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250930.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, September 30, 2025, Vol. 29, No. 272 Headlines 148 BAY 43RD: Case Summary & One Unsecured Creditor 1600 WESTERN: Court Extends Cash Collateral Access to Oct. 29 250 WYNAH: Gets Another Extension to Use Cash Collateral 388 PROSPER: Hires Van Horn Law Group as Bankruptcy Counsel ACLCP CINCINNATI: U.S. Trustee Unable to Appoint Committee ADVANCE TRANSIT: Hires MacMain Leinhauser as Special Counsel ADVANCION HOLDINGS: Moody's Cuts CFR to 'Caa1', Outlook Negative AIR INDUSTRIES: Pledges $3.9M ATM Proceeds as Loan Collateral ALCHEMY US HOLDCO 1: Moody's Withdraws 'B3' Corporate Family Rating ALEON METALS: Committee Taps Gray Reed as Legal Counsel ALLSTAR PROPERTIES: Hires Harvey-Given Company as Leasing Agent AMERICAN ELECTRIC: Fitch Assigns BB+ Rating on Jr. Sub. Debentures AMN HEALTHCARE: Fitch Alters Outlook on 'BB' LongTerm IDR to Neg. AMPLIFYBIO LLC: Oct. 28 Disclosure & Plan Combined Hearing Set ANYWHERE REAL: Moody's Puts 'B3' CFR Under Review for Upgrade API GP VENTURE: Hires Pierson Ferdinand LLP as Bankruptcy Counsel API GP VENTURE: Taps J. Michael Issa of GlassRatner as CRO API GP VENTURE: U.S. Trustee Unable to Appoint Committee API GROUP: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ARP HOSPITALITY: Gets Final OK to Use Cash Collateral AT HOME: Closes Over 20 Stores, To Close More Stores in October AUTO HOUSE: Gets Final OK to Use Cash Collateral AVIENT CORP: Moody's Affirms 'Ba2' CFR, Outlook Stable BEAUTIFUL CITY: Hires Goldenberg Heller as Bankruptcy Counsel BIO GYMNASTICS: Court Extends Cash Collateral Access BKV CORP: Fitch Assigns 'B' LongTerm IDR, Outlook Stable BLUEWORKS CORP: Trustee Retains Rayburn Cooper as Counsel BOWERS TRUCKING: Gets Interim OK to Use Cash Collateral BOWERS TRUCKING: Hires Fellers Snider as Legal Counsel BOXLIGHT CORP: Sells Stock for $4M to Pay Debt, Working Capital BROADWAY REALTY: Committee Taps Eastdil Secured LLC as Advisor BROOKFIELD PROPERTIES: Showcase Cinema Seeks New Operator BUCA DI BEPPO: Unite Here, et al. Case Dismissed After Settlement BUFNY II ASSOCIATES: 7 NY Properties Up for Sale on October 2 BYJU'S ALPHA: Oct. 29 Disclosure & Plan Combined Hearing Set CALIFORNIA RESOURCES: Moody's Rates New Sr. Unsecured Notes 'B1' CARAWAY TEA: Wins Final Approval to Use Cash Collateral CARLA'S PASTA: Novo Wins Bid for Judgment in Adversary Case CARPENTER FAMILY: Hires Hester Baker Krebs LLC as Attorney CASUAL 21 USA: Gets Final OK to Use Cash Collateral CENTURY DESIGN: Seeks Subchapter V Bankruptcy in California CHERISHED LAND: Hires Bernstein Shur Sawyer & Nelson as Counsel CLAIRE'S STORES: To Sell Business in Ireland, UK to Modella Capital COMPLEMAR PARTNERS: U.S. Trustee Appoints Creditors' Committee CONVERGEONE HOLDINGS: Chapter 11 Plan Violates Equal-Treatment Rule COZY HARBOR: Committee Seeks to Hire Dentons as Legal Counsel CROSSCOUNTRY MORTGAGE: Fitch Assigns 'B+' IDR, On Watch Positive DATABASED SOLUTIONS: Brian Hofmeister Named Subchapter V Trustee DESKTOP METAL: Gets OK to Hire FTI Consulting to Provide CRO/CTO DESKTOP METAL: Gets OK to Hire Pachulski Stang Ziehl as Counsel DESKTOP METAL: Gets OK to Hire Piper Sandler as Investment Banker DESKTOP METAL: Gets OK to Hire Weil Gotshal & Manges as Counsel DOUBLESHOT HOLDINGS: Gets OK to Use Cash Collateral Until Nov. 20 EAGLE THEATER: Seeks to Hire Goldenberg Heller as Counsel EAGLE THEATER: Seeks to Hire Goldenberg Heller as Counsel EAST COAST: Seeks to Hire Verdolino & Lowey as Accountant FIRST BRANDS: Case Summary & 30 Largest Unsecured Creditors FIRST BRANDS: Debtwire's Bringardner Sees Free Fall, Expensive Case FIRST BRANDS: Enters Chapter 11 With $1.1B DIP Financing FIRST BRANDS: Fitch Lowers LongTerm IDR to 'B', On Watch Negative FIRST BRANDS: S&P Downgrades ICR to 'CC' on Expected Default FIRST BRANDS: Seeks Chapter 11 Bankruptcy Along with Affiliates FIVE POINT: Fitch Assigns 'B' LongTerm IDR, Outlook Stable FOREST GLEN: Hires Weinberg Zareh Malkin Price LLP as Counsel FOREST GLEN: Seeks to Hire Esagoff Law Group as Litigation Counsel FREE SPEECH: Hook Families Ask Court OK to Pursue Inforwars' Assets GENOA PROPERTY: Grammas Buys Office Building Out of Receivership GRANGE PUBLIC: Douglas Flugum Named Subchapter V Trustee GREAT CIRCLE: Hires Klestadt Winters as Legal Counsel GREYSTONE SELECT: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable H5 TRANSPORT: Steven Nosek Named Subchapter V Trustee HANGER INC: Moody's Affirms 'B2' CFR & Alters Outlook to Negative HAVOC BREWING: Gets Final OK to Use Cash Collateral HNI CORP: S&P Assigns 'BB+' ICR on Acquisition of Steelcase HOPSCOTCH HEALTH: Seeks Subchapter V Bankruptcy in Texas I V SUPPORT: Hires Armory Consulting Co. as Financial Advisor II BALLAKIS FAMILY: U.S. Trustee Unable to Appoint Committee INDEPENDENT MEDEQUIP: Gets Interim OK to Obtain DIP Loan INTEGRATED NANO-TECHNOLOGIES: R. Calihan Out as Committee Member INTERNATIONAL DIRECTIONAL: Gets Extension to Access Cash Collateral IPG FRANCHISING: Committee Taps Johnson Pope Bokor as Counsel J PAUL ROOFING: Gets Final OK to Use Cash Collateral JACKSBOSTON LLC: Bankr. Administrator Unable to Appoint Committee JACKSBOSTON LLC: Gets Extension to Access Cash Collateral JJ BADA: Seeks to Hire Alan Atkins Corp. as Appraiser KIDSVILLE LEARNING: Carol Fox Named Subchapter V Trustee KOSTAS GOLFINOPOULOS: Hires Forchelli Deegan as Legal Counsel LASEN INC: Committee Hires Mac Restructuring Advisors as CRO LEISURE INVESTMENTS: Terra to Assume Miami Seaquarium Lease LHS BORROWER: S&P Withdraws 'B-' ICR Following Debt Repayment LION RIBBON: Hilco Launches Bankruptcy Sale of Former IG Assets LS TRUCKING: Section 341(a) Meeting of Creditors on October 27 LUXURY RIDES: Greta Brouphy Named Subchapter V Trustee LUXURY RIDES: Hires Derbes Law Firm as Legal Counsel MAMMOTH INC: Taps Blackwell Burke Fowler as Legal Counsel MARI ARI: Gets Extension to Access Cash Collateral MAY INTERNATIONAL: Gets Interim OK to Use Cash Collateral MILLSIDE PLAZA: Case Summary & 11 Unsecured Creditors MODIVCARE INC: Committee Hires Latham & Watkins as Co-Counsel MODIVCARE INC: Committee Taps Hunton Andrews as Co-Counsel MODIVCARE INC: Committee Taps Moelis & Company as Investment Banker MODIVCARE INC: Taps Ernst & Young as Services Provider MONTEREY BAY: Gina Klump Named Subchapter V Trustee MOORE HOLDINGS: Gets Extension to Access Cash Collateral NEED SPACE MONTEITH: Voluntary Chapter 11 Case Summary NEWBURY PALACE: Taps Amanda Brendell as Accountant NORTHERN OIL: Fitch Rates New Sr. Unsecured Notes Due 2033 'BB-' NORTHERN OIL: Moody's Rates New Senior Unsecured Notes 'B1' NU RIDE: Alexander Matina Named CEO After Chapter 11 Exit ODM TRUCK: Gets Extension to Access Cash Collateral OLD STONE: Hires Harris Law Practice as Bankruptcy Counsel OLIVER PARK: Hires Rountree Leitman Klein & Geer as Attorney OLIVER PARK: U.S. Trustee Unable to Appoint Committee OPENLANE INC: Moody's Affirms B1 CFR, Outlook Stable ORCHARD FALLS: Hires Allen Vellone Wolf Helfrich as Counsel PACTO INC: Seeks to Hire Tim McCoy Law Center as Primary Counsel PARENT SUPPORT: Case Summary & 17 Unsecured Creditors PATCO INC: U.S. Trustee Unable to Appoint Committee PINSTRIPES HOLDINGS: Seeks to Hire Ordinary Course Professionals PRINCE LAND: Gets Extension to Access Cash Collateral PROSPECT MEDICAL: Yale New Haven to Pay $45MM to End Legal Dispute RAS DATA: Committee Taps Oxford Restructuring as Financial Advisor REGIS REAL: Case Summary & One Unsecured Creditor REILLY-BENTON: Chapter 7 Trustee Seeks OK of Insurers' Settlement RENASCENCE INC: Gets OK to Use Cash Collateral Until Oct. 28 RIDGEWOOD TOWER: UCC Foreclosure Sale Set for November 14 ROYAL JET: Court Extends Cash Collateral Access to Dec. 31 S & D TALLER: Seeks to Hire Juan C Bigas Law Office as Counsel SAMMY G'S: Gets Final OK to Use Cash Collateral SEQUOIA GROVE: Hires Pendergraft & Simon as Bankruptcy Counsel SERENITY LIGHT: Hires Baker & Associates as Legal Counsel SHANDS JACKSONVILLE: Moody's Alters Outlook on Ba1 Rating to Pos. SIMBA IL HOLDINGS: Hires Marshack Hays as Restructuring Officer SOBE THERMAL: Court Appoints Reg Martin as Receiver SOUTHERN EXPRESS: Bankr. Administrator Unable to Appoint Committee SOUTHERN EXPRESS: Court Extends Cash Collateral Access to Oct. 22 SPIRIT AIRLINES: To Exit 2 US Airports, Suspend 40 Routes SSI PRODUCTS: Seeks to Hire Laurance C. Boyd as Bankruptcy Counsel STARWOOD PROPERTY: Moody's Rates New $500MM Unsecured Notes 'Ba3' STATELINE HOLDINGS: Taps Wadsworth Garber as Bankruptcy Counsel STEELCASE INC: S&P Places 'BB+' Notes Rating on Watch Negative SUNNOVA ENERGY: Disclosure Statement Has Interim Approval SUNNOVA ENERGY: Oct. 15 Combined Disclosure & Plan Hearing Set SUNSET FITNESS: M. Douglas Flahaut Named Subchapter V Trustee TEHUM CARE: Boettinger, et al. Lose Bid to Stay Wood Case TEXAS REIT: Trustee Seeks to Tap Streusand Landon as Legal Counsel THYNG VENTURES: Douglas Flugum Named Subchapter V Trustee TOCO WARRANTY: Case Summary & 13 Unsecured Creditors TOMATLAN INC: Wins Interim Approval to Use Cash Collateral TORRID HOLDINGS: Continues to Defend Jillson Pricing Class Suit TORRID LLC: S&P Alters Outlook to Negative, Lowers ICR to 'B-' TUTOR PERINI: S&P Upgrades ICR to 'B', Outlook Positive UNIFIED SCIENCE: Hires Brookshire Co as Real Estate Broker UNITED PROPERTY: Taps Marshack Hays Wood as General Counsel VIVACE HOSPITALITY: Hires Thomas G. Zeichman as Legal Counsel WBK TRANSPORT: Section 341(a) Meeting of Creditors on October 29 WEATHERFORD INT'L: Fitch Hikes IDR to 'BB', Outlook Stable WESTPARK 22 LLC: Secured Party Sets Oct. 6, 2025 Auction WINDSTREAM SERVICES: Moody's Rates New $900MM 1st Lien Notes 'B2' WOLFSPEED INC: Appoints Five New Board After Chapter 11 Exit WOLFSPEED INC: Completes Financial Restructuring, Emerges From Ch11 WOLFSPEED INC: Emerges From Chapter 11, Cuts Debt 70% YARA TEST: Gets Interim OK to Use Cash Collateral ********* 148 BAY 43RD: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: 148 Bay 43rd LLC 2831 Roberts Avenue Bronx, NY 10461 Business Description: 148 Bay 43rd LLC, a New York-based limited liability company, owns and manages multi- family residential properties, including 2831 Roberts Avenue in the Bronx, and operates in the real estate sector. Chapter 11 Petition Date: September 25, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12093 Judge: Hon. Lisa G Beckerman Debtor's Counsel: Anne Penachio, Esq. PENACHIO MALARA LLP 245 Main Street Suite 450 White Plains, NY 10601 Tel: (914) 946-2889 Email: anne@pmlawllp.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Vincent Chin as president. The Debtor listed Wilmington Savings Fund Society, located at 75 Beattie Place, Suite 300, Greenville, SC 29601, as its sole unsecured creditor with a claim of $1.1 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A5RHG6Y/148_Bay_43rd_LLC__nysbke-25-12093__0001.0.pdf?mcid=tGE4TAMA 1600 WESTERN: Court Extends Cash Collateral Access to Oct. 29 ------------------------------------------------------------- 1600 Western Venture, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral to fund operations. The court's sixth interim order authorized the Debtor to use cash collateral from September 23 to October 29 in accordance with its budget. The Debtor projects total operational expenses of $160,136 for the period from October 1 to 31. As adequate protection, Wells Fargo Bank N.A., as trustee for a commercial mortgage trust, and the U.S. Small Business Administration will be granted replacement liens on the Debtor's property whether acquired before or after the bankruptcy petition. These replacement liens will have the validity, priority and extent as the secured creditors' pre-bankruptcy liens. In addition, the Debtor must pay $44,369 (principal and interest) to Wells Fargo Bank as further protection. The next hearing is scheduled for October 28. Wells Fargo Bank claims a $9 million secured interest, which the Debtor disputes, asserting that the underlying mortgage and related documents are invalid due to alleged forgery and improper execution. The Debtor claims that the value of its real estate exceeds $19.4 million, which it believes provides sufficient protection to the lender. Wells Fargo Bank, as lender, is represented by: Samantha Ruben, Esq. Dentons US. LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606 312-876-8000 samantha.ruben@dentons.com About 1600 Western Venture LLC 1600 Western Venture LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08821) on June 10, 2025. In the petition signed by Dorothy Flisk, managing member, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., and Penelope Bach, Esq., at Bach Law Offices, Inc. represent the Debtor as legal counsel. 250 WYNAH: Gets Another Extension to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court, Northern District of Illinois, Eastern Division issued an order authorizing 250 Wynah Lane, LLC to use cash collateral pending a further hearing on October 8. The Debtor's right to use the cash collateral of its lenders continues under the terms of the interim order entered on June 23 until further order of the court. The Debtor owns a residential rental property located at 250 Winyah Lane in Vineyard Haven, Massachusetts -- its sole income-producing asset. The rental income generated from this property and other property-related revenues constitute the Debtor's cash collateral. These funds are currently subject to the secured interests of two lenders: World Business Lenders and The Cape Cod Five Cents Savings Bank. About 250 Wynah Lane LLC 250 Wynah Lane, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 250 Wynah Lane sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07414) on May 14, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. Matthew T. Gensburg, Esq., at Gensburg Calandriello & Kanter, P.C. is the Debtor's legal counsel. World Business Lenders, as lender, is represented by: Stephanie Mulcahy, Esq. Hinshaw & Culbertson, LLP 151 N. Franklin, Suite 2500 Chicago, IL 60606 Telephone: 312-704-3220 smulcahy@hinshawlaw.com Cape Cod Five Cents Savings Bank, as lender, is represented by: Sean P. Williams, Esq. Levenfeld Pearlstein, LLC 120 S. Riverside, Suite 1800 Chicago, IL 60606 Telephone: (312) 346-8380 swilliams@lplegal.com 388 PROSPER: Hires Van Horn Law Group as Bankruptcy Counsel ----------------------------------------------------------- 388 Prosper LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Van Horn Law Group, P.A. as counsel. The firm will provide these services: a. give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advice the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and reporting Requirements and with the rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the debtor in all matters pending before the court; and e. represent the debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these rates: Chad Van Horn $500 per hour Law clerks/Paralegals/Associates $175 to $350 per hour Prior to the filing of this case, the firm was paid a retainer in the amount of 15,000 plus $2,500 for the filing fee and costs for a total amount of $17,500. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Chad Van Horn, Esq., a partner at Van Horn Law Group, P.A., 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: Chad T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (561) 621-1360 Email: info@cvhlawgroup.com About 388 Prosper LLC 388 Prosper LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). 388 Prosper LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20745) on September 16, 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 byChad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. ACLCP CINCINNATI: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of ACLCP Cincinnati, LLC. About ACLCP Cincinnati LLC ACLCP Cincinnati, LLC and affiliates are U.S.-based real estate companies primarily engaged in owning and leasing commercial and residential properties in Ohio and Michigan. The companies operate properties in Cincinnati, Fort Gratiot, and Port Huron, including retail and mixed-use buildings. ACLCP Cincinnati sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11691) on September 10, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Kevin S. Mann, Esq., at Cross & Simon, LLC. ADVANCE TRANSIT: Hires MacMain Leinhauser as Special Counsel ------------------------------------------------------------ Advance Transit Mix Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ MacMain Leinhauser P.C. as special counsel. The firm is to advise the Debtor with regard to federal and state banking law. The firm's rates are: Partners $400 per hour Associate $325 per hour Paralegals $140 per hour As disclosed in the court filings, MacMain Leinhauser P.C. is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Brian Leinhauser, Esq. MacMain Leinhauser P.C. 433 W. Market Street Suite 200 West Chester, PA 19382 Telephone: (484) 318-7106 Facsimile: (484) 328-3996 About Advance Transit Mix Inc Advance Transit Mix Inc. supplies ready-mixed concrete for construction projects in Glenolden, Pennsylvania. The Company operates a fleet of trucks for intrastate transport and serves clients across the region. Advance Transit Mix Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12082) on May 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Patricia M Mayer handles the case. The Debtors are represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI AND ASTIN. ADVANCION HOLDINGS: Moody's Cuts CFR to 'Caa1', Outlook Negative ---------------------------------------------------------------- Moody's Ratings has downgraded the Corporate Family Rating of Advancion Holdings, LLC ("Advancion") to Caa1 from B3, Probability of Default Rating to Caa1-PD from B3-PD, the ratings of its backed senior secured first lien revolving credit facility and backed senior secured first lien term loan to B3 from B2, and the rating of its backed senior secured second lien term loan to Caa2 from Caa1. Moody's have also downgraded the rating of the senior unsecured PIK toggle notes issued by Advancion Sciences, Inc. to Caa3 from Caa2. The outlook for both entities remains negative. Governance considerations are a key driver of this rating action. Moody's revised Advancion's ESG Credit Impact Score (CIS) to CIS-5 from CIS-4 to reflect the increase in governance risks due to negative free cash flow and weakening liquidity. Also, the Governance Issuer Profile Score (IPS) was changed to G-5 from G-4. RATINGS RATIONALE The downgrade reflects Advancion's elevated leverage metrics, negative free cash flows, and weakening liquidity amid the challenging macroeconomic conditions. Given Advancion's relatively weak financial performance in 2025, Moody's remains concerned over the company's ability to extend the maturity of its revolver and PIK toggle notes in 2026, as well as its ability to move to a more sustainable capital structure, especially as the first lien term loans mature in 2027. Advancion's 1H2025 performance was challenged by the weak demand conditions particularly in its Personal Care and Consumer and Performance Ingredients segments driven by reduced industrial activity and lower demand in home construction and consumer products, which more than offset resilience from its Life Sciences business. Its leverage, as measured by Moody's adjusted debt/EBITDA, worsen to more than 12.0x in the twelve months ending June 2025, up from 8.0x in 2024. Moody's expects the leverage will remain high and above 10.0x in the absence of a strong demand recovery through 2026. Because Moody's debt calculation does not include the PIK notes at the Holdco parent level, the inclusion of the PIK notes will increase Advancion's leverage by another 1.0 to 2.0x, which is unsustainably high in Moody's views. Advancion's free cash flow generation remained negative in 1H2025 and further pressured its liquidity. The company's total available liquidity fell to $48 million at end of June 2025, the majority of which was from its revolving credit facility due September 2026. The company also had about $240 million Senior PIK Toggle Notes at its Holdco parent due November 2026. Given the weak credit metrics and challenging end market demands of majority of its businesses, Advancion's credit profile is constrained by its need to address debt maturities in a timely manner and at reasonable terms in the coming quarters. Advancion's credit profile is supported by its good market positions serving a varied number of end markets, such as pharmaceutical, life sciences, HPC (home and personal care), and some industrial-related end markets that mitigate the cyclical volatilities of any single end market. It also benefits from multiple barriers to entry including advanced formulations and backward integration that support its good profitability. Advancion's liquidity is weak, reflecting its ongoing negative free cash flow and the limited availability and upcoming maturity of its revolver. As of June 30, 2025, Advancion had a total of $11 million of cash on the balance sheet and about $37 million available net of letters of credit under its $125 million revolving credit facility due September 2026. The revolver contains a springing maximum first lien net leverage ratio test which is triggered when the amount outstanding exceeds 35% at quarter-end. However, Moody's expects Advancion will maintain compliance with this revolver's covenant. Its term loans do not have any financial maintenance covenants. STRUCTURAL CONSIDERATIONS The B3 ratings on the senior secured first lien revolving credit facility and term loan are one notch above the Caa1 CFR reflecting their seniority in the debt capital structure. The Caa2 rating on the second lien term loan, one notch below the Caa1 CFR, reflects the subordination to the first lien credit facilities, which have a claim on substantially all the assets of the company and guarantors, and rank ahead of the second lien term loan in terms of claims on such assets. The Caa3 rating on the senior unsecured PIK toggle notes issued by Advancion Sciences, Inc. is two notches below Advancion's Caa1 CFR, reflects the fact that the holding company debt is structurally and contractually subordinated to debt at Advancion. Moody's expects the PIK toggle notes to have limited recovery prospects given the substantial amount of debt with priority claims that rank ahead of them. The negative outlook reflects that Advancion's elevated credit metrics, weak free cash flows, and refinancing uncertainties will continue to constrain its credit profile in the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade to the ratings is unlikely in the near term but could be considered if Advancion successfully addresses its refinancing needs, maintains adequate liquidity, and improves its capital structure to a more sustainable level. A reduction in adjusted debt/EBITDA to below 7.0x on a sustainable basis with sufficient liquidity buffers could support the consideration for a ratings upgrade. The ratings will be downgraded if the company fails to refinance its maturing debts and improve the capital structure to a more sustainable level. ESG CONSIDERATIONS Advancion's Credit Impact Score of CIS-5 indicates that the rating is lower than it would have been if ESG risks did not exist. The governance risk reflects its elevated financial leverage, weak liquidity and the associated aggressive financial policy. In addition, environmental risks due to its physical climate risks and the waste and pollution from its production process reinforce the ESG impact on the rating. Advancion Holdings, LLC is a holding company that owns Advancion Corporation. Headquartered in Buffalo Grove, IL, Advancion produces performance additives for end markets including paints and coatings, pharmaceuticals, biotech, metalworking fluids, personal care, agriculture, and biotechnology. The company is jointly owned by Golden Gate Capital and Adrian. Revenue for the last twelve months ended June 2025 were $412 million. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AIR INDUSTRIES: Pledges $3.9M ATM Proceeds as Loan Collateral ------------------------------------------------------------- Air Industries Group disclosed in an SEC filing that on Sept. 10, 2025, it executed the Ninth Amendment to its Loan and Security Agreement with Webster Bank, under which $3.93 million of proceeds from its At The Market Offering will be kept in an interest-bearing account at Webster Bank, serving as security for obligations under the agreement. About Air Industries Air Industries Group, headquartered in Bay Shore, New York, manufactures precision components and assemblies for the aerospace and defense industry, supplying parts such as landing gear, flight controls, and engine mounts for military and commercial aircraft as well as ground turbines. Its products are used in programs including the F-18 Hornet, E-2 Hawkeye, UH-60 Black Hawk, F-35 Lightning II, F-15 Eagle, and Airbus A220, with customers spanning U.S. and international governments and global airlines. The Company operates two manufacturing centers in the U.S. In its audit report dated April 15, 2025, Marcum LLP included a "going concern" qualification noting that the Current Credit Facility expires on Dec. 30, 2025. In addition, the Company is required to maintain a collection account with its lender into which substantially all the Company's cash receipts are remitted. If the Company's lender were to cease lending and keep the funds remitted to the collection account, the Company would lack the funds to continue its operations. The Current Credit Facility expiration date and the rights granted to the lender, combined with the reasonable possibility that the Company might fail to meet covenants in the future, raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $50.38 million in total assets, $35.11 million in total liabilities, and $15.27 million in total stockholders' equity. The Company said it remains focused on its business but may seek to raise additional capital or borrow funds on terms it considers favorable. It noted that issuing equity or convertible debt, raising interest rates on current borrowings, or offering equity to lenders in exchange for extending debt could increase interest costs and dilute existing shareholders. In addition, the Company said refinancing could require more restrictive covenants, while a loan default could lead to actions that might force it to seek court protection, and warned that financing may not be available on acceptable terms or at all. ALCHEMY US HOLDCO 1: Moody's Withdraws 'B3' Corporate Family Rating ------------------------------------------------------------------- Moody's Ratings withdrew the ratings of Alchemy US Holdco 1, LLC ("dba Kymera"), including the company's B3 corporate family rating, B3-PD probability of default rating, the B3 rating on the company's senior secured first lien term loans and the stable ratings outlook. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because of inadequate information to monitor the rating(s), due to the issuer's decision to cease participation in the rating process. Headquartered in North Carolina, Alchemy US Holdco 1, LLC's ("Kymera") is a global specialty materials manufacturer and service provider, specializing in the production and service of metal-based powders, custom alloys and coatings and silicon carbide materials. The company serves a diverse array of applications and end markets including aerospace, automotive, general industrial, metallurgical and others. Its Engineered Materials segment produces pure and alloyed aluminum, copper, titanium, tantalum, vanadium and other base metals in the form of powders, pastes and granules. Its Surface Technologies segment produces materials and alloys and provides application technologies and services to prevent wear and corrosion in demanding environments. Its new Meta Ceramics division produces silicon carbide materials. The company operates plants spread across the United States, Europe, the Middle East, Australia and China. The company generated about $800 million in revenues during the year ended December 31, 2024. ALEON METALS: Committee Taps Gray Reed as Legal Counsel ------------------------------------------------------- The Official Committee of Unsecured Creditors appointed in the Chapter 11 cases of ALEON METALS, LLC, et al., seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to employ Gray Reed as its legal counsel, effective as of August 29, 2025. Gray Reed will provide these services: (a) advise the Committee regarding its rights, powers, and duties in these Chapter 11 cases; (b) assist and advise the Committee in its consultation with the Debtors relating to case administration; (c) attend meetings and negotiate with representatives of the Debtors and other parties-in-interest; (d) assist and advise the Committee in its examination and analysis of the Debtors' affairs; (e) assist and advise in investigating potential causes of action on behalf of the Debtors' estates; (f) assist and advise in connection with any sale of the Debtors’ assets pursuant to section 363 of the Bankruptcy Code; (g) assist the Committee in the review, analysis, and negotiation of any chapter 11 plan(s) of reorganization or liquidation and accompanying disclosure statements; (h) take all necessary actions to protect and preserve the Committee’s interests, including possible prosecution of actions, negotiations concerning litigation involving the Debtors, and claims review; (i) prepare all necessary motions, applications, orders, reports, replies, and other papers on behalf of the Committee; (j) participate in mediation and represent the Committee's interests in adversary proceedings; (k) appear before this Court, appellate courts, and the U.S. Trustee to protect the Committee's interests; and (l) perform all other necessary legal services on behalf of the Committee. Gray Reed's attorneys will charge hourly rates ranging from $425 to $990, and paraprofessionals from $75 to $385. The primary professionals responsible for this engagement and their standard hourly rates include: Jason S. Brookner, Partner, $990 Lydia R. Webb, Partner, $795 Emily F. Shanks, Associate, $595 Veronica Salazar, Paralegal, $385 Gray Reed is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by Section 1103(b). The firm has no connection to the Debtors, their creditors, or other parties in interest except as disclosed. Gray Reed will comply with the U.S. Trustee Guidelines, including billing and disclosure requirements. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Gray Reed responds to the questions set forth therein as follows: Question: Did the Firm agree to any variations from, or alternatives to, the Firm’s standard billing arrangements for this engagement? Answer: No. Question: Do any of the Firm professionals included in this engagement vary their rate based on the geographical location of the Debtors’ chapter 11 cases? Answer: No. Question: If the Firm has represented the client in the 12 months prepetition, disclose billing rates and material financial terms for the prepetition engagement, including any adjustments. Answer: N/A. Question: Has your client approved the Firm’s budget and staffing plan, and if so, for what budget period? Answer: Gray Reed provided a good faith estimate of expected fees and expenses, incorporated into the Debtors’ approved budget for debtor in possession financing. The firm can be reached at: Jason S. Brookner, Esq. Lydia R. Webb, Esq. Emily F. Shanks, Esq. GRAY REED 1300 Post Oak Blvd., Suite 2000 Houston, TX 77056 Telephone: (713) 986-7000 Facsimile: (713) 986-7100 E-mail: jbrookner@grayreed.com lwebb@grayreed.com eshanks@grayreed.com About Aleon Metals, LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. UMB Bank, National Association, as DIP agent, is represented by: Christopher M. Odell, Esq. Arnold & Porter Kaye Scholer, LLP 700 Louisiana Street, Suite 4000 Houston, TX 77002-2755 Telephone: (713) 576-2400 Facsimile: (713) 576-2499 Email: christopher.odell@arnoldporter.com - and - Michael D. Messersmith, Esq. Sarah Gryll, Esq. Owen Haney, Esq. Marjorie Carter, Esq. Arnold & Porter Kaye Scholer, LLP 70 West Madison Street, Suite 4200 Chicago, IL 60602-4231 Telephone: (312) 583-2300 Facsimile: (312) 583-2360 E-mail: michael.messersmith@arnoldporter.com sarah.gryll@arnoldporter.com owen.haney@arnoldporter.com marjorie.carter@arnoldporter.com ALLSTAR PROPERTIES: Hires Harvey-Given Company as Leasing Agent --------------------------------------------------------------- Allstar Properties I, LLC and ACH Rental Properties, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Samson Development Group, LLC, d/b/a Harvey-Given Company as leasing agent. The agent will manage the leasing of the following Commercial Properties owned by Allstar: 13 and 15 East Third Ave, 111/113 Broad Street, 130 Broad Street, 202 Broad Street, 336-338 Broad Street, 210 East Second Ave, Rome, GA; 2550 Rome Hwy, Aragon, GA; 103 West Elm Street, 217 West Elm Street and 808 West Elm Street, Rockmart, GA. The agent manages one property for ACH -- 2647 Rome Highway, Cedartown, GA. As part of its duties, the agent collects rents from the tenants, including late fees, collects some parking and special events revenue, makes payments, as directed by the Debtors, for janitorial services, general maintenance, landscaping, cleaning, appliance & systems repairs, utilities, security, fire protection and pest control, as well as pre-petition one mortgage payment. As part of its duties, the agent provides monthly accountings of the collected rent, other revenue and payment of expenses. The agent will be compensated at 6 percent of the rent and other revenue collected monthly. As disclosed in the court filings, Harvey-Given Company is a disinterested person as defined in 11 U.S.C. Sec. 101(14). The agent can be reached through: David Doss Samson Development Group, LLC d/b/a Harvey-Given Company 4 East 6th Avenue Rome, GA 30161 About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP. AMERICAN ELECTRIC: Fitch Assigns BB+ Rating on Jr. Sub. Debentures ------------------------------------------------------------------ Fitch Ratings has assigned a 'BB+' rating to American Electric Power Company Inc.'s (AEP) issuance of fixed-to-fixed reset rate junior subordinated debentures. Per Fitch's "Corporate Hybrids Treatment and Notching Criteria", the junior subordinated debentures will receive 50% equity credit. Net proceeds from the sale of the junior subordinated debentures will be used for general corporate purposes including the repayment of short-term indebtedness. As of Sept. 15, 2025, AEP had approximately $2.2 billion in short-term indebtedness outstanding. AEP's Long-Term Issuer Default Rating (IDR) is 'BBB' with a Stable Rating Outlook. Key Rating Drivers Unprecedented Demand Growth: AEP is experiencing strong commercial and industrial demand growth in many of its service territories, driven by data center development and the onshoring of manufacturing. The company reported peak demand of 37.6 GW in 2Q25, which is 12% higher than the year-ago period. The company has disclosed that it has commitments of 24 GW of incremental load through 2029, of which data centers are the largest component. AEP's expected kilowatt-hour (kwh) retail sales forecast is as follows: 2025 - 5.7%, 2026 - 8.4%, and 2027 - 8.9%. The company expects the commercial and industrial sector kwh growth as follows: 8.5% in 2025, 12.25% in 2026, and 12.3% in 2027. AEP has achieved, and is continuing to pursue, new tariffs or tariff revisions in most of its jurisdictions to minimize the risk and rate impact to residential customers from required spending to meet growing demand. Significant Capex Program: AEP's 2025-2027 capital expenditure (capex) plan of $33.4 billion is 27% larger than the previous three-year plan, and the company's five-year plan of $54.4 billion is a 28% increase from the 2024-2028 plan. The company expects an 8% average annual rate base growth over the next five-year period from a 2023 base. The company recently disclosed that it expects its 2026-2030 five-year capex forecast to increase to $70 billion. Fitch expects AEP will fund its sizeable and increasing capex program in a manner that will maintain 'BBB' credit metrics. Ongoing Weak Credit Metrics: Fitch expects AEP's funds from operations (FFO) leverage to average around 5.8x over the forecast period, driven by debt-financed capex, resulting in little to no headroom at the current downgrade threshold FFO leverage of 5.8x. Without credit-supportive actions and improved regulatory outcomes, a negative rating action is possible. AEP plans to finance approximately $5.6 billion over 2025-2029 period from equity or asset monetization and slow dividend growth to retain more cash. Parent-level debt is expected remain stable at about 25% of total debt. Selective Asset Sales: Over the last two years, AEP has utilized asset sales as an incremental source of cash. Most recently the company closed on the $2.8 billion minority interest transmission sale. Previously AEP completed the sale of its contracted renewables portfolio in August 2023, receiving approximately $1.2 billion, and the sales of its joint venture solar portfolio and of its distributed resources business for net cash proceeds of approximately $104 million and $318 million, respectively. Regulatory Challenges: AEP's large footprint allows it to benefit from regulatory diversity. While some regulatory jurisdictions have been supportive, AEP has had mixed outcomes in others. Fitch views improving regulatory outcomes as important to AEP's ability to improve the company's consolidated credit metrics. Fitch expects AEP's consolidated earned return on equity (ROE) to average around 9.0% in 2025-2027. The company's consolidated ROE as of LTM June 30, 2025, was 9.3%. Securitization Filings: Many AEP subsidiaries are pursuing securitization to mitigate rate increases while recovering prudently incurred costs such as fuel balances, underdepreciated coal assets, and storm costs. In June 2025, Kentucky Power Co. (BBB/Stable) issued $478 million of securitization bonds. Appalachian Power Co. (BBB+/Stable) has requested the authority to issue $2.4 billion of securitization debt in its West Virginia jurisdiction, inclusive of $800 million for Wheeling Power Co. (not rated), and $1.4 billion in its Virginia jurisdiction. Fitch considers the use of securitization to be generally credit supportive. Fitch removes the impact of securitization debt when calculating credit metrics. Peer Analysis AEP's credit metrics are weaker than 'BBB' rated utility parent companies CMS Energy Corp. (CMS; BBB/Stable) and DTE Energy Company (BBB/Stable), but stronger than Emera Incorporated (Emera; BBB/Stable). All of these companies derive approximately 90%-95% of EBITDA from regulated assets. AEP is the largest of them and has the most geographically diverse asset mix in the U.S., operating in 11 states; however, Emera also operates in Canada. Fitch considers AEP weakly positioned in its current rating category. AEP's anticipated average FFO leverage of 5.8x is weaker than DTE's anticipated average FFO leverage of 5.4x and CMS's anticipated average FFO leverage of 5.2x. Emera is expected to be more levered, with forecast FFO leverage at 5.8x-5.9x in 2025-2027. Fitch estimates that AEP's parent-level debt will be approximately 25% over the forecast period. CMS and DTE parent-level debt is expected to be 25%-30%. Emera's parent-level debt is expected to be higher, at about 40%, but is expected to come down to 30% post-asset sale and reduced debt. Key Assumptions - Consolidated capital expenditures of $33.3 billion from 2025 to 2027; - Common dividends averaging $2.26 billion annually from 2025 to 2029, according to management's publicly stated forecast; - Equity issuances or asset monetizations totaling $5.6 billion from 2025 to 2029, as per management's publicly stated forecast; - Constructive resolutions to base rate filings over the forecast period; - Recovery of deferred fuel and purchased power expenses with minimal disallowances. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FFO leverage exceeding 5.8x on a sustained basis; - Inability to improve regulatory outcomes across AEP's service territory; - Renewed emphasis on non-regulated or uncontracted investments. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained FFO leverage at or below 4.8x; - Track record of favorable regulatory outcomes in across AEP's service territory. Liquidity and Debt Structure AEP has a $5 billion committed RCF maturing in March 2029 and a $1 billion committed facility maturing in March 2027, which serve as a backstop for AEP's CP program and letter of credit. As of June 30, 2025, AEP had $5.6273 billion of total liquidity after giving effect for $227.3 million cash and $600 million of outstanding CP. Under the covenants to its credit agreement, AEP must maintain a debt-to-total-capitalization ratio that does not exceed 67.5%. As of June. 30, 2025, this contractually defined percentage was 56.6%. AEP has parent-level corporate maturities of $1.3 billion in 2025, $50 million in 2026 and $1.0 billion in 2027. AEP's regulated subsidiaries use a pool of corporate borrowing to meet short-term funding needs. This money pool operates under regulators' approved terms and conditions and includes maximum authorized borrowing limits for individual companies. Issuer Profile AEP is a utility holding company of regulated electric utility subsidiaries serving portions of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. The company also has significant investments in transmission assets regulated by the Federal Energy Regulatory Commission (FERC). Summary of Financial Adjustments As of Dec. 31, 2024, Fitch has made the following adjustments: - $578 million of securitized debt has been removed from Fitch's AEP consolidated debt calculation; - AEP debt is adjusted by assigning 50% equity credit to AEP's fixed-to-fixed reset rate junior subordinated debentures. Date of Relevant Committee Nov 14, 2024 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ American Electric Power Company, Inc. junior subordinated LT BB+ New Rating AMN HEALTHCARE: Fitch Alters Outlook on 'BB' LongTerm IDR to Neg. ----------------------------------------------------------------- Fitch Ratings has revised the Rating Outlook on AMN Healthcare Services, Inc. (AMN) and its subsidiary AMN Healthcare, Inc. to Negative from Stable and affirmed the Long-Term Issuer Default Ratings (IDR) at 'BB'. Fitch has also affirmed the 'BBB-' rating with a Recovery Rating of 'RR1' on the $750 million revolver due 2028, which is being amended to provide a $450 million revolver due 2030. Fitch also affirmed the 'BB'/'RR4' ratings on the 2029 and 2027 senior unsecured notes (the latter to be withdrawn upon redemption) and assigned a 'BB'/'RR4' rating to the new 2031 senior unsecured notes. The Negative Outlook reflects limited visibility on stabilization and leverage potentially reaching about 4.0x in 2026, outside the 2.5x-3.5x 'BB' IDR range. Previously, Fitch expected greater stabilization in 2025, with leverage peaking near 3.5x. The 'BB' IDR balances AMN's leading position in U.S. healthcare staffing, moderate leverage, strong FCF and deleveraging commitment with its cyclical, competitive business having limited diversification. Key Rating Drivers Healthcare Staffing Solutions Leader: AMN is one of the largest U.S. staffing providers of travel nurses, temporary nurses, locum tenens and allied healthcare staff. Despite recently ceding some share, AMN over the last decade has more than doubled both revenue from about $1.0 billion and EBITDA from under $100 million. While the Nurse & Allied Solutions (NAS) segment and Physician & Leadership Solutions (PLS) segment together generate the majority of EBITDA, the Technology & Workforce Solutions (TWS) segment isn't far behind given its much higher margins. Outlook Reflects Rebasing of Demand: AMN benefitted significantly when the pandemic disrupted the nursing labor market in 2021-2022, driving a surge in demand for temporary hospital nurse staffing. In 2023-2024, health systems improved full-time nurse hiring and retention materially, with some even insourcing temporary nurse staffing capabilities. Fitch believes this has driven a deeper reset in temporary staffing agency demand than many expected, with declines in billable hours and bill rates driving AMN's EBITDA down from its 2022 peak by 60% in 2024. With some health systems still reducing temporary staffing use and limited visibility on stabilization, Fitch now expects the NAS segment to remain pressured until stabilizing in late 2026 into early 2027, with modest EBITDA growth resuming in 2027 and improving further in 2028. Fitch expects locum tenens demand to recover sooner amid physician shortages, driving stabilization in the PLS segment in 2026 and low-to-mid single-digit EBITDA growth in 2027-2028. The high-margin, fee-based revenue from vendor management systems (VMS) declined along with NAS demand moderating in 2024, and Fitch expects the TWS segment to rebound with EBITDA growth in 2027 and 2028. Free Cash Flow Remains Solid: AMN's 'BB' IDR is supported by its history of positive FCF over the full economic cycle, with FCF rising from slightly positive levels a decade ago to $240 million in 2024. Fitch expects staffing companies with well-managed balance sheets can sustain positive FCF through the cycle by passing along costs and flexing labor expense amid cyclical challenges. While EBITDA may be pressured in the near term, Fitch thus still expects FCF to total $100 million to $160 million annually, averaging about 5% of revenue. Increase in Leverage Likely Limited: Fitch views AMN's commitment to sub-2.5x net leverage as a positive. After reducing EBITDA estimates to reflect a later rebound in demand, Fitch now sees EBITDA leverage rising from 3.1x at YE 2024, to 3.7x at YE 2025, 4.1x at YE 2026, then declining to nearly 3.5x by YE 2027 (about two years from now) and nearly 3.0x by YE 2028. This also reflects Fitch's belief that AMN, in the near term, will primarily use FCF to repay debt, without material debt-funded M&A or share purchases. It also reflects Fitch's view that the structural U.S. nursing shortage should support AMN's return to EBITDA growth by 2027. Parent and Subsidiary Share IDR: AMN, which provides consolidated financials for the company, and its subsidiary AMN Healthcare, the borrower under the revolving credit agreement and issuer of the bonds, have the same IDR. This is because the parent has no material assets or liabilities other than those of the subsidiary and there are no material impediments to AMN accessing the assets of the operating subsidiaries that generate all the group's revenue and EBITDA. Peer Analysis AMN's 'BB' IDR reflects its leading market position, business diversification, meaningful positive FCF and moderate EBITDA leverage. Relative to Team Health Holdings, Inc. (B-/Stable), which operates outsourced hospital physician staffing operations focused on ED medicine and anesthesiology, AMN has significantly lower leverage and significantly higher EBITDA margins, FCF margins, and interest coverage. Relative to other business services issuers rated by Fitch, AMN has a higher mix of transactional revenue, driving greater cyclicality at points in the economic cycle. While an industry reset from post-pandemic normalization of healthcare temporary staffing demand has driven operating declines at AMN since 2023, recent weakness in AMN's financial performance also reflects some erosion of market share, which Fitch is monitoring. Key Assumptions - Revenues decline at moderating rates through 1H 2026 due to normalization of post-pandemic healthcare staffing demand and competition, weighing on both bill rates and volumes, with stabilization in 2H 2026 and a return to low-to-mid single-digit growth thereafter; - EBITDA margins decline from 11.4% in 2024 to 8.5% in 2025 and 7.4% in 2026 due to declines in revenue, with a recovery in revenue driving an increase to 8.1% in 2027; - Capex declines from 2.7% of revenue in 2024 to 1.5%-1.7% thereafter; - Working capital, after billing delays from an ERP system conversion in 2023, is a source of cash adding about $45 million in 2025, about $20 million in 2026, and about $15 million in 2027; - EBITDA leverage increases from 3.1x at YE 2024 to 3.7x at YE 2025 and 4.1x at YE 2026, due to declining EBITDA, then declines to 3.6x by YE 2027 as EBITDA growth resumes, with FCF (totaling about $100 million-$160 million annually) cumulatively funding $120 million of debt reduction in 2026 and 2027; - M&A is paused through 2027, after which FCF is assumed to fund $200 million of acquisitions in 2028; - No share buybacks or dividends; other cash outflows limited to $5 million to $10 million annually in 2025 to 2027 on account of charges for restructuring, litigation and other matters. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation that EBITDA leverage is likely to be sustained above 3.5x; - Fitch's expectation that EBITDA margins are likely to be sustained below 9.0%; - Fitch's expectation that CFO-Capex / Debt is likely to be sustained below 7.0%; - Fundamental drivers suggesting sustained deterioration in competitive position, including staffing volumes, bill rates or margins. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation that EBITDA leverage is likely to be sustained below 2.5x; - Fitch's expectation that EBITDA margins are likely to be sustained above 12.0%; - Fitch's expectation that CFO-Capex / Debt is likely to be sustained above 8.0%; - Fundamental drivers suggesting sustained improvement in competitive position, including staffing volumes, bill rates or margins. Liquidity and Debt Structure At YE 2024, liquidity totaled $531 million, consisting of $11 million of unrestricted cash and $520 million available under AMN's $750 million revolver (net of $210 million drawn and $20 million of letters of credit). Including AMN's FCF, liquidity is sufficient to operate the business and repay all revolver debt. Fitch expects such debt reduction is likely, with AMN likely abstaining from share repurchases and material debt-funded M&A in the near term. The capital structure consists of the $750 million senior secured revolver due February 2028, $500 million of 4.625% senior unsecured notes due October 2027, and $350 million of 4.000% senior unsecured notes due April 2029. The proposed transactions include a credit agreement amendment that would reduce the size of the revolver from $750 million to $450 million and extend its maturity from 2028 to 2030. They also include $400 million of new senior unsecured notes due 2031, which along with $100 million of revolver borrowings, will refinance the $500 million of senior unsecured notes due 2027 (excludes $6 million of cash used for transaction costs). Issuer Profile AMN, a U.S.-based healthcare staffing and talent solutions provider, is among the largest providers of travel nursing and locum tenens services for hospitals and other healthcare facilities. It also offers staffing and technology-enabled solutions for the healthcare industry. 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 ----------- ------ -------- ----- AMN Healthcare Services, Inc. LT IDR BB Affirmed BB AMN Healthcare, Inc. LT IDR BB Affirmed BB senior unsecured LT BB New Rating RR4 senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB Affirmed RR4 BB AMPLIFYBIO LLC: Oct. 28 Disclosure & Plan Combined Hearing Set -------------------------------------------------------------- The Hon. Mina Nami Khorrami of the U.S. Bankruptcy Court for the Southern District of Ohio will hold a combine hearing on Oct. 28, 2025, at 10:00 a.m. (prevailing Eastern Time) to consider final approval of the adequacy of the disclosure statement for the Chapter 11 plan of liquidation of AmplifyBio LLC and ADOC SSF LLC, and the Official Committee of Unsecured Creditors, and confirm the Debtors and Committee's Chapter 11 plan of liquidation. Objections to the approval of the Debtors and Committees's disclosure statement and confirmation of their Chapter 11 plan, if any, must be filed no later than 5:00 p.m. (prevailing Eastern Time) on Oct. 21, 2025. The Debtors and the Committee are the proponents of the Plan within the meaning of section 1129 of the Bankruptcy Code. The Plan provides for the liquidation of the Debtors' remaining assets and distribution of the proceeds to Creditors. The Plan also contains, among other things, a discussion of the Debtors' history, businesses, properties, operations, the chapter 11 cases, risk factors, summary and analysis of the Plan, and certain other related matters. The Court approved the Debtors' disclosure statement on the initial basis on Sept. 15, 2025. Deadline to accept or reject the Debtors' Chapter 11 plan is Oct. 21, 2025, at 5:00 p.m. (prevailing Eastern Time). Summary of Classes and Projected Recoveries Estimated Estimated Cl. Interest Status Claims Recovery --- -------- ------ --------- --------- 1 Other Unimpaired $0 100% Secured 2 Priority Unimpaired $1,003,000 100% Non-Tax 3 Battelle Impaired $8,972,150 0% Claims 4 General Impaired $25,058,000 5.5% Unsecured 5 Intercompany Impaired $38,886,000 0% 6 Interest Impaired $106,901,000 0% For more information regarding the solicitation procedures, or to request a ballot or additional copies of the combined disclosure statement and plan or related materials, contact the claims and balloting agent by email at amplifybioinfo@epiq.com with "amplifybio" in the subject line or by telephone at (888) 893-5743 (US & Canada toll free) and (503) 660-4986 (international). The direct link to the Combined Disclosure Statement and Plan is https://tinyurl.com/5xv4ukjc About AmplifyBio LLC AmplifyBio LLC is a preclinical contract research and manufacturing organization based in Ohio that offers integrated services for therapeutic development, including R&D, preclinical testing, and scalable manufacturing for advanced therapies such as cell and gene therapies, mRNA, and non-viral gene editing platforms. Formed as a 2021 spinout from Battelle Memorial Institute, the Company has expanded through acquisitions and facility investments, including a 350,000-square-foot cGMP manufacturing site in New Albany. Its wholly owned subsidiary, ADOC SSF, LLC, is fully integrated into its operations and participates in scientific, operational, and financial activities. AmplifyBio LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 25 52140) on May 16, 2025. In its petition, AmplifyBio reports estimated assets between $100 million and $500 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Mina Nami Khorrami handles the case. Scott N. Opincar, Esq. and Maria G. Carr, Esq. at McDONALD HOPKINS LLC, is the Debtors' counsel. HUTCHISON PLLC is the Debtor's co-counsel. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Notice, Claims and Balloting Agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained White & Case LLP as its counsel, and Tucker Ellis LLP as its co-counsel. ANYWHERE REAL: Moody's Puts 'B3' CFR Under Review for Upgrade ------------------------------------------------------------- Moody's Ratings placed its ratings for Anywhere Real Estate Group LLC (Anywhere) under review for upgrade, including the B3 corporate family rating and B3-PD probability of default rating. Concurrently, Moody's placed all instrument ratings for Anywhere under review for upgrade, including the Ba3 senior secured first lien bank credit facility, B3 backed senior secured second lien notes, and Caa2 senior unsecured notes. The speculative grade liquidity rating remains unchanged at SGL-3. Previously, the outlook was stable. The rating action follows the announcement that the company's parent has entered into a definitive agreement to merge with a subsidiary of Compass Inc. (Compass). Anywhere shareholders will receive 1.436 Compass class A common stock, or roughly $1.6 billion. The transaction is expected to close in the second half of 2026 subject to the approval of Compass and Anywhere shareholders and regulators, along with customary closing conditions. As part of the financing, Compass has publicly stated its intention to assume $2.1 billion Anywhere's existing debt. Moody's reviews of the ratings will focus on the combined company's credit profile and pro forma capital structure upon closing of the transaction, including any anticipated parental support. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings were placed on review for upgrade based on potential ownership by Compass, which will result in a larger and more diverse business with access to greater financial resources. Moody's believes that Anywhere's operations will be complimentary to Compass' existing brokerage operations and adds diversity from its franchising opportunities and title operations. The combination will also benefit from operational efficiencies. Anywhere Real Estate Group LLC (formerly known as Realogy Group LLC) is an indirect subsidiary of publicly-traded Anywhere Real Estate Inc. (NYSE:HOUS, formerly known as Realogy Holdings Corp.) and is based in Madison, NJ. Anywhere provides franchise and brokerage operations as well as national title, settlement, and relocation services, and nationally scaled mortgage origination and underwriting joint ventures. The company operates in three segments: Franchise Group, Brokerage Group, and Title Group. The franchise brand portfolio includes Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby's International Realty®. Moody's expects revenue of $5.9 billion in 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. API GP VENTURE: Hires Pierson Ferdinand LLP as Bankruptcy Counsel ----------------------------------------------------------------- API GP Venture Partners, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Pierson Ferdinand LLP as their bankruptcy counsel. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors-in-possession in the continued management and operation of their business and properties; b. advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of the Debtors' creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e. preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. advising the Debtors in connection with a proposed sale of their assets; g. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; h. advising the Debtors regarding tax matters; i. advising the Debtors regarding insurance and regulatory matters; j. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and k. performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors; and (iii) advising the Debtors on corporate and litigation matters. Mette H. Kurth is the principal attorney presently designated to represent the Debtors. Ms. Kurth's hourly rate is $975. Tracey Morgan is the principal paralegal designated to assist Ms. Kurth with respect to these cases; her standard hourly rate is $270. The firm received a retainer in the amount of $235,000. Ms. Kurth assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Mette H. Kurth, Esq. PIERSON FERDINAND LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington, DE 19810 Telephone: (302) 907-9262 Email: mette.kurth@pierferd.com About API GP Venture Partners API GP Venture Partners, LLC and its affiliates own and operate student housing properties in Goleta, California, providing accommodations for about 70 students. The group is managed by IRC Ashland I LLC, which holds roughly 90% of the equity, while Ashland Pacific, LLC holds the remaining 10% as a non-managing member. Operations are governed by limited liability company agreements and a master property management agreement defining ownership, management, and operational structures. API GP Venture Partners and affiliates, Ashland Pacific Integrated UCSB Holdings I, LLC, API UCSB Holdings I, LLC and API 6590 Holdings, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11640) on September 4, 2025. The petitions were signed by J. Michael Issa as chief restructuring officer. At the time of the filing, API GP Venture Partners reported up to $50,000 in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors are represented by: Mette H. Kurth, Esq. Pierson Ferdinand, LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington, DE 19810 Tel: (310) 245-8784 mette.kurth@pierferd.com - and - Lynnette R. Warman, Esq. Pierson Ferdinand, LLP 1341 W. Mockingbird Lane, Suite 600W Dallas, TX 75247 Tel: (214) 872-6319 lynnette.warman@pierferd.com API GP VENTURE: Taps J. Michael Issa of GlassRatner as CRO ---------------------------------------------------------- API GP Venture Partners, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire GlassRatner Advisory & Capital Group, LLC to provide J. Michael Issa to serve as the chief restructuring officer as well as other personnel. GlassRatner will render these services: a. make all decisions, execute all documents, and take any and all actions necessary or appropriate for the operation, management, restructuring, reorganization, or liquidation of the Debtors and their assets, including daily operations and oversight of property management. b. act as the sole signatory on all Debtor bank accounts with exclusive authority to open, close, and control such accounts, and manage all cash, including collection, deposit, and disbursement of funds, rents, and tenant security deposits. c. access, secure, and control all books, records, electronic files, and financial systems of the Debtors; conduct or commission forensic investigations, audits, and reviews as needed with respect to the Debtors' assets, liabilities, and potential claims, including possible avoidance actions or turnover demands. d. appoint, employ, direct, or terminate all Debtor personnel, property managers, contractors, and vendors, and enter into, amend, terminate, assume, or reject contracts and management or affiliate agreements as necessary. e. communicate with and direct all tenants, vendors, lenders, creditors, and other stakeholders, including providing regular reporting and establishing communication protocols. f. establish a communication protocol with both of the Debtors' members to provide regular reporting regarding financial status, operations, and restructuring progress, as appropriate in the CRO's business judgment and considering the exigences of these Chapter 11 Cases. g. manage the bankruptcy process, including coordination with case professionals, preparation of all required bankruptcy filings and reports (including Statements of Financial Affairs, Schedules of Assets and Liabilities, Monthly Operating Reports), and providing testimony as needed. h. lead the preparation and review of financial projections, cash flow budgets, and financial reporting; implement cash conservation strategies; identify liquidity needs; negotiate the use of cash collateral; and solicit or negotiate financing. i. negotiate with creditors and other constituents concerning restructuring of debt, a plan of reorganization, or a plan of liquidation, and seek confirmation of a plan. j. provide such other similar services as may be requested by the Debtors and agreed to by GlassRatner, in keeping with its ethical responsibilities. The firm received a retainer in the amount of $150,000. Mr. Issa's current hourly rate is $750 and the standard hourly rate for the forensic analyst staff who will serve as additional personnel is $450. Mr. Issa, senior managing director of GlassRatner, assured the court that the firm is disinterested and does not represent or hold any interest adverse to the Debtors or to the estates. The firm can be reached through: J. Michael Issa GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory Services 19800 MacArthur Blvd., Suite 820 Irvine, CA 92612 Telephone: (949)407-6620 Email: missa@brileyfin.com About API GP Venture Partners API GP Venture Partners, LLC and its affiliates own and operate student housing properties in Goleta, California, providing accommodations for about 70 students. The group is managed by IRC Ashland I LLC, which holds roughly 90% of the equity, while Ashland Pacific, LLC holds the remaining 10% as a non-managing member. Operations are governed by limited liability company agreements and a master property management agreement defining ownership, management, and operational structures. API GP Venture Partners and affiliates, Ashland Pacific Integrated UCSB Holdings I, LLC, API UCSB Holdings I, LLC and API 6590 Holdings, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11640) on September 4, 2025. The petitions were signed by J. Michael Issa as chief restructuring officer. At the time of the filing, API GP Venture Partners reported up to $50,000 in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors are represented by: Mette H. Kurth, Esq. Pierson Ferdinand, LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington, DE 19810 Tel: (310) 245-8784 mette.kurth@pierferd.com -- and -- Lynnette R. Warman, Esq. Pierson Ferdinand, LLP 1341 W. Mockingbird Lane, Suite 600W Dallas, TX 75247 Tel: (214) 872-6319 lynnette.warman@pierferd.com API GP VENTURE: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of API GP Venture Partners, LLC. About API GP Venture Partners API GP Venture Partners, LLC and its affiliates own and operate student housing properties in Goleta, California, providing accommodations for about 70 students. The group is managed by IRC Ashland I LLC, which holds roughly 90% of the equity, while Ashland Pacific, LLC holds the remaining 10% as a non-managing member. Operations are governed by limited liability company agreements and a master property management agreement defining ownership, management, and operational structures. API GP Venture Partners and affiliates, Ashland Pacific Integrated UCSB Holdings I, LLC, API UCSB Holdings I, LLC and API 6590 Holdings, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11640) on September 4, 2025. The petitions were signed by J. Michael Issa as chief restructuring officer. At the time of the filing, API GP Venture Partners reported up to $50,000 in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors are represented by: Mette H. Kurth, Esq. Pierson Ferdinand, LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington, DE 19810 Tel: 310-245-8784 mette.kurth@pierferd.com -- and -- Lynnette R. Warman, Esq. Pierson Ferdinand, LLP 1341 W. Mockingbird Lane, Suite 600W Dallas, TX 75247 Tel: (214) 872-6319 lynnette.warman@pierferd.com API GROUP: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings affirmed APi Group DE, Inc.'s (APi) Ba2 corporate family rating, Ba2-PD probability of default rating, the Ba1 ratings on the senior secured first lien bank credit facilities and the B1 ratings on the senior unsecured notes. The SGL-1 Speculative Grade Liquidity Rating remains unchanged. The outlook remains stable. The affirmation and stable outlook reflect the company's strong performance and credit metrics as well as robust liquidity profile. Moody's expects the company to maintain its strong credit metrics while growing both organically and through acquisitions. RATINGS RATIONALE APi's Ba2 CFR reflects the company's market position as the largest provider by revenue of fire protection and sprinkler services with a broad customer base and a large market expansion opportunity in a highly fragmented market. APi's acquisition of Elevated Facility Services Group also made it one of the largest providers of elevator inspections, maintenance, repair and modernization services. The rating also benefits from the company's resilient profitability, positive free cash flow and very good liquidity. At the same time, the rating is constrained by the company's vulnerability to cyclical end markets and the competitive nature of the business in which it operates. APi partakes in debt-financed acquisitions but has a history of deleveraging through earnings growth and debt repayment. Moody's expects Moody's adjusted leverage will be around 3.25x by the end of 2025 with slight improvement in 2026. The stable outlook reflects Moody's expectations that APi will continue to grow revenue organically and through bolt-on acquisitions, while keeping stable credit metrics and generating strong free cash flow. APi's SGL-1 Speculative Grade Liquidity Rating reflects Moody's views that the company will generate substantial free cash flow and maintain significant revolver availability. The company's very good liquidity is supported by $432 million in cash as of June 30, 2025, nearly full availability under its $750 million revolving credit facility expiring on May 20, 2030, and Moody's assumptions for significant free cash flow generation in 2025 and 2026. The credit facility has a springing covenant of 1st lien secured debt-to-EBITDA, which gets triggered if over 30% of the revolver is drawn. The first lien net leverage covenant is 3.75x. Moody's expects the company to remain in compliance with its covenant. Substantially all assets are encumbered by the company's capital structure leaving minimal sources of alternate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require the company to maintain conservative financial policies, very good liquidity and strong free cash flow. An upgrade would also require debt to EBITDA below 3.0x, EBITA to interest expense above 6.0x and retained cash flow to net debt above 25%. The ratings could be downgraded if there is a contraction in operating performance or a deterioration in liquidity. The ratings could also be downgraded if debt to EBITDA is above 4.0x, EBITA to interest expense is below 4.5x or retained cash flow to net debt is below 15%. Headquartered in New Brighton, MN, APi Group Corporation is a publicly traded company on the NYSE with the ticker symbol APG. As measured by revenue, APi Group Corporation is the largest provider of fire protection and sprinkler services and a top five specialty contractor in North America with a broad customer base and a diversified revenue stream. The company generated about $7.4 billion in revenue for the last 12 months (LTM) period ending June 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ARP HOSPITALITY: Gets Final OK to Use Cash Collateral ----------------------------------------------------- ARP Hospitality Group, LLC received final approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The final order authorized the Debtor to use cash collateral for ordinary business expenses, including payroll, payroll taxes, insurance, and inventory purchases. As adequate protection for the Debtor's use of its cash collateral, Stabilis Lending, LLC will be granted a replacement lien on the Debtor's post-petition assets and the proceeds thereof, with the same priority and extent as its pre-bankruptcy lien. In case the replacement lien proves inadequate, the secured creditor will have a superpriority administrative expense claim, senior to any and claims against the Debtor. An event of default shall occur if: (i) the Debtor defaults under or rejects any Fairfield by Marriott Relicensing Franchise Agreement; (ii) breaches any franchise agreement with Marriott, including nonpayment; or (iii) defaults under any loan documents with the secured creditor, including, without limitation, a payment default. The Debtor operates a hotel managed by Priti Patel and is not in monetary default to Stabilis to which it owes approximately $7.35 million. The Debtor said that using the cash collateral is essential to preserve the value of its estate and Stabilis' collateral. Without such use, the Debtor would face immediate and irreparable harm. Stabilis is represented by: Scott M. Esterbrook, Esq. Reed Smith LLP Three Logan Square 1717 Arch Street Philadelphia, PA 19103 Telephone: (215) 851-8100 Facsimile: (215) 851-1420 Sesterbrook@reedsmith.com About ARP Hospitality Group LLC ARP Hospitality Group LLC, doing business as Fairfield by Marriott, operates a midscale hotel offering lodging, breakfast, and business services. The property is located in Paramus, New Jersey, and serves both business and leisure travelers. ARP Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17941) on July 29, 2025. In its petition, the Debtor reports total assets of $9,957,890 and total liabilities of $7,960,943. Judge John K. Sherwood oversees the case. The Debtor is represented by Michael S. Kopelman, Esq. at KOPELMAN & KOPELMAN, LLP. AT HOME: Closes Over 20 Stores, To Close More Stores in October --------------------------------------------------------------- Fernando Cervantes Jr. of USA TODAY reports that after filing for Chapter 11 bankruptcy in June 2025, the majority of At Home's previously announced store closures have been completed, while a handful of locations are set to be shuttered in the next month. The furniture and home decor retailer based in Coppell, Texas filed for Chapter 11 bankruptcy due to broader economic and retail-specific market pressures, according to court documents. As part of the bankruptcy process, the company tapped 31 stores to close. The majority of closures were scheduled to occur no later than Sept. 30, while three others are set to happen no later than October 25, 2025, based on court filings obtained by USA TODAY. But many of the doomed locations have already shuttered, the report states. The store closures come amid an uncertain economic outlook and problems for other big-box stores, including Big Lots, Joann Fabrics, Kohl's, JCPenney, Macy's and Party City. A look at the At Home locations that have shuttered and those scheduled to close next. * 6135 Junction Boulevard in Rego Park, New York * 300 Baychester Ave. in Bronx, New York * 750 Newhall Drive in San Jose, California * 2505 El Camino Real in Tustin, California * 14585 Biscayne Boulevard in North Miami, Florida * 2200 Harbor Boulevard in Costa Mesa, California * 3795 E. Foothills Boulevard in Pasadena, California * 1982 E. 20th St. in Chico, California * 2820 Highway 63 South in Rochester, Minnesota * 26532 Towne Center Drive, Suites A-B in Foothill Ranch, California * 1001 E. Sunset Drive in Bellingham, Washington * 8320 Delta Shores Circle South in Sacramento, California * 1361 NJ-35 in Middletown Township, New Jersey * 2900 N. Bellflower Boulevard in Long Beach, California * 720 Clairton Boulevard in Pittsburgh, Pennsylvania * 2530 Rudkin Road in Yakima, Washington * 571 Boston Turnpike in Shrewsbury, Massachusetts * 5203 W. War Memorial Drive in Peoria, Illinois * 8300 Sudley Road in Manassas, Virginia * 461 Route 10 East in Ledgewood, New Jersey * 905 S 24th St. West in Billings, Montana * 13180 S. Cicero Ave. in Crestwood, Illinois * 101 Randall Road in Lake in the Hills, Illinois Stores scheduled set to close not later than September 30, 2025 * 3271 Market Place Drive in Council Bluffs, Iowa * 3175 W 3rd Street in Bloomington, Indiana * 3100 Washtenaw Avenue in Ypsilanti, Michigan * 2341 Route-66 in Ocean Township, New Jersey * 190 South 500 West in West Bountiful, Utah Stores scheduled to close not later than October 25, 2025 * 5101 Fashion Drive in Nanuet, New York * 2100 S. Randall Road in Geneva, Illinois * 2201 Zeier Road in Madison, Wisconsin Stores closures which were canceled * 300 Providence Highway in Dedham, Massachusetts * 19460 Compass Creek Parkway in Leesburg, Virginia * 3201 N. Mayfair Road in Wauwatosa, Wisconsin * 301 Nassau Park Boulevard in Princeton, New Jersey The company representative offered no comment when reached on Thursday, September 25, 2025. About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. AUTO HOUSE: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the District of Kansas issued a supplemental final order authorizing Auto House, Inc. to use the cash collateral of U.S. Small Business Administration. The final order authorized the Debtor to use cash collateral and inventory in the ordinary course of business, subject to strict conditions, including adherence to a budget, restrictions on insider payments, and prohibitions on unauthorized pre-bankruptcy or professional fee payments. As protection for the Debtor's use of its cash collateral, SBA will be granted replacement security interests in and liens on all property acquired by the Debtor after the petition date that is similar to its pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 causes of action. As further protection, the Debtor will continue to maintain insurance on its property and pay $3,000 per month to SBA until further order of the court. The Debtor must also maintain insurance, stay current on taxes, and promptly notify SBA of any budget failures. A copy of the supplemental final order is available at https://is.gd/DnQoHJg from PacerMonitor. About Auto House Inc. Auto House, Inc. offers 24/7 towing and roadside assistance for all vehicle types across Central Kansas. It also provides heavy truck and off-road recovery, including semi-truck recovery and load management. Through its affiliate Kansas Environmental Cleanup, the company delivers certified HAZMAT cleanup and site remediation services throughout the state. Auto House sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20726) on May 31, 2025. In its petition, the Debtor reported total assets of $1,825,013 and total liabilities of $4,479,222. Judge Robert D. Berger handles the case. The Debtor is represented by: Colin N. Gotham, Esq. Evans & Mullinix, P.A. Tel: 913-962-8700 cgotham@emlawkc.com AVIENT CORP: Moody's Affirms 'Ba2' CFR, Outlook Stable ------------------------------------------------------ Moody's Ratings affirmed Avient Corporation's (Avient) Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating and Ba3 rating on senior unsecured notes. Moody's also upgraded the rating on the existing senior secured first lien term loan B to Baa3 from Ba1. The Speculative Grade Liquidity Rating (SGL) is maintained at SGL-1. The outlook is stable. The upgrade of the senior secured term loan rating reflects the completed and planned reduction of the outstanding amount, as well as a replacement of the ABL revolver, which was structurally ahead of the term loan, with a cash flow revolver, which is ranked pari passu with the term loan. The company repaid $50 million of the term loan to bring the principal to $670 million in the second quarter and plans to repay $100-$200 million of debt this year. RATINGS RATIONALE Avient Corporation's Ba2 rating incorporates the company's scale, geographic reach and exposure to diverse end markets. About half of its sales (51% in 2024) are generated from less economically sensitive markets such as packaging, healthcare and consumer goods and about 7% from defense, which is benefiting from increasing government spending. The credit profile reflects improving EBITDA margins (approximately 18.6% in the twelve months ended June 2025 on a Moody's adjusted basis, which includes interest income, and about 17% without) and specialty product offerings with sound growth prospects. The rating is further supported by the company's large cash balance, projected free cash flow generation and expectations of improving earnings in 2025 as the company focuses on organic revenue growth and margin expansion, while management has de-emphasized growth through acquisitions going forward. The company has tightened its 2025 EBITDA forecast, but still projects year-on-year 4-6% growth excluding foreign currency impact, as resilient demand in healthcare and defense end markets offsets consumer weakness. The company continues to focus on productivity improvements driven by sourcing, plant operations, cost control and footprint optimization. Moody's expects that slowing economic growth in 2026 may negatively impact the company's organic growth rates, offsetting some of the company's growth and productivity initiatives, but low capital intensity of the business should still support free cash flow generation. Avient's credit profile is constrained by exposure to the cyclical end markets such as industrial, building and construction and transportation (35%) and by the elevated gross debt leverage (approximately 3.6x in the twelve months ended June 2025 on a Moody's adjusted basis). Moody's expects Avient's credit metrics will be consistent with the rating over time. Risk factors include softening consumer demand due to slowing economic and uncertainty related to trade, ongoing challenges in the domestic housing market and foreign currency fluctuations, given that 59% of the company's sales were generated abroad. The company has an extensive production facility network (over 100 sites in 34 countries) and mostly produces and sells within the region where it operates, rendering is less exposed to tariffs. The stable outlook reflects Moody's expectations that the company will maintain its margin improvement. Moody's also expects Avient to continue generating solid free cash flow and maintain good liquidity, including balance sheet cash and revolving credit availability, to support operations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings with expectations for retained cash flow-to-net debt (RCF/Net Debt) sustained above 20% and adjusted financial leverage sustained below 3.0x. An upgrade would also require a commitment to more conservative financial policies. The ratings could be downgraded with expectations for retained cash flow-to-net debt (RCF/Net Debt) sustained below 10%, adjusted financial leverage sustained above 4.0x, or available liquidity below $500 million. Additionally, Moody's could downgrade the ratings if there is a significant debt-funded acquisition or failure to obtain the targeted cost synergies. Liquidity analysis Avient's SGL-1 rating reflects expectations that the company will maintain very strong liquidity over the next 12 months. Moody's expects the company will be able to meet operational needs and estimated capital expenditures of approximately $110 million with internally generated funds. Avient had cash on hand of $475 million at the end of June 2025. The company has an undrawn $500 million revolving credit facility, which can be increased by $250 million. The revolver matures on June 12, 2030 or May 01, 2030 if $725 million of notes that mature on August 01, 2030 are still outstanding. The term loan matures before the revolver in August 2029. If there are borrowings on the revolver the company has to meet a senior secured net leverage of 3.0x, which could be increased to 3.5x following an acquisition. The company has significant headroom under the covenant and Moody's do not expect it to rely on the revolver. Avient Corporation, headquartered in Avon Lake, Ohio, is a formulator of specialized and sustainable material solutions. Avient develops and manufactures performance enhancing additives and advanced composites as well as liquid, fluoropolymer, and silicone colorants. The company operates in two business segments: 1) Color Additives & Inks and 2) Specialty Engineered Materials. Avient reported revenue of approximately $3.2 billion for the last twelve months ended June, 2025. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BEAUTIFUL CITY: Hires Goldenberg Heller as Bankruptcy Counsel ------------------------------------------------------------- Beautiful City, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to hire Goldenberg Heller & Antognoli, P.C. as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to matters in litigation affecting Debtor's continued operation of its business and property as Debtor-in-Possession; (b) assist the Debtor in formulation and presentation to creditors and parties in interest of Chapter 11 Plan; (c) assist the Debtor in implementation of a Chapter 11 Plan; (d) represent the Debtor in connection with actions under Chapter 5 of the Bankruptcy Code; (e) object to claims, when appropriate; (f) provide such other and further services as are necessary, including, without limitation, the defense of contested matters. Wolfram Capital Partners, a nondebtor, paid a general retainer of $39,978.33. As disclosed in the court filings, Goldenberg Heller & Antognoli has not represented any adverse party, and has no conflict of interest arising from their representation of Debtor and Debtor-in-Possession in these proceedings. The firm can be reached through: Steven M. Wallace, Esq. GOLDENBERG HELLER & ANTOGNOLI, P.C. 2227 S. State Route 157 Edwardsville, IL 62025 Tel: (618) 656-5150 Fax: (618) 656-6230 Email: steven@ghalaw.com About Beautiful City LLC Beautiful City LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60078) on May 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtors are represented by Steven M. Wallace, Esq. at GOLDBERG HELLER & ANTOGNOLI, P.C. BIO GYMNASTICS: Court Extends Cash Collateral Access ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, issued a fourth interim order authorizing BIO Gymnastics and Athletics Unlimited, LLC to continue using cash collateral. The fourth interim order authorized the Debtor to use cash collateral based on the budget filed with the court to fund operations from September 11 to November 11. The interim order granted Tandem Bank and merchant cash advance lenders valid and properly perfected liens on all property acquired by the Debtor after the petition date similar to their pre-bankruptcy collateral. These liens do not apply to any Chapter 5 avoidance actions. As additional protection, the Debtor was ordered to pay $6,500 to Tandem Bank this month and on October 18; and $3,894 to SBA on October 5 and November 5. The next hearing is scheduled for November 6. Tandem Bank asserts a first priority lien and interest in the Debtor's assets based on the loan it provided to the Debtor in the principal amount of $730,000. Meanwhile, the Debtor owed $410,960 to the MCA lenders as of the petition date. Tandem Bank is represented by: Leslie M. Pineyro, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 (404) 564-9300 lpineyro@joneswalden.com About BIO Gymnastics and Athletics Unlimited BIO Gymnastics and Athletics Unlimited, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20676) on May 14, 2025. Judge James R. Sacca presides over the case. Antoinette C. Martin, Esq., at ACM Law Group, P.C., represents the Debtor as legal counsel. BKV CORP: Fitch Assigns 'B' LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has assigned BKV Corporation and BKV Upstream Midstream, LLC (together BKV) a first-time Long-Term Issuer Default Rating (IDR) of 'B'. The Rating Outlook on the IDRs are Stable. Fitch has also assigned a 'B' rating with a Recovery Rating of 'RR4' to the proposed senior unsecured notes issued by LLC. BKV's ratings reflect its strong business profile, driven by the accretive Bedrock acquisition that expands gas‑weighted acreage and reinforces its leading position in the Barnett Shale. The ratings also consider BKV's low‑decline asset base, improved financial profile following the proposed senior unsecured notes issuance, good liquidity, multi-year hedging program, and Fitch's expectation of positive FCF and sub-2.0x leverage over the rating horizon. Key constraints include weaker cash netbacks relative to peers and execution risk in an M&A‑led growth strategy. Key Rating Drivers Favorable Note Issuance: Fitch expects BKV's proposed senior unsecured notes to strengthen the company's business and financial profile. Proceeds will partially fund the USD370 million Bedrock acquisition and repay borrowings under the RCF. The acquisition expands BKV's gas‑weighted acreage and reinforces the company's leadership position in the Barnett. On a pro forma basis, Fitch forecasts production of about 950 million cubic feet equivalent of natural gas per day (mmcfe/d) in 2026, and expects the transaction to be accretive to credit metrics. Sub-2.0x Midcycle Leverage: Fitch projects EBITDA leverage of about 1.5x in 2025, rising to around 1.9x over the rating horizon under the agency's midcycle price assumptions. The proposed senior unsecured notes also extend the company's maturity profile to 2030, providing runway to generate FCF, reduce debt, or pursue M&A. Low Decline Assets: BKV's gas‑weighted portfolio has low base declines, allowing production to be sustained with modest maintenance capex, which supports the company through the cycle. Management estimates annual base declines of about 8% over the next 10 years, reflecting a mature, developed asset base. The decline profile provides flexibility to scale back activity and let volumes modestly drift during periods of price volatility, with limited effects on long‑term recoveries. Lower maintenance capex requirements support cash flow durability and help offset higher operating costs, which result in BKV's half‑cycle cash netbacks being at the low end compared to gas‑focused peers. Multi-Year Hedge Program: BKV's three‑year rolling hedging program supports liquidity and cash flow visibility, and Fitch expects the company to maintain this approach. The company's reserve-based lending credit facility (RBL) requires hedging of at least 50% of next‑12‑month proved developed producing (PDP) volumes. Management targets longer‑dated coverage of 50%-60%, which Fitch views favorably. Approximately 60% of total volumes are hedged through YE 2026, declining toward 45% in 2027. While the hedge book underpins near‑term cash flow, weaker realized netbacks could weigh on FCF in a prolonged period of low natural gas prices if adequate hedge levels and pricing are not maintained. Evolving Production Profile, FCF Prioritized: Under Fitch's base‑case price deck, the agency expects modest, single‑digit production declines at the midcycle natural gas price of USD2.75/mcf. However, Fitch expects BKV could grow organically while generating FCF if current strip prices are maintained. Management targets an upstream reinvestment rate of about 30% and caps total capex at about 50% to preserve FCF. With no shareholder distribution policy, excess FCF is expected to fund bolt‑on M&A and debt reduction. Growth Through Acquisition: BKV has scaled to about 950 (mmcfe/d), primarily through PDP‑heavy acquisitions, targeting mature, low decline assets in the Barnett. About 85% of total production volumes are from the Barnett, where BKV is the largest operator; the remaining 15% comes from the Marcellus in northeast Pennsylvania. Fitch expects M&A to remain central to growth, while a single‑rig drilling program and an active re‑frac program of two to three wells per month apply newer completion designs to legacy wells to supplement organic growth. Peer Analysis BKV is projected to produce about 950mmcfe/d in 2026, which is similar to Gulfport Energy Corporation (B+/Stable) at about 1,006mmcfe/d, but smaller than Ascent Resources Utica Holdings, LLC (BB-/Positive) at about 2,034mmcfe/d. BKV's unhedged cash netbacks are modestly below those of its peers, reflecting higher production expenses and a lower liquids mix. BKV benefits from a low base decline, unlike its peers, which reduces drilling and completion capex needed to hold production flat through cycles. Fitch projects BKV's leverage at 1.0x-2.0x over the forecast horizon, broadly in line with its gas‑weighted peers. Key Assumptions - West Texas Intermediate (WTI) oil prices per barrel of $65 in 2025, $60 in 2026 and 2027, $57 thereafter; - Henry ub Natural Gas prices of $3.40/mcf in 2025, $3.50/mcf in 2026, $3.00/mcf in 2027, and $2.75/mcf thereafter; - Acquisition-related production growth in 2026, followed by modest declines at mid-cycle prices; - Unsecured bond issuance of $500 million used to repay RBL borrowings and fund the Bedrock acquisition; - Acquisition is completed in late 3Q25; - No dividend distributions during forecast. Recovery Analysis Key Recovery Ratings Assumptions - The recovery analysis assumes that BKV would be reorganized as a going-concern in bankruptcy rather than liquidated. - Fitch has assumed a 10% administrative claim and 70% draw on the planned upsizing of the Reserve-based revolver ($800 million). Going-Concern (GC) Approach BKV's GC EBITDA assumption reflects a stress price deck assumption of Henry Hub natural gas at $3.00/mcf in 2025, $2.50/mcf in 2026 and $2.25/mcf thereafter. Price assumptions reflect the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. In addition, Fitch made assumptions for lower costs, reduced capital spending and lower production estimates during a weak price environment. Having applied an enterprise valuation multiple of 3.25x EBITDA, the GC EBITDA estimate of $245 million reflects Fitch´s view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. The choice of this multiple considers historical bankruptcy case study exit multiples for peer companies ranging from 2.8x to 7.0x, with an average of 5.2x and a median of 5.4x. It also considers BKV's recent acquisition multiples in the 3.0x to 4.5x range and the mature, low decline nature of the company's assets. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch considers valuations, such as SEC PV-10, or present value of estimated future oil and gas revenue, net of estimated direct expenses discounted at an annual discount rate of 10%, and M&A transactions for each basin including multiples for production per flowing barrel, proved reserves (1P) valuation, value per acre, and value per drilling location. The allocation of value in the liability waterfall results in recoveries corresponding to 'RR1' for the senior secured RBL and 'RR4' for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Inability to complete the proposed note issuance as contemplated; - Inability to generate FCF due to a reduction in production or increase in capex; - A material reduction in liquidity through excessive borrowing or a reduction in the borrowing base; - Deviation from the company´s stated conservative financial policy, including funding of acquisitions and dividend payments; - Mid-cycle EBITDA Leverage sustained above 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Sustained EBITDA at or above $500 million while maintaining positive FCF; - Improvement in netbacks to median peer levels; - Demonstrated commitment to stated conservative financial policy, including hedging program; - Mid-cycle EBITDA leverage sustained below 2.0x. Liquidity and Debt Structure Following the proposed note issuance and repayment of the RBL, BKV will have good liquidity going forward with full availability on its upsized $800 million RBL facility. Fitch does not expect any material draw on the RBL going forward given the neutral to positive FCF profile. The liquidity profile is further supported by the company's three-year hedging program, which Fitch expects the company will maintain going forward. Issuer Profile BKV Corporation is a gas-focused energy exploration and production company with gas-focused assets located primarily in the Barnett and also in Northeast Pennsylvania. Date of Relevant Committee 03-Sep-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- BKV Corporation LT IDR B New Rating BKV Upstream Midstream, LLC LT IDR B New Rating senior unsecured LT B New Rating RR4 BLUEWORKS CORP: Trustee Retains Rayburn Cooper as Counsel --------------------------------------------------------- Michael T. Bowers, the Chapter 11 trustee for Blueworks Corporation, seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to retain Rayburn Cooper & Durham, P.A. as special purpose counsel in the bankruptcy case. RCD will provide these services: (a) file monthly operating reports on behalf of the Trustee; (b) prepare and submit quarterly fee statements; and (c) provide other limited transitional legal services to assist the Trustee. RCD will bill at hourly rates ranging from $375 to $795 for partners, $315 to $335 for associates, $195 to $240 for paraprofessionals, and $250 for summer law clerks. According to court filings, Rayburn Cooper & Durham, P.A. does not hold or represent any interest adverse to the Trustee or the bankruptcy estate and is considered a "disinterested person" as defined under Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew L. Tomsic, Esq. RAYBURN COOPER & DURHAM, P.A. 1200 Carillon, 227 West Trade Street Charlotte, NC 28202 Telephone: (704) 334-0891 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. BOWERS TRUCKING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Bowers Trucking, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral to fund operations. The court's interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration through the final hearing, which is scheduled for October 23. Cash collateral must be used strictly in line with the Debtor's budget, subject to a 10% variance per line item. As adequate protection, SBA will be granted replacement liens co-extensive with its pre-bankruptcy liens on the Debtor's post-petition cash, receivables, and deposit accounts. The replacement liens do not apply to any Chapter 5 avoidance actions. In addition, the Debtor was ordered to keep SBA's collateral insured as further protection. The interim order also directed the Debtor to segregate its funds and maintain a debtor-in-possession (DIP) account at BancFirst, requiring all operating revenues and pre-bankruptcy funds to be deposited there. The Debtor's authority to use cash collateral expires on October 23, or earlier if a default occurs or a subsequent court order terminates it. The deadline for filing objections is on October 20. Bowers Trucking is a commercial transportation company operating in 48 U.S. states and Canada with approximately 25 employees and 25 tractor-trailers, and projected 2025 revenues of $9 million. SBA holds a $650,000 secured claim on the Debtor's accounts receivable and cash collections. Additionally, several merchant cash advance lenders including APP Funding Beta, Bitty Advance 2, Fiji Funding, LCF Funding, Lendwise Capital, and Mint Funding—may claim an interest in these assets, though the Debtor contends their claims are either invalid or subordinate to SBA's. About Bowers Trucking Inc. Bowers Trucking, Inc. is a commercial transportation company operating in 48 U.S. states and Canada. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12884) on September 18, 2025. In the petition signed by Garrett Bowers, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Stephen J. Moriarty, Esq., at Stephen J. Moriarty 6410 Fellers, Snider et al, represents the Debtor as legal counsel. BOWERS TRUCKING: Hires Fellers Snider as Legal Counsel ------------------------------------------------------ Bowers Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Stephen J. Moriarty of Fellers Snider Blankenship Bailey & Tippens, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as debtor in the continuing operation of its business and management of its property; (b) prepare on behalf of the Debtor all necessary applications, answers, orders, pleadings, reports, and other legal papers; and (c) perform all other legal services for the Debtor which may be necessary herein. Mr. Moriarty will receive an hourly rate of $575. Fellers Snider is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stephen J. Moriarty, Esq. FELLERS, SNIDER, BLANKENSHIP, BAILEY & TIPPENS, P.C. 100 N. Broadway, Suite 1700 Oklahoma City, OK 73102 Telephone: (405) 232-0621 Facsimile: (405) 232-9659 E-mail: smoriarty@fellerssnider.com About Bowers Trucking Inc. Bowers Trucking Inc., d/b/a Bowers Trucking & Logistics, headquartered in Ponca City, Oklahoma, provides transportation services across ground, ocean, and air throughout the US, Canada, and Mexico, including import and export container shipments to China and Japan. Founded in the early 1960s by Glen C. Bowers to support his sawmill operations in Fairfax, Oklahoma, the Company has expanded under subsequent generations to serve large and small businesses with flatbed freight, commodities, and time-sensitive shipments. Bowers Trucking focuses on operational standards, safety, and communication. Bowers Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12884) on September 18 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Stephen J. Moriarty, Esq. at FELLERS, SNIDER ET AL. BOXLIGHT CORP: Sells Stock for $4M to Pay Debt, Working Capital --------------------------------------------------------------- Boxlight Corp. announced the closing of a $4 million direct stock sale on Sept. 24, with proceeds earmarked for working capital and debt reduction. The Company sold 1,333,333 shares of its Class A common stock at $3 each in a registered direct offering under Nasdaq rules. A.G.P./Alliance Global Partners acted as placement agent, and the transaction generated about $4 million in gross proceeds before fees and expenses. Boxlight, incorporated in Nevada, entered into the agreements on Sept. 23 with institutional investors and the placement agent. Boxlight paid A.G.P./Alliance a 7% cash fee, along with reimbursement of expenses and legal costs under the placement agency agreement. About Boxlight Boxlight Corp. (Nasdaq: BOXL) provides interactive technology solutions for education and business markets through its Clevertouch, FrontRow, and Mimio brands. The Company offers interactive displays, collaboration software, audio systems, accessories, and related professional services. It sells and supports its products globally. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" opinion citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight had $99.20 million in total assets, $91.32 million in total liabilities, $28.51 million in total mezzanine equity, and a total stockholders' deficit of $20.63 million. On Aug. 13, 2025, Boxlight Corporation entered into a forbearance agreement and ninth amendment to its Credit Agreement to waive certain defaults, increase its Sept. 30, 2025, principal payment from $0.7 million to $1.0 million, and change interest payments from quarterly to monthly beginning in August 2025. BROADWAY REALTY: Committee Taps Eastdil Secured LLC as Advisor -------------------------------------------------------------- Broadway Realty I Co., LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Eastdil Secured L.L.C. to serve as exclusive real estate advisor in its Chapter 11 case. Eastdil will provide these services: (a) advise the Debtors on any questions or issues regarding the sales and marketing process; (b) engage with potential third party bidders as a Transaction is negotiated and ultimately executed; (c) advise the Debtors on strategies for negotiating with potential bidders; (d) participate in meetings or negotiations with the Debtors and potential bidders and other stakeholders in connection with a potential Transaction; (e) advise and assist the Debtors in evaluating and comparing potential bids; (f) provide testimony, as necessary, with respect to matters on which Eastdil has been engaged to advise hereunder in any proceeding before the Court; and (g) provide other services Eastdil and the Debtors agree are necessary or beneficial to the sale and marketing process as provided under the Engagement Letter. Eastdil will receive compensation equal to 0.75% of aggregate gross proceeds committed, with no Transaction Fee to be less than $500,000. Eastdil Secured L.L.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: Eastdil Secured L.L.C. 40 W 57th St., Fl 23 New York, NY 10019 Telephone: (212) 315-7200 About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. Flagstar Bank, N.A., as creditor, is represented by: Harvey A. Strickon, Esq. Brett Lawrence, Esq. Justin Rawlins, Esq. Nicholas A. Bassett, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 Emails: harveystrickon@paulhastings.com brettlawrence@paulhastings.com justinrawlins@paulhastings.com nicholasbassett@paulhastings.com BROOKFIELD PROPERTIES: Showcase Cinema Seeks New Operator --------------------------------------------------------- Alexa Gagosz of The Boston Globe reports that Showcase Cinemas at Providence Place Mall could soon close, as mall officials move forward with plans to replace the current theater operator. National Amusements, which runs the Showcase location, has a lease that expires on January 31, 2026 and has chosen not to renew. Mark Russo, the attorney appointed by the court to oversee the mall's receivership, has petitioned the court for approval to end the lease early and begin searching for a new operator. A hearing on his request is scheduled for October 3, 2025 in Providence County Superior Court, the report states. The receivership follows Brookfield Properties and a subsidiary's default on nearly $260 million in loans tied to Providence Place. Since then, the mall has been under court supervision, with efforts focused on financial recovery, improved management, and strategies to attract buyers or a long-term operating plan. About Brookfield Properties Brookfield Properties --https://www.brookfieldproperties.com/en.html -- is a multifamily services company, providing asset and property management across the North America. BUCA DI BEPPO: Unite Here, et al. Case Dismissed After Settlement ----------------------------------------------------------------- Judge Richard F. Boulware II of the United States District Court for the District of Nevada dismissed with prejudice all claims asserted by plaintiffs in the case captioned as BOARD OF TRUSTEES OF UNITE HERE HEALTH; BOARD OF TRUSTEES OF SOUTHERN NEVADA CULINARY AND BARTENDERS PENSION TRUST; BOARD OF TRUSTEES OF SOUTHERN NEVADA JOINT MANAGEMENT AND CULINARY AND BARTENDERS TRAINING FUND; BOARD OF TRUSTEES OF CULINARY AND BARTENDERS HOUSING PARTNERSHIP; BOARD OF TRUSTEES OF CULINARY AND BARTENDERS LEGAL SERVICE FUND, Plaintiffs, vs. BUCA (EX), LLC, a Florida limited-liability company dba Buca di Beppo; NEW CASTLE, LLC, a Nevada limited-liability company fka New Castle Corp. dba Excalibur Hotel & Casino; JOHN DOES I-XX, inclusive; and ROE ENTITIES I-XX, inclusive, Defendants, Case No. 2:23-cv-01016-RFB-NJK (D. Nev.). The Parties entered into a Settlement Agreement and Mutual Release, Stipulation and Consent for Entry of Judgment by Confession, Judgment by Confession and Corporate Guaranty, which require, inter alia, that Buca remit periodic payments to pay Plaintiffs' claims, including a final payment due by June 10, 2024, that Buca remain current on its monthly reporting and payment obligations to Plaintiffs going forward, and that Buca submit monthly unaudited financial statements to Plaintiffs for the months of December 2023 through December 2024. The Plaintiffs, Buca and New Castle filed a Status Report and Stipulation and Order to Extend Stay Pending Completion of Settlement Obligations. The Plaintiffs, Buca and New Castle filed a Joint Status Report on July 26, 2024. On Aug. 5, 2025, Defendant Buca filed a Voluntary Petition for Relief under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, Case No. 24-80066-SGJ-11, which is being Jointly Administrated as Case No. 24-80058-SGJ-11. Plaintiffs informed this Court of the Bankruptcy Petition through that certain Suggest of Bankruptcy filed on Sept. 25, 2024, which Bankruptcy Case is ongoing. Plaintiffs' claims against New Castle have been resolved. Therefore, all claims asserted by Plaintiffs in this case against New Castle are dismissed with prejudice, each party to bear its own attorney's fees and costs. A copy of the Court's Stipulation and Order dated September 16, 2025, is available at https://urlcurt.com/u?l=CLHMdN from PacerMonitor.com. Attorneys for Plaintiffs, Board of Trustees of UNITE HERE Health, et al.: Kevin B. Christensen, Esq. Wesley J. Smith, Esq. Kevin B. Archibald, Esq. CHRISTENSEN JAMES & MARTIN, CHTD. 7440 W. Sahara Avenue Las Vegas, NV 89117 Telephone: (702) 255-1718 Facsimile: (702) 255-0871 E-mail: kbc@cjmlv.com wes@cjmlv.com kba@cjmlv.com About Buca di Beppo Founded in Minneapolis in 1993, Buca di Beppo restaurants embody the Italian traditions of food, friendship, fun, celebration, and hospitality. Dishes enjoyed for generations in villages throughout Italy inspire the menu, which features both Northern and Southern Italian favorites and delicious cocktails inspired by the region. While the food has pleased millions of palates from coast-to-coast, Buca di Beppo is equally famous for its quirky decor and upbeat atmosphere. For more information, visit bucadibeppo.com and follow along on Facebook, Instagram, TikTok or Twitter @bucadibeppo. Buca di Beppo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80058) on August 5, 2024. In the petition filed by William Snyder, as chief restructuring officer, the Debtor estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Amber Michelle Carson, Esq., at Gray Reed & McGraw LLP. On Nov. 4, 2024, the Court entered an order approving the sale of substantially all of the Debtors' assets free and clear of liens and liabilities to BDB Intermediate, LLC, as purchaser. The Sellers and the Purchaser closed the sale contemplated by the APA on the same day. Bloomberg Law reported that a unit of Main Street Capital Corp. acquired the restaurant chain by forgiving $27 million in secured loans it issued. On Feb. 5, 2025, the Court entered an order granting the motion to convert the case from chapter 11 to 7. BUFNY II ASSOCIATES: 7 NY Properties Up for Sale on October 2 ------------------------------------------------------------- Ian V. Lagowitz, Esq., ("Sale Referee") will sell at public auction outside of the entrances, which faces Worth Street, of the United States Courthouse located 500 Pearl Street, New York, New York 10007, on Oct. 29, 2025, at 11:30 a.m. (prevailing Eastern Time) the property owned by BUFNY II Associates LP et. al, consist of seven parcels commonly known as (i) 531 Lenox Avenue, New York, New York, (ii) 163 West 136th Street, New York, New York, (iii) 102 West 137th Street, New York, New York, (iv) 106 West 137th Street, New York New York, (v) 110 West 137th Street, New York, New York, (vi) 124 West 137th Street, New York, New York, and (7) 176 West 137th Street, New York, New York ("premises"). All interested bidder must appear at the aforementioned location, date, and time with certified funds made payable to the undersigned sale referee as follows, "Ian V. Lagowitz, as sale Referee". 10% of the successful bid is due at the time of the auction. The undersigned sale referee may allow any other manner of funds in his absolute discretion. The approximate amount of judgment is $1,243,021.61. Federal National Mortgage Association, plaintiff, retained Dean L. Chapman Jr., Esq., of Akin Gump Strauss Hauer & Field LLP, as its attorney. BYJU'S ALPHA: Oct. 29 Disclosure & Plan Combined Hearing Set ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware will hold a combined hearing on Oct. 29, 2025, at 11:00 a.m. (prevailing Eastern Time) before the Hon. Brendan L. Shannon, 824 North Market Street, Wilmington, Delaware 19801, to approve on a final basis the adequacy of the disclosure statement for the Chapter 11 plan of Byju's Alpha Inc., and confirm the Debtor's Chapter 11 plan. The deadline to accept or reject the Debtor's Chapter 11 plan is Oct. 19. 2025, at 4:00 p.m. (prevailing Eastern Time). The Debtor noted that only holders of claim in class 3 prepetition term loan claims are entitle to vote. Objections to the approval of the Debtor's disclosure statement and confirmation of its Chapter 11 plan, if any, must be filed no later than 4:00 p.m. (prevailing Eastern Time) on Oct. 22, 2025. The Court approved the Debtor's Disclosure Statement explaining its Chapter 11 plan on the interim basis. Copies of the interim approval and procedures order, and combined plan and disclosure statement can be obtained free of charge upon request to the Debtor: (i) via email at bwalters@ycst.comcom or (ii) via telephone at 302-576-7791 (toll-free in the U.S. and Canada. The plan supplement will be filed no later than Oct. 12, 2025, and will be available upon request to the Debtor: (i) via email at bwalters@ycst.com or (ii) via telephone at 302-576-7791 (toll-free in the U.S. and Canada. According to the Troubled Company Reporter on Sept. 26, 2025, BYJU's Alpha, Inc., submitted an Amended Combined Disclosure Statement and Chapter 11 Plan dated Sept. 16, 2025. The Plan provides for the liquidation and Distribution of the proceeds of the Debtor's remaining assets. Accordingly, the Debtor believes all Chapter 11 plan obligations will be satisfied without the need for further reorganization of the Debtor. The Retained Causes of Action are expected to comprise substantially all of the remaining assets of the Debtor's Estate. The Plan provides for the vesting of the Retained Causes of Action in the Wind-Down Debtor so that the Plan Administrator can pursue and liquidate the Retained Causes of Action for the benefit of Holders of Allowed Claims entitled to the Distributable Proceeds. The Debtor believes that any recoveries from the Retained Causes of Action are speculative and understands that substantial new money funding will be required to pursue, reduce to judgment, and recover proceeds on account of the Retained Causes of Action. It is anticipated that any such recoveries will not be sufficient to satisfy the Allowed Class 3 Claims in full. Based on its investigation, the Debtor believes that the only other material asset of the Debtor is its 50% ownership stake in GeoGebra, which the Debtor believes to be de minimis in relation to the quantum of Allowed Class 3 Claims. Additionally, GeoGebra is 50% owned by T&L, which is subject to an insolvency proceeding in India. The Debtor therefore believes that a chapter 7 trustee would encounter substantial delay and difficulties in attempting to liquidate GeoGebra at this time and would likely incur costs that outweigh any benefit to the Estate. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 4 consists of all General Unsecured Claims. On the Effective Date, all Allowed General Unsecured Claims shall not receive any Distribution on account of such Claims. Class 4 is Impaired under the Plan. Holders of Allowed General Unsecured Claims are deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code. Therefore, such Holders are not entitled to vote to accept or reject the Plan. This Class will receive a distribution of 0% of their allowed claims. * Class 7 consists of all Interests. On the Effective Date, all Interests (including Intercompany Interests) shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. For the avoidance of doubt, the treatment of Class 7 Interests under the Plan pertains only to any Interest in the Debtor and shall in no way release, alter, impair, or otherwise impact the vesting of all Retained Assets in the WindDown Debtor, which shall be entitled to retain ownership of, dispose of, or otherwise monetize such Retained Assets, including any Interest that the Debtor has in any non-Debtor, as set forth elsewhere herein and in the Plan Administrator Agreement. The Wind-Down Debtor shall be established, formed, and merged on the Effective Date. The Wind-Down Debtor shall be the successor in interest to the Debtor, and the Wind-Down Debtor shall be the successor to the Debtor and its Estate's right, title, and interest to the WindDown Debtor Assets. The Wind-Down Debtor will conduct no business operations and will be charged with winding down the Debtor's Estate. The Wind-Down Debtor shall be managed by the Plan Administrator and shall be subject to the oversight of the Wind-Down Debtor Oversight Committee. Prior to the Effective Date, any and all of the Debtor's assets shall remain assets of the Estate pursuant to section 1123(b)(3)(B) of the Bankruptcy Code and on the Effective Date the Wind-Down Debtor Assets shall irrevocably vest in the Wind-Down Debtor. For the avoidance of doubt, to the extent not otherwise waived in writing, released, settled, compromised, assigned or sold pursuant to a prior Final Order of the Bankruptcy Court or the Plan, the Wind-Down Debtor specifically retains and reserves the right to assert, after the Effective Date, any and all of the Retained Causes of Action and related rights, whether or not asserted as of the Effective Date (and whether or not listed on the Schedule of Retained Causes of Action), and all proceeds of the foregoing, subject to the terms of the Plan. On or after the Confirmation Date, the Plan Administrator shall be authorized to (i) enter into a financing facility comprised of (a) the New Money Wind-Down Financing Facility, (b) the Wind-Down Financing Facility Roll-Over Term Loans, and (c) the Indemnity Facility (collectively, the "Wind-Down Financing Facility"), and (ii) enter into the documents memorializing the terms of the Wind Down Financing Facility (the "Definitive Documentation"), which shall be Filed with the Plan Supplement. A full-text copy of the Amended Combined Disclosure Statement and Plan dated September 16, 2025 is available at https://urlcurt.com/u?l=W54Xmo from PacerMonitor.com at no charge. About BYJU's Alpha BYJU's Alpha, Inc., designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP, and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CALIFORNIA RESOURCES: Moody's Rates New Sr. Unsecured Notes 'B1' ---------------------------------------------------------------- Moody's Ratings assigned a B1 rating to California Resources Corporation's (CRC) proposed new senior unsecured notes. The rating outlook is stable. CRC's existing ratings, including its Ba3 Corporation Family Rating, are unchanged. "CRC will use the proceeds to refinance the secured term loan that it will assume following the acquisition of Berry Corporation in the first quarter of 2026," said Thomas Le Guay, a Moody's Ratings Vice President, "If the acquisition is not completed on or prior to September 14, 2026 or, if prior to that date, CRC has determined that it will not be able to close the acquisition, CRC will be required to redeem the notes, plus accrued and unpaid interest from the date of issuance." RATINGS RATIONALE The proposed senior unsecured notes are rated B1, one notch below the Ba3 CFR and the same level CRC's existing senior unsecured notes, 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. 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 an 80% reduction in scope 1 and 2 emissions by 2045. CRC's credit profile benefits from the significant reduction in regulatory uncertainty brought by California Senate Bill 237, signed into law on September 19, 2025. The bill 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. 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. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING 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. The principal methodology used in this rating was Independent Exploration and Production published in December 2022. 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. CARAWAY TEA: Wins Final Approval to Use Cash Collateral ------------------------------------------------------- Caraway Tea Company, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget. Spending is capped at 110% of budgeted amounts unless approved by M&T Bank, Wallkill Valley Federal Savings and Loan, and the U.S. Small Business Administration or by further court order. As adequate protection for the Debtor's use of their cash collateral, M&T Bank, Wallkill, the SBA, First Electronic Bank, Small Business Financial Solutions, LLC, Kapitus LLC, TD Bank, N.A., and First-Citizens Bank & Trust Company will be granted post-petition replacement liens. These liens will have the same validity and priority as the secured creditors' pre-bankruptcy liens. In addition, the Debtor must make post-petition loan payments to M&T Bank, Wallkill, and SBA as per existing agreements. The final order requires the Debtor to stay current on payroll tax obligations, maintain liability and business insurance, and provide secured creditors with monthly operating reports. A carveout was established for administrative expenses including court fees, trustee and professional fees, and up to $10,000 in Chapter 7 administrative expenses if case conversion occurs. About Caraway Tea Company LLC Caraway Tea Company LLC is a U.S.-based private label tea manufacturer and co-packer that supplies specialty teas, supplements, and wholesale tea products. With over 20 years of experience, the Company sources from global tea-growing regions including China, India, Sri Lanka, and Japan, partnering directly with artisan growers using organic and sustainable practices. Caraway offers customized co-packing services across retail, foodservice, and e-commerce sectors, supported by in-house blending and manufacturing capabilities. Caraway Tea Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35620) on June 9, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Michael D. Pinsky, Esq., at the Law Office of Michael D. Pinsky, P.C. CARLA'S PASTA: Novo Wins Bid for Judgment in Adversary Case ----------------------------------------------------------- Judge James J. Tancredi of the United States Bankruptcy Court for the District of Connecticut granted Novo Advisors, LLC's motion for judgment on partial findings under Fed. R. Civ. P. 52(c) as to Count 1 in the adversary proceeding captioned as OLD CP, INC. PLAINTIFF V. NOVO ADVISORS, LLC, DEFENDANT, ADV. PRO. No. 23-02020 (Bankr. D. Conn.). CPI manufactured food products at its facilities in South Windsor, Connecticut. BMO Harris Bank, N.A., a national banking association, and People's United Bank, National Association, a national banking association, served as CPI's Senior Lenders. By the summer of 2020, CPI was facing serious financial distress and had defaulted on its obligations to the Senior Lenders. Therefore, on June 30, 2020, BMO's counsel, Chapman and Cutler LLP, engaged Novo on behalf of the Senior Lenders to perform a financial assessment of CPI. Novo's services included reviewing CPI and Suri Realty LLC's financial performance for 2018 and 2019, performing an assessment of the companies' 2020 business plans, and determining the companies' viability and/or risks. Since BMO hired Novo as its financial consultant to assess its rights and interest in CPI under the Third Amended and Restated Credit Agreement, CPI was required to reimburse BMO for the expenses it thereby incurred. On Oct. 4, 2017, CPI entered into the Third Amended and Restated Credit Agreement with BMO as a lender, and PUB as administrative agent, swingline lender, and letter of credit issuer. Together, the Senior Lenders held first priority security interest in, and lien on, substantially all of CPI's assets, including a first priority mortgage on all properties. In the Third Amended and Restated Credit Agreement, CPI agreed to reimburse BMO for certain expenses incurred. On Jan. 28, 2021, CPI made two payments to BMO via wire transfer for payments related to bankruptcy. The first payment was for $164,169.75, and the second payment was for $109,446.50, totaling $273,616.25. These payments will be referred to singularly as the Pre-Petition BMO Payment. On Dec. 22, 2023, Old CP, Inc. commenced this Adversary Proceeding against Novo Advisors, LLC. Old CPI alleged that it was entitled to judgment against Novo on seven counts: 1) Preferential Transfer Pursuant to 11 U.S.C. Secs. 547, 550, and 551; 2) Constructive Fraudulent Transfer Pursuant to 11 U.S.C. Secs. 548(a)(1)(B), 550, and 551; 3) Constructive Fraudulent Transfer pursuant to the Connecticut Uniform Fraudulent Transfer Act (CUFTA), Conn. Gen. Stat. Secs. 52-552e(a)(2) and 52-552f(a); 4) Breach of Fiduciary Duty as to the Pre-Petition BMO Payment; 5) Breach of Fiduciary Duty as to the Novo/CPI Engagement; 6) Breach of the Implied Covenant of Good Faith and Fair Dealing; and 7) Violation of the Connecticut Unfair Trade Practices Act (CUTPA), Conn. Gen. Stat. Sec. 42-110b, et seq. A trial was held on Aug. 11, 2025, and continued thereafter until it concluded on Aug. 14, 2025. On Aug. 13, 2025, at the close of Old CPI's case in chief, Novo orally moved for Judgment on Partial Findings on all counts. In Count 1, Old CPI alleges that it is entitled, pursuant to 11 U.S.C. Sec. 547, to avoid the Pre-Petition BMO Payment. Old CPI argues that 11 U.S.C. Sec. 547 applies because the payment was made on or within 90 days of the Petition Date while CPI was insolvent, and enabled Novo to receive more than it would have received were the Debtor's case filed under Chapter 7 of the Bankruptcy Code. Old CPI argues that Novo was the initial transferee of the transfer(s) or the immediate or mediate transferee of such initial transferee or the person for whose benefit for all the Pre-Petition BMO Payment was made. Old CPI asserts essentially that BMO was actually a mere conduit, while Novo is the real initial transferee under 11 U.S.C. Sec. 550. In response, Novo asserts that BMO constitutes the initial transferee under 11 U.S.C. Sec. 550. Alternatively, Novo argues that even if BMO was not an initial transferee, no antecedent debt was owed to Novo as 11 U.S.C. Sec. 547 requires. After consideration of the pleadings, the law, and the facts herein, the Court concludes that key elements of 11 U.S.C. Sec. 547 have not been satisfied. The Court finds counter to Old CPI's view, the evidence demonstrates that BMO clearly constitutes the initial transferee under 11 U.S.C. Sec. 550 rather than a mere conduit. BMO enjoyed an absolute legal entitlement, as the Debtor's obligee, to the transferred funds pursuant to the loan documents and the Eighth Forbearance Agreement. BMO thereby also had the absolute right to deploy the payment to the fees and expenses it incurred for Novo's services under these documents. Old CPI emphasizes four key facts to dispute this contention: 1) the closeness in time of the Pre-Petition BMO Payment and the subsequent payment from BMO to Novo; 2) the equivalence of the Pre-Petition BMO Payment and the subsequent payment from BMO to Novo; 3) the inclusion of a $273,616.25 payment entry to Novo on CPI's Accounts Payable Aging Spreadsheet; and 4) the supervision and facilitation of the payments from CPI to BMO to Novo by Novo's employee. The Court concludes that these facts are not determinative in light of the indisputable contract rights that BMO had to these payments and the stark absence of any written or express accord by CPI to pay Novo. A copy of the Court's Memorandum of Decision dated September 17, 2025, is available at https://urlcurt.com/u?l=ZwF6On from PacerMonitor.com. Counsel for Plaintiff Old CP, Inc.: Jeffrey M. Sklarz, Esq. Kellianne Baranowsky, Esq. GREEN & SKLARZ, LLC One Audubon Street, Third Floor New Haven, CT 06511 E-mail: jsklarz@gs-lawfirm.com kbaranowsky@gs-lawfirm.com Counsel for Novo Advisors, LLC: Jeffrey A. Fuisz, Esq. Robert Franciscovich, Esq. Rebecca Maller-Stein, Esq. ARNOLD & PORTER KAYE SCHOLER, LLP 250 West 55th Street New York, NY 10019-9710 E-mail: jeffrey.fuisz@arnoldporter.com robert.franciscovich@arnoldporter.com rebecca.maller-stein@arnoldporter.com Local Counsel for Novo Advisors, LLC: James M. Nugent, Esq. HARLOW, ADAMS & FRIEDMAN, P.C. One New Haven Avenue, Suite 100 Milford, CT 06460 About Carla's Pasta and Suri Realty Carla's Pasta Inc. is a family-owned and operated business headquartered in South Windsor, Conn. It manufactures food products including pasta sheets, tortellini, ravioli, and steam bag meals for branded and private label retail, foodservice distributors, and restaurant. Founded in 1978 by Carla Squatrito, Carla's Pasta's stock is held by members of the Squatrito family. On Dec. 31, 2016, Carla's Pasta acquired 100% of Suri Realty, LLC's membership interests. Suri's business is limited to the ownership of two adjoining parcels of real property located at 50 Talbot Lane and 280 Nut, meg Road, South Windsor, Conn. Carla's Pasta operates its business from an approximately the 150,000-square-foot BRC+ certified production facility. On Oct. 29, 2020, an involuntary petition for relief under Chapter 7 of the Bankruptcy Code was filed against Suri by Dennis Group, HJ Norris, LLC, Renaissance Builders, Inc., and Elm Electrical, Inc. On Dec. 17, the Court approved Suri's request and converted the involuntary Chapter 7 case to one under Chapter 11. Carla's Pasta filed a Chapter 11 petition (Bankr. D. Conn. Case No. 21-20111) on Feb. 8, 2021. It estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. The cases are jointly administered under Case No. 21-20111. Judge James J. Tancredi oversees the cases. The Debtors tapped Locke Lord LLP as their legal counsel, Verdolino & Lowey, PC as accountant, Cowen & Co. as investment banker, and Novo Advisors, LLC as financial advisor. Sandeep Gupta of Novo Advisors is the Debtors' chief restructuring officer. CARPENTER FAMILY: Hires Hester Baker Krebs LLC as Attorney ---------------------------------------------------------- Carpenter Family Farms, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire the law firm of Hester Baker Krebs LLC as attorneys. The firm will render these services: (a) give the Debtors legal advice with respect to their powers and duties as debtor-in-possession and management of its property; (b) take necessary action to avoid the attachment of any lien against the Debtors' property threatened by secured creditors holding liens; (c) prepare on behalf of the Debtors as debtor-in-possession necessary petitions, answers, orders, reports, and other legal papers; (d) perform all other legal services for the Debtors as debtors-in-possession which may be necessary herein, inclusive of the preparation of petitions and orders respecting the sale or release of equipment not found to be necessary in the management of its property, to file petitions and orders for the borrowing of funds; and it is necessary for the Debtors as debtors-in-possession to employ counsel for such professional services. The firm received an initial retainer in the sum of $55,214. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey H. Hester, Esq., a partner at Hester Baker Krebs LLC as Counsel, 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: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330, One Indiana Square Indianapolis, IN 46204 Email: jhester@hbkfirm.com Telephone: (317) 608-1129 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About Carpenter Family Farms, LLC Carpenter Family Farms, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05527) on Sep. 12, 2025, listing $1,000,001 to $10 million in assets and $1,000,001 to $50 million in liabilities. Judge Andrea K Mccord presides over the case. Jeffrey M. Hester, Esq. at Hester Baker Krebs LLC represents the Debtor as counsel. CASUAL 21 USA: Gets Final OK to Use Cash Collateral --------------------------------------------------- Casual 21 USA Corp. received final approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The final order authorized the Debtor to use cash collateral to pay operating expenses in accordance with its budget and to provide adequate protection to Webster Bank, N.A., a secured creditor, in the form of a replacement lien on all assets of the Debtor. The replacement lien does not apply to avoidance actions and their proceeds. In case the replacement lien proves inadequate, Webster Bank will be granted a superpriority administrative expense claim, subject to a fee carveout. The final order also authorized the Debtor to make the following payments to Webster Bank as additional protection: $6,175 for the period from October 17 to 23; $2,265 for the period from November 14 to 20; and $2,265 for the period from December 12 to 18. The Debtor's authority to use cash collateral terminates upon the occurrence of so-called events of default, including failure to comply with the terms of the final order; use of cash collateral other than as agreed; dismissal or conversion of its Chapter 11 case to a proceeding under Chapter 7; and appointment of a trustee or examiner. About Casual 21 USA Corp. Casual 21 USA Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35882) with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Asher Horowitz as CFO. Judge Hon. Kyu Young Paek oversees the case. Adrienne Woods, Esq., at Weinberg Zareh Malkin Price, LLP is the Debtor's legal counsel. Webster Bank, N.A., as secured creditor, is represented by: Teresa Sadutto-Carley, Esq. Goetz Platzer LLP 1 Penn Plaza, Suite 3100 New York, NY 10119 (212) 593-3000 tsadutto@goetzplatzer.com CENTURY DESIGN: Seeks Subchapter V Bankruptcy in California ----------------------------------------------------------- On September 26, 2025, Century Design Inc. filed Chapter 11 protection in the Southern District of California. According to court filing, the Debtor reports $1,536,142 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Century Design Inc. 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. Century Design Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03975) on September 26, 2025. In its petition, the Debtor reports total assets of $174,341 and total liabilities of $1,536,142. The Debtor is represented by Michael Jay Berger, Esq. of Sofya Davtyan, Esq. CHERISHED LAND: Hires Bernstein Shur Sawyer & Nelson as Counsel --------------------------------------------------------------- Cherished Land LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine to hire Bernstein, Shur, Sawyer & Nelson, P.A. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, and the Office of the United States Trustee, as they pertain to the Debtor; (b) advise the Debtor with regard to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors and bringing such claims as the Debtor, in its business judgment, decides to pursue; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the estate; (d) conduct examinations of witnesses, claimants, or adverse parties, and represent the Debtor in any adversary proceeding (except to the extent that any such adversary proceeding is in an area outside of the firm's expertise); (e) review and analyze various claims of the Debtor's creditors and treatment of such claims and prepare, file, or prosecute any objections thereto or initiate appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) prepare and assist the Debtor with the preparation of reports, applications, pleadings, motions, and orders; (g) assist the Debtor in the analysis, formulation, negotiation, and preparation of all necessary documentation relating to the sale of the Debtor's assets, as appropriate; (h) assist the Debtor in the negotiation, formulation, preparation, and confirmation of a plan; and (i) perform any other services that may be appropriate in the firm's representation of the Debtor as general bankruptcy counsel in the case. Attorneys' hourly rates are: D. Sam Anderson, $650 Adam R. Prescott, $495 Katherine Flynn (paraprofessional), $175 The firm will also bill non-working travel time at 50% of the hourly rate and seek reimbursement of necessary expenses. Bernstein, Shur, Sawyer & Nelson 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: D. Sam Anderson, Esq. Adam R. Prescott, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle Street PO Box 9729 Portland, ME 04104 Telephone: (207) 774-1200 Facsimile: (207) 774-1127 E-mail: sanderson@bernsteinshur.com aprescott@bernsteinshur.com About Cherished Land LLC Cherished Land LLC owns and operates a single real estate property that generates substantially all of the Company's income. The Company is structured as a single-asset real estate entity under U.S. bankruptcy law. Cherished Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20220) on September 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peter G. Cary handles the case. The Debtor is represented by D. Sam Anderson, Esq. at Adam R. Prescott, Esq. at BERNSTEIN, SHUR, SAWYER & NELSON, P.A. CLAIRE'S STORES: To Sell Business in Ireland, UK to Modella Capital ------------------------------------------------------------------- Emily Lever of Law360 reports that the British restructuring administrator for Claire's said Monday, September 29, 2025, that the jewelry retailer has agreed to sell portions of its U.K. and Ireland business to private equity firm Modella Capital. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- is a specialty retailer of jewelry, accessories, and beauty products for young women, teens, "tweens," and kids. Through the Claire's brand, the Claire's Group has a presence in 45 nations worldwide, through a total combination of over 7,500 Company-owned stores, concessions locations, and franchised stores. Headquartered in Hoffman Estates, Illinois, the Company began as a wig retailer by the name of "Fashion Tress Industries" founded by Rowland Schaefer in 1961. In 1973, Fashion Tress Industries acquired the Chicago-based Claire's Boutiques, a 25-store jewelry chain that catered to women and teenage girls. Following that acquisition, Fashion Tress Industries changed its name to "Claire's Stores, Inc." and shifted its focus to a full line of fashion jewelry and accessories. In 2007, the Company was taken private and acquired by investment funds affiliated with, and co-investment vehicles managed by, Apollo Management VI, L.P. Claire's Group employs approximately 17,000 people globally. Claire's Stores, Inc., and 7 affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018, after reaching terms of a balance sheet restructuring with their first lien lenders and sponsor Apollo Global Management, LLC. As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in total assets against $2.53 billion in total liabilities. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy counsel; Richards, Layton & Finger, P.A. as local counsel; FTI Consulting as restructuring advisor; Lazard Freres & Co. LLC as investment banker; Hilco Real Estate, LLC as real estate advisor; and Prime Clerk as claims agent and administrative advisor. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. The Committee retained Cooley LLP, as counsel, and Bayard, P.A., as co-counsel. 2nd Chapter 11 Attempt Claire' Stores sought relief under Chapter 11 of the U.S. Bankruptcy Code {Bankr. 25-11462) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. COMPLEMAR PARTNERS: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Complemar Partners, Inc. and its affiliates. The committee members are: 1. Partners Press Joseph Zenger 777 East Park Drive Tonawanda, NY 14150 716-566-6032 jzenger@zenger.com 2. Orffeo Printing Greg Orffeo 139 Sawyer Avenue Depew, NY 14043 716-681-5757 gpo@orffeoprinting.com 3. Sealy Industrial Partners Jenny Long 333 Texas Street, Suite 1050 Shreveport, LA 71101 214-239-5133 JennyL@sealynet.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Complemar Partners Inc. Complemar Partners, Inc. provides fulfillment, co-packing and kitting, and returns management services, leveraging technology and integrated solutions to support supply chain operations. Headquartered in Rochester, New York, the Debtor operates over 400,000 square feet of warehouse space, handling more than 680 million items annually and serving over 1,000 customers across more than 30 countries. It serves clients in e-commerce, health and beauty, subscription boxes, telecom, and wine and spirits industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20610) on August 28, 2025, listing between $10 million and $50 million in assets and liabilities. David Van Rossum, chief executive officer, signed the petition. Judge Warren oversees the case. Sara C. Temes, Esq., at Bond, Schoeneck & King PLLC, represents the Debtor as legal counsel. CONVERGEONE HOLDINGS: Chapter 11 Plan Violates Equal-Treatment Rule ------------------------------------------------------------------- Judge Andrew S. Hanen of the United States District Court for the Southern District of Texas holds that ConvergeOne Holdings, Inc.'s Chapter 11 plan violated the equal-treatment requirement of 11 U.S.C. Sec. 1123(a)(4) by giving a few preferred creditors exclusive investment opportunities that resulted in their receiving higher recoveries than others similarly situated. The District Court reverses the Bankruptcy Court's Confirmation Order to the extent the lower court decision overruled the Minority Lenders' objection based upon that section, and remands for further proceedings. Though headquartered in Minnesota, the Debtors filed their Chapter 11 bankruptcy case in the Houston Division of the Southern District of Texas. Before filing, however, the Debtors reached a restructuring agreement with approximately 81% of their first and second lien holders. Starting in mid to late December 2024, the Debtors conducted extensive negotiations regarding the agreement with a number of creditor constituencies, including the Debtors' equity sponsor and senior secured lender, CVC Capital Partners. This "restructuring support agreement" was agreed to in expectation of the filing of a prepackaged Chapter 11 Plan. The Plan was filed quickly after the RSA was finalized. The Minority Lenders objected to the Plan after being excluded from the backstopping and equity-purchasing opportunity. Ultimately, they offered two alternatives, both of which were rejected. The first was based upon the same valuation as the Plan transaction but was allegedly rejected because it did not address the need to replace the DIP financing facility. The second proposal tried to fix the DIP omission, but it lacked enough support from the stakeholders and, as proffered, more than likely would not have been confirmed. Eventually, the Plan as proposed by the Debtor and Majority Lenders passed with only the Minority Lenders objecting. The Minority Lenders insisted their exclusion from the backstopping and equity-purchase opportunity violated the equal treatment requirements of the Bankruptcy Code. The Debtors and Majority Lenders argue that the Plan treats all prepetition claims the same because the extra value recovered by the Majority Lenders was consideration for new additional commitments. The Bankruptcy Court held a two-day hearing which included testimony and argument from all sides. The Bankruptcy Court found the backstop was necessary and reasonable and confirmed the Plan. The Bankruptcy Court made the factual finding that the special committee negotiated with the overwhelming majority of holders of IL debt extensively and reached consensus on a proposed Plan. The negotiations were extensive and at arm's-length. Additionally, the Bankruptcy Court rejected the Minority Lenders' argument that the exclusive opportunity to backstop the equity-rights offering violated Section l123(a)(4). The Bankruptcy Court did not apply a market-test requirement, holding that neither the United States Supreme Court nor the Fifth Circuit require it for financing opportunities like the backstopping opportunity at issue in this case. On appeal, the Minority Lenders argue that the Plan's backstopping provision allowed the Majority Lenders to receive, on average, a 30% higher recovery for their claims through exclusive means unavailable to other class members. They argue that under Bank Am. Nat. Tr. Sav. v. 203 N. Lasalle, 526 U.S. 434 (1999), this additional consideration constitutes unequal treatment because: (1) the investment opportunity itself was exclusive to certain stakeholders for their claims and interests; and (2) the investment opportunity was not market tested to establish that the investment had the best possible terms for the debtor. The Majority Lenders do not dispute their higher recovery but argue that the Plan does not result in unequal treatment of similar situated creditors. Instead, Debtors simply provided them with more consideration in exchange for the additional financial obligation of backstopping the equity rights offering. In essence, Majority Lenders argue that the Plan treats every member of the First Lien Term class equally, and that the backstopping opportunity was merely a separate agreement that involved additional consideration for additional obligations. It is undisputed that Debtors entered Chapter 11 with a pre-packaged Plan. The Plan incorporated the salient terms of the pre-filing RSA, which funded the Debtors' emergence from bankruptcy by raising $245 million via an equity-rights offering at a 35% discount to the stipulated equity value of Debtors under the Plan. It is undisputed that the Majority Lenders and the Minority Lenders are in the same class for bankruptcy purposes. Finally, it is undisputed that the Plan was backstopped by certain members of the First Lien Ad Hoc Group (Majority Lenders) for a return fee equal to 10% of the total equity raised. Minority Lenders argue that the Plan should have either offered the backstopping opportunity to all class members or, at least, subjected the opportunity to a market test. Therefore, the question on appeal is whether offering the backstopping opportunity to some creditors within a particular class, but not others, is "unequal treatment" under 11 U.S.C. Sec. 1123(a)(4). According to the District Court, the backstopping opportunity was exclusive -- it was offered to some, but not all, of the Class Three creditors before the bankruptcy petition was ever filed. The parties agree that the opportunity to participate in the backstopping was restricted to the Majority Lenders, despite the Minority Lenders actively seeking to participate in the opportunity. The Majority Lenders argue that the Minority Lenders were not really excluded from the proposal because they were free to propose an alternative after the Plan had been filed. The District Court does not find this persuasive. Judge Hanen explains, "The Majority Lenders, Debtors, and Insider negotiated the terms of the RSA for months before it was finalized, and the Minority Lenders were excluded from those negotiations from beginning to end. Then, as soon as the RSA was finalized, the Debtors filed the pre-packaged bankruptcy plan which was then confirmed by the Bankruptcy Court in a matter of weeks." The District Court finds in the context of this pre-packaged plan, the fact that the Minority Lenders were expressly excluded -- and were, in fact, intentionally restricted from participating in the deal -- makes it undisputable that the backstopping agreement was an exclusive opportunity given to a subset of class members without giving the Minority Lenders the chance for inclusion. This exclusivity created a distinction among class-members without any real opportunity for the excluded members to access the opportunity. Judge Hanen concludes, "The Plan relied heavily on a backstopping agreement to finance its equity-rights offering. The Majority Lenders were given the exclusive opportunity to purchase discounted stock in the new entity in exchange for agreeing to backstop the Plan and Debtors' emergence from bankruptcy. This exclusive agreement resulted in significantly higher recoveries on the claims of the backstopping lenders. Participation in the backstopping opportunity, however, was not offered to all class members nor subjected to a market test. As such, this exclusive opportunity constituted unequal treatment of members of the same creditor class." The District Court finds that the Plan violates 11 U.S.C. Sec. 1123(a)(4) in the manner it treats the Minority (or Excluded) Lenders. A copy of the Court's Order dated September 25, 2025, is available at https://urlcurt.com/u?l=tlUeZx from PacerMonitor.com. 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. Gibson, Dunn & Crutcher LLP and Porter Hedges LLP, advise the first lien lenders. COZY HARBOR: Committee Seeks to Hire Dentons as Legal Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Cozy Harbor Seafood, Inc., Casco Bay Lobster Co., Inc., and Art's Lobster Co., Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maine to hire Dentons as its legal counsel in the jointly administered Chapter 11 cases. Dentons will provide these services: (a) assist and advise the Committee in its consultations with the Debtors and its professionals, as well as the United States Trustee, concerning the administration of the Debtors' estates and these cases; (b) assist the Committee's investigation of the Debtors' and other parties' acts, conduct, assets, liabilities, and financial condition, the operation of the Debtors' business, and any other matter relevant to the cases or the formulation of a plan or plans of reorganization or liquidation; (c) prepare necessary applications, motions, complaints, answers, orders, agreements, and other legal papers or documents on behalf of the Committee; (d) review, analyze, and assist the Committee in responding to all court filings of the Debtors or other parties-in-interest and appearing in Court to present necessary motions, applications, and pleadings, and to otherwise protect the interest of the Committee; (e) represent the Committee at all hearings and other proceedings; and (f) perform such other services as may be required and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. Dentons intends to charge for legal services on an hourly basis and seek reimbursement of actual expenses. Hourly rates vary depending on professional experience and geographic location. Dentons also intends to bill non-working travel time at 50% of the billing rate. Dentons is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Andrew C. Helman, Esq. Kyle D. Smith, Esq. Troy A. Lawrence, esq. DENTONS BINGHAM GREENEBAUM LLP One City Center, Suite 11100 Portland, ME 04101 Telephone: (207) 810-4955 E-mail: andrew.helman@dentons.com kyle.d.smith@dentons.com troy.lawrence@dentons.com About Cozy Harbor Seafood Inc. Cozy Harbor Seafood, Inc. is the oldest and most experienced processor of lobster in the United States. It is a primary processor with its main processing plant in Portland, Maine. In business since 1980, Cozy Harbor has established itself in the U.S. and world markets as the most respected source of high-quality seafood products from Maine. Cozy Harbor Seafood sought Chapter 11 protection (Bankr. D. Maine Case No. 25-20160) on July 1, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Michael A. Fagone oversees the case. D. Sam Anderson, Esq., at Bernstein Shur Sawyer & Nelson is the Debtor's legal counsel. CROSSCOUNTRY MORTGAGE: Fitch Assigns 'B+' IDR, On Watch Positive ---------------------------------------------------------------- Fitch Ratings has published a Long-Term Issuer Default Rating (IDR) of 'B+' for CrossCountry Mortgage, LLC (CCM LLC). It has also assigned Long-Term IDRs of 'B+' for CrossCountry Holdco, LLC (CCM) and CrossCountry Intermediate Holdco, LLC (CCM Intermediate Holdco). The ratings are on Rating Watch Positive (RWP). Fitch expects to upgrade the IDRs to 'BB-' from 'B+' upon the settlement of the announced transaction. Fitch has also assigned an expected rating of 'BB-(EXP)' to CCM Intermediate Holdco's announced $600 million unsecured debt issuance. Proceeds from the issuance will be used to repay outstanding secured borrowings. The fixed rate of interest and final maturity date will be determined at the time of issuance. Key Rating Drivers Improved Funding Flexibility: The RWP on the IDRs reflects the expected improvement in the funding profile following the announced inaugural $600 million senior unsecured debt issuance. Fitch believes the introduction of unsecured debt to the capital structure diversifies funding sources and enhances funding flexibility in times of stress due to lower balance sheet encumbrance. Pro forma for the issuance, unsecured debt is expected to comprise 11% of total debt at 2Q25, which is within Fitch's 'bb' category quantitative benchmark range of 10%-35% for balance sheet-heavy finance and leasing companies with a sector risk operating environment (SROE) score in the 'bbb' category. Growing Distributed Retail Franchise: The rating also reflects CCM's growing franchise as a U.S. residential mortgage originator and servicer, established market share within the distributed retail channel, solid operating track record, conservative leverage and capital management policies, and experienced management team. CCM's balanced servicing and origination businesses have supported relatively stable earnings through challenging operating environments and interest rate cycles. Key Person Risk: The ratings are constrained by the highly cyclical nature of the mortgage industry, reliance on secured, short-term wholesale funding, and potential servicing advance needs and regulatory scrutiny arising from its exposure to Ginnie Mae (GNMA) loans. The company is also exposed to key person risk with respect its founder and CEO Ron Leonhardt, who remains a majority shareholder in the business and exercises significant control over CCM's day-to-day operations and its overall strategy. Well Executed Growth Strategy: Fitch believes CCM has a strong franchise in the distributed retail origination channel. While its overall market share remains small in a fragmented U.S. mortgage market, it has increased steadily over the last five years, which Fitch believes reflects strong execution on its growth strategy. Fitch would view profitable expansion into other distribution channels favorably as it would diversify the business model. Solid Profitability: CCM's pre-tax return on average assets (ROAA), adjusted for GNMA loans eligible for repurchase, was 3.0% for the TTM ended June 30, 2025, down from 6.1% in 2024 but improved from 1.2% in 2023. The company's continued profitability since 2022, relative to a highly challenged origination market, highlights good cost discipline and strategic execution by CCM management. Mortgage servicing rights (MSR) exposure has grown significantly in recent years as CCM has increased its servicing portfolio as a natural hedge to the origination business. MSRs were 118% of equity at 2Q25, up from 36% at YE 2020, but below the peer average of 166%. With recent volatility in mortgage rates, MSR valuation risk is present. However, Fitch views the risk as manageable given CCM's conservative hedging approach, good recapture capabilities, and the low weighted average coupon of the servicing portfolio, which reduces refinancing risk. Conservative Corporate Debt Usage: CCM's leverage (gross debt to tangible equity) was 4.0x at 2Q25, up from 2.8x at YE 2024 but below a peak of 5.3x at YE 2019, as sound operating performance has supported retained earnings growth. Fitch expects leverage to continue to rise modestly in the near-term as origination activity increases and the company grows its servicing portfolio through debt-funded MSR purchases. Corporate leverage, which excludes balances under origination funding facilities, was 0.6x at 2Q25, which Fitch views as low. The announced unsecured transaction is expected to be leverage neutral as proceeds from the issuance will be used to pay down secured MSR borrowings. Secured Funding Profile: Consistent with other mortgage companies, CCM is reliant on short-term wholesale funding for its operations. CCM's secured funding profile is comprised of warehouse facilities, an MSR line and a term loan secured by property and equipment. CCM's warehouse facilities typically mature within one year, which results in increased liquidity and refinancing risk. Committed warehouse lines were 20% of total capacity at 2Q25, which is in line with Fitch-rated peers. Fitch believes an increase in committed funding and an extension of the funding duration would improve CCM's funding profile. The addition of the unsecured funding component, which will represent 11% of total debt pro forma for the inaugural issuance will also enhance CCM's funding flexibility. Adequate Liquidity: Fitch views CCM's current liquidity profile as adequate to meet operating needs, potential margin calls and advancing requirements. At 2Q25, liquidity consisted of $141 million in cash and $393 million of undrawn borrowing capacity on its MSR line. Although these liquidity resources represent only 9% of total debt, which is low relative to Fitch-rated peers, the announced unsecured issuance will unencumber MSR assets on the balance sheet that could be monetized for additional liquidity. Limited Asset Quality Risk: Asset quality risk is limited for CCM as nearly all loans are conforming agency or sold to investors shortly after origination. Delinquencies of 60+ days were 1.9% of the portfolio at 2Q25, improved from 2.3% at YE 2024 on improved servicing operations. Mortgages outperformed other consumer assets over the past year due to strong home equity levels, but rising unemployment could pressure delinquencies in 2025-2026. Fitch notes CCM is exposed to potential losses due to repurchase or indemnification claims from investors under certain warranty provisions, although claims in recent years have been manageable. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade An inability to execute on the proposed unsecured offering would result in a removal of the Rating Watch Positive and an affirmation of the IDRs at 'B+' with a Stable Rating Outlook. Beyond that, negative rating momentum could result from the following; - A failure to maintain sufficient liquidity to manage servicer advances, meet margin call requirements or fund originations; - Corporate debt to tangible equity sustained above 1.5x, or gross leverage sustained above 5.0x; - An inability to refinance secured funding facilities; - Increased utilization of secured funding that reduces the unsecured funding mix below 10%; - Substantial regulatory fines or litigation expenses that negatively impact the company's franchise or operating performance; - The departure of Ron Leonhardt, who exercises significant control over the day-to-day operations and overall strategy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upon settlement of the proposed unsecured offering, Fitch would expect to upgrade the IDRs one notch to 'BB-' and assign a Rating Outlook of Stable. Beyond that, positive rating momentum could result from the following; - An improvement in the funding profile, including an extension of funding duration, an increase in the committed funding percentage and an expansion of the unsecured funding component such that unsecured debt was maintained above 25% of total debt; - Growth of the business that enhances the franchise and platform scale, including growth in the servicing portfolio; - Leverage maintained at-or-below 1x on a corporate debt to tangible equity basis and 5x on a gross debt to tangible equity basis; and/or - Improved liquidity, as evidenced by a meaningful increase in available liquidity sources (cash and available non-funding borrowing capacity) to total debt above 30%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Upon settlement of the transaction, the expected rating on CCM Intermediate Holdco's senior unsecured debt will be equalized with the Long-Term IDR, reflecting the improved funding mix and adequate unencumbered assets available to noteholders, suggesting average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected unsecured debt rating is primarily sensitive to changes in the IDR and would be expected to move in tandem. However, a material reduction in unencumbered assets or an increase in the proportion of secured funding could result in the unsecured debt rating being notched down from the IDR. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS The ratings of CCM LLC (the operating company) and CCM Intermediate Holdco (the debt-issuing subsidiary) are equalized with that of CCM given they are wholly owned subsidiaries, and debt issued by CCM Intermediate Holdco benefits from a corporate guarantee from CCM LLC. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The ratings of CCM LLC and CCM Intermediate Holdco are equalized with that of CCM and are expected to move in tandem. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Non-loan exposures (negative) The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Earnings stability (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Risk profile and business model (negative). The Funding, Liquidity & Coverage score has been assigned above the implied score due to the following adjustment reason: Historical and future metrics (positive). ESG Considerations CrossCountry Holdco, LLC has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to its exposure to compliance risks, including fair lending practices, debt collection practices, and consumer data protection, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. CrossCountry Holdco, LLC has an ESG Relevance Score of '4' for Governance Structure due to the elevated key person risk related to its founders and CEO, Ron Leonhardt, who exercise significant control over the company as well as weak governance oversight compared to publicly traded peers, 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 ----------- ------ CrossCountry Mortgage, LLC LT IDR B+ Publish CrossCountry Intermediate Holdco, LLC LT IDR B+ New Rating senior unsecured LT BB-(EXP)Expected Rating CrossCountry Holdco, LLC LT IDR B+ New Rating DATABASED SOLUTIONS: Brian Hofmeister Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Brian Hofmeister, Esq., as Subchapter V trustee for Databased Solutions Inc. Mr. Hofmeister will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hofmeister declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian W. Hofmeister, Esq. 3131 Princeton Pike Building 5, Suite 110 Lawrenceville, NJ 08648 Phone: (609) 890-1500 Email: bwh@hofmeisterfirm.com About Databased Solutions Inc. Databased Solutions, Inc., doing business as DBSI Services, provides engineering and technical staffing solutions across multiple industries in the United States. Headquartered in New Jersey, Databased Solutions offers direct hires, contract hires, and temp-to-hire services for sectors including automotive, aerospace, semiconductors, medical devices, transportation, and health technology. Founded in 1995 as a privately owned corporation, Databased Solutions conducts technical and behavioral screening, background checks, and recruitment processes to meet the staffing needs of its clients. Databased Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-19625) on September 15, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Ila Choudhary, president of Databased Solutions, signed the petition. Justin M. Gillman, Esq., at Gillman Capone, LLC represents the Debtor as legal counsel. DESKTOP METAL: Gets OK to Hire FTI Consulting to Provide CRO/CTO ---------------------------------------------------------------- Desktop Metal, Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ FTI Consulting, Inc. to provide certain temporary employees, and designate Andrew Hinkelman as the chief restructuring officer, and Chas Harvick as the chief transformation officer. FTI will render these services: a. assist the Debtors in contingency planning including the evaluation, planning, and execution of a potential Chapter 11 filing; b. coordinate the activities of the Debtors' advisory team and advise the Debtors and Board on the restructuring; c. manage the day-to-day activities of the restructuring; d. assist with management and control of cash disbursements; e. advise and assist the Debtors in the compilation and preparation of financial information, statements, schedules, and monthly operating reports necessary due to requirements of the Court and/or the U.S. Trustee; f. assist the Debtors and their other advisors with the formulation of a Chapter 11 plan of reorganization / liquidation and the preparation of the corresponding disclosure statement; g. assist the Debtors in managing and executing the reconciliation process involving claims filed by all creditors; h. provide testimony in the Chapter 11 case as necessary or appropriate at the Debtors' request; i. advise and assist the Debtors and other professionals retained by the Debtors in developing, negotiating and executing Chapter 11 strategy, asset sales under section 363 of the Bankruptcy Code, or other potential sales of all or portions of the Debtors' assets. FTI's current standard hourly rates for 2025 are: Senior Managing Directors $1,185 to $1,525 Directors / Senior Directors / Managing Directors $890 to $1,155 Consultants/Senior Consultants $485 to $820 Administrative / Paraprofessionals $190 to $385 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. FTI received a retainer in the total amount of $225,000. As disclosed in the court filings, FTI is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew Hinkelman Chas Harvick FTI Consulting, Inc. 50 California Street, Suite 1900 San Francisco, CA 94111 Tel: (415) 283-4200 Fax: (415) 293-4496 About Desktop Metal Inc. Desktop Metal designs and markets 3D printing systems. ExOne's business primarily consisted of manufacturing and selling 3D printing machines and printing products to specification for its customers for both direct and indirect applications. ExOne offered its pre-production collaboration and print products for customers through its network of ExOne Adoption Centers and supplied the associated materials, including consumables and replacements parts, and other services, including training and technical support, necessary for purchasers of its 3D printing machines to print products. Desktop Metal and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90268) on July 28, 2025, listing under up to $50,000 in both assets and liabilities. The case is jointly administered in Case No. 25-90268. Judge Christopher M. Lopez oversees the case. Benjamin Lawrence Wallen at Pachulski Stang Ziehl & Jones LLP serves as the Debtors' counsel. On August 6, 2025, the Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Munsch Hardt Kopf & Harr, PC as counsel and Province LLC as financial advisor. DESKTOP METAL: Gets OK to Hire Pachulski Stang Ziehl as Counsel --------------------------------------------------------------- Desktop Metal, Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Pachulski Stang Ziehl & Jones LLP as general bankruptcy counsel. The firm will render these services: a. assist, advise, and represent the Debtors in their consultations with estate constituents regarding the administration of these Chapter 11 Cases; b. assist, advise, and represent the Debtors in any manner relevant to the Debtors' financing needs, asset dispositions, and leases and other contractual obligations; c. assist, advise, and represent the Debtors in any issues associated with the acts, conduct, assets, liabilities, and financial condition of the Debtors; d. assist, advise, and represent the Debtors in the negotiation, formulation, and drafting of any plan of reorganization and disclosure statement; e. assist, advise, and represent the Debtors in the performance of their duties and the exercise of their powers under the Bankruptcy Code, the Bankruptcy Rules, and any applicable local rules and guidelines; and f. provide such other necessary advice and services as the Debtors may require in connection with these Chapter 11 Cases. The firm's standard hourly rates are: Partners $1,075 to $2,350 Of Counsel $1,050 to $1,850 Associates $725 to $1,225 Paraprofessionals $575 to $675 The firm received payments from the Debtor in the amount of $1,300,000. The firm provided the following information in response to the request for additional information set forth in Paragraph D.1 of the Fee Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments or discounts offered during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: The material financial terms for the prepetition engagement remained the same as the engagement was hourly-based. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: The Debtor and the firm have discussed an anticipated budget for this Case. Benjamin L. Wallen, Esq., a partner at Pachulski Stang Ziehl & Jones 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: Benjamin L. Wallen, Esq. Pachulski Stang Ziehl & Jones LLP 700 Louisiana Street, Suite 4500 Houston, TX 77002 Tel: (713) 691-9385 Fax: (713) 691-9407 Email: info@pszjlaw.com About Desktop Metal Inc. Desktop Metal designs and markets 3D printing systems. ExOne's business primarily consisted of manufacturing and selling 3D printing machines and printing products to specification for its customers for both direct and indirect applications. ExOne offered its pre-production collaboration and print products for customers through its network of ExOne Adoption Centers and supplied the associated materials, including consumables and replacements parts, and other services, including training and technical support, necessary for purchasers of its 3D printing machines to print products. Desktop Metal and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90268) on July 28, 2025, listing under up to $50,000 in both assets and liabilities. The case is jointly administered in Case No. 25-90268. Judge Christopher M. Lopez oversees the case. Benjamin Lawrence Wallen at Pachulski Stang Ziehl & Jones LLP serves as the Debtors' counsel. On August 6, 2025, the Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Munsch Hardt Kopf & Harr, PC as counsel and Province LLC as financial advisor. DESKTOP METAL: Gets OK to Hire Piper Sandler as Investment Banker ----------------------------------------------------------------- Desktop Metal, Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Piper Sandler & Co. as investment banker. The firm will render these services: a. review and analyze the Debtors' assets and liabilities and the operating and financial strategies of the Debtors; b. review and analyze the business plans and financial projections prepared by the Debtors; c. evaluate the Debtors' debt capacity in light of its projected cash flows and assist in the determination of an appropriate capital structure for the Debtors; d. evaluate the Debtors' liquidity, including financing alternatives; e. determine a range of values for the Debtors and any securities that the Debtors offer or propose to offer in connection with a Transaction; f. assist the Debtors in raising debt or equity financing, including developing marketing materials, creating and maintaining a data room and contact log, initiating contact with potential capital providers and running the process for a Financing; g. assist the Debtors in Transaction related activities, including developing marketing materials, creating and maintaining a data room and contact log and initiating and managing contact with interested buyers throughout the process; h. assist the Debtors in planning for dialogue and negotiations with creditors for a potential Transaction, including with respect to the creditor due diligence process and negotiations with the various creditor constituencies; i. assist the Debtors and its other professionals in reviewing the terms of any proposed Transaction, and/or Financing (whether proposed by the Company or by a third party), in responding thereto and, if directed, in evaluating alternative proposals for a Transaction and/or Financing, as applicable; j. assist or participate in negotiations with the parties in interest, including, without limitation, any current or prospective creditors of, holders of equity in, or claimants against the Company and/or their respective representatives in connection with a Transaction; k. advise the Debtors with respect to, and attend, meetings of the Debtors' Board of Directors, creditor groups and other interested parties, as reasonably requested; l. in the event the Debtors become subject to a Bankruptcy Proceeding commenced under any Applicable Statute, and if requested by the Company, participate in hearings before the court in which such Bankruptcy Proceeding is commenced and provide relevant testimony with respect to the matters described herein and issues arising in connection with any proposed Plan; and m. render such other financial advisory and investment banking services as may be agreed upon by Piper Sandler and the Debtors. Piper Sandler will receive compensation at these fees: a. Commencing as of April 15, 2025, whether or not a Transaction is proposed or consummated, an advisory fee (a "Monthly Fee") of $125,000 per month. The initial Monthly Fee shall be pro-rated based on the commencement of services as of April 15, 2025 through to the end of the calendar month. The initial Monthly Fee shall be due and payable by the Company upon the execution of this Agreement by the Company, and thereafter the Monthly Fee shall be due and payable by the Company in advance on the first business day of each month. b. A fee (the "Completion Fee") of $2,000,000, which shall be due and payable in immediately available funds upon the consummation of any Transaction. In connection with a Transaction intended to be consummated, in whole or in part, in connection with a pre-packaged or pre-arranged Plan, (i) 100 percent of the Completion Fee shall be deemed to have been earned prior to the commencement of the Bankruptcy Proceeding, and (ii) the Company shall pay (a) (1) 50 percent of the Completion Fee (x) in the case of a prepackaged Plan, upon receipt of votes sufficient for a class of holders of claims to be a consenting class under the Bankruptcy Code for such prepackaged Plan, or (y) in the case of a prearranged Plan, upon obtaining signatures (or comparable indications of support acceptable to the Company) from the Company's creditors sufficient to support a determination by the Company to approve the filing of such prearranged Plan and (b) the remaining 50 percent of the Completion Fee when the Plan becomes effective. For purposes of this agreement, a "pre-arranged" Plan means any Plan with respect to which holders of at least one class of claims representing at least 50.0 percent in dollar amount of the claims in such class have provided written evidence (through a "lock-up agreement" or otherwise) of their intent to vote in favor of such Plan and a "pre-packaged" Plan means any plan which has secured acceptances from holders of at least one class of claims representing at least 66.67 percent in dollar amount of the claims and more than 50 percent of all claims in such class prior to commencement of the chapter 11 cases. c. A fee (the "Testimonial Fee") of $500,000, which shall be due and payable in full upon the earlier of: (i) delivery of an expert report in connection with the Bankruptcy Proceeding; or (ii) significant testimony by a Piper Sandler employee in connection with the Bankruptcy Proceeding. For the avoidance of doubt, the Testimonial Fee may only be earned once in connection with this engagement. d. A new capital fee (each, a "New Capital Fee") equal to (i) 1.0 percent of the face amount of any senior secured Financing raised, including, without limitation, any senior secured debtor-in-possession Financing raised; (ii) 3.0 percent of the face amount of any junior secured or senior or subordinated unsecured Financing raised; and (iii) 5.0 percent in the case of any other Financing, including, without limitation, equity or equity-linked Financing, capital convertible into equity or hybrid capital raised, including, without limitation, equity underlying any warrants, purchase rights or similar contingent equity securities. The New Capital Fee shall be earned and payable upon the closing of the Transaction in connection with which the Financing is committed. For the avoidance of doubt, (x) there may be multiple New Capital Fees if there are multiple Transactions by which the Financing is committed, (y) the term "raised" shall include the amount committed or otherwise made available to the Company whether or not such amount (or any portion thereof) is drawn down at closing or is ever drawn down and whether or not such amount (or any portion thereof) is used to refinance existing obligations of the Company and (z), the New Capital Fee relating to any warrants, purchase rights or similar contingent equity securities shall be due and payable upon the closing of the Transaction in connection with which such instruments are issued and shall be calculated as if all such instruments are exercised in full (and the full exercise price is paid in cash) on the date of such closing, whether or not all or any portion of such instruments are vested and whether or not such instruments are actually so exercised. The parties hereto have agreed that any portion of any Financing that has been provided by Nano Dimension Ltd. (and its direct and indirect subsidiaries) shall not be included in the calculation of any New Capital Fee. e. To the extent the Company requests that Piper Sandler perform additional financial advisory or investment banking services not contemplated by this Agreement, such additional fees as shall be mutually agreed upon by Piper Sandler and the Company, in writing, in advance. f. Unless Piper Sandler has provided alternative directions in writing delivered to the Company, Piper Sandler directs that the fees payable to Piper Sandler hereunder be paid by wire transfer to Piper Sandler. g. All amounts referenced hereunder reflect United States currency and shall be paid promptly in cash after such amounts become payable. Daniel Gilligan, an executive director at Piper Sandler & Co., 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: Daniel Gilligan Piper Sandler & Co. 1251 Avenue of Americas, 39th Floor New York, NY 10020 About Desktop Metal Inc. Desktop Metal designs and markets 3D printing systems. ExOne's business primarily consisted of manufacturing and selling 3D printing machines and printing products to specification for its customers for both direct and indirect applications. ExOne offered its pre-production collaboration and print products for customers through its network of ExOne Adoption Centers and supplied the associated materials, including consumables and replacements parts, and other services, including training and technical support, necessary for purchasers of its 3D printing machines to print products. Desktop Metal and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90268) on July 28, 2025, listing under up to $50,000 in both assets and liabilities. The case is jointly administered in Case No. 25-90268. Judge Christopher M. Lopez oversees the case. Benjamin Lawrence Wallen at Pachulski Stang Ziehl & Jones LLP serves as the Debtors' counsel. On August 6, 2025, the Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Munsch Hardt Kopf & Harr, PC as counsel and Province LLC as financial advisor. DESKTOP METAL: Gets OK to Hire Weil Gotshal & Manges as Counsel --------------------------------------------------------------- Desktop Metal, Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Weil, Gotshal & Manges LLP as counsel to the governing bodies. The firm will render these services: a. conduct the investigation into, and assessment of, potential claims arising out of the governance and management of the Company and transactions between or among the Company, its affiliates, and/or any related parties, including requesting and reviewing documents from the Company and its advisors, interviewing witnesses and seeking cooperation of third parties; b. identify and/or evaluate any litigation or other contentious dispute with Nano Dimension Ltd. or Nano US I Inc. (collectively "Nano") involving any matter substantially related to Nano in their capacities as named defendants in Desktop Metal, Inc. v. Nano Dimension Ltd. and Nano US I Inc. (2024) in the Court of Chancery of the State of Delaware; c. prepare any report or other papers necessary or otherwise beneficial to meet the objectives of the Governing Bodies in connection with the foregoing and present findings in connection therewith; d. appear before the Court or any other courts to represent the interests of the Governing Bodies; e. attend meetings of the Governing Bodies; f. assist with any other matter for which Weil's services are requested by the Governing Bodies, including the assessment and implementation of any corporate transactions; and g. take all other actions that the Governing Bodies may determine are necessary, advisable, or appropriate to fulfill their duties and responsibilities. The firm will be paid at these rates: Partners and Counsels $1,725 to $2,575 per hour Associates $890 to $1,560 per hour Paraprofessionals $375 to $630 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Weil received payments and advances in the aggregate amount of $1,360,001. The following is provided in response to the request for additional information set forth in Appendix B, Paragraph D.1 of the UST Fee Guidelines: Question: Did Weil agree to any variations from, or alternatives to, Weil's standard billing arrangements for this engagement? Answer: No. The hourly rates set forth in the Application are consistent with the rates that Weil charges other comparable chapter 11 clients, and the rate structure provided by Weil is appropriate and is not significantly different from (a) the rates that Weil charges in other non-bankruptcy representations or (b) the rates of other comparably skilled professionals for similar engagements. Question: Do any of the professionals in this engagement vary their rate based on the geographic location of these chapter 11 cases? Answer: No. Question: If Weil has represented the Debtors in the 12 months prepetition, disclose Weil's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Weil's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Weil was engaged by the Governing Bodies in May 2025. Weil's customary hourly rates in 2025, subject to change from time to time, were $1,725 to $2,575 for partners and counsel, $890 to $1,560 for associates, and $375 to $630 for paraprofessionals. Weil's billing rates have not changed or increased between May 2025 and the date hereof. Question: Have the Debtors approved Weil's budget and staffing plan, and, if so, for what budget period? Answer: The Debtors have budgeted for Weil's estimated fees and expenses. Weil has regular meetings with the Debtors and the Governing Bodies to provide updates regarding Weil's workstreams. Given the nature of the retention, Weil has not prepared a formal budget but will do so if and to the extent it becomes relevant. As disclosed in the court filings, Weil is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached at: Kelly DiBlasi, Esq. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8000 About Desktop Metal Inc. Desktop Metal designs and markets 3D printing systems. ExOne's business primarily consisted of manufacturing and selling 3D printing machines and printing products to specification for its customers for both direct and indirect applications. ExOne offered its pre-production collaboration and print products for customers through its network of ExOne Adoption Centers and supplied the associated materials, including consumables and replacements parts, and other services, including training and technical support, necessary for purchasers of its 3D printing machines to print products. Desktop Metal and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90268) on July 28, 2025, listing under up to $50,000 in both assets and liabilities. The case is jointly administered in Case No. 25-90268. Judge Christopher M. Lopez oversees the case. Benjamin Lawrence Wallen at Pachulski Stang Ziehl & Jones LLP serves as the Debtors' counsel. On August 6, 2025, the Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Munsch Hardt Kopf & Harr, PC as counsel and Province LLC as financial advisor. DOUBLESHOT HOLDINGS: Gets OK to Use Cash Collateral Until Nov. 20 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued a second interim order allowing Doubleshot Holdings, LLC to use cash collateral through November 20. The interim order authorized the Debtor to use cash collateral to pay ordinary business expenses as outlined in its monthly budget. As adequate protection to ServisFirst Bank, the Debtor was authorized to make monthly payments of $4,000 on the loan it obtained from the bank. ServisFirst Bank must credit the Debtor's funds that it is holding to each of the loan payments until those funds are exhausted. In addition, the Debtor was authorized to make interest-only monthly payments on the business credit card account as further protection. All secured creditors will be granted perfected post-petition liens on the cash collateral with the same priority, validity and extent as their pre-bankruptcy liens. The interim order remains in effect until the conversion or dismissal of the Debtor's bankruptcy case, appointment of a trustee, confirmation of the Debtor's Chapter 11 plan, or further court order. A continued hearing is scheduled for November 20. About Doubleshot Holdings Doubleshot Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04915) on July 18, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Mark Krajcir, managing member of Doubleshot Holdings, signed the petition. Judge Roberta A. Colton oversees the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace, represents the Debtor as legal counsel. Servis First Bank, as lender, is represented by: Lara Roeske Fernandez, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. ' 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 LFernandez@trenam.com EAGLE THEATER: Seeks to Hire Goldenberg Heller as Counsel --------------------------------------------------------- Eagle Theater Operating LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to hire Goldenberg Heller & Antognoli, P.C. as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to matters in litigation affecting Debtor's continued operation of its business and property as Debtor-in-Possession; (b) assist the Debtor in formulation and presentation to creditors and parties in interest of Chapter 11 Plan; (c) assist the Debtor in implementation of a Chapter 11 Plan; (d) represent the Debtor in connection with actions under Chapter 5 of the Bankruptcy Code; (e) object to claims, when appropriate; (f) provide such other and further services as are necessary, including, without limitation, the defense of contested matters. Wolfram Capital Partners, a nondebtor, paid a general retainer of $39,978.33. As disclosed in the court filings, Goldenberg Heller & Antognoli has not represented any adverse party, and has no conflict of interest arising from their representation of Debtor and Debtor-in-Possession in these proceedings. The firm can be reached through: Steven M. Wallace, Esq. GOLDENBERG HELLER & ANTOGNOLI, P.C. 2227 S. State Route 157 Edwardsville, IL 62025 Tel: (618) 656-5150 Fax: (618) 656-6230 Email: steven@ghalaw.com About Eagle Theater Operating LLC Eagle Theater Operating LLC operates a movie theater in Robinson, Illinois. The Company provides cinema services, including movie screenings and concessions. Eagle Theater Operating LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60076) on May 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtors are represented by Steven M. Wallace, Esq. at GOLDENBERG HELLER & ANTOGNOLI, P.C. EAGLE THEATER: Seeks to Hire Goldenberg Heller as Counsel --------------------------------------------------------- Eagle Theater Management, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to hire Goldenberg Heller & Antognoli, P.C. as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to matters in litigation affecting Debtor's continued operation of its business and property as Debtor-in-Possession; (b) assist the Debtor in formulation and presentation to creditors and parties in interest of Chapter 11 Plan; (c) assist the Debtor in implementation of a Chapter 11 Plan; (d) represent the Debtor in connection with actions under Chapter 5 of the Bankruptcy Code; (e) object to claims, when appropriate; (f) provide such other and further services as are necessary, including, without limitation, the defense of contested matters. Wolfram Capital Partners, a nondebtor, paid a general retainer of $39,978.33. As disclosed in the court filings, Goldenberg Heller & Antognoli has not represented any adverse party, and has no conflict of interest arising from their representation of Debtor and Debtor-in-Possession in these proceedings. The firm can be reached through: Steven M. Wallace, Esq. GOLDENBERG HELLER & ANTOGNOLI, P.C. 2227 S. State Route 157 Edwardsville, IL 62025 Tel: (618) 656-5150 Fax: (618) 656-6230 Email: steven@ghalaw.com About Eagle Theater Management, LLC Eagle Theater Management, LLC operates a movie theater in Robinson, Illinois. The Company provides cinema services, including movie screenings and concessions. Eagle Theater Operating LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60077) on May 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The petition was signed by Kurt Eric Gubelman as manager and member. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtors are represented by Steven M. Wallace, Esq. at GOLDENBERG HELLER & ANTOGNOLI, P.C. EAST COAST: Seeks to Hire Verdolino & Lowey as Accountant --------------------------------------------------------- East Coast Designs Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Verdolino & Lowey, P.C. as accountant. The firm's services include: a. budgeting and reporting, including assisting the Debtor in preparing 13-week cash flow analyses, as extended to meet the needs of the case; b. assisting the Debtor with cash management issues; c. analyzing accounts payable, accounts receivable, inventory and other areas for cash flow optimization; d. assisting the Debtor regarding accounts payable, accounts receivable, and if applicable, lease negotiations; e. assisting the Debtor in negotiations with various parties-in-interest, including lenders, equity holders and others to extend/negotiate terms and/or provide funding sources; f. supporting the Debtor in such matters as the company president shall request or required from time to time; g. preparing the Debtor's 2024 income tax return; h. assisting with payroll processing and reporting; and i. providing other Chapter 11 services customarily provided by an accountant, including preparation of required monthly operating reports. The firm's rates are: Principals $565/hour Managers $275 to $450/hour Staff $225 to $395/hour Bookkeepers $225 to $300/hour Clerical Staff $95/hour Matthew Flynn, principal at Verdolino & Lowey, 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: Matthew R. Flynn Verdolino & Lowey PC 124 Washington St., Ste. 101 Foxboro, MA 02035 Tel: (508) 543-1720 About East Coast Designs Inc. East Coast Designs Inc. is a specialized design services company based in Marblehead, Massachusetts. It provides professional design services in the interior and home design sector, with operations along the East Coast. East Coast Designs Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11692) on August 13, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Christopher J Panos handles the case. The Debtor is represented by Nicholson Devine LLC. FIRST BRANDS: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: First Brands Group, LLC Crowne Automotive Aftermarket, LLC Trico Group, LLC 127 Public Square, Suite 5300 Cleveland, Ohio 44114 Business Description: First Brands Group LLC is an automotive parts manufacturer and distributor that develops, markets, and sells replacement and performance components for passenger and commercial vehicles worldwide. The Company's portfolio spans braking systems, filtration products, wiper blades, fuel and water pumps, spark plugs, lift supports, lighting, and towing and trailering equipment, offered under brands such as Raybestos, Centric, StopTech, FRAM, TRICO, Autolite, Carter, and Reese. It serves global automotive aftermarket customers through a network of owned, licensed, and acquired brands. Court: United States Bankruptcy Court Southern District of Texas Five affiliates that have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on September 28, 2025: Debtor Case No. ------ -------- First Brands Group, LLC (Lead) 25-90399 Trico Technologies Corporation 25-90396 First Brands Group Holdings, LLC 25-90397 First Brands Group Intermediate, LLC 25-90398 Viceroy Private Capital, LLC 25-90400 Ninety-three affiliates that have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on September 29, 2025: FRAMAuto Holdings, LLC 25-90401 Autolite Operations LLC 25-90402 FRAM Group Operations LLC 25-90403 FRAM Group IP LLC 25-90404 Jasper Acquisition Corp. 25-90405 Jasper Rubber Products, Inc 25-90406 Specialty Pumps Group, Inc. 25-90407 ASC Industries, Inc. 25-90408 Heatherton Holdings, LLC 25-90409 PHNX Acquisition Corp. 25-90410 Hopkins Acquisition, Inc. 25-90411 Hopkins Manufacturing Corporation 25-90412 Carrand Companies, Inc. 25-90413 Horizon Global Corporation 25-90414 Horizon Global Company LLC 25-90415 Horizon Global Americas Inc. 25-90416 Horizon International Holdings LLC 25-90417 Horizon Euro Finance LLC 25-90418 Strongarm, LLC 25-90419 Premier Marketing Group, LLC 25-90420 AVM Export, Inc. 25-90421 Carter Fuel Systems, LLC 25-90422 Carter Fuel Export, Inc. 25-90423 Carter Carburetor Holdings, LLC 25-90424 Walbro Midco LLC 25-90425 UCI Acquisition Holdings (No. 4) LLC 25-90426 WEM US Co. 25-90427 Dalton Corporation, Stryker Machining Facility Co. 25-90428 Reman Management International LLC 25-90429 Walbro LLC 25-90430 UCI-Airtex Holdings, Inc. 25-90431 Carter Carburetor, LLC 25-90432 Dalton Corporation, Ashland Manufacturing Facility 25-90433 Airtex Industries, LLC 25-90434 Smart Choice, LLC 25-90435 KTRI Holdings, Inc. 25-90436 Viper Acquisition, Inc. 25-90437 Viper Acquisition I, Inc. 25-90438 Tridonex USA LLC 25-90439 Airtex Products, LP 25-90440 Qualitor Acquisition Inc. 25-90441 UCI Pennsylvania, Inc. 25-90442 Qualitor, Inc. 25-90443 Global Reman Ventures, LLC 25-90444 Champion Laboratories, Inc. 25-90445 TAE Brakes, LLC 25-90446 Transportation Aftermarket Enterprise, LLC 25-90447 APC Parent, LLC 25-90448 Universal Auto Filter LLC 25-90449 TAE China Holdings, Inc. 25-90450 International Brake Industries, Inc. 25-90451 APC Intermediate Holdings, LLC 25-90452 Qualitor Subsidiary H, Inc. 25-90453 CWD Intermediate Holdings I, LLC 25-90454 Qualitor Subsidiary S, Inc. 25-90455 Fuel Filter Technologies, Inc. 25-90456 IBI International Holding Company, Inc. 25-90457 CWD Intermediate Holdings II, LLC 25-90458 Longman Enterprises, Inc. 25-90459 Carnaby Capital, LLC 25-90460 Pylon Manufacturing Corp. 25-90461 CWD Holding, LLC 25-90462 Qualitor Automotive, LLC 25-90463 Carnaby Inventory Holdings IV, LLC 25-90464 CWD, LLC 25-90465 Carnaby Inventory IV, LLC 25-90466 Pylon South Bend, Inc. 25-90467 Carnaby FA Holdings, LLC 25-90468 Qualis Enterprises, LLC 25-90469 KTRI Offshore Holdings, LLC 25-90470 BPI Acquisition Company, LLC 25-90471 Trico Products Corporation 25-90472 Carnaby FA, LLC 25-90473 Qualis Automotive, L.L.C. 25-90474 Global Assets GmbH 25-90475 Trico Holding Corporation 25-90476 Brake Parts Inc LLC 25-90477 Toledo Molding & Die, LLC 25-90478 UCI International Holdings Parent Inc. 25-90479 BPI EC, LLC 25-90480 Dalton Corporation, Kendallville Manufacturing Facility 25-90481 Dalton Corporation, Warsaw Manufacturing Facility 25-90482 UCI International Holdings, Inc. 25-90483 Brake Parts Inc India LLC 25-90484 UCI International, LLC 25-90485 BPI Holdings International, LLC 25-90486 United Components, LLC 25-90487 Brake Parts Inc China LLC 25-90488 Eagle Machining, LLC 25-90489 Eagle Casting Holdings, LLC 25-90490 Eagle Casting, LLC 25-90491 Dalton Corporation 25-90492 Cardone Industries, Inc. 25-90493 SDC TX, LLC 25-90494 Thirteen more affiliates that had previously submitted Chapter 11 bankruptcy petitions on September 24, 2025: Global Assets LLC 25-90383 Global Lease Assets Holdings, LLC 25-90384 Carnaby Capital Holdings, LLC 25-90385 Broad Street Financial Holdings, LLC 25-90386 Broad Street Financial, LLC 25-90387 Carnaby Inventory II, LLC 25-90388 Carnaby Inventory Holdings II, LLC 25-90389 Carnaby Inventory III, LLC 25-90390 Carnaby Inventory Holdings III, LLC 25-90391 Patterson Inventory, LLC 25-90392 Patterson Inventory Holdings, LLC 25-90393 Starlight Inventory I, LLC 25-90394 Starlight Inventory Holdings I, LLC 25-90395 Judge: Hon. Christopher M Lopez Debtors' Counsel: Clifford W. Carlson, Esq. Gabriel A. Morgan, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: clifford.carlson@weil.com gabe.morgan@weil.com AND Matthew S. Barr, Esq. Sunny Singh, Esq. Andriana Georgallas, Esq. Kevin Bostel, Esq. Jason H. George, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com sunny.singh@weil.com andriana.georgallas@weil.com kevin.bostel@weil.com jason.george@weil.com Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Investment Banker: LAZARD FRERES & CO Debtors' Claims & Noticing Agent: KROLL RESTRUCTURING AGENCY, LLC Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $10 billion to $50 billion The petitions were signed by Charles M. Moore as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AI7Q6SI/First_Brands_Group_LLC__txsbke-25-90399__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. HFS Supply Chain $233,707,424 Attn.: Juan Segundo, Finance Sales Director 360 Madison Avenue, 22nd Floor New York, New York 10017 United States Phone: (862) 217-6927 Email: jsegundo@raistone.com 2. Trade Finance Company Supply Chain $208,261,460 Attn.: Juan Segundo, Sales Director Finance 360 Madison Avenue, 22nd Floor New York, New York 10017 United States Phone: (862) 217-6927 Email: jsegundo@raistone.com 3. 1977 O'Connor Supply Chain $116,072,544 Attn.: Juan Segundo, Sales Director Finance 360 Madison Avenue, 22nd Floor New York, New York 10017 United States Phone: (862) 217-6927 Email: jsegundo@raistone.com 4. The CIT Group Supply Chain $84,370,311 Attn.: Michael Helms Finance 201 S Tryon Street, Suite 600 Charlotte, North Carolina 28202 United States Phone: (704) 339-2920 Email: michael.helms@firstcitizens.com 5. Internal Revenue Service Federal $68,661,790 Attn.: Centralized Income Taxes Insolvency Operation 1111 Pennsylvania Avenue NW Washington, District of Columbia 20004-2541 United States Phone: (800) 973-0424 Fax: (855) 235-6787 6. Napier Supply Chain $47,094,364 Attn.: John Pfisterer, Finance Global Head of Revenue Strategy 285 Madison Avenue, Suite 1402 New York, New York 10017 United States Phone: (914) 844-9422 Email: jpfisterer@liquidx.com 7. Wafra (WSS) Supply Chain $38,030,178 Attn.: Juan Segundo, Finance Sales Director 360 Madison Avenue, 22nd Floor New York, New York 10017 United States Phone: (862) 217-6927 Email: jsegundo@raistone.com 8. Pemberton Capital Advisors LLP Supply Chain $36,269,326 Attn.: Joe Boscia, Finance Executive Director 5 Howick Place London, SW1P 1WG United Kingdom Phone: +44 203-8611671 Email: joe.boscia@pembertonam.com 9. IVY Supply Chain $26,643,031 Attn.: Juan Segundo, Sales Director Finance 360 Madison Avenue, 22nd Floor New York, New York 10017 United States Phone: (862) 217-6927 Email: jsegundo@raistone.com 10. Fasanara Supply Chain $24,298,011 Attn.: John Pfisterer, Finance Global Head of Revenue Strategy 285 Madison Avenue, Suite 1402 New York, New York 10017 United States Phone: (914) 844-9422 Email: jpfisterer@liquidx.com 11. Southstate Bank, N.A. Supply Chain $22,803,104 Attn.: John Seeds, Senior VP Finance 1101 1st Street S Winter Haven, Florida 33880 United States Phone: (404) 995-6092 Email: john.seeds@southstatebank.com 12. Orbian Management Limited Supply Chain $20,033,620 Attn.: Delvina Kolic, Director Finance 34-37 Liverpool Street, 2nd Floor London, EC2M 7PP United Kingdom Phone + 44 0-208-051-8890 Email: delvina.kolic@orbian.com 13. Randall Metals Corporation Trade Payables $15,259,077 Attn.: Larry Leffingwell, Chairman 10275 W Higgins Road, Suite 410 Rosemont, Illinois 60018 United States Phone: (847) 952-9690 Email: lleffingwell@randallmetals.com 14. THI Group Shanghai Trade Payables $14,797,510 Attn.: Ricky He, Senior Manager 10F, Kaikai Plaza, No 888 Wanhangdu Road, Jinan District Shanghai, 200042 China Phone: +86 21-61339533-768 Email: rickyhe@t3ex-thi.com 15. Yusin Brake Corporation Trade Payables $14,159,155 Attn.: Paul Stewart, VP 5F, No. 381 Wufeng N. Rd, East Dist. Chiayi City, 600 Taiwan Phone: + 886 5-2788687 Email: paul@bourneusa.com 16. DSSI LLC Trade Payables $9,082,728 Attn.: Suja Katarya, CEO 9300 Shelbyville Road, Suite 910 Louisville, Kentucky 40222 United States Phone: (248) 208-8375 Email: suja.katarya@procurementadvisors.com 17. Nomura Supply Chain $8,930,890 Attn.: Juan Segundo, Sales Director Finance 360 Madison Avenue, 22nd Floor New York, New York 10017 United States Phone: (862) 217-6927 Email: jsegundo@raistone.com 18. Future Electronics Corp. Trade Payables $8,388,368 Attn.: Geoff Annesi, Corporate VP 237 Hymus Boulevard Pointe-Claire, Quebec QC H9R 5C7 Canada Phone: (514) 694-7710 Email: geoffrey.annesi@futureelectronics.com 19. American Global Logistics Trade Payables $8,208,622 Attn.: Chad Rosenberg, CEO 1400 Hembree Road, Suite 120 Roswell, Georgia 30076 United States Phone: (404) 480-4593 Email: crosenberg@americangloballogistics.com 20. FedEx Trade Networks Trade Payables $7,297,882 Attn.: Patrick Moebel, President 3650 Hacks Cross Road Memphis, Tennessee 38103 United States Phone: (901) 818-7500 Email: patrick.moebel@fedex.com 21. Cardone Holdco LP Revenue $7,000,000 c/o Brookfield Asset Management Payout Attn.: Rachel Arnett, VP Liability Brookfield Place New York 250 Vesey Street, 15th Floor New York, New York 10281 United States Phone: (416) 682-3860 Email: rachel.arnett@brookfield.com 22. Veritiv Operating Trade Payables $5,768,488 Attn.: Randy Breaux, President 1605 Alton Road Birmingham, Alabama 35210 United States Phone: (205) 956-1122 Email: randy_breaux@genpt.com 23. Smurfit Kappa Trade Payables $5,475,533 Attn.: Laurent Sellier, CEO 900 S Pine Island Road, Suite 600 Plantation, Florida 33324 United States Phone: (954) 514-2600 Email: laurent.sellier@smurfitkappa.com 24. Shin Yuh Cherng Trade Payables $5,292,313 Industrial Co., Ltd. Attn.: Mandy No.13, Gongye 5th Road Annan Dist. Tainan City, 70955 Taiwan Phone: +886 6-3845858 Email: mandy@sycind.com 25. Rebuilders Auto Supply Trade Payables $5,021,875 Attn.: Jesse Whiteside, CEO 1650 Flat River Road Coventry, Rhode Island 02816 United States Phone: (401) 822-3030 Email: jwhiteside@coresupply.com 26. Resortes Y Productos Metalicos Trade Payables $4,953,070 Attn,: Cory Harrison, Operations Manager 21200 Telegrpaph Road Southfield, Michigan 48033 United States Phone: (248) 799-5400 Email: cory.harrison@pspring.com 27. Evolution Credit Partners Factoring Undetermined Attn.: Krum Dukin, Managing Director Agreements 28 State Street, 28th Floor Boston, Massachusetts 02109 United States Phone: (617) 410-4805 Email: kdukin@evolutioncreditpartners.com 28. Katsumi Global, LLC Factoring Undetermined Attn.: Tim King, CEO Agreements 6177 Lake Waldon Drive Clarkston, Michigan 48346 United States Phone: (415) 706-8184 Email: tking@jamitsuicapital.com 29. Leucadia Asset Management - Factoring Undetermined Trade Finance Agreements Group Jefferies Attn.: John Nesci, Senior VP 520 Madison Avenue New York, New York 10022 United States Phone: (212) 284-1786 Email: jnesci@jefferies.com 30. Raistone Factoring Undetermined Attn.: Juan Segundo, Sales Director Agreements/ 360 Madison Avenue, 22nd Floor Supply Chain New York, New York 10017 Finance United States Phone: (862) 217-6927 Email: jsegundo@raistone.com FIRST BRANDS: Debtwire's Bringardner Sees Free Fall, Expensive Case ------------------------------------------------------------------- John Bringardner, a top bankruptcy expert and head of restructuring and insolvency data powerhouse, Debtwire, is calling First Brands' bankruptcy a "free fall," with distress investors likely to "make a killing" from the $2 billion of factoring agreements. First Brands and 98 affiliated entities filed for Chapter 11 protection late Sunday night. For Bringardner, the factoring agreements -- where the company sells its invoices to third parties for immediate cash -- should impact the company's path forward in bankruptcy proceedings. The fate of the company's factoring agreements hinges on a classic bankruptcy law conundrum: are these deals "true sales" of receivables (transferring ownership to third-party factors) or "disguised loans" (retaining the receivables as company assets)? As Bringardner highlights to Troubled Company Reporter, this distinction could determine whether creditors can access those funds or if they're off-limits, potentially pushing the case toward liquidation rather than reorganization. Bringardner recalls that First Brands in August attempted to issue $6 billion in new debt, "presenting the market with a financial picture that was -- they quickly learned -- too good to be true." Bringardner says the refinancing failed after investors demanded the company conduct a quality of earnings report and an expanded second lien facility attracted limited demand. The news that Apollo had purchased collateral default swaps (CDS) on First Brands, or insurance against default, triggered a stampede for the exits as debt holders -- the equivalent of a bank run -- including many large Collateralized Loan Obligations (CLOs) sold off their holdings. The company's CEO has been accused of kind of shady accounting in the past. "That should have been a red flag for a lot of people. It's looking much like those same accusations apply now, so in hindsight everyone's looking back asking how it could have gotten to this point," according to Bringardner. Bringardner also notes that if First Brands is worth its valuation, the hedge funds that have come in to buy a claim from a CLO will see a huge upside. "If the company is worth close to what it said it was worth after all of this chaos, the hedge funds that have come in to buy a claim from a CLO will see a huge upside and make a killing. But, it's also possible that the fraud runs very deep and it's going to drain the recoveries." "And much like FTX -- another so-called 'freefall' bankruptcy filed in the wake of allegations of fraudulent transfers -- the First Brands case is likely to be extremely expensive," according to Bringardner. "Creditors should be very worried. It will take weeks or months to determine what's going on, and hundreds of millions of dollars in professional fees, and creditors will pursue investigations to uncover any indication of fraud, racking up significant legal bills that will ultimately be paid for by the estate." "This is definitely a red flag for private debt markets. This kind of uncertainty exposes their opaque nature. It's certainly going to cause everyone to take a closer look at some of the types of businesses that they back. Certainly tariffs impact a company like this too and I wouldn't be surprised if a lot of lenders and potential lenders who are looking at getting into the new debt in August had that top of mind, wondering how tariffs were impacting a business like this, and might have been what prompted them to take a closer look. "The bottom line is this will be a messy, expensive bankruptcy with a lot of players involved second guessing choices they've made in the past few months on this name." About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' Claims Agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. FIRST BRANDS: Enters Chapter 11 With $1.1B DIP Financing -------------------------------------------------------- First Brands Group, LLC, a global supplier of aftermarket automotive parts, announced that the Company and certain of its affiliates have filed voluntary petitions for Chapter 11 relief in the United States Bankruptcy Court for the Southern District of Texas to stabilize its business operations and facilitate a value-maximizing transaction. To support business continuity, an Ad Hoc Group of cross-holders has agreed to provide First Brands with $1.1 billion in debtor-in-possession financing that will be fully backstopped by certain members of the Ad Hoc Group. This financing will provide the necessary capital for the Company to maintain operations, fulfill customer orders, and meet its commitments to its vendors and partners from the start of the chapter 11 cases. "Today's actions mark an important step toward stabilizing First Brands' operations and securing a long-term future for the Company's world-class portfolio of aftermarket automotive part brands," said Chuck Moore, Chief Restructuring Officer of First Brands. "With committed funding from our key financial partners, we remain focused on supporting our employees, working with our valued suppliers, and delivering best-in-class aftermarket automotive technology for our customers globally. We are confident in the strength of First Brands' industry-leading portfolio and the essential role we play in the automotive supply chain." Global operations during the financial restructuring process: First Brands' global operations are expected to continue without interruption during the chapter 11 cases, with full continuity for the Company's international customers, partners, and employees. Importantly, the Company's international operations are not part of the court-supervised financial restructuring process. Additionally, to ensure a seamless transition into the chapter 11 process, First Brands has filed a number of customary "First Day Motions." Upon court approval, these motions will enable the Company to, among other things, continue payment of employee wages and benefits, honor commitments to customers, and satisfy post-petition obligations to vendors and partners. These filings follow the voluntary chapter 11 petitions filed by certain of the Company's non-operational special purpose entities on September 24, 2025. First Brands is seeking relief to jointly administer these chapter 11 cases. Additional information regarding First Brands' chapter 11 process is available at https://restructuring.ra.kroll.com/firstbrands. Stakeholders with questions may call the Company's Claims Agent, Kroll, at (877) 631-1151 or (646) 290-7146 if calling from outside the U.S. or Canada, or email firstbrandsinfo@ra.kroll.com. Advisors Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' Claims Agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. FIRST BRANDS: Fitch Lowers LongTerm IDR to 'B', On Watch Negative ----------------------------------------------------------------- Fitch Ratings has downgraded First Brands Group, LLC's (FBG) Long-Term Issuer Default Rating (IDR) to 'B' from 'B+'. Fitch has also downgraded FBG's existing and proposed asset-based lending (ABL) revolvers and first lien term loans to 'BB' with a Recovery Rating of 'RR1' from 'BB+'/'RR1', existing second lien term loan to 'B+'/'RR3' from 'BB-'/'RR3' and proposed second lien term loan to 'B'/'RR4' from 'B+'/'RR4'. Fitch has placed FBG's IDR and issued debt ratings on Ratings Watch Negative (RWN). The downgrade and RWN reflect heightened refinancing risk following the pause in FBG's refinancing transaction after investor requests for a quality of earnings (QoE) report. Additionally, a recent drop in the pricing of FBG's debt increases event risk, including a possible debt exchange. Further evidence of refinancing complications or a debt exchange could lead to a further downgrade, potentially by more than one notch. Key Rating Drivers Increased Refinancing Risk: In July 2025, FBG launched a transaction to refinance all its debt, with a goal of completing the refinancing well ahead of its first lien debt going current in March 2026. The refinancing included an upsized ABL revolver, a floating- and fixed-rate first lien USD term loans, a floating-rate first lien EUR term loan and a significantly upsized second lien term loan. The company subsequently paused the refinancing following an investor request for a QoE report from a top accounting firm. Recent reports suggest the QoE will be ready around mid-October. In addition to the pause in the refinancing transaction, Fitch believes the company could pursue other avenues to address its maturities beyond the proposed refinancing. The recent steep drop in the trading price of the company's debt also increases event risk, including a possible debt exchange. Any potential debt exchange imposing a material reduction in the original terms would be considered a distressed debt exchange (DDE) under Fitch's Corporate Rating Criteria. The growing refinancing risks may also increase Fitch's focus on FBG's governance structure. Strong Business Profile: FBG maintains a strong, diversified portfolio of market-leading aftermarket brands across multiple categories. It leads market share in North America in the aftermarket brakes, filters, fuel pumps, gas springs and wipers categories. Key brands include Centric, Raybestos and StopTech in brakes; FRAM and CHAMP in filters; Carter and Airtex-ASC in fuel and water pumps; STRONGARM in gas springs; AUTOLITE in spark plugs; Horizon in towing equipment; and Trico, ANCO and Michelin in wipers. High-4x Leverage: Fitch expects FBG's leverage will be affected by its acquisition activities. FBG typically borrows in advance to maintain sufficient balance sheet cash to fund future acquisitions, resulting in excess debt and cash while seeking acquisition opportunities. Fitch expects FBG's gross EBITDA leverage over the intermediate term to generally run in the mid- to upper-4x range, and occasionally topping 5.0x, in line with the past several years. However, leverage could decline below 3.5x if FBG chooses to pause debt-funded acquisition activities and focus on debt repayment instead. Actual EBITDA leverage at YE 2025 was 5.1x. Positive FCF Expected: FBG's free cash flow (FCF) margins are expected to remain solid, ranging from low- to mid-single-digits over the next several years. Historically, FCF margins have varied significantly over the past several years, from slightly negative to positive mid-teens. As an aftermarket supplier, inventory stocking and de-stocking can have a significant effect on FBG's working capital, which has been a key driver of FCF variability. FBG has relatively low capex needs, and Fitch expects capex to run at about 3.0% of revenue for the next several years, in line with recent historical levels. FCF will be supported over the longer term by the company's cost savings initiatives. Peer Analysis FBG primarily focuses on non-discretionary, branded automotive aftermarket parts and components, although it does have some Tier 1 automotive exposure. Compared with other rated suppliers with significant exposure to the automotive aftermarket, such as Robert Bosch GmbH (A/Stable), The Goodyear Tire & Rubber Company (BB-/Negative), Tenneco LLC (B/Positive), and Clarios International Inc. (B/Stable), FBG is smaller, with sales that are less geographically diversified, as the majority of FBG's revenue is derived in North America. Compared with other Fitch-rated auto suppliers, FBG's products generally contain lower levels of technology content, with key products, such as brakes, wiper blades, gas springs, fuel and water pumps, spark plugs, automotive filters, and trailer and towing equipment. These are more mature than those of higher-tech rated issuers such as BorgWarner Inc. (BBB+/Stable) or Aptiv PLC (BBB/Rating Watch Negative). FBG's EBITDA leverage is lower, and its EBITDA margins stronger, compared with Tenneco and Clarios. FBG's strong EBITDA margins are expected to be nearly double those of many investment-grade auto suppliers, like BorgWarner, Aptiv and Lear Corporation (BBB/Stable), as FBG benefits from restructuring activities and acquisition synergies over the intermediate term. Fitch expects FBG's FCF margins to be stronger than Aptiv's and Clarios' over time as cash restructuring expenses decline. However, FBG's interest coverage is more commensurate with auto suppliers in the 'B' category, as nearly all the company's debt is subject to floating interest rates. Key Assumptions - Organic revenue growth runs at about 3.0% annually; - The company continues to make debt-funded acquisitions from time-to-time, resulting in total revenue growth exceeding organic growth; - EBITDA margins strengthen over the next few years as the company achieves cost efficiencies from acquisition synergies, as well as other cost savings actions; - FCF margins run in the low- to mid-single-digit range over the next few years; - Capex as a percentage of revenue averages about 3.0% for the next several years; - Excess cash is primarily directed toward acquisitions; - Market interest rates: SOFR runs from 4.3% in the near term to an average of about 3.2% in outer years, while EURIBOR runs from 1.9% in the near term to 2.3% several years out. Recovery Analysis The recovery analysis assumes that FBG would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach FBG's recovery analysis estimates a GC EBITDA of about $1.4 billion reflecting a sustainable post-reorganization EBITDA level following a hypothetical default. A default could be driven by the loss of significant customers or an acquisition misstep. The GC EBITDA considers FBG's strong position in many aftermarket categories, its relationships with a wide range of parts retailers and the less-cyclical nature of its products. It also incorporates EBITDA from recent acquisitions. The GC EBITDA is lower than Fitch's forecasted EBITDA and assumes the business would shed some lower-margin products during a reorganization process. Fitch utilizes a 5.5x enterprise value (EV) multiple based on FBG's strong market position. According to Fitch's "Automotive Bankruptcy Enterprise Values and Creditor Recoveries" report published in April 2025, 52% of auto-related defaulters had exit multiples above 5.0x, with 28% in the 5.0x to 7.0x range. The median observed across 25 bankruptcies was 5.1x, with 86% as a GC. The recovery analyses for the current and proposed capital structures assume that off-balance-sheet factoring is replaced with a super-senior facility that has the highest priority in the distribution of value. For the existing capital structure, Fitch assumes a 100% draw on the company's $250 million secured ABL, which receives second priority in the distribution after the factoring, resulting in a Recovery Rating of 'RR1'. The first lien term loan receives priority below the ABL, but there is sufficient remaining value to also result in a Recovery Rating of 'RR1'. The second lien term loan receives priority below the first lien, resulting in a Recovery Rating of 'RR3'. In the proposed capital structure, Fitch assumes a 90% draw on the proposed $500 million secured ABL, which receives second priority after the factoring, resulting in a Recovery Rating of 'RR1'. The first lien term loan receives priority below the ABL, but there is still sufficient remaining value to also result in a Recovery Rating of 'RR1'. The second lien term loan receives priority below the first lien, resulting in a Recovery Rating of 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Evidence that the company is likely considering a restructuring or DDE transaction; - A merger or acquisition that results in higher leverage or lower margins for a sustained period; - Debt-funded shareholder returns; - EBITDA leverage sustained above 5.5x; - EBITDA interest coverage approaching 1.5x; - FCF margins sustained at the breakeven level or below. Factors that Could, Individually or Collectively, Lead to the Removal of the RWN and an Outlook Revision: - A successful refinancing of the company debt and avoidance of a distressed debt exchange according to Fitch's Corporate Rating Criteria. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDA leverage sustained below 4.5x; - EBITDA interest coverage sustained above 2.5x; - FCF margins sustained above 1.0%. Liquidity and Debt Structure FBG had $809 million of unrestricted cash as of June 28, 2025. FBG maintains further liquidity through its $250 million ABL revolver that matures in 2028. FBG had $124 million of available capacity on the ABL at June 28, 2025, after accounting for $97 million of outstanding letters of credit (LOCs). The borrowing base reduced the amount available on the ABL revolver by $29 million at June 28, 2025. FBG's on-balance sheet debt structure at June 28, 2025, consisted of $4.9 billion of first lien term loan borrowings, $540 million of second lien term loan borrowings and $447 million of other debt. Fitch also includes off-balance sheet factoring and a portion of FBG's outstanding supply-chain financing in its debt and leverage calculations. FBG's off-balance-sheet factoring includes supply chain programs with some customers. If the financial institutions involved in these programs curtail participation, FBG might need to borrow from its ABL. However, FBG could mitigate a portion of the impact by exercising its right to shorten the payment terms with these customers. Issuer Profile FBG is a manufacturer of non-discretionary, branded automotive aftermarket parts and components. The company has a leading market position in the top three categories sold at North American auto parts retailers. Key brands include FRAM, Trico, Centric and Raybestos. 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 First Brands Group, LLC has an ESG Relevance Score of '4' for Governance Structure due to its control by a single individual, which has a negative impact on the credit profile, and is relevant to the rating[s] 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 ----------- ------ -------- ----- First Brands Group, LLC LT IDR B Downgrade B+ senior secured LT BB Downgrade RR1 BB+ senior secured LT BB Downgrade RR1 BB+ Senior Secured 2nd Lien LT B+ Downgrade RR3 BB- Senior Secured 2nd Lien LT B Downgrade RR4 B+ FIRST BRANDS: S&P Downgrades ICR to 'CC' on Expected Default ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on automotive parts manufacturer First Brands Group LLC to 'CC' from 'CCC+' and removed all its ratings from CreditWatch, where it placed them with negative implications on Sept. 22, 2025. S&P said, "At the same time, we lowered our issue-level rating on the company's senior secured first-lien debt to 'CC' from 'CCC+' and our issue-level rating on its senior secured second-lien debt to 'C' from 'CCC-'. Our '3' recovery rating on the first-lien debt and '6' recovery rating on the second-lien debt are unchanged. The negative outlook reflects that we will lower our ratings on First Brands to 'D' or 'SD' (selective default) upon its declaration of bankruptcy or completion of a distressed restructuring." S&P Global Ratings believes First Brands will be unable to address its upcoming debt maturities and could likely experience a liquidity shortfall. Therefore, S&P now expects the company will most likely default or undertake a distressed restructuring to address its debt maturities. S&P said, "We now view a default or distressed restructuring as a virtual certainty. We believe it is unlikely First Brands will be able to address its significant upcoming maturities due 2027, given the risks related to its receivables factoring and supplier finance programs, its unsuccessful refinancing attempt in July 2025, and the distressed trading levels of its debt. Given the recent bankruptcy declaration of Carnaby, a financing company linked to First Brands, this could further heighten the company's liquidity risk. Despite its available liquidity ($929 million in liquidity as of the end of the second quarter of 2025, including $805 million of cash), we believe the company's receivables factoring and supplier finance programs could likely materially unwind, which could quickly lead to significant cash burn and a liquidity shortfall. "Given these pressures, we believe First Brands will likely declare bankruptcy or undertake a distressed restructuring to secure additional liquidity and reduce its debt burden. "The negative outlook indicates that we will lower our ratings on First Brands to 'D' or 'SD' if it declares bankruptcy or completes a restructuring that we consider distressed and tantamount to a default." FIRST BRANDS: Seeks Chapter 11 Bankruptcy Along with Affiliates --------------------------------------------------------------- Irene García Perez, Harry Suhartono, and Libby Cherry of Bloomberg Law reports that First Brands Group Holdings has entered Chapter 11 bankruptcy protection following weeks of uncertainty tied to creditor concerns over its off-balance sheet financing practices. The automotive supplier reported liabilities between $10 billion and $50 billion, with assets estimated at $1 billion to $10 billion, according to the report. The filing signals a significant restructuring effort aimed at addressing its heavy debt load and restoring financial stability. As part of the process, a group of creditors has agreed to provide $1.1 billion in debtor-in-possession (DIP) financing to support ongoing operations. This funding became essential after lenders declined to extend additional credit outside of bankruptcy protection, leaving the company short on cash. First Brands, which owns well-known aftermarket parts brands such as Anco, Trico, and Fram, faced increasing strain as liquidity tightened, the report states. The DIP financing will allow First Brands to maintain operations and serve customers while navigating Chapter 11. Management noted that the company's global business is expected to continue without interruption, with international operations excluded from the U.S. court-supervised restructuring process. The company stressed that the financing provides the resources needed to sustain day-to-day operations during the reorganization, the report relays. 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. First Brands Group LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90399) on September 29, 2025. In its petition, the Debtor reports liabilities between $10 billion and $50 billion, with assets estimated at $1 billion to $10 billion. Weil, Gotshal & Manges LLP is guiding First Brands Group as legal counsel, alongside Lazard as investment banker, Alvarez & Marsal as financial advisor, and C Street Advisory Group for communications strategy. The Ad Hoc Group has tapped Gibson, Dunn & Crutcher LLP for legal representation and Evercore for investment banking services. FIVE POINT: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has assigned first-time Long-Term Issuer Default Ratings (IDRs) of 'B' to Five Point Holdings, LLC (Five Point Holdings) and Five Point Operating Company, LP (Five Point or the company). The Rating Outlook is Stable. Fitch has also assigned a 'BB-' rating with a Recovery Rating of 'RR2' to Five Point Operating Company, LP's unsecured revolving credit facility, its existing senior unsecured notes, and its new offering of $450 million senior unsecured notes due 2030. Proceeds from the new notes issuance, plus cash on hand, will be used to redeem its existing senior unsecured notes due 2025 and 2028. The 'B' IDR reflects Five Point's highly attractive assets, tempered by meaningful geographic and asset concentration risks. The ratings also incorporate the company's modest leverage and good financial flexibility, which support its volatile cash flow profile, and the Stable Outlook reflects Fitch's expectations that financial flexibility will remain adequate despite a weak demand environment. Key Rating Drivers Geographic and Asset Concentration: Five Point's land assets, including interests in unconsolidated joint ventures, are located in three mixed-use planned communities in Northern and Southern California, which exposes the company to an outsized impact during local housing market downturns, the occurrence of natural disasters or changes in regulatory requirements. A great majority of its land in Valencia is currently unentitled and undeveloped, while its land in San Francisco in undeveloped. Key Assets in Attractive Markets: Five Point owns strategic asset positions in Coastal California, which benefits from a large population and good economic growth. The company is one of the largest owners and developers of mixed-use planned communities in Coastal California, which Fitch views as a key advantage. The company's geographic concentration is somewhat mitigated by land constraints in these coastal markets that are driven by limited availability of land as well as continued housing demand from a large population. Good Financial Flexibility: Five Point has good financial flexibility to address its volatile cash flow. The company had $456.6 million of unrestricted cash and no borrowings under its $125 million unsecured revolving credit facility as of June 30, 2025. Fitch expects the company to use cash on hand and distributions from Great Park to fund development activities during the next few years, while higher land sales in Valencia in 2028 and beyond should support development activities for future phases in that community. Volatile Cash Flow: The timing of land sales in Five Point's fully owned communities is uneven, and the company expends meaningful cash to develop the lots before they can be monetized. A meaningful portion of Five Point's EBITDA and cash flow is derived from earnings distributions of its 37.5% ownership in Heritage Fields, LLC (owner of Great Park). Fitch expects the company to generate flat to slightly positive FCF in 2025 and generate negative $75 million to $125 million of FCF in 2026. Weak Demand Environment: Fitch anticipates that the housing market will remain constrained during the rest of 2025 due to low affordability and a weak economic backdrop. High mortgage rates and elevated home prices will continue to challenge affordability. Fitch expects consolidated revenue to decline 55%-60% in 2025 due to limited land sales in the Valencia community, then improve 25%-35% in 2026 as homesite sales there resume. Fitch's rating case forecast assumes distributions of Five Point's equity in earnings from Great Park to make up the bulk of its EBITDA in 2025 and contribute $75 million to $100 million to EBITDA in 2026. Modest Leverage: Five Point's net debt to capitalization ratio (excluding non-controlling equity interest and $50 million of cash classified by Fitch as not readily available for working capital) was 13% as of June 30, 2025 versus 16.1% as of Dec. 31, 2024. Fitch expects this ratio to be 10%-15% at the end of 2025 and increase modestly to 14%-19% at year-end 2026. EBITDA leverage was 2.7x for the LTM ending June 30, 2025 and Fitch expects this ratio will be between 2.0x and 2.5x in 2025. Fitch also expects EBITDA leverage will increase to between 4x and 5x at the end of 2026 due to lower consolidated revenues and lower earnings distributions from its Great Park venture. Ownership Structure: Five Point Holdings is a public company, but Lennar Corporation (BBB+/Positive) owns class A and B shares representing about 39% voting interest, while GFFP Holdings, LLC own a 17% interest. Both entities have ownership interests in Five Point's Candlestick/San Francisco Shipyard property. The company is governed by a largely independent board of directors, and distributions to the shareholders have been minimal — primarily for taxes. Parent and Subsidiary Linkage: Fitch considers Five Point to have a stronger credit profile than its parent Five Point Holdings due to Five Point's unrestricted access to operating cash flows. Five Point Holdings, the issuer of the financial statements, has no operations, qualified access to cash flows and no debt. By following the Stronger Subsidiary path, Fitch categorizes legal ring-fencing and access and control as porous. Fitch assesses Five Point's standalone and consolidated credit profiles at a 'b' rating level. Therefore, no upward notching applies to Five Point and both Five Point and Five Point Holdings are rated 'b'. Peer Analysis Five Point does not have direct peers in Fitch's rating universe. Compared to U.S. homebuilders covered by Fitch, Five Point is significantly smaller and meaningfully less geographically diversified than 'B' rated homebuilder issuers. Five Point's EBITDA leverage is currently comparable to that of STL Holding Company, LLC (d/b/a DSLD Homes; B+/Stable) and better than Adams Homes, Inc. (Adams Homes; B+/Stable). The company's net debt to capitalization is significantly lower than DSLD Homes and Adams Homes. Five Point's revenues and cash flows tend to be more volatile than both DSLD Homes and Adams Homes. Key Assumptions - Revenues fall 55%-60% in 2025 and improve 25%-35% in 2026 as homesite sales resume in Valencia; - FCF of $15 million to $25 million in 2025 and negative $75 million to $125 million in 2026 due to higher development expenses; - Net debt to capitalization of 10%-15% at the end of 2025 and 14%-19% in 2026; - EBITDA interest coverage of 3.5x-4x in 2025 and 2.5x-3.0x in 2026. Recovery Analysis Key Recovery Assumptions Five Point's business profile could yield a distressed enterprise value of approximately $735 million on the liquidation value of its inventory and PP&E (before administrative claims). The $735 million in resulting liquidation value exceeds Fitch's assessment of Five Point's $450 million valuation as a going concern, given the long land position and uneven EBITDA and cash flow generation. Fitch assumed a 10% administrative claim. The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors: - 30% advance rate on inventory to account for impairment charges in a housing downturn. This is lower than the 50% advance rate Fitch typically uses for homebuilder inventory as a significant portion of the company's consolidated land assets are unentitled and undeveloped and are concentrated in three communities; - 50% advance rate on PP&E. Fitch assumed that the company's $125 million unsecured revolving credit facility is 100% drawn during a distress scenario as the asset coverage is meaningful. Outcome The allocation of the value in the liability waterfall results in a recovery corresponding to an 'RR1' for the senior unsecured revolving credit facility and the senior unsecured notes. However, for issuers with an IDR of 'B' or lower, unsecured debt instruments are capped at 'RR2'/+2, resulting in a 'BB-' rating with a Recovery Rating of 'RR2' for the unsecured revolver and senior unsecured note. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in the company's liquidity profile, including consistently negative CFO and cash and revolver availability below $100 million; - EBITDA interest coverage sustains at or below 2x; - Net debt to capitalization consistently above 50%; - EBITDA leverage sustained above 4.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The company shows consistent revenue and cash flow generation; - Net debt to capitalization sustains below 40%; - EBITDA leverage consistently below 4.0x; - (CFO-capex)/debt sustains above 3.5%; - EBITDA interest coverage consistently above 3.0x. Liquidity and Debt Structure Five Point has a good liquidity position with $456.6 million of unrestricted cash and no borrowings under its $125 million unsecured revolving credit facility. The company has no major debt maturities until 2028, when its $523.5 million senior unsecured notes come due. The new notes issuance to repay the existing senior notes further extends the company's debt maturity profile. Issuer Profile Five Point Holdings, LLC is an owner and developer of mixed-use planned communities in Coastal California. Date of Relevant Committee 15-Sep-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Five Point Operating Company, LP LT IDR B New Rating senior unsecured LT BB- New Rating RR2 Five Point Holdings, LLC LT IDR B New Rating FOREST GLEN: Hires Weinberg Zareh Malkin Price LLP as Counsel ------------------------------------------------------------- Forest Glen Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Weinberg Zareh Malkin Price LLP as counsel. The firm's services include: (a) providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy and asset disposition; (b) taking all necessary actions to protect and preserve the Debtor's estate during the pendency of the Chapter 11 case, including the prosecution of actions by the Debtor, the defense of actions commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved and objecting to claims filed against the estate; (c) preparing on behalf of the Debtor, as debtor in possession, all necessary motions, applications, answers, orders, reports and papers in connection with the administration of the Chapter 11 case; (d) counseling the Debtor with regard to its rights and obligations as a debtor in possession; (e) appearing in Court to protect the interests of the Debtor before the Court; and (f) performing all other legal services for the Debtor which may be necessary and proper in this proceeding. The firm will be paid at these rates: Partners/Of Counsel $710 to $480 Of Counsel $450 to $550 Associate $365 to $450 Paralegals $175 to $200 The firm received a retainer in the amount of $100,000 from a third-party, Prasad Venigalla, an investor in the Debtor. In a court filing, Weinberg disclosed that it is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Adrienne Woods, Esq. WEINBERG ZAREH MALKIN PRICE LLP 45 Rockefeller Plaza, 20th Floor New York, NY 10111 Phone: (212) 899-5470 Email: awoods@wzmplaw.com About Forest Glen Realty Forest Glen Realty LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-70716) on Feb. 26, 2024. In the petition signed by Mohan Jolly, president, the Debtor disclosed with up to $10 million in both assets and liabilities. Judge Louis A. Scarcella oversees the case. Certilman Balin Adler & Hyman, LLP serves as the Debtor's counsel. FOREST GLEN: Seeks to Hire Esagoff Law Group as Litigation Counsel ------------------------------------------------------------------ Forest Glen Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Esagoff Law Group, P.C. as special litigation counsel. The firm will provide these services: a. litigation drafting in the adversary proceedings; and b. court appearances. The firm's hourly rates are: Janet Nina Esagoff, Esq. $495 Senior Attorneys $425 Paralegals & Staff $175 The firm is holding a retainer in the amount of $10,000. As disclosed in the court filings, Esagoff Law Group is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 327(a) Section 101(14) of the Bankruptcy Code. The firm can be reached through: Janet Esagoff, Esq. Esagoff Law Group, P.C. 100 Middle Neck Road Great Neck, NY Tel: (516) 304-5944 Fax: (844) 400-777011021 About Forest Glen Realty Forest Glen Realty LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-70716) on Feb. 26, 2024. In the petition signed by Mohan Jolly, president, the Debtor disclosed with up to $10 million in both assets and liabilities. Judge Louis A. Scarcella oversees the case. Certilman Balin Adler & Hyman, LLP serves as the Debtor's counsel. FREE SPEECH: Hook Families Ask Court OK to Pursue Inforwars' Assets ------------------------------------------------------------------- Randi Love of Bloomberg Law reports that in a September 26, 2025 filing, the families of Sandy Hook shooting victims asked the U.S. Bankruptcy Court for the Southern District of Texas to make clear that they may pursue Infowars' parent company assets. The request came after Alex Jones sought to persuade courts that the property is protected by the stay in his personal Chapter 7 bankruptcy, according to the report. The families argued that Free Speech Systems LLC's assets do not belong to Jones' personal estate and therefore aren't subject to the litigation pause, the report states. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. GENOA PROPERTY: Grammas Buys Office Building Out of Receivership ---------------------------------------------------------------- Brian Planalp of Cincinnati Business Courier reports that Grammas Investments, a Greater Cincinnati real estate firm, has purchased a neglected three-story suburban office building in Montgomery, Ohio, for $2.75 million. The company plans to rehabilitate and reposition the property through a series of renovations and upgrades, according to the report. The building, located at 10700 Montgomery Road, had fallen into disuse under its prior ownership. Grammas intends to revitalize the site with improvements designed to attract tenants and restore the property's value in the suburban office market, the report states. The acquisition marks a strategic foothold for Grammas in Greater Cincinnati's office sector. The property was sold out of receivership through Athena II Offices LLC and previously belonged to Genoa Property Group, a Columbus-based real estate company, the report relays. About Genoa Property Group Genoa Property Group, headquartered in Columbus, specializes in real estate development and investment. GRANGE PUBLIC: Douglas Flugum Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Douglas Flugum as Subchapter V trustee for The Grange Public House & Brewery, LLC. Mr. Flugum will be paid an hourly fee of $275 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Flugum declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Douglas Flugum P.O. Box 308 Cedar Rapids, IA 52406 Email: dflugum@bugeyeventures.com About The Grange Public House & Brewery The Grange Public House & Brewery, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-01625) on September 22, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Lee M. Jackwig presides over the case. Robert C. Gainer, Esq. represents the Debtor as legal counsel. GREAT CIRCLE: Hires Klestadt Winters as Legal Counsel ----------------------------------------------------- Great Circle Park LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Klestadt Winters Jureller Southard & Stevens LLP to serve as legal counsel in its Chapter 11 case. KWJS&S will provide these services: (a) advise the Debtor with respect to its rights, powers and duties as a debtor and debtor-in-possession in the continued management and operation of its business and assets; (b) attend meetings, negotiate with representatives of creditors and other parties in interest, advise and consult on the conduct of the cases, including all of the legal and administrative requirements of operating under Chapter 11; (c) take all necessary action to protect and preserve the assets of the Debtor's estate, including prosecuting legal actions on behalf of the Debtor, defending any actions commenced against the Debtor's estate, engaging in negotiations concerning litigation in which the Debtor may be involved and objecting to claims filed against its estate; (d) prepare on behalf of the Debtor such motions, applications, answers, orders, reports, and papers necessary to the administration of its estate; (e) assist the Debtor in its analysis and negotiations with any third-party concerning matters related to the realization by creditors of a recovery on claims and other means of realizing value; (f) represent the Debtor at all hearings and other proceedings; (g) assist the Debtor in its analysis of matters relating to the legal rights and obligations of the Debtor with respect to various agreements and applicable laws; (h) review and analyze all applications, orders, statements, and schedules filed with the Bankruptcy Court and advise the Debtor as to their propriety; (i) assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; (j) assist and advise the Debtor with regard to its communications to the general creditor body regarding any proposed Chapter 11 plan or other significant matters in this Chapter 11 Case; (k) assist the Debtor with respect to consideration by the Bankruptcy Court of any plan prepared or filed pursuant to Sections 1121 and 1189-1191 of the Bankruptcy Code and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; and (l) perform such other legal services as may be required and/or deemed to be in the interests of the Debtor in accordance with its powers and duties as set forth in the Bankruptcy Code. The firm will receive hourly rates of $750 to $995 for partners, $595 for associates, and $275 for paralegals. KWJS&S 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: Tracy L. Klestadt, Esq. Christopher Reilly, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS LLP 200 West 41st Street, 17th Floor New York, NY 10036 Telephone: (212) 972-3000 Facsimile: (212) 972-2245 About Great Circle Park LLC Great Circle Park LLC owns and operates a single real estate property as its primary business activity, in line with its classification as a single-asset real estate company under U.S. law, and is engaged in property holding and management within the United States. Great Circle Park LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11767) on August 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Tracy L. Klestadt, Esq. at KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP. GREYSTONE SELECT: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Greystone Select Financial LLC's (Greystone) Long-Term Issuer Default Rating (IDR) at 'BB-' and senior secured term loan at 'BB'. The Rating Outlook is Stable. Key Rating Drivers Solid Franchise: The ratings affirmation reflects its solid franchise in the commercial real estate (CRE) origination and servicing market; experienced senior management team; historically strong asset quality performance; solid earnings generation; limited valuation risk associated with mortgage servicing rights (MSRs) given the presence of various prepayment protections; and solid liquidity profile. Fitch believes the company's extensive understanding of multifamily and skilled nursing facility assets is further complemented by broader capabilities at the Greystone group related to property development and management, special servicing and fund management. Offsetting Risk Factors: Rating constraints include the firm's narrow business model, which is reliant on multifamily CRE origination volumes; a predominantly secured funding profile with relatively limited duration; and a weaker corporate governance structure given the private ownership by the Rosenberg family and key person risk associated with founder and CEO Stephen Rosenberg. Experienced Management Team: Greystone's management team has strong industry experience, but Fitch believes a moderate degree of key person risk is present with Stephen Rosenberg. The concentration of control with the Rosenberg family demonstrates a weaker-than-peer corporate governance structure and represents a rating constraint. Limited Asset Quality Risk: Greystone is not subject to material asset quality risks as nearly all originated loans are government or agency eligible. Additionally, asset quality performance in the servicing portfolio has been solid in recent years with 60+ day delinquencies, excluding forbearance, in the Fannie Mae Delegated Underwriting and Servicing portfolio at 1.8% as of 2Q25, compared with a four-year average of 0.58% from 2021 to 2024. This has increased in recent years from the impact of elevated interest rates, but Fitch views Greystone's risk-sharing arrangement with Fannie Mae and Freddie Mac, which caps maximum loss exposure, as a mitigant. The allowance for risk sharing obligations was $88 million as of 2Q25, which Fitch views as adequate. Earnings Hurt by Lower Originations: Lower originations further weakened Greystone's earnings, with pretax ROAA falling to 1.8% for the trailing 12 months (TTM) ended June 30, 2025, below 2024's 2.3% and the 2021-2024 average of 5.4%. This decrease was driven by low origination volumes in 2024 through 2Q25 and an increase in provision for losses from the repurchase of six loans in 1H25. Gain-on-sale income was 33.0% of total revenues in TTM 2Q25, above 29.1% in 2024 but still below historical levels which averaged 56.8% from 2014-2021. Over the medium term, Greystone's performance will largely depend on the pace of new originations, although the loan servicing portfolio and investment management segments provide diversification of revenue and cash flows. Leverage Likely to Rise: Greystone's leverage (gross debt to tangible equity) was 1.7x at 2Q25. Leverage has come down substantially from a high of 7.9x at YE20, as proceeds from the delivery of mortgage loans held for sale were used to reduce borrowings. Fitch expects originations to increase in 2H25 and 2026 relative to recent periods, which could result in increased warehouse borrowings. Corporate leverage, excluding warehouse borrowings, servicing advance lines, repurchase agreements and trust liabilities, was 0.5x at June 30, 2025, which should remain relatively stable over time. The firm targets net corporate debt to equity of 0.50x. Secured Borrowing Profile: As of 2Q25, approximately 3.4% of Greystone's outstanding debt was unsecured, which is within the 'b' category benchmark range of 0%-10% for balance sheet heavy finance and leasing companies. Fitch would view an increase in unsecured debt favorably as it would enhance the company's operational and financial flexibility. Sufficient Liquidity: Fitch views Greystone's liquidity as strong for its rating category. As of 2Q25, Greystone had $81.8 million of cash and $300.5 million of borrowing capacity under its funding facilities. Greystone's pool of unencumbered assets, which amounted to $1.1 billion at 2Q25, could also be pledged or sold (subject to applicable haircuts) to provide additional liquidity, if necessary. Greystone's funding is relatively short-dated, consisting predominantly of agency warehouse, servicing advances, and repurchase lines with maturities of one year or less with 24.4% of gross debt maturing in 2H25 and another 24.2% in 2026. Fitch would view a further extension of the debt maturity profile favorably, as it would help to reduce refinancing risk. Outlook Stable: The Stable Outlook reflects Fitch's expectation that Greystone will maintain good asset quality, with delinquencies translating into only modest losses given the loss-sharing arrangements. The Outlook also reflects expectations for the return to strong earnings generation, while maintaining access to diversified funding and sufficient liquidity. Fitch also expects Greystone to maintain leverage below 7.0x over the medium term, even with a stronger origination environment, due to management's strategy to increase retained earnings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakened liquidity profile, such as an inability to extend financing facilities as they mature and/or maintain adequate funding diversity; - A sustained increase in leverage (gross debt/tangible equity) above 7.0x and corporate leverage above 1.0x; and/or - A sustained reduction in operating performance below historical levels, particularly if driven by elevated credit losses. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An improvement in funding flexibility, as demonstrated by further extension of the maturity profile and an increase in the unsecured funding component, approaching 10%; - Maintenance of gross leverage, below 4.0x; - Greater revenue diversification, including a reduced reliance on gain-on-sale income; - Maintenance of solid asset quality; and/or - Consistent earnings and sufficient liquidity. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior secured term loan rating is one-notch above Greystone's IDR, reflecting good recovery prospects in a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior secured term loan rating is sensitive to changes in the IDR and would be expected to move in tandem with it. However, an increase in secured debt and/or weaker collateral coverage that weakens recovery prospects on the term loan could result in the elimination of the upward notching of the secured debt. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Earnings stability (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reasons: Historical and future metrics (negative), Risk profile and business model (negative). ESG Considerations Greystone Select Financial LLC has an ESG Relevance Score of '4' for Governance Structure due to elevated key person risk related to its founder and CEO, Stephen Rosenberg, who sets the tone, vision and strategy for the company. This 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 Prior ----------- ------ ----- Greystone Select Financial LLC LT IDR BB- Affirmed BB- senior secured LT BB Affirmed BB H5 TRANSPORT: Steven Nosek Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for H5 Transport, LLC. Mr. Nosek will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.com About H5 Transport LLC H5 Transport LLC, founded in 2018 and based in Oakes, North Dakota with a satellite office in Bradenton, Florida, provides transportation and logistics services specializing in dry van and refrigerated freight. The veteran-led Company offers full truckload and less-than-truckload shipping, regional and long-haul coverage, and custom logistics support including dispatch, driver management, and billing solutions. H5 Transport serves shippers, small fleets, and independent owner-operators across the United States, with core lanes in the Midwest and expanding routes nationwide. H5 Transport filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.D. Case No. 25-30409) on September 15, 2025. In its petition, the Debtor reported total assets of $270,951 and total liabilities of $2,029,269. Honorable Bankruptcy Judge Shon Hastings handles the case. The Debtor is represented by Christianna A. Cathcart, Esq., at The Dakota Bankruptcy Firm. HANGER INC: Moody's Affirms 'B2' CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings affirmed Hanger, Inc.'s (Hanger) corporate family rating at B2, its probability of default rating at B2-PD, and the instrument-level ratings of its senior secured first lien bank credit facilities at B2. At the same time, Moody's revised the outlook to negative from stable. The revision in the outlook to negative reflects a weakening credit profile due largely to costs related to ongoing operational initiatives. These costs have weakened Hanger's cash flow, increased its reliance on the revolver and led to an increase in financial leverage, providing limited cushion to absorb unforeseen operating setbacks. Due to the ongoing business investments, Moody's do not expect Hanger to reduce leverage to below 6x on a Moody's-adjusted basis over the next 12-18 months. At the same time, the affirmation of the existing ratings reflects Moody's expectations that the costs will steadily wind down and bring operational efficiencies. RATINGS RATIONALE Hanger's B2 CFR reflects the company's high financial leverage, with gross debt/EBITDA that Moody's anticipates will remain above 6x on Moody's basis over the next 12-18 months. The ongoing implementation of various operational activities constrains free cash flow. The company has exhibited an acquisitive growth strategy whereby it acquires clinics to expand its operational footprint—this strategy involves cash costs and increases integration and execution risks. The company is also exposed to reimbursement risk due to revenue concentration among government payors, including CMS and the Department of Veterans Affairs. The rating benefits from the company's market position as the largest provider of orthotics and prosthetics (O&P) in the United States. The rating is also supported by the stable demand for the company's services given a growing population of patients requiring O&P devices, including those with limb loss from injury or accident, endocrine or circulatory diseases, and musculoskeletal conditions. Recurring revenue generation from product maintenance and replacement further benefits the rating. Moody's expects Hanger to maintain good liquidity over the next 12 to 18 months due to availability under its revolving credit facility and ample room under the term loan and revolver financial maintenance covenants. Moody's expects Hanger to generate negative free cash flow for full-year 2025 due to higher expenses related to its operating initiatives. In 2026 and beyond, Moody's expects free cash flow to turn positive given the roll-off of these items. Hanger has access to a $200 million revolving credit facility, of which there are $70 million in borrowings outstanding as of June 30, 2025. The company's $150 million delayed-draw term loan, which is about $22 million drawn as of June 30, 2025, is committed but not accessible currently as the company's first lien net leverage ratio (on a credit-agreement adjusted basis with allowed addbacks) is above the permitted ratio to access the facility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade the ratings if Hanger's operating performance weakens, such that debt/EBITDA is sustained above 6.0x or margins or free cash flow deteriorate. Moody's could also consider a downgrade with material debt-funded shareholder returns or aggressive M&A. Moody's could upgrade the ratings if Hanger demonstrates conservative financial policies, represented by debt/EBITDA maintained below 5.0x and balanced capital allocation. Improved scale, profitability, and free cash flow generation would also support consideration for an upgrade. Headquartered in Austin, Texas, Hanger is a national provider of orthotics and prosthetics care and related products and services. Hanger is privately owned by Patient Square Capital and generated about $1.6 billion of revenue for the last twelve months ended June 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HAVOC BREWING: Gets Final OK to Use Cash Collateral --------------------------------------------------- Havoc Brewing Company, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral to fund operations. The court's final order authorized the Debtor to use cash collateral from September 17 to October 17 for post-petition operating expenses as outlined in its budget, subject to a 10% variance per line item. The Debtor projects total operational expenses of $97,757.08 for the interim period. Celtic Bank and Catfish Haggen, LLC are the secured creditors that have interests in the Debtor's assets. As adequate protection for the Debtor's use of their cash collateral, the secured creditors will be granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy liens. These secured creditors may seek administrative expense claims under Section 507(b) if their interests are not adequately protected. The order will remain in effect until modified or replaced by future court orders, dismissal, or conversion of the Debtor's Chapter 11 case. The approval ensures the Debtor can fund operations while pursuing its Chapter 11 reorganization plan. About Havoc Brewing Company LLC Havoc Brewing Company, LLC is a veteran-owned craft brewery based in Pittsboro, N.C. Founded in 2023, the company operates a 6,500-square-foot taproom that features award-winning beers, a coffee bar, and regular community events such as trivia nights, live music, and food trucks. Havoc Brewing Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01498) on April 25, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Pamela W. McAfee handles the case. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC Tel: 919-296-5040 Email: jfrost@bbflawfirm.com HNI CORP: S&P Assigns 'BB+' ICR on Acquisition of Steelcase ----------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issuer credit rating to U.S.-based HNI Corp., which has agreed to acquire Steelcase Inc. in a primarily cash and stock transaction for an estimated $2.4 billion enterprise valuation. S&P expects it to close in the fourth quarter of 2025. The company intends to finance the transaction with $608 million of borrowings under its proposed $775 million senior secured credit facilities, $500 million in new senior secured debt, an exchange of Steelcase's outstanding $450 million unsecured notes into new HNI secured notes, and equity issued to Steelcase. S&P said, "We assigned our 'BBB-' rating to the proposed senior secured notes. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a default. "We assume HNI will be able to successfully exchange most of Steelcase's senior unsecured notes for new HNI senior secured notes, which will rank pari passu with the proposed senior secured facilities. "The stable outlook reflects our expectation that, following close, HNI will integrate Steelcase without significant disruption, particularly with respect to the combined dealer network and Steelcase's workforce. We expect adjusted leverage to improve to 2.3x at the end of fiscal 2026 from 2.5x pro forma for the acquisition, with pro forma annual reported free operating cash flow (FOCF) totaling at least $250 million. "Our rating on HNI reflects the combined entity's solid market position. HNI's proposed acquisition of Steelcase brings together leading brands with strong track records and well-established dealer relationships in the North American office furniture industry. We view it as a strategic move that will enhance HNI's competitive position with limited market overlap, strengthening overall market coverage without significant dealer conflict. We believe estimated run-rate cost synergies of $120 million are achievable relative to the combined cost pool of its augmented installed base and scale, which will yield enhanced purchasing power and procurement synergies. We believe there could be additional revenue synergies, particularly for HNI's open line brands (HON and National), which will now have expanded access to Steelcase's strong distribution network. Post-combination, HNI will be the clear contract office furniture industry leader, with MillerKnoll and Haworth as the No. 2 and No. 3 players, respectively. "HNI's contract office furniture segment, in line with the industry, faced revenue and margin pressure during and after the onset of the COVID-19 pandemic, but has performed better than Steelcase. We believe this is largely because of HNI's small and midsize business and regional footprint compared to Steelcase's large corporate customers and highly urban/metropolitan presence, which was slower to implement return-to-office mandates. HNI also has undertaken several transformational efforts, including opening a new facility in Mexico (imports covered by the U.S.-Mexico-Canada Agreement) in 2021 and acquiring rival Kimball in 2023. HNI improved consolidated adjusted EBITDA margins to 15% for the trailing 12 months ended June 30, 2025, versus from 11.7% in 2019." Contract office furniture demand will continue to improve in the near-term. Forward indicators such as corporate profitability, capital spending, CEO confidence surveys, and hiring indicators have remained mixed recently because of macroeconomic concerns and tariff-related uncertainty. However, organic order and backlog trends are showing signs of sequential improvements across the contract office furniture industry (including stand-alone HNI, Steelcase, and MillerKnoll). This, along with recent favorable trends in return to office mandates, should improve volumes in the North American market. HNI is exposed to a highly competitive, concentrated, and cyclical industry. Revenues and EBITDA can decline significantly in recessionary conditions and is reflected in our business risk assessment. S&P said, "We believe the medium-term outlook is uncertain as spending on new office construction and remodeling projects remains weaker than in 2019, despite modest recent improvement with return-to-office trends. Further, we also consider the combined entity's reliance on federal and state budgets, particularly in the government, education, and health care sectors, which will account for a significant portion of revenues. Adverse shifts in public funding or policy could substantially weaken this demand." S&P said, "We view the integration risk as moderate. This is mainly because we believe there are limited overlaps between HNI and Steelcase dealers, which reduces dealer turnover risk. HNI will maintain the Steelcase brands and run the business as an independent entity. We expect HNI will seek to raise Steelcase's stand-alone EBITDA margins. Steelcase had an S&P Global Ratings-adjusted EBITDA margin of 9.3% for the trailing 12 months ended May 31, 2025, compared to HNI's 15% for the trailing 12 months ended June 30. We believe one area for potential improvement is removing excess capacity at Steelcase to reflect lower volume (the Business and Institutional Furniture Manufacturers Association estimates about a 35% decline from 2019). We also believe Steelcase has persistently weak profitability in its international operations, which could be addressed under HNI's management." Potential cultural differences and problems integrating Steelcase could lead to a loss of key talent and, to a lesser extent, dealer attrition. HNI's successful integration of Kimball provides some evidence of HNI's acquisition integration ability. HNI has historically demonstrated conservative financial policies. S&P said, "These include prioritizing debt reduction following acquisitions, which we don't expect to change. Pro forma for the acquisition, we expect approximately 2.5x adjusted leverage for the combined company (compared to company-reported net leverage of 2.1x, including $60 million of synergies), improving to 2.3x at the end of 2026 and 2x at the end of 2027. Anticipated debt repayment, moderate adjusted EBITDA growth on cost synergies, and improved contract office furniture sales will be key factors. Our debt adjustments include treating the combined company's lease liabilities, pension retirement obligations, and workers' compensation insurance reserves as debt, while netting its unrestricted cash and the estimated post-tax liquidation value of Steelcase's company-owned life insurance (COLI) assets against reported debt." The company has committed to a reported net leverage target of 1x-1.5x over the long term. Before this acquisition, HNI consistently operated with S&P Global Ratings-adjusted leverage below 1.5x. It was temporarily elevated following the Kimball acquisition in 2023 but improved to 1.3x at fiscal year-end 2024 with debt repayment and EBITDA expansion. S&P said, "We forecast at least $250 million annual FOCF in 2026 and 2027 with moderate cash outlays for shareholder returns, mainly $100 million in dividends and modest share repurchases for antidilutive purposes. We assume it will not initiate material share repurchases (which have been suspended following the acquisition announcement) until leverage is within its target range, which we forecast in 2028. Furthermore, we do not believe HNI will engage in sizable mergers and acquisitions until Steelcase is fully integrated but believe it will remain open to bolt-on acquisitions of complementary businesses." HNI's hearth products business has higher margins but limited diversification. HNI's leading position is supported by a portfolio of strong brands, a solid regional distribution network, and meaningful share within the homebuilder channel, which is depressed in the U.S., presenting upside should recovery begin. These factors, which contrast with its core office furniture business, contribute to superior margins to those of the traditional office furniture segment. S&P said, "While we expect HNI to maintain and selectively expand its hearth products business (which will account for 11% of pro forma revenues), we do not view it as providing material diversification or a meaningful offset to the core office furniture market. Both are sensitive to broader macroeconomic factors, including interest rates, construction, and overall business and consumer confidence and spending." Other key risks include exposure to raw material cost volatility and tariffs. The combined entity's operating performance will remain heavily exposed to raw material price volatility, particularly steel, plastic, aluminum components, and particleboard, which combined represent about 25% of total cost of goods sold and are typically not hedged against price volatility. Additionally, the company will face moderate exposure to tariffs, primarily driven by Steelcase's more globally integrated manufacturing and sourcing platform. S&P assumes the company can offset most of the potential input cost increases and tariffs through pricing actions and supplier negotiations, although with a lag. S&P said, "The stable outlook reflects our expectation that, following the closing of the acquisition, HNI will integrate Steelcase without significant disruption, particularly with respect to the combined dealer network and Steelcase's workforce. We expect the company to maintain its combined market share in the contract office furniture sector as more employers implement return-to-office mandates, offset by continued macroeconomic uncertainty and tariff-related headwinds. We expect adjusted leverage to improve to 2.3x at the end of fiscal 2026 from 2.5x pro forma for the acquisition, with pro forma annual reported FOCF totaling at least $250 million." S&P could lower the rating if leverage increases to at least 3x or cash flow deteriorates, potentially due to: -- Demand deterioration and a profit decrease; -- Inability to pass along price increases on a timely basis or effectively mitigate input cost increases, tariff-related headwinds, or supply chain disruptions; -- Problems integrating Steelcase, including meaningfully reduced sales due to channel conflicts from combining dealer networks, or if key employees depart, causing operational disruptions; -- Office square footage declines, potentially due to sustained low employee office attendance; or -- Adoption of more aggressive financial policies by executing large share repurchases or acquisitions while cash flow and profitability are weak. While unlikely within the next year, S&P could raise the rating if HNI demonstrates solid credit metrics, including S&P Global Ratings-adjusted leverage below 2x, even in a downturn scenario. This could occur if: -- Industry demand is consistently higher; -- S&P believes that macroeconomic risks, including a material commercial real estate market downturn, have receded; and -- The company sustains strong FOCF generation. S&P could also raise the rating if it favorably reassess its view of HNI's competitive position in conjunction with targeting conservative credit metrics. HOPSCOTCH HEALTH: Seeks Subchapter V Bankruptcy in Texas -------------------------------------------------------- On September 24, 2025, Hopscotch Health Children's Urgent Care PLLC filed Chapter 11 protection in the Western District of Texas. According to court filing, the Debtor reports $1,898,931between 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 21, 2025 at 10:00 AM via Via Phone: (866)909-2905; Code: 5519921#. About Hopscotch Health Children's Urgent Care PLLC 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. Hopscotch Health Children's Urgent Care PLLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52216) on September 1, 2025. In its petition, the Debtor reports total assets of $155,488 and total liabilities of $1,898,931. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by William R. Davis, Jr., Esq. at LANGLEY & BANACK, INC. I V SUPPORT: Hires Armory Consulting Co. as Financial Advisor ------------------------------------------------------------- I V Support Systems, Inc. dba Siella Medical seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Armory Consulting Co. as financial advisor. The firm will render these services: a. provide strategic financial guidance to prepare and assist the Debtor through its bankruptcy; b. manage reporting requirements pertaining to the Bankruptcy Court and the U.S. Trustee's office, including (as applicable) Schedules and Statement of Financial Affairs, monthly operating reports, 7-Day Package, and cash flow projections; c. manage preparation of periodic cash flow forecasts (i.e., 13 weeks or similar), long term financial projections, and variance analysis, as needed; d. assist with negotiating and serving as a liaison between the Debtor and its creditors or their representatives; e. assist with the projections in developing a plan of reorganization; f. prepare the liquidation analysis; g. assist with preparing a valuation and/or appraisal of the Debtor's business and/or assets; h. evaluate the rejection of any executory contracts and unexpired leases; i. assist in the evaluation and analysis of avoidance actions and causes of action; j. provide testimony, including deposition testimony, before the Bankruptcy Court on matters within Armory's expertise and consistent with Armory's scope of services; k. oversee analysis of creditors' claims; and l. provide additional services as may be mutually agreed upon in writing between the Debtor and Armory. The firm will be paid at these rates: James Wong $625 per hour Associates $475 to $550 per hour Armory received a prepetition retainer in this matter of $5,000 on or about July 31, 2025. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. James Wong, a principal at Armory Consulting Co., 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: James Wong, Esq. Armory Consulting Co. 3943 Irvine Blvd., #253 Irvine, CA 92602 Telephone: (714) 222-5552 Email: jwong@armoryconsulting.com About I V Support Systems, Inc. I V Support Systems, Inc. specializes in the repair, maintenance, and sale of biomedical equipment. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:25-bk-12139-MH) on July 31, 2025. In the petition signed by George Davis, CEO, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Aaron E. de Leest, Esq., at Marshack Hays Wood LLP, represents the Debtor as legal counsel. II BALLAKIS FAMILY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 2 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of II Ballakis Family Properties, LLC. About II Ballakis Family Properties II Ballakis Family Properties LLC is a single asset real estate company based in Rome, NY that owns property at 170 Lafayette Street in Schenectady, New York. II Ballakis Family Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60753) on August 18, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and liabilities. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented by Opal Fayne Hinds, Esq., at the Law Office of Opal Hinds. INDEPENDENT MEDEQUIP: Gets Interim OK to Obtain DIP Loan -------------------------------------------------------- Independent MedEquip, LLC and affiliates received interim approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, to obtain debtor-in-possession financing to get through bankruptcy. The interim order, signed by Judge Tamara Mitchell, authorized the Debtors to obtain an initial $500,000 from Jackson Investment Group, LLC, which has committed to provide up to $2 million in DIP financing. The remaining amount will be available upon entry of a final order. The DIP financing is structured as a superpriority senior secured term loan. To secure their obligations under the DIP financing, the Debtors will grant Jackson valid, non-avoidable and automatically perfected liens on assets securing the financing. The lender will also be granted superpriority administrative expense claims against the Debtors, subject and subordinate to the fee carveout. The Debtors said this funding is needed to stabilize operations, ensure continuity of care for patients who rely on their durable medical equipment (DME) services, pay employees, and support a restructuring or sale process. Without access to this financing, IMED warned it would be forced into an immediate shutdown. Use of Cash Collateral The bankruptcy court's order also approved the interim use of cash collateral in which the Debtors' pre-bankruptcy secured creditors assert an interest. These creditors include Cadence Bank, the U.S. Small Business Administration, and several purchase-money and junior lienholders. The Debtors may use cash collateral until Jackson issues notice of a DIP termination event. As adequate protection, the pre-bankruptcy secured creditors will be granted valid and perfected post-petition replacement liens on the DIP collateral, subject and subordinate to, among other things, the fee carveout and the DIP liens. They are also entitled to superpriority administrative expense claims. A copy of the interim DIP order is available at https://is.gd/VG3kDc from PacerMonitor.com. The final hearing is scheduled for November 3. Objections are due by October 27. Independent MedEquip operates across several states, providing essential DME such as oxygen tanks, CPAP machines, mobility aids, and other home-use medical devices. It is paid primarily through Medicare, Medicaid, private insurance, and some direct retail sales. Independent MedEquip's business is deeply reliant on a fleet of delivery vehicles and it has struggled under mounting economic pressure due to the COVID-19 pandemic, rising fuel and interest costs, and a ransomware attack on Change Healthcare that disrupted claims payments. In a desperate attempt to stay afloat, Independent MedEquip turned to expensive merchant cash advances, but the resulting debt burden proved unsustainable. Independent MedEquip outlines its pre-petition capital structure as including approximately $24 million in funded debt, including $3.2 million to Cadence Bank, $3.4 million in SBA disaster loans, $2.9 million in purchase-money obligations, $2 million in insider loans, $9.8 million in unsecured claims (including $2.4 million in MCA obligations), and $2.8 million in open vehicle lease liabilities. About Independent MedEquip LLC Independent MedEquip, LLC, a company in Birmingham, Ala., provides durable medical equipment such as oxygen tanks, CPAP machines, mobility aids, and other home-use medical devices. Independent MedEquip and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Lead Case No. 25-02821) on September 18, 2025. At the time of the filing, Independent MedEquip disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Tamara O'Mitchell oversees the cases. Stuart Memory, Esq., at Memory Memory and Causby LLP, is the Debtor's legal counsel. Jackson Investment Group, LLC, the Debtors' DIP lender, may be reached through: Richard L. Jackson, CEO Jackson Investment Group, LLC 2655 Northwinds Parkway Alpharetta, GA 30009 Phone: (678) 690-1079 Cadence Bank, a pre-petition secured creditor, may be reached through: C. Ellis Brazeal III, Esq. Jones Walker, LLP 420 20th Street North Suite 1100 Birmingham, AL 35203 (205) 244-5237 ebrazeal@joneswealker.com INTEGRATED NANO-TECHNOLOGIES: R. Calihan Out as Committee Member ---------------------------------------------------------------- The U.S. Trustee for Region 2 disclosed in a court filing that these creditors are the remaining members of the official committee of equity securities holders in Integrated Nano-Technologies, Inc.'s Chapter 11 case: 1. Charles Wright 28920 Somers Drive Naples, FL 34119 Telephone: 585-202-8045 Email: chwright@wrightbev.com 2. Ronald H. Fielding 42 Surfsong Road Kiawah Island, SC 29455 Telephone: 585-683-3354 Email: rfielding1@comcast.net 3. Patrick D. Martin c/o Ashford Advisors, LLC 30 Grove Street Pittsford, NY 14534 Telephone: 585-697-0362 Email: pmartin@ashfordadvisors.com 4. J. Michael Holloway 40 Cannock Drive Fairport, NY 14450 Telephone: 585-944-5801 Email: mike.holloway1@gmail.com Robert B. Calihan was previously identified as member of the creditors committee. His name no longer appears in the new notice. About Integrated Nano-Technologies Integrated Nano-Technologies, Inc. is a company in Henrietta, N.Y., which offers scientific research and development services. Integrated Nano-Technologies filed its voluntary petition for Chapter 11 protection (Bankr. W.D.N.Y. Case No. 22-20611) on Dec. 22, 2022, with $100,000 to $500,000 in assets and $10 million to $50 million in liabilities. Donald H. Noble, chief financial officer, signed the petition. Judge Warren oversees the case. Jeffrey A. Dove, Esq., at Barclay Damon, LLP and Compass Advisory Partners, LLC serve as the Debtor's legal counsel and investment banker, respectively. The U.S. Trustee for Region 1 appointed an official committee to represent equity securities holders in the Debtor's Chapter 11 case. INTERNATIONAL DIRECTIONAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------------- International Directional Drilling, Inc. received third interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral. The third interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget, subject to a 10% variance per line item. This authorization will remain in effect until further order by the court. As adequate protection, Locality Bank and other secured creditors will be granted a replacement lien on the Debtor's post-petition cash collateral, to the same extent as any pre-bankruptcy lien. In addition, the Debtor will keep its property insured in accordance with its loan and security agreements with Locality Bank. Locality Bank reserves the right to request adequate protection payments. The next hearing is set for October 22. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/gDJh5 from PacerMonitor.com. Locality Bank, as secured creditor, is represented by: J. Ellsworth Summers, Jr., Esq. Burr & Forman, LLP 50 North Laura Street, Suite 3000 Jacksonville, FL 32202 Phone: (904) 232-7200 Fax: (904) 232-7201 ESummers@burr.com About International Directional Drilling Inc. International Directional Drilling, Inc. is a company specializing in directional drilling services that provides specialized drilling services for oil and gas exploration, utility installation, or other underground infrastructure projects where non-vertical well drilling techniques are required. International Directional Drilling sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17606) on July 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Scott M. Grossman handles the case. Chad T. Van Horn, Esq., is the Debtor's bankruptcy counsel. IPG FRANCHISING: Committee Taps Johnson Pope Bokor as Counsel ------------------------------------------------------------- The official committee of creditors holding unsecured claims of IPG Franchising Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Johnson Pope Bokor Ruppel & Burns, LLP as its committee. The firm's services include: a. assisting the Committee in carrying out the duties enumerated in 11 U.S.C. Secs. 1102 and 1103; b. advising the Committee about any relevant matter arising in the case, including but not limited to conducting any review or research that may be required to properly evaluate the Debtor's current and prospective financial and operational condition, the Debtor's prospects for reorganization, and/or the effect of any proposed plan of reorganization; c. drafting and/or filing any and all required documents, pleadings, or other written instruments required by the Committee in the case; d. representing the Committee, when necessary, in any and all hearings, depositions, conferences, trials, mediations, and/or other appearances or participations related to the case; and e. taking any and all other actions deemed necessary to satisfy the Committee's responsibilities and to protect the Committee's interests with respect to any matter arising in the case. The firm's hourly billing rates are: Angelina E. Lim, Partner $500 Michael C. Markham, Shareholders $475 Albert F. Gomez, Jr., Shareholder $525 Andrena Westcott, Paralegal $175 Katherine Babbitt, Paralegal $180 Minerva Granger, Paralegal $105 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Angelina Lim, Esq., a partner at Johnson Pope Bokor Ruppel & Burns, 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 through: Angelina E. Lim, Esq. JOHNSON POPE BOKOR RUPPEL & BURNS, LLP 400 N Ashley Dr., Suite 3100 Tampa, FL 33602 Telephone: (813) 225-2500 Email: AngelinaL@JPFirm.com About IPG Franchising Inc. IPG Franchising Inc. operates as a franchisor specializing in vacation rental property management. The Company offers turnkey franchise solutions that enable individuals to enter the U.S. vacation rental market, providing training, technology, and operational support primarily focused on the Central Florida region near major tourist destinations like Walt Disney World. IPG Franchising Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05025) on August 8, 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 Chad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. J PAUL ROOFING: Gets Final OK to Use Cash Collateral ---------------------------------------------------- J Paul Roofing & Construction, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral to fund operations. The final order authorized the Debtor to use its revenue and other cash collateral to pay business expenses as outlined in its 14-day and 30-day budget. The Debtor's 30-day budget shows total operational expenses of $155,135.28. The Debtor may spend up to 110% of individual expense in the budget without further court approval. As adequate protection for the Debtor's use of their cash collateral, secured creditors with valid liens will be granted replacement liens on cash collateral generated and assets acquired by the Debtor after its Chapter 11 filing. Replacement liens do not attach to Chapter 5 avoidance actions or their proceeds. The Debtor has secured loans from the U.S. Small Business Administration and Mulligan Funding, with liens on accounts receivable and cash, which constitute their cash collateral. Additionally, all replacement liens and pre-petition liens are subordinate to a carveout, which covers statutory fees owed to the court, the U.S. Trustee, up to $15,000 in trustee fees, Subchapter V Trustee expenses, and fees for the debtor’s counsel, The Lane Law Firm, PLLC. About J Paul Roofing & Construction Inc. J Paul Roofing & Construction Inc. operates a roofing and exteriors business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33290-mvl11) on August 28, 2025. In the petition signed by Jason Paul, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge MIchelle V. Larson oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. JACKSBOSTON LLC: Bankr. Administrator Unable to Appoint Committee ----------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Jacksboston LLC. About Jackboston LLC Jackboston, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03234) on August 21, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Cortland Rush, chief executive officer of Jackboston, signed the petition. Judge Pamela W. McAffee oversees the case. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. JACKSBOSTON LLC: Gets Extension to Access Cash Collateral --------------------------------------------------------- Jacksboston, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The interim order authorized Jacksboston to use the funds in its debtor-in-possession operating account consistent with its budget. The Debtor may make expenditures of up to 10% more than the budgeted amount. The budget projects total operational expenses of $49,269.22 for the period from September 20 to October 20. The Debtor has identified seven creditors that may hold secured interests in its cash collateral based on UCC-1 financing statements filed with the North Carolina Secretary of State. These creditors are Clear Finance Tech Corp., On Deck Capital, United First, LLC and Flash Funding, Cooper Investments, LLC, Velocity Capital Group, and PayPal Loan Builder. As adequate protection, replacement liens on post-petition cash and inventory will be granted to secured creditors, with the same validity and extent as their pre-bankruptcy liens. In addition, Clear Finance Tech will continue to receive a monthly payment of $974.22 as further protection. The next hearing is scheduled for October 14. At the time of filing, the Debtor had approximately $8,376 in cash, which it has transferred into the DIP account. It also holds approximately $49,200 in unencumbered personal property, including inventory, equipment, furnishings, and receivables not subject to any prior perfected lien. About Jackboston LLC Jackboston, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03234) on August 21, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Cortland Rush, chief executive officer of Jackboston, signed the petition. Judge Pamela W. McAffee oversees the case. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. JJ BADA: Seeks to Hire Alan Atkins Corp. as Appraiser ----------------------------------------------------- JJ Bada 464 Operating Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Alan Atkins Appraisal Corp. as appraiser. The firm will research and prepare appraisal report for the Debtor's liquor license. Alan Atkins will be paid a flat fee of $1,000. Alan Atkins 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: Alan Atkins Alan Atkins Appraisal Corp. 122 Clinton Road, Suite 2A Fairfield, NJ 07004 Telephone: (973) 227-1900 Facsimile: (973) 227-5502 About JJ Bada 464 Operating Corp. JJ Bada 464 Operating Corp. owns and operates Bada Story Restaurant, a Korean and Japanese Sushi Restaurant located at 464 Sylvan Avenue, Englewood Cliffs, N.J. JJ Bada 464 Operating sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-11078) on February 1, 2025, listing between $500,001 and $1 million in both assets and liabilities. Brandon Park, president of JJ Bada 464 Operating, signed the petition. Judge Stacey L. Meisel oversees the case. Rosemarie E. Matera, Esq., at Kirby Aisner & Curley, LLP, represents the Debtor as legal counsel. KIDSVILLE LEARNING: Carol Fox Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Kidsville Learning Centers, Inc. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Kidsville Learning Centers Kidsville Learning Centers, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21000) on September 21, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Laurel M. Isicoff presides over the case. Aramis Hernandez, Esq., represents the Debtor as legal counsel. KOSTAS GOLFINOPOULOS: Hires Forchelli Deegan as Legal Counsel ------------------------------------------------------------- Kostas Golfinopoulos, Esq., PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Forchelli Deegan Terrana LLP to serve as legal counsel in its Chapter 11 case. FDT will provide these services: (a) providing legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the continued operation of their businesses and management of their properties; (b) preparing on behalf of the Debtor any necessary applications, motions, answers, orders, reports, and other legal papers; (c) appearing in Court on behalf of the Debtor; (d) reviewing all pleadings filed in the Debtor's chapter 11 case; (e) preparing and pursuing confirmation of a plan of reorganization or otherwise; and (f) performing such other legal services for the Debtor that may be necessary and proper in these proceedings. The firm intends to bill on an hourly basis at these rates: Partners and Of Counsel $450 to $825 Associates $325 to $535, Paraprofessionals $165 to $315 Professionals designated to represent the Debtor include: Michael Amato, Partner ($695); Gerard A. Luckman, Partner ($735); and Gabriella E. Botticelli, Associate ($425). FDT received an initial retainer of $35,000. Forchelli Deegan Terrana 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: Gerard R. Luckman, Esq. Michael S. Amato, Esq. FORCHELLI DEEGAN TERRANA LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Telephone: (516) 248-1700 E-mail: gluckman@forchellilaw.com mamato@forchellilaw.com About Kostas Golfinopoulos, Esq., PLLC Kostas Golfinopoulos, Esq., PLLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43427-JMM) on July 18, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $0 to $50,000. Judge Jill Mazer-Marino oversees the case. Forchelli Deegan Terrana LLP is Debtor's legal counsel. LASEN INC: Committee Hires Mac Restructuring Advisors as CRO ------------------------------------------------------------ The Official Committee of Unsecured Creditors in the jointly administered Chapter 11 cases of Lasen, Inc. and SkySkopes, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to retain Mac Restructuring Advisors LLC to serve as its chief restructuring officer. Mac Restructuring Advisors, through its principal Edward M. Burr, CTP, CIRA, will perform these services: (a) manage the Debtors' businesses as debtors-in-possession, including making decisions related to the Debtors' authority, duties and responsibilities as debtors-in-possession; (b) act as administrative signer on all bank accounts with authority to open and close accounts, change signers, and take other reasonable actions with the Debtors' bank accounts; (c) collect outstanding accounts receivable and take enforcement actions to collect receivables; (d) pay the Debtors' bills as necessary per the approved cash collateral budgets; (e) retain, remove, and set or adjust compensation for all professionals acting on behalf of the Debtors; (f) represent the Debtors in dealings and negotiations with creditors, including the Committee; (g) act as administrator for all software used by the Debtors, including QuickBooks; (h) with counsel, formulate and direct the filing of Chapter 11 plans, amended plans, disclosure statements and amended disclosure statements; (i) oversee and monitor the liquidation of the Debtors' assets and the distribution of proceeds to creditors; and (j) exercise full authority to act independently on behalf of the Debtors without approval from current officers and directors. Mac Restructuring Advisors' fees are set at a standard hourly rate of $450, plus reimbursement of actual out-of-pocket expenses including travel. According to court filings, Mac Restructuring Advisors is a “disinterested person” within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Edward M. Burr, CTP, CIRA Mac Restructuring Advisors, LLC Tel: (602) 418-2906 E-mail: Ted@MacRestructuring.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. LEISURE INVESTMENTS: Terra to Assume Miami Seaquarium Lease ----------------------------------------------------------- Leisure Investments Holdings LLC, and its debtor affiliates, known as The Dolphin Company, have reached an agreement with Miami-based development firm Terra to assume the Company's lease of the Miami Seaquarium. The agreement follows a months-long process in which the Miami Seaquarium was publicly marketed, attracting offers from multiple parties. -- Agreement subject to approval by the U.S. Bankruptcy Court for the District of Delaware, with hearing expected in October 2025. -- Miami Seaquarium will temporarily cease operations in 2025 as part of the transition, which will include closure of the park to the public and relocation of all animals. -- Leisure Investments Holdings LLC and its affiliates remain committed to meeting employee obligations through the closure and executing a responsible plan for the transition and rehoming of all animals by end of 2025. Terra plans a substantial investment in renovating and modernizing the Seaquarium property in a manner that respects the history of the site and the Miami-Dade County Home Rule Charter. Planned updates include: -- A new accredited aquarium with no marine mammals -- Immersive marine and aquatic-based experiences emphasizing the unique environment of Biscayne Bay -- An education, conservation, and research center -- A wet-slip marina and dry dock facility -- Wellness spaces and experiences tied to the natural waterfront habitat -- Fisherman's village with marine-oriented retail and food and beverage establishments -- Preservation of the historic Buckminster Fuller Seaquarium dome for use as event space for public and private gatherings -- Lushly landscaped green space; and a publicly accessible baywalk Under the terms of the agreement, Terra will assume the Company's lease with Miami-Dade County. A hearing to approve of the agreement for Terra to assume the lease of the Seaquarium is currently set before the United States Bankruptcy Court for the District of Delaware on October 17, 2025. Subject to the Bankruptcy Court's approval, closing of the transaction will be subject to ultimate approvals of various lease amendments and other transactions by the Board of County Commissioners of Miami-Dade County. As part of the transition, Miami Seaquarium will temporarily cease operations in late 2025. Miami Seaquarium will be closed to the public on a date to be announced, and all the animals will be transitioned to a new home. Through this process, the Company and its management team are firmly committed to protecting its employees' interests, including wages and benefits, and ensuring all animals continue to receive safe, attentive care. "Our employees and animals have remained at the forefront of our efforts to address the Miami Seaquarium as a part of the Company's bankruptcy restructuring," said Steven Strom, Independent Director of the Company overseeing the bankruptcy case. "As we move forward with our transaction with Terra, we are working tirelessly to ensure that our employees continue to receive the pay, benefits, and support they deserve. In addition, in compliance with all federal and state regulations, we will ensure that every animal is safely and appropriately transitioned to a new home." "The Miami Seaquarium has been an iconic property for decades, and we intend to honor that legacy as we enhance the site and elevate its appeal among Miami residents and tourists," said Terra CEO David Martin. "The result will be a publicly accessible, family-friendly destination that brings together residents and visitors for generations to come." As the assignment process advances over the coming months, the Company has pledged to maintain open communication with employees, partners, and Miami-Dade County. "The Miami Seaquarium has been a special part of Miami's story," added Strom. "We are committed to honoring that legacy by ensuring this transition is handled with care, compassion, and transparency. Further, we owe a great debt of gratitude to Commissioner Raquel Regalado and Miami-Dade County, for their support and assistance with this challenging process so far and look forward to the ongoing support of Mayor Levine Cava and the Board of County Commissioners as we move forward with this transaction, which we truly believe is the best possible result for all parties." Further information regarding the transaction and transition process will be posted on the Miami Seaquarium's website. Additional information about the Company's Chapter 11 bankruptcy case, including court documents and claims information, can be found at (https://www.veritaglobal.net/dolphinco); or by calling 888-733-1434 (U.S./Canada) or 310-751-2633 (International). Advisors: During its bankruptcy restructuring process, the Company is being advised by Young Conaway Stargatt & Taylor, LLP as legal advisor; Odinbrook Global Advisors, as Independent Director; Riveron Management Services to provide a Chief Restructuring Officer; and Riveron Consulting as Financial Advisor; Greenhill & Co. as investment banker; and Keen-Summit Capital Partners as real estate advisor and broker. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LHS BORROWER: S&P Withdraws 'B-' ICR Following Debt Repayment ------------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on LHS Borrower LLC (d/b/a Leaf Home) following the company's acquisition of Erie Home. This transaction coincided with a comprehensive private refinancing of Leaf Home's debt, under which it repaid its outstanding debt facilities. Therefore, S&P also discontinued our 'B-' issue-level rating and '3' recovery ratings on the company's first-lien debt. At the time of the withdrawal, S&P's outlook on Leaf Home was stable. LION RIBBON: Hilco Launches Bankruptcy Sale of Former IG Assets --------------------------------------------------------------- Hilco Global's real estate group is pleased to announce November 10, 2025, as the qualified bid deadline for the bankruptcy sale of a three-property industrial portfolio totaling 506,000+/- SF across Pennsylvania, Maryland and South Carolina. Formerly owned and operated by IG Design Group Americas, Inc., the facilities were dedicated to the production of ribbons and craft supplies for leading national retailers. The portfolio features a diverse geographic footprint in established logistics and manufacturing hubs with direct access to major transportation corridors including I-80, I-81, I-70 and I-20. Each facility offers immediate functionality with investment upside, providing buyers with flexibility to purchase the properties individually or as a portfolio. The first property is located in Berwick, Pennsylvania, at 2015 West Front Street. The site is a 67,845+/- SF turnkey office and showroom facility with ample surface parking and infrastructure ready for production, storage or operations. Featuring an out lot along Front St., this site also allows for a potential commercial development. With proximity to the newly announced, $20 billion Amazon data center park, the facility is positioned to benefit from a growing commercial corridor. The Hagerstown, Maryland site, located at 857 Willow Circle, consists of a 283,450+/- SF facility with six dock-high doors and one drive-in door on 15+/- acres. The property has strong connectivity, with direct access to the Mid-Atlantic industrial hub through I-81 and I-70. The site is also approximately 75 miles from the deepwater Port of Baltimore, providing access to international trade routes. The final property, located at 832 Summerland Avenue in Batesburg-Leesville, South Carolina, is a 154,719+/- SF turnkey facility on 20.96+/- AC with an adjacent 29.1+/- AC parcel. The site also features a 76,480 +/- SF basement. Access to US-1, US-178 and I-20 provide connectivity to the Columbia Metropolitan Airport as well as the Port of Charleston--one of the top ten busiest ports in the United States. Situated within an Opportunity Zone, this site's flexible zoning positions it for reuse or redevelopment. "This portfolio presents investors with scale, geographic diversity and real value-add potential across three growing markets," said Jordan Schack, vice president at Hilco Global's real estate group. "With strong fundamentals in place, including strategic locations, existing infrastructure and connectivity to key distribution networks, buyers can capitalize on immediate income opportunities and long-term growth." The assets are being sold pursuant to approval by the U.S. Bankruptcy Court, Southern District of Texas (Houston), Petition No. 9:25-bk-90165 | In re: IG Design Group Americas, Inc. Bids must be received no later than November 10, 2025, at 5:00 p.m. (ET), using the Asset Purchase Agreement (APA) available on Hilco Real Estate Sale's website. For further information, please contact Jordan Schack at (847)-504-3297 or jschack@hilcoglobal.com. For information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300. The sale is being held in cooperation with Thomas R. Ligon, South Carolina Broker Lic. #17640, The Ligon Company, Lic. #14259 and Fernando Palacios, Pennsylvania Broker Lic. #RBR003848 and Maryland Broker Lic. #534177. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors, and more. Hilco Global provides a range of customized solutions to healthy, stressed, and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. On July 22, 2025, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Orrick, Herrington & Sutcliffe LLP as counsel. LS TRUCKING: Section 341(a) Meeting of Creditors on October 27 -------------------------------------------------------------- On September 22, 2025, L.S. Trucking Inc. filed Chapter 11 protection in the Northern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 341(a) to be held on October 27, 2025 at 11:30 AM via UST Teleconference Oakland, Call in number: 1-888-330-1716 Passcode: 8324431. About L.S. Trucking Inc. 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. L.S. Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41750) on September 23, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Charles Novack, Esq. handles the case. The Debtor is represented by Lars Fuller, Esq. of THE FULLER LAW FIRM PC. LUXURY RIDES: Greta Brouphy Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 5 appointed Greta Brouphy, Esq., at Heller Draper & Horn, LLC as Subchapter V trustee for Luxury Rides, LLC. Ms. Brouphy will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Brouphy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Greta M. Brouphy Heller Draper & Horn, LLC 650 Poydras St., Ste. 2500 New Orleans, LA 70130-6175 Telephone: 504-299-3300-; Fax 504-299-33 Email: gbrouphy@hellerdraper.com About Luxury Rides LLC Luxury Rides, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12104) on September 19, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Meredith S. Grabill presides over the case. Patrick S. Garrity, Esq., at The Derbes Law Firm, LLC represents the Debtor as bankruptcy counsel. LUXURY RIDES: Hires Derbes Law Firm as Legal Counsel ---------------------------------------------------- Luxury Rides, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Patrick S. Garrity and The Derbes Law Firm, L.L.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) providing legal advice with respect to its powers and duties as debtor-in-possession in the continued management of its business and property; (b) attending meetings with representatives of its creditors and other parties in interest; (c) taking all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any action commenced against the Debtor, negotiations concerning litigation in which the Debtor is or may become involved, and objections to claims to be filed by the estate; (d) preparing on behalf of the Debtor motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; (e) negotiating and preparing on the Debtor's behalf a plan of reorganization, disclosure statement, and all related agreements and/or documents, and taking any necessary action on behalf of the Debtor to obtain confirmation of such plan; (f) appearing before the Court to protect the interests of the Debtor; (g) performing all other necessary legal services and providing all necessary legal advice in connection with the Chapter 11 case; (h) advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections, and lease restructuring and recharacterizations; and (i) commencing and conducting litigation necessary to assert rights, protect assets, or further the Debtor's reorganization. The Derbes Law Firm, L.L.C. charges hourly rates ranging from $60 to $495 for professionals, including attorneys, legal assistants, and CPAs. Paralegals bill at $80 per hour. The firm received a $10,000 retainer, of which $5,193 remains as security for post-petition services. The Derbes Law Firm, L.L.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: Patrick S. Garrity, Esq. Eric J. Derbes, Esq. THE DERBES LAW FIRM, L.L.C. 3027 Ridgelake Drive Metairie, LA 70002 Telephone: (504) 207-0920 Facsimile: (504) 832-0322 E-mail: pgarrity@derbeslaw.com About Luxury Rides, LLC Luxury Rides, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. La. E.D. Case No. 25-12104) on September 19, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $100,001 to $500,000. Judge Meredith S. Grabill oversees the case. The Derbes Law Firm, L.L.C. is Debtor's legal counsel. MAMMOTH INC: Taps Blackwell Burke Fowler as Legal Counsel --------------------------------------------------------- Mammoth, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Blackwell, Burke, Fowler & Rossow, P.C. to serve as legal counsel in its Chapter 11 Subchapter V case. BBFR will provide these services: (a) preparation of filings and applications and conducting examinations necessary to the administration of this matter; (b) advice regarding Debtor's rights, duties, and obligations as debtor-in-possession; (c) performance of legal services associated with and necessary to the day-to-day operations of the business; (d) negotiation, preparation, confirmation, and consummation of a plan of reorganization; and (e) taking any and all other necessary action incident to the proper preservation and administration of the estate in the conduct of Debtor's business. The firm will receive hourly rates of $425 for shareholders, $375 for associates, $175 for paralegals, and $100 for administrative tasks. BBFR also holds a retainer of $16,088. Blackwell, Burke, Fowler & Rossow, 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: Sarah L. Fowler, Esq. BLACKWELL, BURKE, FOWLER & ROSSOW, P.C. 101 W. Ohio St., Suite 1700 Indianapolis, IN 46204 Telephone: (317) 533-7869 Facsimile: (317) 634-2501 E-mail: sfowler@bbfr.law About Mammoth Inc. Mammoth, Inc., doing business as Mammoth Construction, provides general contracting and construction management services from its base in Anderson, Indiana. The Company focuses on projects for the automotive industry, including car washes, dealerships, service centers, gas stations, and tire shops, while also undertaking commercial renovations and build-outs. Mammoth filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05558) on September 15, 2025, with $7,427,011 in assets and $2,063,375 in liabilities. Jason L. Marlow, CEO, signed the petition. Judge Jeffrey J. Graham presides over the case. Sarah L. Fowler, Esq., at Blackwell, Burke, Fowler and Rossow, P.C. represents the Debtor as legal counsel. MARI ARI: Gets Extension to Access Cash Collateral -------------------------------------------------- Mari Ari International, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtor to use its cash collateral until plan confirmation to pay the expenses set forth in its budget, which projects total operational expenses of $60,028.78. The Debtor may exceed any line item in the budget by 5% and the overall budget by 10%. As adequate protection, pre-bankruptcy secured lenders will continue to have the same liens, encumbrances and security interests in the cash collateral generated or created after the Debtor's Chapter 11 filing, plus the proceeds thereof, as existed prior to the filing date. These liens are subject and subordinate to a fee carveout. The lenders are NewTek Bank, N.A., Mink Hair Ltd, WebBank (CHTD), Forward Financing, LLC, Legend Advance Funding II, LLC, Square Capital, LLC, Simply Funding, LLC and the U.S. Small Business Administration. The use of cash collateral will immediately cease upon: (a) conversion of the case to Chapter 7; (b) appointment of a trustee who removes the Debtor from possession; or (c) a court finding that the Debtor has violated the terms of the order. About Mari Ari International Inc. Mari Ari International, Inc. doing business as Mari Ari Hair, sells human hair extensions, wigs, and related accessories. The company operates a retail boutique in Houston, Texas, offering products and styling services to individual and professional clients. Its product line features both synthetic and human hair options with various styles, colors, and types. Mari Ari International filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34029) on July 16, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Sean Lee, authorized representative of Mari Ari International, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. NewTek Bank, N.A., as lender, is represented by: Lisa A. Powell, Esq. FisherBroyles, LLP 2925 Richmond, Ave., Suite 1200 Houston, TX 77098 Phone: (713) 955-3302 Fax: (713) 488-9412 lisa.powell@fisherbroyles.com MAY INTERNATIONAL: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- May International, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Washington, at Seattle, to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral through October 27 in accordance with its budget. As adequate protection for the Debtor's use of its cash collateral, Washington Federal Bank, a secured creditor, will be granted replacement liens on the Debtor's post-petition cash, accounts receivable, inventory, and the proceeds thereof. These replacement liens will have the same priority and extent as the secured creditor's pre-bankruptcy liens. In addition, Washington Federal Bank will receive payment from the Debtor in the sum of $8,102.16, pursuant to the budget. The final hearing is scheduled for October 24. Objections are due by October 17. May International, operating under the trade name Mitco LTD since its founding in 1988, historically focused on solving inefficiencies in U.S. import logistics via a West Coast gateway model. Expansion into the Los Angeles market ultimately failed due to COVID-19 disruptions, port congestion, and equipment shortages, leading to the closure of that facility in early 2025. Although a return to profitability was initially projected post-closure, unexpected tariffs and a weak peak import season further destabilized the Debtor's financial standing. These cumulative factors forced the Debtor to file for Chapter 11 protection on September 18, 2025. At the time of filing, the Debtor held approximately $241,000 in cash and $890,000 in discounted accounts receivable, for a total estimated cash collateral value of $1.13 million. The Debtor's only secured lender is Washington Federal Bank, which is owed around $42,565 on a 2022 loan originally totaling $425,815. The bank has a perfected security interest in the Debtor's assets. About May International Inc. May International, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12615) on September 18, 2025, listing up to $10 million in both assets and liabilities. Kevin May, chief executive officer of May International, signed the petition. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. MILLSIDE PLAZA: Case Summary & 11 Unsecured Creditors ----------------------------------------------------- Debtor: Millside Plaza LLC 1274 49 Street #302 Brooklyn, NY 11219 Business Description: Millside Plaza LLC leases commercial real estate, with its main property located at 4004 Route 130 in Delran, New Jersey. Chapter 11 Petition Date: September 25, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-44642 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Joel M. Shafferman, Esq. SHAFFERMAN & FELDMAN LLP 137 Fifth Avenue 9th Floor New York, NY 10010 Tel: (212) 509-1802 E-mail: shaffermanjoel@gmail.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by David Goldwasser as chief restructuring officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KNAG4EY/Millside_Plaza_LLC__nyebke-25-44642__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 11 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Action Plumbing, Inc. Services Rendered $932 7 East Stow Rd Marlton, NJ 08053 2. BHK Electric, LLC Services Rendered $8,750 1819 Underwood Blvd Suite 5 Riverside, NJ 08075 3. E & B Associates $866,700 1364 53 Street Brooklyn, NY 11219 4. Eddie Plumbing Inc. Services Rendered $1,039 PO Box 3054 Riverton, NJ 08077 5. Fair Deal HVAC Services Rendered $2,300 1380 Bryant Street Rahway, NJ 07065 6. Millside Solar LLC $5,000,500 1465 Lanes Mill Road Lakewood, NJ 08701 7. One Solution Services Rendered $533 Outdoor Desi 563 N. W. Avenue Vineland, NJ 08360 8. Township Of Delran $3,005 900 Chester Ave Riverside, NJ 08075 9. US Lawns Bordentown Services Rendered $35,532 2037 Cedar Lane Ext Bordentown, NJ 08585 10. Valo Heating & Cooling Services Rendered $3,100 702 Center Street Apt C Trenton, NJ 08611 11. Wells Fargo Bank $11,000,000 Nat Asso c/o Rialto Capital Advis 200 S. Biscayne Blvd Suite 3550 Miami, FL 33131 MODIVCARE INC: Committee Hires Latham & Watkins as Co-Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of ModivCare Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Latham & Watkins LLP as bankruptcy co-counsel in its Chapter 11 case. L&W will provide these services: (a) advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; (b) advise and consult on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in chapter 11; (c) advise the Debtors and take all necessary action to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors' interests in negotiations concerning litigation in which the Debtors are involved; (d) analyze proofs of claim filed against the Debtors and object to such claims as necessary; (e) represent the Debtors in connection with obtaining authority to continue using cash collateral and obtaining postpetition financing; (f) attend meetings and negotiate with representatives of creditors, interest holders, and other parties in interest; (g) analyze executory contracts and unexpired leases, and potential assumptions, assignments, or rejections of such contracts and leases; (h) prepare pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; (i) advise the Debtors in connection with any potential sale of assets; (j) take necessary action on behalf of the Debtors to obtain approval of a disclosure statement and confirmation of a chapter 11 plan; (k) appear before this Court or any appellate courts to protect the interests of the Debtors' estates before those courts; (l) advise on corporate, litigation, regulatory, finance, tax, employee benefits, and other legal matters; and (m) perform all other necessary legal services for the Debtors in connection with the Chapter 11 Cases. According to filings, Latham & Watkins' hourly rates vary with the experience and seniority of the individuals assigned and are subject to periodic adjustments. During the 90-day period prior to the Petition Date, the firm received $9,197,681.40 for services performed and expenses incurred, with a remaining balance of approximately $842,375 held as a fee advance. Latham & Watkins LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Latham & Watkins responds to the questions set forth therein as follows: Question: Did the firm agree to any variations from or alternatives to its standard billing arrangements? Answer: No. Question: Do any professionals in this engagement vary their rates based on geographic location? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose billing terms and whether they changed postpetition. Answer: Billing terms remained unchanged, except for the postpetition discount on non-working travel time and application of rate ranges to certain lawyers. Question: Has the client approved the prospective budget and staffing plan? Answer: Yes. The Debtors approved the firm’s budgeted fees and expenses as included in the 13-week cash flow budget under the Interim DIP Financing Order. The firm can be reached at: Latham & Watkins LLP 811 Main Street, Suite 3700 Houston, TX 77002 United States Telephone: (713) 546-5400 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. MODIVCARE INC: Committee Taps Hunton Andrews as Co-Counsel ---------------------------------------------------------- ModivCare Inc. and its debtor affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Hunton Andrews Kurth LLP as bankruptcy co‑counsel in their Chapter 11 cases. Hunton will provide these services:   (a) advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their business;   (b) advise and consult on the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements of operating in chapter 11;   (c) attend meetings and negotiate with representatives of creditors and other parties in interest;   (d) take all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending actions commenced against the Debtors, and representing the Debtors in negotiations concerning litigation, including objections to claims filed against the Debtors' estates;   (e) prepare pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, draft orders, reports and other documents necessary or beneficial to the administration of the Debtors' estates;   (f) represent the Debtors in connection with obtaining authority to use cash collateral and postpetition financing;   (g) appear before the Court and any appellate courts to represent the interests of the Debtors' estates;   (h) take any necessary actions to negotiate, prepare and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all related documents;   (i) advise the Debtors in connection with any sale of assets;   (j) provide non‑bankruptcy services as requested by the Debtors; and   (k) perform all other necessary legal services in connection with the Chapter 11 Cases, including (i) analysis of leases and executory contracts (assumption, rejection or assignment), (ii) analysis of the validity of liens, and (iii) advice on corporate and litigation matters, including pending and threatened litigation and resolution of claims. Hunton shall be paid hourly rates for professional services rendered. The current 2025 hourly rates are: Timothy A. Davidson II (Partner) - $1,405 Joseph P. Rovira (Partner) - $1,250 Ashley L. Harper (Partner) - $1,155 Philip M. Guffy (Associate) - $995 Catherine Rankin (Associate) - $895 Brandon Bell (Associate) - $795 Kaleb Bailey (Associate) - $690 The Debtors also will reimburse Hunton for all actual out‑of‑pocket expenses incurred, in accordance with the Engagement Letter. Hunton will maintain detailed, contemporaneous records of time and expenses, and submit applications for compensation under sections 330 and 331 of the Bankruptcy Code, the Bankruptcy Rules, local rules, and any interim compensation order. Before the Petition Date, the Debtors paid Hunton $378,612.00 (advance retainer of $250,000.00 plus $128,612.00 prepayment of estimated filing fees). Hunton invoiced and was paid $232,654.50 in fees and $123,398.00 in expenses; as of the Petition Date, Hunton holds $22,559.50 on account. Hunton is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code (as modified by section 1107(b)) and does not hold or represent an interest adverse to the Debtors' estates. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Hunton responds to the questions set forth therein as follows: Question: Did Hunton agree to any variations from, or alternatives to, Hunton's standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the Hunton professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the Debtors in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If billing rates and material financial terms have changed post‑petition, explain the difference. Answer: Hunton's billing rates and material financial terms for its prepetition engagement are set forth in the Engagement Letter. Hunton's billing rates and material financial terms have not changed postpetition. Question: Have the Debtors approved Hunton's prospective budget and staffing plan, and, if so for what budget period? Answer: Hunton has not prepared a budget and staffing plan. The firm can be reached at: Hunton Andrews Kurth LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 Facsimile: (713) 220-4285 About ModivCare Inc. 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. MODIVCARE INC: Committee Taps Moelis & Company as Investment Banker ------------------------------------------------------------------- The Official Committee of Unsecured Creditors in the Chapter 11 case of ModivCare Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain Moelis & Company LLC as its investment banker and placement agent, effective as of the Petition Date. Moelis & Company will perform these services: (a) assist counsel in reviewing and analyzing the Debtors' operations, financial condition, business plan, liquidity profile, and capital structure under various scenarios; (b) advise on and assist in the preparation of an information memorandum or offering document for a potential Transaction; (c) assist in assembling and organizing a virtual data room; (d) assist in developing a strategy to effectuate any Transaction(s), including financing alternatives; (e) assist in identifying and contacting potential purchasers in a Capital Transaction and providing them appropriate information; (f) meet with the Board of Directors or any committee thereof to discuss the matters and their financial implications; (g) assist in reviewing and analyzing any potential Transaction; (h) assist in negotiating any Transaction; (i) advise on the terms of securities offered in any potential Capital Transaction; (j) provide testimony and participate in depositions or other discovery, if needed; and (k) provide other financial advisory and investment banking services as mutually agreed in writing. Moelis will be compensated at these fees: - A Monthly Fee of $200,000 - A Restructuring Fee of $10,000,000 upon closing of a Restructuring - Bank Amendment Fees of $500,000 to $800,000, depending on scope - Capital Transaction Fees based on a percentage of capital raised: -- 4.0% of equity raised -- 2.0% of unsecured debt -- 1.0% of secured debt, including DIP financing (new money only) Moelis & Company LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Zul Jamal Moelis & Company LLC 399 Park Avenue, 5th Floor New York, NY 10022 Telephone: (212) 883-3800 Facsimile: (212) 880-4260 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. MODIVCARE INC: Taps Ernst & Young as Services Provider ------------------------------------------------------ ModivCare Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Ernst & Young LLP to serve as its tax, consulting, accounting and valuation services provider in its Chapter 11 case. Ernst & Young LLP will provide these services: (a) prepare federal and state income tax returns for ModivCare and its subsidiaries for tax year ending December 31, 2024; (b) prepare property tax returns, sales and use tax returns, and provide unclaimed property tax compliance services; (c) prepare tax provision calculations for Q3 and Q4 2025; (d) provide tax advisory services including R&D Credit and Section 174 Study, sales and use tax nexus analysis, and routine on-call advice; (e) assist with bankruptcy tax structuring and debt impacts including review of cancellation of debt and Section 382 matters; (f) provide internal audit/SOX consulting and IT compliance support; and (g) provide accounting and valuation services including fresh start accounting under ASC 805, goodwill impairment valuation, and financial accounting advisory. Fees are structured as both fixed and hourly, depending on the service. Hourly rates for certain advisory services range from $315 to $1,550, depending on professional level. Fixed fees for specific services include $309,000 for tax return preparation, $575,000 for fresh start accounting valuation, and $754,990 annually for SOX consulting. EY will also be reimbursed for reasonable out-of-pocket expenses. According to court filings, Ernst & Young LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ernst & Young LLP 5 Houston Center 1401 McKinney St, Suite 2400 Houston, TX 77010 Telephone: (713) 750-1500 About ModivCare Inc. 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. MONTEREY BAY: Gina Klump Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for Monterey Bay Horsemanship & Therapeutic Center. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About Monterey Bay Horsemanship & Therapeutic Monterey Bay Horsemanship & Therapeutic Center sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-51429) on September 16, 2025, with $100,001 to $500,000 in assets and liabilities. Judge M. Elaine Hammond presides over the case. Marc Voisenat, Esq., at the Law Offices of Marc Voisenat represents the Debtor as bankruptcy counsel. MOORE HOLDINGS: Gets Extension to Access Cash Collateral -------------------------------------------------------- Moore Holdings, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to use cash collateral. The bankruptcy court extended the Debtor's authority to use cash collateral until December 31, subject to a 10% variance. The court also approved modifications to the Debtor's monthly budget plan. As adequate protection, creditors with an interest in the cash collateral were granted replacement liens on post-petition proceeds, with the same validity, priority and extent as their pre-bankruptcy liens. All surplus cash collateral must be maintained in a separate cash collateral account and must be separately accounted for by Debtor. A copy of the order is available at https://is.gd/d4BBjx About Moore Holdings LLC Moore Holdings, LLC is a single asset real estate company headquartered in Roseville, California. Moore Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-20053) on January 8, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Ronald H. Sargis handles the case. Stephan M. Brown, Esq., at The Bankruptcy Group, P.C. represents the Debtor as legal counsel. NEED SPACE MONTEITH: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Need Space Monteith, LLC 8888 Midsouth Drive, Suite 16 Olive Branch, MS 38654 Business Description: Need Space Monteith, LLC, operating in Olive Branch, provides self-storage units for personal and small business use, including climate-controlled options and security features. Chapter 11 Petition Date: September 25, 2025 Court: United States Bankruptcy Court Northern District of Mississippi Case No.: 25-13184 Debtor's Counsel: John Keith Perry, Jr., Esq. PERRY GRIFFIN, PC 5699 Getwell Road Southaven MS 388672 Tel: (662) 536-6868 Email: jkp@perrygriffin.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Marion Threatt as member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5FYYZ7I/Need_Space_Monteith_LLC__msnbke-25-13184__0001.0.pdf?mcid=tGE4TAMA NEWBURY PALACE: Taps Amanda Brendell as Accountant -------------------------------------------------- Newbury Palace Pizza, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to hire Amanda Brendell, CPA, of Sutton, NH, to serve as accountant in its Chapter 11 case. Ms. Brendell will provide these services: (a) prepare federal and state tax returns for the years ending December 31, 2022, December 31, 2023, and December 31, 2024; (b) prepare the Balance Sheet and Profit and Loss for the Debtor; (c) assist with bookkeeping, monthly operating reports, and preparation of projections for the Debtor; (d) handle any matters with the Internal Revenue Service and/or the State of New Hampshire on behalf of the Debtor; and (e) perform all other accounting and income tax preparation services for the Debtor as Debtor-in-Possession, which may be necessary herein. The Debtor seeks to employ Ms. Brendell at normal billing rates. Ms. Brendell will not be paid by the Debtor for the preparation of the tax returns for the IRS and the State of New Hampshire, effective January 1, 2025, and related bookkeeping duties. Amanda Brendell, CPA, is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. She can be reached at: Amanda Brendell, CPA 272 Newbury Road Sutton, NH 03221 Telephone: (603) 986-9733 E-mail: Adeza84@gmail.com About Newbury Palace Pizza, LLC Newbury Palace Pizza, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.H. Case No. 25-10453) on June 30, 2025. At the time of filing, the Debtor estimated $50,000 in assets and $100,001 to $500,000 in liabilities. Honorable Judge Kimberly Bacher oversees the case. The Debtor is represented by Eleanor Wm. Dahar, Esq. at Victor W. Dahar Professional Association. NORTHERN OIL: Fitch Rates New Sr. Unsecured Notes Due 2033 'BB-' ---------------------------------------------------------------- Fitch Ratings has assigned Northern Oil and Gas, Inc.'s (NOG, BB-/Stable) proposed senior unsecured notes due 2033 a rating of 'BB-' with a Recovery Rating of 'RR4'. The company intends to use the net proceeds from the notes issuance, together with cash on hand and/or borrowings under its RCF, to repurchase its outstanding 2028 notes under a tender offer, and to pay all associated fees due or incurred in connection with this redemption. Any remaining net proceeds are expected to be used for general corporate purposes, which may include repayment of a portion of the outstanding borrowings under its RCF. NOG's 'BB-' ratings and Stable Outlook reflect Fitch's expectation of continued credit-friendly M&A activity and positive FCF generation, secured by the company's strong hedging program. Fitch expects NOG to use FCF to reduce gross debt, leading to improved credit metrics and liquidity. Key Rating Drivers Leverage-Neutral Notes Issuance: Fitch believes NOG's proposed senior unsecured note issuance is neutral to the credit profile. The notes issuance is expected to facilitate the repayment of the 2028 notes, subject to the tender offer, and will also extend the company's maturity profile, which Fitch views favorably. Accretive, Leveraging but Diversifying Acquisitions: Fitch views NOG's recently announced acquisitions positively due to the credit-conscious funding mix, incremental size and diversification into new basins. The company's acquisitions through April 2025 have been conservatively funded through a combination of common equity, cash on hand and debt with modest borrowings under reserve-based lending (RBL). In June 2025, NOG termed out part of its RBL borrowings by upsizing its senior unsecured convertible notes to $700 million from $500 million. Overall, NOG is committed to paying down debt after acquisitions. Fitch believes acquisitions will continue to be a part of the company's growth strategy and expects management will continue to fund transactions in a credit-neutral manner. Favorable Capital Deployment Flexibility: Fitch believes that NOG's flexibility with well participation and capital expenditure (capex) allows for economic-driven decisions and improves overall returns. The company retains the ability to decline participation in uneconomic or lower-return wells, even in some cases within a multi-well, multi-reservoir development, to help optimize returns. Lower Costs, Adequate Reserve Life: NOG does not have rig, drilling or midstream contracts as a non-operator, and has no personnel at the field level, which limits corporate operational and financial obligations and brings lower per-unit general and administrative costs. NOG has historically maintained about six years of proved, developed and producing reserve life, which Fitch expects to increase over time because of NOG's acquisitive nature. Joint Venture Acquisitions: Fitch views the recent joint venture acquisitions positively, considering they provide more involvement with proven operators and a line of sight into future organic development opportunities. The five acquisitions—MPDC, Forge, Novo, Point and XCL—are joint ventures with proven operators, which now account for approximately 25% of 2025 production. A cooperation and joint development agreement around areas of mutual interest governs these partnerships, ensuring interests are aligned. Favorable Liquidity, Capital Management: NOG's close relationship with its operators and the long lead times from the initial new-well development evaluation, investment decision and budget, typically a year in advance, provide visibility on future capital needs. In conjunction with NOG's hedging policy, these help reduce overall liquidity risk despite the inability to control well timing and completion. Fitch views these characteristics favorably and does not forecast material near-term liquidity needs in the base case following the XCL acquisition. 18-Month Rolling Hedge Program: Fitch views NOG's hedging positively as it provides FCF certainty, which supports repayment of debt as well as the base dividend. The company has historically maintained a strong hedge book and expects to hedge approximately 60% of total production on a rolling 18-month basis. It has about 70% of oil production hedged at an average price of $71.69 per barrel (bbl) for the remainder of 2025 and around 60% of gas production hedged at an average price of $3.81 per million British Thermal Units (MMBtu). Positive FCF; Sub-2.0x Leverage: Fitch forecasts positive FCF of approximately $100 million in 2025 and $70 million in 2026, assuming West Texas Intermediate (WTI) oil prices of $65/bbl and $60/bbl, respectively. Fitch believes EBITDA leverage will moderate to around 2.0x over the forecast period, based on Fitch's oil and gas price assumptions. Moderating Shareholder Returns: Fitch believes NOG can maintain shareholder returns with its liquidity and credit metrics, given the company's increasing size, scale and a positive FCF profile supported by a rolling hedge program. NOG increased the dividend quarter-on-quarter from $0.03 per share in 2Q21 to $0.45/share in 1Q25. In addition, NOG has completed share buybacks of approximately $50 million in 1H25 and $94 million in 2024. Peer Analysis NOG is a leading non-operator exploration and production (E&P) company focused in the Permian, Williston, Appalachia and Uinta Basins with 2Q25 production of 134,000 barrels of oil equivalent per day (Mboepd). NOG's production size is larger than that of offshore producer Talos Energy Inc. (Talos Energy; B/Positive), with production of 93.3 mboepd. However, it is smaller than Crescent Energy Company (Crescent Energy; BB-/Positive), with approximately 400 mboepd of pro forma production expected following its announced Vital Energy acquisition, and SM Energy Company (SM Energy; BB/Stable), with 209 mboepd production in 2Q25. In its cost structure at 2Q25, NOG's Fitch-calculated unhedged cash netback of $29.6 per barrel of oil equivalent (boe) (63% margin) is stronger than Crescent Energy's $16.5/boe (46% margin), SM Energy's $25.8/boe (62% margin), and Talos Energy's $25.4/boe (51% margin). Fitch expects NOG to maintain a sub-2.0x EBITDA leverage profile as it allocates FCF toward repayment of the RBL facility and then toward shareholder returns. Key Assumptions - WTI prices of $65/bbl in 2025, $60/bbl in 2026 and 2027, and $57/bbl thereafter; - Henry Hub prices of $3.40 per thousand cubic feet (mcf) in 2025, $3.50/mcf in 2026, $3.00/mcf in 2027, and $2.75/mcf thereafter; - Assumed no additional acquisitions than announced in 2025 with acquisitions of $25 million annually thereafter; - Assumed the midpoint of NOG's guidance in 2025 and low- to mid-single digit production growth thereafter; - Capex grows to $1.1 billion in 2025 and decreases to $950 million per year in outer years of the forecast period; - Prioritization of forecast FCF toward repayment of the RBL facility with a drawdown in the outer years. - A marginal increase in dividends going forward. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to generate FCF and reduce outstanding gross debt that leads to mid-cycle EBITDA leverage sustained above 3.0x; - Total production sustained below 100 mboepd and erosion of the reserve base; - Limited financial flexibility and/or an inability to maintain access to capital markets. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent FCF generation with proceeds used to reduce gross debt that leads to mid-cycle EBITDA leverage sustained below 2.0x; - Consistent track record of reserve replacement and total production sustained above 175mboepd. Liquidity and Debt Structure Fitch does not see material near-term liquidity needs, given NOG's operational and liquidity flexibility. Fitch believes NOG's forecast FCF generation supports repayment of the RBL facility. At June 30, 2025, the RBL borrowing base was $1.8 billion and the elected commitment was $1.6 billion following the upsize from $1.5 billion in April 2025. Along with the upsizing of the convertible notes in June 2025 to $700 million from $500 million, NOG has approximately $1.1 billion in liquidity. Pro forma these two transactions as of 2Q25, NOG had $480 million drawn under the RBL facility and cash on hand of $33.6 million. The RBL facility is subject to a semi-annual borrowing base redetermination in addition to financial covenants, including a maximum total net leverage ratio of below 3.50x and a minimum current ratio of at least 1.0x. NOG's maturity schedule remains light with no maturities until the RBL facility matures in June 2027. Following the proposed notes issuance and 2028 notes tender, the next material maturity is the company's $700 million convertible note comes due in 2029 (upsized in June 2025 from $500 million). Issuer Profile Northern Oil and Gas, Inc. is a leading non-operator exploration and production company in the U.S. focused on the Williston, Permian, Appalachia and Uinta Basins. Date of Relevant Committee 17-Jul-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Northern Oil and Gas, Inc. senior unsecured LT BB- New Rating RR4 NORTHERN OIL: Moody's Rates New Senior Unsecured Notes 'B1' ----------------------------------------------------------- Moody's Ratings assigned B1 rating to Northern Oil and Gas, Inc.'s (NOG) proposed offering of senior unsecured notes. NOG's existing ratings, including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default rating, as well as its speculative grade liquidity, SGL-2, and B1 rating on the existing senior unsecured notes, and stable outlook are unchanged. The company will use proceeds from the proposed notes offering to redeem its senior unsecured notes due 2028 and repay a portion of the amounts outstanding under its $1.6 billion senior secured credit facility. RATINGS RATIONALE NOG's senior unsecured notes are rated B1, one notch below the company's Ba3 CFR reflecting significant size and the priority claim of its borrowing base senior secured credit facility that is secured by most of NOG's assets. NOG's Ba3 CFR reflects the company's enhanced scale and basin diversification, balanced financial policies with moderate leverage, and active hedging strategy with a rolling target of hedging roughly 60% or more of its anticipated next 18-month production. The rating also incorporates its large capital expenditure and investment program, track record of debt-funded acquisitions and lack of operational control and dependence on its operating partners. NOG's 2025 production is expected to exceed 130 thousand barrels of oil equivalent (boe) per day, with oil accounting for more than 56% of production and natural gas for the remainder. The Permian basin represented around 46% of the company's total production in 2024, up from 19% in 2021, with the majority of growth capital spending focused in the Permian basin. The company's production mix together with its hedges in place at prices comfortably above its cost structure provide good visibility into cash flow. Moody's expects NOG's retained cash flow (RCF) to debt ratio to remain robust into 2026. NOG's growth strategy is focused on participating in operator initiated wells and executing bolt-on acquisitions, requiring a high degree of financial flexibility. NOG's SGL-2 rating reflects its good liquidity. At 2Q25, NOG had $26 million of cash and around $1.1bn available under its revolver facility. The company's revolver has a borrowing base of $1.8 billion, with an elected commitment of $1.6 billion. The revolver's financial covenants include a maximum net debt to EBITDAX ratio of 3.5x, and a minimum current ratio of 1x. The current ratio calculation allows certain adjustments and the inclusion of unused amounts of the total bank commitments. Moody's expects the company to maintain substantial headroom under the financial covenants through-2026. Substantially all of the company's assets are pledged as security under the credit facility, which limits the extent to which asset sales can provide a source of additional liquidity. NOG's stable outlook reflects the company's ability to grow production and generate meaningful free cash flow, excluding acquisitions, likely leading to stable to modestly improving leverage metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if NOG generates consistent free cash flow including acquisitions, while balancing leverage and any shareholder returns in line with actual results and cash flow, the company strengthens its business profile by significantly enhancing its scale with strong operators, it maintains conservative financial policies, and sustains good credit metrics with its RCF to debt maintained above 50%. The ratings could be downgraded if production volumes materially decline, RCF to debt falls below 25%, liquidity deteriorates significantly or the company borrows to fund acquisitions or shareholder returns causing debt to grow materially faster than cash flow. Northern Oil and Gas, Inc., headquartered in Minnetonka, Minnesota, is a publicly traded company that owns non-operated working interests in oil and gas wells and acreage in the Williston Basin, Permian Basin, Marcellus Shale and Uinta Basin. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. NU RIDE: Alexander Matina Named CEO After Chapter 11 Exit --------------------------------------------------------- Nu Ride Inc., formerly known as Lordstown Motors Corp., announced that its Board of Directors has appointed Board member Alexander Matina as Chief Executive Officer, effective immediately. Mr. Matina succeeds William Gallagher, who served as CEO since the Company's emergence from Chapter 11 proceedings in March 2024, in accordance with the engagement letter between the Company and M3 Partners, LP pursuant to which M3 Partners agreed to provide the Company with executive management and support services, including through Mr. Gallagher. Mr. Matina brings extensive leadership and public company experience, as well as decades of experience with strategic transactions. He is currently the Managing Member of LANECR Consulting LLC and previously served in various leadership roles, including Portfolio Manager at MFP Investors LLC. He also has served as a Director of several public and private companies. Andrew L. Sole, Chairman of the Board, remarked, "The Board is very pleased to welcome Alex to the CEO role. After careful consideration, the Board has determined now is the right time for a leadership transition. Nu Ride has made tremendous progress since emerging from Chapter 11 in March 2024, and the Board has confidence that Alex will help lead the Company as it looks to move forward in new directions." "On behalf of the full Board and all our stakeholders, I also want to thank Bill for his leadership and the role he and M3 Partners have played in guiding the Company following its emergence from bankruptcy. We are grateful to Bill for his many contributions to the Company and wish him all the best in his future endeavors and look forward to continuing to work with M3." Additional information about the Company is available on the Company's website (www.nurideinc.com) and in the Company's filings with the U.S. Securities and Exchange Commission, available at www.sec.gov/edgar. About Lordstown Motors Corp. Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- was an electric vehicle OEM developing innovative light duty commercial fleet vehicles, with the Endurance all electric pickup truck as its first vehicle. It has engineering, research and development facilities in Farmington Hills, Mich. and Irvine, Calif. On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). Judge Mary F. Walrath presided over the cases. The Debtors tapped White & Case, LLP and Richards, Layton & Finger, P.A., as bankruptcy counsels; Baker & Hostetler, LLP as special counsel; Jefferies, LLC as investment banker; KPMG, LLP as auditor; and Silverman Consulting as restructuring advisor. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Troutman Pepper Hamilton Sanders, LLP, as legal counsel and Huron Consulting Group Inc. as financial advisor. In October 2023, Lordstown Motors received Bankruptcy Court approval to sell its manufacturing assets to a new company affiliated with its founder and former CEO Stephen Burns for $10.2 million. LAS Capital, majority-owned by Burns, acquired the Debtors' intellectual property, business records, and machinery including assembly lines for electric vehicle motors an batteries. The Debtors later renamed to Nu Ride Inc. The Court on March 6, 2024, confirmed the Debtors' Third Modified First Amended Joint Chapter 11 Plan. The Plan was declared effective on March 14, 2024. ODM TRUCK: Gets Extension to Access Cash Collateral --------------------------------------------------- ODM Truck, Inc. received third interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral to pay its operating expenses. The third interim order authorized the Debtor to use cash collateral, including cash, deposit accounts, accounts receivable and business proceeds pending a further hearing to be conducted on November 4. The Debtor's budget projects total operational expenses of $472,448.28 for the period from July to September. As adequate protection, Synovus Bank and merchant cash advance lenders will be granted replacement liens on assets similar to their pre-bankruptcy collateral, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was authorized to pay $5,000 to Synovus Bank on October 1 and November 1, $5,000 to LCF Group, Inc., with such authorization retroactive to July 29. The Debtor was ordered to maintain insurance coverage for the collateral in accordance with its obligations under the loan and security agreements with secured creditors. About ODM Truck Inc. ODM Truck, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04841) on July 16, 2025, listing up to $10 million in both assets and liabilities. Yanet Gonzalez Fernandez, president of ODM Truck, signed the petition. Judge Catherine Peek McEwen oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, represents the Debtor as legal counsel. Synovus Bank, as secured creditor, is represented by: Lara Roeske Fernandez, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 lfernandez@trenam.com OLD STONE: Hires Harris Law Practice as Bankruptcy Counsel ---------------------------------------------------------- Old Stone House Gift & Garden, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Harris Law Practice LLC as its general bankruptcy counsel. The firm's services include: a) examining and preparing of documents and reports as required by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure and Local Bankruptcy Rules; b) preparing applications and proposed orders to be submitted to the Court; c) identifying and prosecuting claims and causes of action assertable by Debtor on behalf of the estate; d) examining of proofs of claim anticipated to be filed and the possible prosecution of objections to certain claims; e) advising the Debtor and preparing documents in connection with the contemplated ongoing operation of the Debtor's business; f) assisting and advising the Debtor in performing other official functions as set forth in Section 521, et seq., of the Bankruptcy Code; and g) advising and preparing a plan of reorganization, and related documents, and confirmation of said plan, as provided in Section 1189, et seq., of the Bankruptcy Code. The firm will be paid at these hourly rates: Stephen R. Harris, Esq. $635 Norma Guariglia, Esq. $525 Paraprofessional services $175 The firm received a prepetition advance retainer of $1,738 to cover the cost of the chapter 11 petition filing fee. Stephen R. Harris, Esq., a partner at Harris Law Practice, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The counsel can be reached through: Stephen R. Harris, Esq. Harris Law Practice LLC 850 E. Patriot Blvd., Suite F Reno, NE 89511 Tel: (775) 786-7600 Fax: (775) 786-7764 Cell: (775) 690-9120 Email: steve@harrislawreno.com About Old Stone House Gift & Garden Old Stone House Gift & Garden, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50787) on August 27, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Hilary L. Barnes presides over the case. Stephen R. Harris, Esq., at Harris Law Practice, LLC represents the Debtor as bankruptcy counsel. OLIVER PARK: Hires Rountree Leitman Klein & Geer as Attorney ------------------------------------------------------------ Oliver Park Apartments, 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 $30,000 from the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Rountree 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 Oliver Park Apartments, LLC Oliver Park Apartments, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60028) on September 1, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. William A. Rountree, Esq. at Rountree Leitman Klein & Geer, LLC represents the Debtor as counsel. OLIVER PARK: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Oliver Park Apartments, LLC. About Oliver Park Apartments Oliver Park Apartments LLC leases residential real estate properties. Oliver Park Apartments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60028) on September 1, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC. OPENLANE INC: Moody's Affirms B1 CFR, Outlook Stable ---------------------------------------------------- Moody's Ratings affirmed the B1 corporate family rating and B1-PD probability of default rating of OPENLANE, Inc. (OPENLANE). Moody's also downgraded the senior secured bank credit facility to B1 from Ba2 and assigned a B1 rating to the new senior secured first lien incremental term loan B the company announced earlier. The company will use the proceeds of the new term loan to fund the retirement of a portion of its convertible preferred stock. The outlook remains stable. The speculative grade liquidity rating remains SGL-1. The affirmation of the B1 corporate family rating reflects the steady performance afforded by OPENLANE's leading position in the digital marketplace for wholesale vehicle auctions. The affirmation also reflects the company's supportive credit metrics including an EBITA margin of about 20% and free cash flow to debt of about 8.5% and its prudent management of its floorplan funding business. The downgrade of the senior secured rating reflects that the bank credit facility including the new incremental term loan B represents the entirety of the debt claims Moody's includes in Moody's Loss Given Default waterfall. The downgrade reflects the elimination of the benefit that had been provided by the company's unsecured notes, which would have absorbed losses ahead of the secured debt prior to their retirement in June 2025. RATINGS RATIONALE The B1 corporate family rating reflects OPENLANE's leading position in the digital marketplace for wholesale used vehicles. Off-lease vehicles are offered for sale by captive finance subsidiaries of auto manufacturers, financial institutions and fleet management companies that seek liquid and efficient channels that enable swift vehicle dispositions. In addition, the company offers dealer to dealer auctions that allow franchise and independent dealers to buy and sell used vehicles on its digital platform. Moody's expects EBITA margin to be near 20% in 2025 and again in 2026. Moody's estimates the ratio of debt-to-equity at the floorplan funding business to be about 2:1. Further, the securitization obligations of the floorplan funding business are non-recourse to OPENLANE. The stable outlook reflects Moody's expectations for modest growth of auction volumes in 2025 which will accelerate in 2026 but be somewhat offset by slow growth in commercial volumes. Moody's expects that 2026 auction volumes will improve as the inventory of off-lease vehicles grows. Higher overall auction volumes will improve operating efficiencies and modestly expand operating margins. Moody's expects liquidity to remain very good (SGL-1) supported by a cash balance of at least $100 million and annual free cash flow of about $200 million. The two revolving credit facilities with committed amounts of $325 million and CAD 175 million, respectively, will remain mostly undrawn. On June 30, 2025, there was nothing drawn under the revolving credit facilities and there were $42.7 million of outstanding letters of credit. There are no near team maturities excluding obligations related to OPENLANE's floorplan funding business. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if OPENLANE successfully maintains an EBITA margin in excess of 20% while maintaining a modest amount of debt related to the vehicle auction business. Annual free cash flow sustained above $125 million and a consistent track record of low charge-offs and ample capital at OPENLANE's floorplan funding business could also lead to a ratings upgrade. The ratings could be downgraded if OPENLANE's EBITA margin falls below 17%. A downgrade could also occur if the company adopts a more aggressive financial policy including debt-funding share repurchases. Other factors that could drive a downgrade include higher charge-offs or if the amount of capital at OPENLANE's floorplan funding business is maintained below historical levels. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. OPENLANE, Inc. is a leading provider of wholesale used vehicle auctions and related vehicle remarketing services for the automotive industry. The company serves domestic and international buyers and sellers through digital auction platforms, as well as 14 vehicle logistics centers in Canada. Ancillary customer services include transportation, reconditioning and other services. OPENLANE also provides wholesale buyers of vehicles short-term inventory-secured financing, or floorplan financing, through its wholly-owned subsidiary, Automotive Finance Corporation (AFC). Revenue was $1.9 billion in the last 12 months ended June 30, 2025. ORCHARD FALLS: Hires Allen Vellone Wolf Helfrich as Counsel ----------------------------------------------------------- Orchard Falls Operating Company, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Allen Vellone Wolf Helfrich & Factor P.C. as general bankruptcy counsel. The firm will handle all matters concerning the administration of the Estate, including preparation of the bankruptcy statements and schedules, a plan of reorganization and disclosure statement, as well as all contested and litigation matters that arise in this case. The firm will be paid at these rates: Partners $475 to $725 Associates $350 to $450 Paralegal $195 to $250 The firm received $25,000 prepetition in connection with fees and expenses preparing to file the bankruptcy, including the $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey A. Weinman, Esq., a partner at Allen Vellone Wolf Helfrich & Factor, 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: Jeffrey A. Weinman, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. 1600 Stout Street 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: jweinman@allen-vellone.com About Orchard Falls Operating Company Orchard Falls Operating Company, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Orchard Falls Operating Company, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-16047) on September 19, 2025. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $1 million to $50 million in liabilities. Kenneth Grant, Manager of Orchard Falls Holding Company LLC, signed the petition on behalf of Orchard Falls Operating Company, LLC, which is managed by the holding company. Judge Thomas B Mcnamara presides over the case. Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. represents the Debtor as counsel. PACTO INC: Seeks to Hire Tim McCoy Law Center as Primary Counsel ---------------------------------------------------------------- Pacto Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Tim McCoy Law Center Inc. to act as primary counsel. The firm's services include: a) advising the Debtor with respect to its powers and duties as debtor; b) advising and consulting on the conduct of this Chapter 11 case, including all the legal and administrative requirements of operating in Chapter 11; c) attending meetings and negotiating with representatives of creditors and other parties in interest; d) taking all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, if needed, defending any actions commenced against the Debtor, if needed, and representing the Debtor in any negotiations concerning the sale of its property; e) preparing pleadings in connection with the Chapter 11 case, including motions, applications, answers, draft orders, reports and other documents necessary or otherwise beneficial to the administration of the Debtor's estate; f) representing the debtor in connection with obtaining authority to sell certain property of the estate; g) appearing before the Court and any appellate courts to represent the interests of the Debtor's estate; h) negotiating and documenting agreements for the Section 363 sale or disposition of Debtor's primary assets; and i) performing all other necessary legal services for the Debtor in connection with the prosecution of the Chapter 11 case, including: (i) analyzing the Debtor's agreement to sell property; (ii) analyzing the Debtor's leases and contracts and the assumption and assignment or rejection thereof; and (iii) analyzing the validity of liens asserted against the Debtor and its assets. The firm's current hourly rates are: a. McCoy: $350 to $450; re: $350 for general bankruptcy; $450 for business transaction or work regarding investigations and civil or criminal penalties; b. Associates [if engaged]: $245 to $310; and c. Paralegals: $195. As disclosed in the court filings, Tim McCoy is a “disinterested person” as defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Timothy D. McCoy, Esq. Tim McCoy Law Center Inc. 3801 NW 63rd Street Oklahoma City, OK 73116 Tel: (405) 319-0000 Fax: (866) 697-2012 Mail: tim@timmccoylawfirm.com About Pacto Inc. Pacto Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12634) on August 26, 2025, listing $1,000,001 to $10 million in assets and up to $50,000 in liabilities. Timothy D. McCoy, Esq. at Mccoy Law Firm represents the Debtor as counsel. PARENT SUPPORT: Case Summary & 17 Unsecured Creditors ----------------------------------------------------- Debtor: Parent Support Network of Rhode Island, Inc. 535 Centerville Road, Suite 202 Warwick, RI 02886 Business Description: Parent Support Network of Rhode Island, Inc. is a nonprofit organization that provides free peer-based support, education, and advocacy services for parents and families in Rhode Island. It offers family peer support to those navigating mental health and substance use challenges, child welfare involvement, and the juvenile justice system, with services including parenting education, fatherhood support, family groups, and one-on-one assistance from trained Family Support Partners. The organization has been supporting families statewide for more than 30 years through a helpline, group programs, and community- based services. Chapter 11 Petition Date: September 25, 2025 Court: United States Bankruptcy Court District of Rhode Island Case No.: 25-10775 Judge: Hon. John A Dorsey Jr. Debtor's Counsel: Russell D. Raskin, Esq. RASKIN & BERMAN 116 East Manning Street Providence, RI 02906 Tel: 401-423-1363 Fax: 401-272-4467 E-mail: mail@raskinberman.com Total Assets: $90,680 Total Liabilities: $1,250,945 The petition was signed by Lisa A. Conlan as executive director. A full-text copy of the petition, which includes a list of the Debtor's 17 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4BK2ZZY/Parent_Support_Network_of_Rhode__ribke-25-10775__0001.0.pdf?mcid=tGE4TAMA PATCO INC: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of PATCO Inc. About PATCO Inc. PATCO Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12634) on August 26, 2025, listing between $1 million and $10 million in assets and up to $50,000 in liabilities. Judge Janice D. Loyd oversees the case. Timothy D. McCoy, Esq., at Mccoy Law Firm represents the Debtor as bankruptcy counsel. PINSTRIPES HOLDINGS: Seeks to Hire Ordinary Course Professionals ---------------------------------------------------------------- Pinstripes Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: BDO USA LLP --Services for income taxation matters Monthly OCP Cap: $5,000 Cirgadyne Inc. d/b/a LiquorLicense.com --Consulting services for liquor and business license matters Monthly OCP Cap:$7,500 Grant Thornton LLP --Services for accounting and auditing matters Monthly OCP Cap:$5,000 Ropes & Gray LLP --Legal services for corporate matters Monthly OCP Cap:$50,000 The Tanzillo Law Group, LLC Legal services for sales taxation matters Monthly OCP Cap:$7,500 About Pinstripes Holdings Pinstripes Holdings, Inc. operates a dining and entertainment concept restaurants. The company provides Italian-American cuisine with bowling, bocce, and private event services. It also offers off-site events catering services. The company was incorporated in 2006 and is based in Northbrook, Illinois. Pinstripes Holdings and four of its affiliates sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 25- 11677) on September 8, 2025. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; CR3 Partners LLC as restructuring advisor; and Hilco Corporate Finance LLC as investment banker. The Debtors' notice and claims agent is Epiq Corporate Restructuring LLC. PRINCE LAND: Gets Extension to Access Cash Collateral ----------------------------------------------------- Prince Land, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral pending a further hearing on November 12. The order approved the Debtor's interim use of cash collateral for court-authorized payments including U.S. Trustee fees and for the expenses set forth in its budget, with a variance of up to 10% per line item. All creditors with security interests in cash collateral will receive replacement liens on post-petition cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The replacement liens are automatically perfected without additional filings and are junior to U.S. Trustee fees, court costs, and court-awarded professional fees. As additional protection, the Debtor will keep the collateral insured in accordance with applicable loan and security agreements. Several creditors may hold liens on the Debtor's cash collateral, including TD Bank, Crum & Forster, the U.S. Small Business Administration, and Ian Prince, who has filed three separate UCC-1 financing statements. These secured creditors may have interests in various assets such as accounts receivable, deposit accounts, and other cash equivalents. About Prince Land Inc. Prince Land, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18992-EPK) on August 1, 2025. In the petition signed by Bruce Prince, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC, represents the Debtor as legal counsel. PROSPECT MEDICAL: Yale New Haven to Pay $45MM to End Legal Dispute ------------------------------------------------------------------ Isaac Monterose of Law360 reports that Yale New Haven Health Services Corp. has agreed to pay $45 million to Prospect Medical Holdings Inc. to resolve their legal battle over a failed $435 million deal involving three Connecticut hospitals, according to a motion filed in Texas bankruptcy court. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. RAS DATA: Committee Taps Oxford Restructuring as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors of RAS Data Services Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Oxford Restructuring Advisors LLC as its financial advisor. The firm will render these services: (a) advise the Committee with respect to the use of debtor-in-possession financing proceeds and unencumbered cash including segregation of cash as of the petition date; (b) analyze and monitor the Debtor's historical, current and projected financial affairs, including, schedules of assets and liabilities and statement of financial affairs; (c) monitor and trace as necessary, cash receipts and disbursements to the appropriate source/asset and advise the Committee on issues related to the tracking of cash and tracing as necessary; (d) review the Debtor's short-term cash flow forecast and underlying support and scrutinize cash receipts and disbursements on an on-going basis; (e) develop periodic monitoring reports to enable the Committee to effectively evaluate the Debtor's performance and operating activities on an ongoing basis; (f) monitor the Debtor's sale process and analyze any sale proposed by the Debtor to assist the Committee in evaluating the same; (g) advise and assist the Committee and counsel in reviewing and evaluating any court motions, applications, or other forms of relief filed by the Debtor, or any other parties-in-interest; (h) monitor the Debtor's claims management process, analyze claims including guarantee claims, priority claims and potential deficiency claims and summarize claims by entity; (i) advise and assist the Committee in identifying and/or reviewing any significant pre-petition transactions, preference payments, fraudulent conveyances, and other potential causes of action that the Debtor's estates may hold against insiders and/or third parties; (j) analyze the Debtor's and non-Debtor affiliates' assets and analyze potential recoveries to creditor constituencies under various scenarios and prepare the associated recovery waterfall; (k) attend Committee meetings, court hearings, and auctions as may be required; (l) as needed, provide expert witness reports and testimony regarding the Debtor's enterprise valuation, the valuation of any securities proposed to be issued under any Chapter 11 plan of reorganization or liquidation for the Debtor, confirmation issues, or other matters; (m) assist in analyzing pending and threatened litigation matters against the Debtor; and (n) perform other such functions as requested by the Committee or its counsel to assist the Committee in this Case. Oxford's billing rates for its professionals for the 2025 calendar year range from $200/hour for analysts to $700/hour for senior managing directors. Oxford will also be reimbursed for reasonable out-of-pocket expenses incurred. John Pidcock, a senior managing director at Oxford Restructuring Advisors, 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: John B. Pidcock Oxford Restructuring Advisors, LLC 16781 Chagrin Boulevard, Suite 503, Shaker Heights, OH 44120 Phone: (513) 235-0164 About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. REGIS REAL: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: Regis Real Estate Investments LLC 6 Bordens Brook Way Holmdel, NJ 07733 Business Description: Regis Real Estate Investments LLC, a single- asset real estate entity as defined in 11 U.S.C. Section 101(51B), holds primary assets at 6 Bordens Brook Way, Holmdel, New Jersey 07733, valued at $3 million. Chapter 11 Petition Date: September 24, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-20000 Debtor's Counsel: Brian G. Hannon, Esq. NORGAARD OBOYLE HANNON 184 Grand Avenue Englewood, NJ 07631 Tel: (201) 871-1333 Fax: (201) 871-3161 E-mail: bhannon@norgaardfirm.com Total Assets: $3,000,000 Total Liabilities: $2,951,360 The petition was signed by Ralph Massa, Jr. as sole member. The Debtor listed Kristina S. Johnson of 1800 Main Street, Belmar, New Jersey 07719, as its only unsecured creditor, with a $175,000 claim arising from a divorce judgment. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S5MOIJY/Regis_Real_Estate_Investments__njbke-25-20000__0001.0.pdf?mcid=tGE4TAMA REILLY-BENTON: Chapter 7 Trustee Seeks OK of Insurers' Settlement ----------------------------------------------------------------- David V. Adler, as Chapter 7 trustee ("Trustee") of the bankruptcy estate ("Estate") of debtor Reilly-Benton Co., Inc. ("RBC"), has requested the U.S. Bankruptcy Court for the Eastern District of Louisiana ("Bankruptcy Court") to conduct a hearing on Oct. 15, 2025, at 10:30 a.m. Central Daylight Time on a motion ("Motion") to approve a Settlement Agreement between (i) the Trustee and (ii) Employers Mutual Fire Insurance Company and Employers Insurance Company of Wausau ("Insurers"), resolving disputes regarding certain historical liability insurance policies ("Policies") issued by the Insurers to RBC, or under which RBC is insured or may claim to be insured or entitled to benefits. Under the terms of the Settlement Agreement: a) the Insurers agree to pay the settlement amount ($1.4 million) to the Trustee on behalf of the Estate; b) the Insurers and their Affiliates will receive a release of all past, present, and future Claims, known and unknown, based upon, arising from, or attributable to the Policies; and c) any and all rights and interests of the Estate in the Policies will be deemed to have been sold back to the Insurers free and clear of the interests of persons and entities in the Policies, thus permanently and irrevocably extinguishing all rights, duties, and coverage under the Policies. Pursuant to the Motion, the Trustee is also asking the court to enter an injunction that permanently enjoins the prosecution, continuation, or commencement of any Claim or Interest that any person or entity holds or asserts or may in the future hold or assert against the Insurers, based upon, arising from, or attributable to any of the Policies ("Injunction"). Copies of the Motion and the Settlement Agreement can be obtained on the Bankruptcy Court's website (http://www.laeb.uscourts.gov/), or by contacting counsel for the Trustee or the Insurers at the addresses set forth below. If you wish to object to approval of the Settlement Agreement or entry of the Injunction, you must file an objection on or by Oct. 8, 2025. Any such objection should be filed with the Bankruptcy Court, at 500 Poydras Street, New Orleans, LA 70130, and served on the following: i) counsel for the Trustee: Chaffe McCall, LLP Attn: David J. Messina, Esq. 2300 Energy Centre 1100 Poydras Street New Orleans, LA 70163-2300 Email: messina@chaffe.com and K&L Gates LLP Attn: Jonathan M. Cohen, Esq. 1601 K Street NW Washington, DC 20006 Email: jonathan.cohen@klgates.com; ii) The Office of the United States Trustee Attn: Amanda George 600 S. Maestri Place Suite 840-T New Orleans, LA 70130 Email: Amanda.B.George@usdoj.gov iii) Counsel for the Insurers: Roedel, Parsons, Blache, Fontana, Piontek & Pisano, a L.C. Attn: Charles M. Pisano, Esq. 1555 Poydras Street Suite 1700 New Orleans, LA 70112 Email: cpisano@roedelparsons.com and The Law Office of William J. Factor, Ltd Attn: William J. Factor 105 W. Madison St., #2300 Chicago, IL 60602 Email: wfactor@wfactorlaw.com Reilly-Benton Co. Inc. distributes construction materials. The Company offers roofing, siding, wallboard building, thermal insulation, and other related materials. RENASCENCE INC: Gets OK to Use Cash Collateral Until Oct. 28 ------------------------------------------------------------ Renascence, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral. The order penned by Judge Pamela McAfee authorized the Debtor's interim use of cash collateral until October 28 to pay essential expenses in accordance with its budget, with 6% expense deviation allowed. The Debtor projects total operational expenses of $4,130 for October. The order granted the U.S. Small Business Administration and other creditors with interest in the cash collateral a post-petition lien on all cash, accounts, receivables and future receivables collected by the Debtor during the interim period. As additional protection, the Debtor must pay $3,700 to SBA by October 5, and another $500 to be held in trust for the Subchapter V trustee. A final hearing is set for October 22. The Debtor and SBA entered into a promissory note and security agreement in 2020 and in 2021. The notes were secured by the Debtor's cash, accounts, receivables, inventory, equipment, software, insurance proceeds, tax refunds and other intangibles. The Debtor estimates that the balance due on the notes is $565,800. About Renascence Inc. Renascence, Inc. offers printing, publishing, mailing, embroidery, signage, and retail office supply sales. Renascence sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. E.D. N.C. Case No. 25-01764) on May 12, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Donald A. Stocks, Sr., president of Renascence, signed the petition. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Christopher Scott Kirk, Esq. C. Scott Kirk, Attorney At Law, PLLC Tel: 252-689-6249 scott@csklawoffice.com RIDGEWOOD TOWER: UCC Foreclosure Sale Set for November 14 --------------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain events of default under those certain ownership interest pledged and security agreement dated as of Jan. 29, 2021, and Sept. 10, 2021, executed and delivered by Ridgewood Tower Member LLC, Ridgewood Tower II Member LLC, and Ridgewood Tower III Member LLC ("pledgor"), and in accordance with it rights as holder of the security, St. Nicholas Woodbine 2 LLC ("secured party"), by virtue of possession of those certain share certificates held in accordance with Article 8 of the Uniform Commercial Code of the State of New York, and by virtue of those certain UCC-1 filing statement made in favor of the Secured Party, all in accordance with Article 9 of the Code, Secured Party will offer for sale, at public auction, (i) all of pledgor's right, title and interest in and to the following: Ridgewood Tower LLC, Ridgewood Tower II LLC, and Ridgewood Tower III LLC ("pledged entities"), and (ii) certain related rights and property relating thereto ("collateral"). Secured Party's understanding is that the principal asset of the Pledged Entities is that certain fee interest in the premise located at (i) 354 St. Nicholas Avenue aka 3-54 Saint Nicholas Avenue aka 1637-1649 Woodbine Street, Ridgewood, NY, (ii) 54-31/54-37 Myrtle Avenue aka 1601-1613 Woodbine Street aka 1633 Woodbine Street aka 1635 Woodbine Street, Ridgewood, NY (iii) 3-36/3-36A St. Nicholas Avenue aka 336/336A St. Nicholas Avenue Ridgewood, NY (iv) 3-50 St. Nicholas Avenue aka 350 St. Nicholas Avenue, Ridgewood, NY. Mannion Auctions LLC, under the direction of Matthew D. Mannion, will conduct a public sale consisting of the collateral, via online bidding, on Nov. 14, 2025, at 2:30 p.m., in satisfaction of an indebtedness in the approximate amount of $39,450,490.04 including principal, interest on principal, and reasonable fees and costs, plus default interest through Nov. 14, 2025, subject to open charges and all additional costs, fees and disbursement permitted by law. The Secured Party reserves the right to credit bid. Online bidding will be made available via Zoom Meeting: Meeting Link: https://bit.ly/UCCRidgewood Meeting ID: 824 5148 6676 Passcode: 655899 One Tap Mobile: +16465588656,,82451486676#,,,,*655899# US (New York), +16469313860,,82451486676#,,,,*655899# US Dial by your Location: +1 646 558 8656 US (New York), +1 646 931 3860 US Interested parties who intend to bid on the collateral must contact Greg Corbin at Nortgate Real Estate Group, 1633 Broadway, 46th Floor, New York, New York 10019, (212) 369-4000, greg@northgatereg.com, to receive the terms and conditions of the sale and bidding instructions by Nov. 12, 2025, by 4:00 p.m. Upon execution of standard confidentiality and non-disclosure agreement, additional documentation and information will be available. Interested parties who do not contact Mr. Corbin and qualify prior to the sale will be permitted to enter a bid. Attorneys for the Secured Party can be reached at: Jerod C. Feuerstein, Esq. Kriss & Feuerstien LLP 360 Lexington Avenue Suite 1200 New York, New York 10017 Tel: (212) 66102900 Further information regarding the sale visit: https://tinyurl.com/3p3277w6 ROYAL JET: Court Extends Cash Collateral Access to Dec. 31 ---------------------------------------------------------- Royal Jet Car Corp. received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral through December 31 in accordance with its budget. As adequate protection, the U.S. Small Business Administration will be granted post-petition replacement liens on assets acquired by the Debtor before or after its Chapter 11 filing, subject to the fee carveout. In addition, SBA will continue to receive a monthly payment of $300. The Debtor's authority to use cash collateral terminates upon failure by the Debtor to make timely monthly payments; the use of cash collateral in excess of the budget; the entry of a court order granting relief from or modifying the automatic stay; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or a default by the Debtor in reporting financial or operational information required by the interim order or agreements with SBA that is not cured. About Royal Jet Car Corp. Royal Jet Car Corp. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42508) on July 18, 2023, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Jil Mazer-Marino presides over the case. Alla Kachan, Esq., at the Law Offices of Alla Kachan P.C., is the Debtor's bankruptcy counsel. S & D TALLER: Seeks to Hire Juan C Bigas Law Office as Counsel -------------------------------------------------------------- S & D Taller Del Maestro LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan C Bigas Law Office to handle its Chapter 11 case. Juan C Bigas Law Office received a retainer in the amount of $10,000, against which the firm will bill on the basis of $350 per hour. In addition, the firm will seek reimbursement for work-related expenses. As disclosed in court filings, Juan C Bigas Law Office is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Juan Carlos Bigas Valedon, Esq. Juan C Bigas Law Office 515 Ferrocarril Urb. Santa Maria Ponce, PR 00717 Phone: (787) 259-1000 Email: cortequiebra@yahoo.com citas@preguntalegalpr.com About S & D Taller Del Maestro LLC S & D Taller Del Maestro LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-04152) On September 16, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Mildred Caban Flores presides over the case. Juan Carlos Bigas Valedon, Esq., at Juan C Bigas Law Office represents the Debtor as counsel. SAMMY G'S: Gets Final OK to Use Cash Collateral ----------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, issued a final order approving the stipulation entered into by Sammy G's District 70 BBQ & Grill, LLC, the Texas Comptroller of Public Accounts and the Texas Workforce Commission regarding the use of cash collateral. Under the stipulation, both agencies consented to the Debtor's use of cash collateral and other real and personal property in which they hold a secured interest, subject to the Debtor complying with the conditions of the stipulation and the budget. The parties also agree that the Debtor may exceed any line item in the budget by 5%, the overall budget by 10%, and if the Debtor needs to exceed over and above these amounts, it will be required to obtain consent from both agencies or obtain a court order authorizing the overage. The Debtor projects total monthly operational expenses of $103,500. As adequate protection for the use of their cash collateral, the agencies will be granted replacement liens on all post-petition cash collateral and post-petition acquired property to the same extent and priority they possessed as of the petition date only as to the diminution in value of their liens, if any. As further protection to the Comptroller, the Debtor will pay $2,500 monthly until a Chapter 11 plan is confirmed. As of the petition date, the Debtor had failed to pay several months of sales tax, mixed beverage sales tax, and mixed beverage gross receipts taxes due to the Comptroller, as well as employment taxes due to the TWC. The Comptroller and the TWC estimates that the Debtor owes then $93,391.48 and $6,035.48, respectively. Any default after notice and a 10-day cure period automatically withdraws authorization to use the State’s collateral. The court retains jurisdiction over enforcement, and the authorization remains in effect until the Debtor defaults, the State forecloses its lien, or a plan of reorganization is confirmed. A copy of the final order is available at https://is.gd/ebUm5n from PacerMonitor. About Sammy G's District 70 BBQ & Grill LLC Sammy G's District 70 BBQ & Grill, LLC operates a restaurant in Seabrook, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34839) on August 20, 2025. In the petition signed by Sammy Grizzaffi, owner/managing partner, the Debtor disclosed up to $500,000 in assets and up to $100,000 in liabilities. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. SEQUOIA GROVE: Hires Pendergraft & Simon as Bankruptcy Counsel -------------------------------------------------------------- Sequoia Grove, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Pendergraft & Simon, LLP as lead bankruptcy counsel. The firm's services include: a. analysing of the financial situation, and rendering advice and assistance to the Debtor in determining whether to file petitions under Title 11, United States Code; b. advising Debtor with respect to their powers and duties as a Debtor-in-Possession; c. conducting appropriate examinations of witnesses, claimants and other persons; d. preparing and filing of all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers; and to consult with and advise the Debtor-in-Possession in connection with the operation of or the termination of the operation of the Debtor's business; e. representing the Debtor at the meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; f. representing the Debtor-in-Possession in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; g. preparing, filing, negotiation and prosecution of a Disclosure Statement and Plan of Reorganization; h. advising and consulting with the Debtor-in-Possession concerning questions arising in the conduct of the administration of the estate and concerning Debtor's rights and remedies with regard to the Estate's assets and the claims of secured, priority and unsecured creditors; i. investigating pre-petition transactions and prosecution, if appropriate, preference and other avoidance actions arising under the Debtor-in-Possession's avoidance powers or any other causes of action held by the Estates; j. defending, if necessary, any motions for relief from the automatic stay, contested matters and/or adversary proceedings, and analyze and prosecute any objections to claims; k. appearing on behalf of the Debtor-in-Possession before this Court; l. advising and assisting the Debtor-in-Possession with real estate and business organizations issues related to this case; and m. assisting the Debtor in any matters relating to or arising out of the above-styled and numbered case. The firm's hourly rates are: Leonard Simon $600 William P. Haddock $600 Other associate counsel $400 Senior paralegal $250 Junior paralegal $150 Pendergraft & Simon, 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: Leonard H. Simon, Esq. PENDERGRAFT & SIMON, LLP 2777 Allen Parkway, Suite 800 Houston, TX 77019 Telephone: (713) 528-8555 Facsimile: (713) 868-1267 About Sequoia Grove Inc. Sequoia Grove, Inc., doing business as, GM Outdoor Living, Pool & Spa, designs, builds, renovates, and maintains custom swimming pools, outdoor living spaces, and kitchens for residential clients in the Greater Houston area from its base in Humble, Texas. The Company also partners with third-party financial institutions to provide customer financing for pool construction and outdoor living projects. Sequoia Grove filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35441) on September 16, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Martin Rafter, president and chief executive officer of Sequoia Grove, signed the petition. Judge Jeffrey P. Norman presides over the case. Leonard Simon, Esq., at Pendergraft & Simon, LLP represents the Debtor as legal counsel. SERENITY LIGHT: Hires Baker & Associates as Legal Counsel --------------------------------------------------------- Serenity Light Recovery Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Reese W. Baker of Baker & Associates to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) analysis of the financial situation, and rendering advice and assistance to the Debtor; (b) advising the Debtor with respect to its duties as debtor; (c) preparation and filing of all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers; (d) representation of the Debtor at the first meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (e) representing the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected, including without limitation all adversary proceedings; (f) preparation and filing of a Disclosure Statement (if required) and Chapter 11 Plan of Reorganization; and (g) assistance to the Debtor in any matters relating to or arising out of the captioned case. Prior to the filing, the firm received $21,738.00, of which $1,738.00 was applied to filing fees and pre-petition costs. Baker & Associates 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: Reese W. Baker, Esq. BAKER & ASSOCIATES 950 Echo Lane, Suite 300 Houston, TX 77024 Telephone: (713) 869-9200 Facsimile: (713) 869-9100 About Serenity Light Recovery Holdings LLC Serenity Light Recovery Holdings LLC operates Serenity Light Recovery, a substance abuse and addiction treatment center located in Angleton, Texas. The facility provides medically supervised detoxification, residential treatment programs, and intensive outpatient services, integrating holistic therapies such as equine therapy, yoga, and nutritional counseling. It serves patients in the broader Houston area and operates within the healthcare and social assistance sector. Serenity Light Recovery Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No.: 25-35160) on September 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by Reese Baker, Esq. at BAKER & ASSOCIATES. SHANDS JACKSONVILLE: Moody's Alters Outlook on Ba1 Rating to Pos. ----------------------------------------------------------------- Moody's Ratings has affirmed Shands Jacksonville Medical Center, Inc.'s (SJMC, FL) (d/b/a UF Health Jacksonville) Ba1 issuer and revenue bond ratings. At the same time, Moody's revised SJMC's outlook to positive from stable. SJMC has about $521 million of debt and financing leases outstanding as of FY 2025. Revision of the outlook to positive from stable reflects strengthening of financial performance and liquidity, which is anticipated to be durable given supplemental funding and successful execution of strategic initiatives. RATINGS RATIONALE The Ba1 rating reflects SJMC's role as a key academic medical center for UF Health and a vital safety net provider. Governance and financial oversight from the University of Florida (UF) is evolving and strengthening; additionally, increasing support from the City of Jacksonville will enhance credit quality. Improved financial performance and liquidity will be maintained, driven by strategic initiatives such as volume growth at the expanded North facility and new freestanding emergency departments, streamlined revenue cycle management and supplemental funding from the state and city. However, reliance on supplemental funds and 340B net income introduces some uncertainty over the longer term. RATING OUTLOOK The positive outlook reflects the likelihood that recently improved volume trends and supplemental funding will allow for maintenance of operating cash flow margins of around 8% in 2026 and thereafter. This would enable days cash and cash to debt measures to stabilize at levels consistent with a higher rating, in the 90-100 day range. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Strengthening of market position through expanded footprint and draw from surrounding markets -- Maintenance of stronger cash flow over the next several quarters, evidencing durability of performance - - Maintenance of days cash on hand of at least 85 days FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Sustained weakening of OCF% -- Inability to maintain improvement in liquidity such that days cash and cash to debt are sustained below 50 and 30%, respectively -- Unfavorable change in relationship with University of Florida, including Shands Teaching Hospital and Clinics Inc. (Gainesville), or COJ PROFILE Headquartered in Jacksonville, SJMC is an academic medical center for the University of Florida College of Medicine - Jacksonville and is part of UF Health, the University's statewide health system. As an essential safety net provider, SJMC is the only Level I Trauma facility in northern Florida and parts of southern Georgia. SJMC has two campuses, a 623-bed downtown facility and a 168-bed suburban north facility. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in October 2024. SIMBA IL HOLDINGS: Hires Marshack Hays as Restructuring Officer --------------------------------------------------------------- Simba IL Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division to hire Richard Marshack of Marshack Hays Wood LLP to serve as the Debtor's Chief Restructuring Officer in its Chapter 11 case. Mr. Marshack will provide these services: (a) manage and control the business and affairs of the Debtor; (b) oversee the liquidation of the Debtor's assets and distribution of proceeds; and (c) render any services requested or directed by the Debtor, its attorneys, or the Court. Mr. Marshack will receive an hourly rate of $780. Attorneys at the Firm will bill at hourly rates ranging from $470 to $780, while paralegals will bill at $380 per hour. The Debtor has paid Marshack a $100,000 retainer. In addition, Marshack is entitled to compensation equal to 1% of all amounts paid to creditors, administrative claimants, and equity holders, excluding the first $15,000,000 paid to secured creditors upon the sale of real property. According to court filings, Marshack is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard Marshack MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 Facsimile: (949) 333-7778 About Simba IL Holdings Simba IL Holdings, LLC operates as a nonbank holding company that manages equity interests in subsidiary businesses. Simba IL Holdings filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12616) on September 16, 2025, with $10 million to $50 million in assets and $100 million to $500 million in liabilities. Mordechai H. Ferder, manager, signed the petition. Judge Mark D. Houle oversees the case. Leonard M. Shulman, Esq., at Shulman Bastian Friedman Bui & O'Dea, LLP represents the Debtor as legal counsel. SOBE THERMAL: Court Appoints Reg Martin as Receiver --------------------------------------------------- Dan O'Brien of The Business Journal reports that a Mahoning County Common Pleas Court has appointed a receiver to oversee SOBE Thermal Energy LLC in order to safeguard essential utility services for downtown Youngstown. On September 26, 2025, Judge Anthony Donofrio approved the Public Utilities Commission of Ohio's request to assign a receiver to manage the struggling district heating and cooling provider and preserve its assets, according to the report. The court selected Reg Martin as receiver, who previously managed the same system during the receivership of Youngstown Thermal, SOBE's predecessor. Under the order, Martin has full authority to enter and operate SOBE's facilities, assume control of its assets, and manage all business operations. This includes oversight of property, equipment, accounts, revenues, and bank holdings. The receiver is also empowered to borrow funds deemed necessary to protect assets and maintain services. The move follows a September 18, 2025 decision by the PUCO Board of Commissioners directing the Ohio attorney general to seek receivership, citing the company's financial instability and its inability to reliably serve 27 buildings and 90 residential units. SOBE had acquired Youngstown Thermal's assets in 2019, promising to modernize operations by using recycled tire chips to generate synthetic gas for steam heating. In the meantime, the company leased a mobile steam unit from Wabash Power Equipment Co. to provide interim service, but court documents indicate SOBE defaulted on rental payments, the report states. Wabash later secured a federal default judgment of $383,214 in January against SOBE, and in August a Mahoning County judge authorized the company to repossess the mobile steam unit. However, a temporary agreement with the City of Youngstown delayed repossession until September 30, with the city paying $20,000 to keep the system running. This arrangement bought time for the newly appointed receiver to stabilize operations and ensure uninterrupted heating and cooling for downtown customers, the report relays. About SOBE Thermal Energy Systems LLC SOBE Thermal Energy Systems LLC operates as a public utility regulated by the Public Utilities Commission of Ohio. It provides steam heating and cooling services to buildings downtown Youngstown. SOUTHERN EXPRESS: Bankr. Administrator Unable to Appoint Committee ------------------------------------------------------------------ The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Southern Express Inc. About Southern Express Inc. Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02978) on August 5, 2025. In the petition signed by R. Vance Hoover, president, the Debtor disclosed $3,330,694 in assets and $6,321,019 in liabilities. Judge Pamela W. Mcafee oversees the case. Jason L. Hendren, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. SOUTHERN EXPRESS: Court Extends Cash Collateral Access to Oct. 22 ----------------------------------------------------------------- Southern Express, Inc. received third interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The third interim order authorized the Debtor to use cash collateral to pay operating expenses in accordance with its budget. This authorization will remain in full force and effect until October 22; the termination of the interim order; or upon filing of a notice of default, whichever occurs first. The Debtor projects total operational expenses of $201,018.43 for the period from September 23 to October 23. Events of default include the Debtor's failure to comply with any of the terms or conditions of the third interim order and failure to file a Chapter 11 plan. The Debtor believes that certain proceeds generated from its continuing operations may constitute cash collateral of the U.S. Small Business Administration and CT Corporation System, believed to represent Kapitus, LLC. The secured creditors may assert a security interest in all of the Debtor's assets. Each of the secured creditor's liens on the collateral securing debts will extend to the Debtor's post-petition assets to the extent and amount that they are secured as of the petition date. These replacement liens are subject to and subordinate to a fee carveout. The Debtor has an outstanding SBA loan with a balance of approximately $1.96 million and acknowledges a UCC-1 financing statement filed by Kapitus in July 2025, although it argues Kapitus is unsecured as to cash collateral. The Debtor, which operates with 39 employees and has been in business since 2010, attributes its bankruptcy filing to lingering impacts of the COVID-19 pandemic and broader economic challenges. The next hearing is set for October 22. About Southern Express Inc. Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. Southern Express sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02978) on August 5, 2025, listing $3,330,694 in assets and $6,321,019 in liabilities. R. Vance Hoover, president of Southern Express, signed the petition. Judge Pamela W. Mcafee oversees the case. Jason L. Hendren, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. SPIRIT AIRLINES: To Exit 2 US Airports, Suspend 40 Routes --------------------------------------------------------- Vedat Özgur Tore of ftn News reports that Spirit Airlines plans to suspend 40 routes and exit two U.S. airports this fall as part of a November 2025 network overhaul designed to cut costs during its second bankruptcy restructuring in 2025. The move will reduce the carrier's overall capacity by 25% and result in furloughs for about 1,800 flight attendants, according to company disclosures. The reductions begin October 31, 2025 at Hartford's Bradley International Airport and December 1, 2025 at Minneapolis–St. Paul International Airport. They follow an earlier round of cancellations affecting 11 U.S. cities, including Albuquerque, Birmingham, Boise, and San Diego, marking the most significant retrenchment in Spirit's network this year as the airline works to stabilize operations, the report states. Industry analysts say the cuts, which remove Spirit from both Hartford and Minneapolis entirely, underscore the financial strain facing the low-cost carrier. With 40 routes dropped—representing a quarter of its planned November activity—Spirit's downsizing is among the largest recent pullbacks for a U.S. budget airline, reducing travel options in midsize markets and easing competition for larger carriers. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SSI PRODUCTS: Seeks to Hire Laurance C. Boyd as Bankruptcy Counsel ------------------------------------------------------------------ SSI Products, LLC seeks approval from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Northern District of Texas to hire The Law Office of Laurance C. Boyd, PLLC to handle the bankruptcy proceedings. The firm has been paid a retainer of $21,738 in connection with this proceeding, which included the filing fee of $1,738. Laurance C. Boyd, the attorney responsible for the case, will charge $300 per hour for his services. Mr. Boyd attests that he does not presently hold or represent any interest adverse to the interests of the Debtor or its estate, and is disinterested within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Laurance C. Boyd, Esq. THE LAW OFFICE OF LAURANCE C. BOYD, PLLC 12740 Hillcrest Road, Suite 138 Dallas, TX 75230 Telephone: (972) 460-5600 Email: larry@lcboyd-law.com About SSI Products, LLC SSI Products, LLC, based in Fort Worth, Texas, manufactures and distributes laboratory consumables, including various grades of glass microfiber filters, oil and grease filters, cellulose filters, syringe filters, and aluminum weighing pans. Founded in 2008, the Company serves environmental laboratories, water treatment plants, and industrial manufacturers across the United States, providing products designed to enhance laboratory performance while reducing operational costs. SSI Products, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43542) on September 16, 2025, listing $1 million to $10 million in both assets and liabilities. Terry Treacy signed the petition as authorized representative of the Debtor. Judge Edward L Morris presides over the case. Laurance C. Boyd, Esq. at THE LAW OFFICE OF LAURANCE C. BOYD, PLLC represents the Debtor as counsel. STARWOOD PROPERTY: Moody's Rates New $500MM Unsecured Notes 'Ba3' ----------------------------------------------------------------- Moody's Ratings has assigned a Ba3 rating to Starwood Property Trust, Inc.'s (STWD) proposed $500 million senior unsecured notes due 2028. STWD's Ba2 corporate family rating and Ba3 senior unsecured ratings and Starwood Property Mortgage, LLC's Ba2 senior secured bank credit facility ratings are unaffected by this transaction. Starwood Property Trust, Inc.'s outlook is stable. RATINGS RATIONALE The Ba3 rating assigned to STWD's proposed senior unsecured debt reflects its effectively subordinated, lower priority of claim on the company's earning assets compared to secured lenders. Net proceeds from the transaction will be used for general corporate purposes, which may include the paying down of existing secured financing facilities. STWD's Ba2 CFR reflects the company's track record of strong asset quality, prominent competitive position in multiple commercial real estate (CRE) businesses that provide greater revenue diversity than most peers, effective liquidity management, and its affiliation with Starwood Capital Group (SCG), the well-established CRE investment and asset management firm. STWD has diverse funding sources and a manageable distribution of debt maturities. It maintains a solid capital cushion given the composition of its earning assets, although increasing investment activity could lead to a modest rise in leverage. STWD's ratings are constrained by its reliance on confidence-sensitive secured funding and its high exposure to the inherent cyclicality of the CRE industry. Moody's also expects some modest asset quality deterioration as a result of the ongoing challenges in the CRE market and elevated interest rates. The stable outlook reflects Moody's views that STWD's capital position and funding profile will remain stable over the next 12-18 months, despite the potential for weakening in asset quality. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade STWD's ratings if the company: 1) further diversifies its funding sources to include additional senior unsecured debt and lower reliance on market-sensitive repurchase facilities; 2) maintains strong, stable profitability and low credit losses; and 3) maintains a strong capital position. STWD's ratings could be downgraded if the company: 1) experiences a material deterioration in asset quality; 2) weakens its capital position; 3) increases exposure to volatile funding sources or otherwise encounters material liquidity challenges; 4) rapidly accelerates growth; or 5) suffers a sustained decline in profitability. The principal methodology used in this rating was Finance Companies published in July 2024. STATELINE HOLDINGS: Taps Wadsworth Garber as Bankruptcy Counsel --------------------------------------------------------------- Stateline Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. as bankruptcy counsel. The firm's services include: (a) prepare all necessary legal papers in this Chapter 11 case; (b) perform all legal services for the Debtor which may become necessary; and (c) represent the Debtor in any litigation which it determines is in the best interest of the estate, whether in state or federal court(s). The firm will be paid at these rates: David Wadsworth, Attorney $500 per hour Aaron Garber, Attorney $500 per hour David Warner, Attorney $425 per hour Aaron Conrardy, Attorney $425 per hour Hallie S. Cooper, Attorney $225 per hour Paralegals $125 per hour The firm received from the Debtor a retainer of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Wadsworth disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: agarber@wgwc-law.com About Stateline Holdings LLC Stateline Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 25-16138) on September 23, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Thomas B Mcnamara presides over the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. STEELCASE INC: S&P Places 'BB+' Notes Rating on Watch Negative -------------------------------------------------------------- S&P Global Ratings placed its 'BB+' issue-level rating on Steelcase Inc.'s notes on CreditWatch with negative implications. S&P will likely withdraw its 'BB+' issuer credit rating on Steelcase following completion of the acquisition. S&P said, "We will resolve the CreditWatch placement when the exchange transaction closes. We could lower our issue-level credit rating on any unexchanged Steelcase notes by up to two notches to 'BB-', reflecting weaker recovery prospects for unsecured note holders in the event of a default." Steelcase Inc. has reached an agreement with HNI Corp. to be acquired in a primarily cash and stock transaction. HNI announced its intention to exchange Steelcase's rated senior unsecured notes for HNI's senior secured notes. HNI will be the issuer of the exchanged notes. S&P believes a portion of Steelcase notes may not be exchanged and will be subordinate to all of the proposed secured debt in HNI's pro forma capital structure. The CreditWatch placement reflects potentially lower recovery prospects for any Steelcase unsecured note holders that do not exchange into HNI's secured notes. Any unexchanged Steelcase notes will remain in an unsecured position relative to HNI's proposed senior secured credit facility and the proposed exchanged HNI secured notes. In addition to lacking security on legacy HNI collateral, unexchanged Steelcase note holders will also be in a subordinate position relative to Steelcase collateral, given that Steelcase will provide secured guarantees to the HNI secured credit facilities and secured exchanged notes. Further, S&P believes that unexchanged Steelcase note holders could potentially lose the benefit of certain existing covenants and restrictive provisions upon completion of the exchange. S&P said, "We expect to resolve the CreditWatch when the exchange transaction closes. We could lower our issue-level credit rating on any unexchanged Steelcase notes by up to two notches to 'BB-' and our recovery rating to '6' from the existing '3', reflecting weaker recovery prospects for unsecured notes holders in the event of a default." SUNNOVA ENERGY: Disclosure Statement Has Interim Approval --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas conditionally approved the adequacy of the Third Amended Disclosure Statement for the Third Amended Chapter 11 Plan filed by Sunnova Energy International Inc. ("SEI") and its debtor affiliates. Deadline to accept or reject the Debtors' Chapter 11 plan is Oct. 13, 2025, at 4:00 p.m. (Prevailing Central Time). According to the Troubled Company Reporter on Sep. 22, 2025, the Debtors submitted a Third Amended Disclosure Statement for the Third Amended Chapter 11 Plan dated September 11, 2025. Founded in 2012 with a mission to power energy independence with clean, reliable, and affordable electricity, Sunnova is a market leader in the residential solar industry, serving hundreds of thousands of customers in more than fifty U.S. states and territories. In the weeks and months leading to and following the Petition Date, the Company and its advisors engaged in extensive negotiations with their major constituents and potential third party investors regarding potential (a) out-of-court capital solutions, (b) bridge financing, (c) postpetition financing, and (d) a postpetition marketing process. Ultimately, certain members of the Ad Hoc Group (the "DIP Lenders" or the "Purchasers") provided the only actionable financing, through a $90 million new money term loan facility (the "DIP Facility"), funded in two tranches. In connection therewith, the Debtors and the DIP Lenders entered into that certain Asset Purchase Agreement, dated as of June 13, 2025 (the "WholeCo Stalking Horse Agreement"). The WholeCo Stalking Horse Agreement contemplated the DIP Lenders acquiring substantially all the Company's assets, including the Debtors' equity interests in (a) AssetCo and (b) the Debtors' management and servicing business ("ServiceCo," and together with AssetCo, "WholeCo") by (x) credit-bidding their claims under the DIP Facility, (y) assuming certain of the Company's liabilities, and (z) paying $10 million in cash (such transaction, the "Sale Transaction"). Pursuant to the Bidding Procedures approved by the Bankruptcy Court, the Debtors, with assistance of their Advisors, contacted 187 parties, 74 of which executed non-disclosure agreements, and 7 of which submitted qualified bids for various collections of the Debtors' assets. In addition to the WholeCo Stalking Horse Agreement, the Debtors entered into a stalking horse agreement with Omnidian, Inc. for the sale of ServiceCo. The Debtors subsequently held an auction among the qualified bidders (the "Auction"), which yielded more than thirty rounds of bids for certain subsets of the Debtors assets. In response to the Auction, the DIP Lenders increased the bid memorialized in the WholeCo Stalking Horse Agreement by $15 million in cash, plus an assumption of up to $3 million in cure costs. The Debtors determined that proceeding with the Sale Transaction, subject to the improved economics, was in the best interests of their Estates, and on July 31, 2025, the Bankruptcy Court approved the Sale Transaction. On September 3, 2025, the Sale Transaction closed. Pursuant to the Plan, the Debtors intend to distribute proceeds of the Transactions and other property of the Debtors' Estates to creditors. Specifically, the Plan contemplates (i) the establishment of a Creditor Trust that owns all remaining property of the Debtors' Estates, including certain Causes of Action, after payments of administrative claims, (ii) the distribution of beneficial interests in the Creditor Trust to the Holders of Senior Notes Claims, General Unsecured Claims, and Convertible Notes Claims, on a pro rata, "per debtor" basis, subject to the Creditor Trust Net Assets Allocation to be proposed by the Creditor Trustee and approved by the Creditor Trust Oversight Board, and (iii) the orderly wind down of the Debtors' Estates. The Plan is the culmination of a series of successes in these Chapter 11 Cases, which the Debtors commenced just three months prior to the date hereof, without postposition financing, and with only $13.5 million cash on hand. While entry into the DIP Facility and the WholeCo Stalking Horse Agreement kickstarted this process, the Transactions have allowed the Debtors to recover more than $90 million in cash and related consideration: (i) $15 million through the TEPH Sale; (ii) $16 million through the Lennar sale; (iii) $6 million through the Pulte Sale; (iv) $30 million through the Second ASPA Settlement; and (v) $28 million through the Sale Transaction. Class 4 consists of General Unsecured Claims. On the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive, except to the extent that such Holder agrees to less favorable treatment, Creditor Trust Beneficial Interests, entitling each Holder of an Allowed General Unsecured Claim to its Pro Rata share of the applicable Creditor Trust Net Assets Allocations. The allowed unsecured claims total $319 million. This Class will receive a distribution of 1.9% to 2.2% of their allowed claims. On the Effective Date, Allowed Intercompany Interests shall, at the election of the Creditor Trustee be (a) Reinstated, (b) set off, settled, addressed, distributed, contributed, merged, cancelled, or released, or (c) otherwise addressed at the option of the Creditor Trustee, without any distribution, in each case in accordance with the Wind Down Transactions Memorandum. For the avoidance of doubt, no holder of an Intercompany Interest shall become a beneficiary of the Creditor Trust Beneficial Interests. As further set forth in the Disclosure Statement, on or after the Effective Date, the Creditor Trust, as applicable, shall make Plan Distributions on account of Allowed Claims in accordance with the Plan using the Creditor Trust Net Assets. "Creditor Trust Net Assets" means the Creditor Trust Assets less the Creditor Trust Fees and Expenses. "Creditor Trust Assets" means, collectively, all remaining property of the Estates including, without limitation, all Assumed Insurance Policies, all assets received by the Debtors' Estates in connection with the Second ASPA Settlement, and Estate Causes of Action, after payment of all Administrative/Priority Claims, Professional Fee Claims, unpaid Unsecured Notes Trustee Fees accrued through and including the Effective Date, and any Quarterly Fees. A full-text copy of the Third Amended Disclosure Statement dated September 11, 2025 is available at https://urlcurt.com/u?l=s9tUpf from Kroll Restructuring Administration LLC, claims agent. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Sunnova Energy International, Inc. and its affiliates. SUNNOVA ENERGY: Oct. 15 Combined Disclosure & Plan Hearing Set -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas will hold a combined hearing on Oct. 15, 2025, at 10:00 a.m. (Prevailing Central Time), before the Hon. Alfredo R. Perez, 515 Rusk Street, Houston, Texas 77002, to consider the adequacy of the disclosure statement on a final basis, and confirm the Third Amended Joint Chapter 11 Plan of Sunnova Energy International Inc. and its debtor-affiliates. Objection to the approval of the Debtors' Disclosure Statement, and confirmation of their Chapter 11 plan, if any, must be filed no later than 4:00 p.m. (Prevailing Central Time) on Oct. 13, 2025. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy International and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In the petitions signed by Ryan Omohundro, chief restructuring officer, Sunnova Energy disclosed between $10 billion and $50 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Bracewell, LLP, Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as counsel; Moelis & Company, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration LLC is the Debtors' claims, noticing and solicitation agent. The law firm of Paul Hastings LLP is representing the ad hoc group (the "AHG") of holders of secured notes and convertible senior notes. The official committee of unsecured creditors retained Lowenstein Sandler LLP as co-counsel, Munsch Hardt Kopf & Harr, PC, as co-counsel, and Province LLC as financial advisor. SUNSET FITNESS: M. Douglas Flahaut Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 16 appointed M. Douglas Flahaut as Subchapter V trustee for Sunset Fitness, LLC. Mr. Flahaut will be paid an hourly fee of $680 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Flahaut declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: M. Douglas Flahaut ArentFox Schiff LLP | Attorneys at Law Gas Company Tower 555 West Fifth Street, 48th Floor Los Angeles, California 90013 Telephone: (213) 443-7559 Facsimile: (213) 629-7401 Email: douglas.flahaut@afslaw.com About Sunset Fitness LLC Sunset Fitness, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-18336) on September 19, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Neil W. Bason oversees the case. Michael Jay Berger, Esq., represents the Debtor as legal counsel. TEHUM CARE: Boettinger, et al. Lose Bid to Stay Wood Case --------------------------------------------------------- Judge Ellen Lipton Hollander of the United States District Court for the District of Maryland denied the motion filed by Sandra Boettinger, RN, and Megan Dubrawsky, RN to stay the case captioned as SHELTON LAMONT WOOD, Plaintiff, v. SANDRA J. BOETTINGER, RN, et al., Defendants, Case No. 23-cv-01705-ELH (D. Md.). This is a civil rights action under 42 U.S.C. Sec. 1983, filed by plaintiff Shelton Lamont Wood, a Maryland prisoner, against Sandra Boettinger, RN, and Megan Dubrawsky, RN. They are nurses who were formerly employed by YesCare Corp. In general, plaintiff alleges a denial of medical care following an injury he suffered at Western Correctional Institution. On Feb. 13, 2023, Tehum Care Services, Inc. , f/k/a Corizon Health, Inc., and now known as YesCare Corp., filed a petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. By order of March 3, 2025, the Bankruptcy Court confirmed the First Modified Joint Chapter 11 Plan of Reorganization of the Tort Claimants' Committee, Official Committee of Unsecured Creditors and the Debtor. The Plan incorporated a settlement agreement between Tehum, YesCare and certain of its affiliates, the Official Committee of Tort Claimants, and the Official Committee of Unsecured Creditors to resolve causes of action against YesCare and certain of its affiliates. The Bankruptcy Court's confirmation of the Plan and Settlement created a personal injury and/or wrongful death trust to enable claimants to obtain recovery. The Bankruptcy Court approved voting and solicitation procedures by which personal injury or wrongful death claimants were entitled to receive a ballot and an opt out release form. A claimant who did not opt out of the third-party releases by checking the appropriate box on the Release Form was deemed to consent to the Plan. Under the Plan, channeled claimants participated in the trust and released claims against YesCare and its affiliates, including former employees, such as defendants in this case. In exchange, YesCare contributed additional funds to the personal injury and/or wrongful death trust. On May 15, 2025, in the Bankruptcy Case, YesCare filed an Omnibus Motion to Enjoin Plaintiffs from Prosecuting Cases Against Released Parties. YesCare argued that Wood, among others, did not opt out of the Plan, despite having knowledge and notice of the bankruptcy proceedings. Therefore, YesCare maintained that Wood, as a consenting claimant, was enjoined from maintaining suit against defendants. On June 11, 2025, pursuant to 28 U.S.C. Sec. 1915(e)(1), the District Court granted Wood's motion for appointment of counsel. On July 14, 2025, after the Bankruptcy Court held the hearing on the Motion to Enjoin, defendants moved to stay this case until the Bankruptcy Court issues an Order deciding the Omnibus Motion to Enjoin. In an Aug. 7, 2025 ruling, the Bankruptcy Court granted in part and denied in part the Motion to Enjoin. The Bankruptcy Court concluded that some claimants, including Wood, were not served an Opt-Out Release Form and therefore are not bound by the consensual third-party releases in the Plan. Wood only received notice by publication. The Bankruptcy Court rejected YesCare's argument that publication notice or other forms of notice unrelated to Plan confirmation could bind claimants such as Wood. Soon after that court's ruling, on Aug. 11, 2025, plaintiff's counsel filed an opposition to the Stay Motion. Plaintiff argues that because the Bankruptcy Court has decided the Motion to Enjoin, defendants' Stay Motion is moot. Plaintiff also emphasizes the significance of the Bankruptcy Court's decision as to Wood's case. Plaintiff explains that the Bankruptcy Court's order allows Wood to further prosecute this action because his claim is not bound by the release. YesCare has appealed the Bankruptcy Court's ruling that some claimants, including Wood, are not bound by third-party releases More recently, on Aug. 21, 2025, the District Court appointed Justin P. Zuber and Laura Greeves Zois, of the firm Miller & Zois, LLC, as Wood's pro bono counsel. On Aug. 22, 2025, Thronson withdrew as Wood's counsel. As indicated, defendants framed their Stay Motion as a request to halt this case until the Bankruptcy Court issued a decision on the Motion to Enjoin. The Bankruptcy Court has now ruled. For claimants such as Wood, who did not receive the Release Form, the Bankruptcy Court did not preclude the claimants from litigating against so called released parties, including former YesCare employees. Judge Hollander holds, "As I see it, the Stay Motion is now moot. On that basis, I shall deny the Stay Motion." A copy of the Court's Memorandum and Order is available at https://urlcurt.com/u?l=F5nIDh from PacerMonitor.com. About Tehum Care Services Tehum Care Services Inc., doing business as Corizon Health Services Inc., is a privately held prison healthcare contractor in the United States. It is based in Brentwood, Tenn. Tehum Care Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb. 13, 2023. In the petition filed by Russell A. Perry, as chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Christopher M. Lopez oversees the case. The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel; Bradley Arant Boult Cummings, LLP, as special litigation counsel; and Ankura Consulting Group, LLC, as financial advisor. Russell A. Perry, senior managing director at Ankura, serves as the Debtor's chief restructuring officer. Kurtzman Carson Consultants, LLC, is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Dundon Advisers, LLC, serve as the committee's legal counsel and financial advisor, respectively. In March 2025, the Bankruptcy Court entered an Order Confirming the Debtors' First Modified Joint Chapter 11 Plan of Reorganization. TEXAS REIT: Trustee Seeks to Tap Streusand Landon as Legal Counsel ------------------------------------------------------------------ Gregory S. Milligan, the Trustee for Texas REIT, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Streusand, Landon, Ozburn & Lemmon, LLP to perform legal services in connection with her duties as trustee of the estate. The firm will be paid at these hourly rates: Stephen Lemmon, Attorney $750 Rhonda Mates, Attorney $525 Paraprofessional $150 - $205 In addition, the firm will seek reimbursement for expenses incurred. Mr. Lemmon 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: Stephen W. Lemmon, Esq. Streusand, Landon, Ozburn & Lemmon LLP 1801 S. MoPac Expressway, Suite 320 Austin, TX 78746 Telephone: (512) 236-9900 Facsimile: (512) 236-9904 Email: lemmon@slollp.com About Texas REIT, LLC Texas REIT, LLC owns a strip center in Houston, Texas located at 8050-8098 Westheimer. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10120) on February 6, 2024. In the petition signed by Drew Dennett, authorized representative, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, PC, represents the Debtor as legal counsel. On August 14, 2025, Gregory S. Milligan was appointed as trustee in this Chapter 11 case. He tapped Streusand, Landon, Ozburn & Lemmon, LLP as his counsel. THYNG VENTURES: Douglas Flugum Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Douglas Flugum as Subchapter V trustee for Thyng Ventures, LLC. Mr. Flugum will be paid an hourly fee of $275 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Flugum declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Douglas Flugum P.O. Box 308 Cedar Rapids, IA 52406 Email: dflugum@bugeyeventures.com About Thyng Ventures LLC Thyng Ventures, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-01627) on September 22, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Lee M. Jackwig presides over the case. Robert C. Gainer, Esq., represents the Debtor as legal counsel. TOCO WARRANTY: Case Summary & 13 Unsecured Creditors ---------------------------------------------------- Debtor: Toco Warranty Corp. 7324 Southwest Freeway, Suite 1900 Houston, TX 77074 Business Description: Toco Warranty Corporation provides vehicle service contracts in the U.S., offering repair protection, nationwide repair network access, and roadside assistance. The Company pioneered a month-to-month subscription model to lower consumer costs and enhance payment flexibility. It also delivers customer-focused service and offers Toco At Work, enabling employers to provide vehicle breakdown coverage as an employee benefit. Chapter 11 Petition Date: September 25, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-35630 Judge: Hon. Jeffrey P Norman Debtor's Counsel: T. Josh Judd, Esq. ANDREWS MYERS, P.C. 1885 Saint James Place, 15th Floor Houston, TX 77056 Tel: 713-850-4200 E-mail: jjudd@andrewsmyers.com Total Assets as of August 31, 2025: $1,242,049 Total Liabilities as of August 31, 2025: $9,640,745 Todd Early signed the petition as interim president. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BMS4OVQ/Toco_Warranty_Corp__txsbke-25-35630__0001.0.pdf?mcid=tGE4TAMA Joint Administration Sought Affiliated companies Toco Holdings, L.L.C. and Toco Warranty Corp. jointly sought emergency court approval to handle their Chapter 11 cases together for procedural efficiency, under the lead case number 25-35378. The Debtors argue that separate hearings on similar motions for each company would waste judicial resources, as both are co-managed. The filings arise from debts linked to a breach of contract claim brought by a former employee and officer. TOMATLAN INC: Wins Interim Approval to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of New York entered an interim order allowing Tomatlan, Inc. to continue using cash collateral. The interim order authorized the Debtor to continue to use cash collateral in accordance with its budget. The court determined that the secured creditors' interests are adequately protected, and their rights remain unaffected by this interim use. The next hearing is scheduled for October 23. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/g7wlU from PacerMonitor.com. According to its bankruptcy schedules, the Debtor holds approximately $55,000 in assets, which are encumbered by various secured claims. KeyBank, N.A. holds a first priority blanket lien based on a line of credit initiated in 2018, with approximately $75,000 currently outstanding. A second lien is held by the U.S. Small Business Administration for around $470,000, related to a COVID-19 disaster recovery loan. In addition to these, the Debtor has financing arrangements with several merchant cash advance lenders including Ready Capital, Can Capital, Rapid Finance, Network Rewards, LG Funding LLC, Highland Hill Capital LLC, and MNY Capital LLC whose collective claims total over $350,000. These lenders have perfected Uniform Commercial Code security interests on various dates between 2018 and 2024, with lien expirations ranging into 2029. About Tomatlan Inc. Tomatlan, Inc. operates Rio Tomatlan, a Mexican restaurant in Canandaigua, New York. The Company specializes in Pacific Coast Mexican cuisine made from scratch using locally sourced, seasonal ingredients. It also offers catering services and private event hosting. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20547) on July 22, 2025. In the petition signed by Juan R. Guevara, as president and sole shareholder, the Debtor disclosed $54,732 in total assets and $1,101,411 in total liabilities. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C., represents the Debtor as legal counsel. TORRID HOLDINGS: Continues to Defend Jillson Pricing Class Suit --------------------------------------------------------------- Torrid Holdings Inc. disclosed in its Form 10-Q Report for the annual period ending December 31, 2023 filed with the Securities and Exchange Commission on September 15, 2025, that the Company continues to defend itself from the Jillson pricing class suit in the United States District Court for the Central District of California. In April 2024, a class action complaint was filed in the United States District Court for the Central District of California captioned Crystal Jillson and Carmen Perez v. Torrid LLC. The complaint alleges misleading and unlawful pricing, sales, and discounting practices on its website under multiple legal theories including violation of California's Unfair Competition Law, California False Advertising Law and California Consumer Legal Remedies Act. In May 2025, the Company entered into a proposed settlement agreement to resolve this matter. The proposed settlement agreement is subject to approval by the court. As of the end of the second quarter of fiscal year 2025 and the end of fiscal year 2024, the Company has $4.1 million and $4.7 million, respectively, in accrued legal which is comprised of the estimated probable loss for this case and other unrelated legal costs and is included in accrued and other current liabilities in its condensed consolidated balance sheets. In October 2024, the Company were notified by a third-party vendor that it had observed a potentially unauthorized access to its data stored in a data warehouse. It has been named as a defendant in six pending class action lawsuits alleging that it failed to employ adequate security measures to protect the data stored in the data warehouse. On February 25, 2025, the United States District Court of the Central District of California granted a motion to consolidate the six lawsuits, and plaintiffs filed a single consolidated class action complaint on April 28, 2025. The Company intends to vigorously defend itself in this matter. It is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. Torrid Holdings Inc. owns a direct-to-consumer brand of apparel, intimates and accessories in North America aimed at fashionable women who are curvy and wear sizes 10 to 30. It generates revenues primarily through its e-Commerce platform www.torrid.com and stores in the United States of America, Puerto Rico and Canada. TORRID LLC: S&P Alters Outlook to Negative, Lowers ICR to 'B-' -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based plus-size women's direct-to-consumer apparel brand Torrid LLC to 'B-' from 'B' and revised the outlook to negative from stable. S&P also lowered its issue-level rating on the senior secured term loan to 'B-' from 'B'. The '3' recovery rating is unchanged. The negative outlook reflects the risk that S&P could lower the ratings if Torrid's liquidity position and cushion over debt service requirement deteriorates, leading it to view the capital structure as unsustainable. Torrid reported a $6 million free operating cash flow (FOCF) deficit in the first half of fiscal 2025 compared with nearly $60 million of positive FOCF in the prior year period. S&P attributes this to weaker consumer discretionary spending, some product misses, and increased promotional activity. S&P expects tariff-related headwinds, including higher inventory costs and weaker consumer discretionary spending, will weigh on Torrid's FOCF generation and result in thin coverage over its interest and amortization requirements over the next 12 months. The downgrade reflects Torrid's weaker prospects amid an unfavorable environment and operating risks associated with its retail store optimization strategy. Given the company's weaker performance year to date (YTD), accelerated store closures, and additional clarity surrounding Torrid's tariff exposure, S&P now forecasts revenue declines 8% in fiscal 2025 with S&P Global Ratings-adjusted EBITDA margins declining 260 basis points (bps) to 11.3%. This compares with our previous expectation for a 2% revenue decline and 170-bp contraction in its adjusted EBITDA margin. Torrid revised its full-year EBITDA guidance down by nearly 15% following its second quarter (ended Aug. 2, 2025) to incorporate the higher tariffs announced in July and an incremental $5 million of marketing investments to drive customer acquisition. Specifically, Torrid expects its full-year unmitigated tariff impact to be $10 million, net of $40 million mitigation strategies already taken based on the initial tariff announcements earlier in the year. The guidance revision also follows weaker performance trends YTD, including a 6.3% sales decline, 5% comparable store sales decline, and 230-bp contraction in its S&P Global Ratings-adjusted EBITDA margin. Torrid also closed 59 stores in the first half of the year and intends to accelerate its closures with up to 120 additional store closures (30% of its store base) in the second half. S&P said, "Although we view the store closures as strategically important to realigning Torrid's operating model with customer preferences, it adds complexity and risk to its operations over the next 12 months given the importance of customer retention. We now view Torrid's business risk as vulnerable given its high sensitivity to consumer spending, macroeconomic conditions, changes in customer preferences, and its significant store closures, which could indicate declining demand for its product offering." S&P said, "We forecast thinning cushion over Torrid's relatively high debt service requirements. We forecast lower FOCF of about $30 million in fiscal 2025, compared with $63 million in the prior year. The company has relatively high debt service requirements consisting of about $35 million in interest expense and $17.5 million of mandatory principal amortization payments. We believe these costs restrict Torrid's operating flexibility, including its ability to sustain further FOCF declines if macroeconomic or tariff-related headwinds mount." Financial sponsor Sycamore Partners Management L.P. recently reduced its ownership to 58% from 72% through a secondary offering in which Torrid agreed to purchase $20 million of its common stock. S&P views Torrid's willingness to use cash to repurchase the shares from Sycamore as akin to a distribution and, therefore, indicative of a more aggressive financial policy. As a result, S&P revised its financial policy modifier to FS-6 and its financial risk to highly leveraged. S&P said, "We believe Torrid maintains adequate liquidity. The company recently extended its $150 million asset-based lending (ABL) facility to August 2030 (with a springing maturity 91 days ahead of its term loan due June 2028). As of the second quarter, Torrid had total liquidity of $122 million consisting of $22 million of cash on balance sheet and $90 million of availability under its ABL. We note the ABL is subject to a springing fixed-charge coverage covenant that could further restrict availability during a period of stress." The negative outlook reflects the risk that Torrid's liquidity position and cushion over debt service requirement deteriorates, leading us to view the capital structure as unsustainable. S&P could lower the rating if the company's liquidity deteriorates or cushion over its debt service requirements narrows, leading it to view the capital structure as unsustainable. This could occur because of: -- Increased competitive pressures or merchandising missteps; -- An inability to retain customers amid its retail store optimization strategy; or -- Mounting tariff-related cost pressures. S&P could revise its outlook back to stable if the company stabilizes its operating performance by successfully navigating a challenging macroeconomic environment, including incrementally mitigating tariff costs and demonstrating good customer retention trends amid store closures. This would lead to: -- Improving and stable FOCF; -- Sufficient coverage of interest and amortization requirements; and -- Favorable prospects for a successful refinancing of its term loan at par. TUTOR PERINI: S&P Upgrades ICR to 'B', Outlook Positive ------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Tutor Perini Corp. to 'B' from 'B-'. The outlook is positive. S&P said, "We also raised our rating on the company's senior unsecured notes due in 2028 to 'B+' from 'B'. Our recovery rating remains '2', indicating our expectation for substantial recovery (70%-90%) in the event of payment default. We revised our rounded estimate to 85% from 80%. "The positive outlook reflects our expectation that we could raise the rating over the next 12 months if Tutor Perini sustains credit measures in line with the higher rating as it works through projects in its backlog." Tutor Perini has increased its backlog steadily as it resolved several legacy disputes the last few years. S&P expects S&P Global Ratings-adjusted debt to EBITDA of about 1x in 2025 with the potential to improve in 2026. Advance payments on projects in the backlog and collections from legacy disputes will wind down, reducing free operating cash flow (FOCF) while remaining in line with a higher rating. The upgrade reflects consistently improved project execution and expanding backlog. S&P said, "We expect Tutor Perini to increase revenue 23%-28% in 2025 and 15%-20% in 2026. Its backlog reached $21.1 billion at the end of the second quarter, up from $18.7 billion at year-end 2024 and more than double from the $10.2 billion at year-end 2023. In our view, this demonstrates robust demand from customers, particularly in the civil segment, which is largely underpinned by the need for infrastructure improvements and strong funding at state and local governments. We expect S&P Global Ratings-adjusted EBITDA margin to improve to 7.5%-8.5% in 2025 and 8%-9% in 2026, up from the negative to break-even EBITDA of the last few years through litigation and settlements related to the resolution of disputes on various legacy projects." The backlog is approximately 53% from the civil, 33% building, and 14% special contractors segments. Margin is the strongest in the civil segment (S&P expects it will improve to the mid-teens percent area), followed the building segment (low-single-digit percents). S&P's forecasts does not capture the potential risk of cost overruns, litigation expense, or charges from legacy disputes. Any combination would reduce EBITDA margin as the company works toward resolution. S&P said, "Tutor Perini's fixed-price contracts have cost overruns mitigating provisions and we will monitor its project execution. The company has revised its bidding strategy to shift some risk through contracted terms that mitigate expenses for circumstances outside of its control. While these terms are not included in every contract, we believe it indicates that customers are bearing more risk, which has historically driven material margin deterioration. We also expect Tutor Perini's bids will now align with more of its core competencies (particularly for work within the specialty contractor segment). Further, in the recent bid cycle there was less competition from peers. Some of this is likely due to less industry appetite for megaprojects. "We also believe it demonstrates Tutor Perini's ability to perform work on complex projects. In our view, this allowed for more favorable terms with greater risk-sharing with customers. We believe there should be less volatility. However, given the fixed priced nature of the work, there is still exposure to cost overruns if execution becomes challenged, which could lead to material deterioration in credit measures. "Tutor Perini's credit metrics improved materially with lower leverage and strengthened cashflows, which provide cushion for cyclicality inherent in the construction industry. Tutor Perini has taken actions to support deleveraging, and we expect credit measures will remain in line with the higher rating. We consider the recent history of debt repayment to be a credit positive. The company made voluntary prepayments on its first lien term loan totaling over $235 million and redeemed about $120 million of senior unsecured notes in 2024. Tutor Perini repaid the remaining $122 million outstanding on its first-lien term loan in the first quarter of 2025. This was performed as the company collected robust cash related to the resolution of disputes on legacy projects (we estimate $150 million-$300 million over the last few years, per year). Separately, Tutor Perini received advance payments as it substantially increased its backlog. We believe cash flow will remain positive; normalized for settlement inflows in 2025. "We expect S&P Global Ratings-adjusted debt to EBITDA of about 1x in 2025 with modest improvement in 2026. We also expect Tutor Perini will generate reported FOCF of $150 million-$200 million in 2025 incorporating potential working capital swings, improving to $250 million-$300 million in 2026. We note working capital outflow could become more pronounced if it does not win sizable new awards over the next few years as work commences on backlogged megaprojects. We believe Tutor Perini could look to return capital to shareholders over the next few years but remain prudent with capital allocation. "The positive outlook reflects the improvement in the backlog, progress on deleveraging, and potential that we could raise our ratings on Tutor Perini within the next 12 months if the company maintains credit measures in line with the higher rating as it executes on backlogged projects. We expect S&P Global Ratings-adjusted debt to EBITDA of about 1x in 2025 and 2026, which it could reduce significantly during stress." S&P could revise the outlook to stable over the next 12 months if: -- S&P Global Ratings-adjusted debt to EBITDA increases above 4x; or -- S&P Global Ratings-adjusted FOCF to debt declines into the single-digit percents; and -- S&P expects credit measures to remain in that area. This could occur if execution challenges on fixed priced contracts emerge or continued litigation or legacy project disputes erode earnings. S&P could raise its rating on Tutor Perini over the next 12 months if: -- Operating performance remains consistent; -- It maintains EBITDA margin improvement as it progresses on higher-margin civil segment projects; and -- Sustains S&P Global Ratings adjusted debt to EBITDA below 3x and FOCF to debt of at least 15% on a sustained basis. UNIFIED SCIENCE: Hires Brookshire Co as Real Estate Broker ---------------------------------------------------------- Unified Science, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to hire Brookshire Co. LLC as real estate broker. The firm will market and sell the Debtor's property located at 811 Pine Street in saint Croix Falls, WI 54024. The firm will receive a commission equal to 5 percent of purchase price. As disclosed in the court filings, Brookshire Co. is a "disinterested person" as the term is defined in 11 U.S.C. 101(14). The firm can be reached through: Gerald Norton Brookshire Co. LLC 860 Johnson Ferry Rd STE 140-314 Atlanta, GA 30342 About Unified Science LLC Unified Science LLC, doing business as United Science, provides services, consulting, and manufacturing for the pharmaceutical and nutraceutical industries. The company offers product development, process engineering, analytical development, and compliance services. It positions itself as a scientific partner supporting clients from development through to product launch. Unified Science sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-11162) on May 19, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Catherine J. Furay handles the case. The Debtor is represented by Evan M. Swenson, Esq., at Swenson Law Group, LLC. Byline Bank, as lender, is represented by: Daniel J. Habeck, Esq. Cramer Multhauf LLP 1601 E. Racine Avenue, Suite 200 P.O. Box 558 Waukesha, WI 53187-0558 Phone: (262) 542-4278 Fax: (262) 542-4270 Email: djh@cmlawgroup.com UNITED PROPERTY: Taps Marshack Hays Wood as General Counsel ----------------------------------------------------------- United Property Maintenance Corporation dba California Construction Superior seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Marshack Hays Wood LLP to serve as general counsel in its Chapter 11 Subchapter V case. The firm will provide these services: (a) develop and draft the Chapter 11 Subchapter V plan; (b) negotiate with creditors to gain support for the plan; (c) file motions and applications to protect the Debtor's interests as necessary; (d) assist in any possible liquidation of the Debtor's assets and administer the Bankruptcy Estate; (e) ensure compliance with the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and the Local Bankruptcy Rules, including preparation and filing of periodic reporting; (f) review and, if appropriate, object to creditor claims; (g) represent the Debtor in any proceeding or hearing in the Bankruptcy Court and in any action where the rights of the Debtor or the Estate may be litigated or affected; and (h) perform any and all other legal services incident and necessary for the smooth administration of this bankruptcy case. The firm's current hourly billing rates range from $770 for partners to $350 for paralegals. Pre-petition, Marshack Hays Wood LLP received a $36,800 retainer, which has since been applied. According to court filings, the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: David A. Wood, Esq. Aaron E. De Leest, Esq. Sarah R. Hasselberger, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 Facsimile: (949) 333-7778 E-mail: dwood@marshackhays.com adeleest@marshackhays.com shasselberger@marshackhays.com About United Property Maintenance Corporation United Property Maintenance Corporation, doing business as California Construction Superior, provides residential and commercial water damage restoration services in San Diego County, California. The Company offers 24/7 emergency flood response, water extraction, drying, mold prevention, and full-service rebuilding of damaged areas including drywall, paint, and cabinetry. Its operations include certified technicians, insurance consultations, and the use of specialized equipment and virtual project tracking technology. United Property Maintenance Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12226) on August 11, 2025. In its petition, the Debtor reports total assets of $470,779 and total liabilities of $2,271,035. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by David A. Wood, Esq. at MARSHACK HAYS WOOD LLP. VIVACE HOSPITALITY: Hires Thomas G. Zeichman as Legal Counsel ------------------------------------------------------------- Vivace Hospitality LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Thomas G. Zeichman of Beighley, Myrick, Udell, Lynne & Zeichman, P.A. to serve as legal counsel in its Chapter 11 case. Mr. Zeichman will provide these services: (a) give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiations with creditors in the preparation of a plan. Mr. Zeichman will receive an hourly rate of $500. The hourly rate for other attorneys at the firm ranges from $400 to $400. Paralegals will be billed at an hourly rate of $195. Beighley, Myrick, Udell, Lynne & Zeichman, 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: Thomas G. Zeichman, Esq. BEIGHLEY, MYRICK, UDELL, LYNNE & ZEICHMAN, P.A. 2385 Executive Center Drive, Suite 300 Boca Raton, FL 33431 Telephone: (561) 549-9036 Facsimile: (561) 491-5509 E-mail: tzeichman@bmulaw.com About Vivace Hospitality Vivace Hospitality, LLC operates a full-service dining establishment in Plantation, Florida, offering Italian cuisine,hand-tossed pizzas, pasta dishes, and craft cocktails. The restaurant provides dine-in and takeout services, with delivery available through third-party platforms. Vivace Hospitality sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20637) on September 12, 2025, listing up to $50,000 in assets and $2,185,248 in liabilities. Vito DiSalvo, manager, signed the petition. Zeichman, P.A represents the Debtor as legal counsel. WBK TRANSPORT: Section 341(a) Meeting of Creditors on October 29 ---------------------------------------------------------------- On September 26, 2025, WBK Transport Inc. 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 09:45 AM via Telephonic Dial-In Information. About WBK Transport Inc. 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. WBK Transport Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42854) on September 29, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Joyce Lindauer, Esq. of JOYCE W. LINDAUER ATTORNEY, PLLC. WEATHERFORD INT'L: Fitch Hikes IDR to 'BB', Outlook Stable ---------------------------------------------------------- Fitch Ratings has upgraded Weatherford International Ltd.'s and Weatherford International plc's Issuer Default Ratings (IDRs) to 'BB'. Fitch has also upgraded Weatherford International Ltd.'s 2030 senior unsecured notes to 'BB' with a Recovery Rating of 'RR4' and assigned a new rating of 'BB'/'RR4' to the new 2033 senior unsecured notes. The Rating Outlook is Stable. Weatherford's upgrade reflects Fitch's expectation of continued margin improvement relative to peers, significant diversification, size and scale, enhanced liquidity, and balanced capital allocation strategy. Key constraints on the credit profile include the company's reduced but material gross debt pile and the volatile nature of the oilfield services industry. The Stable Outlook reflects Weatherford's improved margins relative to peers despite a weakening oil field services (OFS) environment as a well as a balanced capital allocation strategy in the medium term. Key Rating Drivers Notes Issuance, Incremental Redemption: Fitch views Weatherford's new unsecured notes issuance as positive for the credit profile given the marginal reduction in gross debt and extension of the maturity wall. The $600 million notes issuance's proceeds and cash on hand will be utilized for incremental reduction of the 2030 notes. The new notes mature in 2033 and are pari passu with the 2030 notes. Fitch expects leverage to remain below its sensitivities through the forecast period but notes that the significant, though greatly reduced, gross debt burden may lead to a leverage spike during downturns. Improving Margins: Weatherford has achieved consistent year-over-year EBITDA margin improvement post-bankruptcy. While this has occurred during a period of strengthening OFS market conditions, margin improvement has been realized even in years when peers have observed margin decline. The company has achieved average EBITDA margins of 20.3% from 2021 to 2024 compared to 9.9% pre-bankruptcy from 2016 to 2019. Fitch forecasts margins during cyclical troughs to remain materially above pre-bankruptcy levels, in addition to seeing relative improvement to peers. Enhanced Liquidity: The company's expanded $1 billion revolver materially improves Weatherford's liquidity profile. The new facility includes a $600 million revolving credit commitment and $400 million performance letter of credit (LC) commitment relative to $393 million and $327 million commitments, respectively, prior to the amendment. The revolver expansion builds on prior liquidity improvements following the redemption of restrictive 2028 secured notes. Diversified Operations: Weatherford's operations are significant in size and well-diversified globally with 20% of revenue from North America and 80% from the rest of the world. The company operates in three segments across 75 countries, offering both products and services. Contracts are generally long term and visible for the sector except for the U.S., which is highly volatile. While the company's scale and diversification are significant, Fitch notes that Weatherford materially trails other industry peers in this regard. Balanced Capital Allocation Strategy: Fitch views management's newly announced capital allocation framework as balanced between balance sheet management and shareholder returns. The strategy includes stated goals of $1 billion in liquidity and EBITDA leverage below 1.0x through the cycle as well as $0.25 per share quarterly dividend and $500 million share repurchase authorization. Capital expenditure (capex) is targeted between 3% and 5% of revenue. Fitch expects management to prioritize balance sheet health over shareholder returns in a stress scenario. Highly Cyclical Industry: The OFS industry remains very cyclical, with issuers often being the first in the energy space to feel the negative impacts of commodity price declines. This volatility remains a key credit constraint for Weatherford, as it is for other issuers in the peer group. Weatherford's improving capital structure and sustainable margin improvements should better support the company through cyclical troughs. Peer Analysis Weatherford operates on a significantly larger scale than its similarly rated peers. The company's operations are more diversified than its peers in terms of both geography and service and product offerings. Weatherford's margins lag those of offshore-focused Noble Corporation plc (BB-/Stable), Precision Drilling Corporation (BB-/Stable), Seadrill Limited (B+/Stable) and Nabors Industries, Ltd. (B-/Stable), but are comparable to or above those of Helix Energy Solutions Group, Inc. (B+/Stable) and Valaris Limited (B+/Stable). Weatherford has a significant international presence, like Nabors, which allows for longer-term contracts compared to North American-focused OFS companies like Precision Drilling. Weatherford's gross debt is materially higher than that of all the aforementioned peers except Nabors despite further debt reduction over the last 12 months, which increases its exposure to elevated leverage relative to peers during cyclical downturns. Weatherford's refinancing risk is somewhat limited, while Nabors is more elevated given material maturities within the forecast period and uncertain access to capital markets. Key Assumptions - WTI of $65/bbl in 2025, $60/bbl in 2026 and 2027, and $57/bbl thereafter; - Stable global rig count growth in low to mid-single digits throughout the forecast period; - Capex in line with management expectations in 2024 and then approaching 5% of revenue through the forecast period; - Excess cash flow balanced between shareholder returns and reduction; - Minor acquisitions assumed through the forecast period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deviation from a conservative financial policy particularly during declining industry conditions; - Declining margin profile relative to peers which indicates structural weakness of company business segments; - Midcycle EBITDA leverage above 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Further improvement in operating margin stability through the cycle relative to peers; - Sustained FCF generation targeted toward a material reduction in gross debt levels; - Midcycle EBITDA leverage below 2.0x. Liquidity and Debt Structure Weatherford's updated $1 billion revolving credit facility reflects a material improvement in the company's liquidity profile. The company has a name plate borrowing capacity of $600 million with an additional $400 million in LC capacity. The company had $943 million in cash and cash equivalents and $60 million in restricted cash as of 2Q25. The company's senior notes mature in 2030 and the new senior unsecured notes mature in 2033. The new notes reduce long-term refinancing risk given the reduction in the significant 2030 maturity wall. Issuer Profile Weatherford International is an oilfield services company headquartered in Houston, TX with operations in 75 countries around the globe. Weatherford operates in three segments: Drilling and Evaluation, Well Construction and Completion, and Production and Intervention. 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 Weatherford International Public Limited Company has an ESG Relevance Score of '4' for Group Structure reflecting a complex group structure due to the company's diversified operations and localized cash and collateral requirements which has a negative impact on the credit profile, and is relevant to the rating[s] 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 ----------- ------ -------- ----- Weatherford International Public Limited Company LT IDR BB Upgrade BB- Weatherford International Ltd. LT IDR BB Upgrade BB- senior unsecured LT BB New Rating RR4 senior unsecured LT BB Upgrade RR4 BB- WESTPARK 22 LLC: Secured Party Sets Oct. 6, 2025 Auction -------------------------------------------------------- Owemanco's Broadway Run LP ("secured party") will offer for sale at public auction on Oct. 6, 2025, at 1:00 p.m., at the offices of Lawrence & Walsh PC at 215 Hilton Avenue, Hempstead, New York 11550, 50 shares of 243 Third Avenue Associates Inc., 50 shares of CLT 53 Real Estate Inc. and 50% membership interest in Westpark 22 LLC ("collateral"). The share represent 50% of the outstanding shares of each of the foregoing corporations. To become a purchaser at the sale, interested parties must contact counsel for the secured party, c/o Eric P. Wainer, Esq., at Lawrence & Wlash PC, 215 Hilton Avenue, Hempstead, New York 11550, (516) 538-2400, epw@lawfirmonline.com in order to obtain a copy of the terms of sale and information regarding the bidding instructions. WINDSTREAM SERVICES: Moody's Rates New $900MM 1st Lien Notes 'B2' ----------------------------------------------------------------- Moody's Ratings assigned a B2 rating to the new $900 million backed senior secured first lien notes of Windstream Services, LLC (Windstream), a subsidiary of Uniti Group Inc. (Uniti). Proceeds from the notes along with the recently announced $1.5 billion backed senior secured first lien term loan B (rated B2) will be used to refinance Uniti Group LP's 10.5% backed senior secured notes due 2028 and pay related fees and expenses. The outlook remains unchanged at stable. The assigned rating is subject to review of final documentation and no material change to the size, terms and conditions of the transaction as advised to us. RATINGS RATIONALE The B3 Corporate Family Rating (CFR) of Windstream's parent company, Uniti, is constrained by its high financial leverage, Windstream's declining legacy revenue and subscriber trends, and execution risks associated with the company's accelerated capex program to expand its Kinetic FTTH footprint and upgrade its legacy copper network, which Moody's expects will contribute to negative free cash flow for at least the next 3 years. Moody's believes this undertaking will limit the company's financial flexibility by keeping financial leverage at elevated levels and constrain financial resources by allocating most of the company's operating cash flows to fund this project. Uniti's B3 CFR benefits from its moderate operating scale, valuable fiber network, and adequate liquidity to fund its accelerated capex program. Moody's believes its strategy to connect around 3.5 million homes, or 75% of its Kinetic footprint, with fiber by year-end 2029 is necessary to reverse Windstream's declining legacy revenue trends, fend off competitors, and improve long term value. Moody's projects EBITDA margins to improve in 2025 and 2026 as the company exits low margin contracts within Windstream's Enterprise segment and realizes synergies over time from the merger. Increasing bandwidth needs from data centers, hyperscalers, carriers, and other enterprises primarily driven by AI, accelerating adoption of cloud services, and wireless network densification support the company's business model. The company also benefits from better diversified capital access following the Florida and Gulf Coast region fiber securitization transaction. Moody's expects the company will pursue additional fiber securitization transactions which may include portions of the Kinetic fiber network. Uniti's stable outlook reflects Moody's expectations that over the next 12 to 18 months, the combined company's revenue will decline in the low-to-mid single digit percentages primarily driven by Windstream's declining legacy revenue trends, EBITDA margins will improve, and the company will maintain at least adequate liquidity while funding its accelerated FTTH build plan. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Uniti's ratings could be upgraded if the company grows revenue on a sustainable basis, maintains at least good liquidity, and sustains financial leverage below 5x. The ratings of Uniti could be downgraded if the company's operating performance and liquidity deteriorates, the company's growth strategy materially stalls, or financial leverage is sustained above 7x. Headquartered in Little Rock, AR, Uniti Group Inc. (NASDAQ: UNIT), is a national provider of wireline services and bandwidth infrastructure formed after the August 2025 merger of Uniti Group LLC and Windstream. The company offers managed communications and high-capacity bandwidth and transport services to businesses across the US, and provides premium broadband, entertainment and security services through an enhanced fiber network to consumers and small and midsize businesses primarily in rural areas in 18 states. As of June 30, 2025, Uniti's footprint consisted of 1.7 million fiber home passings. Pro forma for the acquisition, Moody's expects Uniti to generate $3.7 billion revenue for year-end 2025. The principal methodology used in this rating was Telecommunications Service Providers published in November 2023. WOLFSPEED INC: Appoints Five New Board After Chapter 11 Exit ------------------------------------------------------------ Wolfspeed, Inc., a global leader in silicon carbide technologies, announced that in connection with its emergence from the Chapter 11 process, it has appointed Anthony M. Abate, Mike Bokan, Eric Musser, Hong Q. Hou, and, pending certain regulatory approvals, Aris Bolisay, to its Board of Directors. Anthony M. Abate will succeed Tom Werner as Chairman of the Board. The new Board members will join current Board members, Mark Jensen and Paul Walsh, who will continue in their roles as directors. "We are pleased to welcome these new members to our Board. They bring extensive semiconductor and industry knowledge, deep accounting and finance expertise, and experience guiding companies towards profitability. Their insight and leadership will be instrumental as we build on the current momentum underway, oversee the execution of Wolfspeed's strategic priorities, and strengthen our position in the global silicon carbide market," commented Wolfspeed CEO Robert Feurle. Wolfspeed also announced that in connection with these appointments Tom Werner, Glenda Dorchak, John Hodge, Darren Jackson, Duy-Loan Le, Stacy Smith, and Marvin Riley have stepped down from the Board. Feurle concluded, "I would like to thank our former Board members for their service and dedication to Wolfspeed, particularly over the last few months as we have navigated our financial restructuring. Their leadership, input, and expertise have been vital throughout this process. We wish them all the best in their future endeavors." About Anthony M. Abate Mr. Abate is an experienced board director, entrepreneur, and executive with more than four decades of leadership in technology, telecom, and consumer sectors. Mr. Abate currently serves as chairperson of GTT Communications, a leading global Tier-1 IP network operator, Mitel, a business communications and collaboration service provider, and Tacora Resources, a specialty iron-ore mining company. Previously he served as chairperson & lead director of Southeastern Grocers, independent director and audit committee chair of Denbury, Inc (DEN), and independent director of TOPS (now Northeastern Grocers), Broadview Networks, Looking Glass Networks, and Cbeyond Communications. Mr. Abate spent 16 years in operating roles, most recently as Chief Operating Officer and Chief Financial Officer of Echo360, Inc., a global SaaS education and corporate training platform (sold in 2021). Prior to his operating roles, he spent more than a decade as an investor at Battery Ventures and Whitney & Co, serving on the boards of several private equity-backed businesses and also served as a strategy consultant in the TMT sector for McKinsey & Co. Mr. Abate began his career as an U.S. Air Force officer developing advanced radar and analytics systems for stealth aircraft. He holds a BS in Electrical Engineering from Duke University and an MBA from Harvard Business School. About Mike Bokan Mr. Bokan has held a range of leadership roles at Micron Technology, Inc., a global leader in memory and storage solutions. He joined Micron in 1996 and held progressively senior roles including General Manager of the Crucial division, Director of Sales (2003), Senior Director of Sales (2007), Vice President of Worldwide OEM Sales (2008), Corporate Vice President of Worldwide Sales (2017) and then Senior Vice President of Worldwide Sales from 2018 until retiring in May 2025. Over the decades, he built and sustained deep relationships with OEM, hyperscale, and distribution partners, helping drive record-setting revenue for the company. He graduated with a bachelor's degree in business administration from Colorado State University. About Eric Musser Mr. Musser recently completed a 39-year career with Corning Incorporated, serving in progressively responsible leadership positions culminating as President and Chief Operating Officer. In 2005, Mr. Musser was appointed General Manager of Corning Optical Fiber where he restored stability and growth to the business following the telecommunications industry downturn of the early-2000s. In 2007, Mr. Musser became General Manager, Corning Greater China, and President of Corning International. In 2014, he led multiple Corning Technologies & International businesses encompassing the automotive and life sciences businesses, and international business development. In 2020, Mr. Musser was appointed President and Chief Operating Officer, driving growth, performance and profitability. During this period, Mr. Musser also served on the U.S.-China Business Council Board of Directors. Prior to joining Corning, he served five years in the U.S. Army. He is a graduate of the U.S. Military Academy at West Point (B.S.) and George Washington University (M.S.). About Hong Q. Hou Dr. Hou has served as President and Chief Executive Officer of Semtech since June 2024 and as a member of the Semtech Board of Directors since July 2023. Dr. Hou is an accomplished multinational technology executive, recognized as a global enterprise leader with a strong technical and business transformation record in dynamic ultra-competitive markets. Dr. Hou most recently served as President of the Semiconductor Group at Brooks Automation, a leading provider of automated wafer handling and contamination control solutions for the semiconductor manufacturing industry. Prior to that, Dr. Hou was Corporate Vice President and General Manager of the cloud and edge networking group of Intel Corporation. Previously, Dr. Hou held executive leadership positions at Fabrinet, AXT and Emcore. He also held technical roles at Bell Laboratories and Sandia National Laboratories. Dr. Hou holds a Ph.D. in Electrical Engineering from the University of California at San Diego. About Aris Bolisay Mr. Bolisay currently serves as the Vice President of Finance at Renesas Electronics Corporation, a Tokyo-based global leader in advanced semiconductor solutions that designs, manufactures, and sells a wide range of products in the semiconductor space. Prior to his current position, Mr. Bolisay served in a senior role in the Accounting and Control Division of Renesas from March 2019 through June 2021. Mr. Bolisay additionally served as a Senior Director and Corporate Controller as well as a Director and Assistant Controller at Integrated Device Technology, Inc., a U.S.-based semiconductor company that was acquired by Renesas, between June 2014 and March 2019. Before transitioning to the semiconductor industry, Mr. Bolisay started his career at a Big 4 accounting firm where he developed a strong foundation in financial reporting, auditing and compliance. Mr. Bolisay holds a Bachelor of Science in Accountancy and Business Administration with a major in Accountancy from the University of the City of Manila. Advisors Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor to Wolfspeed and FTI Consulting is serving as restructuring advisor to Wolfspeed. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. WOLFSPEED INC: Completes Financial Restructuring, Emerges From Ch11 ------------------------------------------------------------------- Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technology, announced that it has successfully completed its financial restructuring and has officially emerged from Chapter 11 protection. As part of the process, the company cut its overall debt load by roughly 70%, extended maturities to 2030, and reduced annual cash interest expenses by about 60%. Management noted that Wolfspeed now has sufficient liquidity to continue supporting customers with industry-leading silicon carbide solutions under a self-funded growth plan. The company's vertically integrated 200mm manufacturing platform, supported by a scalable U.S.-based supply chain, remains central to its strategy. CEO Robert Feurle said Wolfspeed is entering "a new era" with improved financial stability, a strong manufacturing base, and a long-term capital program already in place. He emphasized that the restructuring has created a stronger foundation to pursue growth opportunities while continuing to drive innovation. Wolfspeed expects to benefit from surging demand in key industries such as artificial intelligence, electric vehicles, industrial applications, and energy markets. Feurle expressed appreciation to employees, customers, suppliers, and lenders for their support throughout the restructuring, calling them vital to the company's progress. In a separate announcement, Wolfspeed also disclosed the appointment of five new directors to its board, reinforcing its governance structure as it enters its next phase of growth. 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. WOLFSPEED INC: Emerges From Chapter 11, Cuts Debt 70% ----------------------------------------------------- Wolfspeed, Inc., a global leader in silicon carbide technologies, announced the successful completion of its financial restructuring process and emergence from Chapter 11 protection. Through the restructuring process, Wolfspeed has reduced its total debt by approximately 70%, with maturities extended to 2030, and lowered its annual cash interest expense by roughly 60%. In addition, the Company believes that it maintains ample liquidity to continue supplying customers with leading silicon carbide solutions. With a self-funded business plan supported by free cash flow generation, Wolfspeed is well positioned to leverage its vertically-integrated 200mm manufacturing footprint--underpinned by a secure and scalable U.S.-based supply chain--to drive sustainable growth. "Wolfspeed has emerged from its expedited restructuring process, marking the beginning of a new era, which we are entering with new energy and a renewed commitment to the growth mindset and entrepreneurial spirit that have powered Wolfspeed since its inception," said Robert Feurle, Chief Executive Officer of Wolfspeed. "As we enter this new era, we do so with much improved financial stability, a scaled, greenfield and vertically integrated 200mm facility footprint, and our large capital deployment behind us." Feurle continued, "We firmly believe that we are well positioned to capture rising demand in end markets, such as AI, EVs, industrial and energy, that are rapidly growing and recognizing silicon carbide's potential. We remain committed to our mission to deliver cutting-edge solutions to our customers to ensure Wolfspeed remains at the forefront of the industry. I am deeply grateful to our valued employees, who are the key drivers of our success, as well as to our customers, vendors and lenders for their unwavering support and confidence throughout this process. I look forward to unleashing the full potential of the platform that we have built with a much stronger financial foundation to support us." Advisors Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor to Wolfspeed and FTI Consulting is serving as restructuring advisor to Wolfspeed. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. YARA TEST: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Yara Test, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey 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 on October 28. Secured creditors may seek relief from the automatic stay if any budget item exceeds 15% or total expenditures exceed 10%. As adequate protection for any diminution in the value of their collateral, the U.S. Small Business Administration and Itria Ventures, LLC will be granted replacement liens on assets acquired by the Debtor after its Chapter 11 filing. The replacement liens do not apply to any avoidance actions. In addition, the Debtor was ordered to make $400 per month to SBA and $500 per month to Itria Ventures; preserve assets; maintain proper insurance coverage; and make necessary repairs. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/WEHru from PacerMonitor.com. About Yara Test LLC Yara Test LLC, doing business as Fancy European Chocolate, imports and distributes confectionery and toy products in the United States, sourcing primarily from suppliers in China, Germany, Spain, and the United Kingdom. It operates in the wholesale trade and import sector. Yara Test sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-19461) on September 10, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Stevens, Esq., at Scura, Wigfield, Heyer, Stevens & Cammarota, LLP. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. 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The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. 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