities & advice in the U.S.
CARESTREAM HEALTH: Credit Suisse Marks $290,000 Loan at 55% Off
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Credit Suisse Asset Management Income Fund Inc. has marked its
$290,000 loan extended to Carestream Health, Inc. to market at
$130,102 or 45% of the outstanding amount, according to Credit
Suisse's Form 10-K for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Carestream Health, Inc.
The loan accrues interest at a rate of 11.896% per annum. The loan
matures on September 30, 2027.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Carestream Health, Inc.
Carestream Health, Inc., formerly Eastman Kodak Company's Health
Group, is an American medical imaging company, owned by Canadian
investment firm Onex Corporation.
CARNICERIA LOS AMIGOS: Unsecureds Will Get 8 Cents on Dollar
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Carniceria Los Amigos, Inc., filed with the U.S. Bankruptcy Court
for the District of Nevada a Plan of Reorganization for Small
Business dated September 17, 2025.
The Debtor, a Nevada corporation, operates a Mexican themed meat
market and grocery store in Reno, Nevada. Debtor was incorporated
in 2010, but the business has been in operation since 1999.
The Debtor's business operated profitably throughout its history,
until 2024 when it took out Merchant Cash Advance loans. Those
loans became unmanageable and, on June 20, 2025, Debtor filed a
voluntary petition under Chapter 11, Subchapter V, of the
Bankruptcy Code (the "Petition Date") to allow the Debtor to
restructure its debt obligations.
The Debtor will fund the Plan by contributing his "Disposable
Income" for a period of 6-months. The Plan Proponent's financial
projections show Debtor will have projected disposable income of
$730 per month.
The final Plan payment is expected to be paid on November 30, 2030.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations of Debtor's businesses.
Non-priority unsecured creditors holding allowed claims in Debtor's
case will receive distributions, which the proponent of this Plan
has valued at 8 cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.
Class 6 consists of Non-priority General Unsecured Creditors. Each
holder of a Class 6 non-priority unsecured Allowed Claim shall
receive their pro rata share of Debtor's Disposable Income, after
the payment in full of Administrative Claims, through the end of
the Plan Term (the "Class 6 Plan Dividend"). Any portion of a Class
6 nonpriority general unsecured claim in excess of the Class 6 Plan
Dividend shall be discharged in accordance with Article 9 of this
Plan. This Class is impaired.
The allowed unsecured claims total $310,644.
Class 7 Equity security holders of Debtor shall retain their
interests in the Debtor, but shall receive no disbursement on
account of such equity interest during the Plan Term.
The Debtor will use its Disposable Income during the Plan Term,
cash on hand, and profits from the operation of its business to
fund the Plan. Commencing on the Effective Date of this Plan,
Debtor's Disposable Income will be disbursed on a monthly basis and
first used to fund Debtor's required Plan payments to allowed
administrative expense claims and then Class 6 non-priority general
unsecured creditors.
A full-text copy of the Plan of Reorganization dated September 17,
2025 is available at https://urlcurt.com/u?l=vwsaIj from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Kevin A. Darby, Esq.
Darby Law Practice, Ltd.
499 W. Plumb Lane, Suite 202
Reno, NV 89509
Telephone: (775) 322-1237
Facsimile: (775) 996-7290
Email: kevin@darbylawpractice.com
About Carniceria Los Amigos
Carniceria Los Amigos, Inc., operates a Mexican themed meat market
and grocery store in Reno, Nevada.
The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 25-50559) on June 20,
2025, listing $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Hilary L Barnes presides over the case.
The Debtors are represented by Kevin A. Darby, Esq. at DARBY LAW.
CEMTREX INC: Declares Stock Dividend on Series 1 Preferred Shares
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Cemtrex, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that The Board of Directors
passed a resolution that the Company will pay its dividend on
Series 1 Preferred Stock in additional shares of Series 1 Preferred
Stock to be issued on October 7, 2025, to the holders of record on
close of business on September 30, 2025.
The holders of the Series 1 Preferred Stock are entitled to receive
dividends at the rate of 10% annually, based on the $10.00 per
share Preference Amount, payable semiannually.
About Cemtrex
Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and
has evolved through strategic acquisitions and internal growth into
a multi industry company.
Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Dec. 30, 2024, citing that the Company has sustained
net losses and has significant short-term debt obligations, which
raise substantial doubt about its ability to continue as a going
concern.
As of Jun. 30, 2025, the Company had $46,960,823 in total assets
against $43,108,827 in total liabilities.
CENTRAL FLORIDA FIREARMS: Seeks Chapter 11 Bankruptcy in Florida
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On September 26, firearms manufacturer and retailer Central Florida
Firearms LLC (Live Free Armory) entered Chapter 11 proceedings in
the U.S. Bankruptcy Court for the Middle District of Florida. The
company disclosed liabilities of $12.7 million. According to the
petition, unsecured creditors are expected to share in the
distribution.
About Central Florida Firearms LLC
Central Florida Firearms LLC, doing business as Live Free Armory,
Specializes in the production of slides, barrels, and other firearm
parts, offering next-day shipping on available inventory for orders
received before the daily cutoff.
Central Florida Firearms LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case. No. 25-06150) on
September 26, 2025. In its petition, the Debtor reports estimated
estimated assets of $5.2 million and estimated liabilities of $12.7
million.
The Debtor is represented by Jeffrey S. Ainsworth, Esq. of
BransonLaw, PLLC.
CENTRAL FLORIDA: Case Summary & 20 Largest Unsecured Creditors
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Debtor: Central Florida Firearms, LLC
d/b/a Live Free Armory
2725 Kirby Circle
Building 1
Palm Bay, FL 32905
Business Description: Central Florida Firearms, LLC, doing
business as Live Free Armory, manufactures
firearms, components and accessories
including pistols, rifles and AR- and Glock-
compatible parts. Founded in 2014 and based
in Melbourne, Florida, the Company operates
a production facility that uses advanced CNC
and aerospace-influenced engineering methods
to produce American-made products. It is
veteran-operated and positions itself within
the U.S. firearms and weapons components
manufacturing industry.
Chapter 11 Petition Date: September 26, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-06150
Debtor's Counsel: Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
1501 E. Concord Street
Orlando, FL 32803
Tel: 407-894-6834
E-mail: jeff@bransonlaw.com
Total Assets: $5,171,457
Total Liabilities: $12,714,732
The petition was signed by Colby Santaw as managing member.
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/OYGWHNQ/Central_Florida_Firearms_LLC__flmbke-25-06150__0001.0.pdf?mcid=tGE4TAMA
CENTRAL PARENT: Lord Abbett Corporate Marks $1.8MM Loan at 16% Off
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Lord Abbett Corporate Opportunities Fund has marked its $1,823,042
loan extended to Central Parent, Inc. to market at $1,526,889 or
84% of the outstanding amount, according to Lord Abbett Corporate's
Form N-CSR for the semi-annual year ending June 30, 2025, filed
with the U.S. Securities and Exchange Commission.
Lord Abbett Corporate is a participant in a 2024 Term Loan B to
Central Parent, Inc. The loan accrues interest at a rate of 7.546%
per annum. The loan matures on July 6, 2029.
Lord Abbett Corporate is registered under the Investment Company
Act of 1940, as a closed-end management investment company that
continuously offers its common shares and is operated as an
interval fund. The Fund is diversified for purposes of the 1940
Act. The Fund's classification changed from a non-diversified fund
to a diversified fund. As a result of this classification change,
the Fund is limited in the proportion of its assets that may be
invested in the securities of a single issuer. The Fund was
organized as a Delaware statutory trust on September 18, 2018. The
Fund's investment objective is total return. The Fund currently
offers three classes of Shares: Institutional Class, Class A and
Class U. A front-end sales charge is normally added to the net
asset value for Class A shares.
Lord Abbett Corporate is led by Steven F. Rocco as President and
Chief Executive Officer and Michael J. Hebert as Chief Financial
Officer and Treasurer.
The Fund can be reach through:
Steven F. Rocco
Lord Abbett Corporate Opportunities Fund
30 Hudson Street,
Jersey City, NJ 07302-4804
Telephone: (888) 522-2388
About Central Parent, Inc.
Central Parent LLC of Delaware provides software solutions.
CENTRAL PARENT: Lord Abbett Credit Marks $29.3MM Loan at 16% Off
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Lord Abbett Credit Opportunities Fund has marked its $29,340,730
loan extended to Central Parent, Inc. to market at $24,574,329 or
84% of the outstanding amount, according to Lord Abbett Credit's
Form N-CSR for the semi annual year ending June 30, 2025, filed
with the U.S. Securities and Exchange Commission.
Lord Abbett Credit is a participant in a Term Loan B to Central
Parent, Inc. The loan accrues interest at a rate of 7.546% per
annum. The loan matures on July 6, 2029.
Lord Abbett Credit is registered under the Investment Company Act
of 1940, as a closed-end management investment company that
continuously offers its common shares and is operated as an
interval fund. The Fund is diversified for purposes of the 1940
Act. The Fund's classification changed from a non-diversified fund
to a diversified fund. As a result of this classification change,
the Fund is limited in the proportion of its assets that may be
invested in the securities of a single issuer.
The Fund was organized as a Delaware statutory trust on September
18, 2018. The Fund's investment objective is total return. The Fund
currently offers three classes of Shares: Institutional Class,
Class A and Class U. A front-end sales charge is normally added to
the net asset value for Class A shares.
Lord Abbett Credit is led by Steven F. Rocco as President and Chief
Executive Officer and Michael J. Hebert as Chief Financial Officer
and Treasurer.
The Fund can be reach through:
Steven F. Rocco
Lord Abbett Credit Opportunities Fund
30 Hudson Street,
Jersey City, NJ 07302-4804
Telephone: (888) 522-2388
About Central Parent, Inc.
Central Parent LLC of Delaware provides software solutions.
CENTURY DESIGN: Case Summary & 15 Unsecured Creditors
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Debtor: Century Design Inc.
7030 Carroll Road
San Diego, CA 92121
Business Description: Century Design Inc. designs and manufactures
composite processing machinery for
industries including aerospace, defense,
automotive, marine, medical, sports, energy,
and industrial applications. The Company
develops equipment for prepreg production,
resin development, ducting, hoses, and
tubular structures, serving customers
engaged in research, manufacturing, and
product development worldwide. Founded in
1959, it has supplied thousands of machines
globally and contributed to advances in
materials processing technologies.
Chapter 11 Petition Date: September 26, 2025
Court: United States Bankruptcy Court
Southern District of California
Case No.: 25-03975
Debtor's Counsel: Michael Jay Berger, Esq.
Sofya Davtyan, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
Fax: (310) 271-9805
E-mail: michael.berger@bankruptcypower.com
Sofya.Davtyan@bankruptcypower.com
Total Assets: $174,341
Total Liabilities: $1,536,142
The petition was signed by Keith W. McConnell as chief executive
officer and president.
A full-text copy of the petition, which includes a list of the
Debtor's 15 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/GNIHSAI/Century_Design_Inc__casbke-25-03975__0001.0.pdf?mcid=tGE4TAMA
CHEMTRADE LOGISTICS: DBRS Gives Prov. BB Credit Rating
------------------------------------------------------
DBRS Limited assigns a provisional credit rating of (P) BB, with a
Stable trend to Chemtrade Logistics Inc.'s (Chemtrade or the
Company, rated BB (high), Stable) proposed $200 million Senior
Unsecured Notes issuance due 2032 (the Proposed Notes). The
provisional credit rating is based on a recovery rating of RR5. The
credit rating assigned to the Proposed Notes is based on the credit
ratings of other already-outstanding series of Senior Unsecured
Notes.
The Company intends to use the net proceeds of the Notes to repay
indebtedness and for general corporate purposes. The Proposed Notes
are senior unsecured obligations of the Company and will rank pari
passu in right of payment with all other existing and future senior
unsecured indebtedness, and senior in right of payment to all
existing and future subordinated indebtedness. The Proposed Notes
will be effectively subordinated to all existing and future senior
secured indebtedness. The Proposed Notes will be fully and
unconditionally guaranteed, jointly and severally, on a senior
unsecured basis by the Parent and Restricted Affiliates which
accounted for more than 90% of Chemtrade's total assets and more
than 95% of Chemtrade's total revenue as at and for the six-month
period ended June 30, 2025, and certain future Restricted
Affiliates.
The credit rating assigned to this newly issued debt instrument is
based on the credit rating of an already-outstanding debt series of
the above-mentioned debt instrument.
A provisional rating is not a final rating with respect to the
above-mentioned security and may change, be different than the
final rating assigned, or may be discontinued. The provisional
rating listed above is/are based on the draft Preliminary Private
Placement Memorandum, received September 17, 2025 and information
provided by Chemtrade Logistics Inc. to Morningstar DBRS as of
September 23, 2025. The assignment of final ratings is subject to
receipt by Morningstar DBRS of all information and final
documentation that Morningstar DBRS deems necessary to finalize the
rating.
CINEMA MANAGEMENT: Court OKs Deal on Cash Collateral Access
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, approved a stipulation between Cinema
Management Group, LLC's Chapter 11 trustee and secured creditors,
Banc of California, National 5 Association and Bondit LLC,
regarding the use of cash collateral.
The stipulation is the second such agreement in Cinema Management
Group's Chapter 11 case and ensures continued operations under
court supervision while protecting the interests of secured
creditors.
The case began as a Chapter 7 filing on December 20, 2024, but was
converted to Chapter 11 in February this year. Since then, the
trustee has periodically sought and received court approval to use
Cinema Management Group's cash collateral, primarily to maintain
minimal operations and pursue a potential sale of assets. This
latest stipulation follows previous court orders authorizing such
use through August 31.
The stipulation was prompted by the need for additional time to
finalize and document an asset purchase agreement and global
settlement with the secured creditors, which are still under
negotiation due to unforeseen complexities.
The second extended budget outlines only essential expenditures
necessary to preserve the Cinema Management Group's value and
maintain operations in a minimal capacity, including software
subscriptions, IT services, warehouse storage, anti-piracy
services, and limited contractor payments. The trustee is permitted
to deviate up to 10% from individual and total budget line items.
All terms remain subject to the protections and provisions outlined
in the previously entered final Order dated June 5.
About Cinema Management
Group
Cinema Management Group, LLC is an international sales company that
was launched in 2003 and was previously headed by veteran sales and
distribution executive, Edward Noeltner. Since 2003, the company
has added over 80 feature film titles to its line-up. It currently
holds distribution rights related to 82 feature films.
Cinema Management Group filed Chapter 7 voluntary petition (Bankr.
C.D. Calif. Case No. 24-20369) on December 20, 2024. The case was
converted to one under Chapter 11 on February 6, 2025, and John
Pringle was appointed as Chapter 11 trustee on February 10, 2025.
Judge Neil W. Bason oversees the case.
The Chapter 11 trustee is represented by Levene, Neale, Bender, Yoo
& Golubchik L.L.P.
Banc of California is represented by:
Alex M. Weingarten, Esq.
Willkie Farr & Gallagher, LLP
2029 Century Park E
Los Angeles, CA 90067
Telephone: (310) 855-3000
Facsimile: (310) 855-3099
aweingarten@willkie.com
-and-
Jennifer J. Hardy, Esq.
Willkie Farr & Gallagher, LLP
600 Travis St
Houston, TX 77002
Telephone: (713) 510-1700
Facsimile: (713) 510-1799
jhardy2@willkie.com -and
-and-
Elizabeth A. Wayne, Esq.
Willkie Farr & Gallagher, LLP
300 N LaSalle Dr
Chicago, IL 60654
Telephone: (312) 728-9000
Facsimile: (312) 728-9199
ewayne@willkie.com
CONAIR HOLDINGS: Lord Abbett Credit Marks $37.8MM Loan at 26% Off
-----------------------------------------------------------------
Lord Abbett Credit Opportunities Fund has marked its $37,871,862
loan extended to Conair Holdings LLC to market at $28,025,178 or
74% of the outstanding amount, according to Lord Abbett Credit's
Form N-CSR for the semi annual year ending June 30, 2025, filed
with the U.S. Securities and Exchange Commission.
Lord Abbett Credit is a participant in a Term Loan B to Conair
Holdings LLC. The loan accrues interest at a rate of 8.191% per
annum. The loan matures on May 17, 2028.
Lord Abbett Credit is registered under the Investment Company Act
of 1940, as a closed-end management investment company that
continuously offers its common shares and is operated as an
interval fund. The Fund is diversified for purposes of the 1940
Act. The Fund's classification changed from a non-diversified fund
to a diversified fund. As a result of this classification change,
the Fund is limited in the proportion of its assets that may be
invested in the securities of a single issuer.
The Fund was organized as a Delaware statutory trust on September
18, 2018. The Fund's investment objective is total return. The Fund
currently offers three classes of Shares: Institutional Class,
Class A and Class U. A front-end sales charge is normally added to
the net asset value for Class A shares.
Lord Abbett Credit is led by Steven F. Rocco as President and Chief
Executive Officer and Michael J. Hebert as Chief Financial Officer
and Treasurer.
The Fund can be reach through:
Steven F. Rocco
Lord Abbett Credit Opportunities Fund
30 Hudson Street,
Jersey City, NJ 07302-4804
Telephone: (888) 522-2388
About Conair Holdings LLC
Conair Holdings LLC is a private U.S.-based company, also known as
Conair Corporation, that designs, manufactures, and markets
personal care, beauty, and home kitchen appliances under various
brands including Cuisinart, BaBylissPRO, and Conair.
CONVERGEONE HOLDINGS: Court Reverses Part of Ch. 11 Plan on Appeal
------------------------------------------------------------------
Clara Geoghegan of Law360 reports that a Texas federal court has
invalidated parts of ConvergeOne's restructuring plan, determining
that the company's decision to award a favored group of secured
lenders an exclusive equity backstop breached bankruptcy rules
mandating equal treatment.
About ConvergeOne Holdings
ConvergeOne Holdings Inc. operates as a holding company. The
Company, through its subsidiaries, provides managed cloud, cyber
security, enterprises networking, data center, application and
software development, security infrastructure, and hosted
collaboration solutions.
ConvergeOne Holdings and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 24-90194) on April 4, 2024, with $1 billion to $10 billion in
assets and liabilities.
Judge Christopher M. Lopez presides over the cases.
White & Case LLP is the Debtors' legal counsel. Evercore Group LLC
is the Debtors' investment banker, and AlixPartners, LLP, is the
restructuring advisor. EPIQ Bankruptcy Solutions is the claims
agent.
Porter Hedges LLP, and Gibson, Dunn & Crutcher LLP advise the first
lien lenders.
CORCHIS CAPITAL: Hires Berger Singerman as Legal Counsel
--------------------------------------------------------
Corchis Capital, Inc. and its affiliated debtors seek approval from
the U.S. Bankruptcy Court for the Northern District of Florida to
hire Edward J. Peterson of Berger Singerman LLP to serve as their
legal counsel.
Mr. Peterson and Berger Singerman LLP will provide these services:
(a) give advice to the Debtors with respect to their powers
and duties as debtors in possession and the continued management of
their business operations;
(b) advise the Debtors with respect to their responsibilities
in complying with the United States Trustee's Operating Guidelines
and Reporting Requirements and with the rules of the Court;
(c) prepare motions, pleadings, orders, applications, notices,
adversary proceedings, and other legal documents necessary in the
administration of these Chapter 11 cases;
(d) protect the interests of the Debtors in all matters
pending before the Court; and
(e) represent the Debtors in negotiations with their creditors
and in the preparation of a plan.
Berger Singerman LLP will apply for compensation and reimbursement
of costs pursuant to Sections 330 and 331 of the Bankruptcy Code,
at its ordinary rates, as they may be adjusted from time to time,
for services rendered and costs incurred on behalf of the Debtors.
Berger Singerman 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:
Edward J. Peterson, Esq.
Michael J. Niles, Esq.
BERGER SINGERMAN LLP
101 E. Kennedy Blvd., Ste. 1165
Tampa, FL 33602
Telephone: (813) 498-3400
Facsimile: (813) 527-3705
E-mail: epeterson@bergersingerman.com
- and -
BERGER SINGERMAN LLP
313 N. Monroe Street, Ste. 301
Tallahassee, FL 32301
Telephone: (850) 561-3010
Facsimile: (850) 561-3013
E-mail: mniles@bergersingerman.com
About Corchis Capital, Inc., et
al.
Corchis Capital, Inc., along with affiliated entities, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Fla. Case No. 25-30866) on September 10, 2025.
At the time of the filing, Debtors had estimated assets of between
$0 and $50,000 and liabilities of between $0 and $50,000.
Judge Karen K. Specie oversees the case.
Berger Singerman LLP serves as the Debtors' legal counsel.
CTL-AEROSPACE INC: Taps Capstone Capital as Investment Banker
-------------------------------------------------------------
CTL-Aerospace, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Ohio to employ Capstone Capital
Markets LLC as investment banking service provider and CRS Capstone
Partners LLC as financial advisory service provider.
The firm's services include:
(a) analyzing, to the extent the firm deems appropriate, the
Company's financial, operational, commercial, and legal
circumstances in preparation of advising the Company on a
Transaction;
(b) preparing a Confidential Memorandum describing the Company,
its operations, management and financial data, based upon
information provided by the Company, to facilitate a Transaction;
(c) identifying and contacting appropriate prospective
counterparties for a Transaction (the "Counterparties");
(d) assisting and advising the Company in negotiating the terms
and structure of a potential Transaction;
(e) assisting the Company and its legal counsel with the
negotiation and documentation regarding a Transaction;
(f) assisting with document preparation, procedural execution
and closing of a Transaction, working with the Company's counsel;
(g) providing the Company (and its stakeholders) with periodic
status reports and be available to the Company (and at the
Company's request, its lenders and material stakeholders) at all
reasonable times to discuss any matters relating to the
Transaction;
(h) providing litigation support services, including as a
witness at hearings in support of a Transaction;
(i) assisting the Company in negotiating the terms of Chapter 11
Plan with creditor and equity-holder constituencies; and
(j) performing other investment banking services relating to the
foregoing as necessary and agreed between the parties.
The firm will be paid at these rates:
Managing Directors $750 per hour
Directors $650 per hour
Vice Presidents $550 per hour
Analysts/Associates $450 per hour
The firm will pay the firm a monthly retainer amount of $35,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
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:
Geoffrey Frankel
Capstone Capital Markets LLC
176 Federal St. 3rd Floor
Boston, MA 02110
Tel: (617) 619-3300
Email: jlisac@capstonepartners.com
- and -
David Rychalsky
CRS Capstone Partners, LLC
176 Federal Street, 3rd Floor
Boston, MA 02110
Tel: (617) 619-3300
About CTL-Aerospace, Inc.
CTL-Aerospace Inc. is an aerospace composites maker headquartered
in Cincinnati, Ohio.
CTL-Aerospace Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-12226) on September
8, 2025. In its petition, the Debtor reports assets and liabilities
between $10 million and $50 million each.
Honorable Bankruptcy Judge Beth A. Buchanan handles the case.
The Debtor is represented by Patricia Friesinger, Esq. at Coolidge
Wall Co., LPA.
DCA OUTDOOR: Hires Evans & Mullinix as Legal Counsel
----------------------------------------------------
DCA Outdoor, Inc. seeks approval from the U.S. Bankruptcy Court for
the Western District of Missouri to hire Colin N. Gotham of Evans &
Mullinix, P.A. to serve as legal counsel in its Chapter 11 case.
Mr. Gotham and the firm will provide these services:
(a) represent the Debtor and Debtor-in-Possession during these
proceedings;
(b) provide legal advice with respect to the Debtor's powers and
duties in the continued operation of its business and management of
its property;
(c) prepare applications, motions, answers, orders, reports, and
other necessary legal documents; and
(d) perform all other legal services that may be required in
connection with the Chapter 11 case.
Evans & Mullinix, P.A. will receive compensation at these hourly
rates:
Colin N. Gotham $450
David Schapker $400
John Larson $400
Samuel Klaassan $325
Hale Wernick $325
Michael Bene $325
Paralegals $175
Evans & Mullinix, 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:
Colin N. Gotham, Esq.
EVANS & MULLINIX, P.A.
7225 Renner Road, Suite 200
Shawnee, KS 66217
Telephone: (913) 962-8700
Facsimile: (913) 962-8701
E-mail: cgotham@emlawkc.com
About DCA Outdoor Inc.
Established in 2016, DCA Outdoor Inc. is a vertically integrated
green industry organization headquartered in Kansas City,
Missouri.
DCA Outdoor connects various sectors -- including agricultural
production, landscape distribution, retail, agritourism, and
transportation -- through its family of brands. The DCA Outdoor
family comprises several brands including Schwope Brothers Tree
Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT
Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and
Utopian Transport.
DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In
its petition, the Debtor reported up to $50,000 in assets and
between $50 million and $100 million in liabilities.
Honorable Bankruptcy Judge Cynthia A. Norton handles the case.
The Debtor tapped Larry E. Parres, Esq., at Lewis Rice, LLC as
legal counsel and Creative Planning, LLC and its affiliate
BerganKDV as audit and tax professionals.
Summit Investment Management LLC, as DIP lender, can be reached
through:
Patrick Gilbert
Summit Investment Management, LLC
Wells Fargo Center
1700 Lincoln Street, Suite 2150
Denver, CO 80203
Office: (720) 221-3154
Cell: (651) 688-6127
E-mail: pgilbert@summit-investment.com
DENOYER-GEPPERT SCIENCE: Hires David R. Herzog as Legal Counsel
---------------------------------------------------------------
Denoyer-Geppert Science Company seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Law Office of David R. Herzog, LLC as counsel.
The firm will provide these services:
a. give the Debtor legal advice with respect to its duties,
powers and responsibilities as a debtor-in-possession;
b. assist the Debtor in the negotiation, formulation and
drafting of a plan of reorganization;
c. appear for, prosecute, defend and represent the Debtor's
interests in matters arising in or related to this case;
d. prepare all necessary pleadings, orders, applications,
reports and other legal papers as may be necessary in connection
with this case; and
e. perform such other legal services as may be required.
The firm will be paid at these rates:
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. Herzog 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:
David R. Herzog, Esq.
Law Office Of David R. Herzog, LLC
53 W. Jackson Blvd., Suite 1442
Chicago, IL 60604
Tel: (312) 977-1600
Email: drh@dherzoglaw.com
About Denoyer-Geppert Science Company
Denoyer-Geppert Science Company manufactures scientific models,
charts and simulators -- particularly for human anatomy, biology
and chemistry education -- from its headquarters in Illinois,
serving educators and medical professionals since its founding in
1916.
Denoyer-Geppert Science Company sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No.
25-11605) on July 30, 2025. In its petition, the Debtor reported
estimated assets between $50,000 and $100,000 and estimated
liabilities between $1 million and $10 million.
Judge Jacqueline P. Cox handles the case.
The Debtor is represented by:
David R Herzog, Esq.
David R. Herzog
53 W. Jackson Jackson Blvd., Suite 1442
Chicago IL 60604
Tel: (312) 977-1600
E-mail: drh@dherzoglaw.com
DERBY MOBILE: Section 341(a) Meeting of Creditors on October 29
---------------------------------------------------------------
On September 24, 2025,Derby Mobile Home Park LLC filed Chapter 11
protection in the Eastern District of Texas. According to court
filing, the Debtor reports between $1 million and $10 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
A meeting of creditors under Section 341(a) to be held on October
29, 2025 at 01:45 PM via Telephonic Dial-In Information.
About Derby Mobile Home Park LLC
Derby Mobile Home Park LLC, doing business as Desert Oasis RV Park,
operates a mobile home and recreational vehicle park located at 403
North 4th Street in Eunice, New Mexico. The Company provides space
rentals and related amenities for long-term and short-term tenants
in the southeastern New Mexico region.
Derby Mobile Home Park LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-90253) on
September 1, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
The Debtor is represented by Reese Baker, Esq. of BAKER &
ASSOCIATES.
EASY RENTAL: Section 341(a) Meeting of Creditors on October 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.
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 estimated 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.
EASY RENTAL: Seeks to Hire Lugo Mender Group as Counsel
-------------------------------------------------------
Easy Rental Holdings Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Lugo Mender Group,
LLC as counsel.
The firm will render these services:
(a) advise the Debtor with respect to its duties, powers and
responsibilities in this case under the laws of the United States
and Puerto Rico in which conducts its operations, business, or is
involved in litigation;
(b) advise and assist the Debtor in retaining all required
professionals;
(c) advise the Debtor in connection with its reorganization
endeavors;
(d) assist the Debtor in developing reorganization strategies
to maximize value of assets and operations;
(e) assist the Debtor with respect to negotiations with
creditors for the purpose arranging a feasible Plan of
Reorganization;
(f) prepare on behalf of the Debtor the necessary legal papers
or documents as may be required in this case;
(g) appear before the Bankruptcy Court, or any other court in
which the Debtor to assets a claim or defense directly or
indirectly related to this bankruptcy case;
(h) collaborate with other professionals which may be retained
within the bankruptcy cases per Section 327 to prosecute the rights
of the Debtor and achieve the reorganization goals delineated; and
(i) perform such other legal services for the Debtor as may be
required in these proceedings or in connection with the operation
of the business as the case may require.
The firm will be paid at these rates:
Wigberto Lugo Mender, Attorney $325 per hour
Senior Associate Attorneys $250 per hour
Junior Associate Attorneys $175 per hour
Legal and Financial Assistants $125 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm will be paid a retainer of $25,000, plus filing fee of
$1,738.
Mr. Mender 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:
Wigberto Lugo Mender, Esq.
Lugo Mender Group, LLC
100 Carr. 165 Suite 501
Guaynabo, PR 00968
Tel: (787) 707-0404
Fax: (787) 707-0412
Email: wlugo@lugomender.com
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.
EAZY-PZ LLC: Hires Stephen P. Bosco, Esq. as Appeal Counsel
-----------------------------------------------------------
Eazy-PZ LLC seeks approval from the U.S. Bankruptcy Court for the
District of Colorado to employ Stephen P. Bosco, Esq., a
professional practicing law in Greenville, South Carolina, as
appeal counsel.
The Debtor needs the firm's legal assistance in connection with the
appeal of the case (Case No. 3-16-cv-00777) filed in the United
States District Court for the Western District of Louisiana,
captioned as Monroe Division, Luv N' Care, Ltd. v. Eazy-PZ, LLC.
The firm will be paid at $350 per hour.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Mr. Bosco 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:
Stephen Bosco
Greenville, SC
Email: stephen@sboscolaw.com
About Eazy-PZ LLC
Eazy-PZ LLC designs and sells silicone mealtime products for
infants and toddlers, including plates, bowls, mats, and utensils.
The Company operates through online and retail channels from its
base in Parker, Colorado.
Eazy-PZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Col. Case No. 25-13720) on June 18, 2025. In its
petition, the Debtor reports total assets of $1,019,774 and total
liabilities of $3,881,257.
Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case.
The Debtors are represented by Aaron J. Conrardy, Esq. at WADSWORTH
GARBER WARNER CONRARDY, P.C.
EDGE PROMO: Gets Final OK to Use Cash Collateral
------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, entered a final order allowing Edge
Promo Team, LLC to use cash collateral to fund operations.
The final order authorized the Debtor to use cash collateral for
operating expenses while requiring monthly budgets and
actual-to-budget reports to be submitted to the U.S. Bankruptcy
Administrator and Subchapter V trustee.
This authorization will expire or terminate on the earlier of (i)
the Debtor ceasing operations of its business; or (ii) the
non-compliance or default of the Debtor with the provisions of the
final order.
As adequate protection, secured creditors will receive
post-petition liens on the Debtor's cash and inventory to the same
extent as their pre-bankruptcy liens.
The Debtor has identified multiple UCC financing statements filed
with the North Carolina Secretary of State, which may represent
potentially secured creditors who could have liens on the cash
collateral. These filings include liens held by Beacon Funding
Corporation, Funding Futures LLC, JNG Capital, and CT Corporation
System, among others.
Established in 2014, the Debtor specializes in providing
high-quality custom merchandise and branding solutions such as
printed apparel, drinkware, pens, banners, and decals. Having filed
for Chapter 11 bankruptcy, the Debtor aims to reorganize its
business and maximize repayment to its creditors while continuing
operations as a debtor-in-possession.
About Edge Promo Team LLC
Edge Promo Team, LLC specializes in providing high-quality custom
merchandise and branding solutions such as printed apparel,
drinkware, pens, banners, and decals.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03107-5-PWM) on
August 13, 2025. In the petition signed by Ted Ormsby, member, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Pamela W. Mcafee oversees the case.
William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC,
represents the Debtor as legal counsel.
EMPIRE RESORTS: Fitch Keeps 'B-' IDR on Watch Negative
------------------------------------------------------
Fitch Ratings has maintained Empire Resorts, Inc. on Rating Watch
Negative (RWN), including its 'B-' Issuer Default Rating (IDR) and
'B-' senior secured notes with a 'RR4' Recovery Rating.
The 'B-' IDR reflects Empire's 'CCC' Standalone Credit Profile
(SCP) with a two-notch uplift from its linkage and credit support
from parent Genting Malaysia. The 'CCC' SCP reflects
breakeven-to-negative Fitch defined EBITDA (after deducting finance
lease expenses) mainly from cannibalization and costs associated
with Empire's Resorts World Hudson Valley (RWHV) property,
heightened refinancing risk, and continued reliance on parent
support.
The RWN highlights the risk that Genting New York LLC (GENNY;
BBB-/RWN) may not secure a full-scale casino license in downstate
New York. Without this license, Fitch believes the New York market
would become less strategically important to the Genting group,
reducing Genting Malaysia's (BBB/Stable) incentive to provide
support.
Key Rating Drivers
Deleveraging Transaction: Empire's expected sale of non-gaming
assets will finance the full redemption of its $300 million notes
and the purchase of 1,554.6 acres of land underlying Resorts World
Catskills. The sale will eliminate interest on the redeemed notes
and remove prior land lease payments to EPR Properties, materially
improving Empire's credit profile.
The savings will be partially offset by the general levy payable to
the Sullivan County Regional Facilities Development Corporation
(SCRFLDC), which funds the service fee to support operations of the
non-gaming assets. Fitch expects this transaction to initially
increase profitability in 2026 but for cannibalization from
downstate openings to erode EBITDA.
Exposure to SCRFLDC Debt: Despite the prepayment, Empire remains
indirectly exposed to the series 2025 debt issued by SCRFLDC. Under
the bonds' revenue waterfall, gross revenues from the non-gaming
businesses will flow to the revenue fund and be applied first to
debt service before operating, maintenance, and management costs,
with certain payments eligible for deferral if needed. The
shortfall is covered by the general levy payable from Empire to
SCRFLDC. Cannibalization from downstate openings can increase this
levy, exacerbating pressures already expected at Empire.
Rating Uplift From Genting Linkage: Fitch views Empire's
association with Genting Malaysia favorably, warranting a two-notch
uplift from its 'CCC' SCP under Fitch's "Parent and Subsidiary
Rating Linkage" criteria, specifically through the "stronger
parent, weaker subsidiary" approach. The bottom-up method, from the
SCP, contrasts with other entities owned by Genting that are either
equalized or notched down from the parent's rating. The outcome
primarily reflects low legal incentive for parent support and RWC's
lower strategic value compared to Genting's other properties,
typically large-scale flagship assets with significantly greater
cash flows.
Full Ownership Deepens Ties: Fitch views Genting Malaysia's recent
full acquisition of Empire Resorts positively, strengthening ties
and commitment to New York. While full control enhances alignment,
the absence of explicit guarantees or committed refinancing support
caps further uplift under the current Bottom Up +2 framework.
Empire's strategic importance within Genting would strengthen
materially if Resorts World NYC secures a full-scale license;
failure to do so would weaken incentives for parent support.
Near-term, the key benefit is maintaining regulatory relationships
rather than delivering immediate credit enhancement.
Hudson Valley Cannibalization: The opening of RWHV led to
cannibalization of Empire's Resorts World Catskills (RWC) location
and decreased profitability. Additionally, Gaming taxes at RWHV are
higher than those at RWC, which exacerbates the cannibalization
effect on RWC as profits decline. Since RWHV's opening in 2022,
annual gross gaming revenue (GGR) at both locations in 2024 has
increased by 25%. However, net revenue after taxes only rose by 12%
due to the higher tax rate at RWHV. The additional overhead of a
new facility with little incremental revenue totaling both
facilities materially decreased profit margins.
NYC Licenses Looming: With up to three new downstate New York
full-scale casino licenses now in process, RWC will face greater
competitive pressure as these licenses are awarded. The RWC casino,
located approximately 90 miles from New York City, already competes
with Atlantic City, New Jersey; eastern Pennsylvania; New York City
area slots-only properties; and Connecticut tribal casinos. The
additional gaming supply directly in New York City will erode a
portion of RWC's player base, particularly in table games. Although
the exact timing remains uncertain, the competitive landscape in
New York makes significant long-term growth in RWC's gaming revenue
unlikely.
Geographic Concentration: Empire operates two properties, RWC and
RWHV, in a competitive market subject to new supply in the short
and medium term. Single-site casino operators are typically rated
on the low end of speculative grade, though some can achieve higher
ratings if they are in well-protected, monopolistic regulatory
environments and have very low leverage. Empire is somewhat more
diversified with its second property, the video lottery terminal
(VLT) facility, RWHV, which opened in Newburgh, NY in 4Q22.
However, given the geographic proximity of RWHV to RWC, the ratings
benefit from opening the additional casino will be limited.
Peer Analysis
Empire's SCP is consistent with most other single-site casino
operators, including Hard Rock Northern Indiana (HRNI; B/Stable),
which are typically on the lower end of speculative grade. HRNI's
end-market dynamics are similar to Empire's, including competitive
operating environments with new supply risk, single-site properties
and similar cash flow generation. HRNI is exposed to new
competition through the pending casino openings in Chicagoland
until 2026.
However, Empire is weaker than its larger, more geographically
diversified regional gaming peers, including Bally's Corporation
(Bally's; B-/RWN). Bally's IDR also reflects its international
digital footprint and strong discretionary FCF, though high EBITDAR
leverage.
Key Assumptions
- Sale of non-gaming assets occurs in Q4 2025;
- Revenue declines 1.5% in 2025 and 6% in 2026 before declining 14%
and 5% in 2027 and 2028 respectively;
- 2026 revenue declines primarily related to change in business
structure after sale of non-gaming assets. 2027 declines due to
cannibalization from assumed downstate casino openings;
- EBITDA margins improve to approximately 10% by 2026, driven by
new business structure primarily related to loss of land lease but
declines to neutral levels by 2028 as cannibalization erodes
profitability at the entity;
- Reduced capex to maintenance levels throughout the forecast
increases FCF;
- Successful repayment of senior secured notes in 2025 after sale
of non-gaming assets. Issuer debt free thereafter, however levy
payments continue to be made to SCRFLDC towards its operating
expense shortfalls;
- Interest rate assumptions in line with market forward rates and
spreads.
Recovery Analysis
The recovery analysis assumes that Empire would be reorganized as a
going concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim and there is no revolver in the
capital structure.
The most likely bankruptcy scenario in the near term would be
related to the refinancing of the senior secured notes due in 2026.
Going concern EBITDA of $18 million is significantly higher than
Fitch's 2025 estimates. This level of EBITDA represents margins
around 7%, as opposed to 1% in its 2025 base case. After a
bankruptcy, a new owner should be able to run RWC more efficiently
through disposal of unprofitable assets such as Monticello Raceway,
managing the food and beverage segment, land lease renegotiations,
and cost cutting measures in SG&A.
Considering EBITDA margins of regional casinos run by experienced
operators such as MGM or Caesars range from low 20% to mid-30%, the
potential margin improvement appears to carry low execution risk
with further upside potential.
Fitch's going concern EBITDA estimate is a decline of about 32%
from its prior review representing decreased confidence in Resorts
World Catskill and Hudson Valley properties' standalone long-term
profitability and limited timeline to build revenues before
expected NYC cannibalization.
Fitch applies a 6.0x enterprise value/EBITDA multiple which
reflects the intense competitive environment, limited track record
of operations, fixed rent costs and less established player
database relative to larger, regional peers. This is balanced by
the property's younger age and quality, having opened in 2018.
Fitch typically assigns 5.5x-7.0x multiples to regional gaming
companies, depending on diversification, the competitive
environment, asset quality and existence of meaningful leases.
Fitch forecasts a post-reorganization enterprise value of $97
million after the deduction of expected administrative claims of
10%. This results in an 'RR4' recovery rating for the senior
secured notes, which equates to +0 notching from the IDR to 'B-'.
RATING SENSITIVITIES
The Rating Watch will be resolved once it is confirmed that GENNY
has won a full-scale casino license in downstate New York, or if it
is out of contention.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- The $300 million senior secured notes become current with no
resolution expected;
- Negative FCF is prolonged such that liquidity from excess cash
buffer is eroded;
- Increased cannibalization from the incremental downstate New York
competition than Fitch anticipates;
- A decrease in rating linkage with Genting Malaysia and heightened
refinancing risk in lieu of parental support.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- An increase in rating linkage with Genting Malaysia;
- EBITDAR fixed charge coverage above 1.0x;
- Reductions in EBITDAR leverage toward 7.0x;
- Increase in liquidity evidenced by stable cash balance with less
reliance on support from Genting Malaysia.
Liquidity and Debt Structure
Empire had $27 million in cash as of June 30, 2025 down from $40
million as of December 2024. The transaction is expected to provide
$10 million in incremental cash for working capital purposes as
well as cost savings. This should stabilize cash flows until the
opening of casinos in downstate New York.
Issuer Profile
Empire Resorts, Inc. owns and operates RWC, a full-scale casino
located roughly 90 miles outside New York City and RWHV, its VLT
facility in Newburgh, NY.
Summary of Financial Adjustments
Fitch treated HoldCo debt as debt of the rated entity due to
potential enforcement of a share pledge triggering a Change of
Control at the rated entity level. In early 2024, Genting Malaysia
announced a significant equity infusion of $100 million into Empire
Resorts Inc. The proceeds were partially used to pay down the
HoldCo debt.
Empire also has a subordinated loan agreement with Genting
Malaysia, for $38.2 million. Fitch does not consider this
subordinated debt as debt of the rated entity when calculating
leverage metrics because the maturity is after that of the rated
debt, and it is paid in kind for life.
All of the preferred equity is senior only to common equity and
subordinated to all debt. It has a 2038 maturity, and there are no
cross-defaults. A change of control only triggers a conversion to
common equity. Empire is not required to declare dividends on the
preferred equity.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Empire Resorts
Inc. LT IDR B- Rating Watch Maintained B-
senior
secured LT B- Rating Watch Maintained RR4 B-
ENKB-MONTICELLO LLC: Hires Joyce W. Lindauer as Bankruptcy Counsel
------------------------------------------------------------------
ENKB-Monticello LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Joyce W. Lindauer
Attorney, PLLC to handle its Chapter 11 case.
The firm will be paid at these rates:
Joyce W. Lindauer $595 per hour
Laurance Boyd $295 per hour
Dian Gwinnup $250 per hour
Paralegal $125 to $250 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $21,000.
Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer Attorney,
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:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Tel: (972) 503 4033
Fax: (972) 503-4034
About ENKB-Monticello LLC
ENKB-Monticello LLC and affiliates own and operate multifamily
residential properties in Texas, including Monticello Apartments,
La Plaza Apartments, Mar Del Sol Apartments, and Villa Nueva
Apartments. The Debtors provide rental housing across their
respective communities and are managed as part of a real estate
investment portfolio based in Houston, Texas.
ENKB-Monticello LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80418) on September
7, 2025. In its petition, the Debtor reports estimated assets
between $10 million and $50 million and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Alfredo R. Perez handles the case.
The Debtor is represented by Joyce W. Lindauer, Esq. at JOYCE W.
LINDAUER ATTORNEY, PLLC.
ERC REPAIR: Case Summary & Nine Unsecured Creditors
---------------------------------------------------
Debtor: ERC Repair LLC
5971 Brick Ct.
Suite 2011
Winter Park, FL 32792
Chapter 11 Petition Date: September 26, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-06126
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jason Birkett as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's nine unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/WXELKBA/ERC_Repair_LLC__flmbke-25-06126__0001.0.pdf?mcid=tGE4TAMA
EVERSTREAM SOLUTIONS: Disclosure Statement Hearing Set for Oct. 8
-----------------------------------------------------------------
The Hon. Christopher M. Lopez of the U.S. Bankruptcy Court fr the
Southern District of Texas will hold a hearing on Oct. 8, 2025, at
2:00 p.m. (Prevailing Central Time) in Courtroom 401, 4th Floor,
515 Rusk Avenue, Houston, Texas 77002, to consider approval of the
adequacy of the disclosure statement for the joint Chapter 11 plan
of Everstream Solutions LLC and its debtor-affiliates.
Objections to the approval of the disclosure statement, if any,
must be filed no later than 4:00 p.m. (Prevailing Central Time) on
Oct. 8, 2025.
Persons or entities interested to participate in the hearing by an
audio and video connection, an audio communication will be by use
of the Bankruptcy Court's dial-in facility. They may access the
facility at (832) 917-1510 and enter the conference code 590153.
The video communication will be by use of the Gotomeeting Platform.
Connect via the free Gotomeeting Application or click the link on
Judge Lopez’s home page. The meeting code is "judgelopez."
Click the settings icon in the upper right corner and enter your
name under the personal information setting.
According to the Troubled Company Reporter on Sept. 19, 2025, the
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 Sept. 10, 2025
is available at https://urlcurt.com/u?l=f3MIe7 from Stretto Inc.,
claims agent.
Any party in interest wishing to obtain a copy of the Disclosure
Statement and the Plan should contact the Debtors' claims,
noticing, and solicitation agent, Stretto, Inc., by email at
everstreaminquiries@stretto.com, or by telephone at (855) 761-1230
(toll-free number within the U.S./Canada) or + 1 (725) 240-7006
(international). Interested parties may also review the Disclosure
Statement and the Plan free of charge at
https://cases.stretto.com/everstream. In addition, the Disclosure
Statement and Plan are on file with the Bankruptcy Court and may be
reviewed for a fee by accessing the Bankruptcy Court's website:
https://ecf.txsb.uscourts.gov/. Note that a PACER password and
login are needed to access documents on the Bankruptcy Court's
website. A PACER password can be obtained at
https://www.pacer.psc.uscourts.gov.
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.
FIRST BRANDS: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Ratings has downgraded First Brands Group, LLC's (First
Brands) corporate family rating to Caa1 from B2 and probability of
default rating to Caa1-PD from B2-PD. Concurrently, Moody's
downgraded the company's senior secured first lien debt rating to
Caa1 from B1 and senior secured second lien debt rating to Caa3
from Caa1. The outlook has been changed to negative from stable. In
addition, Moody's have withdrawn the ratings on the company's
proposed backed senior secured first lien bank credit facilities
rated B1 and a backed senior secured second lien term loan rated
Caa1. Moody's are withdrawing those ratings since that transaction,
which was launched in July 2025, is unlikely to be completed as
previously contemplated.
The rating downgrade reflects Moody's views that refinancing risk
and the potential for a debt restructuring have significantly
increased. These risks have materialized rapidly following a pause
in the company's efforts last month to refinance its capital
structure. Moody's believes that waning investor sentiment
reflected in the request for additional transparency and recent
distressed trading prices of the company's debt make a refinancing
difficult. Therefore, Moody's believes First Brands could pursue
alternative financing options, which could include a below par debt
restructuring or other transaction that could be viewed as a
distressed exchange.
The negative outlook reflects uncertainty around the financing
options the company may take to address its approaching debt
maturities, which could result in greater losses to creditors than
Moody's currently anticipate. Further, any disruption in the
company's supply chain financing programs given current market
sentiment could result in additional liquidity needs. At the end of
June 2025, First Brands had adequate liquidity with over $800
million in available cash. However, Moody's believes that if terms
of its supply chain financing programs are materially altered or
the programs are terminated, the company would face significant
cash outflows.
Governance considerations were a key driver to the rating actions,
particularly around the company's aggressive financial policies,
including high leverage resulting from a history of debt funded
acquisitions, and management credibility and track record. Moody's
believes these factors contributed to the inability to complete the
proposed refinancing. As a result, Moody's have changed First
Brands' governance issuer profile score to G-5 from G-4 and its
Credit Impact Score to CIS-5 from CIS-4.
RATINGS RATIONALE
First Brands' Caa1 CFR reflects considerable liquidity risks,
particularly the approaching March 2027 maturity of almost $5
billion of first lien debt. Moody's believes the postponement of
the July 2025 refinancing transaction and negative investor
sentiment since that time increase the difficulty in fully
refinancing the outstanding debt at attractive terms. Further,
Moody's believes risks around the company's supply chain financing
programs could materialize and erode the company's liquidity in the
near-term.
First Brands' ratings also reflect the company's aggressive
financial policy of pursuing fully debt funded acquisitions, high
leverage and modest interest coverage. First Brands maintains
sizeable scale as an automotive aftermarket parts supplier with
good profit margin. First Brands' revenue and profitability growth
have been achieved primarily through acquisitions and subsequent
cost savings. Many of the company's acquisitions have been of
underperforming assets for which First Brands undertakes
significant cost saving actions, including facilities consolidation
and product insourcing and procurement actions, to improve
earnings.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if First Brands successfully
refinances its debt at par. Quantitatively, debt/EBITDA sustained
below 6x, EBITDA/interest expense above 2x and consistently
positive free cash flow could support an upgrade of the ratings.
The ratings could be downgraded if First Brands' liquidity
deteriorates and the likelihood of a default, including a
distressed exchange, increases. In addition, a ratings downgrade
could occur if Moody's estimate of recovery rates declines.
The principal methodology used in these ratings was Automotive
Suppliers published in December 2024.
The Caa1 CFR of First Brands is three notches below the
scorecard-indicated outcome of B1 as of December 31, 2024. The
difference reflects the significant refinancing risk facing the
company.
First Brands Group, LLC, headquartered in Cleveland, OH, is a
leading manufacturer and distributor of primarily aftermarket
component parts for the automotive and other industrial equipment
markets. The company's products include wipers, air and oil
filters, water and fuel pumps, brake drums and rotors, lighting,
spark plugs, towing and trailering equipment and gas springs.
FIRST BRANDS: Prepares for Filing Chapter 11 Bankruptcy
-------------------------------------------------------
Ethan M Steinberg of Bloomberg News reports that auto parts maker
First Brands Group is preparing to seek Chapter 11 protection and
is pursuing at least $1 billion in financing to sustain operations
during restructuring, sources said.
Creditors and bankers are working to address roughly $6 billion in
debt as investor confidence erodes, with discussions centering on a
potential $1.25 billion debtor-in-possession loan, the report
states.
About First Brands Group LLC
First Brands Group, LLC, headquartered in Cleveland, OH, is a
leading manufacturer and distributor of primarily aftermarket
component parts for the automotive and other industrial equipment
markets. The company's products include wipers, air and oil
filters, water and fuel pumps, brake drums and rotors, spark plugs
and gas springs.
FLEMING STEEL: Hires Tishkoff PLC as Special Litigation Counsel
---------------------------------------------------------------
Fleming Steel Co. seeks approval from the U.S. Bankruptcy Court for
the Western District of Pennsylvania to hire Tishkoff PLC to serve
as special litigation counsel in its Chapter 11 case.
Tishkoff will provide these services:
(a) preparation and filing of documents related to the Litigation
with the United States District Court for the Eastern District of
Michigan, the Circuit Court of Wayne County, Michigan, and other
courts as may be necessary;
(b) argument of any of the aforementioned filings in relevant
courts;
(c) interaction and negotiations with counsel for the Receiver to
finalize a judgment and/or general unsecured claim in favor of
Debtor against Plaintiff;
(d) enforcement of Debtor's judgment and/or general unsecured
claim subject to the State Lawsuit proceedings; and
(e) interaction with counsel for opposing parties and Debtor's
bankruptcy counsel as necessary.
Mr. William G. Tishkoff, principal of the firm, will receive an
hourly rate of $400.
Other Tishkoff attorneys (associate and/or of counsel) will receive
$300 per hour, and paralegals will receive $125 per hour.
Tishkoff 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:
William G. Tishkoff, Esq.
TISHKOFF PLC
Telephone: (734) 669-3860
E-mail: will@tish.law
About Fleming Steel Co.
Fleming Steel Co., based in New Castle, Pennsylvania, designs and
manufactures custom doors, including horizontal slide, canopy,
vertical lift, craneway and monorail, horizontal swing,
fuselage/hull apertures, and specialized application doors.
Operating since 1921 under third-generation family ownership, the
Company provides engineered solutions for commercial, industrial,
aerospace, and government clients, incorporating custom designs for
acoustic, blast-resistant, flood control, thermal, and
electromagnetic shielding applications. Fleming Steel's projects
have served clients such as Boeing, NASA, American Airlines, the
United States Navy, and the Smithsonian Air and Space Museum,
combining patented door designs with consultation and preventative
maintenance services.
Fleming Steel sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Pa. Case No. 25-22143) on August 15, 2025. In its
petition signed by Seth Kohn, president, the Debtor reported
between $1 million and $10 million in both assets and liabilities.
Honorable Judge John C. Melaragno oversees the case.
The Debtor tapped Ryan J. Cooney, Esq., at Cooney Law Offices LLC
as counsel.
FOUR PALMS: Seeks Subchapter V Bankruptcy in Florida
----------------------------------------------------
On September 23, 2025, Four Palms Investments Inc. filed Chapter
11 protection in the Middle District of Florida. According to
court filing, the Debtor reports between $1 million and $10 million
in debt owed to 1 and 49 creditors. The petition states funds will
be available to unsecured creditors.
About Four Palms Investments Inc.
Four Palms Investments Inc., incorporated in 2018 and based in the
Tampa Bay area, manages business holdings as the group's investment
arm.
Four Palms Investments Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-06972) on September 23, 2025. In its petition, the Debtor
reports estimated assets up to $50,000 and estimated liabilities
between $1 million and $10 million.
The Debtor is represented by Amy Denton Mayer, Esq. of BERGER
SINGERMAN LLP.
FR BR HOLDINGS: S&P Assigns 'B-' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to FR BR
Holdings LLC (FR BR).
S&P said, "At the same time, we assigned our 'B-' issue-level
rating and '3' recovery rating to the senior secured TLB. The '3'
recovery rating on the TLB indicates our expectation for the
meaningful (50%-70%; rounded estimate: 60%) recovery in the event
of a payment default.
"The stable outlook reflects our expectations that FR BR will
receive stable distributions from BRM and maintain leverage below
3x over the next two years."
FR BR is a subsidiary of First Reserve Corp. that holds a 50%
nonoperating, noncontrolling equity interest in Blue Racer
Midstream LLC (BRM). FR BR is issuing a $330 million first lien
term loan B (TLB) due 2030, which it will use to refinance existing
debt and fund the debt service reserve account.
S&P said, "Our rating on FR BR reflects the difference in credit
quality compared with that of BRM. FR BR relies solely on
distributions from BRM to service its first-lien TLB due 2030
because it does not have any other substantive assets. Therefore,
we rate FR BR under our noncontrolling equity interest criteria.
Our view of FR BR's credit profile incorporates its financial
ratios, BRM's cash flow stability, the company's ability to
influence BRM's financial policy, and its ability to liquidate its
investment in BRM to repay the $330 million first-lien TLB.
"We expect FR BR to receive steady distributions from BRM. BRM's
contract profile benefits from about 85% of fixed-fee contracts,
30% of which are minimum volume commitments (MVCs). However, there
is potential for volumetric risk in the non-MVC backed cash flows.
BRM's counterparty credit quality has improved over the past 18
months; however, it continues to derive most of its revenues from
speculative-grade customers. As a result, given the volumetric risk
coupled with fixed-fee acreage dedicated backed contracts, we limit
our assessment of cash flow stability to neutral.
"We view corporate governance and financial policy as neutral.
While we expect steady distributions from BRM, there are limited
incentives to maintain constant or growing dividends. Additionally,
there are limitations on distributions if BRM's leverage is above
certain levels: if BRM's leverage is higher than 4.25x, the company
can only distribute $135 million, $67.5 million to FR BR. If BRM's
leverage is above 5.25x, BRM cannot make cash distributions. FR BR
does have a deciding vote, along with The Williams Cos., on key
decisions and budget changes including changes to dividend policy.
"We expect debt to EBITDA below 3x in our forecast period. We
forecast debt to EBITDA of approximately 2.25x-2.75x in 2026, which
will further decline for the remainder of the forecasted period. FR
BR continues to pursue a financial policy focused on debt
repayment, so we assume a 100% cash flow sweep toward the TLB and
no distributions to First Reserve."
"At the same time, we project its EBITDA to interest coverage ratio
will be 4.0-4.25x in 2026 and increase for the rest of the
forecasted period toward 6x. These ratios result in a neutral
assessment of its financial ratios.
"Our view of FR BR's ability to liquidate its investment in BRM is
negative because BRM is not publicly traded.
"The stable outlook reflects our expectation that FR BR will
receive distributions from BRM consistent with its governance
framework and financial policy. We expect FR BR's stand-alone
leverage will be below 3x over the next two years.
"We could lower our rating on FR BR if distributions from Blue
Racer decrease such that FR BR cannot meet its debt service
requirements, or its capital structure appears unsustainable.
"We are unlikely to take a positive rating action on FR BR unless
our assessment of BRM's credit profile materially improves."
FUTURE FINTECH: Jian Ke, FT Global Hold 1.13% Stake
---------------------------------------------------
Jian Ke and FT Global Capital Inc., disclosed in a Schedule 13G
(Amendment No. 2) filed with the U.S. Securities and Exchange
Commission that as of September 12, 2025, they beneficially own
212,000 shares of Future FinTech Group Inc.'s common stock, par
value $0.001 per share, representing 1.13% of the 18,703,311 shares
of common stock outstanding (based on information received from the
Company's transfer agent as of September 18, 2025). The shares were
issued pursuant to a Settlement and Forbearance Agreement dated
June 17, 2025, and are subject to a beneficial ownership limitation
of 9.99%. Mr. Ke, as President, Chief Executive Officer, and sole
director of FT Global, may be deemed to control FT Global, though
he disclaims beneficial ownership of the securities except to the
extent of his pecuniary interest.
Reporting Persons may be reached through:
Jian Ke / President & CEO
FT Global Capital Inc.
1688 Meridian Avenue, Suite 700
Miami Beach, Fla. 33139
A full-text copy of the SEC Report is available at:
https://tinyurl.com/yw5hav8s
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices) and fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company
transformed its business from fruit juice manufacturing and
distribution to financial technology-related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong, and cross-border money transfer service in the UK.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered losses from operations. Therefore, the Company has
stated substantial doubt about its ability to continue as a going
concern.
The ability of the Company to continue as a going concern is
dependent upon its ability to successfully execute its new business
strategy and eventually attain profitable operations.
As of Dec. 31, 2024, the Company had $25.9 million in total assets,
$13.3 million in total liabilities, and a total stockholders'
equity of $12.6 million.
FWAK LLC: Seeks to Use Cash Collateral
--------------------------------------
FWAK, LLC asks the U.S. Bankruptcy Court for the Eastern District
of Washington for authority to use cash collateral and provide
adequate protection.
The Debtor owns and operates the Chrimar Apartments, a 31-unit
complex in Lynnwood, Washington, and had been operating profitably
prior to the receiver's appointment. Wells Fargo Bank, N.A., as the
senior secured lender, holds a first-position deed of trust on the
property stemming from a 2004 loan originally valued at $1.415
million, with a current outstanding balance of approximately
$733,811.58. A second lien was placed on the property by Trez
Capital in 2020 to secure a separate construction loan to La Grande
Villas, LLC, an affiliated entity for which FWAK is not a
guarantor. Following a default on the LGV loan and a failed
foreclosure attempt, a state court appointed a general receiver
over FWAK's property and accounts.
Since filing for Chapter 11 on August 7, the Debtor has been
seeking to regain control of its assets, noting that the receiver
has failed to comply with turnover and reporting obligations under
11 U.S.C. section 543. The Debtor contends that removing the
receiver and reinstating its prior management will reduce costs and
restore profitability, allowing it to fund operations and implement
a reorganization plan. The Debtor has continued to maintain
insurance and pay taxes and has never defaulted on its obligation
to Wells Fargo.
The Debtor now seeks permission to use the bank's cash collateral
through January 31, 2026, in accordance with a proposed operating
budget, to fund necessary business operations such as maintenance,
payroll, insurance, and mortgage payments.
To protect the bank's interest, the Debtor proposes monthly
adequate protection payments, a replacement lien on post-petition
assets, and, if necessary, a superpriority administrative expense
claim under 11 U.S.C. section 507(b). The Debtor argues that these
measures satisfy the adequate protection requirements under 11
U.S.C. sections 361 and 363, particularly as the use of cash
collateral is necessary to preserve the estate's going-concern
value.
A copy of the motion is available at https://urlcurt.com/u?l=cyVy1R
from PacerMonitor.com.
About FWAK LLC
FWAK LLC, doing business as Chrimar Apartments, is a single-asset
real estate entity that owns and leases residential property.
FWAK sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D. Wash. Case No. 25-01396) on August 7, 2025. In its
petition, the Debtor reported between $1 million and $10 million in
assets and liabilities.
Judge Whitman L. Holt oversees the case.
The Debtor is represented by Phillip J. Haberthur, Esq., at
Landerholm, P.S.
GEOZ GLOBAL: Seeks Chapter 7 Bankruptcy in Arizona
--------------------------------------------------
Geoz Global LLC filed a 7 chapter bankruptcy in the District of
Arizona bankruptcy court on September 03, 2025. The bankruptcy
petition liabilities in the range of $1 million and $10 million.
The number of creditors is in the range of 50-99.
About Geoz Global LLC
Geoz Global LLC is a limited liability company.
Geoz Global LLC sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08315) on September 3,
2025. In its petition, the Debtor reports estimated estimated
assets between $100,001 and $1 million and estimated liabilities
between $1 million and $10 million.
Honorable Bankruptcy Judge Madeleine C. Wanslee handles the case.
The Debtor is represented by Michael A. Jones of Allen, Jones &
Giles, PLC.
GETTY IMAGES: Moody's Cuts CFR to 'B2', Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings downgraded Getty Images, Inc.'s credit ratings by
one notch, including its Corporate Family Rating to B2 from B1, the
Probability of Default Rating to B2-PD from B1-PD, the company's
$150 million senior secured first lien revolving credit facility
rating due 2028 to B1 from Ba3, the senior secured global notes
rating due 2030 to B1 from Ba3, the Euro- and USD-denominated
senior secured first lien term loans B ratings due February 2030 to
B1 from Ba3 and the existing senior unsecured notes rating due 2027
to Caa1 from B3. Moody's also downgraded the company's Speculative
Grade Liquidity Rating (SGL) to SGL-3 from SGL-1, reflecting
weakened but still adequate liquidity over the next year. Moody's
assigned a Caa1 rating to Getty Images' proposed senior unsecured
notes due 2028 (New Notes) to be issued in exchange for the
existing senior unsecured notes due 2027. The outlook remains
stable.
The CFR downgrade reflects modest organic revenue growth, high
financial leverage, weak free cash flow generation and a weakening
liquidity position. The increase in interest expense following the
February 2025 refinancing and the proposed notes exchange results
in less free cash flow allocated to debt repayment, which will
further delay deleveraging. Free cash flow represented just under
1% of debt for the LTM period June 2025, down from 4.5% at the end
of 2024 and 5.2% at the end of 2023 (all metrics Moody's adjusted).
Moody's expects it to remain under 2% over the next 12-18 months
given high interest expense and merger-related costs. A substantial
share of the cash flow decline year to date is due to non-recurring
merger related costs (about $29 million for the six months ending
June 2025). While the proposed exchange alleviates near-term
maturities, it does not offer a long-term solution to the capital
structure and increases an already high interest burden. Moody's
expects that Getty Images could be incentivized to replace the New
Notes with a longer-term debt following the completion of the
merger.
The rating actions follow the company's announcement yesterday [1]
that it had commenced an offer to exchange its existing $300
million 9.75% senior unsecured notes due March 2027 (Old Notes) for
newly issued 14% senior unsecured notes due March 2028 (New Notes).
The exchange offer is subject to certain conditions including a 95%
minimum participation threshold, which can be waived by 50% or more
of the holders of the Old Notes. The company disclosed that its
three largest beneficial holders of Old Notes, collectively holding
approximately 65% of the outstanding principal amount, have
provided indications of their intent to participate in the exchange
offer.
RATINGS RATIONALE
Getty Images' B2 CFR reflects the company's high leverage, weak
interest coverage, limited free cash flow with Moody's adjusted
FCF/Debt in the low-single percent range and intense industry
competition as market demand for visual imagery continues to grow.
Getty Images' Debt/EBITDA at June 2025 was 5.3x (Moody's adjusted,
including adding back the fair value adjustment to EBITDA) and
Moody's do not expect material deleveraging on a standalone basis,
absent the previously announced merger with Shutterstock Inc.
(Shutterstock). While the company generates the majority of its
revenue from enterprise customers, it does have some exposure to
small businesses which are typically more cyclical and likely to
experience greater pullback in spend compared to larger firms
during periods of weak economic growth. The rise of AI has
transformed the content-creation market and led to increased
competition and challenges — real and perceived — for visual
content companies like Getty Images and its peers, including
Shutterstock.
Getty Images will continue to benefit from its position as a
preeminent global visual content creator and marketplace that
offers a full range of content solutions to meet the needs of
customers around the globe. The company serves over one million
customers annually across more than 200 countries and boasts a
sizable collection of pictorial content, believed to be one of the
largest and broadest in the world under the Getty Images' (premium)
as well as Unsplash.com and iStock.com logos (budget-conscious)
brands. Getty Images' good geographic diversification, variable
cost operating model with imagery and video content from
diversified sources, and long-term relationships across a broad
customer base comprising news, entertainment and sports publishing
organizations further support its credit profile. The company's
annual subscriptions now comprise a larger share of revenue (55% of
total revenue for the six months ended June 2025), which reduces
revenue volatility.
Moody's continues to view the proposed merger with Shutterstock as
credit positive because it will improve the combined entity's
balance sheet as Shutterstock is less levered (~$276 million debt
at June 2025 relative to Getty Images' $1.4 billion debt). Cost
savings from the combination are substantial, estimated to reach
$150 million — $200 million by year three, roughly equivalent to
Shutterstock's EBITDA. Approximately two thirds of estimated cost
synergies are expected to be achieved within 12 to 24 months of
close. However, cash costs of $75 million — $100 million, the
majority of which are expected to be incurred in the first year and
before most savings are generated. Therefore, Moody's expects most
free cash flow improvement occur in year two and three
post-merger.
Moody's expects that Getty Images will maintain adequate liquidity
(SGL-3) over the next 12-18 months. The company had $110 million
cash on balance sheet at the end Q2 2025, access to the $150
million revolver (undrawn at Q2 2025) and generated free cash flow
of $13 million in the 6/2025 LTM period. Moody's expects modest
annual free cash flow in the $10 to $30 million range over the
coming year. Given high debt service costs, including $60 million
of mandatory amortization on the New Notes, Moody's expects the
cash balance to decline to under $100 million in 2026 absent a
refinancing of the New Notes. Getty Images' revolver matures in May
2028, subject to a 180-day springing maturity if more than $100
million of term loans and/or senior notes are outstanding with a
maturity date earlier than 180 days after May 04, 2028. The
revolver contains a quarterly leverage maintenance covenant that
enables access to the facility as long as consolidated total debt
to consolidated EBITDA (as defined in the bank credit agreement)
does not exceed 5x. There are no step-downs remaining through
maturity in 2028. Moody's expects that Getty Images will have good
cushion under the requirement over the next year. The term loans
are not subject to maintenance covenants.
The instrument ratings reflect the probability of default of the
company, as reflected in the B2-PD Probability of Default Rating,
an average expected family recovery rate of 50% at default given
the mix of secured and unsecured debt in the capital structure and
the particular instruments' ranking in the capital stack. The
company's senior secured revolver due 2028 and the senior secured
term loans and notes due 2030 are each rated B1, one notch above
the B2 CFR given the cushion provided by the senior unsecured notes
in a default scenario. The existing senior unsecured notes and the
New Notes are rated Caa1, two notches below the CFR, because
Moody's expects these obligations to absorb most of the potential
loss in a distress scenario. The New Notes will be guaranteed by
the subsidiaries that are guarantors of the existing senior
unsecured notes. No later than 20 business days following the
consummation of the merger, Shutterstock, Inc. and its subsidiaries
will provide a guarantee of the New Notes.
The stable outlook reflects Moody's expectations that the proposed
merger with Shutterstock will close by the end of 2025. It also
incorporates Moody's views that on a standalone basis, Getty Images
will focus on reducing leverage, maintain adequate liquidity and
demonstrate organic revenue growth in the low-single digit
percentage range over the next 12-18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A ratings upgrade could occur if Getty Images demonstrates at least
mid-single-digit percentage organic revenue growth, maintains very
good liquidity, sustains free cash flow to debt in the mid-to-high
single-digit percentage range and total debt to EBITDA below 4x
(both metrics are Moody's adjusted).
The ratings could be downgraded if organic revenue growth remains
weak, (EBITDA – Capex)/Interest Expense approaches 1x,
Debt/EBITDA is sustained above 5x (both metrics Moody's adjusted),
or liquidity deteriorates, including free cash flow remaining near
break-even.
Headquartered in Seattle, WA, Getty Images, Inc. is a wholly-owned
subsidiary of Getty Images Holdings, Inc., a leading creator and
distributor of still imagery, vector, video and multimedia
products, as well as a recognized provider of other forms of
premium digital content, including music. The company provides
stock images, music, video and other digital content through
gettyimages.com, iStock.com and Unsplash.com. Getty Images reported
revenue of $947 million for the latest twelve months ending June
30, 2025.
The principal methodology used in these ratings was Media 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.
GOLAR LNG: Moody's Assigns First Time 'B2' Corporate Family Rating
------------------------------------------------------------------
Moody's Ratings has assigned a first time B2 long-term Corporate
Family Rating and B2-PD Probability of Default Rating to Golar LNG
Limited (the company, Golar LNG). Concurrently, Moody's have
assigned a B3 instrument rating to the $500 million senior
unsecured notes issued by Golar LNG. The outlook is stable.
RATINGS RATIONALE
The ratings reflect Golar LNG's focus on large, floating liquefied
natural gas (FLNG) assets, essentially floating liquefaction
plants, with good underlying market fundamentals, its highly
contracted nature with approximately $17 billion of earnings
backlog under tolling- and lease-like contracts that provide fixed
minimum payments, before commodity-linked tariff upside and
inflationary adjustments, thereby mitigating price and volume risks
while also providing some upside. Various contractual mechanisms
also mitigate other risks to a significant degree, including
country and counterparty risks, while its customer mix include some
highly-rated counterparties such as BP p.l.c. (A1 stable). Golar
LNG's FLNG assets are large scale and typically represent important
local infrastructure in the region they operate in, enabling the
export of otherwise potentially stranded gas resources.
However, the ratings also reflect Golar LNG's asset concentration
and degree of construction risk with two operational vessels (FLNG
Hilli and FLNG Gimi) and one under development (MKII) due in the
fourth quarter of 2027. Despite significant contractual
mitigations, Golar LNG's vessels nevertheless operate and are
expected to continue to operate in the waters of lower-rated
countries such as Cameroon (Caa1 stable) and Argentina (Caa1
stable), and it has concentration among counterparties including
low-rated local companies, which increases counterparty risks. The
company will also have large, contracted cash outflows over the
next years for the construction of the MKII vessel and cash flow
generation will temporarily dip in the second half of 2026
following completion of FLNG Hilli's existing contract and before
commencement of its new 20-year contract expected in 2027.
These developments are reflected in weak credit metrics over the
construction period of the MKII, including negative cash flows,
high upfront Moody's-adjusted debt/EBITDA of above 10x in 2025 to
2027 (excluding FLNG GIMI pre-COD cashflows in 2025 expected
EBITDA) and Moody's-adjusted EBITDA/Interest below 2.0x. Moody's
expects the company to refinance the asset-level funding on the
FLNG Gimi in the fourth quarter of 2025 now that the commercial
operations date (COD) has been achieved, which will together with
the proceeds from the new senior unsecured notes add substantially
to cash balances. As a result, Moody's-adjusted net debt/EBITDA
would still be high but somewhat lower in the 7.0-10.0x range over
the 2025-2027 period. From 2028, assuming no further newbuild
activity, metrics should substantially improve, although the
company may commission the next conversion to take advantage of
market demand.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS
Golar LNG is exposed to environmental and social risks, including
physical climate risks given its asset concentration and the need
to operate its assets safely and responsibly. Given its focus on
hydrocarbons it is exposed to the energy transition, although
partly limited by its focus exclusively on converting third-party
gas to LNG. Governance considerations include the company's
financial policies including the meaningful use of debt to fund its
assets and substantial ongoing dividend payments, as well as its
transparency and disclosure as listed business.
RATING OUTLOOK
The stable outlook reflects Moody's expectations that the company
will maintain its steady operating track record, execute the
construction of the MKII as planned within budget and time
including securing appropriate funding in a timely and cost
competitive manner, and execute as planned regarding the transition
of the FLNG Hilli to Argentina in 2027.
LIQUIDITY
The liquidity profile is good. The company had an unrestricted cash
balance of $783 million as of June 2025, which will rise following
the notes issuance and an expected refinancing of the FLNG Gimi
asset-level funding. Moody's expects Golar LNG to remain
significantly cash flow negative over the coming years due to the
growth investments related to the MKII and relocation of the FLNG
Hilli. Considering the minimum contractual counterparty payments,
continuation of shareholder returns at current levels, expected
notes and FLNG Gimi asset-level funding, Moody's expects Golar LNG
to have sufficient funds through the investment peak of the MKII
conversion.
STRUCTURAL CONSIDERATIONS
The senior unsecured notes are rated one notch below the CFR. They
are unsecured and unguaranteed by the operating subsidiaries and
rank behind the secured funding at FLNG Gimi and FLNG Hilli. They
rank in line with the other unsecured bonds and convertible bond.
Moody's expects Golar LNG to continue to pursue asset-level
financing. However, any future capital structure changes beyond the
anticipated refinancing of the FLNG Gimi asset-level funding may
have implications for the instrument rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could come under positive pressure if the company
successfully executes on the FLNG Hilli contract start-up in
Argentina in 2027 and MKII peak construction phase so that
Moody's-adjusted debt/EBITDA falls sustainably towards 6.0x and
Moody's-adjusted EBITDA/Interest rises above 2.0x. A prerequisite
would also be an at least adequate liquidity profile and Moody's
would also consider the operating environment in its main countries
for any positive pressure to develop. Conversely, negative pressure
on the rating could arise if any operating or counterparty issues
occur, the company's financial policy becomes more aggressive for
example through rising shareholder returns, rising leverage beyond
Moody's expectations or weakening credit metrics. More
specifically, debt/EBITDA remaining above 7.0x beyond 2027 or
EBITDA/Interest falling below 1.25x would result in negative
pressure. Weakening liquidity or an inability to secure any
additional funding needs at cost competitive levels and in a timely
manner would also pressure the rating and so would any rising
concerns that the environment in the countries it operates, most
notably Argentina, may have an adverse impact on Golar LNG.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Midstream
Energy published in February 2022.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
COMPANY PROFILE
Golar LNG is a US-listed business, specializing in owning and
operating FLNG vessels. It has two operating vessels, the FLNG
Hilli and FLNG Gimi, with a third, the MKII under construction and
due in late 2027.
GRANGE PUBLIC: Section 341(a) Meeting of Creditors on October 24
----------------------------------------------------------------
On September 22, 2025, The Grange Public House & Brewery LLC filed
Chapter 11 protection in the Southern District of Iowa. According
to court filing, the Debtor reports $1,674,841 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 09:00 AM via Telephone Conference Call.
About The Grange Public House & Brewery LLC
The Grange Public House & Brewery LLC operates a restaurant and
brewery at 129 S. Jefferson Street in Mount Pleasant, Iowa,
offering farm-to-table dining and craft beers brewed on-site. Its
menu features a variety of dishes including appetizers like Kami
Shrimp and Acadian Spinach Artichoke Dip, entrees such as ribeye
steak, salmon, and poke bowls, and sandwiches and burgers like the
Grange Burger and Fried Chicken Sandwich, with options for
gluten-free and plant-based diets.
The Grange Public House & Brewery LLCsought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-01625) on
September 22, 2025. In its petition, the Debtor reports estimated
total assets of $144,319 and total liabilities of $1,674,841.
Honorable Bankruptcy Judge Lee M. Jackwig handles the case.
The Debtor is represented by Robert Gainer, Esq. at CUTLER LAW FIRM
PC
HALL OF FAME: Stuart Lichter Holds 73.1% Equity Stake
-----------------------------------------------------
Stuart Lichter and affiliated entities -- 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. 8) filed
with the U.S. Securities and Exchange Commission that as of
September 16, 2025, they beneficially own shares of Hall of Fame
Resort & Entertainment Co's common stock, $0.0001 par value, as
follows:
* Lichter Stuart (individual): 14,152,264 shares (73.1%)
* CH Capital Lending, LLC: 12,380,981 shares (67.6%)
* IRG Canton Village Manager, LLC: 840,168 shares (12.3%)
* IRG Canton Village Member, LLC: 840,168 shares (12.3%)
* IRG, LLC: 477,165 shares (6.7%)
* Midwest Lender Fund, LLC: 421,796 shares (5.9%)
* American Capital Center, LLC: 18,521 shares (0.3%)
Certain shares are shared or indirectly held through ownership
interests, convertible notes, and exercisable warrants, and some
amounts exclude shares as indicated in the Schedule 13D. Mr. Stuart
Lichter, through his ownership and control interests, may be deemed
to beneficially own shares held by several of these entities,
though he disclaims beneficial ownership except to the extent of
actual pecuniary interest.
Reporting Persons may be reached through:
Bryan Cave Leighton Paisner / Amy Wilson / Rick Miller
14th Floor, 1201 Peachtree St. NW
Atlanta, Ga. 30309
Tel: (404) 572-6600
A full-text copy of SEC Report is available at:
https://tinyurl.com/3zz7pur2
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.
HARMON LAND MANAGEMENT: Seeks Chapter 7 Bankruptcy in Arkansas
--------------------------------------------------------------
On September 9, 2025, Harmon Land Management LLC initiated a
voluntary Chapter 7 bankruptcy in the Western District of Arkansas.
The filing shows the company holds debts between $100,001 and $1
million. The petition identifies 1–49 creditors.
About Harmon Land Management LLC
Harmon Land Management LLC is a limited liability company.
Harmon Land Management LLC sought relief under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-71555) on
September 9, 2025. In its petition, the Debtor reports estimated
assets up to $100,000 and estimated liabilities between $100,001
and $1 million.
Honorable Bankruptcy Judge Phyllis M. Jones handles the case.
The Debtor is represented by Susan M. Binkley of Mcdaniel Binkley
Law Office.
HELIUS MEDICAL: Appoints Joseph Chee as Executive Chairman
----------------------------------------------------------
Helius Medical Technologies, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that the
Board of Directors, pursuant to its powers under the Certificate of
Incorporation, as amended, and the Second Amended and Restated
Bylaws of the Company, approved an increase in the size of the
Board from six (6) to seven (7) directors and the appointment of
Joseph Chee as Executive Chairman of the Board to fill the vacancy
created by such increase, which appointment became effective on
September 18, 2025. Mr. Chee will serve for a one-year term until
the Company's 2026 annual meeting of stockholders and until his
successor is duly elected and qualified or until his earlier death,
resignation or removal.
Mr. Chee has served as the Founder and Chairman of Summer Capital
Limited. Summer Capital is an investment company dedicated to
investing in early growth state companies in "new economy" sectors
such as fintech, blockchain infrastructure and application,
consumption technology and healthcare. He has also served as the
Vice Chairman of AMINA Bank AG, a company focused on providing a
bridge between traditional finance and digital assets while
operating as a FINMA-regulated cryptocurrency bank and offering
services such as secure custody, crypto trading, staking, lending,
asset management and tokenized products to professional investors,
corporations, family offices and institutions globally, since April
2020. In addition, Mr. Chee is the founder of Summer Healthcare
Fund, L.P. since February 2021 and Summer Everest Ecosystem Fund,
L.P. since September 2023. Each are investment companies focused on
healthcare and biotechnology and blockchain ecosystem and financial
technology, respectively. Prior to these positions, Mr. Chee was
Head of Investment Banking and Head of Global Capital Markets, Asia
at UBS AG. From 2000 to 2017, Mr. Chee held a number of positions
in UBS AG. Mr. Chee has earned a Doctorate degree in applied
finance from the University of Geneva, an Executive Master of
Business Administration degree Tsinghua University, a Master of
Business Administration degree from New York University and a
Bachelor's degree in mechanical engineering from Stevens Institute
of Technology.
The Board has determined that Mr. Chee does not satisfy the
independence criteria set forth in the Nasdaq rules and is not
"independent" for purposes of serving on the Board.
In connection with Mr. Chee's appointment to the Board, the Company
will enter into its standard form of indemnification agreement for
directors and officers with Mr. Chee, a copy of which is attached
to this Current Report as Exhibit 10.2. and is incorporated herein
by reference. Pursuant to the terms of the indemnification
agreement, the Company may be required, among other things, to
indemnify Mr. Chee for some expenses, including attorneys' fees,
judgments, fines and settlement amounts incurred by her in any
action or proceeding arising out of her service to the Board.
In addition, upon the Closing, Mr. Chee and the Company entered
into an executive chairman agreement. Pursuant to the terms of the
Executive Chairman Agreement, Mr. Chee will receive an equity award
of restricted stock units equal to:
(i) 1% of the aggregate number of Common Stock and pre-funded
warrants issued in the Offerings, plus
(ii) 0.5% of the aggregate number of Common Stock underlying
the stapled warrants issued in connection with the Offerings for
his services related to the implementation of the digital asset
treasury for the Company.
Further, following the closing of the Offerings and within 10
business days of the exercise of a Cash Stapled Warrant issued to
investors in the Offerings, the Company shall issue to Mr. Chee an
additional RSU award equal to 0.5% of the number of shares of the
Company's Common Stock issuable upon the exercise of the Cash
Stapled Warrants. The vesting of such RSU grants shall be subject
to stockholder approval of an increase in the shares available
under the Company's 2022 Equity Incentive Plan.
Indemnification Agreements:
On September 14, 2025, the Company entered into amended and
restated indemnification agreements with each of its directors and
officers. Pursuant to the terms of the indemnification agreement,
the Company may be required, among other things, to indemnify each
director and officer for some expenses, including attorneys' fees,
judgments, fines and settlement amounts incurred by such director
or officer in any action or proceeding arising out of such
director's or officer's service to the Company, as applicable.
About Helius Medical
Headquartered in Newtown, Pennsylvania, Helius Medical
Technologies, Inc. (www.heliusmedical.com) is a neurotechnology
company dedicated to neurological wellness. The Company's mission
is to develop, license, or acquire non-implantable technologies
aimed at reducing the symptoms of neurological disease or trauma.
Its flagship product, the Portable Neuromodulation Stimulator
(PoNS), is an innovative, non-implantable medical device consisting
of a controller and a mouthpiece that delivers mild electrical
stimulation to the surface of the tongue, offering treatment for
gait deficits and chronic balance deficits.
In its report dated March 25, 2025, the Company's auditor since
2022, Baker Tilly US, LLP, issued a "going concern" qualification,
attached to the Company's Annual Report on Form 10-K for the year
ended Dec. 31, 2024, citing that the Company has recurring losses
from operations and an accumulated deficit, expects to incur losses
for the foreseeable future, and requires additional working
capital. These factors raise substantial doubt about their ability
to continue as a going concern.
As of March 31, 2025, Helius Medical Technologies had $3.5 million
in total assets, $2.2 million in total liabilities, and total
stockholders' equity of $1.3 million.
HELIUS MEDICAL: Board Increases Authorized Shares to 800 Million
----------------------------------------------------------------
As previously disclosed, on May 23, 2025, at the special meeting of
stockholders of Helius Medical Technologies, Inc., the Company's
stockholders approved a proposal to amend the Company's Certificate
of Incorporation to increase the number of authorized shares of the
Company's Common Stock to up to 800,000,000 shares, with such
number to be determined at the Board's discretion.
On September 12, 2025, the Board approved an increase in the number
of authorized shares of the Company's Common Stock to 800,000,000
shares.
On September 15, 2025, the Company filed with the Secretary of
State of the State of Delaware a Certificate of Amendment to its
Certificate of Incorporation to effect the Share Increase, which
became effective as of September 15, 2025. A copy of the
Certificate of Amendment is available at
https://tinyurl.com/4barrtcw
About Helius Medical
Headquartered in Newtown, Pennsylvania, Helius Medical
Technologies, Inc. (www.heliusmedical.com) is a neurotechnology
company dedicated to neurological wellness. The Company's mission
is to develop, license, or acquire non-implantable technologies
aimed at reducing the symptoms of neurological disease or trauma.
Its flagship product, the Portable Neuromodulation Stimulator
(PoNS), is an innovative, non-implantable medical device consisting
of a controller and a mouthpiece that delivers mild electrical
stimulation to the surface of the tongue, offering treatment for
gait deficts and chronic balance deficits.
In its report dated March 25, 2025, the Company's auditor since
2022, Baker Tilly US, LLP, issued a "going concern" qualification,
attached to the Company's Annual Report on Form 10-K for the year
ended Dec. 31, 2024, citing that the Company has recurring losses
from operations and an accumulated deficit, expects to incur losses
for the foreseeable future, and requires additional working
capital. These factors raise substantial doubt about their ability
to continue as a going concern.
As of March 31, 2025, Helius Medical Technologies had $3.5 million
in total assets, $2.2 million in total liabilities, and total
stockholders' equity of $1.3 million.
HELIUS MEDICAL: Raises $508.7M via Cash & Crypto Private Placements
-------------------------------------------------------------------
As previously disclosed, on September 15, 2025, Helius Medical
Technologies, Inc. entered into subscription agreements with
certain accredited investors (the "Cash Purchasers") pursuant to
which the Company, in a private placement, agreed to issue and sell
to the Cash Purchasers an aggregate of:
(i) 37,825,277 shares of Class A common stock of the Company,
par value $0.001 per share at an offering price of $6.881 per
share,
(ii) pre-funded warrants to purchase 25,121,713 shares of
Common Stock at an offering price of $6.880 per underlying share of
Common Stock and
(iii) stapled warrants to purchase 62,946,990 shares of Common
Stock at an exercise price of $10.134 per underlying share of
Common Stock.
In the Cash Offering, the Cash Purchasers had the option to tender
any of U.S. dollars, USDC or USDT (or a combination thereof) to the
Company as consideration for the Cash Shares, Cash Pre-Funded
Warrants and Cash Stapled Warrants.
Additionally, on September 15, 2025, the Company entered into
subscription agreements with certain accredited investors (the
"Cryptocurrency Purchasers") pursuant to which the Company agreed
to sell and issue to the Cryptocurrency Purchasers in a private
placement an aggregate of:
(i) pre-funded warrants to purchase 10,994,199 shares of
Common Stock at an offering price of $6.880 and
(ii) stapled warrants to purchase 10,994,199 shares of Common
Stock at an exercise price of $10.134 per underlying Share of
Common.
In the Cryptocurrency Offering, the Cryptocurrency Purchasers had
the option to tender either Unlocked SOL tokens or Locked SOL
tokens to the Company as consideration for the Cryptocurrency
Pre-Funded Warrants and the Cryptocurrency Stapled Warrants.
The Offerings closed on September 18, 2025. The Offerings resulted
in total gross proceeds of approximately $508.7 million before
deducting estimated placement agent fees and offering expenses.
In connection with the Offerings, the Company agreed to file a
registration statement with the U.S. Securities and Exchange
Commission covering the resale of the Cash Shares, Pre-Funded
Warrant Shares and Stapled Warrant Shares. The Company has agreed
to file such registration statement within 30 days of the closing
of the Offerings.
The exercise of the Cryptocurrency Warrants is subject to
stockholder approval and such warrants will not be exercisable for
Common Stock until such Shareholder Approval is received. Pursuant
to the Cryptocurrency Subscription Agreements, the Company will
hold a special meeting of stockholders to obtain Stockholder
Approval as soon as practicable after the closing date of the
Offerings.
The securities sold in the Offerings were offered and sold in
reliance upon the exemption from the registration requirement of
the Securities Act of 1933, as amended, pursuant to Section 4(a)(2)
thereof and/or Rule 506(b) of Regulation D promulgated thereunder,
and applicable state securities laws. The issuance of the
securities sold in the Offerings have not been registered under the
Securities Act and such securities may not be offered or sold in
the United States absent registration or an exemption from
registration under the Securities Act and any applicable state
securities laws.
The Company intends to use the net proceeds from the Offerings to
fund the acquisition of the native cryptocurrency of the Solana
Foundation blockchain, through open market purchases only and the
establishment of the Company's Solana treasury operations, as well
as for working capital, general corporate purposes and to pay all
transaction fees and expenses related thereto. The Company will not
use the net proceeds from the Offerings:
(a) for the redemption of any outstanding Common Stock or
Common Stock equivalents of the Company,
(b) for the settlement of any outstanding litigation or
(c) in violation of the Foreign Corrupt Practices Act of 1977,
as amended or the Office of Foreign Assets Control of the U.S.
Treasury Department regulations.
Each of the Cash Purchasers have agreed to not to sell, transfer,
pledge, hedge, or otherwise dispose of any Cash Securities until
the resale registration statement is declared effective, and with
respect to 50% of the Cash Securities, until 30 calendar days
following the Effectiveness Date, except with the Company's prior
written consent and subject to certain customary exceptions. Each
of the Cryptocurrency Purchasers have agreed to not to sell,
transfer, pledge, hedge, or otherwise dispose of any Cryptocurrency
Securities during the PIPE Lock-Up Period, except with the
Company's prior written consent and subject to certain customary
exceptions.
On September 15, 2025, the Company entered into a Strategic Advisor
Agreement with Pantera Capital Management LP, a Delaware limited
partnership and Summer Wisdom Holdings Limited, pursuant to which
the Company engaged each of Pantera and Summer to provide strategic
advice and guidance relating to the Company's business, operations,
growth initiatives and industry trends in the crypto technology
sector.
In connection with the closing of the Offering, on September 18,
2025, the Company issued warrants to purchase 5,175,883 shares of
Common Stock to Pantera and (ii) warrants to purchase 2,218,236
shares of Common Stock to Summer.
Upon the exercise of each Stapled Warrant, each of Pantera and
Summer shall receive an additional grant of warrants to purchase an
amount of shares of Common Stock equal to their respective portion
of 5% of the shares of Common Stock issued upon such exercise. The
exercise price per share of the Advisor Warrants shall be equal to
$0.001 per underlying share of Common Stock.
The exercise of the Advisor Warrants is subject to stockholder
approval and such warrants will not be exercisable for Common Stock
until such stockholder approval is received.
The Strategic Advisor Warrants and underlying shares of Comon Stock
Shares are being offered in reliance upon the exemption from the
registration requirements of the Securities Act, pursuant to
Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D
promulgated thereunder, and applicable state securities laws. The
issuance of the Strategic Advisor Warrants and the Strategic
Advisor Warrant Shares have not been registered under the
Securities Act and such securities may not be offered or sold in
the United States absent registration or an exemption from
registration under the Securities Act and any applicable state
securities laws.
Pursuant to the Strategic Advisory Agreement, Pantera agreed not to
sell, transfer, pledge, hedge, or otherwise dispose of any shares
underlying the Strategic Advisory Warrants for 180 days after the
closing of the Offering, except:
(i) transfers to affiliates that agree in writing to be bound
by the remainder of the Advisor Lock-Up Period, or
(ii) with the Company's prior written consent.
The foregoing summaries of the Cash Pre-Funded Warrants,
Cryptocurrency Pre-Funded Warrants, the Cash Stapled Warrants, the
Cryptocurrency Stapled Warrants, the Advisor Warrants, the Cash
Subscription Agreements, the Cryptocurrency Subscription
Agreements, the PIPE Lock-Up Agreement, the Strategic Advisor
Agreement and do not purport to be complete and are qualified in
their entirety by reference to the complete text of those
agreements, which were filed as Exhibits 4.1, 4.2, 4.3, 4.4, 4.5
and 10.1, 10.2, 10.3 and 10.4, respectively, to the Company's
Current Report on Form 8-K, previously filed with the SEC on
September 15, 2025 and available at https://tinyurl.com/3w9nmfnd
On September 18, 2025, the Company issued a press release
announcing the Closing and receipt of gross proceeds in excess of
$500,0000,000, prior to deducting placement agent fees and other
offering expenses. A copy of the press release is available at
https://tinyurl.com/2j2pfwbz
Master Loan Agreement:
Pursuant to the Subscription Agreements, the Company has agreed to
use the net proceeds from the sale of the Securities to the
Purchasers in the Offerings to fund the acquisition of SOL, and the
establishment of a SOL treasury operation, as well as pay
transaction fees and expenses, and for working capital and general
corporate purposes of the Company. To advance the Company's planned
SOL treasury operation, on September 18, 2025, Marvel Operations
Corp., a Delaware limited liability company and wholly-owned
subsidiary of the Company, entered into a Master Loan Agreement
with a third-party lender to provide a short term loan to make
initial purchases of SOL. As of September 18, 2025, Marvel
Operations Corp. has no outstanding loans with the third-party
lender under the Master Loan Agreement.
A copy of the Master Loan Agreement is available at
https://tinyurl.com/t9e3pwb9
About Helius Medical
Headquartered in Newtown, Pennsylvania, Helius Medical
Technologies, Inc. (www.heliusmedical.com) is a neurotechnology
company dedicated to neurological wellness. The Company's mission
is to develop, license, or acquire non-implantable technologies
aimed at reducing the symptoms of neurological disease or trauma.
Its flagship product, the Portable Neuromodulation Stimulator
(PoNS), is an innovative, non-implantable medical device consisting
of a controller and a mouthpiece that delivers mild electrical
stimulation to the surface of the tongue, offering treatment for
gait deficts and chronic balance deficits.
In its report dated March 25, 2025, the Company's auditor since
2022, Baker Tilly US, LLP, issued a "going concern" qualification,
attached to the Company's Annual Report on Form 10-K for the year
ended Dec. 31, 2024, citing that the Company has recurring losses
from operations and an accumulated deficit, expects to incur losses
for the foreseeable future, and requires additional working
capital. These factors raise substantial doubt about their ability
to continue as a going concern.
As of March 31, 2025, Helius Medical Technologies had $3.5 million
in total assets, $2.2 million in total liabilities, and total
stockholders' equity of $1.3 million.
HIGHLAND CAPITAL: CEO Claims Judge’s Novels Undermine Impartiality
--------------------------------------------------------------------
Emily Lever of Law360 reports that the founder of Highland Capital
Management has petitioned the U.S. Supreme Court to review a
bankruptcy judge's decision not to step aside from the company's
case, arguing that two novels she authored include thinly veiled
references to the proceedings.
About Highland Capital Management
Highland Capital Management, LP was founded by James Dondero and
Mark Okada in Dallas in 1993. Highland Capital is the world's
largest non-bank buyer of leveraged loans in 2007. It also manages
collateralized loan obligations. In March 2007, it raised $1
billion to buy distressed loans. Collateralized loan obligations
are created by bundling together loans and repackaging them into
new securities.
Highland Capital Management sought Chapter 11 protection (Bank. D.
Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case
was transferred to the U.S. Bankruptcy Court for the Northern
District of Texas and was assigned a new case number (Bank. N.D.
Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case
judge.
At the time of the filing, Highland had between $100 million and
$500 million in both assets and liabilities.
The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy
counsel, Foley & Lardner LLP as special Texas counsel, and Teneo
Capital, LLC as litigation advisor. Kurtzman Carson Consultants,
LLC, is the claims and noticing agent.
The U.S. Trustee for Region 6 appointed a committee of unsecured
creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP
and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and
FTI Consulting, Inc. as financial advisor.
HOPSCOTCH HEALTH: Case Summary & 12 Unsecured Creditors
-------------------------------------------------------
Debtor: Hopscotch Health Children's Urgent Care, PLLC
7108 Bandera Rd
San Antonio, TX 78238
Business Description: Hopscotch Health Children's Urgent Care,
PLLC operates a pediatric urgent care center
in San Antonio, Texas, serving patients
across the South Texas region. The clinic
was established by local clinicians and
provides after-hours medical services for
children, including treatment for flu,
colds, allergies, minor injuries, broken
bones, and falls, with on-site diagnostic
testing, x-rays, and splinting. It offers
both in-person and digital visits,
emphasizing convenience and streamlined care
outside of traditional office hours.
Chapter 11 Petition Date: September 24, 2025
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 25-52216
Judge: Hon. Craig A Gargotta
Debtor's Counsel: William R. Davis, Jr., Esq.
LANGLEY & BANACK, INC.
745 E. Mulberry Ave. Suite 700
San Antonio TX 78212
Tel: (210) 736-6600
Email: wrdavis@langleybanack.com
Total Assets: $155,488
Total Liabilities: $1,898,931
The petition was signed by Esteban Lopez as manager.
A full-text copy of the petition, which includes a list of the
Debtor's 12 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/CYTE4OI/Hopscotch_Health_Childrens_Urgent__txwbke-25-52216__0001.0.pdf?mcid=tGE4TAMA
HUNTSMAN CORP: S&P Alters Outlook to Negative, Affirms 'BB+' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable on
Huntsman Corp. S&P affirmed its 'BB+' issuer credit ratings on the
company and subsidiary Huntsman International LLC.
S&P said, "The negative outlook reflects our belief that EBITDA
will remain under pressure through 2025 because of challenging
macroeconomic conditions and a subdued housing market. We believe
company's liquidity position and appropriate financial policies
support the rating.
"We forecast that Huntsman Corp.'s 2025 EBITDA margins and credit
measures will remain weaker than our expectations for the remainder
of the year."
The negative outlook reflects weak earnings and credit metrics
through 2025. Huntsman reported a sustained drop in EBITDA margins,
which will remain soft, due to housing market challenges and
macroeconomic uncertainty. The company faces persistent negative
consumer confidence in part due to high interest rates and market
volatility, which are causing significant volatility in major
purchases, affecting demand. Furthermore, recent tariff and trade
disputes continue to heavily weigh on demand. S&P said, "We now
anticipate funds from operations (FFO) to debt will be in the
15%-20% range, which we consider weak for the rating. In our
base-case forecast, for at least the next two years we believe S&P
Global Ratings-adjusted EBITDA will remain below the average of the
last five years (about $800 million) with EBITDA margins in the
9%-11% range." Huntsman will continue to trail specialty chemical
companies on average.
Earnings and credit metrics will slowly improve over the next
couple of years. The anticipated EBITDA improvement will come from
cost-reduction initiatives and a gradual improvement in the housing
market. Huntsman has announced a target of $100 million in
annualized run-rate benefits by the end of 2026 with headcount
reductions and site closures. S&P expects a reset phase in the U.S.
housing market in 2026, marked by moderating prices and stabilizing
mortgage rates.
The housing market is still below pre-pandemic inventory nationally
but improving slowly. Lower interest rates may unlock pent-up
demand, especially from first-time buyers and those sidelined by
affordability issues. S&P thinks Huntsman has high operating
leverage, so an eventual housing recovery, lower-than-expected
mortgage rates, increased starts, or turnover could hasten
improvement in EBITDA and EBITDA margins.
S&P said, "We are closely monitoring the impact of tariffs and
potential antidumping duties, particularly in the methylene
diphenyl diisocyanate (MDI) market. Market leader Wanhua is based
in China and has a global manufacturing footprint. We expect a
final judgment on antidumping in the U.S. of Chinese MDI in the
first quarter of 2026, which will set rates for 5 years. The
preliminary ruling is in September 2025, places anti-dumping rates
ranging from 376% to 513% on Chinese material coming into the U.S.
We believe tariffs and/or antidumping duties could moderately
benefit U.S.-based producers such as Huntsman. The company
estimates about 20% of the U.S. MDI market in 2024 was satisfied by
imports from China. While this could lift operating rates and
profitability, we expect sustained improvement would require higher
demand, principally through a stronger housing market.
"We believe management will maintain supportive financial policies.
While we anticipate that Huntsman's operating performance will
remain weak throughout 2025, it has remained free cash flow
positive. Given our forecast for moderately higher EBITDA starting
in 2026 and prudent financial policies, we expect weighted-average
S&P Global Ratings-adjusted FFO to debt to improve from about 18%
at year-end 2024. While we expect this ratio will be even lower
through 2025, at the rating we expect Huntsman to maintain
weighted-average FFO to debt in the 20%-30% range.
"We believe Huntsman will maintain a stronger business risk profile
than similarly rated peers such as Avient Corp. We believe it will
preserve cash flow if earnings continue to underperform by scaling
back on capital expenditure and making minimal share repurchases or
mergers and acquisitions. Huntsman displayed this discipline early
in the COVID-19 pandemic, with essentially no share repurchases
from the second quarter of 2020 through second quarter of 2021.
Huntsman's balance sheet remains in a much better position than
before it sold its chemical intermediates business for $2 billion
in 2020, having cut S&P Global Ratings-adjusted debt essentially in
half. Over the next few years, we expect the company could pursue
small to midsize bolt-on acquisitions, particularly in its advanced
materials segment.
"The negative outlook on Huntsman reflects our belief that EBITDA
and EBITDA margins will likely remain under pressure through 2025
because of challenging macroeconomic conditions. However, we
believe the company's liquidity position and appropriate financial
policies provide support for the rating. In our base-case scenario,
we expect FFO to debt will remain below our target for the rating
through 2025. We believe improvement (primarily in 2026-2027) will
come from higher EBITDA due to cost-reduction initiatives and a
gradual rise in the housing market, as opposed to a material
reduction in debt."
The company's financial policies (indicated by a net debt to EBITDA
target of 2x) have provided support for maintaining credit quality
in the past, such as utilizing a bulk of proceeds from the $2
billion sale of its Intermediates business to reduce debt (S&P
Global Ratings-adjusted debt balances are about half of what they
were prior to that transaction). S&P's base case does not assume
material share repurchases until EBITDA and credit metrics
significantly improve.
S&P could consider lowering its rating on Huntsman within the next
year if:
-- EBITDA remains near troughs and it becomes evident that there
will no longer be a meaningful improvement in 2026. This could
occur due to unanticipated softness in pricing or demand for some
of its products, continued challenging fundamentals in the key
building and construction end markets, industry oversupply
conditions, underachievement of its targeted cost-reduction
initiatives, or ongoing macroeconomic shocks;
-- The company engages in large, debt-funded acquisitions or
larger-than-expected shareholder rewards that stretch leverage for
an extended period;
-- We believe weighted-average FFO to debt will consistently
remain below 20%. Under such a scenario, we would expect its S&P
Global Ratings-adjusted EBITDA margins to remain depressed and not
materially improve from 2024 (about 9%);
-- It does not renew its revolving credit facility before it
becomes current in May 2026; or
-- Huntsman cannot maintain compliance with its financial
covenants.
S&P could consider a positive rating action within the next year
if:
-- A positive ruling pertains to antidumping of MDI in the U.S.
S&P said, "We believe such a ruling would benefit domestic MDI
producers such as Huntsman and could substantially increase MDI
prices. We would have to believe that any price appreciation is
sustainable and supported by favorable end-market conditions in
building and construction."
-- Demand and pricing (particularly for MDI) are stronger than we
project, such that revenue and EBITDA well exceed our base-case
assumptions. This could occur if automotive end markets strengthen,
construction end markets perform better than expected, and
Huntsman's efforts to increase value-added and specialty components
help strengthen the business and earnings. This improvement could
consistently increase S&P Global Ratings-adjusted EBITDA margins to
the mid-teens percent area on a sustained basis.
-- S&P said, "We view an increase in its margins as a fundamental
strengthening of its business and not a reflection of a cyclical
upturn in some product lines. We would also have to gain confidence
that, while there would be some deterioration in EBITDA margins, in
any downturn they would not drop nearly as far as they did in
2023;" and
-- Credit measures improve such that its weighted-average FFO to
total debt strengthens into the mid-20% to 30% range on a sustained
basis, even factoring in our expectations for acquisitions and
share repurchases.
HYPERION DEFI: Avenue Venture and Affiliates Hold 4.2% Stake
------------------------------------------------------------
Avenue Venture Opportunities Fund, L.P. and affiliates -- Avenue
Venture Opportunities Fund II, L.P., Avenue Capital Management II,
L.P., Avenue Venture Opportunities Partners, LLC, Avenue Venture
Opportunities Partners II, LLC, GL Venture Opportunities Partners,
LLC, GL Venture Opportunities Partners II, LLC, and Marc Lasry --
disclosed in a Schedule 13D (Amendment No. 6) filed with the U.S.
Securities and Exchange Commission that as of September 17, 2025,
they beneficially own in aggregate 240,124 shares of Hyperion DeFi,
Inc.'s common stock, par value $0.0001 per share, representing 4.2%
of the 5,694,659 shares of common stock outstanding (as reported in
Hyperion DeFi's Form 10-Q for the quarter ended June 30, 2025).
The Funds and related entities are subject to a 9.99% ownership
blocker, which excludes shares issuable upon exercise of warrants
(covering an additional 600,000 shares at $4.00 per share). The
reported beneficial ownership and percentages reflect this
blocker.
Reporting Persons may be reached through
Andrew Schinder
Avenue Capital Group
11 West 42nd Street, 9th Floor
New York, N.Y. 10036
Tel: (212) 878-3520
A full-text copy of Avenue Venture's SEC Report is available at
https://tinyurl.com/2ubtyadb
About Hyperion DeFi Inc.
Hyperion DeFi, Inc. formerly known as Eyenovia, Inc., is the first
U.S. publicly listed company building a long-term strategic
treasury of Hyperliquid's native token, HYPE. The Company is
focused on providing its shareholders with simplified access to the
Hyperliquid ecosystem, one of the fastest growing, highest
revenue-generating blockchains in the world.
New York, N.Y.-based Marcum LLP, the Eyenovia'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 a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
As of June 30, 2025, the Company had $55.66 million in total
assets, against $18.30 million in total liabilities.
HYPERSCALE DATA: Ault & Company, 4 Affiliates Hold 71.48% Stake
---------------------------------------------------------------
Ault & Company, Inc., Milton C. Ault III, William B. Horne, Henry
C.W. Nisser, and Kenneth S. Cragun disclosed in a Schedule 13D/A
(Amendment No. 11) filed with the U.S. Securities and Exchange
Commission that as of September 12, 2025, they beneficially own
shares of Hyperscale Data, Inc.'s Class A Common Stock, par value
$0.001 per share, representing approximately 71.48% of the
outstanding Class A common shares.
The beneficial ownership includes:
* Ault & Company, Inc. reported beneficial ownership of
147,504,946 Class A Shares, including:
(i) 19,249 Class A Shares,
(ii) 4,234,561 Class A Shares issuable upon conversion of Class
B Shares,
(iii) 134,952,770 Class A Shares issuable upon conversion of
Series C Preferred Stock,
(iv) 2,591,093 Class A Shares issuable upon conversion of
Series G Preferred Stock,
(v) 5,068,221 Class A Shares issuable upon conversion of
Series H Preferred Stock, and
(vi) 639,052 Class A Shares issuable upon exercise of
outstanding warrants. Excludes 5,728,000 Class A Shares subject to
NYSE American conversion limits.
* Milton C. Ault III reported beneficial ownership of
147,520,342 Class A Shares, which includes his directly owned
shares plus securities held through Ault & Company.
* William B. Horne reported beneficial ownership of 1 Class A
Share, issuable upon conversion of one Class B Share.
* Henry C.W. Nisser reported beneficial ownership of 3 Class A
Shares, consisting of two Class A Shares and one Class A Share
issuable upon conversion of one Class B Share.
* Kenneth S. Cragun reported no beneficial ownership of Class
A Shares.
This calculation is based on 58,872,039 Class A Shares outstanding
as of September 17, 2025, as reported by the Issuer, and includes
shares issuable upon conversion or exercise of securities within 60
days.
Ault & Company, Inc. may be reached through:
Milton C. Ault III
c/o Ault & Company, Inc.
11411 Southern Highlands Parkway, Suite 330
Las Vegas, Nev. 89141
Phone: 949-444-5464
A full-text copy of Milton C. Ault III's SEC report is available
at: https://tinyurl.com/3ck6h9j4
About Hyperscale Data
Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly
known as Ault Alliance, Inc., is transitioning from a diversified
holding company pursuing growth by acquiring undervalued businesses
and disruptive technologies with a global impact to becoming solely
an owner and operator of data centers to support high performance
computing services. Through its wholly and majority-owned
subsidiaries and strategic investments, Hyperscale Data owns and
operates a data center at which it mines digital assets and offers
colocation and hosting services for the emerging artificial
intelligence ecosystems and other industries. It also provides,
through its wholly owned subsidiary, Ault Capital Group, Inc.,
mission-critical products that support a diverse range of
industries, including an artificial intelligence software platform,
social gaming platform, equipment rental services,
defense/aerospace, industrial, automotive, medical/biopharma and
hotel operations. In addition, Hyperscale Data is actively engaged
in private credit and structured finance through a licensed lending
subsidiary.
New York, N.Y.-based Marcum LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended Dec. 31, 2024, citing that the Company has a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
As of June 30, 2025, the Company had $213.50 million in total
assets, $205.60 million in total liabilities, and $7.90 million in
total stockholders' equity.
IMMERSIVE ART: Hires Glassratner as Financial Advisor
-----------------------------------------------------
Immersive Art Space LP seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ GlassRatner Advisory &
Capital Group, LLC as financial advisor.
The firm will provide these services:
a. assist the Debtor in preparing or supervising the
preparation of reports as may be required by applicable federal and
local bankruptcy statutes and rules, e.g., statement of financial
affairs and associated schedules, "Monthly Operating Reports"
(MORs), and other reports as may be requested or required by the
court for the benefit of the court, creditors, and other
constituents in any Bankruptcy Case;
b. assist the Debtor with reviewing, evaluating and analyzing
financial ramifications of proposed transactions for which the
Client may seek court approval;
c. assist the Debtor by providing financial advice and
assistance in connection with asset sale transactions;
d. assist the Debtor with developing a plan of reorganization
and the confirmation process;
e. assist the Debtor by testifying before the court, as may
be required, on behalf of the Client; and
f. assist the Debtor by performing such other duties or tasks
that fall within the customary responsibilities of a debtor in
possession's financial advisor as requested by the Client's
management and/or board of directors.
The firm will be paid at these rates:
Jonathan Wernick $550 per hour
Becky Yang O'Malley $525 per hour
Justin Carver $325 per hour
Other Staff $325 to $650 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jonathan J. Wernick, a managing director at GlassRatner Advisory &
Capital Group, LLC, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Jonathan J. Wernick
GlassRatner Advisory & Capital Group, LLC
555 West 5th Street, Suite 3725
Tel: (213) 409-6237
Email: jwernick@glassRatner.com
About Immersive Art Space LP
Immersive Art Space, LP, operates Lighthouse ArtSpace Chicago, a
venue specializing in immersive digital art exhibitions. Located
in the historic Germania Club Building in Chicago, the space hosts
large-scale experiences such as Immersive Van Gogh, combining
visual projections with music and narrative. The venue also offers
facilities for private events and spans approximately 22,000 square
feet.
Immersive Art Space sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-10977) on June 2, 2025.
In its petition, the Debtor reported between $1 million and $10
million in both assets and liabilities.
Judge Laurie Selber Silverstein handles the case.
The Debtor tapped Clark Hill, PLC and Husch Blackwell LLP as
counsel.
IN HOME PERSONAL: Court Extends Cash Collateral Access to Nov. 11
-----------------------------------------------------------------
In Home Personal Services, Inc. received another extension from the
U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, to use cash collateral.
The court's eight interim order authorized the Debtor to use the
cash collateral of the U.S. Small Business Administration from
September 16 through November 11, strictly according to its
budget.
The Debtor is prohibited from making any payments or distributions
other than those projected in the budget without prior written
consent from SBA.
As protection, SBA will be granted a replacement lien on the
assets, including accounts receivable, inventory, equipment, and
the proceeds thereof, to the extent there is diminution in the
value of its collateral.
The agency has a blanket lien on the healthcare provider's assets,
with claims exceeding $2,182,378.09.
The next hearing is scheduled for November 11.
About In Home Personal Services
In Home Personal Services Inc. operates a health care business in
Carpentersville, Ill.
In Home Personal Services sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No.
24-08842) on June 15, 2024, with total assets of $744,226 and total
liabilities of $3,509,818. Michael Collura, president of In Home
Personal Services, signed the petition.
Judge Jacqueline P. Cox oversees the case.
The Debtor tapped James A. Young, Esq., at James Young Law as
bankruptcy counsel and Lois West, CPA, at KRD Accountants Ltd. as
accountant.
INDEPENDENT MEDEQUIP: Hires Richard L. DeShazo as Accountant
------------------------------------------------------------
Independent MedEquip LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Alabama to hire Richard L.
DeShazo, CPA, to serve as accountant in its Chapter 11 case.
Mr. DeShazo will provide these services:
(a) preparation of monthly operating reports for IMED;
(b) ongoing day-to-day accounting and bookkeeping services for
IMED;
(c) assistance with feasibility and liquidation analyses of IMED;
and
(d) performance of all other necessary accounting services in the
case.
Mr. DeShazo will receive an hourly rate of $225.
Richard L. DeShazo is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code, according to court
filings.
The professional can be reached at:
Richard L. DeShazo
Caladan Oceanic
Chief Financial & Administrative Officer
Birmingham, AL
About Independent MedEquip LLC
Independent MedEquip LLC, based in Birmingham, Alabama, is a
Delaware holding company that owns a network of subsidiaries across
multiple states operating in the durable medical equipment sector,
including iMedEquip LLC, its primary operating arm, as well as
Viking Medical Supply, Independent Offices, MedAlliance, Cloud City
Medical, Physician's Choice Medical, Central Mobility & Rehab
Equipment, Georgia Medical Supply, LifeAid Medical Equipment, and
Life Medical Supply. Through these entities, the group rents and
sells medical equipment such as oxygen systems, CPAP machines,
wheelchairs, hospital beds, diabetic and incontinence supplies, and
complex mobility solutions, with revenues primarily derived from
Medicare, Medicaid, private insurers, and patient payments, while
also managing administrative functions and real estate assets tied
to its operations.
Independent MedEquip LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02821-TOM11) on
September 18, 2025. At the time of the filing, Debtor had estimated
assets of between $0 to $50,000 and liabilities of between $100,001
to $500,000. Judge Tamara O. Mitchell oversees the case.
Memory Memory & Causby, LLP is Debtor's legal counsel.
INDEPENDENT MEDEQUIP: Hires Warren Averett CPAs as Accountants
--------------------------------------------------------------
Independent MedEquip LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Alabama to hire Warren Averett
Certified Public Accountants to serve as independent certified
public accountants in its Chapter 11 case.
Warren Averett will provide these services:
(a) provide CPA labor resources necessary to handle the workload
contemplated in this filing to support management and other
bankruptcy-related retained professionals;
(b) provide CPA labor resources to assist management and other
bankruptcy-related retained professionals, as might be required, in
the ongoing day-to-day accounting and bookkeeping services for
IMED;
(c) prepare Federal, state, and local tax returns and similarly
situated compliance filings for IMED's multi-state operations, as
might be required;
(d) provide CPA labor resources to assist management and other
bankruptcy-related retained professionals, in preparing feasibility
and liquidation analyses of IMED;
(e) provide CPA labor resources to assist in preparing
reorganization plans, as might be required; and
(f) performance of all other necessary CPA services to support
management and other bankruptcy-related retained professionals
related directly to this case.
Warren Averett CPAs 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:
Warren Averett CPAs
2500 Acton Road #200
Birmingham, AL 35243
Telephone: (205) 979-4100
About Independent MedEquip LLC
Independent MedEquip LLC, based in Birmingham, Alabama, is a
Delaware holding company that owns a network of subsidiaries across
multiple states operating in the durable medical equipment sector,
including iMedEquip LLC, its primary operating arm, as well as
Viking Medical Supply, Independent Offices, MedAlliance, Cloud City
Medical, Physician's Choice Medical, Central Mobility & Rehab
Equipment, Georgia Medical Supply, LifeAid Medical Equipment, and
Life Medical Supply. Through these entities, the group rents and
sells medical equipment such as oxygen systems, CPAP machines,
wheelchairs, hospital beds, diabetic and incontinence supplies, and
complex mobility solutions, with revenues primarily derived from
Medicare, Medicaid, private insurers, and patient payments, while
also managing administrative functions and real estate assets tied
to its operations.
Independent MedEquip LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02821-TOM11) on
September 18, 2025. At the time of the filing, Debtor had estimated
assets of between $0 to $50,000 and liabilities of between $100,001
to $500,000. Judge Tamara O. Mitchell oversees the case.
Memory Memory & Causby, LLP is Debtor's legal counsel.
INDEPENDENT MEDEQUIP: Seeks Chapter 11 Bankruptcy in Alabama
------------------------------------------------------------
On September 18, 2025, Independent Medequip LLC initiated a
voluntary Chapter 11 bankruptcy in the Northern District of
Alabama. The filing discloses liabilities ranging from $100,001 to
$1 million. The company stated it owes obligations to between 1 and
49 creditors.
About Independent Medequip LLC
Independent Medequip LLC, also operating as Independent Medical
Equipment or “iMed Equip, Provides a range of medical and support
products, including respiratory equipment, mobility aids, bedding
systems, and other therapies tailored for hospice care.
Independent Medequip LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02821) on September
1, 2025. In its petition, the Debtor reports estimated assets up to
$100,000 and estimated liabilities between $100,001 and $1
million.
Honorable Bankruptcy Judge Tamara O. Mitchell handles the case.
The Debtor is represented by William Wesley Causby, Esq. and Stuart
H. Memory, Esq. of Memory, Memory & Causby, LLP.
INDEPENDENT MEDEQUIP: Taps Memory & Memory as Legal Counsel
-----------------------------------------------------------
Independent MedEquip LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Alabama to hire Memory Memory &
Causby, LLP to serve as legal counsel in its Chapter 11 case.
The Firm will provide these services:
(a) preparation of the petition, schedules, and disclosures
incident to the Chapter 11 bankruptcies;
(b) preparation of motions to jointly administer the
bankruptcies of the Debtors, authorize cash collateral and DIP
lending, and other first-day motions;
(c) preparation, negotiation, and prosecution of plans of
reorganization or liquidation and all related documents on behalf
of the Debtors;
(d) negotiation on behalf of the Debtors with all major
creditor classes with respect to the plans of reorganization or
liquidation and certain other substantive aspects of the cases;
(e) preparation on behalf of the Debtors, as
Debtors-in-Possession, of certain necessary motions, applications,
answers, orders, reports, and papers necessary to the
administration of the Debtors’ Estate;
(f) all action necessary to protect and preserve the Debtors'
Estates, including negotiation concerning any material litigation
in which the Debtors are involved; and
(g) performance of all other necessary legal services in the
case.
The Firm will receive these hourly rates
$425 for Von G. Memory
$375 for Stuart H. Memory
$375 for Wm. Wesley Causby
$250 for McKenna J. Meldrum and
$150 for paralegals
Memory Memory & Causby, 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:
Memory Memory & Causby, LLP
Post Office Box 4054
Montgomery, AL 36103-4054
Telephone: (334) 834-8000
Facsimile: (334) 834-8001
E-mail: wcausby@memorylegal.com
About Independent MedEquip LLC
Independent MedEquip LLC, based in Birmingham, Alabama, is a
Delaware holding company that owns a network of subsidiaries across
multiple states operating in the durable medical equipment sector,
including iMedEquip LLC, its primary operating arm, as well as
Viking Medical Supply, Independent Offices, MedAlliance, Cloud City
Medical, Physician's Choice Medical, Central Mobility & Rehab
Equipment, Georgia Medical Supply, LifeAid Medical Equipment, and
Life Medical Supply. Through these entities, the group rents and
sells medical equipment such as oxygen systems, CPAP machines,
wheelchairs, hospital beds, diabetic and incontinence supplies, and
complex mobility solutions, with revenues primarily derived from
Medicare, Medicaid, private insurers, and patient payments, while
also managing administrative functions and real estate assets tied
to its operations.
Independent MedEquip LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02821-TOM11) on
September 18, 2025. At the time of the filing, Debtor had estimated
assets of between $0 to $50,000 and liabilities of between $100,001
to $500,000. Judge Tamara O. Mitchell oversees the case.
Memory Memory & Causby, LLP is Debtor's legal counsel.
INTERNATIONAL PETROLEUM: Moody's Rates New Sr. Unsecured Notes 'B1'
-------------------------------------------------------------------
Moody's Ratings assigned a B1 rating to International Petroleum
Corp. (IPC or the company) proposed backed senior unsecured notes.
IPCs B1 corporate family rating and B1-PD probability of default
rating are unchanged. The outlook is stable.
The proposed issuance will refinance IPCs existing backed senior
unsecured notes due 2027, and Moody's expects to withdraw the B1
rating for the existing backed senior unsecured notes upon
refinancing.
RATINGS RATIONALE
The B1 instrument rating of its $450 million for the proposed
backed senior unsecured notes reflects the fact that the bonds
benefit from guarantees of key operating subsidiaries. However, in
Moody's waterfall analysis the notes rank behind IPC's CAD250
million revolving credit facility, which benefits from share
pledges from the material operating subsidiary, IPC Canada Ltd.
A further increase of the debt ranking ahead could lead to negative
pressure on the rating of the notes.
IPC's B1 CFR is limited by its small size (producing under 50
kboe/d), narrow portfolio of mature Canadian fields, and a focus on
heavy oil that trades at a discount and is costly to produce.
Despite this, since starting in 2017, IPC has maintained
conservative financial policies that support its credit metrics
stronger than Moody's requirements for the B1 rating. For the
twelve month ended June 2025 IPC's Moody's adjusted gross leverage
stood at 1.9x and its Moody's adjusted RCF/debt stood at 51%.
In 2023, IPC began a major expansion in Canada, aiming to grow its
production from late 2026, though this carries execution risks and
requires substantial investment through 2025. Currently, the
project remains on schedule and within budget.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The B1 rating could be upgraded if IPC: (1) successfully grows its
daily production towards 80k boe/d while maintaining a stable 1PD
reserve life; (2) keeps its retained cash flow to debt ratio above
40%; and debt / EBITDA below 1.5x; (3) maintains a strong liquidity
buffer. A continued ability to sustain its production level with
low maintenance capex will be a prerequisite for any positive
rating action.
The B1 rating could be downgraded if IPC's: (1) retained cash flow
to debt ratio falls below 30% on a sustained basis; (2) debt/
EBITDA exceeds 2.5x on a sustained basis; (3) daily production
declines or 1PD reserve life materially deteriorates; (4) liquidity
profile materially deteriorates as evidenced by sustained negative
FCF generation or meaningful debt financed acquisitions /
shareholder distributions which materially reduce liquidity
headroom. A deterioration in the company's ability to sustain its
production levels with low capex requirements will also be negative
for the rating.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Independent
Exploration and Production published in December 2022.
PROFILE
Incorporated in Vancouver, Canada, International Petroleum Corp.
(IPC) is an international oil and gas exploration and production
(E&P) company, with net average daily production of around 44
kboe/d in the first half of 2025 mostly producing oil. Its assets
are primarily located in Canada, where it generates more than 85%
of its net average daily production, as well as in Malaysia and
France.
ION PLATFORM: S&P Rates Proposed Senior Secured Notes 'B+'
----------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '3'
recovery rating to ION Platform Investment Group Ltd.'s proposed
U.S. dollar- and euro-denominated senior secured notes. The '3'
recovery rating indicates its expectation for meaningful (50%-70%;
rounded estimate: 55%) recovery in the event of a payment default.
ION Platform's subsidiaries, ION Platform Finance US Inc. and ION
Platform Finance Sarl, will be the issuers of the notes. S&P
expects these notes will rank pari passu with the entities' new
credit facilities and exchange notes.
S&P said, "We anticipate the company will use the proceeds from
this issuance (totaling $2.6 billion equivalent) to refinance its
existing debt related to the corporate roll up of ION Analytics,
ION Corporates, and ION Markets, thus we view the transaction as
largely debt neutral. As such, all our existing ratings on ION
Platform, including the 'B+' issuer credit rating, are unchanged."
IQSTEL INC: Fintech Unit, Globetopper Drive $15M 2026 EBITDA Target
-------------------------------------------------------------------
IQSTEL Inc. announced that its Fintech Division is positioned to
play a key role in achieving the Company's previously stated goal
of reaching a $15 million EBITDA run rate in 2026.
IQSTEL completed the acquisition of Globetopper on July 1, 2025,
and has since been accelerating its growth as part of the Company's
strategic roadmap. Globetopper is expected to contribute
approximately $16 million in Q3 2025 revenue and deliver $110,000
in EBITDA, making it cash flow positive for the quarter.
"This is just the beginning," said Leandro Iglesias, CEO of IQSTEL.
"Since acquiring Globetopper, we have focused on accelerating its
growth and integrating it into our global fintech platform. Our
plan is to scale Globetopper further, targeting approximately $1
million in annualized EBITDA in the near term. The Fintech Division
is set to be one of the key engines fueling our company's EBITDA
growth as we move toward our $15 million 2026 target."
IQSTEL plans to leverage its business platform -- which already
reaches over 600 of the largest telecom operators worldwide -- to
offer Globetopper's fintech services directly to its telecom
customers. This initiative is part of IQSTEL's strategy to
cross-sell high-margin, high-tech services to its existing client
base, maximizing the value of its global relationships and
accelerating revenue and EBITDA growth.
IQSTEL's focus on acquisitions with strong revenue and margin
potential continues to add value for shareholders. Globetopper's
rapid progress since its July acquisition highlights the success of
this strategy and demonstrates how targeted acquisitions can be
integrated into IQSTEL's platform to produce meaningful bottom-line
results.
"This milestone proves that our fintech business model works,"
added Iglesias. "Our team is committed to building upon this
momentum and unlocking even greater value for our shareholders as
we scale."
About GlobeTopper
GlobeTopper (GlobeTopper.com) a IQSTEL´s subsidiary, is a leader
Fintech company specializing in advanced B2B Top-Up solutions,
enabling seamless cross-border financial transactions to something
more along the lines of global Fintech company specializing in the
provision of B2B digital prepaid products with a unique focus on
gift card programs and services. With a solid track record and a
scalable, profitable business model, GlobeTopper is poised for
exponential growth under IQSTEL's leadership.
About iQSTEL
iQSTEL Inc. is a multinational technology company that provides
services across telecom, fintech, blockchain, artificial
intelligence, and cybersecurity. The Company operates in 21
ountries and serves a global customer base. It projects $340
million in revenue for fiscal year 2025.
In an auditor's report dated March 31, 2025, Urish Popeck & Co.,
LLC, issued a "going concern" qualification, citing that the
Company has suffered recurring losses from operations, negative
working capital, and does not have an established source of
revenues sufficient to cover its operating costs, which raise
substantial doubt about its ability to continue as a going
concern.
iQSTEL ended the year on Dec. 31, 2024 with a net loss of
$5,180,036, significantly widening from the $219,436 loss reported
for the year ended Dec. 31, 2023. The net results of the periods
reported are highly impacted by the expenses in the holding entity
(IQSTEL), which has a high component of interest and other
financial expenses related to the funds borrowed for the
acquisition of QXTEL Limited.
IQSTEL INC: Raises Authorized Shares to 26 Million
--------------------------------------------------
iQSTEL Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that on September 16, 2025, it
filed with the Secretary of State of the State of Nevada a
Certificate of Amendment to its Articles of Incorporation to
increase its authorized common stock from 3,750,000 shares of
common stock to 26,000,000 shares of common stock.
Under Rule 14c-2, promulgated pursuant to the Securities Exchange
Act of 1934, as amended, the increase in the authorized shares of
common stock is effective 20 days after a definitive Information
Statement on Schedule 14C is mailed to stockholders of the Company.
The Company completed such mailing of a definitive Information
Statement on Schedule 14C on August 25, 2025, thereby making such
increase in authorized shares of common stock effective after
September 15, 2025, under Exchange Act Rule 14c-2.
About iQSTEL
iQSTEL Inc. is a multinational technology company that provides
services across telecom, fintech, blockchain, artificial
intelligence, and cybersecurity. The Company operates in 21
ountries and serves a global customer base. It projects $340
million in revenue for fiscal year 2025.
In an auditor's report dated March 31, 2025, Urish Popeck & Co.,
LLC, issued a "going concern" qualification, citing that the
Company has suffered recurring losses from operations, negative
working capital, and does not have an established source of
revenues sufficient to cover its operating costs, which raise
substantial doubt about its ability to continue as a going
concern.
iQSTEL ended the year on Dec. 31, 2024 with a net loss of
$5,180,036, significantly widening from the $219,436 loss reported
for the year ended Dec. 31, 2023. The net results of the periods
reported are highly impacted by the expenses in the holding entity
(IQSTEL), which has a high component of interest and other
financial expenses related to the funds borrowed for the
acquisition of QXTEL Limited.
IROBOT CORP: Extends Credit Deal Waiver With Carlyle to Oct. 24
---------------------------------------------------------------
As previously announced, iRobot Corporation has entered into four
amendments to its Credit Agreement among the Company, TCG Senior
Funding L.L.C., an affiliate of The Carlyle Group, as
administrative agent and collateral agent and the lenders party
thereto pursuant to which the Lenders waived, for periods from
March 11, 2025 until September 19, 2025, the Company's covenant
obligations to:
(1) provide a report and opinion of its auditor with respect
to its annual financial statements for fiscal year 2024 without a
qualification regarding the Company's ability to continue as a
going concern and
(2) maintain a minimum level of core assets.
On September 12, 2025, the Company entered into Amendment No. 5 to
the Credit Agreement, which extended the Waiver Period to October
24, 2025.
The full-text copy of the Amendment No. 5 to Credit Agreement is
available at https://tinyurl.com/yc4zf443
About iRobot Corporation
iRobot Corp. is a global consumer robot company that designs and
builds robots that empower people to do more. With over 30 years of
artificial intelligence and advanced robotics experience, it is
focused on building thoughtful robots and developing intelligent
home innovations that help make life better or millions of people
around the world. iRobot's portfolio of home robots and smart home
devices features proprietary technologies for the connected home
and advanced concepts in cleaning, mapping and navigation.
As of December 28, 2024, the Company had $516.1 million in total
assets, $454.9 million in total liabilities, and total
stockholders' equity of $61.2 million.
Boston, Massachusetts-based PricewaterhouseCoopers LLP, the
Company's auditor since 1999, issued a "going concern"
qualification in its report dated March 12, 2025, citing that the
Company has a history of operating losses and negative cash flows
from operations that raise substantial doubt about its ability to
continue as a going concern.
IRON HILL: Closes All 15 Locations Abruptly
-------------------------------------------
Maggie Kent of 6abc Action News reports that Iron Hill Brewery has
closed all 15 of its breweries and restaurants, a move that came
abruptly on Wednesday, September 24, 2025, and left both staff and
loyal customers stunned. Employees were informed that the company
had filed for bankruptcy, effectively ending operations at every
location in Pennsylvania, New Jersey, Delaware, Georgia, and South
Carolina, according to the report.
Workers described the sudden closures as shocking and difficult to
process. "It's so fresh, it's shocking. We need a second," said
Lauren Brown, a former employee at the Center City restaurant on
Market Street. Another worker, Jordan Corporal, said he and his
girlfriend both lost their jobs unexpectedly. "It is an uprooting,
I guess, trying to figure out where to go from here," he
explained.
In a message to employees, Iron Hill cited ongoing financial
challenges as the reason for the shutdown, saying it had made the
"difficult decision to file for bankruptcy and regrettably will be
permanently closing its doors." The closures came just weeks after
three other Iron Hill locations had already shut down with little
advance notice. Some former staff members suggested that the
company may have overextended its growth, with Brown adding, "I'm
thinking they just bit off more than they could chew."
Customers, too, were caught off guard by the announcement. Sam
Jenkins of Pennsauken recalled how busy the restaurants often were,
saying he and his wife made a point to visit whenever they were in
the area. Despite the widespread closures and frustration from both
employees and patrons, Iron Hill Brewery has not yet issued a
public response beyond its bankruptcy filing, the report states.
About Iron Hill Brewery
Iron Hill Brewery is a Mid-Atlantic brewpub chain.
IRON WORKS: Gets Extension to Access Cash Collateral
----------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Kentucky,
Louisville Division, issued its third interim order allowing Iron
Works Enterprises Incorporated to use cash collateral.
The court authorized the Debtor, retroactive to the petition date,
to use cash collateral for the expenses outlined in its budget,
subject to variances.
The Debtor's authority to use cash collateral terminates on the
date that is three business days after its Chapter 11 plan is
confirmed by the court. A confirmation hearing is set for October
21.
The bankruptcy court's third interim order does not resolve issues
regarding the extent, validity or priority of any party's lien. The
court found Lincoln National Bank, a secured creditor, adequately
protected because the value of the Debtor's collateral far exceeds
the amount of the creditor's lien.
In 2018, Lincoln financed the purchase of the Debtor's principal
place of business located at 3901 Pennebaker Ave., Bardstown,
Kentucky. The secured loan was for $242,281, with a balance of
approximately $186,450 as of the petition date.
In 2019, Lincoln extended an additional loan to the Debtor for
$29,555, which is also secured by the Pennebaker property as well
as a blanket lien on all the Debtor's assets. As of the petition
date, the balance on this loan is approximately $10,440.
About Iron Works Enterprises Incorporated
Iron Works Enterprises Incorporated also known as Iron Works Inc.,
is a manufacturing company located in Bardstown, KY, specializing
in transforming raw materials into industrial metal components and
structures, offering tailored solutions to meet the unique needs of
various industries and projects.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. KY Case No. 25-30563) on March 12,
2025. In the petition signed by Charles Todd Durbin, president, the
Debtor disclosed up to $1 million in assets and $10 million.
Judge Charles R. Merrill oversees the case.
Joseph H. Haddad, Esq. at Seiller Waterman, LLC represent the
Debtor as legal counsel.
JELD-WEN HOLDING: S&P Downgrades ICR to 'B-', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on JELD-WEN
Holding Inc. to 'B-' from 'B+', its issue-level rating on its
senior secured debt to 'B+' from 'BB', and its issue-level rating
on its senior unsecured debt to 'CCC+' from 'B+'.
The negative outlook reflects S&P's expectation that the company's
S&P Global Ratings-adjusted debt to EBITDA will remain high at more
than 8x through 2026 as the subdued demand for new construction and
R&R activity continues to impair its credit metrics.
JELD-WEN's sales and cash flow continue to be pressured by
persistently low new construction rates and remodel and repair
(R&R) activity.
This weak demand caused the company's S&P Global Ratings-adjusted
debt to EBITDA to rise to 10.5x on a rolling-12-month (RTM) basis
as of June 28, 2025, from 5.3x during the same period the previous
year.
S&P said, "The downgrade reflects our expectation that JELD-WEN's
credit metrics will remain pressured. S&P Global Ratings forecasts
the company's leverage will remain above 8x over the next 12 months
as it faces continued weak revenue amid ongoing end-market
weakness. JELD-WEN's revenue decreased by about 17.8% during the
first six months of fiscal year 2025 (ended June 28, 2025),
relative to the same period in fiscal year 2024, due to declining
sales volumes amid persistently weak activity in the R&R and new
housing construction markets. Specifically, this weakness has
stemmed from declining big-ticket R&R spending and a persistent
trend toward lower price points in new housing construction. The
company's forced divestiture of its Towanda operation, as well as
its partial loss of a major Midwestern customer, further
contributed to the erosion of its credit metrics.
"For the RTM ended June 28, 2025, the company's S&P Global
Ratings-adjusted leverage and EBITDA interest coverage stood at
10.5x and 1.6x, which compares with 5.3x and 2.5x, respectively,
during the same period in June 2024. We expect the softness in R&R
activity, as well as nonresidential and new housing construction,
will persist over the next 12 months, though we see the potential
for a marginal improvement in 2026. Therefore, we forecast
JELD-WEN's leverage will remain above 8x for the next 12 months.
"The negative outlook also reflects the company's potential
upcoming refinancing risk. We currently assess JELD-WEN's liquidity
as adequate and forecast that it had sufficient cash on hand and
undrawn revolving credit capacity as of June 2025 to meets its
short-term liquidity needs. However, we note the company faces an
upcoming note maturity in December 2027. Therefore, the negative
outlook reflects that a failure to proactively address a
refinancing in mid-year 2026 could lead us to revise our assessment
of JELD-WEN's liquidity and potentially lower our rating.
"We expect the company will generate negative free operating cash
flow (FOCF) over the next 12 months. JELD-WEN's FOCF to debt was
-8.6% on an RTM basis as of June 2025, which was down from 11.9%
during the same period in June 2024. Over the next 12 months, we
expect the company's FOCF to debt will remain negative as its weak
top-line expansion continues to pressure its EBITDA margin.
"The negative outlook on JELD-WEN reflects our expectation its
leverage will remain above 8x due to the subdued demand in the new
residential construction and R&R markets."
S&P could lower its rating on JELD-WEN in the next 12 months if its
credit metrics weaken further such that:
-- Its S&P Global Ratings-adjusted debt to EBITDA remains above
10x;
-- Its EBITDA interest coverage falls below 1x; or
-- S&P believes that the company will be unable to refinance its
upcoming maturities before they become current.
S&P could revise its outlook on JELD-WEN to stable if it improves
its operating performance such that its S&P Global Ratings-adjusted
leverage trends comfortably below the 8x area, its EBITDA interest
coverage rises to about 2x, and it generates positive FOCF.
JT MASONRY: Seeks to Hire BFSNG Law Group LLP as Attorney
---------------------------------------------------------
JT Masonry & Landscaping, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
BFSNG Law Group, LLP to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are:
Partners $585 to $725 per hour
Associates $500 to $550 per hour
Paralegals $210 per hour
The firm will be a retainer of $20,000, plus $1,738 filing fee.
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Berger disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Heath S. Berger, Esq.
BFSNG Law Group, LLP
6851 Jericho Turnpike, Suite 250
Syosset, NY 11791
Tel: (516) 747-1136
About JT Masonry & Landscaping, Inc.
JT Masonry & Landscaping Inc. provides masonry and landscaping
services for residential and commercial clients, operating
primarily in Levittown, New York, and across Long Island. The
Company offers services including stone and brick masonry, concrete
work, patios, walkways, retaining walls, outdoor kitchens, pool
installations, and landscape design.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-73235) on August 25,
2025. In the petition signed by Alfred Debatto, president, the
Debtor disclosed $1,323,311 in assets and $3,721,370 in
liabilities.
Judge Alan S. Trust oversees the case.
Heath S. Berger, Esq., at BFSNG Law Group, LLP, represents the
Debtor as bankruptcy counsel.
KARBONX CORP: Morsevo Trade Holds 8% Equity Stake as of Sept. 16
----------------------------------------------------------------
Morsevo Trade, Inc., disclosed in a Schedule 13D (Amendment No. 2)
filed with the U.S. Securities and Exchange Commission that as of
September 16, 2025, it beneficially owns 7,243,923 shares of
Karbon-X Corp.'s common stock, representing 8.0% of the outstanding
shares.
The shares were acquired through a combination of convertible note
conversion, cash purchases from working capital, and open market
transactions.
Morsevo Trade, Inc. may be reached through:
M. Richard Cutler, Cutler Law
6575 West Loop South, Suite 500
Bellaire, Texas 77401
Tel: 713-888-0040
A full-text copy of Morsevo Trade, Inc.'s SEC report is available
at: https://tinyurl.com/46r3dx49
About Karbon-X
Calgary, Canada-based Karbon-X Corp. provides customized
transactional options, tailored insights, and scalable access to
the Verified Emissions Reduction markets.
As of May 31, 2025, the Company had total assets of $6.78 million,
$8.15 million in total liabilities, and $1.37 million in total
shareholders' deficit.
Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated September 15, 2025, attached to the Company's Annual
Report on Form 10-K for the fiscal year ended May 31, 2025, citing
that Company has generated minimal revenues from its business
operations and has incurred operating losses since inception. These
factors, among others, raise substantial doubt about the Company's
ability to continue as a going concern.
KEESTONE PROPERTIES: Hires Dunham Hildebrand as Counsel
-------------------------------------------------------
Keestone Properties of TN, LLC and affiliates seek approval from
the U.S. Bankruptcy Court for the Middle District of Tennessee to
employ Dunham Hildebrand Payne Waldron, PLLC as counsel.
The firm will provide these services:
(a) render legal advice with respect to the rights, power, and
duties of the Debtor in the management of its assets;
(b) investigate and, if necessary, institute legal action on
behalf of the Debtor to collect and recover assets of the estate of
it;
(c) prepare all necessary pleadings, orders and reports with
respect to this proceeding and render all other necessary or proper
legal services;
(d) assist and counsel the Debtor in the preparation,
presentation, and confirmation of a plan of reorganization;
(e) represent the Debtor as may be necessary to protect its
interests;
(f) perform all other legal services that may be necessary and
appropriate in the general administration of the Debtor's estate.
The firm will be paid at these rates:
Attorney $475 to $550 per hour
Paralegal $175 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a total retainer of $50,000 from the Debtor.
Gray Waldron, Esq., an attorney at Dunham Hildebrand Payne Waldron,
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:
Gray Waldron, Esq.
Dunham Hildebrand Payne Waldron PLLC
9020 Overlook Blvd., Ste. 316
Brentwood, TN 37027
Tel: (629) 777-6519
Email: gray@dhnashville.com
About Keestone Properties of TN, LLC
Keestone Properties of TN, LLC in Loretto, TN, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. M.D. Tenn. Case No. 25-03769) on
Sept. 8, 2025, listing as much as $1 million to $10 million in both
assets and liabilities. William Keelon, Jr. as member, signed the
petition.
Judge Charles M Walker oversees the case.
DUNHAM HILDEBRAND PAYNE WALDRON, PLLC serve as the Debtor's legal
counsel.
KIN DEE: Hires Mahendru PC as Special Litigation Counsel
--------------------------------------------------------
Kin Dee, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Mahendru P.C. as special
litigation counsel in its Chapter 11 Subchapter V case, effective
nunc pro tunc to August 25, 2025.
Mahendru P.C. will provide these services:
(a) file and prosecute state court litigation concerning
noncompete obligations;
(b) seek temporary restraining orders and injunctions; and
(c) protect the Debtor's business operations and assets from
ongoing harm related to employee poaching, misappropriation of
recipes, and customer diversion.
Mahendru P.C. will receive hourly rates of $900 for attorney Ashish
Mahendru, $600 for attorney Darren Braun, $275–$800 for
associates or contract attorneys, and $200 for paralegals. The firm
also requested a $25,000 retainer.
Mahendru 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:
Ashish Mahendru, Esq.
Darren A. Braun, Esq.
MAHENDRU P.C.
639 Heights Boulevard
Houston, TX 77007
Toll Free: (866) 558-8149
Telephone: (713) 571-1519
Facsimile: (713) 651-0776
E-mail: amahendru@thelitigationgroup.com
dbraun@thelitigationgroup.com
About Kin Dee LLC
Kin Dee, LLC manages and operates Thai restaurants at two leased
locations.
Kin Dee sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Texas Lead Case No. 25-32199) on April 23, 2025. In
its petition, the Debtor reported assets of $30,301 and liabilities
of $1,168,956.
Judge Eduardo V. Rodriguez handles the case.
The Debtor is represented by Robert C. Lane, Esq., and A. Zachary
Casas, Esq., at The Lane Law Firm, PLLC.
KITCHEN MAN: Gets Extension to Access Cash Collateral
-----------------------------------------------------
The Kitchen Man Inc. received second interim approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Wilmington Division, to use cash collateral.
The second interim order authorized the Debtor to use cash
collateral for its post-petition operating expenses as set forth in
its budget, which projects total operational expenses of
$356,926.55 for the period from September 18 to October 17.
As adequate protection, secured creditors including NFS Capital,
LLC, Pearl Delta Funding, LLC and Corporation Service Company,
which hold UCC-1 liens, will receive replacement post-petition
liens on the Debtor's property, receivables, and other assets.
The immediate use of cash collateral is necessary to avoid
irreparable harm and ensure continued operations, which generate
the largest source of funds for creditors, according to the
Debtor.
The next hearing is set for October 15.
About The Kitchen Man Inc.
The Kitchen Man Inc. specializes in custom countertop
installations.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03176) on August 18,
2025. In the petition signed by Chris Dabideen, president, the
Debtor disclosed up to $1 million in assets and up to $10 million
in liabilities.
Judge Joseph N. Callaway oversees the case.
Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the
Debtor as legal counsel.
KULA GRAIN: Claims to be Paid from Continued Operations
-------------------------------------------------------
Kula Grain Co., Inc. d/b/a Kula Grain Company filed with the U.S.
Bankruptcy Court for the District of Colorado a Disclosure
Statement describing Plan of Reorganization dated September 18,
2025.
The Debtor is a family-owned trucking and feed merchandising
company in Fort Morgan, Colorado. It was officially founded in 1962
by Robert Kula.
Pre-petition, the Debtor's primary means of operation was to
purchase commodities such as cottonseed, corn, beans and grain from
various venders, and then re-sell and haul the same to its
customers in Colorado at an increased cost. In particular, the
cottonseed from Texas was, again, its main commodity purchase.
Since filing for Chapter 11 in April of 2025, the Debtor has
focused less on the commodities portion of its business and has
worked to diversify its business into other areas to account for
shortfalls caused by the Texas drought.
While the Debtor is still owned and operated by Mr. Carpenter, the
Debtor has focused more on the use of its trucks versus traditional
commodities deals. This way, the Debtor will be able to continue to
make use of its trucks and equipment for other income while the
cottonseed crop continues to rebound. Notwithstanding, the Debtor,
when able, continues to make commodities purchases, especially when
there is a favorable deal to be had and that will benefit the
Debtor overall, however, the focus on this aspect of the business
has been much less than in years past.
Following Confirmation of the Plan, the Debtor intends to continue
operating its business at both locations, which shall provide the
income necessary to fund the Plan. In particular, the Debtor
contemplates that it will establish a Plan Payment Fund to fund the
Plan as to Allowed Unsecured Claims, in addition to ongoing
payments to Allowed Secured Claims.
With respect to Allowed Secured Claims, upon the Effective Date of
the Plan, Debtor shall begin monthly payments to the holders of
Secured Claims in Classes 1, 2 and 3.
With respect to Allowed Unsecured Claims, upon the Effective Date
of the Plan, and once Debtor obtains a Working Capital Reserve of
$250,000.00, the Debtor shall make annual payments into the Plan
Payment Fund, with such accounts being governed by the requirements
of Section 345 of the Bankruptcy Code. These accounts shall be
escrowed and segregated from all other accounts held or created by
Debtor. Until such time as all Unsecured claims are determined by a
Final Order or a settlement approved by a Final Order of the Court,
the Plan Payment Fund will accrue interest and remain segregated.
The Debtor's projections show an accumulated disposable income
available to pay Allowed Unsecured Claims in the total amount of
approximately $107,226.00 over the five-year Plan period. This
amount shall be paid pro rata to Unsecured Creditors with Allowed
Claims in Class 4. The projections also demonstrate the ability to
pay the Secured Creditors in Classes 1, 2 and 3, plus
administrative and priority claims.
Class Four consists of allowed Unsecured Claims against the Debtor
and the Claims that are deemed allowed by a Final Order. The
unsecured creditors shall receive annual payments once per year on
the anniversary of the Confirmation Order, pro rata over the Plan
term of five years from Net Income in amounts not to exceed allowed
claims. Payments shall only be made if there is Net Income
available as defined in the Plan. Class Four is Impaired.
Class Five consists of the Interests of the Debtor. Specifically,
Class Five consists of the equitable interests of Asa Carpenter,
the holder of 100% of the Debtor's ownership interests. The holder
of Class Five interests will receive no distribution under the
Plan. They will retain their interests to the same extent that it
held such interests prior to the filing of the Bankruptcy. Class
Five is Unimpaired under the Plan.
The Debtor will continue to operate its business. The Debtor will
make monthly payments to holders of claims in Classes One through
Three as stated herein, as well as priority Claims and
administrative Claims. The Debtor's Net Income shall be used to pay
holders of Allowed Unsecured Claims from the Plan Payment Fund as
stated herein.
A full-text copy of the Disclosure Statement dated September 18,
2025 is available at https://urlcurt.com/u?l=mXKvys from
PacerMonitor.com at no charge.
Kula Grain Co. Inc. is represented by:
Jeffrey A. Weinman, Esq.
Bailey C. Pompea, Esq.
Allen Vellone Wolf Helfrich & Factor P.C.
1600 Stout Street, Suite 1900
Denver, CO 80202
Tel: (303) 534-4499
Email: JWeinman@allen-vellone.com
Email: BPompea@allen-vellone.com
About Kula Grain Co. Inc.
Kula Grain Co. Inc. is a Fort-Morgan, Colorad-based grain merchant
and interstate freight carrier that hauls dry-bulk farm
commodities.
Kula Grain Co. Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 25-12338) on April 22,
2025. In its petition, the Debtor estimated assets and liabilities
between $1 million and $10 million.
Bankruptcy Judge Joseph G. Rosania Jr. handles the case.
The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN
VELLONE WOLF HELFRICH & FACTOR, P.C.
L.S. TRUCKING: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: L.S. Trucking, Inc
7799 Enterprise Dr
Newark, CA 94560
Case No.: 25-41750
Business Description: L.S. Trucking, Inc., based in Newark,
California, provides trucking and
transportation services focused on general
freight, building materials, sand, and
gravel. The Company operates intrastate
with a fleet of trucks and trailers, serving
construction, excavation, and landscape
material transport needs.
Chapter 11 Petition Date: September 23, 2025
Court: United States Bankruptcy Court
Northern District of California
Judge: TBD
Debtor's Counsel: Lars Fuller, Esq.
THE FULLER LAW FIRM PC
60 N Keeble Avenue
San Jose, CA 95126
Tel: (408) 295-5595
Email: admin@fullerlawfirm.net
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Leonel Serrato 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/GHZXUAA/LS_Trucking_Inc__canbke-25-41750__0001.0.pdf?mcid=tGE4TAMA
LAKE COUNTY: Hires CUSA LLC as Hospitality and Property Manager
---------------------------------------------------------------
Lake County Hospitality, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
CUSA, LLC as hospitality and property manager.
The firm will provide weekly sales/marketing reports, a marketing
plan, budget reviews and implementation, operational reviews and
implementation, financial reports and critiques, and other
brand-specific requests.
The firm will be paid at these fees:
-- Debtor agrees to maintain at all times i) a balance in the
Owner's Account and/or ii) a line of credit accessible to CUSA,
which together total twenty-five percent (25%) of the estimated
annual Manager's Employees Costs (as defined in Section 5.2) plus
not less than 1/12th of the other costs and expenses shown in the
annual Approved Operating Budget, so as to provide for sufficient
liquidity in operation of the Property. The start-up cash
requirement in the Owner's Account shall be not less than $50,000.
-- If the required minimum balance set forth in Paragraph (a) is
not sufficient to pay amounts approved to be paid under this
Agreement, Manager may give Owner at least ten (10) days written
notice of any additional funds Owner must deposit in the Owner's
Account, which Owner must deposit within ten (10) days of notice.
Deborah L. Cannon, a partner at Cusa, LLC, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Deborah L. Cannon
CUSA, LLC
1300 Ridenour Blvd Suite 100
Kennesaw, GA 30152
Tel: (678) 903-0400
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.
LAMAR MEDIA: Moody's Rates New Senior Unsecured Notes 'Ba3'
-----------------------------------------------------------
Moody's Ratings assigned a Ba3 rating to new Senior Unsecured Notes
to be issued by Lamar Media Corporation (Lamar Media). All existing
credit ratings remain unchanged including Lamar Advertising
Company's (Lamar) Ba2 Corporate Family Rating and Ba2-PD
Probability of Default Rating, as well as the Baa2 Backed Senior
Secured Revolving Credit Facility (RCF), Baa2 Backed Senior Secured
Term Loans B (TLB) ratings and Ba3 Senior Unsecured Notes ratings
at Lamar Media. Lamar's Speculative Grade Liquidity Rating (SGL) of
SGL-2 remains unchanged. The outlook remains unchanged at stable.
Lamar is planning to issue $400 million of new 8- year Senior
Unsecured Notes due 2033. Moody's expects a very significant
portion if not all of the proceeds, net of fees, will be used to
repay the outstanding balance on the RCF. As a result, Moody's
expects the transaction to be essentially leverage neutral with an
improved liquidity and maturity profile. Moody's expects the terms
and conditions of the new notes to be materially the same as
existing notes.
RATINGS RATIONALE
Lamar's Ba2 CFR reflects its strong and well protected market
position as one of the largest outdoor advertising companies in the
US. Lamar owns and operates around 159 thousand billboards in 45
states and in Canada. The company also owns and operates
approximately 5,000 thousand digital billboards in 43 states and
Canada which contribute around 32% of the company's revenues.
The company benefits from organic ad growth fueled by its long-term
and sustainable operating strategy to convert its traditional
static billboards to digital which produces higher yield. The
business is also very profitable, with EBITDA margins near 60%
(Moody's adjusted). Liquidity is good, and financial policy is
disciplined using well managed leverage, currently 3.6x (Moody's
adjusted).
The company's credit profile is constrained by limited free cash
flow as a result of its REIT structure, which requires at least 90%
of taxable income to be distributed to shareholders. The company is
also burdened by some capital intensity which, combined with
significant dividends, reduces the company's flexibility to invest
at a faster or higher rate to accelerate the transition to digital
billboards.
As a pure play outdoor advertising company, Lamar derives the
majority of its revenue from advertising which can by cyclical.
However, the company is diversified across US states with strong
presence in local, small and mid-sized markets which are less
exposed to the more cyclical nature of major metropolitan areas and
transit. The company also generates revenue from a diversified
customer base across a wide range of industries. No single customer
accounted for more than 2% of billboard advertising net revenue,
and services, health care, and restaurants accounted for 36% of
billboard advertising net revenue (in 2024). Unlike more
traditional media companies, the outdoor advertising industry also
benefits from regulations that controls the supply of billboards.
This creates barrier to market entry, supports heathy advertising
rates, and contributes to high asset valuations.
Moody's speculative grade liquidity rating (SGL) of SGL-2 reflects
Moody's expectations that Lamar will maintain a good liquidity
position over the next year, supported by $55 million in cash and a
$750 million RCF (due July 2028) with $307 million available - both
at last quarter end. Moody's expects the company to have access to
most if not the full capacity of the RCF, assuming the outstanding
balance is largely or fully repaid with the proceeds from the
issuance of the new senior unsecured notes. Lamar also has a $250
million accounts receivable securitization facility (due October
2027) but it is fully drawn. The company also has an At-the-Market
(ATM) equity offering program to raise up to $400 million. The sale
of billboards could also be a source of alternate liquidity. The
RCF is subject to a maximum secured net debt covenant ratio of
4.5x. Moody's expects the company to maintain significant headroom
under the test. The TLB has no financial maintenance covenants.
The stable outlook reflects Moody's expectations for revenue growth
to average 3%-4%, EBITDA margins to remain high and steady at near
60% (Moody's adjusted), and for at least 90% of taxable income to
be distributed as a dividend resulting in limited free cash flow
(relative to debt, at or below low single digit percent), net of
capital intensity of at least mid-single digit percent of revenue
(as reported). Moody's projects leverage will decline, falling
below 3.5x (Moody's adjusted), with the potential for incremental
leverage capacity to be used for opportunistic tuck-in
acquisitions. Moody's expects the revolving credit facility could
be used to fund acquisitions or other corporate transactions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The required distribution of 90% of taxable income from a REIT
qualified subsidiary limits additional upward rating pressure.
However, an upgrade could occur if leverage was maintained in the
low 3.0x (Moody's adjusted) range on a sustained basis with
confidence that the board of directors intended to maintain
leverage at or below this level. Also required would be a balanced
financial policy between debt and equity holders, free cash flow
after distributions of about 5% of debt, and a good liquidity
position.
A rating downgrade could occur if leverage was sustained above 4.5x
(Moody's adjusted) due to a debt financed acquisition or a material
decline in advertising spend. Failure to maintain an adequate
liquidity position could also lead to negative rating pressure.
Lamar Advertising Company (Lamar), with its headquarters in Baton
Rouge, Louisiana, is one of the leading owner and operators of
advertising structures in the US and Canada. Lamar is publicly
traded, but the Reilly family has voting control of the company.
Lamar generated revenues of approximately $2.2 billion for last
twelve months.
The principal methodology used in this rating was Media published
in September 2025.
LASEN INC: Committee Hire Nach Rodgers Hilkert as Co-Counsel
------------------------------------------------------------
The official committee of unsecured creditors of Lasen Inc. and its
affiliates seeks approval from the U.S. Bankruptcy Court for the
District of Arizona to employ Nach, Rodgers, Hilkert & Santilli and
Berry Riddell LLC as co-counsel.
The firm's services include:
a. consulting with the Debtor and the Office of the United
States Trustee regarding administration of the Bankruptcy Case;
b. advising the Committee with respect to its rights, powers,
and duties as they relate to the Bankruptcy Case;
c. investigating the acts, conduct, assets, liabilities, and
financial condition of the Debtor;
d. assisting the Committee in analyzing the Debtor's
pre-petition and post petition relationships with its creditors,
equity interest holders, employees, affiliated companies, including
Lasen, and other parties in interest;
e. assisting and negotiating on the Committee's behalf in
matters relating to the claims of the Debtor's other creditors;
f. assisting the Committee in preparing pleadings and
applications as may be necessary to further the Committee's
interests and objectives;
g. researching, analyzing, investigating, filing and
prosecuting litigation on behalf of the Committee in connection
with issues including but not limited to avoidance actions,
fraudulent conveyances, and actions related to the corporate
governance of the Debtor;
h. representing the Committee at hearings and other
proceedings;
i. reviewing and analyzing applications, orders, statements of
operations, and schedules filed with the Court and advising the
Committee regarding all such materials;
j. aiding and enhancing the Committee's participation in
formulating a plan;
k. assisting the Committee in advising its constituents of the
Committee's decisions, including the collection and filing of
acceptances and rejections to any proposed plan; and
l. performing such other legal services as may be required and
are deemed to be in the interests of the Committee.
The firm will be paid at these rates:
Attorneys $420 to $500 per hour
Paralegals $150 to $230 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
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 firms can be reached at:
Paul M. Hilkert, Esq.
Nach, Rodgers, Hilkert & Santilli
2001 East Campbell Avenue, Suite 103
Phoenix, AZ 85016
Tel: (602) 258-6000
Fax: (602) 258-6003
Email: paul.hilkert@nrhslaw.com
- and -
Michael Zimmerman, Esq.
Berry Riddell LLC
6750 E. Camelback Rd., Suite 100
Scottsdale, AZ 82521
Tel: (480) 385-2727
Fax: (480) 385-2757
Email: mz@berryriddell.com
About Lasen Inc.
Lasen Inc. develops and operates airborne LiDAR systems for leak
detection and pipeline inspections across North America. Its
proprietary Airborne LiDAR Pipeline Inspection System (ALPIS)
identifies methane leaks with high accuracy and efficiency,
supporting right-of-way and transmission line monitoring. Founded
in 1989, LaSen has inspected over 500,000 miles of pipeline and
specializes in remote sensing technologies adapted from U.S.
defense applications.
Lasen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Ariz. Case No. 25-05316) on June 11, 2025. In its
petition, the Debtor reported between $1 million and $10 million in
assets and liabilities.
Honorable Bankruptcy Judge Brenda K. Martin handles the case.
The Debtor is represented by Randy Nussbaum, Esq., at The Cavanagh
Law Firm, P.A.
LASERSHIP INC: Credit Suisse Marks $261,000 Loan at 69% Off
-----------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$261,000 loan extended to LaserShip, Inc. to market at $80,420 or
31% of the outstanding amount, according to Credit Suisse's Form
10-K for the semi-annual year ending June 30, 2025, filed with the
U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to LaserShip, Inc. The
loan accrues interest at a rate of 6.057% per annum. The loan
matures on August 10, 2029.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About LaserShip, Inc.
Lasership, Inc. operates as a courier services. The Company offers
pickup, delivery of letters, small packages, and documents.
LASERSHIP INC: Credit Suisse Marks $346,000 Loan at 40% Off
-----------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$346,000 loan extended to LaserShip, Inc. to market at $208,967 or
60% of the outstanding amount, according to Credit Suisse's Form
10-K for the semi-annual year ending June 30, 2025, filed with the
U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to LaserShip, Inc. The
loan accrues interest at a rate of 8.296% per annum. The loan
matures on January 2, 2029.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About LaserShip, Inc.
Lasership, Inc. operates as a courier services. The Company offers
pickup, delivery of letters, small packages, and documents.
LASERSHIP INC: Credit Suisse Marks $785,000 Loan at 41% Off
-----------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$785,000 loan extended to LaserShip, Inc. to market at $460,748 or
59% of the outstanding amount, according to PCredit Suisse's Form
10-K for the semi-annual year ending June 30, 2025, filed with the
U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to LaserShip, Inc. The
loan accrues interest at a rate of 5.796% per annum. The loan
matures on August 10, 2029.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About LaserShip, Inc.
Lasership, Inc. operates as a courier services. The Company offers
pickup, delivery of letters, small packages, and documents.
LERETA LLC: S&P Affirms 'CCC+' ICR on Debt Issuance, Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' rating on U.S.-based
property data and analytics provider Lereta LLC and believes the
capital structure remains unsustainable.
The negative outlook reflects S&P's view of the default risk if
Lereta underperforms its forecast during the next 12 months.
Execution risks could impede Lereta's performance improvement thus
far in 2025. Lereta's first half was better than expected as
revenue increased 16% and EBITDA almost doubled. S&P said, "We
believe this reflects its strategic initiatives, which include
continuing its multiyear software investment and implementing
cost-saving measures such as workforce reductions, offshoring,
office consolidations, outsourcing title operations, and other
business process optimizations. By our estimates, these measures
have resulted in new contracts, new business, and cost reductions
of $6 million-$7 million."
S&P said, "We anticipate that revenue will increase in the
remainder of 2025 and 2026 due to contract wins in early 2024,
supported by good service and a modest recovery in the mortgage
market. Furthermore, we expect most investment costs from its
multiyear software replatforming to roll off in the next year or
so.
"While these factors pave the way for positive free cash flow in
2026, we believe execution risk remains. The revolver will mature
on July 30, 2027, and the term loan on July 30, 2028. We believe
Lereta will need to continue improving operating performance and
free operating cash flow (FOCF) to support its refinancing
prospects. This will likely require Lereta to effectively complete
and roll out its new software platform, avoid competitive losses,
and benefit from improving mortgage origination volumes during 2025
and 2026. There is typically a lag of 60-120 days between industry
originations and Lereta's cash revenue performance.
"Our 'CCC+' rating reflects our view that Lereta depends on sponsor
support. Since 2024, Lereta's sponsors have contributed almost $20
million in cash equity and $22 million in term loan B debt to
assist the company navigate its investments and weak operating
performance, driven by low mortgage origination volume. Without
these contributions, we believe Lereta would not have met its
obligations in 2024 and the first half of 2025.
"We continue to view Lereta's liquidity as weak. While we believe
these recent capital injections make a liquidity shortfall unlikely
over the next 12 months, amid a sluggish recovery in the mortgage
market, we still expect Lereta will continue cash flow deficits
through 2025. It will use cash reserves from the recent term loan
increase to invest in its technology transformation and scale
operations to support new growth initiatives. With total liquidity
of about $20 million, in the absence of further support from its
sponsor, we believe Lereta will need to turn cash flow positive in
2026.
"The negative outlook reflects our view of heightened payment
default risk if Lereta underperforms our forecast in the next 12
months."
S&P could lower the ratings on Lereta if risk of default increases
within 12 months. This could occur if:
-- Cash flow deficits are higher than expected on a sustained
basis because industry conditions do not improve or business
investments do not drop off as we expect;
-- Liquidity becomes further pressured such that Lereta is in
danger of breaching its covenants and we do not believe the
sponsors will continue to contribute capital; or
-- S&P believes prospects have increased for a distressed debt
restructuring within the next 12 months.
S&P could take a positive rating action on Lereta if:
-- The company demonstrates strong operating performance; and
-- S&P believes it will sustain positive FOCF and adequate
liquidity without additional sponsor support.
LIGH PARENT: Moody's Assigns 'B2' CFR, Outlook Stable
-----------------------------------------------------
Moody's Ratings affirmed LI Group Holdings, Inc.'s senior secured
bank credit facilities, including the $300 million term loan due
2028 and $15 million revolver expiring 2027, at B2. Moody's
assigned a B2 corporate family rating and a B2-PD probability of
default rating to LIGH Parent, LLC (dba as "Liaison" or "the
company"), and withdrew LI Group Holdings, Inc.'s B2 CFR and B2-PD
PDR ratings. The outlooks are stable. Liaison is a
Massachusetts-based provider of marketplace technology,
applications and analytics platforms supporting the US higher
education market.
On September 03, 2025, Liaison repaid $40 million of its term loan,
reducing debt/EBITDA by almost 1x to about 4.5x for the twelve
months ended June 30, 2025, pro forma for the repayment.
The B2 senior secured rating affirmation and stable outlook reflect
Moody's expectations for mid-to-high single-digit revenue and
EBITDA growth, driven by sustained demand for healthcare-focused
graduate applications and advanced analytics. The company maintains
prudent balance sheet management and prioritizes debt reduction
over shareholder distributions, as demonstrated by its voluntary
payment earlier this month. Moody's anticipates continued
improvement in credit metrics, with debt/EBITDA trending below 4.0x
and EBITDA-capex/interest expense above 3.0x over the next 12 to 18
months.
Moody's projects the company will generate annual free cash flow of
$30 to $35 million over the next 12 to 15 months, with FCF/debt
sustained above 15%. While Liaison's operating performance and
credit profile are favorable compared to other B2-rated software
issuers, its rating remains constrained by its small revenue size
and concentrated ownership by Meritage Group.
RATINGS RATIONALE
Liaison's B2 CFR is supported by the company's market-leading
position as a provider of centralized application services (CAS)
for graduate education programs and other admission management
software solutions. There is very limited competition in Liaison's
existing CAS vertical markets and its products are difficult to
replace since they are deeply embedded in customers' workflows and
integrated with other software systems. About 40% of the company's
fiscal year 2025 (ended 31 March) revenue was generated from
subscription-based customer relationship management solutions,
which are highly predictable and recurring, and sold to a diverse
customer base under multi-year contracts. Liaison has historically
maintained gross customer retention rates above 95%. Given the
company's excellent visibility into seasonal application trends and
volumes, Moody's expects the company to sustain solid growth over
the next 12 to 18 months. Moody's also anticipates the company will
maintain strong profitability and very good liquidity, including
FCF/debt above 15% over the next 12 to 15 months.
All financial metrics cited reflect Moody's standard adjustments,
as well as expensing capitalized software development costs.
The ratings are also constrained by the company's narrow market and
product focus, and governance risks due to its concentrated private
equity ownership and the potential for leveraging transactions,
including debt-funded acquisitions or shareholder distributions.
The B2 senior secured ratings are the same as the B2 CFR because
there is a single class of debt in the company's capital structure.
LIGH Parent, LLC is the parent company of borrower LI Group
Holdings, Inc.
Moody's expects that Liaison will maintain very good liquidity over
the next 12 to 15 months. The company had approximately $47 million
of cash on its balance sheet (before a $40 million debt repayment
in September 2025) and its $15 million revolving credit facility
was fully available as of June 30, 2025. Liaison collects
application fees quickly, through credit card payments, and working
capital has historically been a modest source of funds annually.
Moody's expects Liaison to generate $30 to $35 million annual free
cash flow, which provides ample coverage for the $3 million of
annual term loan amortization, paid quarterly.
For the benefit of revolver lenders only, the credit agreement
contains a springing senior secured first-lien net leverage ratio
covenant set at 8.5x, which is tested when at least 35% of the
facility is drawn. Moody's do not expect the financial covenant to
be tested over the next 12 to 15 months, and if tested, Moody's
expects the company will maintain a good cushion within the
covenant. Alternate liquidity is limited as all assets are
encumbered.
The stable outlook reflects Moody's expectations of a mid- to
high-single-digit revenue and EBITDA growth over the next 12 to 18
months, leading to the company's debt/EBITDA declining below 4.0x.
Moody's projects Liaison will maintain very good liquidity,
including a healthy balance sheet and free cash flow/debt above 15%
through FY2027.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Liaison: (1) significantly expands
its scale and product diversity; (2) sustains conservative credit
metrics, prioritizing debt repayment over shareholder returns; (3)
maintains very good liquidity; and (4) adheres to prudent financial
policies and reduces ownership concentration.
The ratings could be downgraded if: (1) organic growth is weaker
than expected or margins compress; (2) debt/EBITDA is sustained
above 7.5x; (3) free cash flow/debt is sustained below 5% other
than on a temporary basis, or (4) liquidity weakens.
The principal methodology used in these ratings was Software
published in June 2022.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
Liaison, headquartered in Brighton, Massachusetts, doing business
as Liaison, is a provider of CAS for graduate education programs
and other admission management software solutions. Liaison helps
more than 40,000 undergraduate, graduate and post-baccalaureate
programs across more than 1,500 campuses to achieve their
recruitment, admissions, enrollment and student success goals. The
company has been owned by private investor Meritage Group since
December 2019. Moody's expects the company's annual revenue to
remain below $200 million in FY2026.
LILLY INDUSTRIES: Mark Sharf Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a
practicing attorney in Los Angeles, as Subchapter V trustee for
Lilly Industries, Inc.
Mr. Sharf will charge $660 per hour for his services as Subchapter
V trustee and $150 per hour for his trustee administrator's
services. In addition, the Subchapter V trustee will seek
reimbursement for work-related expenses incurred.
Mr. Sharf declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark Sharf, Esq.
6080 Center Drive, 6th Floor
Los Angeles, CA 90045
Telephone: (323) 612-0202
Email: mark@sharflaw.com
About Lilly Industries Inc.
Lilly Industries, Inc. (doing business as The Slab Studio) is a
trade-only gallery that offers architects, contractors, dealers,
and designers access to the finest natural stone and semi-precious
slabs, ensuring a sophisticated, one-of-a-kind viewing experience.
With discerning standards and a global reach, they act as a trusted
partner for those seeking premium materials for high-end design
projects.
Lilly Industries filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-10301) on
February 3, 2025, listing between $500,001 and $1 million in assets
and between $1 million and $10 million in liabilities. Robert Goe,
Esq., a practicing attorney in Irvine, Calif., serves as Subchapter
V trustee.
Judge Theodor Albert oversees the case.
The Debtor tapped Brian M. Rothschild, Esq., at Parsons Behle &
Latimer as legal counsel and Rocky Mountain Advisory, LLC as
accounting and financial advisor.
LOOK CINEMAS: Court Extends Cash Collateral Access to Oct. 14
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, issued its seventh interim order extending Look
Cinemas II, LLC's authority to use cash collateral.
The order signed by Judge Michelle Larson authorized the Debtor to
use cash collateral from September 4 to October 14 pursuant to its
budget, subject to a 10% variance.
As protection, lenders were granted replacement liens on and
security interests in all property currently owned or to be
acquired by the Debtor that are similar to their pre-bankruptcy
collateral.
The Debtor was ordered to pay its landlord, Spirit Master Funding
X, LLC, at least $194,098.10 by October 1 in order to continue to
occupy the premises from October 1 to 31.
In case the Debtor fails to make the payment, the landlord may file
for immediate lease rejection and reclaim the premises, with Debtor
able to object.
The Debtor's right to use cash collateral terminates upon
conversion of its Chapter 11 case to one under Chapter 7;
appointment of a Chapter 11 trustee or receiver; the closing of a
sale of all or substantially all of the Debtor's assets; and
failure to make rent payment.
A final hearing is set for October 14.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/ArP03 from PacerMonitor.com.
About LOOK Cinemas II
LOOK Cinemas II, LLC operates in the motion picture and video
industries.
LOOK Cinemas II sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33696) on November
14, 2024, with $1 million to $10 million in both assets and
liabilities. Brian E. Schultz, chief executive officer of LOOK
Cinemas II, signed the petition.
Judge Michelle V. Larson handles the case.
The Debtor is represented by:
Frank Wright, Esq.
Law Offices of Frank J. Wright, PLLC
1800 Valley View Lane 250
Farmers Branch TX 75234
Tel: 214-238-4153
Email: frank@fjwright.law
M + D PROPERTIES: Seeks Subchapter V Bankruptcy in North Carolina
-----------------------------------------------------------------
On September 23, 2025, M + D Properties filed Chapter 11
protection in the Eastern District of North Carolina. According to
court filing, the Debtor reports between $1 million and $10
million in debt owed to 1 and 49 creditors. The petition states
funds will be available to unsecured creditors.
About M + D Properties
M + D Properties, a privately owned real estate development company
based in Southern California, develops and operates large-scale
retail, mixed-use, office, hotel, and residential projects, with a
focus on urban renewal and income-producing assets. The firm has
developed approximately 1.4 million square feet of property, with
around 1 million square feet currently under development, and owns
affiliated companies including Greenland Property Management, MD
Properties, Greenland Construction Service, LLC, and Innoatti
Technologies. Notable projects include Plaza Mexico in Lynwood and
One West Green in Pasadena, and its developments have received
recognition from organizations such as the Urban Land Institute and
the State of California.
M + D Properties sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03693) on
September 23, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge David M. Warren handles the case.
The Debtor is represented by Roye Zur, Esq. at ELKINS KALT
WEINTRAUB REUBEN GARTSIDE LLP.
MACHIKO MANAGEMENT: Seeks Subchapter V Bankruptcy in California
---------------------------------------------------------------
On September 24, 2025, Machiko Management LLC filed Chapter 11
protection in the Central District of California. According to
court filing, the Debtor reports between $1 million and $10 million
in debt owed to 1 and 49 creditors. The petition states funds will
be available to unsecured creditors.
About Machiko Management LLC
Machiko Management LLC, based in Temecula, California, provides
administrative and office management services.
Machiko Management LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-16853)
on September 24, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.
The Debtor is represented by Summer Shaw, Esq. of SHAW & HANOVER,
PC.
MAITE LLC: Hires Kutner Brinen Dickey as Attorney
-------------------------------------------------
Maite, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Colorado to employ Kutner Brinen Dickey Riley, P.C. as
attorney.
The firm will render these services:
a. provide the Debtor with legal advice with respect to its
powers and duties;
b. aid the Debtor in the development of a plan of
reorganization under Chapter 11;
c. file the necessary petitions, pleadings, reports, and
actions which may be required in the continued administration of
the Debtor's property under Chapter 11;
d. take necessary actions to enjoin and stay until final
decree continuation of pending proceedings and to enjoin and stay
until final decree commencement of lien foreclosure proceedings and
all matters as may be provided under 11 U.S.C. Sec. 362; and
e. perform all other legal services for the Debtor which may
be necessary.
The firm will be paid at these rates:
Jeffrey S. Brinen $540 per hour
Jenny Fujii $440 per hour
Jonathan M. Dickey $400 per hour
Keri L. Riley $390 per hour
Paralegal $100 per hour
The firm received a pre-Petition retainer of $20,000 from the
Debtor, of which $16,982 remained on the Petition Date.
Mr. Riley 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:
Keri L. Riley, Esq.
Kutner Brinen Dickey Riley, P.C.
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Telephone: (303) 832-291
E-mail: klr@kutnerlaw.com
About Maite, LLC
Maite LLC is a limited liability company.
Maite LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Colo. Case No. 25-15985) on September 17, 2025. In
its petition, the Debtor reports estimated liabilities of
$22,451,109.
Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case.
The Debtor is represented by Jonathan M. Dickey, Esq. at KUTNER
BRINEN DICKEY RILEY.
MAXEON SOLAR: Registers 1.48M Shares Under Amended Incentive Plan
-----------------------------------------------------------------
Maxeon Solar Technologies, Ltd. filed a Registration Statement on
Form S-8 with the Securities and Exchange Commission to register an
additional 1,484,079 shares of the Company's ordinary shares, no
par value, issuable under the Registrant's Amended and Restated
2020 Omnibus Incentive Plan.
On September 17, 2025, the Board of Directors approved an amendment
and restatement of the Plan to increase the total number of
Ordinary Shares available for issuance thereunder. The Plan, as
amended and restated, has been filed as an exhibit to this
Registration Statement.
Pursuant to General Instruction E of Form S-8, this Registration
Statement hereby incorporates by reference the contents of the
Company's previous Registration Statements on Form S-8 filed with
the Commission on August 6, 2020 (File No. 333-241709) and February
29, 2024 (File No. 333-277501), each as post-effectively amended on
October 9, 2024 to reflect the impact of a 100:1 reverse share
split, and on November 13, 2024 (File No. 333-283187) to the
extent not modified or superseded hereby or by any subsequently
filed document, which is incorporated by reference herein or
therein.
Maxeon Solar may be reached through:
Corporation Service Company
1180 Avenue of the Americas, Suite 210
New York, N.Y. 11036-8401
Tel: (800) 927-9800
A full-text copy of the Registration Statement is available at
https://tinyurl.com/29bynmxc
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
April 30, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and negative
free cash flows and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.
As of Dec. 31, 2024, the Company had $376.27 million in total
assets, $664.64 million in total liabilities, and $288.37 million
in total deficit.
MENOTTI ENTERPRISE: Hires Medina Law Firm as Special Counsel
------------------------------------------------------------
Menotti Enterprise, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Medina Law
Firm LLC as special counsel.
The Debtor needs the firm's legal assistance in connection with
prosecuting the Debtor's claims and causes of action against the
Debtor's creditors and other parties.
The firm will be paid at these rates:
Partners $750 per hour
Senior Associates $750 per hour
Junior Associates $525 per hour
Paraprofessionals $175 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Eric S. Medina, Esq., a partner at Medina Law Firm LLC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Eric S. Medina, Esq.
Medina Law Firm LLC
641 Lexington Avenue
Thirteenth Floor
New York, NY 10022
Tel: (212) 404-1742
Fax: (888) 833-9534
E-mail: emedina@medinafirm.com
About Menotti Enterprise, LLC
Menotti provides safety training, consulting, and onsite safety
professionals to ensure construction worksites are safe and
compliant.
Menotti Enterprise, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
24-22242) on March 22, 2024, listing $1 million to $10 million in
both assets and liabilities. The petition was signed by Michael J.
Menotti as president.
Judge Sean H. Lane presides over the case.
Norma E. Ortiz, Esq. at Ortiz & Ortiz, LLP represents the Debtor as
counsel.
MERIT STREET: Dr. Phil Denounces Christian Broadcaster's Claims
---------------------------------------------------------------
James Nani of Bloomberg Law reports that Dr. Phil McGraw pushed
back in Dallas bankruptcy court Thursday, September 26, 2025,
against claims from Merit Street Media Inc.'s Christian
broadcasting partner that he acted like a "thief in the night,"
calling the accusation "blasphemous" as he defended both his role
and the company's Chapter 11 filing.
About Merit Street Media
Merit Street Media is a television and media content production and
distribution company based in Fort Worth, Texas. It appears to
focus on creating, producing, and distributing television content,
maintaining business relationships with major cable providers
including DIRECTV and DISH Network, as well as numerous television
stations and production companies.
Merit Street Media sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2,
2025, before the Hon. Scott W. Everett. In its petition, the Debtor
reports estimated assets and liabilities between $100 million and
$500 million.
The Debtor is represented by Sidley Austin LLP as bankruptcy
counsel. Epiq Corporate Restructuring, LLC serves as Claims,
Noticing, and Solicitation Agent, effective as of the Petition
Date.
MERIT STREET: Dr. Phil Justifies Employee Layoffs in Chapter 11
---------------------------------------------------------------
Vince Sullivan of Law360 reports that Dr. Phil McGraw denied
accusations that workers were dismissed from his bankrupt media
joint venture to move to a new business he launched, saying the job
cuts were driven by the company's financial standstill, which left
no path forward.
About Merit Street Media
Merit Street Media is a television and media content production and
distribution company based in Fort Worth, Texas. It appears to
focus on creating, producing, and distributing television content,
maintaining business relationships with major cable providers
including DIRECTV and DISH Network, as well as numerous television
stations and production companies.
Merit Street Media sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2,
2025, before the Hon. Scott W. Everett. In its petition, the Debtor
reports estimated assets and liabilities between $100 million and
$500 million.
The Debtor is represented by Sidley Austin LLP as bankruptcy
counsel. Epiq Corporate Restructuring, LLC serves as Claims,
Noticing, and Solicitation Agent, effective as of the Petition
Date.
MISS AMERICA: Clash Centers on Competing Fraud Allegations
----------------------------------------------------------
Rose Krebs of Law360 reports that a real estate developer and his
attorney pushed back in Florida federal court against calls for
sanctions over allegedly fabricated contracts tied to the ownership
of the Miss America organization, arguing instead that their rivals
are the ones "engaging in fraud."
About Miss America Competition LLC
Miss America Competition LLC is an annual competition open to women
from the United States between the ages of 18 and 28. The
competition's inception as a "bathing beauty review" was an act of
rebellion during a time when women weren't permitted to wear
swimsuits in public. In 1945, the organization started awarding
scholarships to the winner instead of prize money, making Miss
America one of the first organizations in the United States to
offer college scholarships to women.
Miss America Competition LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22288) on
November 22, 2024. In the petition filed by Glenn Straub, as sole
member and manager, the Debtor reports estimated assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Erik P. Kimball handles the case.
The Debtor is represented by Craig I. Kelley, Esq., at KELLEY
KAPLAN & ELLER, PLLC.
MODIVCARE INC: Taps FTI as Advisor and Chad J. Shandler as CTO
--------------------------------------------------------------
ModivCare Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ FTI Consulting, Inc. as
financial advisor in its Chapter 11 case and to designate Chad J.
Shandler, Senior Managing Director at FTI, as Chief Transformation
Officer.
Mr. Shandler and FTI will provide these services:
(a) coordinate the activities of the Debtors' advisory team and
advise the Debtors and Board on restructuring activities;
(b) work with management in maintaining and refining a 13-week
cash flow forecast and prepare budget-to-actual variance analyses;
(c) develop a comprehensive communications strategy and materials
across all major stakeholder audiences; and
(d) perform other services customary in this type of engagement
and reasonably requested by the Debtors.
FTI will receive a monthly CTO fee of $150,000, hourly rates for
temporary staff ranging from $190 to $1,525 (adjusted to
$195–$1,580 beginning October 1, 2025), and a completion fee of
$750,000 payable at the conclusion of the CTO's role.
The Debtors paid FTI $640,759.58 on account prepetition and
$7,382,069.00 in the 90 days before filing.
FTI Consulting states it is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
FTI Consulting, Inc.
1301 McKinney Street, Suite 3500
Houston, TX 77010
Telephone: (800) 349-9990
Facsimile: (713) 353-5459
About ModivCare
ModivCare Inc. is a technology-enabled healthcare services company
that provides a suite of integrated supportive care solutions for
public and private payors and their members.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20,
2025. In the petition signed by Chad J. Shandler, chief
transformation officer, the Debtor disclosed up to $10 billion in
both assets and liabilities.
Judge Alfredo R. Perez oversees the case.
Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP,
represents the Debtor as legal counsel.
NASH ENGINEERING: Court Okays $9MM Deal with Insurers
-----------------------------------------------------
Aaron Keller of Law360 reports that a Connecticut federal judge has
approved a $9 million settlement under which Chubb's Century
Indemnity Co. and ACE American's Pacific Employers Insurance Co.
will pay the Chapter 7 estate of a pump manufacturer, resolving
claims that The Nash Engineering Co. fraudulently transferred
insurance policies intended to cover asbestos liabilities.
About Nash Engineering Co.
Nash Engineering Co. is a Connecticut pump manufacturer.
Nash Engineering Co. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. D. Conn. Case No. 21-50644) on Oct. 19,
2021.
Bankruptcy Judge Julie A Manning handles the case.
NEAL MEATS: Seymour Property Sale to S. & M. Schwartz OK'd
----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Missouri,
Springfield, has authorized the Neal Meats LLC to sell Property,
free and clear of liens, claims, interests, and encumbrances.
The property to be sold is 33 acres laying North of Gentry Road in
Seymour, Missouri and 10 acres laying South of Gentry Road in
Seymour, Missouri.
The Court has authorized the Debtor to sell the Property Samuel Z.
Schwartz and Magdalena E. Schwartz for $380,500.00.
The Court found that due and proper notice of the Motions, real
estate agreement, notices, and opportunity for objections have been
given to all parties-in-interest in accordance with prior orders of
this Court and the applicable provisions of the Bankruptcy Code and
Rules of Bankruptcy Procedure.
The Debtor's Sale Contract with the Schwartz's and all ancillary
documents, and all of the terms and
conditions are approved in their entirety, and the sale of the
Subject Real Estate pursuant to the terms of this order and the
Sale Contract are authorized.
Any liens, claims, or other encumbrances on the Subject Real Estate
being sold pursuant to the Sale Contract shall be transferred to
the proceeds of such sale, which proceeds shall become substitute
collateral for such liens, claims, or encumbrances, and provided
further that at closing Debtor is authorized to pay reasonable
costs necessary to consummate the sale, including without
limitation, title insurance, real estate tax prorations, recording
fees, transfer taxes, and other costs or expenses representing
reasonable and necessary costs and expenses of preserving or
disposing of the Subject Real Estate.
About Neal Meats, LLC
Neal Meats, LLC provides USDA-inspected meat processing services
from its facility in Seymour, Missouri, where it handles beef,
pork, and deer for both custom and USDA markets. Founded in 2020 by
Will and Julia Neal, the Company operates a 9,500-square-foot plant
equipped with advanced cooling systems, vacuum packaging machines,
and smoking equipment for specialty products such as sausages and
bacon. The business serves farmers, ranchers, and individual
customers across the region, emphasizing product quality, food
safety, and secure handling.
Neal Meats, LLC in Seymour MO, sought relief under Chapter 11 of
the Bankruptcy Code filed its voluntary petition for Chapter 11
protection (Bankr. W.D. Mo. Case No. 25-60458) on July 21, 2025,
listing as much as $1 million to $10 million in both assets and
liabilities. William Neal as managing member, signed the petition.
JB JAMES LAW FIRM serve as the Debtor's legal counsel.
NEEDSPACE VENTURE: Section 341(a) Meeting of Creditors on Nov. 17
-----------------------------------------------------------------
On September 18, 2025, Needspace Venture LLC filed Chapter 11
protection in the Northern District of Mississippi. 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 November
17, 2025 at 01:30 PM at Telephonic Meeting.
About Needspace Venture LLC
Needspace Venture LLC provides self-storage solutions in Southaven,
Mississippi, offering climate-controlled and standard storage
units. Its services include unit rentals, security features, and
customer amenities such as moving supplies and truck rentals.
Needspace Venture LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13086) on September
18, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
Honorable Bankruptcy Judge Jason D. Woodard handles the case.
The Debtor is represented by John Keith Perry, Jr., Esq. of Perry
Griffin PC.
NEW AGE LEASING: Plan Exclusivity Period Extended to October 27
---------------------------------------------------------------
Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the
Northern District of Illinois extended New Age Leasing LLC's
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to October 27, 2025.
As shared by Troubled Company Reporter, the Debtor is in the
trucking business. The Debtor owns a fleet of approximately 311
trucks which were purchased with loans from 16 various secured
parties.
The Debtor explains that it has worked diligently with the secured
parties with respect to adequate protection payments.
Pursuant to Section 1121(b), only the Debtor may file a plan of
reorganization within 120 days after the Order for Relief but upon
notice and hearing, the Court may extend the exclusive right of the
Debtor to file a plan for up to an additional period not to exceed
18 months after the Order for Relief.
The Debtor asserts that it is prepared to schedule confirmation of
the First Amended Plan (with minor revisions) and solicit
acceptances of the Plan. However, the current deadline for
soliciting acceptances for the Plan is August 16, 2025, prior to
the next status hearing.
New Age Leasing, LLC is represented by:
Miriam Stein Granek
Gutnicki LLP
4711 Golf Road, Suite 200
Skokie, IL 60076
Tel: (847) 745-6592
Email: mgranek@gutnicki.com
About New Age Leasing
New Age Leasing, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18710) on Dec. 16,
2024, listing under $1 million in both assets and liabilities.
Bankruptcy Judge Deborah L. Thorne handles the case. The Law
Offices of David Freydin PC serves as the Debtor's counsel.
NIKOLA CORP: CEO Plans Appeal of Chapter 11 Plan Confirmation
-------------------------------------------------------------
Yun Park of Law360 Bankruptcy Authority reports that on September
25, 2025, Nikola's ex-CEO and founder announced plans to challenge
a Delaware bankruptcy judge's approval of the company's Chapter 11
reorganization, a plan that settles U.S. SEC penalty claims and
provides payouts to unsecured creditors.
About Nikola Corp.
Nikola Corporation and affiliates specialize in the design and
manufacture of zero-emissions commercial vehicles, including
battery-electric and hydrogen fuel cell trucks. The companies
operate in two business units: Truck and Energy. The Truck business
unit is commercializing heavy-duty commercial hydrogen-electric
(FCEV) and battery-electric (BEV) Class 8 trucks that provide
environmentally friendly, cost-effective solutions to the short,
medium and long-haul trucking sectors. The Energy business unit is
developing hydrogen fueling infrastructure to support FCEV trucks
covering supply, distribution and dispensing. Founded in 2015,
Nikola is headquartered in Phoenix, Ariz.
Nikola and nine of its affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258)
on February 19, 2025. In the petitions, the Debtors reported total
assets as of Jan. 31, 2025 of $878,094,000 and total debts as of
Jan. 31, 2025 of $468,961,000.
Bankruptcy Judge Thomas M. Horan handles the cases.
Potter Anderson & Corroon LLP serves as general bankruptcy counsel
to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as
bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as
investment banker to the Debtors; M3 Advisory Partners LP acts as
financial advisor to the Debtors; while EPIQ Corporate
Restructuring LLC is the Debtors' claims and noticing agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Morrison & Foerster LLP and Morris James, LLP as
legal counsels; Ducera Securities, LLC as investment banker; and
FTI Consulting, Inc. as financial advisor.
NORDICUS PARTNERS: Closes $2 Million Private Stock Offering
-----------------------------------------------------------
Nordicus Partners Corporation disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that in July
through September 2025, the Company issued to 54 private investors
a total of 1,057,500 restricted shares of our common stock, par
value $0.01 per share. The price per share was $1.90.
On September 18, 2025, the Company determined to close the private
offering of such shares on these terms.
The shares of common stock have not been registered under the
Securities Act of 1933, as amended, or any state or other
applicable jurisdiction's securities laws, and may not be offered
or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act
and applicable state or other jurisdiction's securities laws.
About Nordicus Partners
Headquartered in Beverly Hills, Calif., Nordicus Partners
Corporation is a financial consulting company specializing in
providing Nordic companies with the best possible conditions to
establish themselves in the U.S. market. The Company leverages
management's combined 90+ years of experience in the corporate
sector, serving in various capacities both domestically and
globally. Additionally, Nordicus operates as a business incubator,
offering support resources and services such as office space, legal
and accounting services, and marketing expertise to facilitate a
smooth transition for companies entering the U.S. marketplace.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2023, issued a "going concern"
qualification in its report dated July 29, 2025, attached to the
Company's Annual Report on Form 10-K for the fiscal year ended
March 31, 2025, citing that the Company has nominal revenue and has
incurred losses since inception resulting in an accumulated
deficit. These factors, among others, raise substantial doubt about
the Company's ability to continue as a going concern. The ability
to continue as a going concern is dependent upon the Company's
recent acquisitions, its generating profitable operations in the
future and/or obtaining the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they come due. Management intends to finance
operating costs over the next 12 months with existing cash on hand
and the private placement of Common Stock.
As of March 31, 2025, the Company has $70.2 million in total
assets, against $10.4 million in total liabilities.
NURSE YARD: Gets Final OK to Use Cash Collateral
------------------------------------------------
Nurse Yard, Inc. received final approval from the U.S. Bankruptcy
Court for the Middle District of Florida, Tampa Division, to use
cash collateral.
The final order authorized the Debtor to use cash collateral to
fund operations in line with its budget, subject to a 10%
variance.
As adequate protection, First Internet Bank of Indiana, a secured
creditor, will receive a monthly payment of $5,500 through
confirmation of the Debtor's Chapter 11 plan of reorganization.
This payment will begin on October 1 and will apply to principal
only.
In addition, First Internet Bank will be granted a perfected
post-petition lien on the Debtor's cash collateral, with the same
validity, priority and extent as its pre-bankruptcy lien.
Other creditors including Ouiby, Inc., Blade Funding Corp, United
First LLC, SuperFast Capital, Inc., and Corporation Service Company
(Byzfunder) will receive no adequate protection payments under the
final order.
The final order approved a carve-out for U.S. Trustee fees and
Clerk of Court fees.
About Nurse Yard Inc.
Nurse Yard, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01427) on March 7,
2025, listing up to $50,000 in assets and between $100,001 and
$500,000 in liabilities.
Judge Catherine Peek Mcewen oversees the case.
The Debtor is represented by:
Chad T. Van Horn, Esq.
Van Horn Law Group PA
500 NE 4th Street, Suite 200
Fort Lauderdale, FL 33301
Tel: 954-637-0000
Email: chad@cvhlawgroup.com
OCUGEN INC: Carisma Merger Terminated Due to Funding Shortfall
--------------------------------------------------------------
As previously disclosed, on June 22, 2025, Ocugen, Inc. and
OrthoCellix, Inc., a Delaware corporation and wholly-owned
subsidiary of the Company to which the Company has contributed the
assets related to the Company's Neocart product candidate, entered
into an Agreement and Plan of Merger, by and among Ocugen,
OrthoCellix, Carisma Therapeutics Inc., a Delaware corporation and
Azalea Merger Sub, Inc., a Delaware corporation and a wholly owned
subsidiary of Carisma, pursuant to which, among other matters,
Azalea Merger Sub would merge with and into OrthoCellix, with
OrthoCellix continuing as a wholly owned subsidiary of Carisma and
the surviving company of the Merger.
Pursuant to the Merger Agreement, Carisma and OrthoCellix agreed to
use commercially reasonable efforts to enter into subscription
agreements with one or more investors designated by OrthoCellix,
pursuant to which such anticipated Investors would agree to
purchase, at or immediately following the closing of the Merger,
shares of common stock, par value $0.001 per share, of Carisma for
aggregate gross proceeds at least equal to $25.0 million.
On September 16, 2025, Carisma delivered a termination notice to
the Company, providing for the termination of the Merger Agreement
pursuant to Section 9.1(k) of the Merger Agreement as a result of
the Company having obtained less than $25 million in commitments
for the Concurrent Investment sufficiently in advance of Carisma's
pending Nasdaq compliance deadline of October 7, 2025. Ocugen
believes poor market conditions and the short timeline for Nasdaq
compliance contributed to the difficulty in securing the Concurrent
Investment.
Ocugen intends to focus on gene therapies and will continue to
explore alternatives that it believes are in the best interest of
its shareholders for its regenerative cell therapy platform,
including OrthoCellix's NeoCart(R) technology for the treatment of
knee articular cartilage defects.
About Ocugen Inc.
Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused
on discovering, developing, and commercializing novel gene and cell
therapies, biologics, and vaccines that improve health and offer
hope for patients across the globe. The Company's technology
pipeline includes: Modifier Gene Therapy Platform, Novel Biologic
Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy
Platform, and Inhaled Mucosal Vaccine Platform.
Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the
Company's auditor since 2024, issued a "going concern"
qualification in its report dated March 5, 2025. The report
highlighted that the Company has incurred recurring net losses
since inception that raise substantial doubt about its ability to
continue as a going concern.
As of June 30, 2025, the Company had $53.59 million in total
assets, $50.54 million in total liabilities, and a total
stockholders' equity of $3.05 million.
ODEVO AB: Blackstone Private Marks $1.8MM Loan at 90% Off
---------------------------------------------------------
Blackstone Private Multi-Asset Credit and Income Fund has marked
its $1,823,042 loan extended to Odevo AB to market at SEK$303,064
or 10% of the outstanding amount, according to Lord Blackstone
Private's Form N-CSR for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Lord Abbett Corporate is a participant in a 2024 Term Loan B to
Odevo AB. The loan accrues interest at a rate of 7.74% per annum.
The loan matures on December 31, 2030.
Blackstone Private is registered under the Investment Company Act
of 1940, as a non-diversified, closed-end management investment
company. The Fund engages in a continuous offering of its Common
Shares and operates as an interval fund that will offer to make
quarterly repurchases of shares at least 5% and up to 25% of its
Common Shares at net asset value. Although the policy permits
repurchases of between 5% and 25% of the Fund's outstanding Common
Shares, for each quarterly repurchase offer, the Fund currently
expects to offer to repurchase 5% of the Fund's outstanding Common
ShareS at NAV subject to the approval of the Board of Trustees.
Blackstone Private is led by Heather von Zuben as Chairperson,
Chief Executive Officer and Trustee, and Kevin Kresge and Chief
Financial Officer.
The Fund can be reach through:
Heather von Zuben
Blackstone Private Multi-Asset Credit and Income Fund
45 Park Avenue, 31st Floor
New York, NY 10154
Telephone: (212) 503-2100
About Odevo AB
Odevo AB provides real estate management solutions. The Company
offers property management and residential services, as well as
custom-made software.
ODS INC: Hires Ehrlich Alexander Leibowitz Gold as Accountant
-------------------------------------------------------------
Ods Inc. seeks approval from the U.S. Bankruptcy Court for the
District of New Jersey to employ Ehrlich Alexander Leibowitz Gold &
Schwartz, PC as accountant.
The firm will provide accounting assistance to the Debtor to
prepare MORs, financials and projections in this proceeding.
The firm will be paid at these rates:
Philip Ehrlich, Managing Shareholder $300 per hour
James Leone Senior Consultant $300 per hour
Joleen Tuno, Manager $200 per hour
Steve Vorse, CPA $180 per hour
Kristine Bartley, Accountant $150 per hour
Carrie Doll, Admin Manager $90 per hour
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Philip Ehrlich, a partner at Ehrlich Alexander Leibowitz Gold &
Schwartz, PC, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Philip Ehrlich
Ehrlich Alexander Leibowitz Gold & Schwartz, PC
35 Kings Highway East, Suite 210
Haddonfield, NJ 08033
About ODS Inc.
ODS, Inc. sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 25-16371) on June 16, 2025,
listing up to $50,000 in assets and $1,000,001 to $10 million in
liabilities.
Judge Jerrold N Poslusny Jr presides over the case.
E. Richard Dressel, Esq. at Lex Nova Law, LLC is the Debtor's
bankruptcy counsel.
Newtek Small Business Finance, LLC, as secured creditor, is
represented by:
David Fornal, Esq.
Maselli, Mills & Fornal, P.C.
400 Alexander Road, Suite 101
Princeton, NJ 08540
(609) 452-8411
E-mail: dfornal@masellilaw.com
Kapitus Servicing, Inc., as secured creditor, is represented by:
James C. Suozzo, Esq.
Rivkin Radler, LLP
25 Main Street
Court Plaza North, Suite 501
Hackensack, NJ 07601-7082
Tel: (201) 287-2460
(201) 287-2494
Fax: (201) 489-0495
E-mail: James.Suozzo@rivkin.com
OID-OL INTERMEDIATE: Credit Suisse Virtually Writes Off $1.8MM Loan
-------------------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$1,858,000 loan extended to OID-OL Intermediate I LLC to market at
$1,559,148 or 2% of the outstanding amount, according to Credit
Suisse's Form 10-K for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to OID-OL Intermediate I
LLC. The loan accrues interest at a rate of 8.733% per annum. The
loan matures on February 1, 2029.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About OID-OL Intermediate I LLC
OID-OL Intermediate I LLC operates as a special purpose entity. The
Company was formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness, and for
acquisition purposes.
OLD REDFORD ACADEMY: S&P Lowers 2050A/2010A Bond Ratings to 'B+'
----------------------------------------------------------------
S&P Global Ratings lowered its rating on the Michigan Public
Educational Facilities Authority's series 2005A limited obligation
revenue bonds and the Michigan Finance Authority's series 2010A
limited obligation revenue bonds, both issued for Old Redford
Academy (ORA), to 'B+' from 'BB-'.
The outlook is negative.
S&P said, "The downgrade reflects our view of the school's
longer-term trend of material enrollment loss stemming from
declining school age population, resulting in a weakened financial
profile reflected by multiyear operating deficits from fiscal years
2024 to 2026, below 1.0x lease-adjusted maximum annual debt service
coverage for three consecutive years, weakened liquidity, and
continued violation of the bond covenant of maintaining at least
1.4x annual debt service coverage.
"The negative outlook reflects our opinion that liquidity could
weaken further if ORA does not take necessary actions to correct
its budget imbalance. In addition, negative outlook reflects a
heightened charter renewal risk given ORA's academic performance.
"The downgrade and negative outlook reflect our view of elevated
social capital risk due to the effects of demographic factors on
the school's enrollment trends. ORA's enrollment trends have been
negatively affected by the out-migration of population in the
greater Detroit metropolitan statistical area and an aging
population base that have led to a smaller school-age cohort from
which to draw students. Although enrollment has stabilized in
recent years due to its marketing efforts and focusing on student
retention, we will continue to monitor the enrollment trends and
its overall impact on ORA's financial profile. We analyzed ORA's
environmental and governance risks and consider them neutral in our
credit rating analysis."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Social capital
S&P said, "The negative outlook reflects our view that there is at
least a one-in-three chance we could lower the rating within the
one-year outlook period if ORA does not take necessary actions to
correct structural imbalance, further weakening its liquidity and
lease-adjusted MADS coverage.
"We could lower the rating if ORA's operating deficits persists,
further depleting the school's liquidity to a level no longer
comparable with that of peers or negatively affecting ORA's ability
to meet its debt service payments. In addition, we could lower the
rating if there are negative implications or findings identified in
the upcoming charter renewal in 2026.
"We could revise the outlook to stable if ORA's enrollment
continues to grow, resulting in revenue growth that offsets the
school's budget imbalance, if ORA develops a solid plan to achieve
structural balance and maintain liquidity level comparable with
that of peers, and if ORA receives a successful charter renewal
with no material findings and conditions."
OMNICARE LLC: Gets Interim OK to Obtain DIP Loan From JMB Capital
-----------------------------------------------------------------
Omnicare, LLC and its affiliates received interim approval from the
U.S. Bankruptcy Court for the Northern District of Texas, Dallas
Division, to obtain debtor-in-possession financing and use cash
collateral to get through bankruptcy.
The interim order, signed by Judge Stacey Jernigan, authorized the
Debtors to obtain an initial $25 million from JMB Capital Partners
Lending, LLC, which has committed to provide up to $110 million in
DIP financing. The remaining $85 million will be available upon
entry of a final order.
The financing will be provided under a non-amortizing, priming,
superpriority senior secured term loan facility by JMB.
The DIP facility is due and payable on the earliest of:
i. June 30, 2026;
ii. The effective date of any Chapter 11 plan with respect to
the borrowers;
iii. The consummation of the sale or other disposition of all or
substantially all of the assets of the borrowers pursuant to 11
U.S.C. Section 363;
iv. The date of the acceleration of the DIP loans and the
termination of the DIP commitments following the occurrence and
during the continuation of an event of default in accordance with
the DIP documents;
v. Dismissal or conversion of any Chapter 11 case into one
under Chapter 7 of the Bankruptcy Code, or the appointment of a
trustee or examiner in any Chapter 11 case; and
vi. 45 days after the petition date (or such later date as
agreed to by the DIP lender), unless the final order has been
entered by the court on or prior to such date.
The Debtors are required to comply with these milestones:
On or before January 31, 2026, the borrowers must have approved, in
accordance with bid procedures approved by the bankruptcy court (in
form and substance acceptable to the DIP lender), an acceptable
stalking horse purchase agreement, which means one or more stalking
horse purchase agreements, which in the aggregate, are for all or
substantially all of the Debtors' assets) that (I) is executed,
effective, and binding on all parties thereto and (II) either (A)
is approved by the DIP lender in its discretion or (B) (1) would
generate cash proceeds sufficient for the payment in full of the
DIP obligations (pursuant to a signed commitment to lend acceptable
to the DIP lender from a recognized lender or another source of
funding acceptable to the DIP lender) upon the closing date of such
sale, (2) closes on or before June 30, 2026, and (3) requires,
pursuant to an order of the court, the payment in full of the DIP
obligations.
JMB will be provided with adequate protection in the form of valid,
non-avoidable and automatically perfected security interests in and
liens on the DIP collateral, subject only to the fee carveout; and
superpriority administrative expense claims against the Debtors,
with priority in payment over all priority and administrative
expenses.
The DIP facility will provide the Debtors with the liquidity needed
to continue paying employee wages and benefits, suppliers, vendors,
landlords, and other administrative expenses, all while continuing
to deliver uninterrupted services to long-term care facilities
(LTCF) clients.
Omnicare, a major provider of on-site pharmaceutical services to
more than 4,000 LTCFs across 46 states, operates a network of 101
pharmacies and fills approximately 40 million prescriptions
annually for over 800,000 patients, most of whom reside in skilled
nursing, assisted living, or institutional care settings.
In addition to dispensing medications, Omnicare provides clinical
consulting, infusion therapy, compounding services, and proprietary
software for safety and compliance. Despite being a leading player
in its industry, Omnicare has faced significant challenges in
recent years, including the COVID-19 pandemic, inflationary
pressures, labor shortages, declining Medicare reimbursements, and
industry consolidation.
The immediate trigger for the bankruptcy filing was a nearly $1
billion judgment entered against Omnicare in a long-standing False
Claims Act lawsuit dating back to 2015. With no settlement reached
with the U.S. government and no access to unsecured financing,
Omnicare determined that Chapter 11 protection, along with DIP
financing, was necessary to preserve operations and pursue a
restructuring.
The final hearing is scheduled for October 21. The deadline for
filing objections is on October 16.
A copy of the interim DIP order is available at
https://is.gd/gvSVtL from PacerMonitor.com.
About Omnicare LLC
Omnicare, LLC is a subsidiary of CVS Health that provides
comprehensive pharmacy services.
Omnicare and affiliates sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its
petition, Omnicare reported estimated assets between $100 million
and $500 million and estimated liabilities between $1 billion and
$10 billion.
Judge Stacey G. Jernigan oversees the cases.
Jenner & Block LLP and Haynes Boone are serving as legal counsel,
Houlihan Lokey is serving as investment banker and Alvarez & Marsal
is serving as restructuring advisor to Omnicare. Stretto, Inc.
serves as claims agent.
JMB Capital Partners Lending, LLC, as DIP lender, is represented
by:
Kristian W. Gluck, Esq
Norton Rose Fulbright US, LLP
2200 Ross Ave., Suite 3600
Dallas, TX 75201
Telephone: (214) 855-8000
Facsimile: (214) 855-8200
kristian.gluck@nortonrosefulbright.com
-and-
Robert M. Hirsh, Esq.
James Copeland. Esq.
Norton Rose Fulbright US, LLP
1301 Avenue of the Americas
New York, NY 10019
Telephone: (212) 318-3000
Facsimile: (212) 318-3400
robert.hirsh@nortonrosefulbright.com
james.copeland@nortonrosefulbright.com
OMNICARE: Deadline for Panel Questionnaires Set for Oct. 7
----------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy cases of Omnicare LLC, et
al.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/3hurkyf5 and return by email it to
Anna Haugen -- anna.haugen@usdoj.gov – and to Erin Marie Schmidt
-- erin.schmidt2@usdoj.gov -- at the Office of the United States
Trustee so that it is received no later than 4:00 p.m., on Tuesday,
Oct. 7, 2025.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About Omnicare LLC
Omnicare LLC is a subsidiary of CVS Health that provides
comprehensive pharmacy services.
Omnicare LLC and more than 100 affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.
25-80486) on Sept. 22, 2025. In its petition, the Debtors reported
estimated assets between $100 million and $500 million and
estimated liabilities between $1 billion and $10 billion.
Jenner & Block LLP and Haynes Boone serve as legal counsel to the
Debtors, Houlihan Lokey serves as investment banker to the Debtors,
and Alvarez & Marsal serves as restructuring advisor. Stretto,
Inc.
serves as claims agent.
ORIGINAL MOWBRAY'S: Claims to be Paid from Trust Proceeds & Income
------------------------------------------------------------------
The Original Mowbray's Tree Service, Inc. (the "MTS"), Mowbray
Waterman Property, LLC ("MWP"), and Robin Elaine Mowbray submitted
a Second Amended Joint Disclosure Statement describing Second
Amended Joint Chapter 11 Plan of Reorganization dated September 18,
2025.
Established in 1972 by Gloria and John Mowbray (the "Founders"),
Mowbray's has been a cornerstone in California for providing
vegetation management services for over 50 years. Mowbray's began
as a modest venture and has grown into a resilient company,
dedicated to safeguarding communities and the environment.
The Plan is a reorganizing plan. The Plan consolidates the Estates
and of MTS and MWP and reorganizes the respective affairs of MTS,
MWP, and Robin Mowbray on the terms of the Plan.
Any Distributions on account of Allowed Secured Claims will be made
by the applicable Reorganized Debtor. Distributions to the Holders
of Allowed Unsecured Claims against MTS or MWP will be made by the
Plan Trust and against Robin Mowbray will be made by Robin Mowbray.
No Distributions will be made to the Holders of any Disputed Claims
in any of the Cases unless and until they become Allowed Claims.
The Plan provides treatment for the Claims against each of the
Debtors' Estates. As detailed in Section III.F.5. below, the Plan
provides for the substantive consolidation of MWP (and its assets
and liabilities) with the MTS Reorganized Debtor as of the
Effective Date. The Plan contains essentially two separate plans of
reorganization, one for MTS and MWP, as substantively consolidated,
and one for Robin Mowbray. Creditors asserting the same Claim
against more than one Estate or Debtor will receive only one
satisfaction of such Claim.
As to MTS, the Plan is a reorganizing plan that saves MTS's
business and the jobs of its employees. The Plan enables MTS to
restructure its obligations and continue operations, providing
essential vegetation management services and disaster relief
assistance to communities coast to coast. The Plan also marshals
significant value from all MTS Estate assets for the benefit of
creditors. Through MTS's ongoing operations, the Plan proposes to
pay substantial value to the Holders of Allowed Claims, an amount
that exceeds an estimated $46,000,000 over the term of the Plan.
Under the Plan, MWP's bankruptcy estate will be substantively
consolidated and combined with MTS. Such consolidation is part of
the compromise embodied in the Plan. As a result, upon the
Effective Date, the assets and liabilities of MWP and its
bankruptcy estate will become assets and liabilities of MTS. The
Plan treats the Claims asserted in the MWP Case as Claims against
MTS.
The Plan permits Robin Mowbray to reorganize her affairs and
resolve the Claims asserted against her. Robin Mowbray's debts
largely, if not exclusively, arise from her ownership of MTS, and
the most significant Claims asserted in her case are the same
Claims asserted against MTS. Under the Plan, Holders of Allowed
General Unsecured Claims against Robin Mowbray will receive a pro
rata share of the value of Robin Mowbray's projected disposable
income for five years, a sum that is projected to be $135,385.
Class 16 consists of the General Unsecured Claims against MTS or
MWP. On the Effective Date, each Holder of an Allowed General
Unsecured Claim shall receive a pro rata share of the beneficial
interests in the Plan Trust in full satisfaction, settlement,
discharge, and release of, and in exchange for, such Claim, which
shall entitle such Holder to his, her, or its Pro Rata Distribution
of the Available Trust Proceeds.
The Holders of Allowed General Unsecured Claims will receive Pro
Rata Distributions from Available Trust Proceeds as follows: On
each Quarterly Distribution Date until the Available Trust Proceeds
are exhausted or the term of the Plan Trust ends, each Holder of an
Allowed General Unsecured Claim shall receive a Pro Rata
Distribution from any Available Trust Proceeds.
Class 4 consists of the General Unsecured Claims in the RM Case.
Each Holder of an Allowed General Unsecured Claim in the RM Case
shall receive, in full and final settlement and satisfaction of
such Claim, a cash payment equal to its prorated share of Robin
Mowbray's net disposable income over the five-year period
commencing as of the Effective Date (the "RM Net Disposable
Income").
Upon confirmation of the Plan, the amount of $135,385, as set forth
on Exhibit 3 to the Plan, shall be and is conclusively determined
to be the RM Net Disposable Income. Each Holder of an Allowed
General Unsecured Claim in Class 4 shall receive a pro rata share
of the RM Net Disposable Income in the total amount of $135,385.
The RM Net Disposable Income will be paid on a pro rata basis to
the Holders of Allowed General Unsecured Claims in Class 4 on an
annual basis in equal annual payments beginning on the date that is
the one-year anniversary of the Effective Date and continuing each
anniversary thereafter for four years. Robin Mowbray will make such
payments to the Holders of Allowed General Unsecured Claims.
On the Effective Date, based on the Compromise set forth in Section
III.F.3. herein and in exchange for the Settlement Consideration,
all existing Equity Interests in MTS shall be cancelled and 100% of
the Equity Interests in the MTS Reorganized Debtor shall be issued
to the Trust.
The payments under the Plan by the MTS Reorganized Debtor will be
funded from the MTS Reorganized Debtor's operations. As reflected
in the MTS Projections, the Distributions to the Holders of Secured
Claims will be paid by the MTS Reorganized Debtor from its
post-Effective Date cash flow.
Distributions to the Holders of Allowed General Unsecured Claims
will be made from the Plan Trust. The Holders of Allowed General
Unsecured Claims will receive a Pro Rata Distribution of Available
Trust Proceeds. Available Trust Proceeds are compromised of the GUC
Payment Amount, the GUC Bonus, and any Net Recoveries. The MTS
Reorganized Debtor will fund the GUC Payment Amount from its post
Effective Date operations.
The $25,000,000 GUC Payment Amount is the minimum amount to be paid
under the Plan. The MTS Reorganized Debtor shall pay the GUC
Payment Amount to the Plan Trust (for the benefit of the Holders of
Allowed General Unsecured Claims in Class 16) through the Class 16
GUC Payment.
A full-text copy of the Second Amended Joint Disclosure Statement
dated September 18, 2025 is available at
https://urlcurt.com/u?l=RTenjg from PacerMonitor.com at no charge.
Attorneys for The Original Mowbray's Tree Service, Inc.:
RAINES FELDMAN LITTRELL, LLP
Robert S. Marticello, Esq.
Michael L. Simon, Esq.
4675 MacArthur Ct, Suite 1500
Newport Beach, CA 92660
Telephone: 310 440-4100
Facsimile: 949-247-3998
Attorneys for Mowbray Waterman Property, LLC, and Robin Elaine
Mowbray:
ELKINS KALT WEINTRAUB REUBEN GARTSIDE LLP
Roye Zur, Esq.
Lauren N. Gans, Esq.
10345 W. Olympic Blvd.
Los Angeles, California 90064
Telephone: 310.746.4400
Facsimile: 310.746.4499
About The Original Mowbray's Tree Service
Original Mowbray's Tree Service Inc., doing business as Mowbray's
Tree Service, is a family owned and operated business committed to
providing its client-partners with solution to their vegetation
management needs. It offers hazard tree mitigation, integrated
vegetation management, mechanized tree removal, emergency response,
crane services, and green waste & debris management.
Original Mowbray's Tree Service sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-12674) on
Oct. 18, 2024, with $10 million to $50 million in both assets and
liabilities. Brian Weiss, chief restructuring officer, signed the
petition.
Judge Theodor Albert oversees the case.
Robert S. Marticello, Esq., at Raines Feldman Littrell, LLP is the
Debtor's legal counsel.
PNC Bank, N.A., as secured creditor, is represented by:
Michael B. Lubic, Esq.
K&L Gates, LLP
10100 Santa Monica Blvd., 8th Floor
Los Angeles, CA 90067
+1.310.552.5000
michael.lubic@klgates.com
PAPER IMPEX: To Sell 2019 & 2020 Volvo Equipment to JIMM LLC
------------------------------------------------------------
Paper Impex USA Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York, to sell Equipment, free and
clear of liens, claims, and encumbrances.
The Debtor's Equipment to be sold are the 2020 Volvo Vin#
4V4NC9EH2LN209932 and 2019 Volvo 4V4NC9EH7KN203929.
The Equipment known as 2020 Volvo Vin# 4V4NC9EH2LN209932 is listed
in the Debtor's petition, A/B. Wells Fargo Equipment Inc. as a
secured creditor and the holder of a duly perfected security
interest in the Equipment.
The Equipment known as 2019 Volvo 4V4NC9EH7KN203929 is listed in
the Debtor's petition A/B. BMO Bank N.A. is a secured creditor and
the holder of a duly perfected security interest in the Equipment.
The Debtor and the purchaser, JIMM LLC, executed bills of sale for
the 2020 Volvo for $17,904.68 and the 2019 Volvo with a purchase
price of $24,500.
The Debtor has determined that the proposed purchase price
constitutes fair market value based on the condition of the
equipment.
The closing date will take place at a time and place mutually
agreeable to the Seller and the Buyer.
The purchase agreement is the product of arms-length negotiations
between the Debtor, One Click Auto Ship Inc.
The BMO Bank NA and Wells Fargo Equipment will be paid from the
proceeds of the above-mentioned sale.
All of the sale proceeds will be received by the Debtor, with all
lien, claims, and encumbrances to attach to the proceeds.
About Paper Impex USA Inc.
Paper Impex USA Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
24-41618) on April 16, 2024, listing $2,724 in assets and
$2,715,113 in liabilities. The petition was signed by Zafar
Israilov as president.
Judge Nancy Hershey Lord presides over the case.
Alla Kachan, Esq., at the LAW OFFICES OF ALLA KACHAN, P.C., is the
Debtor's counsel.
PARAMOUNT SKYDANCE: S&P Assigns 'BB+ ICR on Completed Transaction
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issuer credit rating (ICR) to
the new parent Paramount Skydance Corp. (Paramount).
The ratings on the company's debt are unchanged.
S&P said, "The stable outlook reflects our view that Paramount will
reduce its S&P Global Ratings-adjusted leverage to under 4.25x and
improve its free operating cash flow (FOCF) to debt to over 6% in
the coming 12 months driven by an increase in earnings from growing
streaming segment profitability, cost and revenue synergies, and
debt repayment.
"We have assigned a 'BB+' ICR to the new parent company, Paramount
Skydance Corp. The new company combines Paramount Global and
Skydance Media LLC. We have modestly revised our forecast to
incorporate performance through the second quarter of the current
fiscal year and our view of the media sector. We have not yet
incorporated Skydance businesses, expectations for synergies, or
the impact of management's new strategy and financial policy into
this forecast but expect to do so once we receive details around
the merged company's operational strategy and financial policy."
The merger of New York City-based diversified global media company
Paramount Global (BB+/Stable/B) and Skydance Media LLC was
completed on Aug. 7, 2025
The new ownership seeks to prioritize reducing risk in the
company's capital structure and improve cash flows. The Ellison
Family and RedBird Capital Partners are the controlling
shareholders of the new entity through their 100% ownership of NAI,
and David Ellison, founder and CEO of Skydance Media, is the
Chairman and CEO. The new management team has disclosed high-level
plans to strengthen Paramount's business including investing in its
technology stack platform to have Paramount+ and Pluto TV on one
platform, targeting more than $2 billion in cost efficiencies (some
of which it has already achieved through cost-cutting efforts that
began last year) and making a $1.5 billion cash commitment that
would go toward debt reduction and increased investments. It is
still unknown how much of the $1.5 billion commitment the company
will use to reduce debt versus making investments in technology or
content, what specific actions it will take to stabilize the
business and reduce costs, and the cadence of credit metric
improvement. S&P said, "As a result, over the coming few quarters,
in addition to the steps this new ownership takes, we will continue
to monitor the company's operating performance. In particular, we
will continue monitoring operating metrics at both the
direct-to-consumer (DTC), assessing its path to profitability, and
linear TV segments, which continues to report EBITDA declines at a
worsening pace."
The stable outlook reflects S&P's expectation that Paramount will
reduce its S&P Global Ratings-adjusted leverage to about 4.5x and
improve its FOCF to debt to about 6% in 2025, on increasing
earnings, due to lower losses in its streaming segment.
S&P could lower its ratings on Paramount if it is unable to reduce
its leverage below 4.25x and increase its FOCF to debt above 5%
over the next 12-18 months. This could occur if:
-- The DTC segment remains unprofitable through 2026; or
-- The declines in the linear television business accelerate at a
faster pace than the improvements at the DTC segment and result in
minimal leverage and cash flow improvement.
While unlikely in the next year, S&P could raise its ratings on
Paramount if it reduces its leverage below 3.5x and generates FOCF
to debt of sustainably above 10% and shows at least revenue and
EBITDA stability. The company could lower leverage metrics through
a capital infusion and debt repayment. This could occur if:
-- It can turn its DTC service profitable and grow operating
metrics faster than linear TV's metrics decline; and
-- It stabilizes the performance of its linear television segment
such that its EBITDA only declines by a low-single-digit percent
rate.
PATAGONIA HOLDCO: Credit Suisse Marks $973,000 Loan at 18% Off
--------------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$973,000loan extended to Patagonia Holdco LLC to market at $796,243
or 82% of the outstanding amount, according to Credit Suisse's Form
10-K for the semi-annual year ending June 30, 2025, filed with the
U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Patagonia Holdco LLC.
The loan accrues interest at a rate of 10.048% per annum. The loan
matures on August 1, 2029.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Patagonia Holdco LLC
Patagonia Holdco LLC provides wireline telecommunication services.
PERATON CORP: Credit Suisse Marks $581,000 Loan at 29% Off
----------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$581,000 loan extended to Peraton Corp. to market at $414,006 or
71% of the outstanding amount, according to Credit Suisse's Form
10-K for the semi-annual year ending June 30, 2025, filed with the
U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Peraton Corp. The loan
accrues interest at a rate of 12.18% per annum. The loan matures on
February 1, 2029.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Peraton Corp.
Peraton Corp. is a national security company delivering
mission-critical technologies and IT solutions to protect the U.S.
and its allies.
PINE GATE RENEWABLES: Prepares Possible Chapter 11 Filing
---------------------------------------------------------
Reshmi Basu of Bloomberg News reports that Bloomberg reports that
Pine Gate Renewables is working with its lenders on a potential
debt overhaul that may result in a Chapter 11 bankruptcy filing.
The firm is reportedly considering fresh financing, including a
debtor-in-possession loan, to keep its operations afloat during the
restructuring process.
According to Heartspace.ai, Pine Gate has retained legal and
financial advisors to steer the effort. The company, known for
developing utility-scale solar and storage projects, previously
attracted significant backing, such as a $300 million credit
facility from Brookfield earlier in 2025.
While speculation about a court filing grows, Pine Gate has not
released an official statement. Bloomberg's account, based on
unnamed sources, remains the most substantive update available.
About Pine Gate Renewables
Pine Gate Renewables is a developer and operator of solar and
energy storage projects.
PM INVESTMENTS: Hires Keating Firm as Legal Counsel
---------------------------------------------------
PM Investments & Consulting, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Louisiana to employ
The Keating Firm as counsel.
The firm will give the Debtor's legal advice with respect to
Debtor's powers and duties as Debtor-In-Possession in the continued
operation of the Debtor's business and management of the Debtor's
property and to perform all legal services for the
Debtor-in-Possession which may be necessary.
The firm will be paid at the rates of $275 per hour for attorneys,
and $75 per hour for paralegals.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David Patrick Keating, Esq., a partner at The Heating 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:
David Patrick Keating, Esq.
The Keating Firm
P.O. Box 3426
Lafayette, LA 70502
Tel: (337) 594-8200
Email: rick@dmsfirm.com
About PM Investments & Consulting, Inc.
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.
PM Investments & Consulting Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50831) on
September 17, 2025. In its petition, the Debtor reports total
assets of $760,400 and total liabilities of $4,127,050.
Honorable Bankruptcy Judge John W. Kolwe handles the case.
The Debtor is represented by D. Patrick Keating, Esq. at THE
KEATING FIRM, APLC.
POLAR US: Credit Suisse Marks $1.1MM Loan at 61% Off
----------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$1,175,000 loan extended to Polar U.S. Borrower LLC to market at
$456,229 or 39% of the outstanding amount, according to Credit
Suisse's Form 10-K for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Polar U.S. Borrower
LLC. The loan accrues interest at a rate of 9.883% per annum. The
loan matures on October 16, 2028.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Polar U.S. Borrower LLC
Polar US Borrower LLC / Schenectady International Group Inc is set
up as a dual issuer and operates as a special purpose entity.
POLAR US: Credit Suisse Marks $714,000 Loan at 61% Off
------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$714,000 loan extended to Polar U.S. Borrower LLC to market at
$277,103 or 39% of the outstanding amount, according to Credit
Suisse's Form 10-K for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Polar U.S. Borrower
LLC. The loan accrues interest at a rate of 9.883% per annum. The
loan matures on October 16, 2028.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Polar U.S. Borrower LLC
Polar US Borrower LLC / Schenectady International Group Inc is set
up as a dual issuer and operates as a special purpose entity.
POWER SOLUTIONS: New General Counsel, Corporate Secretary Appointed
-------------------------------------------------------------------
Power Solutions International, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that the
Board of Directors of the Company appointed Zhaoying (Dorothy) Du
as its General Counsel and Corporate Secretary, effective September
8, 2025.
Ms. Du has 20 years of experience providing strategic legal counsel
to U.S. and multinational companies. She has led initiatives to
address complex commercial and regulatory matters, helping
businesses manage risks, drive innovation, and implement pragmatic
legal solutions that support business success.
From March 2025 to September 2025, Ms. Du led Lenovo's global
supply chain legal team, advising on procurement, trade compliance,
regulatory risks, and contract negotiations across global
operations. From 2016 to March 2025, Ms. Du served as Director and
Global Head of Legal at Motorola Mobility, a Lenovo company, where
she oversaw matters including AI, R&D, intellectual property,
compliance, data privacy, corporate governance, litigation, and
other legal functions. From 2013 to 2016, she was General Counsel
of the China operations and Senior Counsel for compliance and risk
management at The Warranty Group (now part of Assurant). From 2005
to 2012, Ms. Du served as Co-Chair of the APAC Practice Group at
Freeborn & Peters (now part of Smith, Gambrell & Russell, LLP) and
as an attorney at Sonnenschein Nath & Rosenthal, LLP (now Dentons
LLP), advising on cross-border transactions, securities, M&A,
financing, compliance, and other complex matters.
Ms. Du holds a JD degree from the University of Missouri-Kansas
City School of Law, an MA degree from the University of Georgia,
and a Bachelor of Law degree from Sun Yat-Sen University Law
School. She is admitted to practice law in multiple U.S.
jurisdictions and China.
There are no family relationships between Ms. Du and any of the
directors or executive officers of the Company, and there are no
transactions in which Ms. Du has an interest requiring disclosure
under Item 404(a) of Regulation S-K. There is no arrangement or
understanding between Ms. Du and any other person pursuant to which
Ms. Du was appointed as an officer of the Company.
Employment Agreement with Zhaoying (Dorothy) Du:
The Company has an employment agreement with Ms. Du effective on
September 3, 2025.
The Employment Agreement provides that Ms. Du's employment is "at
will" and may be terminated at any time by either party. The
Employment Agreement provides for:
(i) an annual base salary of $370,000, subject to increase
from time to time;
(ii) a sign-on bonus of $30,000;
(iii) eligibility to participate in the Company's Key
Performance Indictor Plan at a target amount equal to 50% of her
base salary;
(iv) eligibility to participate in the Company's Long Term
Incentive Plan with a target LTI bonus equal to 60% of her base
salary;
(v) eligibility to receive an award of 700 Stock Appreciation
Rights with a strike price determined by the Compensation Committee
at the grant date, to be vested in three equal installments on the
anniversaries of the grant date;
(vi) eligibility at the executive level and on par with the
Chief Financial Officer, to participate in any Company equity or
long-term incentive program, including any rolling LTI program
established for 2026 or thereafter, subject to Board-approved terms
and conditions; and
(vii) eligibility to receive a vehicle allowance of $800 per
month. In the event that Ms. Du's employment is terminated by the
Company without Cause (as defined in the Employment Agreement)
during the employment term, she will be entitled to receive, among
other things, (i) severance equal to base salary for nine months if
her employment period is less than 48 months, and for one year if
her employment period is 48 months or longer; and (ii) any unpaid
awarded KPI and LTI bonuses.
The Employment Agreement restricts Ms. Du from competing with the
Company during the term of the agreement and for one year after
termination of her employment with the Company. The Employment
Agreement also restricts Ms. Du from soliciting the Company's
customers or employees during the term of the agreement and for one
year after termination of her employment with the Company.
A complete text of the Employment Agreement is available at
https://tinyurl.com/2wcsz7pa
About Power Solutions
Wood Dale, Ill.-based Power Solutions International, Inc.,
incorporated under the laws of the state of Delaware in 2011,
designs, engineers, manufactures, markets and sells a broad range
of advanced, emission-certified engines and power systems that are
powered by a wide variety of clean, alternative fuels, including
natural gas, propane, and biofuels, as well as gasoline and diesel
options, within the power systems, industrial and transportation
end markets. The Company manages the business as a single
reportable segment.
Chicago, Ill.-based BDO USA P.C., the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
24, 2025, attached to the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 2024, citing that the Company
will not have sufficient cash and cash equivalents to repay amounts
owed under its existing debt arrangements as they become due in
2025 without additional financing and uncertainties exist about the
Company's ability to refinance, amend or extend these debt
arrangements. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of December 31, 2024, Power Solutions International had $328.2
million in total assets, $262.9 million in total liabilities, and
$65.3 million in total shareholders' equity.
PRECISION EXPRESS: Seeks Chapter 11 Bankruptcy in Arkansas
----------------------------------------------------------
On September 23, 2025, Precision Express Inc. entered Chapter 11
proceedings through a voluntary filing in the Eastern District of
Arkansas. Court documents show the company's liabilities fall
between $100,001 and $1 million, with its creditor count ranging
from 1 to 49.
About Precision Express Inc.
Precision Express Inc. provides trucking services for shipments
moving between states.
Precision Express Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13266) on September
23, 2025. In its petition, the Debtor reports estimated assets and
liabilities between $100,001 and $1 million each.
Honorable Bankruptcy Judge Bianca M. Rucker handles the case.
The Debtor is represented by Anh-Thu Cecille Doan, Esq. of Law
Offices Of Cecille Doan.
PRETZEL PARENT: $125MM Loan Add-on No Impact on Moody's 'B3' CFR
----------------------------------------------------------------
Moody's Ratings announced that Pretzel Parent, Inc.'s (dba "TAIT
Towers" or "TAIT") proposed $125 million add-on to its existing
secured first-lien term loan does not affect current ratings,
including its B3 Corporate Family Rating, B3-PD Probability of
Default Rating, or the stable outlook at this time. The B3 rating
assigned to the senior secured first-lien bank credit facilities,
including a $464 million (balance as of June 2025) term loan B due
August 2031 and a $70 million revolving credit facility expiring
August 2029, is also not affected.
The proceeds from the proposed incremental $125 million term loan
(expected to be fungible with the existing term loan) will be used
to repay borrowings under the revolving credit facility ($41
million outstanding as of June 30, 2025), fund tuck-in
acquisitions, and cover related transaction fees and expenses.
Moody's considers this transaction as credit neutral. It enhances
liquidity by freeing up availability under the revolver and
maintains similar financial leverage in pro forma calculations
through the addition of four companies with solid profitability in
the Portable segment. These acquisitions expand TAIT's capabilities
and geographic footprint. However, the deferred cash payments
related to these acquisitions may constrain future cash generation,
and heightened integration risks from an active acquisition
pipeline could lead to lower profitability, reduced cash flow, and
weaker earnings quality.
RATINGS RATIONALE
TAIT's B3 CFR reflects its small revenue size, high financial
leverage and focus in a highly fragmented and competitive market.
Moody's expects debt/EBITDA leverage to remain high but to improve
to below 7x by the end of 2025. The majority of TAIT's revenue is
tied to the live events industry, which is directly linked to
discretionary consumer spending and may decline during economic
downturns as clients reduce budgets or switch to less expensive
vendors. Moody's anticipates modest annual organic revenue growth
in a low single-digit percentage range due to the timing of new
projects, with interest coverage, calculated as EBITA/interest
expense, below 1.5x. Governance risk is deemed high due to TAIT's
concentrated ownership, which may lead to aggressive financial
strategies like debt-funded acquisitions and shareholder
distributions.
TAIT benefits from its strong position as a global provider of
production and staging services for the live entertainment
industry, capitalizing on industry tailwinds driven by high demand
for live events. The company enhances its value proposition through
owned manufacturing and fabrication facilities, ensuring
operational control and quality. Additionally, TAIT's credit is
bolstered by a long-standing track record with the world's largest
tours, theme parks, and live experiences, offering predictable
revenue streams, with over 80% of revenue coming from repeat
customers. The company continues to advance in cost reduction
initiatives, maintaining good profitability with an EBITDA margin
within the mid-teens percentage range.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
TAIT's ratings could be upgraded if it continues to demonstrate
revenue and EBITDA growth, with debt/EBITDA sustained below 5.5x
and free cash flow/debt approaching 5%.
Moody's could downgrade TAIT's ratings if revenue or profitability
decline, or liquidity diminishes, including Moody's expectations
for sustained negative free cash flow. The ratings could also be
downgraded if the company's debt/EBITDA remains above 7.0x or if
Moody's expects that financial strategies will become more
aggressive.
TAIT, based in Lititz, PA, is a leading provider of innovative
technologies and solutions for live events and themed entertainment
industry. TAIT operates in four segments Portable, Permanent
Installation, Producing, and Global Studio, offering complex
touring staging, scenic design and automated technology and
software, and ongoing operational support to a diverse high-profile
client base.
PROST LLC: Hires Law Office of Donald W. Reid as Counsel
--------------------------------------------------------
Prost LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of California to employ Law Office of Donald W.
Reid as counsel.
a. prepare pleadings, applications and conduct examinations
incidental to administration;
b. advise the Debtor with respect to its rights, powers, duties
and obligations as a debtor in possession in the administration of
this case, the management of its financial affairs and the
management of their income and property;
c. advise and assist the Debtor with respect to compliance with
the requirements of the Office of the United States Trustee;
d. advise the Debtor regarding matters of bankruptcy law,
including rights and remedies of Debtor with respect to its assets
and with respect to claims of creditors and to communicate and
negotiate with such creditors;
e. advise and represent the Debtor in connection with all
applications, motions or complaints for adequate protection,
sequestration, relief from stays, appointment of a trustee or
examiner and all other similar matters;
f. develop the relationship of the status of the Debtor to the
claims of creditors in these proceedings;
g. advise and assist the Debtor in the formulation and
presentation of a plan pursuant to Chapter 11 of the Bankruptcy
Code and concerning any and all matters relating thereto;
h. represent the Debtor in any necessary adversary proceedings;
and
i. perform any and all other legal services incident and
necessary herein.
The firm will be paid at the rate of $500 per hour.
The Debtor paid an initial retainer of $21,738 to the firm, of
which $11,188 was earned prepetition. The firm is currently holding
$10,550 on account of its prepetition retainer.
Mr. Reid 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:
Donald W. Reid, Esq.
Law Office Of Donald W. Reid
PO Box 2227
Fallbrook, CA 92088
Tel: (951) 777-2460
Email: don@donreidlaw.com
About Prost LLC
Prost LLC is a San Diego-based food service company operating
multiple restaurant and brewery concepts including Taco Loco, Bolt
Brewery, and Diego's Baja Grill.
Prost LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Cal. S.D. Cal. Case No. 25-03311) on August 11,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $100,000 and $500,000 each.
The Debtor is represented by Donald Reid, Esq. at Law Office Of
Donald W. Reid.
RACKSPACE FINANCE: Lord Abbett Credit Marks $12.1MM Loan at 54% Off
-------------------------------------------------------------------
Lord Abbett Credit Opportunities Fund has marked its $12,130,989
loan extended to Rackspace Finance LLC to market at $5,607,246 or
46% of the outstanding amount, according to Lord Abbett Credit's
Form N-CSR for the semi annual year ending June 30, 2025, filed
with the U.S. Securities and Exchange Commission.
Lord Abbett Credit is a participant in a Term Loan B to Rackspace
Finance LLC. The loan accrues interest at a rate of 7.179% per
annum. The loan matures on May 15, 2028.
Lord Abbett Credit is registered under the Investment Company Act
of 1940, as a closed-end management investment company that
continuously offers its common shares and is operated as an
interval fund. The Fund is diversified for purposes of the 1940
Act. The Fund's classification changed from a non-diversified fund
to a diversified fund. As a result of this classification change,
the Fund is limited in the proportion of its assets that may be
invested in the securities of a single issuer.
The Fund was organized as a Delaware statutory trust on September
18, 2018. The Fund's investment objective is total return. The Fund
currently offers three classes of Shares: Institutional Class,
Class A and Class U. A front-end sales charge is normally added to
the net asset value for Class A shares.
Lord Abbett Credit is led by Steven F. Rocco as President and Chief
Executive Officer and Michael J. Hebert as Chief Financial Officer
and Treasurer.
The Fund can be reach through:
Steven F. Rocco
Lord Abbett Credit Opportunities Fund
30 Hudson Street,
Jersey City, NJ 07302-4804
Telephone: (888) 522-2388
About Rackspace Finance LLC
Rackspace Finance, LLC is a legal entity of Rackspace Technology,
Inc., a company that provides end-to-end, hybrid cloud, and AI
solutions for businesses worldwide.
RANA REAL: Hires Mickler & Mickler LLP as Legal Counsel
-------------------------------------------------------
Rana Real Estate, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Law Offices of Mickler
& Mickler, LLP as counsel.
The firm will provide general representation to the Debtor in the
bankruptcy case and perform all legal services necessary.
The firm will be paid a retainer in the amount of $300 to $400 per
hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Bryan K. Mickler, Esq., a partner at Law Offices of Mickler &
Mickler, LLP, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Bryan K. Mickler, Esq.
. Law Offices of Mickler & Mickler, LLP
5452 Arlington Expressway
Jacksonville, FL 322211
Tel: (904) 725-0822
Fax: (904) 725-0855
About Rana Real Estate, LLC
Rana Real Estate LLC owns three properties in Gainesville and
Kissimmee, Florida, with a total appraised value of approximately
$1.98 million.
Rana Real Estate LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05881) on
September 17, 2025. In its petition, the Debtor reports.
Honorable Bankruptcy Judge Grace E. Robson handles the case.
The Debtor is represented by Bryan K. Mickler, Esq. at LAW OFFICES
OF MICKLER & MICKLER, LLP.
RECONNECT INCORPORATED: Cash Collateral Hearing Set for Sept. 30
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey is set to
hold a hearing on September 30 to consider final approval of
Reconnect Incorporated's motion to use cash collateral.
The Debtor previously received interim approval to use the cash
collateral of the U.S. Small Business Administration to pay its
operating and administrative expenses in accordance with its
budget.
The interim order entered on September 16 directed the Debtor to
provide SBA with adequate protection in the form of a replacement
lien on post-petition collateral, with the same priority and extent
as SBA's pre-bankruptcy lien. The Debtor was also ordered to make a
monthly contractual payment to SBA pending confirmation of its
Chapter 11 plan of reorganization.
The deadline for filing objections is on September 23.
The Debtor has identified the SBA, DMKA LLC, Parkside Funding, and
Flexibility Capital as the creditors with interest in the cash
collateral. These secured creditors have UCC-1 filings on the
Debtor's accounts, giving them claims to cash collateral under
Section 363(a) of the Bankruptcy Code.
The Debtor believes that the secured creditors are adequately
protected due to their additional collateral (e.g., personal
guarantees from shareholder Thomas Koo), and that an equity cushion
exists in the form of the Debtor's future income.
About Reconnect Incorporated
Reconnect Incorporated operates as an e-commerce retailer of
footwear, apparel, and accessories under the brand "HighKickz"
through its website and third-party platforms like Amazon, Walmart,
and eBay.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.J. Case No. 25-18785) on August 21,
2025. In the petition signed by Thomas Koo, president, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Melinda Middlebrooks, Esq., at Middlebrooks Shapiro, P.C.,
represents the Debtor as legal counsel.
REDSTONE HOLDCO: Credit Suisse Marks $514,000 Loan at 45% Off
-------------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$514,000 loan extended to Redstone Holdco 2 LP to market at
$280,988 or 55% of the outstanding amount, according to Credit
Suisse's Form 10-K for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Redstone Holdco 2 LP.
The loan accrues interest at a rate of 9.291% per annum. The loan
matures on April 27, 2028.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Redstone Holdco 2 LP
Redstone Holdco 2 LP/Redstone Buyer/Archer/FRI/NetWitness/SecureID
operates as a dual issuer and special purpose entity. The Company
was formed for the purpose of issuing debt securities to repay
existing credit facilities, refinance indebtedness, and for
acquisition purposes.
REGIS REAL: To Sell Holmdel Property to Daniel & Gina Schifter
--------------------------------------------------------------
Regis Real Estate Investments, LLC seeks permission from the U.S.
Bankruptcy Court for the District of New Jersey, to sell Property,
free and clear of liens, claims, interests, and encumbrances.
The Debtor's Property is located at 6 Bordens Brook Way, Holmdel,
NJ 07733.
The Debtor is a single-asset real estate entity; 100% of the
membership interests in the Debtor are owned by Ralph Massa, Jr.
Mr. Massa is a debtor in another Chapter 11 Case that he commenced
on August 29, 2024, and which is presently pending before the
Court.
The Debtor is the sole owner of the Property. On its Schedule A/B,
the Debtor states that the value of the Property is $3,000,000.00.
CitiBank, NA holds the only mortgage covering the Property; the
Debtor's Schedule D indicates that the amount of CitiBank's secured
claim is $2,705,237.77. The Township of Holmdel also holds a
secured claim for real estate taxes in the amount of approximately
$138,309.51 as of September 11, 2025. No other party holds a claim
secured by the Property.
The Debtor is under contract to sell the Property to Daniel and
Gina Marie Schifter (Purchasers). The sale price is $3,000,000.00.
The proposed sale of the Property is an arms-length transaction. No
familial or business relationship exists between the Purchasers and
the Debtor, Mr. Massa or any of his attorneys or agents.
In an effort to work with Citibank, after not receiving any offers
at the previous listing price, on June 27, 2025 the Debtor and Mr.
Massa agreed to reduce the listing price to $3,400,000.00 on or
before July 2, 2025. This was done in an effort to sell the
Property as quickly as possible. After reducing the listing price,
the Debtor received several inquiries about the Property but the
highest and best offer received was the $3,000,000.00 offer from
Mr. and Mrs. Shifter.
The Debtor respectfully submits that the proposed sale price of
$3,000,000.00 is at or above the fair market value of the
Property.
The Debtor proposes to pay all outstanding property taxes in full
at the closing. Any net proceeds will be paid toward CitiBank's
mortgage claim after payment of real estate taxes, brokers'
commissions, "mansion" taxes and realty transfer fees, a bulk sale
escrow, and any other customary closing costs.
Salvatore Ventre (the Debtor's Realtor) from Real Broker, LLC is
acting as the Debtor's Realtor in connection with the sale of the
Property.
Aleksandr Pritsker (the Buyer's Realtor) from EXP Realty is acting
as the Buyer's Realtor in connection with the sale of the
Property.
About Regis Real Estate investments, LLC
Regis Real Estate Investments sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20000) on September
24, 2025.
Judge Michael B. Kaplan presides over the case.
Brian Gregory Hannon at Law Office Of Norgaard O'Boyle represents
the Debtor as legal counsel .
RETAIL ECOMMERCE: SEC Alleges Ponzi Scheme in Lawsuit
-----------------------------------------------------
Securities and Exchange Commission alleges that Taino Lopez and
Alexander Mehr, the co-founders of Retail Ecommerce Ventures LLC;
and Maya Burkenroad, REV's Chief Operating Officer, in order to
maintain the appearance of a successful business, actually operated
a Ponzi scheme by making payments of promised returns to existing
investors using either new investors' funds or investor funds from
other REV Retailer Brands.
The lawsuit says from about April 2020 through November 2022, Lopez
et al. raised about $112 million combined from hundreds of
investors through fraudulent offerings from retail investors across
the United States through the fraudulent offer and sale of
securities issued by eight REV portfolio companies managed by REV
and which Defendants formed and controlled. Specifically, the
complaint says Lopez et al. sold securities in the form of
unsecured notes promising up to 25% annualized returns as well as
equity (membership units) with a monthly preferential dividend as
high as 2.083%.
In addition, from July 2022 to October 2022 alone, the Defendants
directed at least $5.9 million in new investors funds be used to
pay returns to earlier investors in classic Ponzi-like fashion.
Ultimately, REV and the REV Retailer Brands began making late
payments to investors at least as early as August 2022 and, by at
least September 2022, began missing payments en masse.
The lawsuit also claims Lopez and Mehr diverted $12.5 million and
$3.6 million, respectively, in investor funds to personal accounts
owned or controlled by them for no apparent business purpose. In
Lopez's case, he received the majority of his misappropriated funds
in transfers to TAL Promotions LLC, a company that he wholly owns.
TAL Promotions has no affiliation with REV or the REV Retailer
Brands and provided no services to either.
REV's primary business was purchasing distressed retail companies
with name brand recognition and converting them into e-commerce
only businesses. The securities offerings at issue involved
offerings by REV and eight REV portfolio companies:
* Brahms LLC;
* Dress Barn Online, Inc.;
* Franklin Mint Online, LLC;
* Linens 'N Things Online, Inc.;
* Modell's Sporting Goods Online, Inc.;
* Pier 1 Imports Online, Inc.;
* RadioShack Online, LLC; and
* Stein Mart Online, Inc.
REV served as the holding company and manager of the REV Retailer
Brands.
For their violations of federal securities laws, the Commission
wants:
-- a Permanent Injunction restraining and enjoining
Defendants, any officers, agents, servants, employees, attorneys,
and all persons in active concert or participation with them, and
each of them, from committing or engaging in certain actions or
activities;
-- Lopez and Mehr to disgorge all ill-gotten gains, including
prejudgment interest thereon;
-- each Defendant to pay a civil money penalty; and
-- each Defendant permanently barred from acting as an officer
or director of an issuer whose securities are registered with the
Commission pursuant to Section 12 of the Exchange Act or that files
reports with the Commission pursuant to Section 15(d) of the
Exchange Act.
The case is US Securities and Exchange Commission v. Lopez et al.,
Case No. 25-cv-24356 (S.D. Fla.), before the Hon. Rodolfo A Ruiz,
II.
RETREAT AT JARRETT: Seeks to Hire Brown Law Firm P.C. as Counsel
----------------------------------------------------------------
Retreat at Jarrett Farms LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Oklahoma to employ
Brown Law Firm, P.C. as its counsel.
The firm will provide these services:
(a) negotiate allowed claims and treatment of creditors;
(b) render legal advice and prepare legal documents and
pleadings concerning claims of creditors, post-petition financing,
executing contracts, sale of assets, insurance, etc;
(c) represent the Debtor in hearings and other contested
matters;
(d) formulate a disclosure statement and plan of
reorganization; and
(e) perform all other matters needed for reorganization.
The firm will be paid at these hourly rates:
Ron Brown, Attorney $350
Associate $300
Paralegal $75
On behalf of Debtor, American Legion Post 450 paid Brown Law Firm
PC a retainer of $15,000 on September 1, 2025.
Mr. Brown disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Ron D. Brown, Esq.
Brown Law Firm, P.C.
1609 E. 4th St.
Tulsa, OK 74120
Telephone: (918) 585-9500
Facsimile: (866) 552-4874
Email: ron@ronbrownlaw.com
About Retreat at Jarrett Farms LLC
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.
Retreat at Jarrett Farms LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D Okla. Case No.
25-11355) on September 16, 2025. In its petition, the Debtor
reports total assets as of June 30, 2025 amounting to $2,937,228
and total liabilities as of June 30, 2025 of $2,061,046.
Honorable Bankruptcy Judge Paul R. Thomas handles the case.
The Debtor is represented by Ron Brown, Esq. of BROWN LAW FIRM PC.
REYNA HOSPITALITY: Seeks Cash Collateral Access
-----------------------------------------------
Reyna Hospitality Group Inc asks the U.S. Bankruptcy Court for the
Southern District of New York for authority to use cash collateral
and provide adequate protection.
The Debtor urgently needs court authorization to use cash
collateral -- funds or assets subject to secured creditors' liens
-- in its ordinary course of business to pay essential operating
expenses like payroll, utilities, vendors, and insurance. Without
access to these funds, the Debtor risks immediate and irreparable
harm, including potential shutdown of its restaurant and loss of
value to the bankruptcy estate.
Several merchant cash advance lenders claim liens on the Debtor's
cash collateral. The Debtor disputes the validity and priority of
these liens and plans to challenge them through an adversary
proceeding, arguing that these advances are unsecured loans.
Pending resolution, the Debtor proposes to provide the MCA lenders
with replacement liens and superpriority claims limited to the
extent their collateral's value diminishes post-petition due to use
of the cash collateral.
To protect the MCA lenders' interests during its use of cash
collateral, the Debtor offers post-petition liens on its assets
equal in priority to their pre-petition Hens, excluding avoidance
actions or proceeds from such actions, claims with priority over
most other administrative and unsecured claims, but subordinate to
carveouts for professionals' fees, to compensate for any diminution
in collateral value.
The Debtor does not intend to make periodic cash payments to the
MCA lenders as protection.
About Reyna Hospitality Group Inc
Reyna Hospitality Group Inc operates a restaurant in New York City
under the name Reyna New York.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12020-lgb) on
September 16, 2025. In the petition signed by Veronique Laborie,
president, the Debtor disclosed up to $1 million in both assets and
liabilities.
Judge Lisa G. Beckerman oversees the case.
Robert L. Rattet, Esq., at Davidoff Hutcher & Citron LLP,
represents the Debtor as legal counsel.
RMS CARRIERS: Seeks to Hire Penn Law Firm LLC as Counsel
--------------------------------------------------------
RMS Carriers, LLC seeks approval from the U.S. Bankruptcy Court for
the District of South Carolina to employ Penn Law Firm, LLC as
counsel.
The firm's services include:
a. advising Debtor of its rights, powers and duties;
b. attending meetings with Debtor and hearings before the
Court;
c. assisting other professionals retained by Debtor in the
investigation of the acts, conduct, assets, liabilities and
financial condition of Debtor, and any other matters relevant to
the case or to the formulation of a plan of reorganization or
liquidation;
d. investigating the validity, extent, and priority of secured
claims against Debtor's estate, and investigating the acts and
conduct of such secured creditors and other parties to determine
whether any causes of action may exist;
e. advising Debtor with regard to the preparation and filing
of all necessary and appropriate applications, motions, pleadings,
draft orders, notices, schedules, and other documents, and
reviewing all financial and other reports to be filed in these
matters;
f. advising Debtor with regard to the preparation and filing
of responses to applications, motions, pleadings, notices and other
papers that may be filed and served in these chapter 11 cases by
other parties; and
g. performing other necessary legal services for and on behalf
of Debtor that may be necessary or appropriate in the
administration of these chapter 11 cases.
The firm will be paid at these rates:
Attorneys $350 to $400 per hour
Paralegals and Assistants $100 to $175 per hour
W. Harrison Penn, Attorne $400 per hour
The firm received from the Debtor a retainer in the amount of
$20,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
W. Harrison Penn, Esq., a partner at Penn Law Firm, LLC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
W. Harrison Penn, Esq.
Penn Law Firm, LLC
1517 Laurel Street
Columbia, SC 29201
Tel: (803) 771-8836
Email: hpenn@pennlawsc.com
About RMS Carriers, LLC
RMS Carriers, LLC filed a Chapter 11 bankruptcy petition (Bankr.
D.S.C. Case No. 25-03590) on Sept. 12, 2025. The Debtor hires Penn
Law Firm, LLC as counsel.
ROCKFORD SILK: Gets Interim OK to Use Cash Collateral Until Oct. 6
------------------------------------------------------------------
Rockford Silk Screen Process, Inc. received interim approval from
the U.S. Bankruptcy Court for the Northern District of Illinois,
Western Division, to use cash collateral to fund operations.
The interim order authorized the Debtor to use the cash collateral
of its secured lender, Northwest Bank of Rockford, from September
22 to October 6 in accordance with its budget.
As adequate protection, Northwest Bank of Rockford will be granted
a first position, fully-perfected security interest in and
replacement lien on the debtor-in-possession account and all of
property of the Debtor whether acquired before or after its Chapter
11 filing, subject only to valid pre-petition purchase money
security interests, if any.
Beginning today, the Debtor will pay to the secured lender $2,800
per week until a bankruptcy plan is confirmed.
The next hearing is set for October 1.
Rockford, a 70-year-old Illinois-based printing company
headquartered in Loves Park, employs approximately 40 individuals
and reported revenues of $8.3 million in 2024. Facing increasing
creditor pressure and a threat of receivership from its secured
lender, the Debtor filed for Chapter 11 protection on September 17,
2025. The Debtor has identified two major secured creditors:
Northwest Bank of Rockford, owed approximately $2,038,120, and the
U.S. Small Business Administration, which holds a subordinate lien
of approximately $1,954,566.
About Rockford Silk Screen Process Inc.
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.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-81268) on September
17, 2025. In the petition signed by Jason Yost, president, the
Debtor disclosed $3,339,844 in assets and $6,456,627 in
liabilities.
George P. Hampilos, Esq., at Hampilos & Associates, Ltd., is the
Debtor's legal counsel.
ROCKY MOUNTAIN: B. Radoff, Radoff Family Foundation Hold 4.6% Stake
-------------------------------------------------------------------
Bradley L. Radoff and Radoff Family Foundation, disclosed in a
Schedule 13D (Amendment No. 14) filed with the U.S. Securities and
Exchange Commission that as of September 16, 2025, they
beneficially own 356,100 shares of Rocky Mountain Chocolate
Factory, Inc.'s common stock, par value $0.001 per share,
representing approximately 4.6% of the 7,793,924 shares
outstanding.
The Radoff Family Foundation directly owns 356,000 shares (4.6%)
purchased with working capital, while Mr. Radoff directly owns 100
shares (0.001%) purchased with personal funds. As director of the
Radoff Foundation, Mr. Radoff may be deemed to beneficially own the
Foundation's shares as well, bringing his aggregate beneficial
ownership to 356,100 shares (4.6%).
Bradley L. Radoff may be reached at:
2727 Kirby Drive, Unit 29L,
Houston, Texas, 77098
Tel: 713-482-2196
A full-text copy of Bradley L. Radoff's SEC report is available at:
https://tinyurl.com/4rpbbr69
About Rocky Mountain Chocolate Factory
Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an
international franchisor, confectionery producer, and retail
operator. Founded in 1981, the Company produces an extensive line
of premium chocolate candies and other confectionery products.
New York, N.Y.-based CohnReznick LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
June 20, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended February 29, 2025, citing that the Company has
incurred recurring losses and negative cash flows from operations
in recent years and is dependent on debt financing to fund its
operations, all of which raise substantial doubt about the
Company's ability to continue as a going concern.
As of May 31, 2025, the Company had $20.1 million in total assets,
$13.4 million in total liabilities, and $6.7 million in total
stockholders' equity.
ROCKY MOUNTAIN: Director Resignation Triggers Nasdaq Noncompliance
------------------------------------------------------------------
Rocky Mountain Chocolate Factory, Inc. disclosed in a Form 8-K
Report filed with the U.S. Securities and Exchange Commission that
Allen C. Harper notified the board of directors of his resignation
from the Board and all committees thereof, effective immediately.
Mr. Harper's resignation from the Board was due to his other
professional responsibilities, and not due to any disagreement with
the Company on any matter related to the Company's operations,
policies or practices. The Company thanks Mr. Harper for his
significant contributions to the Company.
On September 17, 2025, the Company received a notice from The
Nasdaq Stock Market LLC, notifying the Company that, as a result of
the Resignation, the Company is not in compliance with the
requirements under Nasdaq Listing Rule 5605 (the "Corporate
Governance Requirements"), specifically:
* Nasdaq Listing Rule 5605(b), which requires, among other
things, that a majority of the Board be comprised of Independent
Directors (as defined in Nasdaq Listing Rule 5605(a)(2)); and
* Nasdaq Listing Rule 5605(c), which requires, among other
things, that the Company have an Audit Committee that has at least
three members, each of whom must:
(i) be an Independent Director,
(ii) meet the criteria for independence set forth in Rule
10A-3(b)(1) under the Securities Exchange Act of 1934, as amended,
(iii) not have participated in the preparation of the financial
statements of the Company or any current subsidiary of the Company
at any time during the past three years, and
(iv) be able to read and understand fundamental financial
statements.
In accordance with the Corporate Governance Requirements, the
Company is entitled to a cure period to regain compliance, which
cure period will expire at the earlier of its next annual meeting
of stockholders or September 15, 2026. The Company intends to
appoint an additional independent director to its Board and the
Audit Committee of the Board prior to the end of the cure period.
Neither the Notice nor the Company's noncompliance with the
Corporate Governance Requirements has an immediate effect on the
listing or trading of the Company's common stock, which will
continue to trade on The Nasdaq Capital Market under the symbol
"RMCF."
About Rocky Mountain Chocolate Factory
Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an
international franchisor, confectionery producer, and retail
operator. Founded in 1981, the Company produces an extensive line
of premium chocolate candies and other confectionery products.
New York, N.Y.-based CohnReznick LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
June 20, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended February 29, 2025, citing that the Company has
incurred recurring losses and negative cash flows from operations
in recent years and is dependent on debt financing to fund its
operations, all of which raise substantial doubt about the
Company's ability to continue as a going concern.
As of May 31, 2025, the Company had $20.1 million in total assets,
$13.4 million in total liabilities, and $6.7 million in total
stockholders' equity.
RONALD JINSKY: Taps Summit Accounting as Accountants
----------------------------------------------------
Ronald Jinsky LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Wisconsin to hire Todd Sitter, CPA, of
Summit Accounting Group Inc. to serve as accountants in its Chapter
11 case.
Summit will provide these services:
(a) assist the Debtor in the preparation and filing of all of
Debtor's tax returns, including 2024 and subsequent tax years
during the pendency of this case;
(b) determine the tax implications of a potential plan; and
(c) perform all other requested tax and accounting functions on
behalf of the Debtor.
Summit will receive compensation at hourly rates ranging from $140
to $400, subject to interim fee applications under 11 U.S.C. Sec.
331 and approval of the Court.
Summit Accounting Group Inc. 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:
Summit Accounting Group, Inc.
c/o Todd Sitter
464 Midland Road
Janesville, WI 53546
About Ronald Jinsky, LLC
Ronald Jinsky LLC, doing business as Jinsky Trucking, is a
family-owned and operated interstate trucking company based in
Beloit, Wisconsin. Established in 1982, the Company specializes in
transporting general freight, metal sheets, building materials, and
paper products.
Ronald Jinsky LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10838) on
April 11, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.
Honorable Judge Catherine J. Furay oversees the case.
The Debtor is represented by Daniel J. McGarry, Esq. at KREKELER
LAW, S.C.
RYVYL INC: Completes Sale of Bulgarian Subsidiary Ryvyl EU
----------------------------------------------------------
As reported in Amendment No. 2 to Registration Statement on Form
S-1/A filed by RYVYL Inc. on July 1, 2025, and accepted by the
Securities and Exchange Commission on July 2, 2025, the Company
completed the sale of its indirect subsidiary, Ryvyl (EU) EAD, a
company organized under the laws of Bulgaria. The Company first
reported that the sale was expected to close in the second quarter
of 2025, in Amendment Number 1 to Registration Statement on Form
S-1/A filed with the SEC on June 13, 2025, and accepted by the SEC
on June 16. Transactions leading up to the completion of the sale
of Ryvyl EU, were as follows.
As reported in the Company's Current Report on Form 8-K filed with
the SEC on January 24, 2025, on January 23, 2025, in connection
with the Company's securing financing, the Company entered into a
stock purchase agreement with a purchaser which provides for the
sale to the Purchaser of all of the issued and outstanding shares
of capital stock of Ryvyl EU, by Transact Europe Holdings EOOD, the
Company's wholly owned subsidiary, also domiciled in Bulgaria for
an aggregate purchase price of $15,000,000.
As also reported in the January 2025 Form 8-K, on January 23, 2025,
the Company, Transact Europe and the Purchaser also entered into a
Termination Agreement. Among other things, the Termination
Agreement provided the Company with the right to terminate the SPA
and all of the transactions contemplated therein, by paying the
Purchaser $16.5 million on or before 90 days after the date of
execution of the SPA (April 23, 2025), provided that such date
could be extended an additional 30 days (May 23, 2025) in
consideration for the Company's payment of $500,000 to the
Purchaser. If the SPA was terminated as a result of such payment by
the Company, the Ryvyl EU Shares would not be sold to the Purchaser
and would be returned to Transact Europe and the SPA would be void
and of no further force or effect, except for some provisions that
survive termination. In the event that the SPA was not so
terminated, then the Purchaser had the right to close on its
purchase of the Ryvyl EU Shares.
As reported in the Company's Current Report on Form 8-K filed with
the SEC on April 24, 2025, on April 23, 2025, the Company, Transact
Europe, and the Purchaser executed and entered into a modification
agreement which provides that, notwithstanding the terms of the
Termination Agreement or the January 2025 SPA, the Purchaser would
not take any actions to close on the purchase of the Ryvyl EU
Shares before May 6, 2025, so that the Company and the Purchaser
could attempt to enter into an alternative transaction in lieu of
the securities purchase transaction under the SPA. The Company had
the right, at any time, on or before May 6, 2025, to extend this
period, so that the Purchaser would not exercise such right to
purchase the Ryvyl EU Shares, until May 27, 2025, in consideration
for the Company's payment to the Purchaser of $750,000. All other
terms of the SPA and the Termination Agreement remained unchanged
and in full force and effect.
As reported in the Company's Current Report on Form 8-K filed with
the SEC on May 8, 2025, on May 7, 2025, the Purchaser provided a
letter of notice to the Company and Transact Europe, stating that
due to the Company's not exercising its right to terminate the SPA
by payment to the Purchaser of $16.5 million within the time so
prescribed by the Termination Agreement, and as the Company had not
exercised its right to extend the period during which time the
Purchaser agreed not to exercise its rights to close on the
transaction per the Modification Agreement, the Company no longer
had the right to terminate the SPA pursuant to the Termination
Agreement, and the Standstill Period had expired. The Purchaser
also notified the Company that notwithstanding the foregoing, they
did not intend to take the final steps to close on the purchase of
the Ryvyl EU Shares for a period of ten calendar days from and
including the date of the letter, or until May 16, 2025. The
parties continued discussions during this period. All other terms
of the SPA and the Termination Agreement remained unchanged and in
full force and effect.
On May 14, 2025, the Purchaser notified the Company that it would
proceed to take steps to acquire the Ryvyl EU Shares, and the
Company issued a press release stating that the parties had ceased
discussions to restructure the terms of the pre-funded asset sale
of its Ryvyl EU subsidiary.
On June 13, 2025, the Company received a letter from the Purchaser
which, in the opinion of the Company, provides that the Company's
obligation to pay damages in the amount of $16.5 million or any
other amount to the Purchaser, as provided in the SPA shall cease
to apply.
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: Resolves EDI Litigation With $2 Million Payment
-------------------------------------------------------------
Safe & Green Holdings Corp. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
executed a settlement agreement with EDI International PC to
resolve pending litigation between EDI and the Company.
The Litigation is currently pending before the Superior Court of
California, County of Los Angeles (Case No. 19STCV21725) alleging
causes of action for:
(1) Intentional Interference with Economic Advantage,
(2) Negligent Interference with Economic Advantage,
(3) Intentional Interference with Contractual Relations,
(4) Professional Negligence,
(5) Breach of Contract,
(6) Express Indemnity, and
(7) Implied Indemnity.
The case was tried before a jury and on November 15, 2024, the jury
returned a verdict in favor of the Company on the second, fourth,
fifth, and sixth causes of action. On December 20, 2024, judgment
was entered in favor of the Company. On May 28, 2025, the court
awarded the Company attorneys' fees in the amount of $1,046,231 and
costs in the amount of $111,006.62.
Per the Settlement, EDI will pay the Company the sum of $2,000,000
within the later of:
(a) thirty (30) days from August 27, 2025, or
(b) seven (7) business days after EDI receives:
(i) a fully executed, mutually acceptable copy of the
Settlement Agreement,
(ii) a W-9 form from the Company, and
(iii) complete payee information from the Company; however,
in any event, payment shall be made no later than October 15, 2025,
assuming all parties have fully executed, mutually acceptable
settlement agreement.
Under the terms of the Settlement, within seven (7) business days
after the Company receives payment in full accordance with the
terms of the Settlement, the Company shall serve and file an
acknowledgement of satisfaction of judgment in full.
Additionally, within seven (7) business days after the parties
receive a fully executed copy of this Settlement, the parties shall
execute and file a stipulated request for dismissal with prejudice
of all appeals, with each party bearing their own costs on appeal.
Under the terms of the Settlement, EDI and the Company each agree
to waive and release any and all claims against the other, except
with respect to each party's performance under the Settlement. The
foregoing descriptions of the Settlement is qualified in its
entirety by reference to the full text of the Settlement, a copy of
which is available at https://tinyurl.com/4pkakb2j
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.
SANTOPIETRO FOOD: Gets Extension to Access Cash Collateral
----------------------------------------------------------
Santopietro Food Group, LLC received another extension from the
U.S. Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to use cash collateral.
The court's second interim order authorized the Debtor to use cash
collateral in accordance with its 30-day budget pending a further
hearing on October 14.
The Debtor may spend as much as 10% more of the budget if needed.
The budget projects total operational expenses of $171,073.
As adequate protection, United Community Bank and other potential
secured creditors will receive a post-petition lien on the Debtor's
cash, inventory and other assets in the same priority as existed on
the petition date.
As further adequate protection, United Community Bank will receive
payment in the amount of $7,500 from the Debtor.
The Debtor's use of cash collateral will expire or terminate on the
earlier of (i) the Debtor ceasing operations of its business; or
(ii) the non-compliance or default of the Debtor with any terms and
provisions of the interim order.
There are four UCC financing statements filed with the North
Carolina Secretary of State that may perfect liens on the Debtor's
cash collateral. These include filings by United Community Bank,
Funding Futures LLC, and two by CT Corporation System acting as a
representative. Notably, none of the potentially secured creditors
have consented to the Debtor's use of the cash collateral.
About Santopietro Food Group LLC
Santopietro Food Group LLC doing business as Nancy's Pizzeria,
operates a franchised casual dining restaurant specializing in
Chicago-style stuffed and deep-dish pizzas along with other
Italian-American dishes.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03108) on August 13,
2025. In the petition signed by Ted Ormsby, member, the Debtor
disclosed up to $100,000 in assets and up to $10 million in
liabilities.
Judge Pamela W. McAfee oversees the case.
William P. Janvier, Esq., at STEVENS MARTIN VAUGHN & TADYCH, PLLC,
represents the Debtor as legal counsel.
SARIT ABIKZER: Secured Party Sets Oct. 17, 2025 Public Auction
--------------------------------------------------------------
N.Y.R.F.P LLC ("secured party") will offer for sale at public
auction, pursuant of that certain pledged agreement dated Oct. 24,
2022, made by and among Sarit Abikzer, and individual residing at
435 West 31st Street, PH3, New York, New York 10001 ("pledgor"),
and secured party, all membership and other equity interests in and
to (a) 100% of the limited liability company membership interest in
29 Dolson House LLC; and (b) all related rights and property owned
by the pledgor relating to such limited liability company
interests, which entity, directly or indirectly owns, leases, and
operates the real property located at 29 Dolson Road, Monsey, New
York, and designated on the tax maps of the County of Rockland as
Section 56.06, Block 3, Lot 57.
The public auction will be held in person and virtually via zoom
remote meeting on Oct. 17, 2025, at 9:00 a.m. EDT. Secured party
reserves the right to cancel the sale in its entirety or to adjourn
the sale to a future date.
For questions, inquiries, and information on how to register for
the auction, interested bidders must contact Matthew D. Mannion of
Mannion Auctions, LLC by email at info@jpandr.com or by phone at +1
(212) 267-6698 no later than 3 business days before the
aforementioned auction.
Interested parties who do not comply with the foregoing and any
other requirements of the applicable terms of sale prior to the
deadlines set forth therein will not be permitted to enter a bid.
SASAS HOSPITALITY: Hires Cusa LLC as Property Manager
-----------------------------------------------------
SASAS Hospitality, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ CUSA, LLC as
hospitality and property manager.
The firm will manage the Debtor's hotel known as Best Western Plus
Hotel Located at 5105 S Howell Ave., Milwaukee, Wisconsin.
The firm will provide weekly sales/marketing reports, a marketing
plan, budget reviews and implementation, operational reviews and
implementation, financial reports and critiques, and other
brand-specific requests.
The firm will be paid at these fees:
-- Debtor agrees to maintain at all times i) a balance in the
Owner's Account and/or ii) a line of credit accessible to CUSA,
which together total twenty-five percent (25%) of the estimated
annual Manager's Employees Costs (as defined in Section 5.2) plus
not less than 1/12th of the other costs and expenses shown in the
annual Approved Operating Budget, so as to provide for sufficient
liquidity in operation of the Property. The start-up cash
requirement in the Owner's Account shall be not less than $50,000.
-- If the required minimum balance set forth in Paragraph (a) is
not sufficient to pay amounts approved to be paid under this
Agreement, Manager may give Owner at least ten (10) days written
notice of any additional funds Owner must deposit in the Owner's
Account, which Owner must deposit within ten (10) days of notice.
Deborah L. Cannon, a partner at Cusa, LLC, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Deborah L. Cannon
CUSA, LLC
1300 Ridenour Blvd Suite 100
Kennesaw, GA 30152
Tel: (678) 903-0400
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
SCIENCE APPLICATIONS: Moody's Rates New First Lien Loans 'Ba3'
--------------------------------------------------------------
Moody's Ratings affirmed the ratings of Science Applications
International Corporation (SAIC), including the Ba2 corporate
family rating, the Ba2-PD probability of default rating and the Ba1
rating on the company's existing senior secured bank credit
facilities. Concurrently, Moody's assigned a Ba3 rating to the new
proposed senior unsecured notes due 2033 and Ba1 rating to the
company's proposed senior secured first lien revolving credit
facility and senior secured first lien term loan A. In addition,
Moody's upgraded the company's existing senior unsecured notes
rating by one notch to Ba3 from B1. Lastly, the Speculative Grade
Liquidity rating was changed to SGL-1 from SGL-2. The outlook is
stable.
Proceeds from the proposed $500 million notes issuance and upsized
term loan are expected to be used to repay revolver borrowings and
refinance the company's existing term loan due 2027. Pro forma for
the transaction, debt/EBITDA will increase to 3.9x from 3.7x for
the twelve months ended August 01, 2025.
The Ba1 rating on the first lien senior secured bank debt is one
notch above the Ba2 CFR. The first lien rating reflects its senior
position in the capital structure relative to the senior unsecured
notes and non-debt claims consisting primarily of trade payables
and operating leases. The Ba3 rating on the senior unsecured notes,
one notch below the Ba2 CFR, reflects the effective subordination
to the sizable senior secured debt facilities relative to the
notes.
RATINGS RATIONALE
The company's Ba2 CFR reflects the company's well established
position within the government services sector. SAIC has strong
qualifications for a variety of contracts spanning technical,
engineering and enterprise information technology programs. The
company also has a well-diversified contract base and healthy
backlog. Moody's expects that after a moderation in revenue growth
this year, the company will experience low single-digit annual
revenue growth for its fiscal year ended January 2027.
At the same time, Moody's also considers that SAIC faces strong
competition and that the current administration will continue to
focus on cost efficiencies that could pressure top-line demand.
Sector-wide delays in contract funding and procurement processing
as well as delays in new awards also presents a near-term headwind.
However, Moody's considers that the company is focused on winning
new contract awards, conversion of its healthy backlog, and more
mission focused work for the federal government. Moody's also
expects that, absent sizable acquisitions, the company will sustain
debt/EBITDA around 4.0x over the next year.
The SGL-1 speculative grade liquidity (SGL) rating reflects Moody's
expectations that the company will maintain very good liquidity,
largely supported by strong cash generation and a sizable revolver.
However, Moody's considers that reported cash balances have
historically been modest. Further, the proposed amended bank credit
facility extends the company's debt maturity profile to 2030 from
2027 while lowering sizable near-term amortization payments.
Moody's also expects the company to maintain good covenant
headroom.
The stable outlook reflects Moody's expectations of steady earnings
growth and modest leverage reduction as the company continues to
pursue its organic growth objectives. The stable outlook also
reflects Moody's expectations that the company will maintain strong
cash generation while pursuing a balanced approach towards
acquisitions and share repurchases while maintaining debt/EBITDA
around 4.0x, absent sizable acquisitions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The company's ratings could be upgraded if the company improves
debt/EBITDA towards 3.0x while it achieves good organic revenue
growth. An upgrade could also be supported if free cash flow/debt
is sustained at or above 10% and the company maintains a higher
cash balance.
The ratings could be downgraded if the company encounters the loss
of a significant number of larger contracts. Debt/EBITDA sustained
above 4.0x could also warrant a downgrade, as could the undertaking
of more aggressive financial policies, such as share repurchases
that exceed free cash flow or large leveraged acquisitions.
The principal methodology used in these ratings was Aerospace and
Defense published in July 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.
Science Applications International Corporation, headquartered in
Reston, VA, is a provider of technical, engineering and enterprise
information technology services primarily to the US government,
including the Department of Defense, federal civilian agencies and
the intelligence community. Revenue for the twelve months ended
August 01, 2025 was $7.5 billion.
SCORPIUS HOLDINGS: Raises $128K Through Non-Convertible Note
------------------------------------------------------------
Scorpius Holdings Inc. said in an SEC filing it issued a $128,000
non-convertible promissory note to 3i, L.P., carrying 5% interest
and a 5% premium, due Oct. 31 or upon a corporate event or
default.
The note contains standard default provisions, including if the
Company or its subsidiaries fail to pay debts over $150,000 or if
there's a default on any other outstanding promissory note. If the
note is still outstanding when the Company completes a new
financing, the holder can require full repayment of principal and
accrued interest, using up to 100% of the financing proceeds.
The Company sold the Note in reliance upon an exemption from
registration contained in Section 4(a)(2) of the Securities Act of
1933, as amended and/or Regulation D promulgated thereunder.
About Scorpius Holdings
Scorpius Holdings, Inc., based in San Antonio, Texas, operates as a
contract development and manufacturing organization (CDMO)
providing biologics manufacturing services, including process
development, CGMP clinical and commercial production, and quality
control for biotechnology and biopharmaceutical companies. The
Company supports cell- and gene-based therapies and large molecule
biologics with capabilities in upstream and downstream process
development, analytical method development, and cell line
characterization. Since 2023, Scorpius has concentrated on
biomanufacturing operations and divested certain clinical-stage
oncology assets while continuing discovery efforts at its
subsidiary, Skunkworx Bio, Inc.
In its audit report dated April 30, 2025, BDO USA, P.C. included a
"going concern" qualification noting that Company has suffered
recurring losses from operations and has not generated significant
revenue or positive cash flows from operations. These factors
raise substantial doubt about the Company's ability to continue as
a going concern.
The Company has an accumulated deficit of $297.9 million as of
March 31, 2025; a net loss of approximately $11.3 million for the
three months ended March 31, 2025; and has not generated
significant revenue or positive cash flows from operations. The
Company is in default on the 2025 Non-Convertible Promissory Notes,
Related Party as a result of its failure to repay amounts when due
and failing to pay indebtedness in excess of $150,000 to certain
third parties. As of March 31, 2025, the Company had approximately
$0.2 million in cash and cash equivalents and short-term
investments. The Company will need to generate significant
revenues to achieve profitability, and it may never do so.
To meet its funding needs, the Company is exploring a range of
options, including additional equity offerings like at-the-market
sales of its common stock, debt financing, equipment sale-leaseback
deals, partnerships, grants, and other available funding
opportunities. In February 2025, it brought in a third party to
help evaluate strategic alternatives.
SEAGATE DATA: Moody's Assigns Ba2 CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Ratings assigned a Ba2 corporate family rating, a Ba2-PD
probability of default rating, and an SGL-1 speculative grade
liquidity (SGL) rating to Seagate Data Storage Technology Pte. Ltd.
(Seagate Data). Moody's withdrew Seagate HDD Cayman's Ba2 CFR,
Ba2-PD PDR, and SGL-2 SGL rating. Moody's affirmed the Ba3 backed
senior unsecured rating of both Seagate Data and Seagate HDD Cayman
(Seagate HDD). The outlook for both Seagate Data and Seagate HDD
has been changed to positive from stable.
The change in the outlook to positive reflects Moody's expectations
of improving revenues and profitability driven by the company's
lead in heat-assisted magnetic recording (HAMR) hard disc drives
(HDDs) as the HDD industry transitions to this technology over the
next couple of years. The transition to HAMR should improve
profitability due to the lower production cost per unit of storage
enabled by the technology. The ongoing industry demand recovery
from the sharp downturn in 2023 and 2024 and the replacement of
lower capacity legacy HDD systems with higher capacity HAMR units
by hyperscale cloud service providers will support revenue growth.
Moody's expects that revenues will increase in the mid to upper
single digits percent annually over the next 12 to 18 months,
driving financial leverage toward 2x debt to EBITDA (Moody's
adjusted) from 2.4x debt to EBITDA (twelve months ended June 27,
2025, Moody's adjusted). Moody's also expects that the company will
abstain from employing debt to fund shareholder returns, limiting
the sum of dividends and share repurchases to no more than cash
flow from operations, net of capital expenditures.
RATINGS RATIONALE
Seagate Data has good operating scale and a strong market position
as one of the two principal suppliers of (HDDs. HDDs are the
primary, cost-effective storage solutions for the hyperscale cloud
segment that has strong long-term growth prospects, and other
applications with large data storage requirements.
Seagate Data has high business risks from its revenue concentration
in the HDD product category, substitution risks from flash memory
in legacy end markets that still account for a meaningful share of
its revenues, and sustained pricing pressure that it needs to
offset through technology innovation and growth in capacity
shipments. Product cycles are short and execution risk in managing
technology transitions with increasingly complex storage
technologies is high. Growing revenue concentration in the
hyperscale cloud end market and customers within that market has
increased revenue variability and customer concentration.
The positive outlook reflects Moody's expectations that Seagate
Data's annual revenues will increase toward $10 billion over the
next 12 to 18 months as end market demand continues to recover.
With the increasing revenues, profitability and free cash flow
(FCF) should likewise improve supporting a decline in financial
leverage. Moody's expects debt to EBITDA (Moody's adjusted) to
decline toward 2x over the next 12 to 18 months and FCF to debt
(Moody's adjusted) to increase to the low double digits percent
level.
Seagate Data has very good liquidity, as reflected in the liquidity
rating of SGL-1. Seagate had $891 million of cash balances as of
June 27, 2025. Moody's expects that Seagate will generate at least
$500 million of annual FCF over the next 12 to 18 months. The
company has full access to funds under its $1.3 billion of
revolving credit facility maturing January 2030 (Revolver). Over
the next 12 to 18 months, Moody's expects Seagate to remain in
compliance on its financial maintenance covenant (maximum net
leverage, as defined in the credit agreement).
Moody's rate both Seagate HDD's senior unsecured notes and Seagate
Data's senior unsecured notes at Ba3, one notch below the Ba2 CFR.
The senior unsecured rating incorporates a one-notch downward
override to reflect the lower expected recovery for senior
unsecured debt in the event of default. In a default scenario, the
rating thresholds requiring the company to secure obligations under
the credit agreement governing the Revolver are likely to be
triggered. If the springing collateral provision under the credit
agreement were to be permanently eliminated, Moody's would equalize
the ratings for the senior unsecured debt with that of its CFR as
the capital structure would consist of a single class of debt.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The rating could be upgraded if the company:
-- Continues to follow the more conservative financial policies of
the past year, including funding share repurchases from FCF, such
that Moody's expects the company to sustain average total debt to
EBITDA (Moody's adjusted) below 3.5x through industry cycles
-- Generates sustained growth in profits, and,
-- Maintains its cash position considering its investment
requirements and industry cyclicality
The rating could be downgraded if:
-- Liquidity deteriorates
-- Debt to EBITDA (Moody's adjusted) will be sustained above 4.5x
or FCF to debt (Moody's adjusted) will be sustained below the high
single digit percentage.
-- Seagate's financial policies prioritize shareholder returns
rather than strengthening liquidity as profitability and FCF
rebounds
Seagate Data Storage Technology Pte. Ltd. (Seagate Data) is a
wholly owned subsidiary of Seagate Technology Holdings plc and is a
leading provider of data storage solutions, primarily hard disc
drive (HDD) products. Seagate HDD Cayman is an indirect subsidiary
of Seagate Technology Holdings plc.
The principal methodology used in these ratings was Diversified
Technology published in September 2025.
Seagate Data's corporate family rating is two notches below the
scorecard-indicated outcome of Baa3. The assigned rating places
more weight on the company's high business risks, including high
historical demand variability.
SHARING SERVICES: Heng Fai and Affiliates Hold 99.3% Equity Stake
-----------------------------------------------------------------
Heng Fai Ambrose Chan and affiliates -- Heng Fai Holdings Limited,
Alset Inc., HWH International Inc., Alset International Limited,
and Global Biomedical Pte. Ltd. -- disclosed in a Schedule 13D
(Amendment No. 4) filed with the U.S. Securities and Exchange
Commission that as of September 17, 2025, they beneficially own an
aggregate of 25,933,666 shares of Sharing Services Global Corp's
common stock, $0.0001 par value, representing approximately 99.3%
of the 309,652 shares outstanding (as reported by the Company on
September 18, 2025).
The holdings includes:
* 86 shares held by Heng Fai Holdings Limited;
* 2,550,305 shares held by Alset Inc. (including debt
convertible into 2,500,000 shares);
* 23,303,573 shares issuable upon conversion of debt and
warrants held by HWH International Inc.;
* 30,524 shares held by Alset International Limited;
* 8,904 shares held by Global Biomedical Pte. Ltd.; and
* 39,650 shares held directly by Mr. Chan.
By virtue of his positions and control over these entities, Mr.
Chan may be deemed to beneficially own the securities held by such
entities.
Reporting Persons may be reached through:
Chan Heng Fai
9 Temasek Boulevard #16-04, Suntec Tower Two
Singapore 038989
011 65 6333 9181
A full-text copy of Heng Fai Ambrose Chan's SEC report is available
at https://tinyurl.com/5bcy5e8d
About Sharing Services
Headquartered in Plano, Texas, Sharing Services Global Corporation
currently markets and distributes health and wellness products
primarily in the U.S. and Canada, and delivers its member-based
travel services, primarily in the U.S., using a direct selling
business model. The Company markets its health and wellness
products through its proprietary website: www.thehappyco.com; and
its member-based travel services using www.mytravelventures.com.
Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated July 1, 2024, citing that the Company (i) has incurred
losses and negative cash flows from operations for consecutive
years, (ii) has an accumulated deficit and negative equity, which
raise substantial doubt about its ability to continue as a going
concern.
The Company has not filed its Annual Report on Form 10-K for the
year ended March 31, 2025.
SJ HOLDINGS: Seeks Cash Collateral Access
-----------------------------------------
SJ Holdings Group, LLC asks the U.S. Bankruptcy Court for the
Eastern District of New York for authority to use cash collateral,
with the consent of secured lender A10 Commercial Mortgage Trust
2024-FLSN1, LLC.
The Debtor seeks both interim and final approval to use these funds
to continue operating its primary asset -- a 379-unit residential
apartment complex spread across 38 buildings in Memphis, Tennessee.
This property, appraised in 2024 at approximately $20 million, is
believed to exceed the lender’s secured claim of $4.8 million,
plus interest and fees.
The monthly collectible rent is approximately $225,000, which
supports operating expenses outlined in the proposed budget. The
Debtor and the lender have engaged in weeks of negotiations and
document exchange, culminating in an agreed-upon Cash Collateral
Order and Budget that includes a monthly adequate protection
payment of $30,586.67 to the lender.
The Debtor previously filed for Chapter 11 on May 7 (refiled June
9) and continues to manage its property as a debtor-in-possession.
A prior motion by the lender to dismiss the case or gain control
over the cash collateral was denied, but the Court restricted the
Debtor's use of such funds absent lender consent or a court order.
Since then, the Debtor has worked diligently through counsel to
secure the lender's consent and provided extensive financial
disclosures, including bank statements, rent rolls, and insurance
documentation.
The Debtor details the specific terms of the proposed cash
collateral order, including monthly use of approximately $223,500,
a carveout for professional fees and administrative expenses, and
conventional default rights for the lender with a seven-day cure
period. There are no roll-up provisions, cross-collateralization,
or insider payments.
Adequate protection is ensured not only through replacement liens
but also through actual monthly payments to the lender.
A copy of the motion is available at https://urlcurt.com/u?l=AFOxjA
from PacerMonitor.com.
A10 is represented by:
Paul A. Rubin, Esq.
Hanh V. Huynh, Esq.
Rubin LLC
11 Broadway, Suite 715
New York, NY 10004
Tel: 212.390.8054
Fax: 212.390.8064
prubin@rubinlawllc.com
hhuynh@rubinlawllc.com
About SJ Holdings Group
SJ Holdings Group, LLC, doing business as Walden Pointe Apartments,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D.N.Y. Case No. 25-42207) on May 7, 2025, with up to
$50,000 in assets and between $1 million and $10 million in
liabilities.
Judge Nancy Hershey Lord presides over the case.
Kevin J. Nash, Esq. at Goldberg Weprin Finkel Goldstein LLP,
represents the Debtor as legal counsel.
SK NEPTUNE: Credit Suisse Virtually Writes Off $745,000 Loan
------------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$745,000 loan extended to SK Neptune Husky Finance SARL to market
at $27,473 or 4% of the outstanding amount, according to Credit
Suisse's Form 10-K for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to SK Neptune Husky
Finance SARL. The loan accrues interest at a rate of zero percent
per annum. The loan matures on January 3, 2029.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About SK Neptune Husky Finance SARL
SK Neptune Husky Finance social purpose is the holding of
interests, in any form, in Luxembourg and foreign companies and any
other form of investment.
SOLAR MOSAIC: Davis Polk Advised ABS Holders in Chapter 11
----------------------------------------------------------
Davis Polk advised an ad hoc group of holders of Solar Mosaic's
approximately $3.8 billion of asset-backed securities (ABS) in
connection with cases commenced in the Southern District of Texas
by Mosaic Sustainable Finance Corporation and certain of its
subsidiaries under chapter 11 of the United States Bankruptcy
Code.
On September 5, 2025, the bankruptcy court confirmed Solar Mosaic's
chapter 11 plan. Consummation of the chapter 11 plan required the
execution of new servicing and administration agreements as well as
amendments to various other ABS documents, pursuant to which
Forbright Bank, the equity holder of the reorganized company,
agreed to assume Solar Mosaic's role as administrator and servicer
to the ABS trusts. Consents to the amended ABS documents required
to consummate the chapter 11 plan were obtained through a consent
solicitation process from the requisite thresholds of holders of
each of the 21 series of Solar Mosaic's ABS. Solar Mosaic emerged
from chapter 11 on September 22, 2025.
Founded in 2010 and based in Oakland, California, Solar Mosaic is
one of the oldest financing companies in the U.S. residential solar
space.
The Davis Polk restructuring team included partner Angela M. Libby,
counsel Brian Hecht and associates Helen (Muhan) Zhang, Katharine
O'Neill and Rebecca Sattaur. The finance team included partner Ryan
D. McNaughton, counsel Demitrios (Jimmy) T. Moustakis and associate
A.J. Koch. All members of the Davis Polk team are based in the New
York office.
Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited
liability partnership, and its associated entities.
About Solar Mosaic
Mosaic is an industry-leading fintech platform for sustainable home
improvements. Founded in 2010, Mosaic is a pioneer in clean energy
lending providing innovative solutions for financing solar, battery
storage, and more. Mosaic has funded $15 billion in loans to date,
helping more than 500,000 households make their homes more
sustainable and efficient.
On June 6, 2025, Mosaic Sustainable Finance Corporation and four
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex.
Lead Case No. 25-90156). The cases are pending before the Honorable
Christopher M. Lopez.
The Company tapped Paul Hastings LLP as legal counsel, BRG for
managing director Mark A. Renzi as chief restructuring officer, and
C Street Advisory Group as strategic communications advisor. Kroll,
formerly Prime Clerk LLC, is the claims agent.
Blank Rome LLP is serving as legal counsel and Huron Consulting
Group is serving as financial advisor to Forbright Bank.
SOLUNA HOLDINGS: Generate Strategic Entities Hold 9.99% Stakes
--------------------------------------------------------------
Generate Strategic Credit Master Fund I-B, L.P., Generate Strategic
Credit Fund GP, L.P., GCP Holdings I, LLC, and Generate Capital,
PBC, disclosed in a Schedule 13G filed with the U.S. Securities and
Exchange Commission that as of September 12, 2025, they
beneficially own 3,345,829 shares of Soluna Holdings, Inc.'s common
stock, par value $0.001 per share, representing 9.99% of the class
of 30,145,958 shares of common stock outstanding (based on the
Issuer's Form 10-Q filed August 14, 2025). These shares include
common stock issuable upon exercise of warrants held by Generate
Strategic Credit Master Fund I-B, L.P., subject to a beneficial
ownership limitation of 9.99%. Each Reporting Person may be deemed
to share voting and dispositive power over these shares.
Reporting Persons may be reached through:
Harsi Thethi / Scott Gosselink
c/o Generate Capital, PBC
560 Davis St., Suite 250
San Francisco, Calif. 94111
A full-text copy of SEC report is available at:
https://tinyurl.com/3yerbkvb
About Soluna Holdings
Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs,
develops, and operates digital infrastructure that transforms
surplus renewable energy into global computing resources. The
Company's modular data centers can be co-located with wind, solar,
or hydroelectric power plants and support compute-intensive
applications, including Bitcoin mining, generative AI, and
scientific computing. This approach aids in energizing a greener
grid while providing cost-effective and sustainable computing
solutions.
Albany, N.Y.-based UHY LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated March
31, 2025, attached in the Company's Annual Report on Form 10-K for
the year ended Dec. 31, 2024, citing that the Company was in a net
loss, has negative working capital, and has significant outstanding
debt that raise substantial doubt about its ability to continue as
a going concern.
As of June 30, 2024, Soluna Holdings had $98.68 million in total
assets, $48.74 million in total liabilities, and $49.93 million in
total equity.
SONRAVA HEALTH: Credit Suisse Marks $854,000 Loan at 63% Off
------------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$854,000 loan extended to Sonrava Health Holdings LLC to market at
$317,474 or 37% of the outstanding amount, according to Credit
Suisse's Form 10-K for the semi-annual year ending June 30, 2025,
filed with the U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to Sonrava Health
Holdings LLC. The loan accrues interest at a rate of 11.08% per
annum. The loan matures on August 18, 2028.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About Sonrava Health Holdings LLC
Sonrava Health provides high quality care in nearly 600 affiliated
offices in 21 states coast to coast from California to Florida, and
border to border from Michigan to Texas.
SORENTO ON YESLER: Hires CBRE Inc. as Real Estate Broker
--------------------------------------------------------
Sorento On Yesler Owner LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to employ CBRE, Inc.
as real estate broker.
The firm will market and sell the Debtor's property, a multi-family
apartment building known as "Sorento Flats," which is located at
1414 East Yesler Way in Seattle.
The firm will be paid at a commission of 1 percent of the gross
sales price, to be paid from sales proceeds at closing.
Jordan Louie, a senior vice president at CBRE, Inc., 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:
Jordan Louie
CBRE, Inc.
1420 5th Avenue Suite 3800
Seattle, WA 98101
Tel: (206) 778-8154
About Sorento on Yesler Owner, LLC
Sorento on Yesler Owner, LLC is a single asset real estate debtor
(as defined in 11 U.S.C. Section 101(51B)).
Sorento sought relief under Chapter 11 of the U.S. Bankruptcy
Code(Bankr. W.D. Wash. Case No. 24-13217) on December 17, 2024,
with $10 million to $50 million in both assets and liabilities.
Judge Christopher M. Alston handles the case.
Christopher L. Young, Esq., at the Law Offices of Christopher L.
Young, PLLC is the Debtor's bankruptcy counsel.
Wells Fargo Bank is represented by Gregory R. Fox, Esq. James B.
Zack, Esq., and Todd M. Brannon, Esq. at Lane Powell, PC.
SOUTHERN COLONEL: Employs Dukes Dukes & Hunter as Special Counsel
-----------------------------------------------------------------
Southern Colonel Homes, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Mississippi to employ
Dukes Dukes & Hunter of Hattiesburg, MS to serve as special counsel
in its Chapter 11 case.
Dukes Dukes & Hunter will provide these services:
(a) act as special counsel in connection with any and all legal
disputes and litigation matters;
(b) act in connection with any and all other matters for which the
Law Firm is consulted; and
(c) perform all other services required by the Debtor in relation
to the Disputes.
The firm will receive hourly rates of $350 for partners, $300 for
other attorneys, and $150 for paralegals and clerks.
The Debtor will also pay actual out-of-pocket expenses, including
but not limited to subpoena fees, inspection fees, expert witness
fees, travel expenses, document preparation and reproduction
expenses.
According to court filings, Dukes Dukes & Hunter and attorney Seth
M. Hunter are "disinterested persons" as defined under the
Bankruptcy Code.
The firm can be reached at:
Seth M. Hunter, Esq.
DUKES DUKES & HUNTER
P.O. Box 2055
Hattiesburg, MS 39403
About Southern Colonel Homes,
Inc.
Southern Colonel Homes, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-50179) on
February 10, 2025. In the petition signed by Randa
Campbell-Pittman, president, the Debtor disclosed up to $10 million
in both assets and liabilities.
Judge Katharine M. Samson oversees the case.
Craig M. Geno, Esq., at LAW OFFICES OF GRAIG M. GENO, PLLC,
represents the Debtor as legal counsel.
First Bank, as lender, is represented by Jeff Rawlings, Esq. at
Rawlings & MacInnis, P.A.
SPAC RECOVERY: Case Summary & 14 Unsecured Creditors
----------------------------------------------------
Debtor: Spac Recovery Co.
FKA Ackrell SPAC Partners I Co.
2093 Philadelphia Pike #1968
Claymont, DE 19703-2424
Case No.: 25-12109
Business Description: Spac Recovery Co., formerly known as Ackrell
SPAC Partners I Co., is a Delaware-based
special purpose acquisition company created
to raise capital and pursue a merger, share
exchange, asset acquisition, or similar
business combination. The Company
originally targeted investments in the
consumer goods sector and entered into a
proposed combination with North Atlantic
Imports LLC, doing business as Blackstone
Products, before the deal was terminated in
2022. It now operates under the name Spac
Recovery Co. and is focused on litigation
and recovery efforts connected to its prior
activities.
Chapter 11 Petition Date: September 26, 2025
Court: United States Bankruptcy Court
Southern District of New York
Judge: Hon. John P Mastando III
Debtor's Counsel: Michael H. Traison, Esq.
CULLEN AND DYKMAN LLP
One Battery Park Plaza, 34th Fl.
New York, NY 10004
Tel: 212-732-2000
Email: mtraison@cullenllp.com
Total Assets: $57,306,134
Total Liabilities: $9,469,770
The petition was signed by Jason Roth as CEO and sole director.
A full-text copy of the petition, which includes a list of the
Debtor's 14 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/YTHUZ2A/Spac_Recovery_Co__nysbke-25-12109__0001.0.pdf?mcid=tGE4TAMA
SPEEDHAUS 405: Seeks to Hire Hammond Law Firm as Counsel
--------------------------------------------------------
Speedhaus 405, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Oklahoma to employ Hammond Law Firm as
counsel to handle its Chapter 11 case.
The firm will be paid at these rates:
Attorneys $500 per hour
Legal Assistants/Law Clerks $100 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Gary Hammond, Esq., an attorney at Hammond Law Firm, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Gary D. Hammond, Esq.
Hammond Law Firm
512 NW 12th Street
Oklahoma City, OK 73103
Telephone: (405) 232-6358
Facsimile: (405) 232-6358
Email: gary@okatty.com
About Speedhaus 405, LLC
Speedhaus 405, LLC operates an auto repair shop in Edmond,
Oklahoma.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12852) on September
15, 2025. In the petition signed by Matt Mickley, owner/member, the
Debtor disclosed up to $50,000 in assets and up to $1 million in
liabilities.
Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, represents
the Debtor as bankruptcy counsel.
SRX HEALTH: Dismisses CBIZ, Appoints Davidson as Auditor
--------------------------------------------------------
SRx Health Solutions, Inc. (formerly known as Better Choice
Company, Inc.) disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that CBIZ CPAs P.C. was being
dismissed as the Company's independent registered public accounting
firm.
On September 15, 2025, the Board of Directors of the Company, upon
the recommendation of the Audit Committee, approved the dismissal
of CBIZ, and approved and ratified the engagement of Davidson and
Company LLP as the Company's independent registered public
accounting firm for the Company's fiscal year ending September 30,
2025.
CBIZ had been retained as the Company's independent registered
public accounting firm following the completion of the Company's
merger transaction on April 24, 2025 with SRx Health Solutions
(Canada), Inc. ("SRx Canada"). The merger was accounted for as a
reverse acquisition, with SRx Canada treated as the accounting
acquiror and the Company adopted SRx Canada's September 30 fiscal
year end.
CBIZ did not issue any reports on the consolidated financial
statements of SRx Canada. The audit report of Marcum LLP on the
consolidated financial statements of Better Choice Company, Inc.
for the year ended December 31, 2024 contained an explanatory
paragraph regarding Better Choice Company, Inc.'s ability to
continue as a going concern, but did not contain an adverse opinion
or a disclaimer of opinion, nor was it qualified or modified as to
uncertainty, audit scope, or accounting principles. Furthermore,
during Better Choice Company, Inc.'s two most recent years ended
December 31, 2023 and 2024, and through September 15, 2025, there
were:
(i) no disagreements (as described in Item 304(a)(1)(iv) of
Regulation S-K and the related instructions) between Better Choice
Company, Inc. and Marcum LLP on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to Marcum LLP's satisfaction,
would have caused them to make reference thereto in their reports
on the financial statements for such year, and
(ii) no "reportable events" within the meaning of Item
304(a)(1)(v) of Regulation S-K, other than the material weaknesses
reported by management in Better Choice Company, Inc.'s annual
report on Form 10-K for the fiscal year ended December 31, 2024, as
filed with the U.S. Securities and Exchange Commission on March 31,
2025.
These material weaknesses related to:
(i) ineffective controls to support proper revenue
recognition, including controls to ensure accuracy of price and
quantity data input and appropriate testing and review of
period-end sales cutoff; and
(ii) control deficiencies in Better Choice Company, Inc.'s IT
general controls, including access controls, change management, and
cybersecurity.
The audit reports of MNP LLP, the independent auditor of SRx Canada
prior to the merger, on the consolidated financial statements of
SRx Canada as of and for the fiscal years ended September 30, 2023
and 2024, included an explanatory paragraph describing conditions
that raised substantial doubt about SRx Canada's ability to
continue as a going concern. Other than such matter, MNP's reports
did not contain an adverse opinion or a disclaimer of opinion, nor
were they qualified or modified as to audit scope or accounting
principles. Furthermore, during SRx Canada's two most recent fiscal
years ended September 30, 2024 and 2023, and through September 15,
2025, there were no disagreements (as defined in Item 304(a)(1)(iv)
of Regulation S-K and the related instructions) between the SRx
Canada and MNP, on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to the satisfaction of the
respective auditor, would have caused such auditor to make
reference thereto in its reports on the financial statements for
such years. In connection with the audit of SRx Canada for the
fiscal year ended September 30, 2024, MNP identified certain
material weaknesses in internal control over financial reporting,
which constitute reportable events.
These material weaknesses included:
(i) lack of maintained documentation to support retail
pharmacy sales for divested locations;
(ii) insufficient support for the valuation of common shares;
(iii) management override of controls, including redirection of
employer RRSP payments by the former Chief Financial Officer of SRx
Canada;
(iv) lack of signed approvals by third-party lenders on
formalized debt agreements; (v) insufficient technical accounting
analyses and internal review procedures related to U.S. GAAP
transition, purchase price allocations, and goodwill impairment;
(vi) inadequate segregation of duties; and
(vii) general IT control weaknesses in key systems, including
Kroll and SAP. MNP also identified significant deficiencies,
including a lack of documentation for key controls such as review
and approval of account reconciliations and loan amortization
schedules.
Copies of MNP's audit reports on the consolidated financial
statements of SRx Canada as of and for the fiscal years ended
September 30, 2023 and 2024 were included in the Company's Super
Form 8-K/A filed with the Securities and Exchange Commission on
July 11, 2025.
During the course of preparing the Company's Quarterly Report on
Form 10-Q for the period ended June 30, 2025, the Company
identified an error in the recognition of revenue related to
prescriptions that were billed and lacked meeting the performance
obligation to deliver the medication to the patient. In accordance
with applicable revenue recognition standards, revenue should not
have been recognized in these circumstances. The error resulted in
an overstatement of revenue of approximately USD 1.8 million in the
fiscal year ended September 30, 2024. Management and the Audit
Committee concluded, after considering SEC Staff Accounting
Bulletin Nos. 99 and 108, that the error was not material to the
Company's previously issued audited financial statements.
Accordingly, the Company will revise, rather than restate, the
fiscal year 2024 financial statements when presented in its Form
10-Q for the period ended June 30, 2025. Additionally, the Company
expects an additional material weakness related to revenue
recognition.
During the Company's two most recent fiscal years and any
subsequent interim period prior to the engagement of Davidson,
neither the Company nor anyone acting on its behalf consulted with
Davidson regarding:
(i) the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Company's financial
statements or the effectiveness of the Company's internal control
over financial reporting, in each case where a written report was
provided to the Company or oral advice was provided that Davidson
concluded was an important factor considered by the Company in
reaching a decision as to any accounting, auditing, or financial
reporting issue;
(ii) any matter that was the subject of a disagreement within
the meaning of Item 304(a)(1)(iv) of Regulation S-K; or
(iii) any reportable event within the meaning of Item
304(a)(1)(v) of Regulation S-K.
About SRx Health Solutions, Inc.
SRx Health Solutions, Inc. formerly known as Better Choice Company
Inc., -- https://srxhealth.com/ -- is an integrated Canadian
healthcare services provider that operates within the specialty
healthcare industry. The SRx network extends across all ten
Canadian provinces, making it one of the most accessible providers
of comprehensive, integrated, and customized specialty healthcare
services in the country. SRx combines years of industry,
knowledge, technology, and patient-centric focus to create
strategies and solutions that consistently exceed client
expectations and drive critical patient care initiatives aimed to
improve the wellness of Canadians.
Tampa, Fla.-based Marcum LLP, 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
significant losses and has an accumulated deficit and may need to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of Dec. 31, 2024, the Company had $15.8 million in total assets,
$7.2 million in total liabilities, and a total stockholders' equity
of $8.6 million.
SRX HEALTH: Updates on Ongoing CCAA Proceedings, Asset Sales
------------------------------------------------------------
As previously reported via Form 8-K filed on August 12, 2025, SRx
Health Solutions, Inc. announced that SRx Canada sought and
obtained creditor protection under the federal Companies' Creditors
Arrangement Act.
The CCAA proceedings are currently ongoing in the Ontario Superior
Court of Justice (Commercial List).
As of September 15, 2025, the majority of the assets of SRx Canada
have been sold through various court-approved transactions in the
CCAA Proceedings, most of which are expected to close in the next
several weeks. All of the materials relating to the court-approved
transactions are filed on the case website of the court-appointed
Monitor, Grant Thornton Limited, at the following URL:
https://www.doanegrantthornton.ca/service/advisory/creditor-updates/#SRx-Group-of-Companies
About SRx Health Solutions, Inc.
SRx Health Solutions, Inc. formerly known as Better Choice Company
Inc., -- https://srxhealth.com/ -- is an integrated Canadian
healthcare services provider that operates within the specialty
healthcare industry. The SRx network extends across all ten
Canadian provinces, making it one of the most accessible providers
of comprehensive, integrated, and customized specialty healthcare
services in the country. SRx combines years of industry,
knowledge, technology, and patient-centric focus to create
strategies and solutions that consistently exceed client
expectations and drive critical patient care initiatives aimed to
improve the wellness of Canadians.
Tampa, Fla.-based Marcum LLP, 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
significant losses and has an accumulated deficit and may need to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of Dec. 31, 2024, the Company had $15.8 million in total assets,
$7.2 million in total liabilities, and a total stockholders' equity
of $8.6 million.
SSR HOSPITALITY: Hires Cusa as Hospitality and Property Manager
---------------------------------------------------------------
SSR Hospitality, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to employ CUSA, LLC as
hospitality and property manager.
The firm will manage the Debtor's hotel known as Four Points
Sheraton Hotel located at 3600 Wast Cork Street, Kalamazoo,
Michigan.
The firm will provide weekly sales/marketing reports, a marketing
plan, budget reviews and implementation, operational reviews and
implementation, financial reports and critiques, and other
brand-specific requests.
The firm will be paid at these fees:
-- Debtor agrees to maintain at all times i) a balance in the
Owner's Account and/or ii) a line of credit accessible to CUSA,
which together total twenty-five percent (25%) of the estimated
annual Manager's Employees Costs (as defined in Section 5.2) not
less than 1/12th of the other costs and expenses shown in the
annual Approved Operating Budget, so as to provide for sufficient
liquidity in operation of the Property. The start-up cash
requirement in the Owner's Account shall be not less than $50,000.
-- If the required minimum balance set forth in Paragraph (a) is
not sufficient to pay amounts approved to be paid under this
Agreement, Manager may give Owner at least ten (10) days written
notice of any additional funds Owner must deposit in the Owner's
Account, which Owner must deposit within ten (10) days of notice.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Deborah L. Cannon, a partner at CUSA, LLC, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Deborah L. Cannon
CUSA, LLC
1300 Ridenour Blvd Suite 100
Kennesaw, GA 30152
Tel: (678) 903-0400
About SSR Hospitality
SSR Hospitality, LLC is a hospitality management company in Skokie,
Ill., specializing in owning, operating, and managing hotels and
related properties.
SSR Hospitality filed Chapter 11 petition (Bankr. N.D. Ill. Case
No. 25-02208) on February 13, 2025, listing between $1 million and
$10 million in both assets and liabilities.
Judge Deborah L. Thorne handles the case.
Penelope Bach, Esq., at Bach Law Offices, is the Debtor's
bankruptcy counsel.
SSR HOSPITALITY: Hires D & C Hospitality as Real Estate Agent
-------------------------------------------------------------
SSR 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 real estate
agent.
The firm will market and sell the Debtor's real property located at
5105 S. Howell Avenue, Milwaukee, Wisconsin.
The firm will be paid a 3 percent of the gross purchase proceeds.
Thomas Sommer, a partner at D & C Hospitality Investments LLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Thomas Sommer
D & C Hospitality Investments LLC
6400 S. Fiddler's Green Circle Suite 1730
Greenwood Village, CO 80111
Tel: (813) 787-7291
About SSR Hospitality
SSR Hospitality, LLC is a hospitality management company in Skokie,
Ill., specializing in owning, operating, and managing hotels and
related properties.
SSR Hospitality filed Chapter 11 petition (Bankr. N.D. Ill. Case
No. 25-02208) on February 13, 2025, listing between $1 million and
$10 million in both assets and liabilities.
Judge Deborah L. Thorne handles the case.
Penelope Bach, Esq., at Bach Law Offices, is the Debtor's
bankruptcy counsel.
THOMAS ST. JOHN: Hires Saul Ewing LLP as Legal Counsel
------------------------------------------------------
Thomas St. John, Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California, Los Angeles Division, to
hire Saul Ewing LLP to serve as its general bankruptcy counsel in
its Chapter 11 case.
Saul Ewing will provide these services:
(a) advise and assist the Debtor with respect to chapter 11 case
requirements and help maintain compliance with the Bankruptcy Code,
Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, and
U.S. Trustee Guidelines;
(b) advise and assist with the sale of assets;
(c) advise regarding financing;
(d) assist in the formulation, confirmation, and implementation of
a Chapter 11 plan;
(e) assist with identifying, analyzing, protecting, obtaining, or
abandoning property of the estate;
(f) pursue avoidable transfers, if any;
(g) analyze and review claims and object when appropriate;
(h) assist with employment and compensation of professionals;
(i) analyze administrative expenses and object when appropriate;
(j) assist with settlement and compromise of claims;
(k) coordinate with other professionals employed by the Debtor;
and
(l) communicate with the U.S. Trustee, Subchapter V Trustee, and
other parties in interest; and perform other general legal services
needed for estate administration.
Saul Ewing attorneys will bill at hourly rates of $785 for partner
Zev Shechtman, $440 for associate Ryan Coy, $690 for counsel Carol
Chow, $685 for counsel Steven Werth, $360 for paralegal Shelly
Guise, and $190 for clerical staff. The firm received a $75,000
advance retainer against fees and costs.
Saul Ewing 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:
Zev Shechtman, Esq.
Ryan Coy, Esq.
Saul Ewing LLP
1888 Century Park East, Suite 1500
Los Angeles, CA 90067
Telephone: (310) 255-6100
E-mail: ryan.coy@saul.com
zev.shechtman@saul.com
About Thomas St. John
Thomas St. John, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11641) on
February 28, 2025, listing up to $50,000 in assets and between
$500,001 and $1 million in liabilities.
Judge Barry Russell presides over the case.
Michael Jay Berger, Esq. represents the Debtor as legal counsel.
TLH-26 GILES: Section 341(a) Meeting of Creditors on October 23
---------------------------------------------------------------
On September 23, 2025, TLH-26 Giles LLC filed Chapter 11
protection in the Southern District of Florida. According to court
filing, the Debtor reports between $10 million and $50 million in
debt owed to 1 and 49 creditors. The petition states funds will be
available to unsecured creditors.
A meeting of creditors under Section 341(a) to be held on October
23, 2025 at 09:00 AM by TELEPHONE.
About TLH-26 Giles LLC
TLH-26 Giles LLC classified its business as single-asset real
estate debtor, as defined in 11 U.S.C. Section 101(51B).
TLH-26 Giles LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla.Case No. 25-21130) on September
23, 2025. In its petition, the Debtor reports estimated assets
between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Mindy A. Mora handles the case.
The Debtor is represented byBradley S. Shraiberg, Esq. of SHRAIBERG
PAGE PA.
TRIDENT GROUP: Seeks Chapter 7 Bankruptcy in Alabama
----------------------------------------------------
On September 24, 2025, The Trident Group Inc. initiated a voluntary
Chapter 7 bankruptcy in the Northern District of Alabama. The
petition discloses of $100,001–$1 million, with 1–49 creditors
identified.
About The Trident Group Inc.
The Trident Group Inc. delivers specialized services in software
development, system deployment, and data management, catering
mainly to the needs of public-sector clients.
The Trident Group Inc. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81940) on September
1, 2025. In its petition, the Debtor reports estimated assets up to
$100,000 and estimated liabilities between $100,001 and $1
million.
Honorable Bankruptcy Judge Clifton R. Jessup Jr. handles the
case.
The Debtor is represented by Kevin D. Heard of Heard, Ary & Dauro,
LLC.
TRIDENT TPI: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Trident TPI Holdings Inc.
(doing business as Tekni-Plex) to stable from negative and affirmed
all ratings, including its 'B-' issuer credit rating.
S&P said, "The stable outlook reflects our expectation for an
improved liquidity position in fiscal 2026, with lower capital
spending and interest expense supporting additional cash generation
over the outlook period. Our outlook also reflects our expectation
that management will exercise prudent financial policy that will
support cash generation and deleveraging over the outlook period."
Tekni-Plex generated positive free operating cash flow (FOCF)
through the second half of fiscal 2025, improving its liquidity
position heading into fiscal 2026.
The company expects to reduce capital spending over the next
several fiscal years, following a period of elevated spend to
support growth projects within both the consumer and health care
divisions.
S&P forecasts the reduced capital spending, along with stable
operating performance, will support an improved liquidity position
over its outlook period.
S&P said, "Our outlook revision reflects our expectation for
improved liquidity in the second half of fiscal 2025 and through
fiscal 2026. The company generated roughly $70 million in operating
cash flow through the second half of fiscal 2025 and paid down the
asset based lending (ABL) facility by $50 million by year end,
finishing the year with a liquidity position of $155 million, up
from an intra-year low of roughly $77 million at the end of the
second fiscal quarter. The company expects it will reduce capital
expenditure (capex) over the next several fiscal years, following a
period of elevated spend to support growth projects within both the
consumer and health care divisions. Tekni-Plex expects to finish
two projects it projected to push capex slightly above $70 million
in fiscal 2026, before settling between $40 million and $60 million
in the outer years. We expect the company will benefit from a
reduced capital spending program over the next several years, along
with a lower interest expense as a result of recent repricing and
lower rates. The company has noted they do not expect or have any
imminent M&A deals through the first half of fiscal 2026.
"We are forecasting mid-single-digit revenue growth for 2026.
Tekni-Plex's operational performance has remained relatively stable
despite significant macroeconomic headwinds. Net sales increased
2.5% in 2025, supported by 5.5% top-line growth in the health care
division, and 1.1% growth within consumer products. Supporting
growth in health care division was the contribution from its
previous acquisition of Seisa, with an offset from destocking in
its pharmaceutical film and barriers segment. Consumer products
benefited from price increases through the year, partially offset
by low-single-digit volume declines. We expect demand will remain
healthy for Tekni's products, which should support revenue growth
in 2026. Products from Tekni-Plex's consumer products division
(two-thirds of total sales) mostly sit on the outer aisles of
grocery stores (fresh food/protein), which has generally remained
resilient despite the recent macroeconomic environment. The company
is also anticipating roughly $30 million in new revenue from
programs across both consumer and health care in 2026.
"We expect liquidity will remain adequate over the outlook period.
We are forecasting roughly a $10 million deficit in S&P Global
Ratings-adjusted FOCF for fiscal 2026, but we anticipate liquidity
will remain adequate and FOCF to turn positive in fiscal 2027. The
company anticipates additional cash flows of $23 million related to
a nonstrategic asset sale, with proceeds going toward paying down
the intra-year ABL draw, with net borrowings expected to remain
flat at year-end around $65 million. We are also forecasting EBITDA
margins will remain flat from the prior year, supporting overall
EBITDA growth and S&P Global Ratings-adjusted leverage falling
below 9.0x at year end. The company did not complete any mergers or
acquisitions in fiscal 2025, and we note our expectation that the
company will look to prioritize organic growth and cash flow
generation over the near term. With the next debt maturity in June
2028, the company has time to continue its momentum before
addressing its capital structure.
"The stable outlook reflects our expectation for an improved
liquidity position in fiscal 2026, with lower capital spending and
a reduced interest expense supporting additional cash generation
over the next 12 months. Our outlook also reflects our expectation
that management will exercise prudent financial policy that will
support cash generation and deleveraging.
"We could lower our rating on Tekni-Plex if a decline in operating
performance or a more aggressive financial policy results in a
constrained liquidity position and/or an unsustainable capital
structure such that the company generates negative FOCF and
interest coverage falls below 1.5x, or if cash flows are
insufficient to meet its debt obligations. This could also include
additional shareholder rewards or debt financed acquisitions.
"Although unlikely over the next year, we could raise our rating on
Tekni-Plex if the company reduces its S&P Global Ratings-adjusted
debt to EBITDA below 7x and we believe its sponsor is committed to
maintaining its leverage at this level inclusive of potential
future acquisitions and shareholder returns while continuing to
generate positive FOCF."
TRUGREEN LP: Credit Suisse Marks $400,000 Loan at 20% Off
---------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$400,000 loan extended to TruGreen LP to market at $320,626 or 80%
of the outstanding amount, according to Credit Suisse's Form 10-K
for the semi-annual year ending June 30, 2025, filed with the U.S.
Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to TruGreen LP. The loan
accrues interest at a rate of 13.041% per annum. The loan matures
on November 2, 2028.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About TruGreen LP
TruGreen Limited Partnership provides lawn care services. The
Company offers lawn plans, fertilization, tree and shrub care, pest
control, mosquito defense, pesticides, and commercial services.
TruGreen serves customers in the United States.
TRY TROUT: Hires Garman Turner Gordon as Bankruptcy Counsel
-----------------------------------------------------------
Try Trout and Industrial, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to employ
Garman Turner Gordon LLP as general bankruptcy counsel.
The firm will render these services:
a. prepare on behalf of the Debtor, as debtor-in-possession, all
necessary or appropriate motions, applications, answers, orders,
reports, and other papers in connection with the administration of
the Debtor's estate;
b. take all necessary or appropriate actions in connection with
a plan of reorganization and all related documents, and such
further actions as may be required in connection with the
administration of the Debtor's estate;
c. take all necessary actions to protect and preserve the estate
of Debtor, including the prosecution of actions on Debtor's behalf,
the defense of any actions commenced against Debtor, the
negotiation of disputes in which Debtor is involved, and the
preparation of objections to claims filed against the Debtor's
estate; and
d. perform all other necessary legal services in connection with
the prosecution of the Debtor's Chapter 11 Case.
The firm will be paid at these rates:
Partners $475 to $965 per hour
Associates $350 to $505 per hour
Paraprofessionals $100 to $375 per hour
Pre-petition, the firm was paid $38,937 for services rendered to
Debtor.
The firm holds a retainer of $109,358 which was paid with
non-Debtor funds by Lisa Carey-Lamb and Randolph Lamb, indirect
principals of Debtor.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Talitha Gray Kozlowski, Esq., a partner at Garman Turner Gordon
LLP, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
William M. Noall, Esq.
Talitha Gray Kozlowski, Esq.
Garman Turner Gordon LLP
7251 Amigo Street, Suite 210
Las Vegas, NV 89119
Tel: (725) 777-3000
Fax: (725) 777-3112
Email: wnoall@gtg.legal
tgray@gtg.legal
About Try Trout and Industrial, LLC
Try Trout and Industrial LLC develops and manages property in
Truckee, California, focusing on parcels located at 11157, 11158,
and 11189 Church Street. The Company's projects are part of the
Downtown and Railyard Master Plan zones, including the Trout Creek
and Industrial Heritage Districts. It operates within the real
estate and property development sector, holding ownership of
multiple parcels.
Try Trout and Industrial LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24548) on August
27, 2025. In its petition, the Debtor reports estimated assets
between $50 million and $100 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Christopher D. Jaime handles the case.
The Debtor is represented by William M. Noall, Esq. at GARMAN
TURNER GORDON LLP.
USA STAFFING: Proceeds from Liquidation & Income to Fund Plan
-------------------------------------------------------------
USA Staffing Services, LLC and affiliates filed with the U.S.
Bankruptcy Court for the Middle District of Florida a Joint
Disclosure Statement for the Joint Plan of Reorganization dated
September 18, 2025.
USA's principal place of business is 3502 Henderson Boulevard, Unit
227, Tampa, FL 33609. USA is a Florida limited liability company
that is one company in a family of companies.
In 2018 Mr. Kolinski created the related Debtor, SMG, as a
consulting and managing firm. Over the course of several
transactions, ownership in USA transitioned completely to SMG. USA
is a broker-based model partnering with others. In 2021 SMG created
Everest Recruiting Solutions, LLC, a Florida limited liability
company as a traditional based staffing firm.
The Debtors plan asks the USA creditors to continue to operate the
business for the benefit of creditors while proposing a plan that
pays some, but not all, unsecured claims in full with a substantial
contribution by Mr. Kolinski.
To the extent the Debtors' creditors do not agree, the Debtors will
put their consolidated business structure on the market and will
sell the USA enterprise in a fair value, arms' length sale. The
Debtors' insiders would be interested in bidding in an arms’
length sale and believe that to the extent creditors do not wish to
receive some recovery through a five-year plan of reorganization,
the Debtors' liquidation value would be less than a few hundred
thousand dollars at best.
The Plan will be funded from income from continued business
operations of the USA Debtor, from a substantial contribution from
Matthew Kolinski, and from the liquidation of the SMG and MK Ultra
Debtors.
Class 9 consists of the general unsecured claims of USA of
approximately $4.8 million. Each holder of an allowed Class 9 claim
will receive its share of USA's Proposed Plan Payments over the
five-year plan period in full and complete satisfaction of all
Allowed Class 9 Claims. This Class is impaired.
Class 10 consists of the general unsecured claims of SMG of
approximately $2.9 million. Each holder of an allowed Class 10
claim will receive its pro-rata share of the liquidation of SMG's
assets after Change Capital recovers its Class 4 security interest
in full (if any). The SMG Debtor does not believe there will be any
recovery for the Class 10 creditors. This Class is impaired.
Class 11 consists of the general unsecured claims of USA of
approximately $2.3 million. MK Ultra has no assets. MK Ultra will
dissolve on the Effective Date, and no creditors will receive
recovery from the MK Ultra Debtor.
Post-confirmation, Mr. Kolinski will continue to manage the
resulting entity (USA) and all prepetition members of USA shall
retain their membership interests. Mr. Kolinski will execute all
documentation necessary to demonstrate that he will hold USA
directly.
Post-confirmation, SMG will be liquidated and will be dissolved
following a complete liquidation. MK Ultra will dissolve as of the
Effective Date.
The Plan will provide that USA contribute the Projected Plan
Payments over five years which will satisfy all Allowed Claims in
full. The Projected Plan Payments will be augmented by Matthew
Kolinski's contributed new value ($150,000 of his salary per
year).
SMG's assets will be liquidated in an orderly liquidation, and the
sale proceeds will be distributed to secured creditors (first) and
unsecured creditors (second) to the extent such proceeds allow. MK
Ultra has no assets and will dissolve on the Effective Date.
A full-text copy of the Joint Disclosure Statement dated September
18, 2025 is available at https://urlcurt.com/u?l=QXZsXS from
PacerMonitor.com at no charge.
The Debtor's Counsel:
Daniel Etlinger, Esq.
UNDERWOOD MURRAY, P.A.
100 N. Tampa St
Tampa, FL 33602
Tel: (813) 540-8407
Email: detlinger@underwoodmurray.com
About USA Staffing Services LLC
USA Staffing Services, LLC provides staffing solutions across the
United States through a network of locally owned partner offices.
It offers temporary staffing, direct hire, and customized workforce
solutions for businesses across various industries and locations.
USA Staffing Services and its affiliates, Staffing Management
Group, LLC and MK Ultra Investments, LLC filed Chapter 11 petitions
(Bankr. M.D. Fla. Lead Case No. 25-04358) on June 27, 2025. In its
petition, USA Staffing Services reported total assets of $6,315,418
and total liabilities of $3,239,607.
Judge Catherine Peek McEwen handles the cases.
The Debtors are represented by Daniel E. Etlinger, Esq., at
Underwood Murray, P.A.
Change Capital Holdings I, LLC, as senior creditor, is represented
by:
Steven J. Brotman, Esq.
Troutman Pepper Locke, LLP
777 South Flagler Drive
Suite 215 East Tower
West Palm Beach, FL 33401
Telephone: 561-833-7700
Facsimile: 561-655-8719
steven.brotman@troutman.com
-- and --
Sean A. Feener, Esq.
Troutman Pepper Locke, LLP
875 Third Avenue,
New York, NY 10022
Telephone: 212.912.2724
sean.feener@troutman.com
VALYRIAN MACHINE: Charles Mouranie Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Charles Mouranie of
CMM & Associates as Subchapter V trustee for Valyrian Machine,
LLC.
Mr. Mouranie will be paid an hourly fee of $375 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Mouranie declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Charles M. Mouranie CTP
CMM & Associates
43313 Woodward Ave., Ste. 1189
Phone: 248.767.9492
Email: cmouranie@cmmengllc.com
About Valyrian Machine
Valyrian Machine, LLC provides CNC machining and engineering
services, specializing in 5-axis milling for high-precision parts.
The Company, which acquired Euclid Machine in 2023, serves
businesses of all sizes with CNC-based precision machining, design,
and build capabilities across materials including aluminum, brass,
copper, plastics, stainless steel, steel, titanium, and specialty
alloys. Its operations combine experienced CNC machinists, a
full-time design engineer, and advanced ERP and CAD/CAM systems to
produce manufactured parts.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49284) on September
16, 2025, with $985,565 in total assets and $2,644,140 in total
liabilities as of September 15, 2025. Kris J. Surcek, sole member,
signed the petition.
Judge Paul R. Hage presides over the case.
Julie Beth Teicher, Esq., at Maddin, Hauser, Roth & Heller, P.C.,
is the Debtor's legal counsel.
ChoiceOne Bank, as secured lender, is represented by:
Sandra S. Hamilton, Esq.
Clark Hill, PLC
200 Ottawa Ave NW, Ste. 500
Grand Rapids, MI 49503
(616) 608-1141
bankruptcyfiling@clarkhill.com
VANKIRK ELECTRIC: Gets Interim OK to Use Cash Collateral
--------------------------------------------------------
Vankirk Electric, Inc. received interim approval from the U.S.
Bankruptcy Court for the Middle District of Georgia, Athens
Division, to use cash collateral to fund operations.
The interim order authorized the Debtor to use cash collateral in
accordance with its budget pending the final hearing, which is
scheduled for October 27.
As adequate protection for the Debtor's use of its cash collateral,
Fifth Third Bank, N.A. will be granted replacement liens on all
assets acquired by the Debtor after its Chapter 11 filing and
during the interim period. These replacement liens will have the
same priority, kind, category, and character as Fifth Third Bank's
pre-bankruptcy liens.
In addition, the secured creditor will receive an allowed senior
superpriority administrative expense claims against the Debtor.
The Debtor said that access to Fifth Third Bank's cash collateral
is critical to maintaining operations and preserving asset value.
Fifth Third Bank has been identified as a likely holder of a
first-priority lien on the cash collateral, which includes accounts
receivable and other business-related assets.
A copy of the interim order is available at https://is.gd/XcC4Td
from PacerMonitor.com.
About Vankirk Electric, Inc.
Vankirk Electric, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-30511) on
September 19, 2025, listing up to $100 million in assets and
liabilities. Loren Wesley Vankirk, chief executive officer, signed
the petition.
Judge Austin E. Carter oversees the case.
David L. Bury, Jr., Esq., at Stone & Baxter, LLP, is the Debtor's
legal counsel.
Fifth Third Bank, N.A., as secured creditor, is represented by:
John A. Thomson, Jr., Esq.
Adams & Reese, LLP
3455 Peachtree Road, NE, Suite 1750
Atlanta, GA 30326
Telephone: 470-427-3706
Facsimile: 404-500-5975
john.thomson@arlaw.com
VENTURE GLOBAL: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Venture Global LNG, Inc.'s (VGLNG)
Long-Term Issuer Default Rating (IDR) at 'B+'. The Rating Outlook
is Stable. Fitch has also affirmed VGLNG's senior secured notes at
'BB' with a Recovery Rating of 'RR2' and preferred stock at
'B-'/'RR6'.
VGLNG's ratings reflect its business model's volatility. The
company sells a large share of LNG under short-term contracts
before commercial operations begin. It also operates with higher
leverage during LNG project construction under its financing plan.
These risks are offset by its large production scale at a plant
that has reached commercial operation and by take-or-pay style
contracts with largely creditworthy customers.
The Stable Outlook reflects Fitch's expectation that VGLNG will
manage its large scale, multi-year construction projects in a
credit-supportive manner and that leverage will not exceed Fitch's
downgrade thresholds on a sustained basis.
Key Rating Drivers
High Commodity Exposure: Fitch believes VGLNG's approach of funding
future LNG plants with early cargo sales and excess-capacity
revenues exposes it to significant commodity risk. The risk stems
from basis differentials across hubs, not a single commodity at one
delivery point. Construction delays would curtail early cargo
sales. VGLNG's new de-bottlenecking program is promising, but
excess capacity sales will be limited if the program does not prove
sustainable. Management intends to deploy both types of sales with
short-term contracting, which heightens vulnerability to
compressing of basis differentials.
The mid-scale modular trains start producing LNG cargos during
commissioning, before commercial operations begin, which can be
sold at favorable margins. While yet not fully proven, Fitch
expects the projects can produce 15%-30% higher volumes than
nameplate capacity, based on last five months of observation. Under
Fitch's rating case, these commodity-linked revenue streams
combined account for over three-fourths of total EBITDA at the
Holdco level in 2025-2029, with the remainder derived from
contracted sales.
Leverage Spike at Commercial Operations: Under Fitch's assumptions,
Holdco-only EBITDA leverage (total Holdco debt divided by Holdco
EBITDA) averages around 4.0x over the forecast period through 2029,
but peaks at over 7.0x in 2027. On a consolidated basis, leverage
(total consolidated debt to consolidated EBITDA) averages around
7.5x through 2029 but peaks at around 12.0x in the near term, on
the commercial operations date, when higher margin merchant cargos
decline, and lower margin SPA (contract) cargos commence. Fitch
assumes basis differentials will decline during this period of high
capex.
The peak leverage highlights the commodity risk and reliance on
achieving production higher than the nameplate capacity to maintain
leverage levels below the downgrade thresholds. Fitch has changed
its approach to leverage in rating sensitivities. Increasing scale
and diversity, and lower risk associated with the arbitrations
partially offset higher volatility in the financial profile than
its previous expectations.
Ongoing Construction Risk: VGLNG is constructing multiple LNG
projects with a high degree of complexity, using its owner-led
multi-contractor strategy, retaining primary responsibility for the
cost overruns and project completion. Additionally, the projects
rely on sale of commissioning cargoes to generate sufficient funds
to complete the project, which can be volatile depending on market
prices for LNG. Overall capex is expected to be around $40 billion
over the next five-years, including $29.5 billion for CP2, VGLNG's
third project. Further upward rating momentum will be predicated on
managing completion risk along with maintaining leverage within
Fitch's sensitivity band.
Priority Access to Commodity Cashflows: Revenue generated from
sales above the nameplate capacity flows directly to VGLNG (after a
small fee to the projects that covers commodity costs, variable O&M
and a fixed fee). This cashflow bypasses the project debt
waterfall, greatly boosting cash for debt service at the Holdco,
reducing the Holdco's reliance on distributions from the projects.
Holdco debt is subordinated to approximately $25 billion of debt at
the projects and any distributions from the projects to the Holdco
(which are largely sourced from SPA customers) could stop if debt
service coverage is below 1.25x.
Favorable Global LNG Markets: With continuing displacement of
Russia's LNG supply, delays in the development of additional
capacity and growth in Asia, demand for U.S.-produced LNG remains
strong. VGLNG began commissioning its first project, Venture Global
Calcasieu Pass, LLC (VGCP), in 2022. It benefitted from the market
basis differential between Henry Hub (HH) gas and Title Transfer
Facility, the European LNG hub, which were at historic highs.
Global LNG pricing has since returned closer to historic norms and
will vary based on global supply and demand. This could impact the
FCF available for VGLNG to finance future projects and meet debt
obligations.
Peer Analysis
VGLNG is weaker than its peer Cheniere Energy, Inc. (CEI;
BBB/Stable). With approximately 60mtpa of manufacturing capacity,
CEI is the largest LNG producer in the U.S., considerably larger in
size than VGLNG which has about 24mtpa of nameplate production
capacity that is operational and roughly another 30 mtpa in various
stages of development. CEI has greater scale, operating two
seasoned projects, Sabine Pass Liquefaction, LLC (BBB+/Stable) and
Cheniere Corpus Christi Holdings, LLC (BBB+/Stable). CEI's
construction risk is low with has approximately 10mtpa of capacity
under construction.
Both VGLNG and CEI receive revenues from short-term market sales,
which Fitch believes those revenues are not as predictable and
subject to commodity price risk. These revenues are a much larger
portion of total cash flow for VGLNG compared with CEI. Both
companies also have long-term SPAs with largely investment-grade
counterparties, where cost of natural gas is passed-through to the
customers. Additional revenues generated from market sales directly
support debt service at VGLNG, bypassing the project waterfall, a
feature that CEI does not have.
Debt obligations at both VGLNG and CEI are structurally subordinate
project and intermediate holdco debt. Both are subject to
distribution tests that could impede distributions to the parent
companies.
According to Fitch's forecast, VGLNG's leverage is considerably
higher than that of CEI, on a consolidated basis, averaging over
7.5x during the forecast, compared to 4x at CEI-over the near term.
Differences in construction risk, seasoned operational performance,
cash flow predictability, scale and leverage account for the
difference in the ratings.
Key Assumptions
- VGCP's nameplate capacity of 10 mtpa is fully contracted and
generates additional liquefaction fees on the excess capacity above
nameplate, which is sold as merchant cargos;
- Construction at VGPL continues on schedule, consistent with
management's cost expectations of about $24 billion. Nameplate
capacity of 20mtpa is fully contracted and generates additional
liquefaction fees excess capacity above nameplate, which is sold as
merchant cargos;
- Construction of the third project, CP2, is in line with
management expectations, at a cost of about $29.5 billion, and
Phase I reaches COD at the end of 2029. The first phase of CP2 is
assumed to be fully contracted during the operating period;
- Additional projects are not funded during the forecast period;
- Fitch price deck informs revenues from the short-term contracts;
- Only mandatory amortization per the provisions of the project
debt;
- No further expansions at any project;
- No incremental debt issuance at the Holdco level;
- Operating costs were increase by approximately 10% from previous
estimates;
- Base interest rates reflect Fitch's Global Economic Outlook.
Recovery Analysis
Fitch evaluates the recovery profile from the Holdco's perspective.
Fitch estimates that the Holdco's going concern EBITDA is $3,500
million, greater than the liquidation value, despite the high
equity value retained by VGLNG in VGCP, VGPL and CP2. This is
Fitch's view of the sustainable, post-reorganization EBITDA level
upon which Fitch bases the valuation of the company. Fitch
calculated administrative claims to be 10%, which is the standard
assumption.
Fitch assumes the default occurs in 2027 during a period of
depressed LNG spot market pricing that lowers excess capacity
revenues. VGCP begins to operate under the long-term SPAs as it
reorganizes and there are delays at VGPL. As per its criteria, the
going concern EBITDA reflects some residual portion of the distress
that causes the default.
Fitch uses a 4.0x going-concern EBITDA multiple, reflecting that
the default occurs during construction and that the reorganization
would be impacted by the complexity and large scale of the
construction project. The outcome is a 'BB'/'RR2' rating for the
senior secured debt. The recovery reflects the lien status of the
senior notes, after the redeemable preferred units at VGCP.
There have been a limited number of bankruptcies within the
midstream sector. Two recent gathering and processing bankruptcies
of companies indicate an EBITDA multiple between 5.0x and 7.0x, by
Fitch's best estimates. Fitch's recent bankruptcy case study report
"Energy, Power and Commodities Bankruptcies Enterprise Values and
Creditor Recoveries", published in October 2024, found that the
median enterprise valuation exit multiple for the 51 energy cases
with sufficient data to estimate was 5.3x, with a wide range of
multiples observed.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Holdco-only EBITDA leverage above 5.0x on a sustained basis or
Consolidated EBITDA leverage above 8.0x on a sustained basis;
- Significant weakness in global LNG prices, or decline in spreads
realized by the company, pressuring the cash flow generation from
early cargos;
- Any construction issues that significantly increase costs, cause
delays or result in deteriorating cash flow;
- A material increase in Holdco debt such that the recovery profile
is weaker;
- A significant adverse ruling in arbitration proceedings,
currently not anticipated;
- A multi-notch downgrade or financial distress of any significant
SPA counterparty.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Holdco-only EBITDA leverage expected below 4.5x, along with a
policy sustain it below that level;
- Consolidated leverage expected below 7.0x on a long term basis;
- Meaningful increase in portion of cashflows at the Holdco derived
from long term contracts.
Liquidity and Debt Structure
VGLNG and its subsidiaries have sound liquidity. As of June 30,
2025, VGLNG had about $2.25 billion of unrestricted cash. Fitch
expects the company will maintain about $1.5 billion of
unrestricted cash for its liquidity needs at the Holdco level.
About $675 billion of additional cash is restricted to support
project-level debt service reserve funds and for construction
reserves. Each project has a working capital facility to support
its needs, primarily natural gas purchases.
Distributions can be made to VGLNG from VGCP and VGPL as long as
the DSCR is greater than 1.25x in the next 12 months and the
previous 12 months. For VGPL, this option is also subject to
achieving certain construction milestones.
VGLNG and its subsidiaries have several maturities in the near
term. VGLNG has $2.25 billion of its 8.125% notes dues in 2028, and
$3 billion of 9.5% notes due 2029.
Issuer Profile
Venture Global LNG, LLC is an energy company that develops, builds
and operates LNG for export under long term sales and purchase
agreements. It is currently operating, commissioning, or developing
natural gas liquefaction projects with nameplate capacity of over
50mtpa.
Summary of Financial Adjustments
EBITDA Leverage is calculated as the ratio of VGLNG's total
consolidated debt to consolidated EBITDA.
Fitch also evaluates VGLNG with Holdco-only EBITDA Leverage. This
metric is calculated as the ratio of Holdco-only debt to
Holdco-only EBITDA. Holdco-only EBITDA is the sum (i) aggregate
distributions from the opcos and (ii) EBITDA that is not part of
any flow that produces opco distributions (Non-SPA EBITDA), e.g.,
excess capacity commercial activity. In 2024, consolidated EBITDA
approximately equaled Non-SPA EBITDA, as reported to Fitch by the
company.
As per Fitch's "Corporate Hybrids Treatment and Notching Criteria,"
Fitch gives 50% equity credit to the cumulative redeemable
perpetual preferred stock issued by VGLNG.
Fitch treats as 100% debt the Redeemable Stock of Calcasieu Pass
Funding, LLC.
Fitch removes from VGLNG EBITDA the net income attributable to
non-controlling interests. Fitch looks at a variety of leverage
calculations but features the foregoing calculations in its
commentary.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Venture Global LNG, Inc. LT IDR B+ Affirmed B+
senior secured LT BB Affirmed RR2 BB
preferred LT B- Affirmed RR6 B-
VIBRANTZ TECHNOLOGIES: Moody's Cuts CFR to Caa1, Outlook Negative
-----------------------------------------------------------------
Moody's Ratings downgraded Vibrantz Technologies Inc.'s (Vibrantz)
Corporate Family Rating to Caa1 from B3 and the Probability of
Default Rating to Caa1-PD from B3-PD. Moody's also downgraded
backed senior secured first lien bank credit facilities (revolver
and term loans) ratings to Caa1 from B3 and the senior unsecured
rating to Caa3 from Caa2. The ratings outlook remains negative.
"The downgrade reflects expected deterioration of the company's
earnings in the second half of the year," said Anastasija Johnson,
senior analyst at Moody's Ratings.
Moody's also changed the governance issuer profile score to G-5
from G-4 and the credit impact score to CIS-5 from CIS-4,
reflecting heightened governance risks as evidenced by high
leverage tolerance and management changes in the course of the last
12 months.
RATINGS RATIONALE
The Caa1 rating reflects the company's weak credit metrics and
eroding demand in its key end markets such as electronics,
batteries, coatings and plastics. The company lowered its expected
earnings for 2025 and was contemplating additional cost cutting
measures to offset declining demand, which may result in additional
restructuring charges and contributing to negative free cash flow.
Vibrantz Technologies Inc., formed through the combination of
Prince International Corporation, Ferro Corporation and ASP
Chromaflo Holdings, LP, had leverage of 11.7x on a Moody's adjusted
basis in the twelve months ended June 2025 or 8.6x on a pro forma
basis excluding merger costs and one time synergy implementation
expenses and including run rate synergies. Leverage has been high
since the company was formed in 2022, as benefits of integration
were offset by weakness in the company's end markets and resulted
in weaker than expected earnings and cash flows. Given that the
majority of the company's end markets are industrial, Moody's
expects earnings to decline in the second half of the year, which
may pressure the company's liquidity. Moody's expects leverage to
remain above 11.0x on a Moody's adjusted basis and around 9.0x if
the company's adjustments are included and for the company to
remain free cash flow negative.
The rating benefits from the company's scale, large asset base, a
broad range of product offerings and diverse but cyclical end
markets, such as building and construction, durable goods and
appliances, industrial, battery and electronics and automotive. For
example, the company still reports strong demand for its automotive
glass coating applications, partially offsetting weaker growth in
other areas. Vibrantz's nearly 20% EBITDA margin reflects its core
competencies in particle engineering, color solutions, ceramic and
glass coatings. The company has a large customer base and acglobal
footprint.
LIQUIDITY
Vibrantz has adequate liquidity with $36 million of cash on hand
and approximately $186 million of availability on the $325 million
revolver. Moody's expects the company to have negative free cash
flow in 2025. The $325 million revolving credit facility due in
April 2027 contains a springing first lien leverage ratio covenant
of 7.2x, if outstanding borrowings exceed 35% at the end of the
quarter. The credit agreement allows for adding run-rate synergies
to EBITDA in the calculation of the first lien leverage ratio. The
company was in compliance with the covenant at the end of June with
the first lien net leverage of 5.8x. The company also has a $165
million asset-securitization facility and a EURO 10 million
securitization facility, of which roughly 75% has been drawn. There
are no near-term maturities and amortization payments of about $30
million per year. The credit facility is secured by substantially
all domestic assets and the pledge of stock on foreign assets
leaving some alternative liquidity.
The negative outlook reflects expectations of weaker earnings that
will limit deleveraging and weaken the company's liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if the company improves adjusted
Debt/EBITDA below 6.0x, EBITDA/Interest increases above 1.5x and
RCF/Net Debt rises above 5%.
Moody's could downgrade the rating if liquidity and performance
deteriorate further, increasing the refinancing risk or the risk of
restructuring.
Vibrantz Technologies Inc. headquartered in Houston, TX, is a
manufacturer of mineral-based specialty additives, pigments and
colorants, functional ingredients for specialty coatings and glass
and porcelain enamels. The company specializes in manganese,
chromium, iron oxide, lithium, cobalt and zircon based products and
serves a wide range of end markets including building &
construction, electronics, industrial applications and the
transportation sector. Vibrantz operates in three business
segments: Advanced Materials, Colors Solutions and Performance
Coatings. Vibrantz is owned by private equity sponsor, American
Securities. The company was formed as a result of a merger between
two portfolio companies owned by American Securities and an
acquisition of Ferro Corporation in April 2022. American Securities
has owned the legacy Prince International Corporation business
since 2018 and the legacy Chromaflo business since 2016. Vibrantz
generated revenues of approximately $1.7 billion in the twelve
months ended June 2025.
The principal methodology used in these ratings was Chemicals
published in October 2023.
Vibrantz Techonolgies Inc.'s Caa1 rating is two notches below the
scorecard indicated rating using LTM metrics through June 2025. The
difference reflects, among other factors, Moody's forward view of
further deterioration of credit metrics and liquidity.
WATERBRIDGE MIDSTREAM: Fitch Hikes IDR to 'B+', Outlook Stable
--------------------------------------------------------------
Fitch Ratings upgraded WaterBridge Midstream Operating LLC's
(WATOPE) Long-Term Issuer Default Rating (IDR) to 'B+' from 'B' and
removed its ratings from Rating Watch. WATOPE's senior secured term
loan rating was upgraded to 'BB-' from 'B+' with a Recovery Rating
of 'RR3', while the assumed WaterBridge NDB Operating LLC (WB NDB)
term loan was downgraded to 'BB-'/'RR3' from 'BB'/'RR2'. The Rating
Outlook is Stable.
The upgrade reflects WATOPE's debt reduction using IPO proceeds
from WaterBridge Infrastructure LLC (WBI; not rated). Fitch
calculates combined WATOPE and WB NDB pro forma LTM 2Q25 EBITDA
leverage below the prior 5.5x positive leverage sensitivity.
WATOPE is strongly positioned within the 'B+' rating category, with
leverage expected to decline near 4.0x. The company benefits from
increased size and scale with WB NDB's asset footprint. WATOPE's
cash flows are generated from fixed-fee, volume-exposed contracts
in the volatile water services midstream subsector. Ratings also
consider WATOPE's geographic concentration and moderate
counterparty diversification.
Key Rating Drivers
IPO Proceeds Drive Deleveraging: The proceeds from the WBI IPO
include the repayment of the preferred equity at WaterBridge Equity
Finance LLC (WBEF; not rated) and outstanding borrowings on
WATOPE's senior secured RCF and the assumed WB NDB RCF, which are
pari passu. Fitch calculates the newly combined WATOPE's pro forma
LTM 2Q25 leverage declined over two turns to around 4.5x. The
repayment of the preferred equity issued at WBEF removes the
overhang on WATOPE's leverage.
Fitch expects further deleveraging consistent with the expected
refinancing transaction detailed in the WBI Form S-1. WBI
management targets consolidated net leverage below 3.0x long term.
Increasing Size and Scale: WATOPE's water asset footprint is
expanding with the addition of WB NDB's northern Delaware Basin and
Eagle Ford Basin in south Texas upon merger close. Fitch considers
the expanded Permian Basin footprint a credit positive, adding to
its existing southern Delaware acreage. The inclusion of the Eagle
Ford assets adds some basin diversity, but those are not expected
to be a driver of growth for WATOPE. Volumes in the Arkoma basin
have continued to lag.
The company remains primarily focused on a single basin and lacks
business line diversity. WATOPE has outsized sensitivity to a
slowdown in Delaware basin production, as seen in 2020. Fitch now
expects WATOPE to generate annual EBITDA above $300 million during
the forecast period. Fitch considers size an important metric as
operational diversity provides flexibility during challenging
economic cycles.
Volumetric Exposure: Both WATOPE and WB NDB's revenues are derived
from predominantly fixed-fee contracts. These contracts lack
support from minimum volume commitments (MVCs) that can protect
cash flows if production moves off the company's acreage
dedications. Volumes are supported by acreage dedications in the
Delaware and Eagle Ford Basins. While fixed-fee contracts provide
protection from direct commodity price exposure, volumes have
indirect price risk if drilling on dedicated acreage becomes
uneconomic, and customers decide to move rigs elsewhere.
Capex Growing: Fitch expects WATOPE's growth capex to be
incrementally higher in 2025 per the announced new commercial
agreement with BPX, which is not rated but a subsidiary of BP Plc
(A+/Stable). The BPX commercial agreements includes a 10-year MVC,
with first volumes expected to flow in 3Q25.
Moderate Customer Diversification: WATOPE and WB NDB's combined
customer base roughly doubles. The majority of contracts are
fixed-fee with CPI escalators, slightly offsetting inflation
effects. WATOPE's contract with Trinity Operating (USG) LLC
(Trinity; not rated but a subsidiary of Nextera Energy, Inc.
[A-/Stable]) is the exception.
Peer Analysis
Deep Blue Operating I LLC (Deep Blue; BB-/Stable) is a close peer
to WATOPE. Deep Blue provides produced water disposal and supply
water services to producers in the Midland sub-basin of the Permian
Basin. WATOPE has moderate customer diversification whereas Fitch
expects one of Deep Blue's sponsors, Diamondback Energy Inc. (FANG;
BBB+/Stable), to contribute around 90% of pro forma revenues. The
other sponsor is Five Point (not rated).
Fitch considers FANG's long-term history of supplying volumes to
several water companies as evidence that Deep Blue's volumetric
results will be more predictable than WATOPE's. WATOPE and WB NDB
have recently delivered reliable volumes in line with Fitch's
forecasts. However, Fitch views FANG's long-term track record as
stronger than that of post-merger WATOPE's customer base. Both
companies are similar in size by EBITDA generation. Fitch forecasts
Deep Blue's leverage at around 3.2x by 2026, which is below Fitch's
forecast for WATOPE.
NGL Energy Partners LP (NGL; B/Stable) is another relevant peer as
NGL generates most of its EBITDA from its water solutions segment.
NGL is a larger company by size and scale with more business
segments and geographic diversification. WATOPE has lower leverage
compared to NGL. Fitch expects NGL to deleverage to around 5.5x by
the fiscal YE 2027.
Key Assumptions
- Fitch's price deck applies a West Texas Intermediate (WTI) oil
price of $65 per barrel (bbl) in 2025, $60/bbl in 2026 and 2027,
and $57/bbl in 2028 and mid-cycle;
- Delaware produced water annual volumes decline by single digits
YoY in 2025, then tapers off in later forecast years;
- The base interest rate on the revolving credit facility and term
loan aligns with Fitch's "Global Economic Outlook": 4.25% for 2025,
and 3.25% for 2026;
- Management keeps capex in line with near-term expectations.
Recovery Analysis
The recovery analysis assumes the enterprise value of WATOPE pro
forma the merger with WB NDB would be maximized in a going-concern
(GC) scenario vs a liquidation scenario. Fitch contemplates a
scenario in which a default is caused by the insolvency of several
customers due to a very depressed commodity price environment.
Fitch assumes a sustainable, post-reorganization GC EBITDA around
$230 million, reflecting the less favorable contract renewal rate
and lower volumes that would exist in this environment. As per
criteria, the going concern EBITDA reflects some residual portion
of the distress that caused the default. This GC EBITDA is higher
than the $135 million assumed previously based the company's
increase size and scale following the merger with WB NDB.
Fitch estimates WATOPE would receive a GC recovery multiple of
6.0x, consistent with past reorganizations multiples in the energy
sector. In Fitch's bankruptcy case study report "Energy, Power and
Commodities Bankruptcies Enterprise Value and Creditor Recoveries",
published in October 2024, the median enterprise valuation exit
multiplies for 51 energy cases was 5.3x, with a wide range of
multiples observed.
Fitch assumes WATOPE'S RCFs would be fully drawn down at
bankruptcy. A 10% administrative claim is incorporated in the
recovery calculation. The recovery analysis results in a
'BB-'/'RR3' rating for the pari passu term loans.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA leverage expected to be sustained above 5.5x;
- Material underrun to Fitch's volumetric expectations in the
Delaware Basin (trailing quarterly), except if caused by one-off
events;
- A significant event at a major customer that will probably impair
WATOPE's cash flow;
- A significant increase in capex targeted toward higher business
risk projects;
- Acquisition(s) that meaningfully increase business risk.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA leverage expected to be below 4.0x on a sustained basis;
- Should the contribution from minimum volume commitment contracts,
as a percentage of total EBITDA, be expected to significantly
increase from current levels.
Liquidity and Debt Structure
Fitch views WATOPE's liquidity as adequate. Pro forma the RCF
paydown from the IPO proceeds, WATOPE will have no borrowings on
either of the $100 million senior secured RCFs.
The term loans require a standard mandatory amortization of 1% of
the original loan amount each year and compliance with a debt
service coverage ratio covenant threshold of 1.1x. The company was
compliant with its financial covenants as of June 30, 2025. Fitch
expects WATOPE to remain compliant with its covenants through the
forecast period.
Issuer Profile
WaterBridge Midstream Operating, LLC provides water services to oil
and gas producers in Texas and Oklahoma.
Summary of Financial Adjustments
Due to the change of control provision and other terms in the
preferred units, the analysis assigns zero equity credit to the
preferred units and treats them as debt when calculating leverage.
Fitch excludes payment-in-kind distributions and future value
claims for deferred coupons from coverage metric calculations.
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
WaterBridge Midstream Operating LLC has an ESG Relevance Score of
'4' for Group Structure due to related party transactions with
affiliate companies, which has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors.
WaterBridge Midstream Operating LLC has an ESG Relevance Score of
'4' for Financial Transparency due to private equity ownership
resulting in less structural and financial disclosure transparency
than publicly traded issuers, which has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
WaterBridge Midstream
Operating LLC LT IDR B+ Upgrade B
senior secured LT BB- Upgrade RR3 B+
senior secured LT BB- Downgrade RR3 BB
WATERBRIDGE NDB: Fitch Affirms & Then Withdraws 'B+' LongTerm IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn WaterBridge NDB Operating
LLC's (WB NDB) Long-Term Issuer Default Rating (IDR) at 'B+' with a
Stable Rating Outlook.
The affirmation of WB NDB's IDR reflects its modest EBITDA
generation and volumetric risk in the volatile water services
midstream subsector. These factors are offset by the company's low
EBITDA leverage.
The ratings are being withdrawn because WB NDB's revolving credit
facility (RCF) and term loan B are being reorganized pursuant to
the merger with WaterBridge Midstream Operating LLC (WATOPE;
B+/Stable). Accordingly, Fitch will no longer provide ratings or
analytical coverage for WB NDB.
Key Rating Drivers
Debt Assumed by WATOPE: In connection with the merger with WATOPE,
WB NDB's term loan and revolving credit facility are assumed by
WATOPE. The collateral securing obligations under the WB NDB term
loan and WB NDB RCF will also secure the WATOPE term loan and RCF.
Both RCFs will be pari passu and the term loans will also be pari
passu.
RATING SENSITIVITIES
For WATOPE:
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA leverage expected to be sustained above 5.5x;
- Material underrun to Fitch's volumetric expectations in the
Delaware Basin (trailing quarterly), except if caused by one-off
events;
- A significant event at a major customer that will probably impair
WATOPE's cash flow;
- A significant increase in capex targeted toward higher business
risk projects;
- Acquisition(s) that meaningfully raise business risk.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA leverage expected to be below 4.0x on a sustained basis;
- The contribution from minimum volume commitment contracts, as a
percentage of total EBITDA, significantly increase from current
levels.
Issuer Profile
WaterBridge NDB Operating LLC provides water services to oil and
gas producers in the Northern Delaware and Eagle Ford basins.
Summary of Financial Adjustments
To calculate EBITDA, Fitch adds back non-cash expenses such as
share-based compensation.
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
WaterBridge NDB Operating LLC has an ESG Relevance Score of '4' for
Group Structure due to related party transactions with affiliate
companies, which has a negative impact on the credit profile and is
relevant to the ratings in conjunction with other factors.
WaterBridge NDB Operating LLC has an ESG Relevance Score of '4' for
Financial Transparency due to private equity ownership resulting in
less structural and financial disclosure transparency than publicly
traded issuers, which has a negative impact on the credit profile
and is relevant to the ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery
----------- ------ --------
WaterBridge NDB
Operating LLC LT IDR B+ Affirmed B+
LT IDR WD Withdrawn
WBK TRANSPORT: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: WBK Transport Inc.
4502 Whitestone Dr
Allen, TX 75002
Business Description: WBK Transport Inc. operates as a
parcel/last-mile delivery contractor,
performing FedEx Ground pickup-and-delivery
(P&D) routes and hiring local delivery
drivers in Texas.
Chapter 11 Petition Date: September 26, 2025
Court: United States Bankruptcy Court
Eastern District of Texas
Case No.: 25-42854
Debtor's Counsel: Joyce Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
117 S. Dallas St.
Ennis TX 75119
Tel: (972) 503-4033
Email: joyce@joycelindauer.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Qasim Mahmood as owner.
The Debtor identified First Financial Bank at 300 E. Peach St., El
Dorado, Arkansas, as its only unsecured creditor, with a claim
totaling $1.62 million.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/UBEYLPI/WBK_Transport_Inc__txebke-25-42854__0001.0.pdf?mcid=tGE4TAMA
WELLMADE FLOOR: To Sell Flooring Biz to AHF IC for $58.5MM
----------------------------------------------------------
Wellmade Floor Coverings International Inc. and its affiliate,
Wellmade Industries MFR N.A LLC, seek permission from the U.S.
Bankruptcy Court for the Northern District of Georgia, Atlanta
Division, to sell Property in a private sale, free and clear of
liens, claims, interests, and encumbrances.
The Debtors are engaged in the manufacture and distribution of
flooring products.
The Debtors Assets are comprised of right, title and interest in
and to all of the properties, rights, interests and other tangible
and intangible assets of the Sellers other than the Excluded
Assets.
The Debtors retain Hilco Corporate Finance as their investment
banker to conduct an extensive and comprehensive marketing process
for the sale.
The Debtors subsequently filed the Bidding Procedures Motion, which
provided for the Debtors' solicitation of competing bids and, in
the event the Debtors received another qualified bid, and holding
of an efficient and fair auction of the Debtors’ business to
determine whether any other higher or better offers can be
obtained.
Since the entry of the Bidding Procedures Order, the Debtors
received an additional offer from the Buyer, AHF IC LLC, in the
amount of $58,500,000 which the Debtors believe is the highest and
best price they will receive for the assets. The Purchase Agreement
is not conditioned on financing or the completion of additional due
diligence.
The Debtors believe that the Sale to the Buyer represents a sound
exercise of the Debtors’ business judgment, is in the best
interest of its estates, and should be approved.
About Wellmade Floor Coverings International Inc.
Wellmade Floor Coverings International Inc. manufactures and
distributes hard-surface flooring products, including bamboo,
hardwood, and vinyl. The privately owned Company is based in the
United States, with a manufacturing facility in Cartersville,
Georgia, and sales offices and warehousing in Portland, Oregon. A
non-debtor affiliate operates in China.
Wellmade Floor Coverings International Inc. and its affiliates
sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Ga. Lead Case No. 25-58764) on August 4, 2025. In its
petition, Wellmade Floor reports estimated assets between $500
million and $100 million and $50 million.
Honorable Bankruptcy Judge Sage M. Sigler handles the cases.
The Debtors are represented by Greenberg Traurig, LLP. Kurtzman
Carson Consultants, LLC d/b/a Verita Global is the Debtors' claims,
noticing, solicitation and administrative agent.
WELLPATH HOLDINGS: Court Tosses Carr v. Wilkerson, et al. Lawsuit
-----------------------------------------------------------------
Judge Laurie J. Michelson of the United States District Court for
the Eastern District of Michigan accepted Magistrate Judge Anthony
P. Patti's report and recommendation to grant the motions filed by
NaQuisha Wilkerson, Junetta Nyamu, and Francisca Nwoko to dismiss
the case captioned as THOMAS CARR, Plaintiff, v. NaQUISHA WILKERSON
et al., Defendants, Case No. 24-cv-11508 (E.D. Mich.).
Thomas Carr filed this pro se case under 42 U.S.C. Sec. 1983
against Wilkerson, Nyamu and Nwokoo, alleging that in November and
December of 2023, they deprived him of essential mental health
treatment in violation of the Eighth and Fourteenth Amendments,
including, among other things, by denying him necessary anxiety
medication for 39 days. In response, Nwoko filed a motion to
dismiss the complaint pursuant to Federal Rule of Civil Procedure
12(b)(6). Wilkerson and Nyamu each filed separate motions to
dismiss pursuant to Federal Rules of Civil Procedure 12(b)(6) and
for summary judgment based on Carr's purported failure to exhaust
his administrative remedies. The Court referred all pretrial
proceedings to Judge Patti. Now before the District Court is Judge
Patti's Report and Recommendation to grant the motions to dismiss.
At the time of Carr's alleged injury, Defendant Nwoko was employed
by Wellpath, LLC. In November 2024, Wellpath petitioned for Chapter
11 Bankruptcy in the United States Bankruptcy Court for the
Southern District of Texas. On May 1, 2025, that Bankruptcy Court
entered an order confirming a Chapter 11 Plan to reorganize
Wellpath and restructure its debt. The Plan contained a Third-Party
Release provision that relieved Wellpath and Wellpath employees of
all claims, interests, and causes of action accrued by incarcerated
individuals prior to the Plan's effective date, unless the prisoner
affirmatively opted out of the release no later than 90 days after
the Confirmation Date. Nwoko says that, despite a diligent inquiry,
she was unable to verify whether Carr timely opted out of the Plan
to preserve his claims against her. Judge Patti nonetheless
concluded it is not improper to issue the Report and Recommendation
on the pending motions to dismiss. If Carr failed to opt out,
explained Judge Patti, his claims against Nwoko would be released
and her motion would be rendered moot, and if Carr did opt out, his
claims against Nwoko would still be dismissed for the reasons set
forth in the Report and Recommendation. Either path, continued
Judge Patti, results in the dismissal of Carr's claims against
Nwoko. The District Court agrees and thus adopts Judge Patti's
Report despite the uncertainty surrounding Carr's assent to the
Plan.
At the conclusion of the Aug. 29, 2025, Report and Recommendation,
Magistrate Judge Patti notified the parties that they were required
to file any objections within fourteen days of service, as provided
in Federal Rule of Civil Procedure 72(b)(2) and Eastern District of
Michigan Local Rule 72.1(d), and that failure to file specific
objections constitutes a waiver of any further right of appeal.
Under Federal Rule of Civil Procedure 6(d), since Carr was served
via mail, three days are added to the objection period. Those 17
days have passed, and no objections have been filed.
According to the District Court, the parties' failure to object is
a procedural default, waiving review of the Magistrate Judge's
Report. The District Court therefore accepts the recommended
disposition. It follows that Defendants' Motions to Dismiss are
granted, and Carr's complaint is dismissed.
A copy of the Court's Order dated September 16, 2025, is available
at https://urlcurt.com/u?l=aIk7be
About Wellpath Holdings
Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc.,
is a provider of medical and mental healthcare in jails, prisons,
and inpatient and residential treatment facilities.
Wellpath Holdings and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief
restructuring officer and chief financial officer, signed the
petitions. At the time of the filing, the Debtors reported $1
billion to $10 billion in assets and liabilities.
Judge Alfredo R. Perez oversees the cases.
The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery,
LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial
advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as
investment banker.
On May 1, 2025, the bankruptcy court entered an order confirming
Wellpath's First Amended Joint Chapter 11 Plan of Reorganization.
WELLPATH HOLDINGS: Nurse Employee Must Face Poronto Case
--------------------------------------------------------
The Honorable Robert J. White of the United States District Court
for the Eastern District of Michigan denied as moot Mary Krause's
motion to extend the automatic stay in Wellpath's bankruptcy case
to the dispute captioned as ANDREW PORONTO, Plaintiff, v. MARY
KRAUSE, Defendant, Case No. 24-cv-13197 (E.D. Mich.).
Andrew Poronto commenced this action under 42 U.S.C. Sec. 1983
action against Wellpath, LLC's nurse employee Mary Krause. The
complaint alleges that Krause exhibited deliberate indifference to
Poronto's underlying seizure condition, while he was incarcerated
at the Macomb County jail, in violation of the Eighth and
Fourteenth Amendments to the United States Constitution. Poronto
filed a related case against Wellpath and two other Wellpath nurse
employees stemming from the same operative facts.
On Nov. 11, 2024, Wellpath filed a voluntary petition for chapter
11 bankruptcy in the United States Bankruptcy Court for the
Southern District of Texas. The bankruptcy court stayed any
lawsuits against Wellpath's current or former employees to the
extent the Debtors are also named defendants in the underlying
lawsuit until the earlier of (a) the effective date of a confirmed
chapter 11 plan; (b) dismissal of the chapter 11 cases of the
Debtors; or (c) April 30, 2025.
Before the District Court is Krause's motion to extend Wellpath's
bankruptcy stay to this litigation.
According to the District Court, the bankruptcy court's June 4,
2025 order regarding the lifting of stay motions now authorizes
Holders of Claims or Interests that affirmatively elected to opt
out of the Confirmation Plan's Third-Party Release to bring or
continue to pursue claims against all Non-Debtor Defendants,
including employees of the Debtors and/or Post-Restructuring
Debtors. No one disputes that Poronto already opted out of the
Confirmation Plan's Third-Party Release. Therefore, Krause's motion
to extend Wellpath's bankruptcy stay to this litigation is denied
as moot.
A copy of the Court's Order dated September 16, 2025, is available
at https://urlcurt.com/u?l=Ht3CK9 from PacerMonitor.com.
About Wellpath Holdings
Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc.,
is a provider of medical and mental healthcare in jails, prisons,
and inpatient and residential treatment facilities.
Wellpath Holdings and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief
restructuring officer and chief financial officer, signed the
petitions. At the time of the filing, the Debtors reported $1
billion to $10 billion in assets and liabilities.
Judge Alfredo R. Perez oversees the cases.
The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery,
LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial
advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as
investment banker.
On May 1, 2025, the bankruptcy court entered an order confirming
Wellpath's First Amended Joint Chapter 11 Plan of Reorganization.
WELLPATH HOLDINGS: Wins Bid to Partially Dismiss Leschinski Lawsuit
-------------------------------------------------------------------
The Honorable Robert J. White of the United States District Court
for the Eastern District of Michigan granted the Wellpath
Defendants' motion to partially dismiss the second amended
complaint in the case captioned as REBECCA LESCHINSKI, as Personal
Representative of the Estate of Joseph Leschinski, Plaintiff, v.
TOWNSHIP OF CANTON, et al., Defendants, Case No. 24-cv-10012 (E.D.
Mich.).
Rebecca Leschinski commenced this wrongful death action under 42
U.S.C. Sec. 1983 on behalf of her husband's estate. She names,
among others, Wellpath, LLC and its employees Jessica
Candace-Ebony-Davis, Clarisse Carter, Charletta Dennis, Lilian
Ekechukwu, Timothy Hayes, and Angela R. Latham as party defendants
(the "Wellpath Defendants"). The second amended complaint alleges
that the Wellpath Defendants failed to treat Leschinki's husband's
withdrawal from severe alcohol intoxication at the Wayne County
jail in violation of the Fourteenth Amendment to the United States
Constitution.
Before the District Court is the Wellpath Defendants' unopposed
motion to partially dismiss the second amended complaint.
On Nov. 11, 2024, Wellpath filed a voluntary petition for chapter
11 bankruptcy in the United States Bankruptcy Court for the
Southern District of Texas. The bankruptcy court stayed any
lawsuits against Wellpath's current or former employees to the
extent the Debtors are also named defendants in the underlying
lawsuit until the earlier of (a) the effective date of a confirmed
chapter 11 plan; (b) dismissal of the chapter 11 cases of the
Debtors; or (c) April 30, 2025.
That court confirmed the chapter 11 plan on May 1, 2025. The
confirmation order specifies that any Holder of a Claim against or
Interest in the Debtors" who did not opt out of the Confirmation
Plan or object to the Plan's Third-Party Release is deemed to have
expressly, unconditionally, generally, individually, and
collectively consented to the release and discharge of all Claims
and Causes of Action against the Debtors and the Released Parties.
According to the District Court, since Leschinski does not oppose
the Wellpath Defendants' motion to dismiss the second amended
complaint based upon the chapter 11 plan's discharge provision, and
because she does not represent that she opted out of the chapter 11
plan or objected to the third-party release, the Wellpath
Defendants' unopposed motion to partially dismiss the second
amended complaint is granted.
A copy of the Court's Order dated September 16, 2025, is available
at https://urlcurt.com/u?l=uxbYgM from PacerMonitor.com.
About Wellpath Holdings
Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc.,
is a provider of medical and mental healthcare in jails, prisons,
and inpatient and residential treatment facilities.
Wellpath Holdings and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief
restructuring officer and chief financial officer, signed the
petitions. At the time of the filing, the Debtors reported $1
billion to $10 billion in assets and liabilities.
Judge Alfredo R. Perez oversees the cases.
The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery,
LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial
advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as
investment banker.
On May 1, 2025, the bankruptcy court entered an order confirming
Wellpath's First Amended Joint Chapter 11 Plan of Reorganization.
WILLIAM PENN: S&P Lowers GO Debt Long-Term Rating to 'BB+'
----------------------------------------------------------
S&P Global Ratings lowered its long-term rating two notches to
'BB+' from 'BBB' on William Penn School District, Pa.'s general
obligation (GO) debt outstanding.
S&P said, "At the same time, we removed the rating from
CreditWatch, where it had been placed with negative implications
July 17, 2025. The CreditWatch placement reflected our view of
rapid reserve deterioration and uncertainty surrounding fiscal 2025
performance, and management's commitment to making budgetary
adjustments.
"The downgrade reflects what we see as governance challenges,
particularly weak internal controls, weak liquidity, and continued
uncertainty over finances related to state aid affected by the
Pennsylvania budget impasse and expenditure growth driven by cyber
charter costs and special education spending."
The outlook is negative.
S&P said, "Risk management, culture, and oversight factors weigh
negatively on our rating given material deficiencies in governance
leading to several incidences of headline risk and reputational
challenges. In our view, this stems from prior management's lack of
internal controls. We believe there is ongoing governance risk as
full-time management staff is not in place, budgets rely on
optimistic assumptions for state funding, and there is continuing
operating pressure from special education and charter tuition costs
not offset by the Commonwealth's funding formula. In addition, we
believe the district's governance risks are elevated, due to what
we view as weak risk management policies and practices to protect
against event risk.
"We consider social risks a negative credit factor in our analysis
given enrollment declines due to charter school competition, which
negatively affect expenditure trajectory."
The district does not face heightened exposure to extreme weather
events or other environmental factors.
2.
"We could lower the rating if reserves were to remain negative for
an extended period, if we believe the district lacked a credible
plan to execute a financial turnaround, or if cash flow or deficit
borrowing were to persist in the absence of such a plan.
"We could revise the outlook to stable if the district demonstrates
that it has taken steps on a clear and credible path toward
structural balance, with reserves increasing to levels that provide
more operating flexibility without the need to resort to deficit or
cash-flow borrowing for a sustained period.
"Certain terms used in this report, particularly certain adjectives
used to express our view on rating relevant factors, have specific
meanings ascribed to them in our criteria, and should therefore be
read in conjunction with such criteria."
WOLFSPEED INC: Eyes Corporate Shift During Chapter 11
-----------------------------------------------------
TipRanks reports that Wolfspeed has announced plans to shift its
incorporation from North Carolina to Delaware by September 29,
2025, as part of its broader restructuring strategy. The company is
currently in Chapter 11 bankruptcy and has cautioned investors that
trading its securities is highly speculative, with equity holders
facing the risk of steep losses.
Analysts remain cautious, with the most recent rating on WOLF stock
at Hold and a $2.00 price target, according to the report.
TipRanks' AI analyst, Spark, also labels the stock Neutral.
The weak outlook reflects Wolfspeed's financial struggles,
including shrinking revenue, heavy debt, and persistent negative
cash flow. While technical indicators point to some short-term
upside, the long-term trajectory is bearish, reinforced by a
negative P/E ratio and the absence of a dividend, the report
states.
About Wolfspeed Inc.
Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap
semiconductors, focused on silicon carbide materials and devices
for power applications. Its product families include silicon
carbide materials and power devices targeted for various
applications such as electric vehicles, fast charging and
renewable energy and storage.
On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each
filed petitions seeking relief under chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163),
with Judge Christopher M. Lopez presiding. The Debtors sought
Chapter 11 protection after reaching a deal with lenders on a
debt-for-equity plan that would reduce debt by $4.6 billion.
Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as
legal counsel to Wolfspeed, Perella Weinberg Partners is serving as
financial advisor and FTI Consulting is serving as restructuring
advisor. Epiq is the claims agent.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal
counsel to the senior secured noteholders and Moelis & Company is
serving as the senior secured noteholders' financial advisor.
Kirkland & Ellis LLP is serving as legal counsel to Renesas
Electronics Corporation, PJT Partners is serving as its financial
advisor, and BofA Securities is serving as its structuring
advisor.
Ropes & Gray LLP is serving as legal counsel to the convertible
debtholders and Ducera Partners is serving as financial advisor to
the convertible debtholders.
WOOF HOLDINGS: Credit Suisse Marks $300,000 Loan at 44% Off
-----------------------------------------------------------
Credit Suisse Asset Management Income Fund Inc. has marked its
$300,000 loan extended to WOOF Holdings, Inc. to market at $168,750
or 56% of the outstanding amount, according to Credit Suisse's Form
10-K for the semi-annual year ending June 30, 2025, filed with the
U.S. Securities and Exchange Commission.
Credit Suisse is a participant in a Loan to WOOF Holdings, Inc. The
loan accrues interest at a rate of 8.083% per annum. The loan
matures on December 31, 2029.
Credit Suisse was incorporated on February 11, 1987 and is
registered as a diversified, closed-end management investment
company under the Investment Company Act of 1940. The investment
objective of the Fund is to provide current income consistent with
the preservation of capital. UBS Asset Management (Americas) LLC,
the investment adviser to the Fund, is registered as an investment
adviser with the Securities and Exchange Commission and as a
Commodity Pool Operator with the Commodity Futures Trading
Commission. UBS AM (Americas) is an indirect wholly owned
subsidiary of UBS Group AG.
Credit Suisse is led by Omar Tariq as Chief Executive Officer and
President and Rose Ann Bubloski as Chief Financial Officer and
Treasurer.
The Fund can be reach through:
Omar Tariq
Credit Suisse Asset Management Income Fund Inc.
Eleven Madison Avenue,
New York, NY 10010
Telephone: (212) 325-2000
About WOOF Holdings, Inc.
Woof Holdings, Inc. operates as a holding company. The Company,
through its subsidiaries, retails pets and pet care products.
WORLDWIDE MACHINERY: To Sell Equipment Biz to Macquarie Equipment
-----------------------------------------------------------------
Worldwide Machinery Group, Inc. and its affiliates seek permission
from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for
the Southern District of Texas, Houston Division, to sell
substantially all Assets, free and clear of liens, claims,
interests, and encumbrances.
The Debtors' transaction process was independent, comprehensive,
and resulted in several bids. Two such bids were deemed competitive
by the Restructuring Committee and the CRO:
(a) a bid for a going-concern transaction (Going-Concern
Transaction) under which the Debtors' tangible assets would be
purchased by Macquarie Equipment Capital, Inc. (Macquarie), an
entity unaffiliated with the Debtors, and leased to Diversified
Holding, LLC or its designee (Diversified), an entity controlled by
the Debtors' majority shareholders, for an aggregate purchase price
of no less than $65.6 million, comprised of $52.5 million in cash
and the assumption of certain trade and lease liabilities valued at
approximately $13.1 million; and
(b) a bid to liquidate the Debtors' assets by Hilco Commercial
Industrial and Ritchie Brothers (respectively, "Hilco" and "Ritchie
Brothers, and such bid, the "Hilco/Ritchie Brothers Bid").
The sale is the result of a lengthy marketing process, executed by
a reputable investment bank and overseen by an independent
restructuring committee of the board, and represents that highest
and best value obtainable for the Debtors assets.
The Debtors hired professionals, appointed a chief restructuring
officer (CRO), and established an independent restructuring
committee of the board to assist with, and oversee, a restructuring
process.
The Debtors retained Piper Sandler & Company to market the Debtors'
assets on a going-concern basis.
The Debtors received a significantly lower and uncompetitive
liquidation bid from Nations Capital, LLC, an affiliate of Gordon
Brothers.
In August 2025, the Restructuring Committee determined that the
Going-Concern Transaction was the highest and best bid. This
determination was supported by an analysis prepared by the CRO and
Paladin showing that the Going-Concern Transaction would provide
higher recoveries to the ABL Lenders and the other stakeholders,
including trade creditors and employees, than the Hilco/Ritchie
Brothers Bid (and much higher recoveries than the uncompetitive
Gordon Brothers Bid).
In light of progress achieved, the Debtors sought an additional
extension of their forbearance agreement with the ABL Lenders
through October 5, 2025 to permit the Debtors to finalize the
Going-Concern Transaction and simultaneously pursue other viable
alternatives.
Faced with the choice of capitulating to the ABL Lenders' demands
or running out of cash, the Debtors filed these chapter 11 cases on
an emergency basis to preserve their ability to operate while
pursuing the Going-Concern Transaction, subject to higher or better
bids.
Founded in 1949, the Company is a prominent provider of heavy
equipment for the construction and mining industries. With a robust
fleet of heavy equipment, it offers a diverse range of products,
including earthmoving machinery, material handling equipment, and
attachments, catering to various customer needs.
The lienholders of the Debtor's Property are KeyBank National
Association, the Caspian lenders, and John Deere Financial.
On August 20, 2025, following extensive arms-length negotiations,
the Debtors signed a non-exclusive LOI with Diversified.
The Debtors and the Going-Concern Purchasers have made significant
progress on asset purchase agreements memorializing the terms of
the Going-Concern Transaction contemplated by the Diversified LOI.
The Diversified LOI contemplates the Going-Concern Transaction,
under which the Going-Concern Purchasers will purchase the Assets
for an aggregate purchase price of no less than $65.6 million,
comprised of $52.5 million in cash and the assumption of
liabilities valued at approximately $13.1 million. The
Going-Concern Transaction also provides for the retention of the
majority of the Debtors' employees.
Macquarie, a well-established and reputable financing source that
is part of the Macquarie Group, a large international bank with
nearly one trillion Australian dollars under management, is funding
the cash component of the purchase price.
Macquarie will directly acquire the Debtors' hard assets, which
will then be leased to Diversified.
Diversified will also acquire the Debtors' working capital and
other assets and assume most of the
Debtors' trade liabilities and certain real property leases.
In addition, Diversified has provided the Debtors with a $100,000
deposit and has removed all financing contingencies from its bid.
The Debtors also understand that Hilco and Ritchie Brothers remain
interested in acquiring the Debtors' assets on a liquidation basis
if the Going-Concern Transaction is not successful.
The Court and other parties in interest will have the opportunity
to evaluate the credibility, willingness, and ability of the
Going-Concern Purchasers or any Alternative Purchaser to perform
under the Assigned Contracts prior to or at the Sale Hearing.
The Debtors' Assets may include unused property, obsolete materials
and equipment, non-repairable equipment, and other assets with
miscellaneous or no value or may not be sellable at all, which may
not be purchased by the Going-Concern Purchasers or an Alternative
Purchaser in the Sale Transaction. In these and other instances, it
may be more economically sound for the Debtors to discard or
otherwise dispose of remaining Assets than it would for the Debtors
to incur the attendant costs relating to selling such assets.
About Worldwide Machinery Group Inc.
Worldwide Machinery Group Inc. is a construction equipment sales
and rental company. Worldwide Machinery and affiliates sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.
Tex. Case No. 25-90379) on September 11, 2025. In its petition, the
Debtor reports estimated assets and liabilities between $100
million and $500 million each.
Honorable Bankruptcy Judge Christopher M. Lopez handles the case.
The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey,
Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq.,
Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White
Case LLP.
WR PROPERTY: Seeks Chapter 7 Bankruptcy in Alabama
--------------------------------------------------
On September 19, 2025, WR Property Management LLC initiated a
voluntary Chapter 7 bankruptcy case in the Southern District of
Alabama. According to court documents, the company disclosed
liabilities of $100,001–$1 million and noted it has 1–49
creditors.
About WR Property Management LLC
WR Property Management LLC is a limited liability company.
WR Property Management LLC sought relief under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 25-12566) on
September 19, 2025. In its petition, the Debtor reports estimated
estimated assets and liabilities between $100,001 and $1 million
each.
Honorable Bankruptcy Judge Jerry C. Oldshue handles the case.
The Debtor is represented by Stephen L. Klimjack, Esq.
X4 PHARMA: Expects $13M Annual Savings From 50% Workforce Reduction
-------------------------------------------------------------------
X4 Pharmaceuticals, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission a strategic
restructuring designed to sharpen operational focus and align
resources with the Company's long‑term strategy to successfully
complete the 4WARD Phase 3 trial in patients with moderate and
severe chronic neutropenia.
As part of this initiative, the Company will reduce its workforce
by approximately 50%, a step anticipated to result in annualized
cost savings of approximately $13 million. The Company estimates
that the workforce reduction will be substantially completed in the
third quarter of 2025. The Company estimates that it will incur
cash charges of approximately $3.3 million for severance and other
employee termination-related costs.
The estimate of costs that the Company expects to incur related to
the workforce reduction as well as the decrease in spending, and
the timing thereof are subject to a number of assumptions and
actual results may differ. The Company may also incur additional
costs not currently contemplated due to events that may occur as a
result of, or that are associated with, the initiative.
In connection with the workforce reduction, on September 15, 2025,
the Board of Directors determined to terminate the employment of
Dr. Mary DiBiase, the Company's Chief Operating Officer, Mark
Baldry, the Company's Chief Commercial Officer, and Natasha Thoren,
the Company's Chief Legal & Compliance Officer, in each case
effective as of September 15, 2025.
On September 16, 2025, Dr. Christophe Arbet-Engels informed the
Company of his resignation as the Company's Chief Medical Officer,
effective as of September 16, 2025.
On the same day, the Board appointed John Volpone as Chief
Operating Officer of the Company, effective immediately. Mr.
Volpone will continue to serve in his role as President of the
Company.
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.
XCEL BRANDS: Dismisses CBIZ, Appoints Wolf & Company as Auditor
---------------------------------------------------------------
Xcel Brands, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Audit Committee of
the Board of Directors dismissed CBIZ CPAs P.C. as the Company's
independent registered accounting firm. The Company informed CBIZ
CPAs of its termination on September 16, 2025.
As previously disclosed in a Current Report on Form 8-K filed on
May 29, 2025, Marcum LLP was dismissed, and CBIZ CPAs was
appointed, as the Company's independent registered public
accounting firm on May 27, 2025. CBIZ CPAs did not issue an audit
report on the Company's financial statements.
From May 27, 2025 through the date of CBIZ CPAs' dismissal:
(i) there were no disagreements (as defined in Item
304(a)(1)(iv) of Regulation S-K and the related instructions) with
CBIZ CPAs on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedures
that, if not resolved to CBIZ CPA's satisfaction, would have caused
CBIZ CPAs to make reference to the subject matter of the
disagreement in connection with its reports, if CBIZ CPAs had
issued such a report and
(ii) there were no "reportable events" as defined in Item
304(a)(1)(v) of Regulation S-K., except for the material weakness
relating to fact that the Company was unable to file its Annual
Report on Form 10-K and Quarterly Report on Form 10-Q within the
time specified in SEC rules and forms, as management did not
maintain appropriately designed entity-level controls impacting
Information and Communication and Monitoring, related to a material
asset.
The Company is dependent on a third party to report financial
information related to an investment in an unconsolidated
affiliate. The timing of the receipt of information from the third
party did not permit adequate time to meet SEC deadlines for the
Company's required filings, and CBIZ CPAs did not issue any audit
report during the period of its engagement.
Following CBIZ's dismissal, the Audit Committee approved the
engagement of Wolf & Company, PC as the Company's independent
registered public accounting firm and formally engaged Wolf on
September 16, 2025. Wolf's appointment will be for the Company's
fiscal year ending December 31, 2025, and related interim period
ending September 30, 2025.
During the Company's two most recent fiscal years ended December
31, 2024 and December 31, 2023, and for the subsequent interim
period through September 16, 2025, neither the Company nor anyone
on its behalf consulted Wolf regarding:
(i) the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the consolidated financial
statements of the Company, in connection with which neither a
written report nor oral advice was provided to the Company that
Wolf concluded was an important factor considered by the Company in
reaching a decision as to the accounting, auditing or financial
reporting issue; or
(ii) any matter that was either the subject of a disagreement
as defined in Item 304(a)(1)(iv) of Regulation S-K or a reportable
event as described in Item 304(a)(1)(v) of Regulation S-K.
About Xcel Brands
New York, N.Y.-based Xcel Brands, Inc. is a media and consumer
products company engaged in the design, licensing, marketing, live
streaming, and social commerce sales of branded apparel, footwear,
accessories, fine jewelry, home goods and other consumer products,
and the acquisition of dynamic consumer lifestyle brands. Xcel was
founded in 2011 with a vision to reimagine shopping, entertainment,
and social media as social commerce.
New York, N.Y.-based Marcum LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated May 27,
2025, attached to the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2024, citing that the Company has a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
As of December 31, 2024, the Company had $53.8 million in total
assets, $25.4 million in total liabilities, and a total
stockholders' equity of $28.4 million.
XWELL INC: Adjourns 2025 Annual Meeting to Oct. 10
--------------------------------------------------
XWELL, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that it opened and adjourned its
2025 Annual Meeting of Stockholders to allow more time for voters
to consider and vote on the Company's proposals as set forth in the
Proxy Statement, without any business being conducted.
The Annual Meeting will be reconvened virtually with respect to all
proposals at 10:00 a.m. Eastern Time on Friday, October 10, 2025,
at www.virtualshareholdermeeting.com/NAOV2025SM2.
The record date for determining shareholders eligible to vote at
the Reconvened Annual Meeting remains unchanged as the close of
business on July 25, 2025.
The new proxy deadline date for the Reconvened Annual Meeting is
11:59 p.m. Eastern Time on October 9, 2025, for shares held
directly. Proxies deposited to date will remain valid for the
Reconvened Annual Meeting. Any shareholders who have not already
voted can also vote prior to the new proxy deadline date or online
at the Reconvened Annual Meeting. Stockholders who have already
duly submitted voting instructions for the Annual Meeting do not
need to take any further action unless they wish to change or
revoke their vote.
Additional Information and Where to Find It:
The Company has filed with the Securities and Exchange Commission
on August 8, 2025, a Definitive Proxy Statement (as supplemented on
August 8, 2025, and August 11, 2025, on Schedule 14A, the "Proxy
Statement") in connection with the Annual Meeting, and has mailed
the Proxy Statement to its stockholders of record as of the Record
Date. Investors and security holders of the Company are advised to
read the Proxy Statement and any supplements and amendments
thereto, because these documents contain important information
about the Meeting and the Company. Stockholders will also be able
to obtain copies of the Proxy Statement, without charge, as set
forth in the Proxy Statement.
Participants in the Solicitation:
The Company and its directors and executive officers may be
considered participants in the solicitation of proxies with respect
to the Annual Meeting under the rules of the SEC. Information about
the directors and executive officers of the Company and a
description of their interests in the Company are set forth in the
Company's Annual Report on Form 10-K for the year ended December
31, 2024, which was filed with the SEC on April 15, 2025, and the
Proxy Statement, which was filed with the SEC on August 8, 2025.
These documents can be obtained free of charge as set forth in the
Proxy Statement.
About XWELL
New York, N.Y.-based XWELL, Inc. is a global wellness company
operating multiple brands and focused on bringing restorative,
regenerative and reinvigorating products and services to
travelers.
Morristown, N.J.-based Marcum LLP, the Company's former auditor,
issued a "going concern" qualification in its report dated April
15, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company has
incurred significant losses and needs to raise additional funds to
meet its obligations and sustain its operations. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
As of December 31, 2024, the Company had $25.4 million in total
assets, $17.6 million in total liabilities, and a total equity of
$7.7 million.
*********
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