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251001.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, October 1, 2025, Vol. 29, No. 273 Headlines 20390 US 27: Case Summary & Four Unsecured Creditors 210 8TH ST: Seeks to Extend Plan Exclusivity to February 13, 2026 68700 DINAH: Claims to be Paid from Consolidated Action Proceeds 876 STUYVESANT: Rental Income & Sale Proceeds to Fund Plan 8787 RICCHI: Court Extends Cash Collateral Access to Oct. 9 A.E. SCHLUETER: Plan Exclusivity Period Extended to November 12 ABC CHILDREN'S: Hires May Potenza Baran as Bankruptcy Counsel ABC CHILDREN'S: Seeks to Hire DR Thomas CPA as Financial Advisor ABUELO'S INTERNATIONAL: Gets Extension to Access Cash Collateral ADT INC: S&P Lowers First-Lien Secured Debt to 'BB' AIO US: Plan Exclusivity Period Extended to December 8 AMERICAN TRASH: Taps Finestone Hayes LLP as Bankruptcy Counsel ANTHOLOGY INC: Case Summary & 30 Largest Unsecured Creditors ARCHDIOCESE OF BALTIMORE: Challenges Claimants' Bid to Toss Ch. 11 ARCON CONSTRUCTION: Class 2(b) Unsecureds Will Get 25% in 24 Months AZZUR GROUP: Looks to Delay Deal in Face of US Trustee's Push BARTRAM LOGISTICS: Seeks Continued Cash Collateral Access BEAN THERE: Gets Extension to Access Cash Collateral BEYOND MEAT: Represented by Latham & Watkins in Exchange Offer BLUM HOLDINGS: Issues $750K Unsecured Promissory Notes CAMBER ENERGY: Subsidiary Signs $1.04M Equipment Sales Agreement CENTER FOR SPECIAL: BFG Columbus Property Sale to G&A Sharon OK'd CLNG HOMES: Orange Park Property Sale to Bradford Paul Beers OK'd CONSOLIDATED BURGER: Seeks to Extend Plan Exclusivity to October 31 CORE F&B: Hires Restaurant Hospitality Associates as Accountant CORPAY INC: S&P Rates New $1.2BB Senior Secured Term Loan B 'BB+' CORPORATE AIR: Case Summary & 30 Largest Unsecured Creditors COVERED BRIDGE: Court Extends Cash Collateral Access to Nov. 28 CPV FAIRVIEW: S&P Affirms 'BB-' Rating on Senior Secured Debt DISTRICT 7 GRILL: Court Extends Cash Collateral Access to Oct. 27 ECGPR LLC: Case Summary & Six Unsecured Creditors ERIC R. HARTMAN: Scott Chernich Named Subchapter V Trustee ERIC R. HARTMAN: Seeks to Hire Martin L. Rogalski as Attorney EUSHI FINANCE: S&P Rates New Junior Subordinated Notes 'BB+' EVERSTREAM SOLUTIONS: Seeks to Extend Exclusivity to Jan. 23, 2026 FIRST BRANDS: Committee Examines Billions in Off-Balance-Sheet Deal FIRST BRANDS: S&P Downgrades ICR to 'D' on Chapter 11 Filing FIRST BRANDS: Sued by Grammer for Deal Breach FRUGALITY INC: Gets Extension to Access Cash Collateral FUTURE FINTECH: Wealth Index Capital Takes 48% Stake, Gains Control GENESIS HEALTHCARE: Secures Reprieve at Alabama Care Facility GETTY IMAGES: S&P Affirms 'B+' Issuer Credit Rating, Outlook Neg. HARVEST MIDSTREAM I: Fitch Affirms BB- LongTerm IDR, Outlook Stable HELIUS MEDICAL: Acquires 760K Solana Tokens for Treasury Strategy HELLO ALBEMARLE: Court Extends Cash Collateral Access to Oct. 10 HIAWATHA MANOR: Plan Exclusivity Period Extended to March 2, 2026 HNO INTERNATIONAL: Reports $498,010 Net Loss in Fiscal Q3 HNO INTERNATIONAL: Revises Financials Over Stock Compensation Error HOOTERS OF AMERICA: Court Confirms Chapter 11 Reorganization Plan HYPERSCALE DATA: Declares Special Dividend of 20M Class B Shares IMERYS TALC: Court Sets New Chapter 11 Plan Hearing for Feb. 2026 J.C.C.M. PROPERTIES: Plan Exclusivity Extended to Jan. 9, 2026 KC 117: Voluntary Chapter 11 Case Summary LASEN INC: Seeks to Extend Plan Exclusivity to December 8 LEES EARNED: Brian Rothschild Named Subchapter V Trustee LIBERTY ENTERPRISES: S&P Assigns 'B-' LT ICR, Outlook Stable LITTLE MINT: Unsecured Creditors to Split $500K over 5 Years LMD HOLDINGS: Seeks to Extend Plan Exclusivity to November 14 MARKIMIAN HARRIS: Wells Fargo's Automatic Stay Relief Bid Denied MERIT STREET: Court Troubled by Dr. Phil's Guarantee to Friend MODEL TOBACCO: Unsecureds to be Paid in Full over 5 Years NEP/NCP HOLDCO: S&P Affirms 'B-' ICR on Refinancing,Outlook Stable NETCAPITAL INC: Reports $3.64 Million Net Loss in Q1 2026 NEWBURY PALACE: Seeks to Hire Amanda Brendell CPA as Accountant NIKOLA CORP: Plan Exclusivity Period Extended to January 15, 2026 NRG ENERGY: Fitch Assigns 'BB+' Rating on Sr. Unsecured Notes OG LIVING: Unsecureds Will Get 26% of Claims via Quarterly Payments OLD SCHOOL: Seeks to Extend Plan Exclusivity to April 6, 2026 OU MEDICINE: S&P Raises LT Rating on Fixed-Rate Bonds to 'BB+' PALATIN TECHNOLOGIES: Receives $6.5M in Boehringer Collaboration PBREIA LLC: Claims to be Paid from Property Sale Proceeds PERASO INC: Regains Nasdaq Bid Price Compliance POWER SOLUTIONS: Gary Winemaster Holds 6.3% Equity Stake PRECIPIO INC: Leviticus Partners Holds 8% Equity Stake PROFESSIONAL DIVERSITY: Directors Long Yi, Eloisa Sultan Step Down QT HAU: Court Extends Cash Collateral Access to Oct. 31 RANA REAL: Gets Interim OK to Use Cash Collateral Until Nov. 4 RAS DATA: Seeks to Sell Rail Car Management Biz at Auction SHANE BARNES: Gets Interim OK to Use Cash Collateral Until Oct. 21 SHERWOOD HOSPITALITY: Plan Exclusivity Period Extended to Oct. 18 SIFAT LLC: Plan Exclusivity Period Extended to December 1 SOLARWINDS HOLDINGS: S&P Downgrades ICR to 'B', Outlook Stable SOUTHWEST FIRE: Court Extends Cash Collateral Access to Oct. 31 SPIRIT AIRLINES: Advised by Davis Polk in Chapter 11 Cases STANLEY UTILITY: Case Summary & 20 Largest Unsecured Creditors SUNNOVA ENERGY: Seeks to Extend Plan Exclusivity to January 5, 2026 SUNSET FITNESS: Seeks Cash Collateral Access SUPERIOR ENERGY: S&P Assigns 'B+' ICR, Outlook Stable TABERNACLE CHRISTIAN: Case Summary & Four Unsecured Creditors THRILL INTERMEDIATE: Case Summary & 20 Top Unsecured Creditors TRIO BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable VENUS CONCEPT: Board OKs Transaction Completion Bonuses for 2 Execs VENUS CONCEPT: Secures $2 Million in Twelfth Bridge Loan Draw VERRA MOBILITY: S&P Rates Sub's New $689MM Sec. Term Loan B 'BB+' VIKING CRUISES: S&P Rates New $1.7BB Senior Unsecured Notes 'BB' VISTA GLOBAL: Fitch Affirms & Then Withdraws 'B+' IDR WAHL TO WAHL: Court to Hold Cash Collateral Hearing Today WAHL TO WAHL: Seeks to Hire Orville & McDonald Law as Counsel WALKER EDISON: Judge Rejects Escrow of $4MM in Chapter 11 Case WBI OPERATING: S&P Assigns 'BB-' ICR, Outlook Stable WESTCHESTER 3148: Case Summary & Four Unsecured Creditors WINDSTREAM SERVICES: Fitch Rates Proposed Secured Notes 'BB-' WOLFSPEED INC: Represented by Latham in Financial Restructuring WORLDWIDE MACHINERY: Seeks Approval of $65MM Ch. 11 Sale of Assets ********* 20390 US 27: Case Summary & Four Unsecured Creditors ---------------------------------------------------- Debtor: 20390 US 27 LLC 5014 16th Ave, Ste 541 Brooklyn, NY 11204 Business Description: 20390 US 27 LLC, classified as a single- asset real estate debtor under 11 U.S.C. Section 101(51B), holds its principal assets at 20390 US-27, Clermont, Florida 34715. Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-44736 Debtor's Counsel: Avrum J. Rosen, Esq. ROSEN, TSIONIS & PIZZO, PLLC 38 New St Huntington, NY 11743-3327 Tel: 631-423-8527 Fax: 631-423-4536 E-mail: arosen@ajrlawny.com Total Assets: $8,000,000 Total Liabilities: $10,009,344 Mark Taub signed the petition as chief restructuring officer. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BA4GNAY/20390_US_27_LLC__nyebke-25-44736__0001.0.pdf?mcid=tGE4TAMA 210 8TH ST: Seeks to Extend Plan Exclusivity to February 13, 2026 ----------------------------------------------------------------- 210 8th St LLC asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization to February 13, 2026. The Debtor explains that cause exists to extend the 180-day exclusivity period in this case. The following is the Debtor's analysis of the applicable factors. * The size and complexity of the case and (ii) the necessity of sufficient time to prepare adequate information: The Debtor is actively negotiating a sale transaction designed to pay Academy and the SBA in full by December 19, 2025. The complexity of those negotiations and financing arrangements requires additional time beyond the current exclusivity deadline. * The Debtor has proceeded in good faith throughout this case. It filed a Plan and Disclosure Statement, has made required adequate protection payments, and has negotiated stipulations with secured creditors that protect their interests while allowing the Debtor time to reorganize. * Whether the Debtor is paying its bills as they come due: The Debtor remains current on its postpetition obligations, as reflected in its Monthly Operating Reports. * The amount of time which has elapsed in the case: This is the Debtor’s first request for an extension of the 180-day Period. * The Debtor does not seek an extension to pressure creditors. To the contrary, the requested extension aligns with the stipulation negotiated with Academy and the SBA and is necessary to allow contingencies, such as refinancing, to resolve in the ordinary course. The Debtor claims that extending exclusivity will not materially prejudice creditors or other parties in interest. To the contrary, the requested extension advances creditor interests by preserving the opportunity for a global resolution that pays major secured creditors in full. The Debtor is not seeking a tactical advantage but rather a reasonable and necessary extension that promotes efficiency, protects creditor recoveries, and facilitates the orderly conclusion of this case. 210 8th St, LLC is represented by: David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Telephone: (303) 296-1999 Email: dwarner@wgwc-law.com About 210 8th St LLC 210 8th St, LLC is a real estate debtor with a single asset, as described in 11 U.S.C. Section 101(51B). The Debtor holds full ownership of the property situated at 210 8th St., Colorado Springs, Colo., which is appraised at a market value of $1.4 million. 210 8th St sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-11653) on March 28, 2025. In its petition, the Debtor reported total assets of $1,455,000 and total liabilities of $1,453,420. Judge Michael E. Romero handles the case. The Debtor is represented by David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. Academy Bank, N.A., as lender, is represented by: Lucas L. Schneider, Esq. Stinson LLP 1144 15th Street Suite 2400 Denver, CO 80202 Telephone: (303) 376-8414 lucas.schneider@stinson.com 68700 DINAH: Claims to be Paid from Consolidated Action Proceeds ---------------------------------------------------------------- 68700 Dinah Shore Dr., LLC filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated September 19, 2025. The Debtor is a Texas limited liability company which owns certain real property located at 68700 Dinah Shore Drive, Cathedral City, California, ("Real Property") upon which is located a tower for broadcasting radio signals. Louie Comella manages and operates the Debtor. After the Effective Date of the order confirming the Plan, the directors, officers, and voting trustees of the Debtor, any affiliate of the Debtor participating in a joint Plan with the Debtor, or successor of the Debtor under the Plan (collectively the "Post-Confirmation Managers"), will be Louie Comella. The primary cause of this bankruptcy filing was that certain litigation pending before the United States District Court for the Eastern District of Texas. On March 11, 2025, the District Court entered an order consolidating the District Court Litigation with another action commenced before the District Court by the principal of the Debtor, Louie Comella, against Newtek and other affiliated entities and certain of their employees, which is pending before the District Court under Case No., 24-00985 (the "Consolidated Action"). The Plaintiff's Consolidated Amended Complaint in the Consolidated Action asserts a claim for declaratory relief, asserting that Big is not obligated to Newtek under the Loans. The Debtor is no presently a party to the Consolidated Action, but the Debtor's property is involved in the Consolidated Action. Consolidated Action will dramatically impact the Debtor as success by the Debtor's affiliates (ie Plaintiffs) will result is the Debtor owning its assets free and clear of any claims of Newtek. Class 3 consists of General Unsecured Claims. This Class shall be paid pro rata share from the proceeds actually received by the Debtor from the Consolidated Action, which claims will only be paid after any Allowed Class 2 Claims and other Administrative Claims are paid in full. This Class is impaired. Class 4 consists of Equity Interest Holders. Retain all equity interests in the Reorganized Debtor. The primary source of payments under the Plan will be any recovery by the Reorganized Debtor from the Consolidated Action. The Reorganized Debtor shall proceed with litigating its claims in the Consolidated Action until there is a Final Judgment. A full-text copy of the Second Amended Disclosure Statement dated September 19, 2025 is available at https://urlcurt.com/u?l=elncOe from PacerMonitor.com at no charge. About 68700 Dinah Shore Dr. LLC 68700 Dinah Shore Dr. LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). 68700 Dinah Shore Dr. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-42412) on October 10, 2024. In the petition filed by Louie Comella, as managing director, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100,000 and $500,000. The Honorable Bankruptcy Judge Brenda T. Rhoades oversees the case. The Debtor is represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC N. Central Expressway Suite 500 Plano, TX 75074 Tel: (972) 991-5591 E-mail: robert@demarcomitchell.com 876 STUYVESANT: Rental Income & Sale Proceeds to Fund Plan ---------------------------------------------------------- 876 Stuyvesant Realty LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Combined Plan of Reorganization and Disclosure Statement dated September 19, 2025. The debtor owns a mixed use real property consisting of 3 commercial units on the first floor and 3 residential units on the second floor, located at 876 Stuyvesant Avenue, Irvington, New Jersey 07111. The debtor's business is organized as a New Jersey Limited Liability Company. The company is located in Irvington, New Jersey and its principal member is Dennis Brown. The debtor owns a mixed use real property consisting of 3 commercial units on the first floor and 3 residential units on the second floor, in Irvington, New Jersey. In June 2025, the debtor listed the property with a NJ licensed real estate broker for $1.2M, however, there have been no offers on the property. The feed back from possible buyers is that the property needs a lot of repairs. The debtor has subsequently revised the listing price to $999,000.00. The principal member of the LLC became ill, the property lost tenants, and the debtor fell behind on the mortgage payments. The property went into foreclosure. When the Chapter 11 petition was filed, there was a pending sheriff's sale. The petition was filed to avoid the sheriff's sale. The Debtor's income is obtained from rents from 4 of the rental units of the property. Two units are occupied by the debtor's principal member. The regular gross monthly income from the rentals is $5,200.00 per month when the tenants pay on time. Essentially the plan requires the debtor to sell the property within 9 months of July 1, 2025, and make monthly payments of $3,920.21 starting July 1, 2025 to the secured creditor until the property is sold. There are no general unsecured Claims against the debtor. The property has been listed for sale. The price has been reduced from 1.2M to $999,000.00 because there are no offers on the property. There have been statements that the property needs numerous repairs. It is anticipated that the proceeds from the sale will cover the secured mortgage loan. The pay-off obtained from the secured creditor stated that the amount to pay-off the loan was under $600,000.00 good until June 30, 2025. The Plan Proponent's financial projections show that the Debtor will have a monthly income of approximately $5,200.00 and as such will be able to make the monthly payments to the secured creditor pursuant to the consent agreement/order filed herein. A full-text copy of the Combined Plan and Disclosure Statement dated September 19, 2025 is available at https://urlcurt.com/u?l=iYH3SQ from PacerMonitor.com at no charge. Counsel to the Debtor: Novlet Lawrence, Esq. Novlet Lawrence Law Office PO Boc 436 Whitehouse Station, NJ 08889 Telephone: (973) 677-3330 Facsimile: (973) 677-3375 Email: lawrencenovlet@aol.com About 876 Stuyvesant Realty, LLC 876 Stuyvesant Realty, LLC owns a mixed use real property located at 876 Stuyvesant Avenue, Irvington, New Jersey 07111. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-12302) on March 3, 2024. Novlet Lawrence, Esq. at Novlet Lawrence Law Office represents the Debtor as counsel. 8787 RICCHI: Court Extends Cash Collateral Access to Oct. 9 ----------------------------------------------------------- 8787 Ricchi, LLC received a one-month extension from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. The court issued its sixth interim order authorizing the Debtor to use cash collateral from September 10 to October 9 in accordance with its budget, subject to a 10% variance. The Debtor projects total monthly operational expenses of $51,601.91 for September and October. As protection, 87STE Lending, LLC, through U.S. Marshals Service, will be granted a replacement lien on property currently owned or acquired by the Debtor after the petition date similar to the lender's pre-bankruptcy collateral. 87STE Lending has a security interest in the Debtor's deposit accounts and rent and the proceeds thereof, which constitute cash collateral under Section 363(a) of the Bankruptcy Code. The U.S. government, acting by and through the U.S. Marshals Service, is presently empowered to exercise the rights and remedies related thereto pursuant to a court order. The Debtor's authority to use cash collateral terminates upon occurrence of certain events including conversion of its Chapter 11 case, appointment of a trustee or default, subject to seven-day cure rights. A final hearing is scheduled for October 9. About 8787 Ricchi 8787 Ricchi, LLC is a commercial real estate company that owns and manages properties in Dallas, Texas. 8787 Ricchi sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-31144) on March 31, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by: Frank Jennings Wright, Esq. Law Offices of Frank J. Wright, PLLC Tel: 214-935-9100 Email: frank@fjwright.law A.E. SCHLUETER: Plan Exclusivity Period Extended to November 12 --------------------------------------------------------------- Judge Paul Baisier of the U.S. Bankruptcy Court for the Northern District of Georgia extended A.E. Schlueter Pipe Organ Sales and Service Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 12, 2025 and January 12, 2026, respectively. As shared by Troubled Company Reporter, the Debtor is in the process of negotiating multiple change orders and the corresponding assumption of a subcontract with J.E. Dunn Construction Company regarding the Cadet Chapel at the United States Air Force Academy. The outcome of negotiations over these proposed change orders to Debtor's largest executory contract are reasonably projected to significant impact Debtor's formulation of a plan of reorganization. The Debtor requests that the Exclusive Period to file a plan be extended 60 days through and including November 12, 2025, and the Exclusive Period to solicit acceptance or rejection of such plan be extended 60 days through January 12, 2026. Debtor shows that extending the exclusivity deadline is appropriate. The Debtor explains that the request is made prior to expiration of the current deadline. Debtor is in the process of negotiating several large contracts to assist with their reorganization. Thus, extending the exclusive period for filing and soliciting of a plan is fair and equitable in this instance. A.E. Schlueter Pipe Organ Sales and Service Inc. is represented by: Thomas T. McClendon, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 E-mail: TMcClendon@joneswalden.com About A.E. Schlueter Pipe Organ Sales and Service A.E. Schlueter Pipe Organ Sales and Service Inc. designs, builds, restores, and maintains pipe organs primarily in the Southeastern United States. Founded in Lithonia, Georgia, the Company provides custom pipe organ construction, tuning, and repair services. A.E. Schlueter Pipe Organ Sales and Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55514) on May 16, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Thomas T. McClendon, Esq. at JONES & WALDEN LLC. ABC CHILDREN'S: Hires May Potenza Baran as Bankruptcy Counsel ------------------------------------------------------------- ABC Children's Eye Specialists, PC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire May Potenza Baran & Gillespie P.C. as its Chapter 11 counsel. The professional services the counsel will render include, without limitation, preparation of pleadings and motions and conducting of examinations incidental to estate administration, advising Debtor of its rights, duties, and obligations under Chapter 11 of the Bankruptcy Code, taking any and all other necessary action incident to the proper preservation and administration of the Chapter 11 estate, advising Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement and concerning any and all matters relating to the foregoing. The firm will be paid at these rates: Grant L. Cartwright $595 per hour Andrew A. Harnisch $595 per hour Eric W. Moats $475 per hour Emma Smith $315 per hour Michelle Giordano $275 per hour Grant L. Cartwright, Esq., a partner of May Potenza Baran, assured the court that the firm is disinterested, does not hold or represent an interest adverse to the estate, and will assist Debtor in carrying out the Debtor's duties under Chapter 11. The firm can be reached through: Grant L. Cartwright, Esq. May Potenza Baran & Gillespie P.C. 1850 N Central Ave # 1600 Phoenix, AZ 85004 Phone: (602) 252-1900 About ABC Children's Eye Specialists PC ABC Children's Eye Specialists, PC is a healthcare business and professional corporation formed in 2002 in Arizona. ABC Children's Eye Specialists sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08546) on September 10, 2025, listing up to $10 million in both assets and liabilities. Brendan Cassidy, owner of ABC Children's Eye Specialists, signed the petition. Judge Scott H. Gan oversees the case. Grant L. Cartwright, Esq., at May Potenza Baran & Gillespie, P.C., is the Debtor's legal counsel. Sunflower Bank, N.A., as secured creditor, is represented by: Wade M. Burgeson, Esq. Engelman Berger, P.C. 2800 North Central Avenue, Suite 1200 Phoenix, AZ 85004 Phone: (602) 222-4989 Email: Wmb@eblawyers.com ABC CHILDREN'S: Seeks to Hire DR Thomas CPA as Financial Advisor ---------------------------------------------------------------- ABC Children's Eye Specialists, PC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire DR Thomas CPA, PLLC as financial advisor. The firm will advise the Debtor on financial and corporate issues and to provide accounting services to the Debtor for the remainder of the bankruptcy cases. The firm's hourly rates are: CPA Professionals $195 Consulting Professionals $150 Accounting Staff Services $125 Bookkeeping Services $75 DR Thomas received a retainer in the amount of $10,120. As disclosed in the court filings, DR Thomas CPA, PLLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Dave Thomas DR Thomas CPA, PLLC 1733 N. Greenfield Rd. Mesa, AZ 852 Phone: (602) 527-7092 About ABC Children's Eye Specialists PC ABC Children's Eye Specialists, PC is a healthcare business and professional corporation formed in 2002 in Arizona. ABC Children's Eye Specialists sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08546) on September 10, 2025, listing up to $10 million in both assets and liabilities. Brendan Cassidy, owner of ABC Children's Eye Specialists, signed the petition. Judge Scott H. Gan oversees the case. Grant L. Cartwright, Esq., at May Potenza Baran & Gillespie, P.C., is the Debtor's legal counsel. Sunflower Bank, N.A., as secured creditor, is represented by: Wade M. Burgeson, Esq. Engelman Berger, P.C. 2800 North Central Avenue, Suite 1200 Phoenix, AZ 85004 Phone: (602) 222-4989 Email: Wmb@eblawyers.com ABUELO'S INTERNATIONAL: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Abuelo's International, L.P. and affiliates received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The court authorized the Debtors to use cash collateral from September 26 to December 31 in accordance with their budget, subject to a 5% variance per line item and 10% overall. The Debtors' authority to use cash collateral terminates on December 31 or upon the dismissal or conversion of their Chapter 11 cases; the appointment of a trustee or examiner with expanded powers; the occurrence of the effective date or consummation date of a plan of reorganization for the Debtors; or the entry of a court order reversing, staying, vacating or modifying the terms of the interim order, whichever comes first. First Bank & Trust and Ben Keith, a major supplier, are the secured creditors holding liens or other interests in the cash collateral. The Debtors' $8 million loan owed to First Bank & Trust is secured by nearly all of their assets, including leases, inventory, and receivables. Meanwhile, Mr. Keith's security interest in the Debtors' assets is subordinate to First Bank & Trust's interest. As adequate protection, the secured creditors will be granted a replacement lien on assets acquired by the Debtors after the Chapter 11 filing that are similar to their pre-bankruptcy collateral. The replacement lien is subject to a fee carveout. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/hFCJe from PacerMonitor.com. About Abuelo's International L.P. Abuelo's International, L.P. operates the Abuelo's Mexican Restaurant locations, managing day-to-day restaurant operations, customer service, and loyalty programs across the U.S. Food Concepts International, L.P., headquartered in Lubbock, Texas, owns and oversees the brand, providing management, strategic direction, employee training, and menu development. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43339) on September 2, 2025. In the petition signed by Robert L. Lin, President of ABI GP, LLC, the general partner of Abuelo's International, L.P., and as President of FC GPH, LLC LP, the general partner of Food Concepts International, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. ADT INC: S&P Lowers First-Lien Secured Debt to 'BB' --------------------------------------------------- S&P Global Ratings lowered its issue-level rating on Florida-based ADT Inc.'s existing first-lien secured debt to 'BB' from 'BB+' and revised the recovery rating to '3' from '2'. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. This action follows the company's announcement that it will use the proceeds from a proposed $300 million first-lien term loan add-on, along with the proceeds from its future issuance of $1 billion of first-lien secured notes, to refinance its existing second-lien debt maturing January 2028. S&P said, "This refinancing will lead to a higher amount of first-lien debt in its capital structure that reduces our recovery estimate. We assume ADT will complete both proposed offerings, given its demonstrated ability to access the financial markets for refinancing and repricing activities." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Prime Security Services Borrower LLC and The ADT Security Corp. are the borrowers of the first-lien credit agreement and ADT Corp. is the borrower of all first-lien notes. -- Supplemental indentures were issued for all first-lien notes to benefit from the guarantees by substantially all the company's domestic subsidiaries and a first-priority senior security interest in substantially all the existing and future assets of the company's domestic subsidiaries. -- S&P believes ADT's lenders would receive higher recoveries if it continues as a going concern in our default scenario. Therefore, it valued the company on a going-concern basis. -- S&P's emergence enterprise value reflects, among other things, the company's large subscriber base and contractual reoccurring revenue stream. -- S&P assumes all second-priority secured notes are fully repaid as part of the proposed transaction. Simulated default assumptions -- Simulated year of default: 2027 -- EBITDA at emergence: $1.1 billion -- EBITDA multiple: 6x -- Revolving credit facility is about 85% drawn at default. Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $6.1 billion -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to secured creditors: About $5.6 billion (after priority claims) -- Secured first-lien debt: about $8.3 billion --Recovery expectations: 70%-90% (rounded estimate: 65%) Note: All debt amounts include six months of prepetition interest. Recovery prospects are rounded down to the nearest 5%. AIO US: Plan Exclusivity Period Extended to December 8 ------------------------------------------------------ Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended AIO US, Inc. and its debtor affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 8, 2025 and February 9, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have made substantial progress in the Plan process. Potentially allowing another party to file a competing plan at this time, when the Debtors are on the verge of confirming and consummating the Plan, will create unnecessary complexity, confusion and delay, and risk jeopardizing the material creditor recoveries provided for under the Plan. Accordingly, the relief requested herein is appropriate in view of the substantial progress that has been made in these cases. The Debtors claim that they have proactively engaged with the Creditors' Committee and the Debtors' Insurance Companies regarding the proposed Plan, Confirmation Order, and Trust Distribution Procedures throughout these chapter 11 cases. The Debtors have also sought input throughout these cases from the Insurance Companies and other parties in interest concerning the Plan and the Trust Distribution Procedures. The Debtors and Creditors' Committee have continued to engage with the insurers on the Plan and related issues following the Court's issuance of the Memorandum Opinion as well. The Debtors assert that they have devoted significant time and resources to progressing these chapter 11 cases in a timely and efficient manner. The Debtors expect to obtain entry of the Confirmation Order in the near future and expect for the Plan to become effective and to commence the process of making distributions shortly thereafter. A further extension of the Exclusive Periods is warranted to allow the Debtors to achieve these goals without the potential interference of a competing chapter 11 plan. The Debtors' Counsel: Zachary I. Shapiro, Esq. Mark D. Collins, Esq. Michael J. Merchant, Esq. David T. Queroli, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Tel: (302) 651-7700 E-mail: collins@rlf.com merchant@rlf.com shapiro@rlf.com queroli@rlf.com - and - Ronit J. Berkovich, Esq. Matthew P. Goren, Esq. Alejandro Bascoy, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 E-mail: ronit.berkovich@weil.com matthew.goren@weil.com alejandro.bascoy@weil.com About AIO US, Inc. AIO US Inc., Avon Products Inc. and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. AMERICAN TRASH: Taps Finestone Hayes LLP as Bankruptcy Counsel -------------------------------------------------------------- American Trash Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Finestone Hayes LLP as its general bankruptcy counsel. The firm will provide these services: a. advise and represent the Debtor as to all matters and proceedings within this Chapter 11 case, other than those particular areas that may be assigned to special counsel; b. assist, advise and represent the Debtor in any manner relevant to a review of its debts, obligations, maximization of its assets and where appropriate, disposition thereof; c. assist, advise and represent the Debtor in the operation of its business; d. assist, advise, and represent the Debtor in the performance of all its duties and powers under the Bankruptcy Code and Bankruptcy Rules, and in the performance of such other services as are in the interests of the estate; and e. assist, advise, and represent the Debtor in dealing with its creditors and other constituencies, analyzing the claims in this case, and formulating and seeking approval of a plan of reorganization. The firm's hourly rates in this case range from $640 to $450. The firm received a pre-petition retainer of $75,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Stephen D. Finestone, Esq. a partner at Finestone Hayes 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: Stephen D. Finestone Finestone Hayes LLP 456 Montgomery Street, Suite 1300 San Francisco, CA 94104 Tel: (415) 481-5481 Fax: (415) 398-2820 Email: sfinestone@fhlawllp.com About American Trash Management Inc. American Trash Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30743) on September 15, 2025. In the petition signed by Scott Brown, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Stephen Finestone, Esq., at Finestone Hayes LLP, represents the Debtor as legal counsel. ANTHOLOGY INC: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Anthology Inc. 5201 Congress Avenue Boca Raton, FL 33487 Business Description: Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court Southern District of Texas Twenty-seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Anthology Inc. (Lead) 25-90498 Blackboard Campuswide of Texas, Inc. 25-90495 OrgSync, Inc. 25-90496 Admissions US, LLC 25-90497 Blackboard LLC 25-90499 Blackboard Holdings, LLC 25-90500 Blackboard Super Holdco, LLC 25-90501 Edcentric Holdings, LLC 25-90502 Astra Acquisition Corp. 25-90503 Astra Intermediate Holding Corp. 25-90504 Campus Management Acquisition Corp. 25-90505 Academic Management Systems, LLC 25-90506 Edcentric Midco, Inc. 25-90507 Edcentric, Inc. 25-90508 Anthology Inc. of Missouri 25-90509 Anthology Inc. of NY 25-90510 ApplyYourself, Inc. 25-90511 AY Software Services, Inc. 25-90512 BB Acquisition Corp. 25-90513 BB Management LLC 25-90514 Blackboard Collaborate Inc. 25-90515 Blackboard Student Services Inc. 25-90516 Blackboard Tennessee LLC 25-90517 Higher One Real Estate SP, LLC 25-90518 MyEdu Corporation 25-90519 Blackboard International LLC 25-90520 Perceptis, LLC 25-90521 Judge: Hon. Alfredo R. Perez Debtors' Local Bankruptcy & Conflicts Counsel: Charles A. Beckham, Jr., Esq. Arsalan Muhammad, Esq. Kourtney Lyda, Esq. Re'Necia Sherald, Esq. HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 4000 Houston Texas 77010 Tel: (713) 547-2000 Fax: (713) 547-2600 Email: charles.beckham@haynesboone.com arsalan.muhammad@haynesboone.com kourtney.lyda@haynesboone.com renecia.sherald@haynesboone.com AND Charles M. Jones II, Esq. 2801 North Harwood Street, Suite 2300 Dallas, TX 75201 Tel: (214) 651-5000 Fax: (214) 651-5940 Email: charlie.jones@haynesboone.com Debtors' Bankruptcy Counsel: Chad J. Husnick, P.C. Charles B. Sterrett, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: chad.husnick@kirkland.com charles.sterrett@kirkland.com AND Melissa Mertz, Esq. 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: melissa.mertz@kirkland.com Debtors' Investments Banker: PJT PARTNERS LP Debtors' Restructuring Advisor: FTI CONSULTING, INC. Debtors' Claims & Noticing Agent: STRETTO INC. Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Heath C. Gray 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/E27EGUA/Anthology_Inc__txsbke-25-90498__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Amazon Web Services Trade Vendor $5,631,903 410 Terry Avenue North Seattle, WA 98109 Attn: David A. Zapolsky Phone: 206-266-1323 Email: zapolsky@amazon.com 2. Microsoft Trade Vendor $4,970,070 One Microsoft Way Redmond, WA 98052-6399 Attn: Scott Douglass Phone: 775-823-5600 Email: scott.douglass@microsoft.com 3. Class Technologies, Inc. Trade Vendor $756,371 1717 North Street Northwest Suite 1 Washington, DC 20036 Attn: Michael Chasen Phone: 202-964-7111 Email: hello@class.com 4. Google Trade Vendor $668,314 1600 Amphitheatre Parkway Mountain View, CA 94043 Attn: Justin Meek Phone: 650-653-0000 Email: jcmeek@google.com 5. Genius Sis, LLC Trade Vendor $637,402 14359 Miramar Pkwy, Suite 376 Miramar, FL 33027 Attn: Matthew Schnittman Phone: 954-667-7747 Email: info@geniussis.com 6. Movate, Inc. Trade Vendor $472,580 5600 Tennyson Parkway, Suite 255 Plano, TX 75024 Attn: Sunil Mittal Phone: 469-573-5029 Email: privacy.officer@movate.com 7. Reep-Ofc 1111 19Nw DC LLC Trade Vendor $430,377 1440 New York Ave, Nw Suite 200 Washington, DC 20005 Attn: Michael R. Brancheau Phone: 312-267-6932 Email: mbrancheau@higginsbrancheau.com 8. Plaza Office Realty II, LLC Trade Vendor $370,931 1500 Broadway, 24Th Floor New York, NY 10036 Attn: Douglas K. Hirsch Phone: 301-230-5225 Email: dhirsch@shulmanrogers.com 9. Avalara Trade Vendor $350,920 906 Alaskan Way, Suite 500 Seattle, WA 98104 Attn: Scott Mcfarlane Phone: 877-224-3650 Email: scott.mcfarlane@gmail.com 10. Protiviti, Inc. Trade Vendor $306,941 2884 Sand Hill Rd, Ste 200 Menlo Park, CA 94025-7072 Attn: Joseph Tarantino Phone: 888-556-7420 Email: joseph.tarantino@protiviti.com 11. Intradiem, Inc. Trade Vendor $299,400 2500 Dallas Highway, Suite 202 Marietta, GA 30064 Attn: Matt Mcconnell Phone: 678-356-3500 Email: support@intradiem.com 12. Shepard Exposition Services, Inc Trade Vendor $263,966 1531 Carroll Drive Northwest Atlanta, GA 30318 Attn: Kevin Bird, CEO Phone: 404-720-8600 Email: kevin@shepardes.com 13. Pendo.io, Inc. Trade Vendor $252,139 301 Hillsborough Street, Suite 1900 Raleigh, NC 27603 Attn: Todd Olson Phone: 919-275-5477 Email: services@pendo.io 14. Delinea Secret Server/ Trade Vendor $225,666 Guidepoint Security LLC 221 Main Street, Suite 1300 San Francisco, CA 94105 Attn: Art Gilliland Phone: 669-444-5200 Email: art.gilliland@delinea.com 15. Katten Muchin Rosenman, LLP Trade Vendor $202,427 525 W Monroe St Chicago, IL 60661 Attn: Michael I. Verde Phone: 212-940-8541 Email: michael.verde@katten.com 16. Chekpoint Harmony / Check Point Trade Vendor $202,351 Software Technologies, Inc. 100 Oracle Parkway, Suite 800 Redwood City, CA 94065 Attn: Nadav Zafrir Phone: 800-429-4391 Email: press@checkpoint.com 17. Executive Hills Mgmt, Inc. Trade Vendor $192,912 5000 College Blvd Suite 310 Overland Park, KS 66211 Attn: John Cruz Phone: 913-451-9000 Email: john.cruz@lrf-kc.com 18. Moody's Investors Service Trade Vendor $147,000 7 World Trade Center 250 Greenwich Street New York, NY 10007 Attn: Rob Fauber Phone: 212-553-1653 Email: clientservices@moodys.com 19. Sutherland Digital Trade Vendor $145,996 Services, Inc. 175 Sully's Trail, Suite 301 Pittsford, NY 14534 Attn: Dilip Vellodi Phone: 585-586-5757 Email: dilip.vellodi@sutherlandglobal.com 20. Alvaria, Inc. Trade Vendor $137,328 211 Perimeter Center Parkway Suite 200 Atlanta, GA 30346 Attn: Michael Judd Phone: 978-250-7900 Email: info@alvaria.com 21. MGT Impact Solutions, LLC Trade Vendor $124,794 4320 West Kennedy Blvd Tampa, FL 33609 Attn: Claudia Hosang Phone: 888-302-0899 Email: contracts@mgtconsulting.com 22. S&P GLOBAL RATINGS Trade Vendor $118,000 55 Water Street New York, NY 10041 Attn: Steve Kemps, Chief Legal Officer, S&P Global Phone: 212-438-3303 Email: corporate.secretary@spglobal.com 23. Vercara / Neustar Information Trade Vendor $115,091 Services, Inc. 2201 Cooperative Way, Suite 350 Herndon, VA 20171 Attn: Colin Doherty Phone: 844-929-0808 Email: cdoherty@neustarsecurityservices.com 24. PG Mainstreet North Forty LLC Trade Vendor $114,810 2101 West Commercial Blvd Suite 1200 Fort Lauderdale, FL 33309 Attn: Paul Kilgallon Phone: 770 953-0000 Email: paul@mainstreetcapital.com 25. Revl Productions LLC Trade Vendor $114,351 409 Willow Ridge Ct, Fort Worth, TX 76103 Attn: Brett Swords Phone: 847-800-9154 Email: brettswords@revlproductions.com 26. A-Lign Trade Vendor $112,902 400 N Ashley Drive, Suite 1325 Tampa, FL 33602 Attn: Scott Price Phone: 888-702-5446 Email: info@a-lign.com 27. Ernst & Young U.S., LLP Trade Vendor $106,257 1 More London Place London, SE1 2AF United Kingdom Attn: Jason A. Jones Phone: +44 20 7951 2000 Email: globalone.support@ey.com 28. Facebook Trade Vendor $102,410 1 Hacker Way Menlo Park, CA 94025 Attn: Jennifer Newstead Phone: 650-853-1300 Email: jnewstead@fb.com 29. Fontainebleau Las Vegas Trade Vendor $100,003 2777 S Las Vegas Blvd Las Vegas, NV 89109 Attn: Maurice Wooden Phone: 702-678-7777 Email: conciergeservices@fblasvegas.com 30. Quantum Workplace Trade Vendor $98,982 13810 Fnb Pkwy, Ste 401 Omaha, NE 68154 Attn: Greg Harris Phone: 402-519-2141 Email: greg.harris@quantumworkplace.com ARCHDIOCESE OF BALTIMORE: Challenges Claimants' Bid to Toss Ch. 11 ------------------------------------------------------------------ Randi Love of Bloomberg Law reports that the Archdiocese of Baltimore has opposed a motion to dismiss its bankruptcy, arguing that a committee of clergy sex abuse claimants is using the request as a strategy to "coerce a favorable result" in related litigation. In a filing Monday, September 29, 2025, in the U.S. Bankruptcy Court for the District of Maryland, the archdiocese said the committee's move was a "tactical maneuver" tied to ongoing disputes over the church's charitable immunity defense. The two sides have been litigating whether the Maryland doctrine shields the archdiocese from liability for survivor claims. The Troubled Company Reporter, citing Alex Wolf of Bloomberg Law, reported that the Archdiocese of Baltimore's bankruptcy should be dismissed if the church can avoid paying damages for clergy abuse under Maryland's charitable immunity law, according to a group representing abuse survivors. In a court filing, the official creditors' committee said the Chapter 11 case, now two years old, cannot continue if the archdiocese succeeds in shielding itself from financial responsibility. The dispute over the doctrine's applicability is still pending before the court. About the Archdiocese of Baltimore The Archdiocese of Baltimore operates as a non-profit religious organization. The organization provides catholic charities, chancery, pastoral council, policies, presbyteral council, and child and youth protection. The Archdiocese of Baltimore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition filed by Archbishop William E. Lori, the Debtor estimated assets between $100 million and $500 million and liabilities between $500 million and $1 billion. The Debtor is represented by Catherine Keller Hopkin, Esq. at YVS Law, LLC. ARCON CONSTRUCTION: Class 2(b) Unsecureds Will Get 25% in 24 Months ------------------------------------------------------------------- Arcon Construction Corporation filed with the U.S. Bankruptcy Court for the Northern District of California a Combined Plan of Reorganization and Disclosure Statement dated September 19, 2025. Since 1999, the Debtor, a single shareholder corporation, has been in the business of General Construction specializing in the construction of multi-family buildings and high end single-family homes throughout the San Francisco Bay Area. This Plan of Reorganization proposes to pay claims against the Debtor from cash in the Debtor-in-possession account, disposable funds over the course of the proposed plan period of 60 months and from New Value of $100,000.00 contributed by the sole shareholder of the Debtor. The Plan provides for secured and unsecured priority claims, three subclasses of general unsecured claims, and one class of the equity holder. Class 2(a) includes any creditor whose allowed claim is $10,000.00 or less, and any creditor in Class 2(b) whose allowed claim is larger than $10,000.00 but agrees to reduce its claim to $10,000.00. Each creditor will receive on the effective date of the Plan a single payment equal to 22.1% of the lesser of its allowed claim or $10,000.00. For ease of administration all small claim recipients, or those electing to be treated in the small claim class, will be paid a onetime payment on the effective date. Class 2(b) consists of Trade Creditors with General Unsecured Claims. Trade Creditors will receive 25% of their allowed claim in 24 equal monthly installments starting in 60 days from the effective date but not later than December 1, 2025 and to be paid thereafter on the 15th dat of each month for the balance of 23 additional months. Class 2(c) consists of Other General Unsecured Claims. Creditors will be impaired and will receive a set percentage distribution over 60 months after the effective date due monthly. Monthly payments will occur on the 15th of each consecutive month. The single holder in the Debtor shall retain his equitable interests in the property of the Debtor but will contribute new value of $100,000.00 to held in the Plan. The new value is the shareholder's personal funds, unrelated to the Debtor, and is being contributed to provide an immediate pool of funds for small & trade claims and costs of administration. A full-text copy of the Combined Plan and Disclosure Statement dated September 19, 2025 is available at https://urlcurt.com/u?l=5ukFdE from PacerMonitor.com at no charge. Counsel to the Debtor: Sheila Gropper Nelson, Esq. Resolution Law Firm P.C. 50 Osgood Place, 5th Fl. San Francisco, CA 94133 Tel: (415) 362-2221 Email: Shedoesbklaw@aol.com About Arcon Construction Corporation Arcon Construction Corp. operates a general construction and development business in Daly City, Calif., which includes planning, design, general contracting, and construction management. Arcon filed Chapter 11 petition (Bankr. N.D. Cal. Case No. 24-30679) on Sept. 13, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Andrey Libov, chief operating officer, signed the petition. Judge Dennis Montali oversees the case. The Law Offices of Eric J. Gravel is the Debtor's bankruptcy counsel. AZZUR GROUP: Looks to Delay Deal in Face of US Trustee's Push ------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Azzur Group, a pharmaceutical services company, pushed back against a bid by the U.S. Trustee's Office to require the debtor to propose an amended Chapter 11 plan, noting that its earlier plan was denied confirmation in May 2024. The Troubled Company Reporter, citing Law360 Bankruptcy Authority, previously reported that the Delaware bankruptcy judge warned attorneys for pharmaceutical services company Azzur Group on Monday, May 19, 2025, that they face significant challenges in obtaining court approval for their client's Chapter 11 plan, as the confirmation hearing got underway. The Delaware court previously sustained an objection to insider liability releases in the Debtor's Chapter 11 liquidation plan, concluding the company had not provided sufficient justification for releasing current and former officers, directors, and equity holders from claims related to their conduct before the bankruptcy. The TCR, citing Law360 Bankruptcy Authority, also previously reported that unsecured creditors in Azzur Group's Chapter 11 case are urging a Delaware bankruptcy judge to deny the proposed plan, claiming it unjustifiably offers sweeping releases from potential fraud or gross negligence, ultimately reducing their potential recoveries. About Azzur Group Holdings Azzur Group Holdings, a Pennsylvania-based professional services company operates across multiple locations including Boston, Chicago, San Diego, and San Francisco, providing specialized life sciences services including consulting, laboratory testing, cleanrooms-on-demand, and technical training services. Azzur Group Holdings and more than 30 of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10342) on March 2, 2025. In their petitions, the Debtors reported estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Karen B. Owens handles the cases. DLA Piper LLP represents the Debtors as general bankruptcy counsel. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors, Brown Gibbons Lang & Co. Securities Inc. acts as investment banker, and Stretto Inc. acts as claims and noticing agent. BARTRAM LOGISTICS: Seeks Continued Cash Collateral Access --------------------------------------------------------- Bartram Logistics, LLC asked the U.S. Bankruptcy Court for the Middle District of Tennessee for authority to continue to use cash collateral. The Debtor said that continued use of cash collateral is essential to maintaining operations and funding ordinary business expenses. The court's initial order entered on September 12 authorized the Debtor's interim use of cash collateral through October 3. The initial order granted lien holders a replacement security interest in the Debtor's post-petition property and proceeds thereof, with the same extent and priority as their pre-bankruptcy security interest. The court on September 24 also issued an order authorizing the Debtor to pay subcontractors and suppliers using estate property, including cash collateral, and to issue joint checks for post-petition payments. The payments are essential for the Debtor to continue its construction projects. The Debtor has an urgent need to preserve its operations in the midst of its Chapter 11 case, which was initiated on September 9. The Debtor said that it filed for bankruptcy relief to restructure its operations and finances while maintaining ongoing business activity. About Bartram Logistics LLC Bartram Logistics LLC, doing business as Bartram Electric, operates as an electrical subcontractor providing installation and related services for construction projects in the Southeastern United States. The Company focuses on multifamily, hotel, and restaurant developments and undertakes electrical scopes of work under general contractors. It has completed more than 70 projects in the region and continues to work on dozens of active and contracted assignments. Bartram Logistics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03788) on September 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtor is represented by Erin Malone-Smolla, Esq., at Bradley Arant Boult Cummings, LLP. BEAN THERE: Gets Extension to Access Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued its second interim order authorizing Bean There Done That, LLC to use cash collateral. The second interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, Cadence Bank. This authorization will continue until further order of the court. Cadence Bank and other creditors with a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral. This lien will have the same validity, priority and extent as the secured creditors' pre-bankruptcy lien. The Debtor was ordered to keep its property insured in accordance with its obligations under the loan and security agreements with Cadence Bank. The next hearing is scheduled for October 9. About Bean There Done That LLC Bean There Done That, LLC operates a drive-thru coffee shop offering specialty beverages and breakfast items. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04265) on June 24, 2025. In the petition signed by Igor D. Bley, manager, the Debtor disclosed $143,453 in total assets and $1,504,704 in total liabilities. Judge Catherine Peek McEwen oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A., represents the Debtor as bankruptcy counsel. BEYOND MEAT: Represented by Latham & Watkins in Exchange Offer -------------------------------------------------------------- Beyond Meat, Inc., a leader in plant-based meat, announced that it has commenced an exchange offer to exchange any and all of its 0% Convertible Senior Notes due 2027 for a pro rata portion of (i) up to $202.5 million in aggregate principal amount of its new 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 and (ii) up to 326,190,370 shares of its common stock. Latham & Watkins LLP represents Beyond Meat in the transaction with a capital markets team led by partners Greg Rodgers and Cathy Birkeland and counsel Ryan deFord, with associates Kaj Nielsen, Ryan Gold, Joann Murphy, Greer Gaddie, Sofia Sitterson, Amanda Farrish, Alex Gulino, and Molly Mitchell, and a restructuring & special situations team led by partners Ray C. Schrock and Candace M. Arthur, with associate Jonathan Gordon. Advice was provided on finance matters by partner Scott Forchheimer, with associates Laura Edwards, Mahika Narula, and Catherine Cook; on compensation and benefits matters by partner Holly Bauer, with associate Julie Voorhes and corporate governance and executive compensation attorney Mia DiBella; and on tax matters by partners Aaron Bernstein and Matthew Dewitz, with associate Alice Chen. About Beyond Meat Inc. Beyond Meat Inc. (NASDAQ: BYND) operates the Beyond Meat online retail store, as well as the Beyond Meat interactive Website and advertises, markets, and operates in the State of New York and throughout the United States. BLUM HOLDINGS: Issues $750K Unsecured Promissory Notes ------------------------------------------------------ Blum Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it executed and delivered an unsecured promissory note in the principal amount of $500,000 to an investor. The Note has a maturity date of September 16, 2027 and bears interest at a rate of 8.0% per annum payable monthly in arrears, commencing on January 15, 2026. The Company may prepay the principal balance in full at any time without penalty. The Note is convertible at the Lender's election into a convertible promissory note that shall include an automatic conversion into the shares of capital stock issued by Blum at a conversion price equal to 85% of a $20,900,000 pre-money valuation of Blum (equal to a per share price of $0.98 on a fully diluted basis). The Company shall grant to the Lender warrants to purchase up to 571,429 shares of the Company's common stock, at an exercise price of $0.35 per share. The Unsecured Promissory Note dated September 16, 2025 is a formal agreement for the advance payment of $500,000 received on August 11, 2025 as disclosed in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. On September 17, 2025, the Company executed and delivered an Unsecured Promissory Note in the principal amount of $250,000 to an investor. The Second Note has a maturity date of September 17, 2027 and bears interest at a rate of 8.0% per annum payable monthly in arrears, commencing on January 15, 2026. The Company may prepay the principal balance in full at any time without penalty. The Second Note is convertible at the Lender's election into a convertible promissory note that shall include an automatic conversion into the shares of capital stock issued by Blum at a conversion price equal to 85% of a $20,900,000 pre-money valuation of Blum (equal to a per share price of $0.98 on a fully diluted basis). The Company shall grant to the Lender warrants to purchase up to 285,714 shares of the Company's common stock, at an exercise price of $0.35 per share. The foregoing descriptions of the Notes do not purport to be complete and are qualified in its entirety by reference to the full text of the form of Notes, which are available at https://tinyurl.com/2pxvczjh and https://tinyurl.com/3x8nbkb6 , respectively. About Blum Holdings Headquartered in Downey, California, Blum Holdings, Inc. --www.blumholdings.com -- is a publicly listed parent company with operations across California, dedicated to delivering top-tier medical and recreational cannabis products and associated services. The Company is home to Korova, a brand of high potency products across multiple product categories, currently available in California. The Company formerly operated Blum Santa Ana, a premier cannabis dispensary in Orange County, California, which was sold in June 2024. The Company previously owned dispensaries in California which operated as Blum in Oakland and Blum in San Leandro, which were sold in November 2024. In May 2024, the Company began operating the retail store, Cookies Sacramento, and providing consulting services for two additional dispensaries located in Northern California. The Company is organized into two reportable segments: (i) Cannabis Retail -- Includes cannabis-focused retail, both physical stores and non-store front delivery; and (ii) Cannabis Distribution -- Includes cannabis distribution operations. Costa Mesa, California-based GuzmanGray, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Blum Holdings had $24.82 million in total assets, $29.56 million in total liabilities, $2.01 million in mezzanine equity, and a total stockholders' deficit of $6.75 million. As of Dec. 31, 2024, the Company had $1.04 million of cash and cash equivalents. CAMBER ENERGY: Subsidiary Signs $1.04M Equipment Sales Agreement ---------------------------------------------------------------- Camber Energy, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that its indirect majority-owned subsidiary, Viking Ozone Technology, LLC, and Box 03 International S.A., a corporation organized under the laws of Switzerland entered into an Equipment Sales Agreement regarding VOT's VKIN-300 waste treatment unit (having Serial Number SD-202530) currently situated in Bayet, France. Subject to the terms and conditions of the ESA, Box03 agreed to issue a purchase order and purchase the Ozone Unit for a purchase price equal to U.S. $1,035,500, payable as follows: (i) as to 40% of the Purchase Price, such amount is due and payable upon the acceptance by VOT of the purchase order to be issued by Box03 or its affiliate under the ESA; (ii) as to 50% of the Purchase Price, such amount is due within two business days following the date on which VOT notifies Box03 the Ozone Unit is ready for shipment; and (iii) the balance of the Purchase Price is due upon the earlier to occur of: (a) the installation and commissioning of the Ozone Unit pursuant to the performance and commissioning criteria agreed to in writing by VOT and Box03; or (b) the date that is 30 days from the delivery of the Ozone Unit to the Ultimate Destination (as defined in the ESA) except if there is a delay in the installation and commissioning of the Ozone Unit caused solely by VOT in which case payment of the balance of the Purchase Price shall be paid on completion of the installation and commissioning of the Ozone Unit. The tentative timeline for shipment of the Ozone Unit from its current location in Bayet, France to the prospective end user's facility is as follows: (i) disassembly of Ozone Unit in Bayet, France: October 21, 2025; (ii) shipment of Ozone Unit: October 25-27, 2025; and (iii) arrival at final destination: October 31, 2025. Box03's obligation to issue a purchase order to VOT for the Ozone Unit under the ESA is conditional upon Cepheid (or one of its affiliates), being the prospective end user of the Ozone Unit, completing a financing arrangement with Siemens (or one of its affiliates) on terms and conditions satisfactory to each of Cepheid and Siemens. There are no assurances such condition will be satisfied. If the condition is satisfied, Box03 is to issue the purchase order to VOT within one business day of receiving confirmation of same. The full text of the ESA is available at https://tinyurl.com/5ppwc4nf About Camber Energy Based in Houston, Texas, Camber Energy, Inc. -- http://www.camber.energy-- is a growth-oriented diversified energy company. Through its majority-owned subsidiaries, the Company provides custom energy and power solutions to commercial and industrial clients in North America and has a majority interest in: (i) an entity with intellectual property rights to a fully developed, patented, proprietary Medical and Bio-Hazard Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to fully developed, patented, and patent-pending proprietary Electric Transmission and Distribution Open Conductor Detection Systems. Additionally, the Company holds a license to a patented clean energy and carbon-capture system with exclusivity in Canada and for multiple locations in the United States. Various of the Company's other subsidiaries own interests in oil properties in the United States. The Company is also exploring other renewable energy-related opportunities and/or technologies, which are currently generating revenue or have a reasonable prospect of generating revenue within a reasonable period of time. Dallas, Texas-based Turner, Stone & Company, L.L.P, the Company's auditor since 2016, issued a "going concern" qualification in its report dated May 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $42,320,043 in total assets, $80,135,700 in total liabilities, and a total stockholders' deficit of $37,819,657. As of Jun. 30, 2025, the Company had $23,501,805 in total assets, $60,361,168 in total liabilities, and a total stockholders' deficit of $ 6,859,363. CENTER FOR SPECIAL: BFG Columbus Property Sale to G&A Sharon OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has permitted Michael Goldberg, the Chapter 11 Trustee of The Center for Special Needs Trust Administration Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a 501(c)(3) non-profit Florida corporation that administers pooled trusts and special needs trusts. The Debtor is the trustee or co-trustee of numerous special needs trusts, including both stand-alone trusts and pooled trusts for approximately 2,000 beneficiaries who suffer from various levels of disability. The Debtor's primary service as trustee of the Trusts is to manage the Trusts, maintain records for assets managed by third party investment managers, respond to request for distributions from Beneficiaries, and make distributions in a manner that still ensures that the applicable beneficiary meets the income and asset thresholds to qualify for certain public assistance benefits, such as Medicaid, Social Security, or Supplemental Security Income. The Debtor's services help to ensure that Beneficiaries maintain their qualification for these critical public assistance benefits. The Court has authorized the Trustee, through Nperspective Advisory Services, LLC and William A. Long, Jr., the Court appointed Chief Restructuring Officer of BFG Columbus Holdings LLC, to sell the property located at 3437-3511 Sullivant Avenue, Columbus, Ohio 43204 to G&A Sharon Woods Center LLC for a total purchase price of $2,400,000. The Trustee and the Purchaser are proceeding in good faith. The Purchaser is unrelated to the Trustee, the Debtor, or Leo Govoni. Moreover, the Chapter 11 Trustee has authority to sell the Real Property because he is now the majority member of BFG Columbus Holdings LLC and has consent from the other members. William A. Long, Jr., on behalf of BFG Columbus Holdings LLC, pursuant to this role as Chief Restructuring Officer, is allowed to execute sale documents and any other required documentation in order to complete the sale of the Real Property. The Court expressly waives the stay requirement enumerated in Federal Rule of Bankruptcy Procedure 6004, to the extent applicable, such that entry of this Order shall not be subject to an automatic 14 day stay and such that this Order is effective immediately. About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. CLNG HOMES: Orange Park Property Sale to Bradford Paul Beers OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, has approved CLNG Homes LLC, to sell Property, subject to liens, claims, encumbrances, and interests. The Debtor's Property is located at 2576 Huntington Way, Orange Park, Florida 32073. The Court has authorized the Debtor to sell the Property to Bradford Paul Beers for the sum of $535,000.00 subject to all existing pre-petition liens, claims, encumbrances and interests. All existing secured indebtedness on the 2576 Huntington Way Property, including but not limited to Churchill Funding I, LLC, shall be paid in full at closing from the sale proceeds. The sale made pursuant to the Order is "As-Is Where is With All Faults" and shall be by deed and/or instrument of conveyance as appropriate, with no warranties of title whatsoever. The Debtor is authorized to execute whatever documents as may be necessary to consummate the sale. Any broker/realtor commission be held in escrow pending application and order approving the compensation of the broker/realtor related to this transaction. About CLNG Homes LLC The Debtor is a Florida limited liability company. CLNG Homes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03106) on September 5, 2025, listing up to $50,000 in assets and liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler, represents the Debtor as legal counsel. CONSOLIDATED BURGER: Seeks to Extend Plan Exclusivity to October 31 ------------------------------------------------------------------- Consolidated Burger Holdings, LLC, and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 31 and December 30, 2025, respectively. The Debtors explain that they are paying their postpetition obligations in a timely fashion as shown in the monthly operating reports which the Debtors have been filing with the Court. The Debtors have been managing the remaining aspects of their operations efficiently and preserving the value of their assets for the benefit of all creditors. Accordingly, the Debtors submit that cause exists to extend the Exclusivity Period through October 31, 2025 and the Acceptance Period through December 30, 2025. The Debtors claim that they had consummated the sale of substantially all their assets on June 29, 2025. The Debtors are monetizing their limited, remaining assets, including a property damage and business interruption claim and prosecuting a sales tax refund. The Debtors have also issued several demands seeking to recover transfers which the Debtors contend constitute preferences under Bankruptcy Code section 547. The Debtors, Auxilior, BKC and Southfield continue to discuss how to most efficiently conclude these chapter 11 cases, which may include the filing of a plan of liquidation. The extension requested herein will not prejudice any parties and the benefits of the extension and a possible consensual conclusion of the chapter 11 cases outweigh any potential prejudice. The Debtors assert that the requested extension is reasonable given their progress to date and the current posture of these Chapter 11 Cases. The proposed extensions of the Exclusivity Period and Acceptance Period will advance the Debtors' efforts to confirm a liquidation plan as expeditiously as possible, bring these cases to a resolution, preserve value and avoid unnecessary motion practice. The Debtors further assert that the requested extension of the Exclusivity Period and the Acceptance Period is not unduly burdensome or prejudicial to any parties in interest in these cases. Accordingly, the Debtors request a 35-day extension of the Exclusivity Period and Acceptance Period. The Debtors' Counsel: Paul Steven Singerman, Esq. Jordi Guso, Esq. Christopher Andrew Jarvinen, Esq. BERGER SINGERMAN LLP 1450 Brickell Avenue Suite 1900 Miami, FL 33131 Tel: 305-755-9500 Fax: 305-714-4340 Email: singerman@bergersingerman.com jguso@bergersingerman.com cjarvinen@bergersingerman.com - and - Brian G. Rich, Esq. BERGER SINGERMAN LLP 313 N. Monroe Street, Ste. 301 Tallahassee, FL 32301 Tel: (850) 561-3010 Fax: (850) 561-3013 Email: brich@bergersingerman.com About Consolidated Burger Holdings Consolidated Burger Holdings, LLC, and its subsidiaries operate 57 Burger King restaurants across prime markets in Florida and Southern Georgia. On April 14, 2025, Consolidated Burger Holdings and two subsidiaries sought Chapter 11 protection (Bankr. N.D. Fla. Lead Case No. 25-40162). As of Dec. 31, 2024, the Debtors' balance sheets reflect assets of $77.9 million and liabilities of $77.9 million. The Hon. Karen K. Specie is the case judge. The Debtors tapped BERGER SINGERMAN LLP as general bankruptcy counsel, DEVELOPMENT SPECIALISTS, INC., as restructuring advisor, and PEAK FRANCHISE CAPITAL LLC as investment banker. OMNI AGENT SOLUTIONS, INC., is the claims agent. CORE F&B: Hires Restaurant Hospitality Associates as Accountant --------------------------------------------------------------- Core F&B PFV LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Restaurant Hospitality Associates as accountant. The services that RHA will be rendering are: a. bookkeeping services for the business operations; b. preparing monthly operating reports; c. monitoring daily cash flow of business; d. paying bills as directed by the Debtor; and e. providing other reasonable and necessary accounting services as requested by the Debtor. RHA charges a flat rate of $1,524.75 per month. As disclosed in the court filings, Restaurant Hospitality Associates represents no interests adverse to this estate, any other entity in connection with this case, and are "disinterested persons" within the meaning of 11 U.S.C. Sec. 101(14) The firm can be reached through: Stephen Farmer Restaurant Hospitality Associates 3526 Lakeview Parkway Rowlett, TX 75088 Tel: (972) 463-2414 Email: stephen.rha@gmail.com About Core F&B PFV LLC Core F&B PFV LLC, which operates Renny's Bar & Grill, a food service and drinking establishment located in Dallas, Texas. Core F&B PFV LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32655) on July 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by John Paul Stanford, Esq. at Quilling, Selander, Lownds, et al. CORPAY INC: S&P Rates New $1.2BB Senior Secured Term Loan B 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue rating and '3' recovery rating to Corpay Inc.'s (BB+/Stable/--) proposed $1.2 billion senior secured term loan B due 2032. The '3' recovery rating indicates its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The company intends to use the proceeds from this offering to fund the company's $2.2 billion acquisition of Alpha Group International PLC. Alpha (not rated) is a British fintech company that specializes in managing foreign exchange risk and alternative banking solutions for corporate and institutional clients throughout the U.K. and Europe. As of June 30, 2025, Corpay's leverage, as measured by S&P Global Ratings-adjusted debt to EBITDA, was 2.9x. S&P said, "We anticipate leverage will rise modestly above 3.0x upon completion of the pending acquisition, remaining well below our downside threshold of 4.0x over the next 12-24 months. Additionally, the company is expected to complete two noncore divestitures in the first half of 2026, and we anticipate the proceeds will go toward debt reduction." When calculating Corpay's leverage, S&P includes in itsadjusted debt figure the company's term loan A, term loan B, revolving line of credit, securitization facility, and lease liabilities, less unrestricted cash and cash equivalents that we consider to be available for debt repayment. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario contemplates a payment default in 2030 because of heightened competition, lower transaction volume, and significant operational issues. -- S&P assumes a reorganization following the default, using an emergence EBITDA multiple of 6.0x to value the company. -- S&P assumes a $1.8 billion draw on the company's securitization facility and treat this amount as priority to the company's secured debt instruments. -- S&P assumes an 85% draw on the company's $2.3 billion revolving credit facility, which is pari passu to the company's term loans. -- S&P's EBITDA at emergence reflects a fixed-charge proxy consisting of projected interest expense on an amortized debt balance and a minimum level of capital expenditure. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $1.24 billion -- EBITDA multiple: 6.0x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $7.04 billion -- Collateral value available to secured creditors: $5.2 billion -- First-lien debt: $8.5 billion --Recovery expectations: 60%-65% (rounded estimate: 60%) Note: All debt amounts include six months of prepetition interest. CORPORATE AIR: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Corporate Air, LLC (Lead) 25-22602 15 Allegheny County Airport West Mifflin PA 15122 Steel City Aviation, LLC 25-22603 Cheyenne, LLC 25-22604 Pittsburgh Flight Training Center, Inc. 25-22605 Steel City Aviation, Inc. 25-22606 CAM Investments, Inc. 25-22607 Schreiner Air Investments, LLC 25-22608 Business Description: Corporate Air, LLC; Steel City Aviation, LLC; Steel City Aviation, Inc.; and Pittsburgh Flight Training Center, Inc. provide flight training, aircraft rental (including charter services), maintenance, and Fixed-Base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. Cheyenne, LLC; CAM Investments, Inc.; and Schreiner Air Investments, LLC serve as investment or holding companies affiliated with these aviation businesses, managing assets, equity, and aircraft for the operational entities. Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court Western District of Pennsylvania Judge: Hon. John C Melaragno Debtors' Co-Bankruptcy Counsel: Kevin Douglass, Esq. BABST, CALLAND, CLEMENTS AND ZOMNIR, P.C. Two Gateway Center Pittsburgh PA 15222 Tel: (412) 394-5400 Email: kdouglass@babstcalland.com Debtors' General Bankruptcy Counsel: Domenic E. Pacitti, Esq. Michael W. Yurkewicz, Esq. KLEHR HARRISON HARVEY BRANZBURG LLP 1835 Market Street, Suite 1400 Philadelphia, Pennsylvania 19103 Tel: (215) 569-2700 Fax: (215) 568-6603 Email: dpacitti@klehr.com myurkewicz@klehr.com Debtors' Financial Advisor: RIVERON MANAGEMENT SERVICES, LLC Debtors' Noticing, Claims & Solicitation Agent: OMNI AGENT SOLUTIONS, INC. Lead Debtor's Estimated Assets: $1 million to $10 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by David Nolletti 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/PABSZLQ/Corporate_Air_LLC__pawbke-25-22602__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Francois Bitz Litigation $3,441,003 1640 Pleasant Hill Rd Baden, PA 15005 Phone: 412-913-1244 Email: francoisbitz@gmail.com; bitz@nauticom.net 2. Signature Energy Litigation $887,280 Attn: Joseph F. Butcher, Counsel 13485 Veterans Way, Ste 600 Orlando, FL 32827 Phone: 412-281-8000 Email: butcher@zklaw.com 3. Imagine 280, LLC Litigation $654,000 Attn: John Kelly 1331 E Lake Dr Ft Lauderdale, FL 33316 Phone: 412-913-0126 Email: jekelly5646@aol.com 4. American Express Litigation $544,072 Attn: Odstrchel E. Martin, Counsel 115 W Towne Ridge Pkwy Sandy, UT 84070 Phone: 855-473-2550 Email: customer.service@americanexpress.com; MOdstrchel@rauschstrum.com 5. Jim Manon Litigation $520,285 Union Trust Bldg 501 Grant St, Ste 200 Pittsburgh, PA 15219-4413 Email: brian.simmons@bipc.com 6. 84 Lumber Co Litigation $461,966 Attn: Deja Glemba, Louis A. DePaul Rte 519 P.O. Box 8484 Eighty Four, PA 15330 Email: Deja.Glemba@84lumber.biz ldepaul@eckeretseamans.com 7. Honeywell Inc Trade Debt $373,682 Attn: Carlos Noriega 24004 Network Pl Chicago, IL 60673-0349 Phone: +526865960119 Email: carlos.noriega@honeywell.com 8. World Fuel Services Inc Trade Debt $354,933 Attn: Michael J. Kasbar 2458 Paysphere Cir Chicago, IL 60674-2458 Email: legalnotices@wfscorp.com 9. Ascent Aviation Group, Inc Trade Debt $308,581 Attn: Bart Budman, CFO 3000 Bayport Dr, Ste 470 Tampa, FL 33607 Email: info@ascent1.com bbudman@ascentmro.com 10. James O'Donnell Trade Debt $267,974 Attn: Debbie Albright 10 Woodsworth Ct Wayne, PA 19087 Email: jimodonnell253@gmail.com 11. Allegheny County Airport Trade Debt $184,543 Attn: Patricia Sparks-Epley, Counsel 12 Allegheny County Airport W Mifflin, PA 15122 Phone: 412-466-1275 Email: agcinfo@flypittsburgh.com psparks-epley@flypittsburgh.com 12. Gulfstream Aerospace Corp Trade Debt $178,224 Attn: Mayra Calzadilla Vieito, Deputy Counsel P.O. Box 730349 Dallas, TX 75373-0349 Email: info@gulfstream.com; mayra.vieito@gulfstream.com 13. Pronto Transportation LLC Trade Debt $132,270 Attn: Raymond Pronto Tower Two Sixty 260 Forbes Ave, Ste 1600 Pittsburgh, PA 15222 Email: dnovakowski@courylp.com 14. Armada Supply Chain Solutions Trade Debt $128,056 Attn: David Brooks 645 Alpha Dr Pittsburgh, PA 15238 Phone: 412-406-5700 Email: dbrooks@armada.net 15. Mednax Trade Debt $115,700 Attn: Stephen Wietgrefe 1301 Concord Ter Sunrise, FL 33323 Email: mark_ordan@mednax.com 16. QAI Aviation, Inc Trade Debt $97,249 Attn: Mike Seber, VP 903 McKee Rd White Oak, PA 15131 Phone: 412-475-4724 Email: mikes@qai.aero; sales@qaiaviation.com 17. Muddy Creek Energy Investments Trade Debt $73,673 Attn: James Crockard 3935 Washington Rd Canonsburg, PA 15317 Email: jcrockard@muddycreekenergy.com 18. James Bernier Trade Debt $45,084 4 Westmoreland Farms Pittsburgh, PA 15215 Email: Jsbernier@comcast.net 19. American Textile Co Trade Debt $42,114 Attn: Melissa Leroch 10 N Linden St RIDC River Pl Duquesne, PA 15110 Email: mleroch@americantextile.com 20. Gogo Business Aviation, LLC Trade Debt $37,315 Attn: Crystal Gordon, General Counsel 111 N Canal St, Ste 1500 Chicago, IL 60606 Email: mleroch@americantextile.com 21. Summit Fire & Security Trade Debt $36,950 Attn: Douglas Higgins Jr P.O. Box 855227 Minneapolis, MN 55485-5227 Phone: 412-313-7665 Email: dhiggins@summitfiresecurity.com 22. Folino Construction, Inc Trade Debt $34,634 109 Dark Hollow Rd Oakmont, PA 15139 Phone: 412-820-2800 Email: estimating@afolino.com 23. Grossman Yanak & Ford LLP Trade Debt $34,000 444 Liberty Ave, Ste 500 Pittsburgh, PA 15222 Phone: 412-338-9300 Email: cpas@gyf.com 24. Precision Recruiting Trade Debt $31,001 Solutions Group Attn: A J Ray, Owner 3919 William Penn Hwy, Ste 200 Murrysville, PA 15668 Phone: 412-310-5828 Email: info@prsgllc.com ajray@prsgllc.com 25. Greenwood Point Int'l, LLC Trade Debt $28,500 4109 N Randolph Ct Arlington, VA 22207 26. Supporting Strategies Trade Debt $27,500 Attn: Chris Pentrack 100 Cummings Ctr, Ste 270 P Beverly, MA 0191 Phone: 412-226-0080 Email: cpentrack@supportingstrategies.com; info@supportingstrategies.com 27. Boeing Digital Solutions, Inc Trade Debt $22,628 P.O. Box 840864 Dallas, TX 75284-0864 Email: support@jeppesen.com 28. US Chamber of Commerce Trade Debt $21,620 1615 H St NW Washington, DC 20062-2000 Phone: 202-659-6000 Email: CKanuch@uschamber.com 29. Aviall Services, Inc Trade Debt $17,928 P.O. Box 842267 Dallas, TX 75284-2267 Email: bdicustomersupport@aviall.com 30. Morgan O'Brien Trade Debt $15,607 375 N Shore Dr, Ste 600 Pittsburgh, PA 15212 Phone: 412-713-2474 Email: Morganobrien2020@gmail.com COVERED BRIDGE: Court Extends Cash Collateral Access to Nov. 28 --------------------------------------------------------------- Covered Bridge Newtown, LLC and Covered Bridge Newtown I, LLC received another extension from the U.S. Bankruptcy Court for the District of Connecticut to use cash collateral to fund operations. The order signed by Judge Julie Manning authorized the Debtors to use cash collateral from September 23 to November 28 in accordance with their projected budget, subject to a 10% variance. As adequate protection, secured creditors including UC Covered Bridge MF Holder, LLC and the U.S. Small Business Administration will be granted replacement liens on the Debtors' assets, including real estate and personal property. The replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens, subject to a fee carveout. Secured creditors are also entitled to a superpriority claim senior to all other administrative expense claims against the Debtors. The Debtors acknowledge the validity, priority and extent of liens on cash collateral granted to UC Covered Bridge MF Holder and waived any challenge. The challenge period has expired for all creditors other than the official unsecured creditors committee, which has asserted a lien challenge in an adversary proceeding it filed in April. A final hearing is scheduled for November 18. Objections are due by November 14. A copy of the court order and the budget is available at https://shorturl.at/wfJQg from PacerMonitor.com. About Covered Bridge Newtown Covered Bridge Newtown, LLC is the entity responsible for construction of the buildings at a rental complex operated by Covered Bridge Newtown I, LLC. This property is a Class A luxury rental complex located at 9 Covered Bridge Road, Unit 1 and Unit 3, Newtown, Conn., with over 150 rented units. It has a 24-hour fitness center, heated swimming pool, sun deck, and clubhouse. The first buildings were completed in 2018. After construction on a parcel is completed, Covered Bridge Newtown deeds the buildings to Covered Bridge Newtown I by way of quit claim deed, after which the latter is the landlord to its tenants. Covered Bridge Newtown I has a full-time, on-site property manager attending to the needs of tenants and managing the Rental Complex. Covered Bridge Newtown and Covered Bridge Newtown I filed Chapter 11 petitions (Bankr. D. Conn. Lead Case No. 24-50833) on December 8, 2024. Each Debtor reported between $50 million and $100 million in assets and liabilities at the time of the filing. Judge Julie A. Manning handles the cases. The Debtors are represented by Joanna M. Kornafel, Esq., and Jeffrey M. Sklar, Esq., at Green & Sklarz, LLC. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. UC Covered Bridge MF Holder, LLC, as secured creditor, is represented by: Jeffrey A. Miller, Esq. Westerman Ball Ederer Miller Zucker & Sharfstein, LLP 1201 RXR Plaza Uniondale, NY 11556 Telephone No. (516) 622-9200 Facsimile No. (516) 622-9212 Email: jmiller@westermanllp.com CPV FAIRVIEW: S&P Affirms 'BB-' Rating on Senior Secured Debt ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating, with a '1+' recovery rating, on CPV Fairview LLC's $750 million senior secured term loan B (TLB). The '1+' recovery rating indicates S&P's expectation for full (100%) recovery in a hypothetical default scenario. S&P said, "The stable outlook reflects our expectation of strong debt service coverage during the TLB period given our opinion of power demand growth in future years and recently cleared capacity prices for the 2026-2027 period. During the TLB period, we expect DSCRs above 2.0x, falling to a minimum of about 1.83x when a fully amortizing debt structure is assumed after refinancing. We expect about $360 million will be outstanding at maturity." Fairview is a 1,050 megawatt (MW) combined-cycle gas turbine power plant that achieved commercial operation in December 2019. The plant is in Cambria County, Pa., and falls under the PJM-Mid-Atlantic Area Council (MAAC) capacity zone due to its interconnection to the 500-kilovolt Pennsylvania Electric Co. transmission system. The project sells power at AEP-Dayton Hub price with gas priced at TETCO M3. Fairview is jointly owned by Osaka Gas USA (50%), Competitive Power Ventures (25%), and DL Energy (25%). Osaka Gas Asset Management LLC is the project's asset manager and CPV Energy & Marketing Services is the project's energy manager. Fairview will upsize its existing $550 million TLB with a $200 million add-on in light of higher recently cleared capacity prices. CPV Fairview will use the proceeds to pay for transaction-related expenses and a sponsor distribution. There are no changes to the existing executed financing documents. The TLB outstanding after this transaction will be $700 million. S&P said, "Based on our view of industry factors and market-driven variables, we forecast a minimum and median debt service coverage ratio (DSCR) of 1.83x (including the post-refinancing period). "Although we anticipate the $200 million TLB upsize will pressure DSCRs, we view DSCRs as commensurate with the current rating due to the expected TLB paydown before maturity, driven by favorable near-to-median term market conditions. CPV Fairview has benefited from strong energy markets and favorable spark hedges. The project paid down approximately $43 million since the initial TLB issuance in September 2024. With recently cleared capacity prices in PJM and favorable energy market conditions, we forecast CPV Fairview will continue its robust financial performance in the next few years. We forecast DSCRs will be above 2x during the TLB period. We expect the TLB outstanding at maturity to be less than the upsize amount due to higher leverage, which will trigger a higher percentage of cash sweeps based on the TLB's tiered repayment mechanism. We now project the TLB outstanding at maturity will be approximately $360 million, compared with $260 million in our previous review. Post-refinancing, overall DSCRs are lower due to higher debt outstanding at maturity. We now expect a minimum and median DSCR of 1.83x. We continue to view this level of DSCR as commensurate with the current rating. "The stable outlook reflects our expectation of strong debt service coverage during the TLB period, given our view of power demand growth in the upcoming years. During the TLB period, we expect DSCRs above 2.0x and a minimum DSCR of 1.83x during the post-refinancing period, where we assume a fully amortizing debt structure. We expect spark spread will be in the high teens per megawatt-hour (/MWh) for the next several years, converging to a long-term average of about $14/MWh. "We would consider a negative rating action if the minimum DSCR falls below 1.35x on a sustained basis." This could occur if: -- CPV Fairview realizes weaker spark spreads and lower PJM capacity prices; -- Unplanned outages occur that significantly reduce generation; -- Economic factors cause the power plants to dispatch significantly less than our base-case expectation; or -- Debt paydown is substantially lower than S&P expects, leading to higher-than-expected debt balance at maturity. Although unlikely in the near term due to the single-asset nature of the project, S&P could raise the rating if: -- S&P has a qualitative view that the project can be rated in the 'BB' category given its single-asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk; -- S&P expects the project will maintain a minimum base-case DSCR higher than 1.80x in all years, including the post-refinancing period; and -- S&P would expect such outcomes to occur if the project's financial performance and debt repayment well exceed its forecast on a sustained basis. This could be due to factors such as improved energy margins, higher dispatch, and substantially improved capacity pricing, leading to lower-than-expected debt outstanding when the TLB matures, as well as a track record of decreasing debt per kilowatt (kW). DISTRICT 7 GRILL: Court Extends Cash Collateral Access to Oct. 27 ----------------------------------------------------------------- District 7 Grill Corporation and affiliates received second interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to operate their restaurants. The second interim order authorized the Debtors to use the cash collateral of U.S. Small Business Administration through October 27 in accordance with their 13-week budget. As adequate protection for the Debtor's use of its cash collateral, SBA will be granted replacement liens on post-petition cash and inventory. The replacement liens do not apply to any Chapter 5 avoidance actions. Texas ad valorem tax liens are deemed senior to SBA liens under state law. As further protection, SBA will receive a monthly payment of $1,000. The Debtors' authority to use cash collateral will terminate if the court removes them as debtors-in-possession; the Chapter 11 cases are converted to cases under Chapter 7 of the Bankruptcy Code; or the Debtors use cash collateral for purposes not authorized under the interim order. The final hearing is scheduled for October 27, with objections due by October 24. About District 7 Grill Corporation District 7 Grill Corporation owns and operates four restaurants in Houston, Texas, including: two District 7 restaurants located at 501 Pierce St., Houston, Texas 77002 and 1508 Hutchins Street, Houston, Texas 77003; one District 7 Restaurant & Market restaurant located at 610 Main St., Houston, Texas 77002; and one Table 7 Bistro restaurant located at 1085 Rusk St., Ste. C, Houston, TX 77002. District 7 Grill Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34547) on August 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Brandon J. Tittle, Esq. at TITTLE LAW FIRM, PLLC. ECGPR LLC: Case Summary & Six Unsecured Creditors ------------------------------------------------- Debtor: ECGPR , LLC AA 62 BO Playa Salinas, PR 00751 Business Description: ECGPR LLC holds fee simple ownership of a property at AA 62 Angel Maldonado Street in the Coco Margarita sector of Barrio Playa, Salinas, Puerto Rico, valued at about $117,000. Chapter 11 Petition Date: September 27, 2025 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 25-04341 Judge: Hon. Enrique S Lamoutte Inclan Debtor's Counsel: Jacqueline Hernandez Santiago, Esq. HERNANDEZ AND ASSOCIATES LAW FIRM PO Box 366431 San Juan, PR 00936-6431 Tel: (787) 249-4264 Email: quiebras1@gmail.com Total Assets: $121,000 Total Liabilities: $1,122,000 The petition was signed by Edgardo Fernandez Laborde as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2Y7KPTA/ECGPR__LLC__prbke-25-04341__0001.0.pdf?mcid=tGE4TAMA ERIC R. HARTMAN: Scott Chernich Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Scott Chernich as Subchapter V trustee for Eric R. Hartman, DC, PLLC. Mr. Chernich will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Chernich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott A. Chernich 313 S. Washington Square Lansing, MI 48933 517-371-8133 Email: schernich@fosterswift.com About Eric R. Hartman, DC PLLC Eric R. Hartman, DC, PLLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02687) on September 22, 2025, with $100,001 to $500,000 in assets and liabilities. Martin L. Rogalski, Esq. at Martin L Rogalski PC represents the Debtor as legal counsel. ERIC R. HARTMAN: Seeks to Hire Martin L. Rogalski as Attorney ------------------------------------------------------------- Eric R. Hartman, DC, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to hire Martin L. Rogalski, P.C., as its attorneys. The firm will represent and perform legal services to the Debtor necessary for the continuance, and conclusion of the Chapter 11 case. The firm will be paid at these rates: Senior Attorney $400 per hour Associate Attorney $250 per hour Law Clerk $200 per hour Paralegal $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Martin L. Rogalski, Esq., a partner at Martin L. Rogalski, P.C., 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: Martin L. Rogalski, Esq. Martin L. Rogalski, P.C. 1881 Georgetown Center Drive Jenison, MI 49428 Tel: (616) 457-4410 About Eric R. Hartman, DC, PLLC Eric R. Hartman, DC, PLLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02687) on September 22, 2025, listing $100,001 to $500,000 in both assets and liabilities. Martin L. Rogalski, Esq. at Martin L Rogalski PC as bankruptcy counsel. EUSHI FINANCE: S&P Rates New Junior Subordinated Notes 'BB+' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue-level rating to EUSHI Finance Inc.'s (EFI) proposed fixed-to-fixed reset rate junior subordinated notes due 2056. EFI is a core subsidiary of Emera Inc. (BBB/Stable) and exists solely to issue and redeem debt and sell its common securities to Emera. EFI intends to use the net proceeds from this offering for general corporate purposes, including repaying existing indebtedness. This will include the partial redemption of Emera's existing US$1.2 billion of fixed-to-floating hybrids, when they reset in June 2026. Accordingly, S&P views this issuance as a refinancing transaction and believe hybrid securities will continue to account for about 12% of Emera's capitalization, below the 15% maximum threshold in its criteria. S&P said, "We classify these notes as hybrid securities with intermediate equity content (50%), which reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we'll reclassify the notes as having no equity content after 2036 because the remaining period until maturity will be less than 20 years. "We rate these securities two notches below our 'BBB' long-term issuer credit rating on the company to reflect their subordination and deferability features. The hybrid securities are subordinated to all the company's existing and future senior debt obligations. In addition, management can defer the interest payments on the instrument. "The long-term nature of the junior subordinated notes--along with the company's limited ability and lack of incentives to redeem the issuance for a long-dated period--meets our standard for permanence. The coupon floor feature of the notes provides the company with less protection from some interest rate and refinancing scenarios than equivalent hybrids that don't have a floor. However, we expect it would replace this instrument with an equivalent or stronger form of equity before potential redemption to maintain a similar layer of capital that can absorb losses or conserve cash when needed. Redeeming the notes without replacing with an equivalent or stronger form of equity would likely preclude future equity credit, all else equal." EVERSTREAM SOLUTIONS: Seeks to Extend Exclusivity to Jan. 23, 2026 ------------------------------------------------------------------ Everstream Solutions LLC and its affiliated debtors asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 23, 2026 and March 24, 2026, respectively. The Debtors explain that ample cause exists to grant the Debtors' requested extension of the Exclusive Periods. Since the Petition Date, the Debtors have made significant progress toward their stated goals in these chapter 11 cases, including obtaining approval of a value-maximizing going-concern sale, progressing the wind down of the Debtors' operations in the Pennsylvania Market, and negotiating and filing a chapter 11 plan. First, the scale and complexity of the Debtors' business and industry, which require the Debtors to navigate complex issues in their chapter 11 plan efforts, support the need for the extension of the Exclusive Periods. The Debtors have a complex capital structure, with over $1 billion in total funded debt, including the OpCo Loans and HoldCo Loans. Accordingly, the Debtors' size and the complexity of these chapter 11 cases, and the breadth of financial and legal issues involved therein, warrant the requested extension of the Exclusive Periods. Second, the Debtors need sufficient time to confirm the Plan. On September 10, 2025, after negotiating with and obtaining the support of the OpCo Lenders, HoldCo Lenders, and DIP Lenders, the Debtors filed their Plan and Disclosure Statement. A confirmation hearing is scheduled for November 19, 2025. Expiration of the Exclusive Periods could result in the Debtors having to face the prospect of litigation concerning competing plans with a confirmation hearing on the horizon. Third, the Debtors have demonstrated good faith progress in these chapter 11 cases. This is the Debtors' first motion for extension of the Exclusive Periods. Only four months have passed since the Petition Date, which is not enough time to formulate, prosecute, and implement a chapter 11 plan in most chapter 11 cases, and not enough time here. The Debtors have expended significant efforts since the Petition Date to bridge competing views and garner consensus and have filed a Plan that reflects such consensus. Fourth, the Debtors remain engaged with their creditor constituents. The Debtors are in regular contact with their key creditor constituencies, including the OpCo Lenders, the HoldCo Lenders, the DIP Lenders, contract counterparties, and the Creditors' Committee. The Debtors are not seeking an extension of the Exclusive Periods as a tactic. Rather, the Debtors seek an extension of exclusivity so that they have sufficient time to finalize negotiations with their creditors and to confirm and implement the Plan. Fifth, the Debtors are making administrative expense payments and will continue to do so. The Debtors are paying administrative expenses as they come due and will continue to do so. Additionally, the Debtors have access to up to $47 million in DIP financing under the DIP Facility. The Debtors continue to monitor their liquidity position closely and are confident that sufficient funding will be available to satisfy their postpetition payment obligations during the requested extension of the Exclusive Periods. Finally, relatively little time has elapsed in these chapter 11 cases and an extension of the Exclusive Periods will not prejudice creditors and stakeholders. All stakeholders benefit from the continued stability and predictability that comes with the Debtors being the sole potential plan proponents. Further, an extension of the Exclusive Periods will enable the Debtors to consummate the Sale Transaction and confirm the Plan without the distraction of a competing chapter 11 plan. The Debtors' Counsel: Gabriel A. Morgan, Esq. Clifford W. Carlson, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: gabriel.morgan@weil.com clifford.carlson@weil.com - and - Matthew S. Barr, Esq. Andriana Georgallas, Esq. Alexander P. Cohen, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com andriana.georgallas@weil.com alexander.cohen@weil.com About Everstream Networks Everstream Networks LLC is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. FIRST BRANDS: Committee Examines Billions in Off-Balance-Sheet Deal ------------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that a special board committee at First Brands Group LLC has launched an investigation into the company's use of about $2.3 billion in off-balance sheet financing, a practice that had raised red flags among investors before the auto-parts supplier entered bankruptcy. The financing obligations stem from special-purpose vehicles tied to a subsidiary and were structured through factoring arrangements, Chief Restructuring Officer Charles Moore said in a Monday, September 29, 2025, bankruptcy filing. The probe, which began before the Chapter 11 case, remains ongoing as part of a broader review of company finances. 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: S&P Downgrades ICR to 'D' on Chapter 11 Filing ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on First Brands Group LLC to 'D' from 'CC'. At the same time, S&P lowered its issue-level rating on First Brands' first-lien debt to 'D' from 'CC' and our issue-level rating on its second-lien debt to 'D' from 'C'. First Brands voluntarily filed for Chapter 11 bankruptcy protection on Sept. 28, 2025. The downgrade reflects First Brands Group LLC's Chapter 11 bankruptcy filing. The filing follows the heightened maturity risks the company faced after its unsuccessful refinancing in July 2025, including the distressed trading levels of its term loans and scrutiny of its working-capital finance programs. An affiliate entity of First Brands, Carnaby Capital Holdings LLC, also filed for Chapter 11 bankruptcy on Sept. 25, 2025. S&P believes Carnaby was a material source of off-balance sheet financing that First Brands used to fund its working capital. Therefore, the loss of this short-term financing likely led to a significant liquidity shortfall at the company. First Brands has secured $1.1 billion of debtor-in-possession financing to support its ongoing operations and liquidity as it works through its bankruptcy proceedings. FIRST BRANDS: Sued by Grammer for Deal Breach --------------------------------------------- Jarek Rutz of Law360 Bankruptcy Authority reports that automotive supplier Grammer Inc. has filed a lawsuit in Delaware Chancery Court against APC Parent LLC and guarantor First Brands Group, which entered Chapter 11 on Sunday, alleging they breached multiple agreements and withheld over $20 million tied to a $40 million merger. 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. FRUGALITY INC: Gets Extension to Access Cash Collateral ------------------------------------------------------- Frugality, Inc. received third interim approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division to use cash collateral. The order penned by Judge Jerry Oldshue, Jr. authorized the Debtor's interim use of cash collateral to pay monthly expenses and court-approved fees. As protection, BayFirst National Bank and other creditors with secured claims on the cash collateral will be granted post-petition replacement liens on personal property, which the Debtor acquired after the petition date. The Debtor may still dispute the validity of any creditor's security interest in its assets. As further protection, BayFirst will continue to receive a monthly payment of $3,000 until confirmation of its Chapter 11 plan. The payment started in April. The next hearing is scheduled for October 3. About Frugality Inc. Frugality Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30177) on March 3, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jerry C. Oldshue Jr. presides over the case. Byron Wright, III, Esq., at Bruner Wright, P.A. is the Debtor's legal counsel. BayFirst National Bank, as secured creditor, is represented by: Douglas A. Bates, Esq. Clark Partington 125 East Intendencia Street, 4th Floor Pensacola, FL 32502 Phone: (850) 434-9200 Fax: (850) 432-7340 dbates@clarkpartington.com FUTURE FINTECH: Wealth Index Capital Takes 48% Stake, Gains Control ------------------------------------------------------------------- Future FinTech Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company issued an aggregate of 15,000,000 shares of the Company's common stock, par value $0.001 per share, to certain purchasers pursuant to a securities purchase agreement, dated July 24, 2024 (the "Equity SPA") by and among the Company and such purchasers. On September 16, 2025, the Company also issued 60,000 shares of the Company's Common Stock to an investor pursuant to a Pre-Paid Securities Purchase Agreement dated July 28, 2025 (the "Pre-Paid SPA") and related transaction agreements by and between the Company and such Investor. The Equity SPA, the Pre-Paid SPA, and the transactions contemplated thereunder, respectively, were previously reported on the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on July 31, 2025, and the consummation of such transactions was approved by the shareholders of the Company in a special meeting. As of September 17, 2025, the Company's outstanding common stock is 18,708,311 shares. Accordingly, a change of control of the Company occurred on September 16, 2025. As disclosed, on that date the Company issued 9,000,000 shares of its common stock to Wealth Index Capital Limited at a purchase price of $2.00 per share, for an aggregate of $18,000,000, pursuant to the Equity SPA. The shares were acquired by WICL using its working capital. As a result of the issuance of shares, WICL owns approximately 48.107% of the Company's 18,708,311 outstanding shares of common stock. WICL is wholly owned and controlled by Mr. Shanchun Huang as its sole member. Accordingly, Mr. Huang is deemed to be the beneficial owner of the 9,000,000 shares of common stock acquired by WICL pursuant to Rule 13d-3 under the Securities Exchange Act of 1934. Prior to the issuance of shares, the Company's largest shareholder was Mr. Zeyao Xue, who beneficially owned approximately 12.6% of the 3,450,770 shares of Company's outstanding common stock as of July 23, 2025. Except as disclosed herein, there are no arrangements known to the Company among members of both the former and new control groups and their associates with respect to election of directors or other matters which may at a subsequent date result in a further change in control of the Company. About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. GENESIS HEALTHCARE: Secures Reprieve at Alabama Care Facility ------------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that on Monday, September 29, 2025, a Texas bankruptcy judge granted Genesis Healthcare Inc. up to 15 additional days to address problems at an Alabama skilled nursing facility that federal authorities have sought to close. The Troubled Company Reporter, citing Soma Biswas of The Wall Street Journal, previously reported that Genesis Healthcare has been ordered by federal and state regulators to shut down one of its 175 nursing homes, an uncommon step in bankruptcy cases involving healthcare providers. The order applies to Magnolia Ridge in Glendale, Alabama, where more than 100 residents must be transferred to other facilities. The directive came from the Centers for Medicare and Medicaid Services (CMS) and the Alabama Department of Health, which gave Genesis 30 days to complete the transfers, attorney Dan Simon told a bankruptcy court on Monday, September 15, 2025. Regulators had first informed the company in March of their plans to close Magnolia Ridge, signaling the move had been under consideration for months. Government agencies generally try to prevent the closure of healthcare facilities, often supplying financial support to keep them operating. But Genesis had been under heavy strain from healthcare-negligence and wrongful-death lawsuits even before its July bankruptcy, facing $8 million in monthly litigation and settlement costs, according to The Wall Street Journal. Bankruptcy Judge Stacey Jernigan questioned the regulators' decision, especially since a patient-care ombudsman recently reported that Magnolia Ridge was delivering adequate care. However, lawyers representing hundreds of residents argued otherwise, pointing to CMS's consistently low ratings for the facilityâ€”just one out of five stars for several yearsâ€”and staffing levels that fell below national standards, the report states. Genesis said it disagrees with the closure order and intends to challenge it, though the company will follow the requirement to relocate residents. The dispute unfolds as Genesis pursues a restructuring plan, with an affiliate of current owner Joel Landau named as the lead bidder in an upcoming auction, a move opposed by groups of tort claimants. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. The U.S. Trustee for Region 11 appointed Michael Bubman of BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC and Peter Gudaitis of Aculabs, Inc., as additional members of the official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel. GETTY IMAGES: S&P Affirms 'B+' Issuer Credit Rating, Outlook Neg. ----------------------------------------------------------------- S&P Global Ratings affirmed its ratings on Getty Images Inc., including the 'B+' issuer rating and 'BB-' rating on the senior secured debt, and removed them from CreditWatch, where it placed them with positive implications on Jan. 31, 2025. The negative outlook reflects S&P's expectation for lower ratings if credit metrics do not improve post-merger likely because of integration issues or cost overruns. It also reflects its expectation for weaker cash flow due to higher costs in the first year. Getty Images Inc. announced it will borrow $628 million of first-lien senior secured notes, pari passu with existing first-lien debt, to complete its merger with Shutterstock. Significant headwinds from merger-related, litigation, and refinancing costs have pressured Getty's profitability and cash flow this year, which weakened credit metrics beyond what S&P anticipated including leverage of about 6x that is above our downgrade threshold of 5x. While S&P believes the merger will improve Getty's scale and enhance its business, recent results indicate it will take longer for credit metrics to improve. S&P said, "Our rating action reflects weaker than initially expected credit metrics. Significant headwinds this year with litigation and merger costs have affected performance, along with a $80 million foreign exchange headwind and costs tied to its term loan refinancing that squeezed cash flow. As of the second quarter of 2025, S&P Global Ratings-adjusted EBITDA margin declined to 25% from 32% at year-end 2024 and leverage exceeded our downside of 5x. While many of these were one-time costs that should roll off, we now expect credit metrics will be pressured for the year as it works through the merger. Getty is exchanging its senior unsecured notes at 14%, which could significantly increase its interest costs. The incremental first-lien senior secured debt further exacerbates borrowing costs pressures on cash flow. We forecast this will result in free operating cash flow (FOCF) to debt in the mid- to high-single-digit percent area post-merger, compared with our previous expectation of the low-teens. Should subsequent quarterly results indicate delays in the realization of synergies or weaker operating performance lead us to believe FOCF to debt will not recover when we anticipated, we could lower the rating. "Getty will realize significant synergies from the merger, but integration risks remain. We believe Getty has a good operating track record despite significant impacts to profitability in the first half of 2025. Over the years, the company has transitioned to a subscription-based model and sustained margins above 30% even amid the Hollywood strikes. We believe higher EBITDA after merging with Shutterstock will improve S&P Global Ratings-adjusted leverage to the high-3x area by year-end in 2026, with further improvements thereafter largely stemming from forecast synergies. We previously anticipated Getty's starting leverage of about 3.5x. The company has a history of integrating acquisitions, including Unsplash and iStock. However, we believe integration risks will be more pronounced as the merger is considerably larger than Getty's previous acquisitions." Generative AI creates challenges and opportunities. The rise of Gen AI has brought with it a slew of providers that offer image generation, from larger companies such as Adobe to smaller providers, further fragmenting the industry. Additionally, the ongoing litigation has raised concerns around global legislation and copyright law. To mitigate some of this, Getty has taken steps to integrate AI into its offerings. Its vast library of content and data provide customers with commercially safe AI models. S&P believes this allows a competitive edge and for cross-selling opportunities for meaningful credit enhancement longer-term. The negative outlook on Getty reflects the potential for weaker performance that results in a decline in credit metrics. S&P could downgrade Getty if: -- It faces merger integration issues, cost overruns, and salesforce disruption that could hinder the company's ability to achieve projected synergies; and -- EBITDA declines such that leverage increases above 5x area for a sustained period or FOCF remains below the mid-single-digit percents. S&P could revise the outlook on Getty to stable if it completes the Shutterstock merger and realizes projected synergies, leading to: -- Sustained leverage below 4x and FOCF to debt in the high-single-digit percents. This would entail good organic revenue growth, increased market share and subscription revenue, and maintaining healthy profit margins; and -- A conservative financial policy by not making large, debt-financed dividends, share repurchases, or large acquisitions. HARVEST MIDSTREAM I: Fitch Affirms BB- LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Harvest Midstream I, L.P.'s (HMI) Long-Term Issuer Default Rating (IDR) at 'BB-' and senior unsecured notes at 'BB-' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. The ratings reflect a diversified asset portfolio, stable cash flows and affiliate relationship. These are offset by higher leverage, reliance on acquisitions for growth, volumetric risk, increasing commodity price exposure, and concentrated counterparty exposure. Fitch views HMI's Rockies acquisition as rating-neutral. The transaction will increase the size and scale, further diversify the company's asset base and reduce counterparty concentration. However, rating headroom could significantly narrow, as Fitch anticipates 2026 leverage to approach the high end of the band. Key Rating Drivers Rockies Acquisition: Fitch expects stronger cash flow resilience following the acquisition, which will increase the size and scale, rebalance the commodity mix, and reduce reliance on the major counterparty. The Uinta and Green River assets are expected to generate substantial cash flow with limited near-term expansion needs. Post-transaction, HMI's asset portfolio will have a more balanced exposure to oil and natural gas, a notable shift from its recent oil-heavy mix. Fitch views higher natural gas exposure positively, reflecting the commodity's recovery from 2024 lows and structurally rising demand given its role in the energy transition. Fitch anticipates the exposure to Hilcorp Energy I, L.P. (unrated) will decline to below 40% of net revenues following the acquisition, reflecting Hilcorp's limited role as a customer of the acquired assets. Counterparty credit quality is largely unchanged, with primary customers being unrated local private producers that Fitch views as high yield. Contracts are predominantly life-of-lease or evergreen with acreage dedication. Acquisitions Elevating Leverage: Fitch anticipates leverage to approach 4.5x in 2026, assuming the Rockies acquisition is fully debt-funded. HMI's leverage has significantly increased since 2022 following a series of debt-funded acquisitions. HMI has relied on acquisitions to increase its modest size and scale, partially due to the partnership's substantial presence in mature or lower-growth basins. While HMI's active acquisition program has accelerated portfolio diversification and supported cash flow stability, the pace and funding of recent transactions have increased financial risk. The dispersed nature of assets could also limit integration synergies and scale benefits. Modest leverage is critical to the rating given HMI's acquisitive strategy, customer concentration, as well as volumetric and commodity price exposure. The portfolio should generate meaningful free cash flows for debt reduction over the forecast period, however, if commodity prices do not remain supportive, HMI may not achieve the deleveraging goal. Fitch expects the path back to management's target net leverage range of 3.0x-3.5x will reflect disciplined capital allocation and strong operational execution. Further debt-funded major acquisitions or significant unplanned organic growth projects before leverage normalizes could pressure the profile. Diversified Portfolio: Fitch views HMI's diversification as supportive of credit quality. In 2024, strong performance in Alaska and Four Corners offset softer performance in other regions. HMI is one of the few mid-sized operators in the capital-intensive midstream sector with a well-diversified portfolio. Diversification across regions, services and commodities have supported stable cash flow through varying market conditions. Pro forma for the Rockies acquisition, HMI will operate across six distinct locations exposed to differing basin production fundamental and market dynamics. Volumetric Risk: Volumetric risk prevails in HMI's contract framework, given limited volume assurances. This risk is inherently alleviated by mature basin's low production decline, although significant development in unconventional wells, such as Mancos in the San Juan Basin, could increase the rate. Larger volume declines in recent years mainly stem from some contract expirations and producers permitting issues, which Fitch does not anticipate continuing. HMI is mitigating the volumetric risk by adding volume assurance to some new contracts. In addition, Alaska's cost-of-service contracts provides downside protection by allowing tariff adjustment in response to volume fluctuation. Commodity Price Exposure: HMI's commodity price exposure has increased in recent years as marketing and non-fee-based revenue accounted for about 30% of HMI's 2Q25 LTM net revenue, up from about 24% in 2024. Expansion of the crude marketing business in Texas and Louisiana has increased exposure to price spreads. Rockies revenues, though largely fixed-fee, will add further exposure to keep-whole margins driven by the spread between natural gas and natural gas liquids prices. While 2024 Four Corners performance benefitted from higher keep-whole margins, Fitch expects the margins to narrow in the near to medium term as natural gas prices rise. Affiliate Relationship: HMI's risk profile remains tied to its E&P affiliate, Hilcorp, which is expected to account for less than 40% of net revenues after the Rockies acquisition. Acquisitions and organic growth have steadily diluted Hilcorp's contribution over time. Hilcorp, the largest privately held oil and gas producer in the U.S., shares common ownership with HMI under Mr. Jeffery Hildebrand. HMI's operations are strategically important to Hilcorp's production in the Alaska and Four Corners regions. Fitch expects continued operational alignment between the two companies as HMI diversifies its customer base and pursues third-party growth. Peer Analysis Howard Midstream Energy Partners, LLC (Howard; BB-/Stable) serves as a comparable peer to HMI due to its geographic diversification. Howard's assets are located in South Texas, the Texas Gulf Coast, Oklahoma and Pennsylvania. Compared to HMI, Howard is smaller in size and has lower commodity price exposure, as over 90% of its EBITDA are generated from fixed-fee contracts. While 40%-50% of Howard's EBITDA are supported by take-or-pay contracts, HMI benefits from higher diversification and cost-of-service contract. Howard's leverage is expected to remain in the mid-to-low 4.0x range, largely in line with HMI's after 2026. Howard has a long-term net leverage target of below 4.0x compared to HMI's commitment to a leverage of 3.0x-3.5x. HMI and Howard are rated the same primarily because Howard's lower commodity price risk is balanced by its smaller size. Key Assumptions - Fitch price deck for West Texas Intermediate (WTI) oil price of $65 per barrel (bbl) in 2025, $60/bbl in 2026-2027, and $57/bbl thereafter; - Fitch price deck for 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; - Base interest rates applicable to the partnership's outstanding variable rate-debt obligations reflect the Fitch Global Economic Outlook. - 2025 capex in line with management guidance; - Fitch assumes periodic acquisition activities in the forecast period; - Fitch assumes that management slightly lowers distributions in years with significant growth projects or acquisitions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA leverage above 4.5x on a sustained basis; - Increases in capital spending and/or funding for acquisitions beyond Fitch's expectation, particularly if not funded with a balance of debt and equity, resulting in negative consequences for the credit profile; - An event that has a material negative effect on Hilcorp's credit profile or operations; - Material changes to contractual arrangements and operating practices that negatively affect HMI's cash flow or earnings profile; - Impairment to liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Change in the cash flow stability profile, with a greater proportion of EBITDA derived from more prolific basins and/or decreased volumetric and commodity price exposure; - Meaningful improvement to counterparty credit profile and an increase in scale, with EBITDA leverage expected to sustain below 3.5x. Liquidity and Debt Structure The partnership had a total liquidity of approximately $788 million as of June 30, 2025. HMI had approximately $38 million cash on its balance sheet and $750 million available on its $1.1 billion first lien secured credit facility. The revolving facility includes an $120 million sublimit for letters of credit (LC's). As of June 30, 2025, there were no outstanding LC's under the facility. The credit facility has a maturity date of May 7, 2030. Covenants in the credit facility permit a maximum net secured leverage ratio of 3.50x and total leverage ratio of 5.25x. It also requires the partnership to maintain a minimum interest coverage ratio of 2.50x. As of June 30, 2025, HMI was in compliance with its covenants. Fitch expects HMI to generate FCF and maintain compliance with its covenants in the forecast period. HMI also has an $800 million 7.5% senior unsecured note maturing on Sept. 1, 2028 and $500 million 7.50% senior unsecured notes due on May 15, 2032. Issuer Profile Harvest Midstream I, L.P. (HMI) is a Houston-based privately held partnership with midstream assets across five distinct oil and gas basins in the U.S. It offers a variety of midstream services for oil, natural gas, NGL and produced water. 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 Harvest Midstream I, L.P. has an ESG Relevance Score of '4' for Governance Structure due to related-party transactions with affiliate companies, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Harvest Midstream I, L.P. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- HELIUS MEDICAL: Acquires 760K Solana Tokens for Treasury Strategy ----------------------------------------------------------------- Helius Medical Technologies, Inc. announced its first acquisition of Solana tokens as part of its digital asset treasury strategy under which the principal holding will be SOL, the native digital asset of the Solana Blockchain. The Company now holds over 760,190 SOL, with an average cost basis of $231. The Company also holds in excess of $335 million of cash, which it intends to use to further the digital asset treasury strategy. These SOL purchases underscore HSDT's commitment to the Company's Solana treasury strategy and long-term confidence in the Solana ecosystem. "We are excited to embark on our SOL accumulation plan in an efficient manner. The initial accumulation at a lower cost basis than recent market prices, while still retaining the large majority of its capital raised for more opportunistic purchases, showcases how laser focused the team is on maximizing shareholder value by having market awareness and being responsible stewards of capital," said Cosmo Jiang, Board Observer at HSDT and General Partner at Pantera Capital. "It has been gratifying to receive shows of support from multiple stakeholders across the Solana ecosystem, including staking providers, DeFi protocols and others. We take our responsibility to maximize shareholder value seriously and are eager to execute against our plan," said Joseph Chee, Executive Chairman of HSDT. Solana has historically been the fastest growing blockchain, leading the industry in transaction revenue and processing more than 3,500 transactions per second. The network is also the most widely adopted, averaging about 3.7 million daily active wallets and surpassing 23 billion transactions year to date. SOL is financially productive by design, offering a ~7% native staking yield, whereas assets like BTC are non-yield-bearing. As an independent treasury company, HSDT's mission is to support the growth and security of tokenized networks by serving as a long-term holder of $SOL, in addition to continuing the development of its neurotech and medical device operations. About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HELLO ALBEMARLE: Court Extends Cash Collateral Access to Oct. 10 ---------------------------------------------------------------- Hello Albemarle, LLC 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 October 10 in accordance with its budget, subject to a 10% variance. The budget projects total operational expenses of $117,931.09. The Debtor's cash collateral includes cash in its operating account and rents generated from its property in Brooklyn, N.Y., which are subject to liens held by NY Secured Funding, LLC. NYSF's collateral does not include avoidance actions and their proceeds. NYSF will be provided with adequate protection in the form of replacement liens on all assets acquired by the Debtor after its bankruptcy filing; superpriority claims in case the replacement liens are inadequate to protect the creditor; and the right to credit bid its debt in any asset sale. In the event that the Debtor's net monthly cash flow exceeds the amounts set forth in the budget, such excess funds will be paid to NYSF as additional protection. The final hearing is scheduled for October 28. About Hello Albemarle LLC Creditors of Hello Albemarle, LLC filed an involuntary petition for Chapter 11 protection against the company (Bankr. E.D.N.Y. Case No. 23-41326) on April 19, 2023. Judge Nancy Hershey Lord oversees the case. Hello Albemarle is represented by Paul H. Aloe, Esq., and David N. Saponara, Esq., at Kudman Trachten Aloe Posner, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in Hello Albemarle's Chapter 11 case. Goldberg Weprin Finkel Goldstein, LLP serves as the committee's legal counsel. HIAWATHA MANOR: Plan Exclusivity Period Extended to March 2, 2026 ----------------------------------------------------------------- Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the Middle District of Tennessee extended Hiawatha Manor Association, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 2, 2026 and May 1, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that cause exists to grant the relief requested exists for a number of compelling reasons. First, the Debtor continues to work toward a successful sale of Hiawatha East and Hiawatha West, so the Debtor may propose and confirm a plan and conclude this case. Unfortunately, due to a variety of factors, the Sale Process contemplated for this type of chapter 11 case necessarily takes time because of unique factors relating to the ownership structures and obtaining adequate notice to all parties in interest. Nevertheless, the Sale Process is foundational to the proposal of any successful plan in this chapter 11 case. Second, the Debtor's purpose in seeking extension of the Exclusivity Periods is a good-faith effort to avoid unnecessarily kicking off a plan process prematurely and unnecessarily incurring the added administrative costs that would coincide with such plan process. Further, commencing the plan process ahead of the Sale Process would put the proverbial cart before the horse, serving only to distract from the successful pursuit of the Sale Process. Third, given consideration to each of the foregoing, the Debtor submits that the Extension of the Exclusivity Periods will ultimately serve as a benefit for stakeholders as a whole. Hiawatha Manor Association, Inc. is represented by: Blake D. Roth, Esq. C. Scott Kunde, Esq. Holland & Knight LLP 511 Union Street, Suite 270 Nashville, TN 37219 Telephone: (615) 244-6380 Facsimile: (615) 244-6804 Email: Blake.Roth@hklaw.com About Hiawatha Manor Association Hiawatha Manor Association, Inc., oversees the management of the timeshare condominiums known as Hiawatha Manor and Hiawatha Manor I. Hiawatha Manor Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01916) on May 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Randal S. Mashburn handles the case. The Debtor is represented by Blake D. Roth, Esq., at Holland & Knight, LLP. HNO INTERNATIONAL: Reports $498,010 Net Loss in Fiscal Q3 --------------------------------------------------------- HNO International, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $498,010 for the three months ended July 31, 2025, compared to a net loss of $495,584 for the three months ended July 31, 2024. The Company recorded no revenue for the three months ended July 31, 2025, compared to $4,241 for the same period in 2024. For the nine months ended July 31, 2025, the Company reported a net loss of $6.43 million, compared to a net loss of $1.57 million for the same period in 2024. Total revenue for the nine months ended July 31, 2025, was $43,708, compared to $4,241 for the same period in 2024. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc77phnn About HNO International Headquartered in Murrieta, California, HNO International, Inc., a Nevada corporation, focuses on systems engineering design, integration, and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the near term. Cypress, Texas-based Barton CPA PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended October 31, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of July 31, 2025, the Company had $1.51 million in total assets, $3.07 million in total liabilities, and $1.56 million in total stockholders' deficit. HNO INTERNATIONAL: Revises Financials Over Stock Compensation Error ------------------------------------------------------------------- HNO International, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors, following consultation with management, concluded that the Company's previously issued financial statements for the fiscal year ended October 31, 2024, and for the interim periods ended January 31, 2025 and April 30, 2025, should no longer be relied upon due to errors in the valuation of service stock issuances and the related stock-based compensation expense. The Company determined that the valuation methodology applied in the original filings understated stock-based compensation expense. The revised valuation increased stock-based compensation expense by $1,108,368 for the fiscal year ended October 31, 2024, and by $4,827,055 for the quarter ended January 31, 2025. The January 31, 2025 adjustment carried forward into the subsequent quarter ended April 30, 2025. These non-cash adjustments resulted in corresponding increases to additional paid-in capital and adjustments to accumulated deficit. The Company intends to file Amendment No. 2 to its Annual Report on Form 10-K for the fiscal year ended October 31, 2024, and Amendment No. 1 to its Quarterly Reports on Form 10-Q for the quarters ended January 31, 2025 and April 30, 2025, to correct these errors and update related disclosures. The Company's management has discussed these matters with its independent registered public accounting firm. About HNO International Headquartered in Murrieta, California, HNO International, Inc., a Nevada corporation, focuses on systems engineering design, integration, and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the near term. Cypress, Texas-based Barton CPA PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended October 31, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of July 31, 2025, the Company had $1.51 million in total assets, $3.07 million in total liabilities, and $1.56 million in total stockholders' deficit. HOOTERS OF AMERICA: Court Confirms Chapter 11 Reorganization Plan ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Hooters of America LLC won confirmation of its Chapter 11 reorganization plan, paving the way for the restaurant chain to transition fully into a franchise-only model. Approval from the U.S. Bankruptcy Court for the Northern District of Texas on Tuesday, September 30, 2025, ensures that all company-owned restaurants will shift to franchisee ownership, according to the report. Among the buyers are a group that includes Hooters' original founders, who plan to acquire a majority of the 151 locations and reshape the brand with a more family-friendly focus. The court's approval came after Hooters reached a settlement with creditor Lags Equipment LLC, which had fought to preserve a decades-old royalty interest agreement tied to store revenues. Under the settlement, Lags will receive $1.6 million to resolve pre-bankruptcy claims and continue collecting 3% of revenue from more than a dozen Hooters restaurants in South Florida. The company also retains the right to appeal the denial of royalties from other locations in Texas, Ohio, and Indiana. Hooters' counsel, Chris Dickerson of Ropes & Gray LLP, told Judge Scott W. Everett the agreement represented "a great outcome all in all," the report states The chain entered Chapter 11 in March as part of a pre-arranged deal to sell itself to franchise owners and shed more than $300 million in debt. Hooters, best known for its chicken wings and signature uniforms, has faced the same headwinds hitting other casual dining concepts, including reduced foot traffic and rising costs. Hooters is represented in the case by Foley & Lardner LLP, while Lags is represented by Bradley Arant Boult Cummings LLP and Lawson & Moshenberg PLLC. The case is In re Hooters of Am. LLC, Bankr. N.D. Tex., No. 25-80078, with the hearing held September 30, 2025, the report relays. About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80078) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company-owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. HYPERSCALE DATA: Declares Special Dividend of 20M Class B Shares ---------------------------------------------------------------- Hyperscale Data, Inc. announced that it plans to issue a special one-time dividend of 20,000,000 shares of its Class B Common Stock to all holders of its Common Stock and its Class B Common Stock as well as its Series B Convertible Preferred Stock, Series C Convertible Preferred Stock, Series G Convertible Preferred Stock and Series H Convertible Preferred Stock on an as-converted basis. The record date for the Distribution is October 6, 2025. Stockholders who own the Company's Common Stock and Preferred Stock at the close of trading on that date will be eligible to receive the Issuable Shares. Further, the Company has set a payment date of October 31, 2025, subject to adjustment. As of September 19, 2025, the Company had 68,138,668 shares of Class A Common Stock outstanding, 4,989,330 shares of Class B Common Stock outstanding and approximately 154,852,189 Class A Common Stock equivalents, based on the current conversion price of the four series of Preferred Stock issued and outstanding without regard to conversion limitations set forth in their certificates of designation, for an aggregate of approximately 227,980,533 shares of Eligible Capital Stock, with the number of Issuable Shares distributable to holders of the Class A Common Stock being 5,977,618 such shares. Consequently, the number of Issuable Shares is currently approximately 0.0877268 for each share of Eligible Capital Stock. However, the Company anticipates that additional shares of Eligible Capital Stock will be issued prior to the Record Date, which would reduce the Payment Ratio. There is currently no public trading market for the Class B Common Stock. While the Company may seek to have the Class B Common Stock listed for trading on the NYSE American within the foreseeable future, there can be no assurance when, or if, such a listing will occur. The CUSIP number of the Class B Common Stock is 09175M 606. The Class B Common Stock is identical to the currently outstanding Class A Common Stock, with the exception that each share thereof carries ten (10) times the voting power of a share of Class A Common Stock. The Class B Common Stock is convertible at any time after the payment date into Class A Common Stock on a one-for-one basis. The Company will pay holders of the Eligible Capital Stock cash in lieu of issuing fractional shares of Class B Common Stock. The Distribution has been approved by the NYSE American. Stockholders should refer to the Company's official announcements or consult their financial advisors for more information about the specifics of the Distribution. For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data's public filings and press releases available under the Investor Relations section at https://hyperscaledata.com/ or available at www.sec.gov. About Hyperscale Data Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, N.Y.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $213.50 million in total assets, $205.60 million in total liabilities, and $7.90 million in total stockholders' equity. IMERYS TALC: Court Sets New Chapter 11 Plan Hearing for Feb. 2026 ----------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on Monday, September 29, 2025, a Texas bankruptcy judge scheduled a February hearing to consider Imerys Talc America and Cyprus Mines Corp.’s revised Chapter 11 plan, which proposes merging the Imerys entities and altering the treatment of international talc claims. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. J.C.C.M. PROPERTIES: Plan Exclusivity Extended to Jan. 9, 2026 -------------------------------------------------------------- Judge Paul Baisier of the U.S. Bankruptcy Court for the Northern District of Georgia extended J.C.C.M. Properties, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 9, 2026 and March 10, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it is presently working to negotiate a plan of reorganization with its creditors, but the Debtor requires additional time to allow its operations to stabilize now that it has been given the breathing room afforded by the automatic stay. Debtor is currently litigating the Judgment in the Lawsuit and requires additional time for the liquidation of those claims before proposing a plan of reorganization. The Debtor claims that it seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed. The Debtor asserts that its request for an extension will not unfairly prejudice or pressure its creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. J.C.C.M. Properties Inc. is represented by: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 Email: wrountree@rlkglaw.com About J.C.C.M. Properties J.C.C.M. Properties Inc. leases real estate, with its main assets situated at 1585 Crater Lake in Kennesaw, Georgia. J.C.C.M. Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55412) on May 14, 2025. In its petition, the Debtor estimated liabilities between $1 million and $10 million and estimated liabilities between $50 million to $100 million. Judge Paul Baisier oversees the case. The Debtor is represented by Will Geer, Esq., at Rountree Leitman Klein & Geer, LLC. KC 117: Voluntary Chapter 11 Case Summary ----------------------------------------- Debtor: KC 117, LLC 5712 Donna Ave. Tarzana CA 91356 Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11802 Debtor's Counsel: Shai Oved, Esq. THE LAW OFFICES OF SHAI OVED 7445 Topanga Cyn Blvd, Ste 220 Canoga Park CA 91303 Tel: 818-992-6588 E-mail: ssoesq@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Tom Efrati as authorized agent. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. https://www.pacermonitor.com/view/4YAPP6Y/KC_117_LLC__cacbke-25-11802__0005.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free onPacerMonitor at: https://www.pacermonitor.com/view/JDMS37Y/KC_117_LLC__cacbke-25-11802__0001.0.pdf?mcid=tGE4TAMA LASEN INC: Seeks to Extend Plan Exclusivity to December 8 --------------------------------------------------------- Lasen, Inc. and SkySkopes, Inc. asked the U.S. Bankruptcy Court for the District of Arizona to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 8, 2025 and February 6, 2026 for Lasen's plan, and December 9, 2025 and February 6, 2026 for SkySkopes' plan. The Debtors explain that this case is more complex as it involves two companies with a certain degree of interconnectedness. The precipitating factor for the bankruptcies was the interruption of cash flow due to the over-reaching of a creditor who contacted customers demanding direct payments. Also, there have been significant challenges facing the debtor as many people with the most institutional knowledge in the matter have resigned or otherwise left the Debtors' employ. There are a number of pending state and federal court cases in which the Debtors are named defendants. The Debtors claim that they have made good faith progress in their Chapter 11 cases. The Debtors have negotiated use of cash collateral agreements to continue operations. The Debtors have streamlined operations and downsized personnel. A Chief Restructuring Officer has recently been appointed for the Debtors. The Debtors have been working with vendors and suppliers to continue to provide services. The Debtors assert that an examiner has recently been appointed in the SkySkopes matter and that examiner needs sufficient time to acquire information to prepare a report for the Court. Similarly, the Unsecured Creditors' Committee in SkySkopes has recently been appointed and needs time to gather information. The substance of both the examiner's report and negotiations with the creditors' committee will have a sufficient impact on the plans of reorganizations by the Debtors. The Debtors further assert that they have generally been paying its debts as they come due but continue to work with some creditors on timing and amounts of payments. The Debtor's ability to make timely payments has been hampered by the slow payment of certain customers. The recent appointment of a Chief Restructuring Officer is expected to assist in facilitating collecting these delinquent payments. The Debtors note that they do have a pathway to a viable plan of reorganization as the nature of the work provided by the Debtors is still in demand, the intellectual property owned by the Debtors is also a valuable asset, and a sale of SkySkopes is still being considered (subject to court approval). Counsel to the Debtors: Randy Nussbaum, Esq. The Cavanagh Law Firm, PA 1850 North Central Avenue, Suite 1900 Phoenix, AZ 85004 Telephone: (602) 322-4000 Facsimile: (602) 322-4100 Email: rnussbaum@cavanaghlaw.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. Bankruptcy Judge Brenda K. Martin handles the case. The Debtor is represented by Randy Nussbaum, Esq., at The Cavanagh Law Firm, P.A. LEES EARNED: Brian Rothschild Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Brian M. Rothschild at Parsons Behle & Latimer as Subchapter V trustee for Lees Earned Portfolio, LLC. Mr. Rothschild will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Rothschild 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 M. Rothschild PARSONS BEHLE & LATIMER 201 South Main Street, Suite 1800 Salt Lake City, Utah 84111 Telephone: 801.532.1234 Facsimile: 801.536.6111 Email: BRothschild@parsonsbehle.com ECF@parsonsbehle.com About Lees Earned Portfolio LLC Lees Earned Portfolio, LLC owns and manages real estate properties, including residential and non-residential assets, and leases them to tenants, operating within the real estate rental and property management sector. Lees Earned Portfolio filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No. 25-25578) on September 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Geoffrey L. Chesnut, Esq., at Red Rock Legal Services, PLLC. LIBERTY ENTERPRISES: S&P Assigns 'B-' LT ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings assigned its 'B-' long-term issuer credit rating to Liberty Enterprises LLC (dba The Liberty Co.). At the same time, S&P assigned its 'B-' issue rating and '3' recovery rating to the proposed $425 million first-lien term loan due 2032. The stable outlook reflects S&P's expectation for Liberty's credit profile to remain in line with its rating over the next 12 months as robust growth is balanced against periodic debt issuances. Liberty seeks to issue new debt in the syndicated market to pay down existing debt, fund a distribution to members, and fund upcoming acquisitions and producer hires. S&P's 'B-' rating reflects Liberty's relatively small size and narrow focus within the highly fragmented and competitive U.S. insurance brokerage industry. Liberty generated total reported revenue of $205 million for the 12 months ended June 30, 2025, making it one of the smallest companies among rated peers. The company also has meaningful geographic concentration, with three states representing 70% of total revenue. In our view, these factors make Liberty more susceptible to volatility, adverse trends, and competitive industry pressures." That said, Liberty has significantly developed its scale and diversification over the past few years, largely driven by strategic mergers and acquisitions (M&A). For instance, in 2021, just one state represented 70% of total revenue, which was roughly $53 million at the time. While geographic concentration remains, the company has maintained solid margins and minimal carrier, client, and producer concentrations while achieving substantial growth. Liberty also benefits from a solid product mix across commercial property/casualty (P/C), personal lines, and employee benefits (EB), and has a growing wholesale and managing general agent (MGA) specialty business. S&P's base case sees the company continuing to grow and enhance its business profile. However, it expects Liberty's scale, geographic spread, and overall market position to remain on the weaker end of its rated peer set, constraining its view of the company's business risk. S&P expects Liberty to sustain robust top-line momentum through 2026, supported by healthy organic growth and an active M&A pipeline. The company has achieved a substantial compound annual revenue growth rate of 66% from 2020 through 2024. Along with M&A-driven contributions, this performance reflects strong organic growth stemming from solid new business generation and steady client retention trends. Notably, Liberty's ability to attract and retain high-performing producers has been key to sustaining its healthy organic growth engine. The company attributes this to its entrepreneurial sales culture, equity ownership opportunities, and other supportive programs and systems that appeal to growth-oriented producers. For instance, the company's more recently hired producers drove roughly half of the 15% organic growth posted for the 12 months ended June 30, 2025. This entrepreneurial focus also underpins the company's approach to M&A, as Liberty targets and attracts like-minded firms that are aligned with and contribute to its culture. Furthermore, many of these are structured as partnerships, with acquired firms (or partners) retaining a 20%-30% equity stake. In addition to aligning financial interests, this approach allows for Liberty's partners to maintain some autonomy while still being able to leverage the company's broader resources and capabilities. S&P said, "Considering these demonstrated growth drivers and the company's healthy pipeline of M&A and producer hires, we expect strong broad-based performance, including yearly organic growth of 10%-15% through 2026 that will be led by Liberty's commercial P/C and EB segments. While some softening rate conditions could drag on the P/C business, we believe continued execution on recruitment and partnerships will more than offset these headwinds. "We expect relatively lighter contributions to overall revenue growth from Liberty's personal lines and specialty segments, but these should nevertheless grow at a healthy pace and, importantly, enhance cross-sell opportunities. Additionally, while we expect the company's emerging specialty operations to remain a fairly small part of the business in the near term, we think this segment could provide strategic benefits over time by broadening reach across the insurance distribution value chain and allowing Liberty to capture a larger share of aggregate commission dollars. "We believe Liberty has developed a scalable platform that positions it well to achieve substantial growth alongside solid margin expansion. For the 12 months ended June 30, 2025, the company's S&P Global Ratings-adjusted EBITDA margin was about 25%, fairly stable versus the prior year and broadly consistent with that of its rated peers. We partly attribute this trend to elevated expenses and adjustments related to M&A and producer hires, which we do not add back in our calculation of EBITDA. "Notably, however, we also think these flat margins suggest that Liberty has yet to fully realize the operating leverage benefits from its substantial internal investments in 2023. In that year, the company paused M&A to focus on infrastructure and process enhancements, effectively building up greater capacity to absorb the increased scale tied to its growth objectives. "Liberty has since resumed M&A activity, having completed five deals in 2024 and eight so far in 2025. Coupled with ongoing producer recruitment, we think these scaling initiatives will gradually translate into margin expansion as newer partners and hires ramp up and contribute revenues that flow through earnings with relatively minimal incremental cost. "That being said, we believe integration and sustained execution across a larger footprint will remain key risks. Liberty has developed a streamlined process to fully onboard new partners within 90 days, but we think this integration capacity could be challenged by the expected pace of elevated M&A activity over the next 12-18 months. "Still, our base case sees margins trending favorably and approaching 27% through 2026. We anticipate costs related to M&A, producer hires, and other ongoing investments will remain a modest pressure to earnings. However, we expect these to be more than offset as the company scales and benefits from the natural operating leverage embedded in the platform from its prior investments. "Earnings growth should support solid improvements to credit measures, but continued debt-funded expansion limits the likelihood for sustained and material deleveraging. Liberty is seeking to issue a new $425 million first-lien term loan due 2032. We expect proceeds will be used to repay about $278 million of existing debt, fund a $75 million distribution to members, and support its pipeline of producer hires and acquisitions, including those under letters of intent (LOI). "Pro forma the proposed transaction and annualized impact of recent M&A and deals under LOI, we estimate S&P Global Ratings-adjusted leverage of 8.8x and EBITDA interest coverage of about 1.6x (based on annualized interest and SOFR as of the end of the second quarter). "Unlike many of its similarly rated peers, Liberty does not have any financial-sponsor ownership and is fully owned by its employees and management, with the CEO holding a significant majority of ownership. We think this allows for better flexibility around growth pacing and capital allocation, but we still anticipate regular incremental borrowings to support the company's expansion plans. "In our base case, we expect earnings growth to drive solid improvements to credit metrics, including leverage nearing the low-7x area by year-end 2026. However, as total debt levels rise to help finance this growth, we see limited potential for leverage to improve below 7x on a sustained basis, keeping the company's credit profile commensurate with the current rating. "The stable outlook reflects our expectation that Liberty will maintain robust performance momentum over the next 12 months, including organic growth of 10%-12% and solid margin expansion. We also expect Liberty to support its considerable growth plans through ongoing debt issuances, resulting in credit metrics that remain within the bounds of our current rating through 2026. "We may consider a downgrade over the next 12 months if operating performance or credit metrics deteriorate such that we expect leverage above 10x and EBITDA interest coverage near 1x on a sustained basis, and if we believe that the company's capital structure is no longer sustainable." This might occur if: -- Revenue declines due to lost market share, unfavorable new business and client retention trends, or macroeconomic conditions that are worse than expected; -- Margins meaningfully contract because of operational missteps, integration challenges, or intensified competition; or -- The company adopts a more aggressive financial policy. S&P said, "We may consider an upgrade over the next 12 months if we expect Liberty to sustain leverage below 7x and EBITDA interest coverage comfortably above 2x, combined with meaningfully enhanced scale and diversification. This would also have to be accompanied by a financial policy commitment to maintaining credit metrics at these levels." LITTLE MINT: Unsecured Creditors to Split $500K over 5 Years ------------------------------------------------------------ The Little Mint, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina an Amended Disclosure Statement describing Plan of Reorganization dated September 19, 2025. The Debtor is a North Carolina corporation, founded in 1991 and headquartered in Mount Olive, North Carolina. The Debtor began as one restaurant called "Andy's Cheesesteaks & Cheeseburgers". The Debtor's owner, Kenney Moore, named the restaurant after his two-year-old son, Andy, and cooked every burger during its first year of operation. For two decades, Mr. Moore continued to grow the Debtor's operations, ultimately expanding to include franchisees in 2012, when the Debtor rebranded to "Hwy55 Burgers Shakes and Fries". As of the Petition Date, the Debtor had 71 locations, consisting of 14 corporate-owned stores and 57 franchised stores. The stores are located primarily throughout the Southeast, with operations in North Carolina, South Carolina, Florida, Tennessee and Montana. Since filing, the Debtor has closed a number of stores such that 61 stores now remain. Of the remaining stores, 11 are corporate owned and operated and 50 are franchised stores. The Debtor's Plan of Reorganization is based upon the Debtor's belief that the interests of its creditors will be best served if it is allowed to reorganize. Payments to creditors shall be made from the proceeds of the Debtor's continued operations. The Debtor will pay the administrative costs in full as set forth more fully herein or upon such other mutually acceptable terms as the parties may agree. Any and all priority taxes due and owing to the Internal Revenue Service, N.C. Department of Revenue, or any county or city taxing authority shall be paid in full as set forth more fully herein. The Debtor will treat the claims of its Johnson Breeders, Inc. and its other secured creditors as outlined more fully herein. Class XXII consists of General Unsecured Claims. The Debtor shall pay the sum of $500,000.00 (the "Base Payment") to allowed General Unsecured Claim holders in this Class over five years, payable in quarterly installments. Payments shall commence on the later of (i) the twenty-fifth day of the third full month following the Effective Date or (ii) the twenty-fifth of the first full month following the Court's resolution of all objections to claims and continue thereafter quarterly for a total term of five years (20 quarterly payments) For feasibility purposes, the Debtor estimates a quarterly payment amount to this Class totaling $25,000.00. For the Debtor's operating year ending 2026 through 2030, the Debtor will make annual payments to the General Unsecured Claims in the amount of 25% of the Debtor's after tax annual net cash flow less the Base Payment paid during such year. Such payment shall be due by April 30th of the following year to allow for the tax return to be completed. If the Debtor experiences a Liquidity Event (defined as the sale or change of control of all or substantially all the Debtor's assets, business operations, or stock in a transaction agreed to or closed by December 31, 2030), then the GUC class will receive 25% of the net proceeds of the transaction. Net proceeds are proceeds after costs of sale, payment of all then existing liens, post-petition creditors of the Debtor including any unpaid administrative expenses, and taxes, including distributions for estimated owner level income taxes resulting from the sale transaction. Class XXIII consists of the sole shareholder of the Debtor as follows: Kenneth K. Moore as the 100% shareholder interest. The equity security holder listed above shall retain his ownership interest upon confirmation of the Plan. The Debtor shall make payments under the Plan from revenue generated by the continued operation of the Debtor's business. A full-text copy of the Amended Disclosure Statement dated September 19, 2025 is available at https://urlcurt.com/u?l=1TFHna from PacerMonitor.com at no charge. The Little Mint Inc. is represented by: Rebecca Redwine Grow, Esq. Jason L. Hendren, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone PLLC 4600 Marriott Drive Suite 150 Raleigh, NC 27612 Telephone: (919) 420-7867 Facsimile: (919) 420-0475 Email: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalone.com About The Little Mint Inc. The Little Mint Inc., doing business as Hwy 55 Burgers Shakes & Fries, owns multiple Hwy 55 Burgers, Shakes & Fries restaurants. The Little Mint Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04510) on Dec. 31, 2024. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Joseph N. Callaway presides over the case. Rebecca F. Redwine, Esq. of HENDREN, REDWINE & MALONE, PLLC represents the Debtor as counsel. LMD HOLDINGS: Seeks to Extend Plan Exclusivity to November 14 ------------------------------------------------------------- LMD Holdings, LLC asked the U.S. Bankruptcy Court for the Eastern District of Michigan to extend its exclusivity periods to file a combined disclosure statement and plan to November 14, 2025. The Debtor explains that when this case was filed, the company anticipated that it would be able to reach agreement quickly with its secured lenders on a liquidating process within the initial 90-day period. Debtor and its primary secured lender are in the process of attempting to negotiate such a process, however, the deadline to extend the time to file a motion to extend exclusivity and the time to file a plan is due on September 24, 2025, and Debtor is filing this motion out of an abundance of caution. The Debtor cites that its liquidation strategy is complicated by its relationship with a related distillery entity, which has not yet commenced bankruptcy proceedings. Any sale or liquidation process will likely need to be coordinated with the distillery to maximize value for all stakeholders, and this coordination requires additional time to structure properly. The Debtor claims that the requested extension will provide the Debtor with crucial additional time to: a. continue negotiations with its primary secured lender regarding the terms of a consensual liquidating plan or Section 363 sale process; b. coordinate with the related distillery entity to develop a comprehensive liquidation strategy that maximizes value; c. potentially reach agreement with secured lenders on adequate protection or other arrangements that would obviate the need for stay relief litigation; and d. draft and file a confirmable plan that has the support of major stakeholders. The Debtor submits that the requested extension is in the best interests of the estate and all creditors, as it will enhance the prospects for a consensual resolution that avoids costly litigation and maximizes recoveries through a coordinated liquidation process. The Debtor asserts that it is not seeking this extension for purposes of delay, but rather to facilitate a value-maximizing resolution of this case. The additional 30 days requested represents a reasonable period to achieve the consensus necessary for a successful reorganization or liquidation. The Debtor further asserts that no party will be prejudiced by the requested extension. To the contrary, all parties will benefit from the Debtor having adequate time to negotiate and propose a confirmable plan that has stakeholder support. LMD Holdings LLC is represented by: Robert N. Bassel, Esq. P.O. Box T Clinton, MI 49236 Telephone: (248) 835-7683 Email: bbassel@gmail.com About LMD Holdings, LLC LMD Holdings LLC operates Luca Mariano Distillery, a beverage manufacturer located at 128 Letton Drive in Danville, Kentucky. LMD Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47214) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million to $10 million each. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Robert Bassel, Esq. at ROBERT N. BASSEL. MARKIMIAN HARRIS: Wells Fargo's Automatic Stay Relief Bid Denied ---------------------------------------------------------------- Judge Tamara O. Mitchell of the United States Bankruptcy Court for the Northern District of Alabama conditionally denied Wells Fargo Bank, N.A.'s motion for relief from the automatic stay of Section 362 in the bankruptcy case of Markimian Adams Harris, Sr. The issue now before the Court in this bankruptcy case is whether Wells Fargo should be granted relief from the automatic stay as to the Debtor's residence. Debtor opposes stay relief, not because he disputes that he has missed payments, but because he does not believe that Wells Fargo is the correct entity to collect the debt. The Debtor filed his Chapter 11 case on July 7, 2025, and from the outset he indicated on his schedules that he disputed Wells Fargo's claim. On Schedule D, Wells Fargo is listed as a secured creditor with a claim of $118,000. The Debtor marked the claim as contingent, unliquidated, and disputed. At the hearing the Debtor introduced into evidence a letter from Wells Fargo confirming that the note is owned by Freddie Mac and that Wells Fargo is the servicer. The Debtor acknowledged at the hearing that he signed the note and mortgage in question, and did not dispute that the note was payable to Wells Fargo or that Wells Fargo was the creditor on the mortgage. The Debtor argued, however, that Wells Fargo is not entitled to enforce the note since it is not the owner, and there is no evidence, such as allonges or endorsements, that Freddie Mac authorized Wells Fargo to enforce the note. On his schedules the Debtor valued the property at $182,500 and listed the mortgage debt at $118,000. The note, attached to the Proof of Claim (Claim 9-1), reflects that on June 23, 2020 the Debtor originally borrowed $132,308. According to the Proof of Claim itself, the total debt owed by the Debtor is $133,062.82, with arrearage as of the petition date in the amount of $18,299.80.10 It appears that the Debtor has equity in his home despite the fact that the note and mortgage were not signed until 2020. The Debtor testified that he believes he has approximately $65,000 in equity in his home, and counsel for Wells Fargo agreed that there is equity based on the Debtor's valuation. Wells Fargo, as the party moving for relief from the automatic stay, has the burden to prove a lack of equity. Counsel for Wells Fargo did not put on any evidence regarding equity and thus this prong of Sec. 362(d)(2) has not been established. Since Wells Fargo has not satisfied Sec. 362(d)(2)(A) regarding lack of equity, the Court need not address Sec. 362(d)(2)(B) regarding whether the property is necessary to an effective reorganization. Therefore, relief from stay is due to be denied under Bankruptcy Code Sec. 362(d)(2). This Court finds that relief from stay is due to be conditionally denied so long as debtor resumes and continues each month to pay his regular mortgage payments beginning with the November 1, 2025 payment. The payments are to be made to Wells Fargo as the Debtor has done in the past. Furthermore, the Debtor shall pay to Wells Fargo each month beginning on November 1, 2025 the additional amount of $200 to be applied to the arrearage. In the event Debtor fails to remit any regular monthly payment to Wells Fargo or fails to pay the additional amount of $200 to be applied to the arrearage, Wells Fargo may file a pleading to renew its Motion, and a hearing will be scheduled by subsequent notice. Furthermore, although the Court is not addressing in this Memorandum Opinion and Order any issue other than the request for relief from stay, the Court determines that it is reasonable to require Wells Fargo to, on or before December 10, 2025, produce and file in the Court's ECF system documentation evidencing its entitlement to enforce the note and mortgage for the Court's review. A status conference on the Motion shall be held on January 12, 2026, at 10:30 a.m. in Courtroom 3, Robert S. Vance Federal Building, 1800 5th Avenue North, Birmingham, Alabama. A copy of the Court's Memorandum Opinion and Order dated September 18, 2025, is available at https://urlcurt.com/u?l=EqvyFp from PacerMonitor.com. Markimian Adams Harris, Sr. filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ala. Case No. 25-01987) on July 7, 2025, listing under $1 million in both assets and liabilities. MERIT STREET: Court Troubled by Dr. Phil's Guarantee to Friend -------------------------------------------------------------- James Nani of Bloomberg Law reports that Dr. Phil McGraw's pledge to personally cover a friend and creditor of Merit Street Media Inc. sparked unease from Judge Scott W. Everett, who is deciding whether the company's bankruptcy should be dismissed or converted. The concerns surfaced Monday, September 29, 2025, during closing arguments in the U.S. Bankruptcy Court for the Northern District of Texas, where Merit Street spent more than a week defending the legitimacy of its Chapter 11 case against objections from Trinity Broadcasting Network of Texas Inc. and Professional Bull Riders LLC. The Troubled Company Reporter, citing Becky Yerak of The Wall Street Journal, previously reported that television host Phil "Dr. Phil" McGraw testified Tuesday, September 23, 2025, that although he was moving to end ties with Trinity Broadcasting Network, he also assured the Christian broadcaster he wanted to work together with "transparency" on Merit Street Media, their bankrupt joint venture. Court records show McGraw was confronted with conflicting communications: a June 2024 text to a friend claiming he was "working on the project of getting rid of TBN" and a July 2025 email to Trinity executives proposing that the two sides remain partners "with transparency," according to The Wall Street Journal. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MODEL TOBACCO: Unsecureds to be Paid in Full over 5 Years --------------------------------------------------------- MK Richmond, LLC and SS Richmond LLC filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a Disclosure Statement with Respect to Plan of Reorganization for Model Tobacco Development Group, LLC dated September 19, 2025. The Debtor was organized as a limited liability company under the laws of the Commonwealth of Virginia effective as of October 12, 2017. The Debtor acquired ownership of the Property by deed recorded on June 15, 2020, deed reference #20-0012821. The Property then consisted of former tobacco lofts, warehouses and related facilities that previously served as a factory for the United States Tobacco Company. The Property is located at 1100 Richmond Highway, Richmond, Virginia. The Property is located in an area zoned B-6, Mixed Use Business District. The use of the Property as a 203-unit apartment complex is a permitted use. On December 11, 2024, the Virginia Housing Development Authority ("VHDA") filed its Verified Petition For Appointment Of A Receiver On An Emergency Ex Parte Basis, case no. CL24005391-00 (the "VHDA Petition"), and its Emergency Ex Parte Motion for Appointment of A Receiver And Entry Of Preliminary Injunction in the Circuit Court of the City of Richmond (the "VHDA Motion"). The VHDA Petition named the Debtor and Master Tenant as defendants. The Debtor and certain of its members determined that the Debtor should file a chapter 11 petition to protect the Debtor, its creditors and parties in interest. However, the Release Order restricted Mr. Harrison's ability to act on behalf of the Debtor. Mr. Harrison sought relief from the District Court to initiate and participate in a chapter 11 bankruptcy filing. Such relief was granted in the Modification Order on December 30, 2024. The Plan Proponents are in the early stages of planning for implementation of required repairs to the apartment and amenities buildings. The Plan Proponents presently are reviewing the possible existence of warranties covering basement water intrusion. Class 4 consists of General Unsecured Claims. Holders of allowed general unsecured claims in Class 4 shall be paid their pro rata share of the lesser of (a) the aggregate amount of allowed Class 4 claims and (b) $1,400,000. A portion of the equity infusion provided by the plan funders on the Effective Date, specifically $200,000, will be paid to Class 4 on the Effective Date. The remainder of the amount payable to Class 4 will be paid in quarterly installments over a 5-year period. Installment payments to Class 4 will be conditioned on the satisfaction of certain requirements, such as the absence of any default under the Plan, the completion of all repairs, and the funding of working capital and capital expense reserves. Regardless of the status of such conditions, the balance due with respect to Class 4 shall be paid in full on the Class 4 Maturity Date. Class 6 consists of Equity Interests of Master Tenant, MK Richmond LLC and SS Richmond LLC. Each of the holders of the Class 6 interests (or their affiliates) are required to make substantial contributions under the Plan. PNC (the 99% owner of Master Tenant) is projected to fund $4,459,664 on the Effective Date. Such payment is the source for paying the secured claim of CRBT under the Plan. MK Richmond LLC and SS Richmond LLC or their affiliates are expected to contribute the Equity Infusion in an amount up to $3,000,000, and to provide a loan commitment of not less than $1,400,000. Additionally, preservation of these interests is required to preserve the Debtor's tax structure and attributes. On the Effective Date, all property of the Estate shall revest in the Reorganized Debtor, subject to the Liens expressly preserved by the Plan, and to the terms and conditions of the Plan, but otherwise free and clear of all other liens, claims, interests and encumbrances. Section 5.04 of the Plan addresses the $3,000,000 Equity Infusion and the $1,400,000 Loan Commitment by the Plan Funders. Creditors and parties in interest are encouraged to review Section 5.04 of the Plan. With respect to Secured Creditors, VHDA's claim will be cured and reinstated. With respect to CRBT, its Secured Claim will be paid in full on the Effective Date (and its deficiency claim will be treated as a general unsecured claim). With respect to Unsecured Creditors, the Plan Proponents project that their Allowed Claims will be paid in full within approximately 5 years. But even if such claims are not paid in full, Holders of Claims and Interests that are junior to the Claims of any rejecting Class of Unsecured Creditors will not receive or retain any property under the Plan on account of those Claims or Interests. The Class 6 Equity Interests are preserved in order to preserve the tax structure and thus avoid recapture liability. Such Interests further are justified by the substantial contributions to be made by the Holders of such Interests. The Plan satisfies section 1129(b)(2)(B). A full-text copy of the Disclosure Statement dated September 19, 2025 is available at https://urlcurt.com/u?l=YMOg68 from PacerMonitor.com at no charge. Counsel for the Plan Proponents: Whiteford, Taylor & Preston, LLP Bradford F. Englander, Esq. Christopher A. Jones, Esq. 3190 Fairview Park Drive, Suite 800 Falls Church, Virginia 22042 Telephone: (703) 280-9081 Facsimile: (703) 280-3370 Email: benglander@whitefordlaw.com Email: cajones@whitefordlaw.com About Model Tobacco Development Group Model Tobacco Development Group, LLC is engaged in activities related to real estate. Model Tobacco Development Group filed Chapter 11 petition (Bankr. E.D. Va. Case No. 24-34863) on December 31, 2024, with assets between $50 million and $100 million and liabilities between $10 million and $50 million. Judge Brian F. Kenney oversees the case. The Debtor is represented by: Justin P. Fasano, Esq. Mcnamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Fax: (301) 982-9450 Email: jfasano@mhlawyers.com NEP/NCP HOLDCO: S&P Affirms 'B-' ICR on Refinancing,Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating on Live events and broadcast solutions provider NEP/NCP Holdco Inc. (NEP). At the same time, S&P assigned its 'B' issue-level rating and '2' recovery rating to its proposed $1.87 billion first-lien term loan and $300 million revolving credit facility. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 70%) recovery for senior secured lenders in the event of a default. The stable outlook reflects S&P's view that the company will maintain adjusted leverage and FOCF to debt at levels appropriate for the rating over the next 12 months due to lower capital expenditure (capex), EBITDA growth, and cost savings. Live events and broadcast solutions provider NEP/NCP Holdco Inc. (NEP) is proposing a new $1.87 billion first-lien term loan due 2031 and $300 million revolving credit facility due 2030. S&P expects the term loan will be issued in a USD and a Euro tranche. In addition, the company plans to issue $700 million in senior preferred equity, which will be held by multiple third-party investors. NEP plans to use the proceeds from the proposed term loan and preferred equity to repay its existing first-lien term loan, second-lien term loan, revolving credit facility, add cash to the balance sheet and pay fees, expenses, and accrued interest. S&P Global Ratings treats the preferred equity as debt under our adjusted credit metrics. S&P forecasts 2025 and 2026 S&P Global Ratings-adjusted leverage and free operating cash flow (FOCF) to debt will be about 7.0x-7.5x and 2.5%-3.0%, respectively. S&P said, "We affirmed the 'B-' issuer credit rating with a stable outlook because we anticipate NEP will maintain leverage in the low-7x area and FOCF to debt of about 3% through 2026. In the first half of 2025, the company's revenue declined by about 1% year over year; lower media segment revenues from a tougher comparison (primarily due to the sale of SOS Global and Screen Scene in 2024 and unfavorable contract negotiations for Asian Cricket) were partially offset by growth from the live events segment from strengthening corporate events and top-line growth in the Middle East. In 2025, we expect NEP's revenue will increase in the low-single-digit percent area, supported by a recovery in corporate live events and further expansion into new markets, partially offset by lower major events in 2025 compared with the even-year events in 2024. In addition, we expect revenue will increase about 7%-9% in 2026. "As a result, we forecast continued EBITDA growth in 2025 and 2026 given the increased revenue, the sale of lower margin businesses and the benefits of NEP's various cost-savings initiatives. Despite increased EBITDA generation, we expect leverage will increase in 2025 compared to 2024 because we include the $194.6 million preferred equity issued by the company in 2024, as well as the proposed $700 million preferred equity, as debt in our adjusted leverage calculations due to its characteristics, such as its 14% cash dividend costs with a 15% payment-in-kind (PIK) toggle and the risk that the preferred equity could be replaced with externally financed debt. We expect the company will accrue PIK dividends in our base-case forecast. We forecast S&P Global Ratings-adjusted leverage of about 7.0x-7.5x in 2025 and 2026 compared to 6.9x at year-end 2024. "Following the proposed preferred issuance, the company will generate stronger cash flows given the increased portion of PIK dividend accruals and lower cash interest financing. In addition, we expect NEP's capex will be lower as a percentage of revenue in 2025 and 2026 compared to historical years given the company's prior investments and efficiency gains from the shift to a centralized production hub. We expect FOCF to debt will improve to about 2.5%-3.0% in 2025 and 2026. If NEP does use any excess cash flows to pay down debt and improve its credit metrics faster than expected, we could revise our view of the company's credit profile. "NEP's strong market position, large scale, and geographic reach are distinct competitive advantages within a fragmented industry landscape. The company has effectively used its scale to secure high-profile global events, such as the Olympics, the World Cup, and the Super Bowl. It also benefits from its established long-term relationships with some of the media industry's largest blue-chip companies, resulting in high renewal rates and long-term contracts which translates into good revenue predictability and stability for its media services segment. We expect NEP will continue growing through a combination of new organic contract wins and strategic bolt-on acquisitions to expand geographic reach and capabilities. "We believe secular tailwinds in live experiences will grow revenue over the long term. The live events industry has benefited from high demand due to consumers and corporate event organizers prioritizing experiences since pandemic-related lockdowns ended. We believe this shift in behavior is secular, with consumers now willing to spend a greater proportion of their disposable income on experiences rather than material goods and corporate live event budgets increasing and often requiring full-service solutions. We believe NEP's expertise in complex and innovative event solutions attracts customers who seek to differentiate themselves in an increasing competitive environment of live events. "NEP's business model, which includes a full suite of services across the value chain, is also well positioned to benefit from the increased supply and complexity of live events by artists and brands. Online music streaming and rising ticket prices have resulted in artists making a greater portion of their income from touring, leading to more reoccurring tours and concerts. We expect NEP's robust pipeline from recurring clients and tailwinds in the live events industry will contribute to the company's long-term revenue growth. "The stable outlook reflects our view that the company will maintain S&P Global Ratings-adjusted leverage in the 7.0x-7.5x area and FOCF to debt of 2.5%-3.0% over the next 12 months due to lower capex and EBITDA growth. It also has support from the benefit of cost-savings actions taken and lower one-time expenses associated with the cost actions." S&P could lower its ratings on NEP if it no longer views its capital structure as sustainable. This could occur if: -- The company is unable to generate sustainable positive FOCF; or -- Its access to additional liquidity is limited due to challenging capital market conditions and covenant constraints. S&P could raise its ratings on NEP if the company: -- Reduces its S&P Global Ratings-adjusted leverage below the mid-6x area on a sustained basis -- Expands its FOCF to debt to around 5%; and -- S&P is confident its financial policy will not lead to higher leverage in the future. NETCAPITAL INC: Reports $3.64 Million Net Loss in Q1 2026 --------------------------------------------------------- Netcapital Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3.64 million for the three months ended July 31, 2025, compared to a net loss of $2.53 million for the three months ended July 31, 2024. The Company recorded a revenue of $190,058 for the three months ended July 31, 2025, compared to $142,227 for the same period in 2024. The company posted an operating loss of $3.29 million, compared to an operating loss of $2.51 million for the first quarter of fiscal year 2025. Loss per share was ($1.27), compared to a loss per share of ($5.10) for the first quarter of fiscal year 2025. As of July 31, 2025, the Company had cash and cash equivalents of $4,562,491. "We are pleased to report that we began our fiscal year 2026 with revenue growth of more than 30% for the first quarter. In fiscal year 2025, we shifted our strategy to focus on building a stronger and more scalable business, and we are encouraged to see our vision taking shape," said Martin Kay, CEO of Netcapital Inc. in a press release. "We achieved several significant milestones during the quarter, including establishing a Crypto Advisory Board, composed of accomplished industry leaders to guide our efforts in integrating blockchain, digital assets and crypto with traditional finance," added Mr, Kay. "We believe that this initiative positions us well to play a larger role in the fintech space and explore opportunities in decentralized finance, or DeFi." A full-text copy of the Company's Form 10-Q is available at https://tinyurl.com/2mdn7csz About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2025, the Company had $28.43 million in total assets, $5.31 million in total liabilities, and $23.13 million in total stockholders' deficit. NEWBURY PALACE: Seeks to Hire Amanda Brendell CPA as Accountant --------------------------------------------------------------- Newbury Palace Pizza, LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ Amanda Brendell, CPA as accountant. The Debtor is amending its application to employ Amanda Brendell, CPA as its accountant to assist with preparing and filing tax returns for the additional years of 2020 and 2021. As disclosed in the court filings, Amanda Brendell, CPA, does not have any connection with the creditors or any other party in interest or their respective attorneys, and therefore represents no interest adverse to the estate and is a disinterested person. The accountant can be reached at: Amanda Brendell, CPA 272 Newbury Road, Sutton, NH 03221 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. The Debtor is represented by Eleanor Wm. Dahar, Esq. at Victor W. Dahar Professional Association. NIKOLA CORP: Plan Exclusivity Period Extended to January 15, 2026 ----------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Nikola Corp., and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 15, 2026 and May 18, 2026, respectively. As shared by Troubled Company Reporter, since the Petition Date, the Debtors and their professionals have focused substantially all their time, energy, and resources on smoothly transitioning into chapter 11, addressing critical case management issues, marketing the Debtors' assets in connection with various sale processes, and closing on certain sales, all in an effort to maximize the value of the Debtors' estates. The Debtors believe that, in light of the progress that the Debtors have made in these Chapter 11 Cases over the past six months, and the Debtors' efforts to work cooperatively with their stakeholders, it is reasonable and appropriate that the Debtors be granted an extension of the Exclusive Periods. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Periods. The Debtors explain that they continue to pay undisputed postpetition obligations on a timely basis. Therefore, the requested extension of the Exclusive Periods will afford the Debtors a meaningful opportunity to negotiate with key parties to confirm the Combined Plan and Disclosure Statement without prejudice to the parties in interest in these Chapter 11 Cases. The Debtors assert that throughout the chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with the Committee and other key stakeholders. The Debtors are not seeking an extension of the Exclusive Periods to delay administration of these Chapter 11 Cases or to exert pressure on their creditors, but rather to preserve the status quo during the pendency of the Appeal. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. Counsel to the Debtors: M. Blake Cleary, Esq. Brett M. Haywood, Esq. Maria Kotsiras, Esq. Shannon A. Forshay, Esq. Sarah R. Gladieux, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: bcleary@potteranderson.com bhaywood@potteranderson.com mkotsiras@potteranderson.com sforshay@potteranderson.com sgladieux@potteranderson.com Joshua D. Morse, Esq. Jonathan R. Doolittle, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP Four Embarcadero Center, 22nd Floor San Francisco, California 94111-5998 Tel: (415) 983-1000 Fax: (415) 983-1200 Email: joshua.morse@pillsburylaw.com jonathan.doolittle@pillsburylaw.com - and - Andrew V. Alfano, Esq. Caroline Tart, Esq. Chazz C. Coleman, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 31 West 52nd Street New York, New York 10019 Tel: (212) 858-1000 Fax: (212) 858-1500 Email: andrew.alfano@pillsburylaw.com caroline.tart@pillsburylaw.com chazz.coleman@pillsburylaw.com About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NRG ENERGY: Fitch Assigns 'BB+' Rating on Sr. Unsecured Notes ------------------------------------------------------------- Fitch Ratings has assigned NRG Energy, Inc.'s (NRG) new issuance of senior secured first lien notes a rating of 'BBB-' with a Recovery Rating of 'RR1'. Fitch has also rated the company's new issuance of senior unsecured debt 'BB+'/'RR4'. NRG intends to use a portion of the net proceeds from the issuances to partially fund the cash portion of the purchase price of its previously announced acquisition of assets from LS Power Equity Advisors, LLC (LS Power). The company will also use some of the net proceeds from the secured first lien notes to repay in full its $500 million 2.0% senior secured first lien notes on their Dec. 2, 2025 maturity. The announced financings are in line with Fitch's expectations. The Rating Outlook on NRG's 'BB+' Long-Term Issuer Default Rating (IDR) is Stable. Key Rating Drivers Leveraging Transaction: On May 12, 2025, NRG announced that it had entered into an agreement with LS Power to purchase 13 GW of natural gas generation facilities in PJM Interconnection (PJM) and Electric Reliability Council of Texas (ERCOT) and a 6 GW commercial and industrial virtual power plant platform. The transaction is valued at approximately $12.0 billion, including $3.2 billion of assumed subsidiary debt. NRG plans to finance the transaction with $2.8 billion of NRG stock issued to LS Power and $6.4 billion cash. The transaction is expected to close 1Q26, subject to regulatory approvals. Fitch expects NRG's post close EBITDA gross leverage to increase to approximately 4.3x-4.4x as per Fitch's calculation versus the prior expectation of approximately 3.0x, and significantly outside its downgrade threshold of 3.5x. NRG is targeting $3.7 billion to debt paydown over 24 months-36 months after close, with a focus on returning to less than 3.0x net debt to adjusted EBITDA as per the company's calculations. Fitch's 3.5x leverage threshold is calculated on a gross debt basis, includes NRG's series A preferred stock (50% equity credit) and makes no EBITDA adjustments for merger or synergy costs. Shift in Asset Ownership Strategy: NRG's planned acquisition of generating assets is a significant shift from the customer-focused nature of prior major acquisitions, Direct Energy (2020) and Vivint Smart Home (2022). Separately, the company recently acquired 738 MW of ERCOT gas-fired generation assets from Rockland Capital for a purchase price of $560 million and is pursuing three new build generation assets in ERCOT. NRG will shift from its current generation deficit to having surplus capacity in both the ERCOT and PJM markets once the LS Power transaction is completed. While the addition of physical assets removes risk related to being short power, NRG will now be exposed to other risks such as merchant prices for excess generation, fuel supply and plant operations. The increased ownership of physical generation may allow NRG to reduce collateral postings, which is a positive. Capital Allocation Plan: Fitch expects NRG to continue an active capital allocation plan and follow through on its prior commitment to buy back $1.3 billion of stock in 2025. The company expects to then buy back $1 billion annually over the forecast period until it has reached 3.0x net debt to adjusted EBITDA (per its calculations). Non-Recourse Subsidiary Debt: The LS Power acquisition includes Lighting Power, LLC, which has $3.2 billion of nonrecourse debt. Lightning Power will be an excluded project subsidiary under NRG's credit agreement. While NRG debt is technically subordinated to Lightning debt, Fitch does not anticipate significant restrictions in NRG's ability to upstream cash. As a result, Fitch has evaluated NRG's credit metrics on a consolidated basis. Significant Load Growth Expected: NRG expects to benefit from the increasing demand for electricity from data centers. In addition to increased utilization of existing facilities, the company is discussing redevelopment of retired power facilities. Fitch has not incorporated potential benefits from or expenditures to support such activities, but Fitch expects NRG to develop these plans within its stated credit-metric goals. Improved Asset and Market Diversity: The acquired generation assets, will improve NRG's fuel mix with the addition of more modern natural gas fired plants. It will also further reduce the company's reliance on the ERCOT market. Fitch estimates that NRG's EBITDA attributed to ERCOT will decline to approximately 40% from 50%. Additionally, Fitch estimates that Vivint, which provides security and smart home services, will decline to approximately 20% of total EBITDA from the expected 25%. Commodity Exposure: Despite the additional generation assets, as an integrated energy marketer NRG is still exposed to commodity risks. Unexpected differences in load forecasts, wholesale power markets, commodity prices and plant operations could have a significant impact on cash flow. Fitch expects NRG's existing ERCOT generation to be almost fully hedged in 2025, ~50% in 2026, and less than 25% in 2027. Recovery Analysis: Fitch applies a generic approach to rate and assign Recovery Ratings for issuers in the 'BB' rating category. As per Fitch's criteria, first lien (Category 1) debt of issuers with an IDR of 'BB+' are assigned a 'RR1' and notched up one level from the IDR. Unsecured debt is assigned a 'RR4' and is rated the same as the IDR. As a result, NRG secured debt is rated 'BBB-'/'RR1' and its unsecured debt is rated 'BB+'/'RR4'. Peer Analysis NRG is well positioned relative to Vistra Corp. (BB+/Stable) and Calpine Corporation (B+/RWP). NRG's planned $12.0 billion acquisition of assets from LS Power will result in an immediate step change to the company's leverage. However, Fitch expects the company to return to within its downgrade threshold of EBITDA gross leverage of 3.5x within 24 months of transaction close. Fitch's recent upgrade of Vistra reflects Fitch's expectation that Vistra's gross EBITDA leverage will stay within 3.0x-3.5x from 2025 to 2027, driven by higher wholesale generation EBITDA and strong retail performance. Fitch expects Calpine's leverage to remain around 4.5x-5.0x. NRG's asset acquisition will diversity NRG's cash flow sources. As a result, Fitch estimates that NRG's concentration in Texas will decline to 40% of EBITDA generation from approximately 50%. Vistra's portfolio is less diversified geographically than its peers', with 60% of its consolidated EBITDA from operations in Texas. Like NRG, Vistra benefits from ownership of large and well-entrenched retail electricity businesses in Texas. Calpine's retail business is much smaller. Key Assumptions - Completion of asset acquisition from LS Power valued at $12.0 billion including assumption of $3.2 billion debt and $.4 billion NPV of tax benefits; - LS Power asset acquisition funded with $2.8 NRG stock issued to LS Power and $6.4 billion cash to be funded with debt; - Acquisition of Rockland capital assets for $560 million to be funded with debt; - Dividend growth of 7%-9%, as per management's publicly stated forecast; - Stock buybacks of $1.3 billion in 2025, $1.0 billion thereafter until returning to less than 3.0x net debt to adjusted EBITDA per management's publicly stated forecast; - NRG retail gross margins remain in line with Fitch's current expectations; - Continued practice of hedging retail energy load at signing; - Capacity revenue per past auction results; - Debt pay-down of $3.7 billion over 24 months-36 months after closing of LS Power transaction, consistent with publicly stated target net debt/adjusted EBITDA of 3.0x. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA gross leverage exceeding 3.5x 24 months after transaction close; - Weaker power prices than Fitch expected or capacity auctions in core regions; - Unfavorable changes in regulatory constructs or rules in NRG's markets; - Aggressive growth, including mergers and acquisitions, or capital allocation strategy that reduces stability of cash flow. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA gross leverage under 3.0x on a sustainable basis; - Balanced allocation of FCF that maintains balance-sheet flexibility and leverage within stated goal; - Successful integration of newly acquired business and ability to meet synergy targets. Liquidity and Debt Structure NRG has adequate liquidity. The company amended its revolving credit agreement in April 2024 to allow for the issuance of a $875 million term loan B, which it used to repay notes due in 2024 and reduce the convertible note principal. In October 2024, the company entered into an incremental term loan facility in the amount of $450 million, which the company used to repay amounts outstanding under Vivint's senior secured credit agreement and to pay the cash tender price for Vivint's senior secured notes. As of October 2024, Vivint is no longer a ringfenced subsidiary. NRG's existing term loan and incremental term loan facilities have a final maturity date of April 2031. Additionally, NRG has an RCF, which extends to October 2029. Any borrowings under the facility were fully repaid as of as of July 31, 2025. In total, NRG has $5.255 billion of available liquidity as of June 30, 2025, including a consolidated cash balance of $180 million. The company has a $500 million senior secured first lien note maturing in 2025, $900 million in 2027 and $821 million unsecured note due in 2028. Issuer Profile NRG is an unregulated, integrated power company producing and selling electricity, natural gas, and related products in major competitive power markets in the U.S. and Canada. Summary of Financial Adjustments NRG's series A preferred stock receive 50% equity credit, based on Fitch's Corporate Hybrids Treatment and Notching Criteria. The features supporting 50% equity credit include an ability to defer dividend payments for at least five years and the cumulative feature of deferred dividends. Date of Relevant Committee May 9, 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor 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 ----------- ------ -------- NRG Energy, Inc. senior secured LT BBB- New Rating RR1 senior unsecured LT BB+ New Rating RR4 OG LIVING: Unsecureds Will Get 26% of Claims via Quarterly Payments ------------------------------------------------------------------- OG Living LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Second Amended Disclosure Statement in support of Second Amended Plan of Reorganization dated September 19, 2025. The Debtor is a Florida limited liability company that was formed on July 13, 2017, and has been a seller and installer of luxury outdoor living spaces and as well provides repair and maintenance services in the outdoor living spaces industry. The Debtor's corporate offices are in Broward County, Florida, and it maintains a showroom and a warehouse in Lee County, Florida. OG Living began as a sales and marketing firm in the construction industry but over time evolved into a construction company providing design, fabrication and installation of outdoor living space products such as pergolas, cabanas, in addition to hurricane rated solar screens. OG Living filed its chapter 11 bankruptcy petition in the Southern District of Florida on November 29, 2024. It did so despite the fact that it saw tremendous growth in the number of orders placed by its customers during the years just prior to filing for bankruptcy. The problem was the ability to fulfill those orders. The lingering effects of the COVID-19 pandemic and its continuing impact on OG Living's supply chain necessitated the bankruptcy filing. Class 17 consists of General Unsecured Creditors. An Allowed General Unsecured Claim is an unsecured claim that is not entitled to priority under the Bankruptcy Code an Allowed Claim and includes completely unsecured claims, and the under secured portions of claims of holders of secured Class 2 through 14 claims. Class 17 also includes the claim of ByzFunder and that of John Herbst, and the non-priority portion of customer deposit claims. Debtor estimates a total of $2,306,311.93 in Allowed General Unsecured Claims. The Debtor shall pay every quarter for a total of twelve quarters, the fixed sum of $30,000.00 per quarter to be distributed pro rata among all holders of Allowed Class 17 Claims, with the first payment to be made on the Effective Date and each subsequent quarterly distribution to be made every ninety days thereafter or before the 15th day of the month in which payments are to be made. Based on the estimated total of Allowed General Unsecured Claims, the estimated dividend to be paid to holders of such claims over the life of the Plan is 26% of the amount of each Allowed General Unsecured Claim. Class 17 is impaired. Class 19 consists of the interest of equity holders, namely, the 100% membership interest in the Debtor held by George John Wohlford (Mr. Wohlford). Mr. Wohlford has contributed $150,000.00 in cash via post-petition court approved loans that are being converted to equity; has agreed to infuse an additional $25,000.00 in cash to fund the Plan; all of which upon confirmation and the Plan going effective, will be treated as equity. Finally, the Debtor permitted exclusivity to expire in this case and during the period since there has been no offer to purchase the business or competing plan. The bottom line is that the $175,000.00 infusion by Mr. Wohlford is a significant benefit to the Estate and more than fair and reasonable consideration for the retention of his equity in a business that would not survive without his personal involvement. The Class 19 Interest of Equity Holders shall be retained in consideration for the services to be rendered on behalf of the Debtor as well as the infusion of the $150,000 previously provided by Mr. Wohlford, plus an additional $25,000.00 Mr. Wohlford is providing to fund confirmation of the Debtor's Plan. OG will fund the Plan from operations based on the projections included with the Plan. Although the earlier months reflect revenues less favorable than the projections this is explainable. The Debtor experienced significant delays in obtaining materials from its suppliers because of supply chain issues (unavailability or substantial delay in obtaining materials). This, in turn, negatively impacted Debtor's revenue even though the Debtor had the work to generate additional revenues had materials been available. Further, the Debtor's sole member and manager, George "John" Wohlford, in addition to the $150,000 provided during the bankruptcy case, is contributing $25,000 to assist in the funding of the Plan, and considering the infusion of funds as set forth herein, the Class 18 holder of equity in OG will retain such equity. In anticipation of confirmation, Mr. Wohlford will escrow in OG's counsel’s trust account the sum of $25,000.00. A full-text copy of the Second Amended Disclosure Statement dated September 19, 2025 is available at https://urlcurt.com/u?l=tgwn4Q from PacerMonitor.com at no charge. About OG Living LLC OG Living, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22597) on November 29, 2024, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. George John Wohlford, managing member of OG Living, signed the petition. Judge Scott M. Grossman oversees the case. The Debtor is represented by: Chad P Pugatch, Esq. Lorium Law Tel: 954-462-8000 Email: ecf.pugatch@loriumlaw.com -- and -- Jason Slatkin, Esq. Lorium Law Tel: 954-462-8000 Email: jslatkin@loriumlaw.com OLD SCHOOL: Seeks to Extend Plan Exclusivity to April 6, 2026 ------------------------------------------------------------- Old School, Inc., asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 6, 2026 and June 3, 2026, respectively. The Debtor explains that cause exists to extend the Exclusive Periods. First, the Debtor and its professionals have made significant progress in moving this Chapter 11 Case to a successful completion, including: (a) successfully completing the sale of substantially all of its assets; (b) preparing and filing the schedules of assets and liabilities and the statement of financial affairs; (c) preparing and filing the Debtor's monthly operating reports; (d) filing the Combined Disclosure Statement and Plan and the Solicitation Procedures Motion; and (e) continuing negotiations with its key stakeholders regarding a potential exit path from chapter 11. Second, allowing the expiration of the Exclusive Periods at this critical stage would serve only to interfere with the progress of this Chapter 11 Case. Now that the Debtor has sold substantially all of its assets and is winding down, the Debtor requires additional time to solicit the Combined Disclosure Statement and Plan on the timeline required by Local Rule 3017-2 and engage in discussions with key stakeholders regarding support for the Combined Disclosure Statement and Plan. Lastly, creditors will not be harmed by extending the Exclusive Periods. This Motion is the Debtor's first request for an extension of the Exclusive Periods. The Debtor is not seeking the extension of the Exclusive Periods to delay administration of this Chapter 11 Case or to exert pressure on its creditors, but rather to allow the Debtor to continue with winding-down its operations, liquidating any remaining assets for the benefit of creditors, prosecute the Combined Disclosure Statement and Plan, and work to achieve a value-maximizing close of this Chapter 11 Case in the most cost-efficient manner. Counsel for the Debtor: POTTER ANDERSON & CORROON LLP Aaron H. Stulman, Esq. Brett M. Haywood, Esq. James R. Risener III, Esq. Ethan H. Sulik, Esq. 1313 North Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Facsimile: (302) 658-1192 Email: astulman@potteranderson.com bhaywood@potteranderson.com jrisener@potteranderson.com esulik@potteranderson.com GOODWIN PROCTER LLP Howard S. Steel, Esq. Stacy Dasaro, Esq. Kizzy L. Jarashow, Esq. James Lathrop, Esq. The New York Times Building 620 Eighth Avenue New York, New York 10018-1405 Tel: (212) 813-8800 Facsimile: (212) 355-3333 Email: hsteel@goodwinlaw.com sdasaro@goodwinlaw.com kjarashow@goodwinlaw.com jlathrop@goodwinlaw.com About Old School Inc. Old School, Inc., is a non-public corporation incorporated in Delaware. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025, with $10,000,001 to $50 million in assets and liabilities. Judge Craig T. Goldblatt presides over the case. James R. Risener, III, Esq. at Potter Anderson & Corroon LLP represents the Debtor as legal counsel. OU MEDICINE: S&P Raises LT Rating on Fixed-Rate Bonds to 'BB+' -------------------------------------------------------------- S&P Global Ratings raised its long-term rating on the Oklahoma Development Finance Authority's series 2018B tax-exempt fixed-rate bonds and series 2018C taxable fixed-rate bonds to 'BB+' from 'BB'. The bonds were issued for OU Medicine Inc. (OUMI), now doing business as OU Health. S&P said, "In addition, we raised our underlying rating (SPUR) on the insured maturities of the authority's series 2018B and 2018C bonds, also issued for OUMI, to 'BB+' from 'BB'. The outlook is stable. "The upgrade reflects OU Health's improved and stabilized operating performance, which we anticipate will continue to support incremental growth of year-end unrestricted reserves, and sustained moderation of debt metrics. The higher rating further incorporates OU Health's leading, and growing, position within Oklahoma's health care market, with a strong and unique relationship with the state affording the credit profile material financial benefits. "We consider governance factors to be neutral in our credit rating analysis and note stability among the executive team under the direction of President and CEO Dr. Richard Lofgren, who assumed CEO duties in March 2022, having previously served in the same capacity at UC Health in Cincinnati. OU Health operates under a unique joint operating agreement with the University Hospitals Trust (UHT), a component of the University Hospitals Authority (the Authority). UHT and the Authority combine to form a component unit of the state, while OU Health is a separate 501c3 whose sole member is UHT. UHAT is not obligated on OU Health's debt but provides material credit support in the form of state advocacy and targeted capital project support. "We view social factors as neutral to the credit rating analysis, though we recognize OU Health's exposure to state and Medicaid funding, as well as human capital risks tied to higher labor and salary pressures within the sector that are expected to persist through the outlook period. We believe environmental factors are also neutral to the credit rating analysis despite the service area's propensity for extreme weather events. "The stable outlook reflects our view of OU Health's favorable and improving position within the state, as well as the strength of its operating performance. The outlook further reflects our expectation that the system's key financial metrics will at a minimum remain stable in fiscal 2026 and beyond, aided by strong support from the UHAT and the state, moderate direct capital spending, and no debt plans. "We could consider a negative rating action if unrestricted reserves decline or if operations compress from current levels, with DCOH and coverage moving within closer proximity to covenant thresholds. Uncertainty or declines in state support or supplemental funding could also create rating pressure, as would any additional debt, though no such plans currently exist. "Though we still view OU Health's balance sheet as a constraining factor relative to an investment-grade rating, over time a positive rating action is possible if it continues to produce operating results in line with fiscal 2025 levels, while growing DCOH closer to 100 and continuing to improve unrestricted reserve coverage over long-term debt. A positive action could also be supported by a manageable capital spending baseline, no additional borrowings, and further clarity on medium-term supplemental funding and state support. We believe the system's enterprise profile is already of investment-grade caliber." PALATIN TECHNOLOGIES: Receives $6.5M in Boehringer Collaboration ---------------------------------------------------------------- Palatin Technologies, Inc. announced the achievement of a research milestone under its collaboration with Boehringer Ingelheim. This milestone triggers a EUR5.5 million ($6.5 million) payment to Palatin. Under the terms of the agreement, Palatin received an upfront payment of EUR2.0 million ($2.3 million USD) and is eligible for up to EUR18.0 million ($21.2 million USD) in near-term research milestones, which includes the achievement of the EUR5.5 million ($6.5 million) milestone announced today. In addition, Palatin is eligible for up to EUR260 million ($307 million USD) in success-based development, regulatory, and commercial milestone payments, as well as tiered royalties on net sales resulting from the collaboration. "We are very pleased to reach this milestone and continue building momentum with Boehringer Ingelheim," said Carl Spana, Ph.D., President and CEO of Palatin. "Melanocortin receptor agonists represent a differentiated and promising approach to address the underlying drivers of retinal diseases such as diabetic retinopathy and diabetic macular edema, which affect an estimated one in three people living with diabetes." About the Collaboration On August 18, 2025, Palatin entered into a strategic partnership with Boehringer Ingelheim to develop potential first-in-class melanocortin receptor–targeted treatments for patients with retinal diseases. Under the terms of the agreement, Palatin has received an upfront payment of EUR2.0 million ($2.3 million) and is eligible for research, development, regulatory and commercial milestone payments of up to EUR278 million ($328 million), as well as tiered royalties on net sales. About Melanocortin Receptor Agonists The melanocortin receptor (MCR) system regulates inflammation, immune responses, and metabolism. Receptor-specific agonists represent a novel therapeutic approach with potential applications in multiple diseases, including retinal disorders. About Palatin Headquartered in New Jersey, Palatin Technologies Inc. -- www.Palatin.com -- is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception and will need additional funding to complete planned product development efforts that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, Palatin Technologies had $4,310,018 in total assets, $10,691,127 in total liabilities, and $6,381,109 in total stockholders' deficit. PBREIA LLC: Claims to be Paid from Property Sale Proceeds --------------------------------------------------------- PBREIA, LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement describing Chapter 11 Plan dated September 19, 2025. The Debtor is a Texas limited liability company. The Debtor is a special purpose entity formed for the purpose of holding title to the Property pending its sale and distribution of Net Proceeds to pay Creditors' Allowed Claims. The Debtor owns that certain piece of real property commonly known as 190 Calle Primera, San Diego, California (the "Property"). The Property is non-income producing. Accordingly, the Debtor's sole source of income to pay Creditors' Allowed Claims will be derived from the sale of the Property. The managing members of the Debtor are John Pribble and Lynn Boyer. John Pribble and Lynn Boyer shall remain the managing members of the Reorganized Debtor. Upon the Effective Date of the Plan, the Reorganized Debtor shall continue to exist and operate the same business purpose that existed prior to the Petition Date. With or without the Property, the Debtor shall continue to be a Texas limited liability company formed as a special purpose entity to hold title to certain tracts of real property pending disposition of the same. The Debtor has executed that certain Purchase and Sale Agreement and Joint Escrow Instructions dated August 28, 2025 (the "PSA") with Cima Investment Group, LLC, (the "Buyer"). The Buyer will comply with all requirements under the CDSS's diligence process for approval as the replacement Sponsor for the Property under the Program. As set forth in the Plan, the Debtor proposes to sell the Property to the Buyer to be operated in compliance with the Use Restrictions under the Program. Upon the Plan's confirmation, the Debtor, the Buyer, and the CDSS shall perform the terms of the PSA and proceed to closing. The Net Proceeds from the sale of the Property to the Buyer under the PSA shall be used to pay all creditors in full. The CDSS shall retain all rights, Liens and remedies under the unmodified terms of the Program Documents. The Property is insured, and the construction milestones will be reinstated upon the Buyer's resumption of the Property renovations. The CDSS and the Property shall be restored to the exact same position as if Shangri-La had not defaulted. The Debtor does not believe there would be any distribution to holders of unsecured claims if the CDSS were to sell the Debtor's Property at a foreclosure sale. A sale to the Buyer as the replacement Sponsor for the Property under the Program will result in the payment to all creditors in full. The Net Proceeds from the sale of the Property represent the sole source of funds to pay any Allowed Claims. Without a sale of the Property, the Debtor will have no funds to pay Allowed Claims. Under the Plan, the Debtor will sell the Property to the Buyer under the terms of the PSA, as led by Hilco, a national commercial real estate firm with significant experience in bankruptcy. Hilco is a diversified real estate consulting and advisory firm that assists businesses in real estate acquisition, disposition, and commercial lease restructuring of all types of real estate, both nationally and internationally. Class 4 consists of Allowed General Unsecured Claims. Each holder of an Allowed General Unsecured Claim in Class 4 Claims will be paid in full in cash from the Net Proceeds remaining after all Allowed Administrative Expense Claims and Allowed Priority Claims have been paid in full but, in no event, later than five Business Days after the Effective Date of the Plan. Class 4 is Unimpaired and deemed to accept the Plan. Class 5 consists of Allowed Equity Interests in the Debtor. The equity interest holders in the Debtor, John Pribble and Lynn Boyer, will retain their Equity Interests in the Reorganized Debtor in the same class and amount as the Debtor prior to the Petition Date. Class 5 is Unimpaired and deemed to accept the Plan. The Debtor's ability to pay Allowed Claims depends on the ability of the Debtor to sell the Property. Based upon the PSA, the fair market valuation of the Property, and Debtor's substantial equity in the Property, the Debtor is confident that the PSA will close and fund providing for sufficient liquidity allowing the Debtor to timely make the payments to Allowed Claims provided for under the Plan. A full-text copy of the Disclosure Statement dated September 19, 2025 is available at https://urlcurt.com/u?l=7JXvpx from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas C. Scannell, Esq. Zachary C. Zahn, Esq. Foley & Lardner LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Telephone: (214) 999-3000 Facsimile: (214) 999-4667 Email: tscannell@foley.com zzahn@foley.com About PBREIA, LLC PBREIA, LLC is a single-asset real estate company whose principal property is located in San Diego, California. PBREIA, LLC in Arlington, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 25-42439) on July 2, 2025, listing $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Lynn Boyer as member, signed the petition. Judge Mark X Mullin oversees the case. FOLEY & LARDNER, LLP serves as the Debtor's legal counsel. PERASO INC: Regains Nasdaq Bid Price Compliance ----------------------------------------------- Peraso Inc. announced that it has received a letter from The Nasdaq Stock Market LLC notifying the Company that it has regained compliance with the Nasdaq Capital Market's minimum bid price continued listing requirement. The letter noted that, as of September 18, 2025, the Company evidenced a closing bid price of its common stock in excess of the $1.00 minimum requirement for 10 consecutive trading days. Accordingly, the Company has regained compliance with Nasdaq Marketplace Rule 5550(a)(2) and Nasdaq considers the matter closed. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2024, the Company had $5.53 million in total assets against $3.74 million in total liabilities. POWER SOLUTIONS: Gary Winemaster Holds 6.3% Equity Stake -------------------------------------------------------- Gary S. Winemaster, disclosed in a Schedule 13D (Amendment No. 22) filed with the U.S. Securities and Exchange Commission that as of September 18, 2025, he beneficially owns 1,455,259 shares of Power Solutions International, Inc.'s common stock, consisting of 1,454,578 shares with sole voting and dispositive power and 681 shares with shared voting and dispositive power, representing 6.3% of the 23,029,846 shares outstanding as reported by the Issuer in its Quarterly Report on Form 10-Q filed August 8, 2025. Gary S. Winemaster may be reached through: Gary S. Winemaster 2140 Kingfish Road Naples, Fla. 34102 Tel: (630) 350-9400 A full-text copy of Gary S. Winemaster's SEC report is available at: https://tinyurl.com/4bd78s6s About Power Solutions Wood Dale, Ill.-based Power Solutions International, Inc., incorporated under the laws of the state of Delaware in 2011, designs, engineers, manufactures, markets and sells a broad range of advanced, emission-certified engines and power systems that are powered by a wide variety of clean, alternative fuels, including natural gas, propane, and biofuels, as well as gasoline and diesel options, within the power systems, industrial and transportation end markets. The Company manages the business as a single reportable segment. Chicago, Ill.-based BDO USA P.C., the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company will not have sufficient cash and cash equivalents to repay amounts owed under its existing debt arrangements as they become due in 2025 without additional financing and uncertainties exist about the Company's ability to refinance, amend or extend these debt arrangements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Power Solutions International had $328.2 million in total assets, $262.9 million in total liabilities, and $65.3 million in total shareholders' equity. PRECIPIO INC: Leviticus Partners Holds 8% Equity Stake ------------------------------------------------------ Leviticus Partners LP, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 19, 2025, it beneficially owns 130,000 shares of Precipio, Inc.'s common stock, with sole voting and dispositive power over all 130,000 shares, representing 8.0% of the 1,625,000 shares outstanding as reported by the Issuer. Leviticus Partners LP may be reached through: Adam M. Hutt, Managing Member 32 Old Mill Road Great Neck, N.Y. 11023 Tel: 212-871-5700 A full-text copy of Leviticus Partners LP's SEC report is available at: About Precipio Omaha, Neb.-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com/-- is a healthcare solutions company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. New Haven, Conn.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Form 10-K, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company has incurred substantial operating losses and has used cash in its operating activities for the past several years. For the year ended December 31, 2024, the Company had a net loss of $4.3 million, compared to $5.9 million in 2023, and net cash provided by operating activities of $0.4 million. As of Dec. 31, 2024, the Company had $17 million in total assets, $4.9 million in total liabilities, and a total stockholders' equity of $12.1 million. PROFESSIONAL DIVERSITY: Directors Long Yi, Eloisa Sultan Step Down ------------------------------------------------------------------ Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors received the resignation of each of Mr. Long Yi and Ms. Eloisa Sultan as a director of the Company. The Company has been advised by each of Mr. Long Yi and Ms. Eloisa Sultan that their respective decision to resign is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Board is in the process of identifying and evaluating potential candidates to fill the vacancies resulting from these resignations. About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. In its audit report dated March 31, 2025, Sassetti LLC issued a "going concern" qualification citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company had an accumulated deficit of $103,612,710 at June 30, 2025. During the six months ended June 30, 2025, the Company generated a loss from continuing operations, net of tax, of $1,233,147. During the six months ended June 30, 2025, the Company used cash in continuing operations of $779,651. At June 30, 2025, the Company had a cash balance of $125,081. Total revenues were $3,146,076 and $3,417,302 for the six months ended June 30, 2025 and 2024, respectively. The Company had a working capital deficit from continuing operations of $1,919,261 at June 30, 2025 and a working capital from continuing operations of $270,695 at Dec. 31, 2024. The Company stated it is keeping a close watch on operating expenses and capital needs, noting that management is working to cut costs through staff reductions, renegotiating with certain vendors, and using technology to lessen manual work in routine tasks. It cautioned that if these efforts are not enough, it may have to sell other assets or shut down certain business lines. As of June 30, 2025, the Company reported $7.33 million in total assets, $3.49 million in total liabilities, and $3.84 million in total stockholders' equity. QT HAU: Court Extends Cash Collateral Access to Oct. 31 ------------------------------------------------------- QT Hau LLC received a one-month extension from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to use the cash collateral of Open Bank. The court's order extended the Debtor's authority to use cash collateral from September 30 to October 31 to pay the expenses set forth in its budget, which projects total monthly expenses of $27,718.89. As protection for any diminution in the value of its collateral, Open Bank will be granted a first priority security interest in and lien on all property acquired by the Debtor after its bankruptcy filing. This replacement lien does not apply to any Chapter 5 causes of action. As additional protection, the Debtor was ordered to pay Open Bank the sum of $24,456.48 by October 17. The payment, which represents 7.5% contractual non-default interest, will be applied against interest due under the loan. The Debtor's authority to access cash collateral terminates on October 31 or upon occurrence of so-called events of default, whichever comes first. Events of default include the Debtor's failure to comply with the order and cure the default; conversion of the Debtor's Chapter 11 case to one under Chapter 7; appointment of a trustee; and entry of an order vacating or reversing the cash collateral order. The next hearing is scheduled for October 28. The Debtor owes Open Bank $2,975,000 under a promissory note dated December 10, 2021. The debt is secured by a first priority lien on the Debtor's real property in Baltimore, Maryland. Rents from the property constitute cash collateral. As of May 29, Open Bank claims the following amounts are due under the note: $2,863,198.46 in principal, $477,475.96 in interest, $28,360.02 in late charges, $106,868.72 for advanced real estate taxes, and $1,026.63 in other fees. About QT Hau LLC QT Hau, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). QT Hau sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.) on May 29, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. David Simson Musgrave, Esq., at Gordon Feinblatt, LLC is the Debtor's legal counsel. Open Bank, as secured creditor, is represented by: Owen Hare, Esq. Cohn, Goldberg & Deutsch, LLC 1099 Winterson Road, Suite 301 Linthicum Heights, MD 21090 (410) 296-2550 ohare@cgd-law.com RANA REAL: Gets Interim OK to Use Cash Collateral Until Nov. 4 -------------------------------------------------------------- Rana Real Estate, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the hearing on September 25, the court authorized the Debtor's interim use of cash collateral and set a further hearing for November 4. As part of its pre-petition financing, the Debtor executed loan documents, including promissory notes, mortgages, and security agreements, pledging various assets such as rents, accounts receivables, chattel paper, contracts, documents, cash, and bank accounts as collateral for certain mortgage lenders. The lenders include Kiavi Funding, Inc. and TVC Funding III, LLC, which have secured interests in specific real properties located in Florida, with liens on related rents and proceeds. The properties, including those located in Gainesville and Kissimmee, Fla., are encumbered by the lender's security interests. The Debtor acknowledges the delinquency of payments on these properties, specifically for property taxes and various payments due to the lenders, and offers to address these obligations through the use of cash collateral. Rents, receivables, and other pledged collateral are part of the Chapter 11 estate under 11 U.S.C. Section 541(a)(1) and (6) and are essential to the ongoing operations of the Debtor's business. Specifically, the Debtor rents out three units of real estate, including residential leases and AirBNB rentals. The rental income from these properties, except for the Gainesville property, is set to begin accruing as of October 1. In order to continue operations, the Debtor intends to use the cash collateral to meet its post-petition contractual obligations, including property taxes, insurance, and other business expenses. Without access to this collateral, the Debtor's ability to continue business operations would be jeopardized. About Rana Real Estate LLC Rana Real Estate LLC owns three properties in Gainesville and Kissimmee, Florida, with a total appraised value of approximately $1.98 million. Rana Real Estate LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05881) on September 17, 2025. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Bryan K. Mickler, Esq. at the Law Offices of Mickler & Mickler LLP. RAS DATA: Seeks to Sell Rail Car Management Biz at Auction ---------------------------------------------------------- RAS Data Services Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is an economically productive business with one major problem: over a period of years, its former CEO misappropriated roughly $20 million of its funds, leaving the Debtor hopelessly unable to pay its debts to its customers. Given that the Debtor has no secured debt, those customers are the chief constituency for whom the bankruptcy case is being run. Moreover, the customers essentially hold veto power over the assignment of their contracts (which are among the Debtor's most valuable assets) because the Debtor is unable to pay the cure costs needed to assign the contracts without consent. In short, the customers collectively hold the power to dictate the course of the Debtor's bankruptcy case. And based on the Debtor's inquiries to date (including through regular discussions with the Official Committee of Unsecured Creditors (Committee) and a recent "town hall" meeting with thirteen of the Debtor's largest customers), it appears the customers generally want the Debtor to sell its business as a going concern. This is in part because of the prospective financial recovery for creditors, but also because of the benefits of a seamless transition of Customers, and the Debtor’s employees who service those Customers, to a qualified purchaser. The Debtor's inability to force the assumption and assignment of customer contracts creates something of a chicken-and-egg paradox when set against potential bidders' interest in knowing which customer contracts might be assigned. The Debtors proposed solution is the multi-part process proposed herein, in which potential bidders submit letters of intent, customers are polled on a non-binding basis to determine whether they are interested in doing business in the future with each potential bidder, and potential bidders use this information to determine whether, and how much, they are willing to bid. The creative modifications to the typical Chapter 11 sale process have been developed by the Debtor and Livingstone in consultation with the Committee, its counsel, Tucker Ellis LLP, and its proposed financial advisor, Oxford Restructuring Advisors LLC, in a desire to address the unique circumstances of the Debtor's case. The Debtor is a railcar-management company that essentially serves as an intermediary between its customers, who are owners of freight railcars, on the one hand, and parties with whom the Customers do business or incur obligations (including without limitation railroads, repair shops, railcar lessees, and taxing authorities), on the other (Vendor/Lessee). the Debtor has been an economically productive enterprise, generating profits every year while playing an important role in interstate commerce. But as set forth in the Declaration, the Debtor commenced this Chapter 11 Case in the wake of disclosures that its former CEO misappropriated approximately $20 million of the Company's funds over a period of years. The Debtor has no secured debt. Instead, its indebtedness primarily consists of unsecured contractual obligations to its approximately 80 customers. Committee and Debtor counsel interviewed prospective investment bankers and ultimately decided to retain Livingstone Partners LLC, a banker experienced in distressed middle-market companies generally, and in the rail industry specifically. The Debtor seeks authority to utilize between 1.5 million and $2.8 million of its estate's funds for expenses deemed reasonably necessary to pursue a sale of all or substantially all of its assets, consistent with a specified budget. The Debtor intends for the bidding and sale process to occur in regular communication and consultation with Livingstone, the e Official Committee of Unsecured Creditors (Committee), and the Committee's professionals, to the extent necessary or appropriate. The Bidding Procedures set forth a number of criteria to be used in determining whether a bid is qualified to serve either as the Stalking Horse Bid or as a bid at the Auction. Among other things, a bid must be substantially in the form of a form asset purchase agreement to be filed by the Debtor by October 27, 2025; be submitted prior to 5:00 p.m. (Central time) on November 21, 2025; be accompanied by an earnest money deposit in the amount of ten percent (10%) of the bid; and contain sufficient information regarding the bidder’s ability to consummate its proposed transaction. The Bidding Procedures specify the date and location of the Auction, which is presently contemplated to be held at the offices of counsel for the Debtor on December 2, 2025, at 10:00 a.m. (Central time). The prevailing bid at the Auction will be the highest and best bid, as determined by the Debtor in consultation with the Consultation Parties. The Bidding Procedures also authorize the Debtor to choose the second-highest-and-best bid to serve as a back-up bid. The Debtor proposes procedures for assuming and assigning NonMSA Assignable Contracts. The Debtor submits it has demonstrated a sound business justification for the proposed sale of the Sale Assets pursuant to the Bidding Procedures. The Debtor submits that cause exists to permit such shortened notice under the circumstances of the Debtor's Chapter 11 Case. While the Debtor would have preferred to comply with the presumptive 14-day timeline, the need to negotiate and obtain consensus among Livingstone and the Committee as to the complex and, in many ways, unconventional, Bidding Procedures was deemed to be of paramount importance. To provide special, additional, notice of the potential assumption and assignment of Non-MSA Assignable Contracts, the Assumption Notice will be served, by facsimile, overnight delivery, or such other method of service (including email) authorized by counterparties to Non-MSA Assignable Contracts, within one business day after the Bid Deadline. The Debtor submits that requiring the full fourteen days prescribed by Local Rule 9090-3 before the hearing to consider entry of the Sale Procedures Order would result in unwarranted delay to the Asset Sale Process. Under the circumstances present in this Chapter 11 Case, the Debtor requests that the foregoing notice be deemed adequate and reasonable under the Bankruptcy Code and Bankruptcy Rules for purposes of the entry of the Sale Procedures Order and the Sale Approval Order. 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. SHANE BARNES: Gets Interim OK to Use Cash Collateral Until Oct. 21 ------------------------------------------------------------------ Shane Barnes Construction, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral until October 21 in accordance with its budget, which projects total operational expenses of $48,425. The Debtor may remit $800 to its counsel, without violation of the interim order, as a bond to provide adequate assurance of future utility payments. As adequate protection for the Debtor's use of their cash collateral, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on their collateral, with the same validity and priority as their pre-bankruptcy liens. These replacement liens are subordinate to the fee carveout. A final hearing is scheduled for October 22. Shane Barnes, a construction company based in Florence, Alabama, has operated since 2009, specializing in concrete and brick work. The Debtor is attempting to reorganize under Chapter 11 to stabilize its finances and meet obligations under a future confirmed plan. The Debtor obtained a loan from SBA on September 10, 2020, with an outstanding balance of approximately $100,000. SBA has a secured interest in the Debtor's assets, including accounts receivable and deposit accounts, based on a UCC-1 financing statement. Other creditors have also filed UCC-1 statements, including Secured Lender Solutions, LLC, on behalf of First Citizens Bank, though the Debtor believes that debt has been satisfied. SBA's lien has priority over all others with respect to the cash collateral. About Shane Barnes Construction Shane Barnes Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81865) on September 11, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Clifton R. Jessup Jr. presides over the case. Angela Stewart Ary, Esq., at Heard, Ary & Dauro, LLC represents the Debtor as legal counsel. SHERWOOD HOSPITALITY: Plan Exclusivity Period Extended to Oct. 18 ----------------------------------------------------------------- Judge Peter C. Mckittrick of the U.S. Bankruptcy Court for the District of Oregon extended Sherwood Hospitality Group, LLC and DVKOCR Tigard, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 18 and December 17, 2025, respectively. As shared by Troubled Company Reporter, the Debtors claim that extending the Exclusive Periods will allow the Debtors to create a marketing strategy, timeline for sale, gather marketing data, and vet these items with secured creditors to propose a confirmable plan. The Debtors assert that they seek an extension of thirty days to have concrete arrangements and details for the proposed treatment of creditors under the Plan of Reorganization, along with appropriate timelines and default remedies consistent with the same. The Debtors need a relatively small amount of time to finalize arrangements regarding a sale and financing process leading into a Plan of Reorganization to facilitate the possibility of proposing a consensual Plan of Reorganization. The Debtors further assert that the requested extension of the Exclusive Periods is not proposed to pressure creditors and no demands have been made by the Debtors upon the creditors with respect to a Plan of Reorganization. There is no prejudice to any creditor's interest if the Exclusive Periods are extended. Sherwood Hospitality Group LLC is represented by: Thomas W. Stilley, Esq. Douglas R. Ricks, Esq. Sussman Shank, LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 Telephone: (503) 227-1111 Facsimile: (503) 248-0130 Email: tstilley@sussmanshank.com dricks@sussmanshank.com About Sherwood Hospitality Group Sherwood Hospitality Group LLC, d/b/a Hampton Inn Sherwood Portland, operating as Hampton Inn Sherwood Portland, is a hospitality company based in Sherwood, Oregon. The Company manages a hotel offering amenities like free breakfast, free Wi-Fi, a heated indoor pool, and a fitness center. Sherwood Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30484) on February 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Peter C. Mckittrick handles the case. The Debtor is represented by Douglas R. Ricks, at SUSSMAN SHANK LLP. SIFAT LLC: Plan Exclusivity Period Extended to December 1 --------------------------------------------------------- Judge Mark Houle of the U.S. Bankruptcy Court for the Central District of California extended Sifat LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 1, 2025 and January 30, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that this is a complex case, involving valuable real property which the Debtor believes to be worth substantially more than the debts against such real property. At this time, there is a major case contingency pending that will impact the ultimate disposition of this case, involving the Debtor's pending efforts to reach a reinstatement agreement with Standard. The Debtor submits that this case contingency warrants a brief extension of the Debtor's plan exclusivity periods. The Debtor claims that it is requesting an extension in good faith for the purpose of designating an appropriate exit strategy once an accurate purview of these cases as a whole is established in light of pending discussions with Standard. The Debtor asserts that this is its first request to extend any of its plan exclusivity periods under Section 1121 of the Bankruptcy Code and the requested extension is within the limits set forth in Section 1121(d)(2) of the Bankruptcy Code. Courts commonly grant multiple extensions of the exclusivity periods. Therefore, this factor weighs in favor of extending the Debtor's plan exclusivity periods. Sifat LLC is represented by: Krikor J. Meshefejian, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: kjm@lnbyg.com About Sifat LLC Sifat LLC owns and manages a single commercial real estate asset, an office building located at 2115 Winnie Street in Galveston, Texas. The Company operates from Newport Beach, California, and is affiliated with the Cantour Group, which oversees property development and leasing activities for the building. Sifat LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11513) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by David B. Golubchik, Esq., at Levene, Neale, Bender, Yoo & Golubchik LLP. SOLARWINDS HOLDINGS: S&P Downgrades ICR to 'B', Outlook Stable -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on SolarWinds Holdings Inc. to 'B' from 'B+' and removed the rating from CreditWatch, where S&P placed it with negative implications on March 21, 2025. The stable outlook on SolarWinds reflects S&P's stable outlook on its new parent, Starlight Parent LLC. Starlight Parent has completed its leveraged buyout of SolarWinds Holdings Inc. The downgrade follows SolarWinds Holdings' acquisition by Starlight Parent LLC. S&P said, "Following the close of the transaction, we lowered our issuer credit rating on the company to equalize it with our rating on its new parent because we now consider SolarWinds Holdings to be a core entity in Starlight Parent's group." This reflects SolarWinds Holdings' status as a holding company for all the parent's operating subsidiaries which account for a significant portion of the consolidated group's operations. Starlight Parent repaid all of SolarWinds Holdings' outstanding debt as part of the transaction. S&P said, "The stable outlook on SolarWinds reflects out stable outlook on its parent, Starlight Parent. The stable outlook on Starlight reflects that while SolarWinds will be hampered by an increase in interest expense and vested restricted stock unit (RSU) payments, we expect it will keep its business operations stable such that it sustains leverage below the mid-7x area and generates positive free operating cash flow (FOCF) over the next 12 months. "We could lower our rating on Starlight Parent if we believe SolarWinds will sustain leverage above the mid-7x area or FOCF to debt of below 3%. This could occur due to higher interest expense, continued restructuring or vested RSU cash payment costs, disruptions to its business operations from a sponsor sale or macroeconomic headwinds, or competitive pressures that hamper SolarWinds' financial performance. "While unlikely over the next 12 months, we could look to upgrade SolarWinds if it decreases its leverage below the 6x area through debt-funded acquisitions and generates FOCF to debt of well above 5% after its vested RSU cash payments. This could occur if SolarWinds continues to improve its top-line growth following the updates to its business strategy and expands its EBITDA margins on the roll-off of its one-time restructuring costs." SOUTHWEST FIRE: Court Extends Cash Collateral Access to Oct. 31 --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Mexico authorized Southwest Fire Defense, LLC to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral from July 28 to October 31 in accordance with its budget. Cash collateral must be used only for operating and administrative expenses but not for payments to insiders except ordinary payroll disclosed in the budget. The Debtor owes approximately $120,000 to Kapitus LLC; $326,000 to Cadence Bank, N.A.; and $284,569 to the U.S. Small Business Administration. As adequate protection, these secured creditors will continue to have a security interest on their pre-bankruptcy collateral and will be granted replacement liens on property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. As further protection, the Debtor must make $7,500 monthly payments to Kapitus for September and October. The Debtor's right to use cash collateral terminates on October 31; upon appointment of a trustee; dismissal or conversion of tits Chapter 11 case; or 10 days after notice of default. A copy of the court order and the Debtor's budget is available at https://shorturl.at/LgnZv from PacerMonitor.com. In a separate order, the bankruptcy court set a deadline of October 6 for the Debtor's second cash collateral motion and October 20 for objections. The court also scheduled a final hearing on any objections for October 30. About Southwest Fire Defense LLC Southwest Fire Defense, LLC provides emergency same-day hazard tree removal, tree trimming, stump grinding, defensible space creation and tree risk assessment services in the Santa Fe, New Mexico area. Founded in 2014 by former firefighter Daniel A. Martinez, the company offers free estimates. Southwest Fire Defense filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.M. Case No. 25-10924) on July 28, 2025. In its petition, the Debtor reported total assets of $706,464 and total liabilities of $1,530,318. Judge Robert H. Jacobvitz handles the case. The Debtor is represented by: Christopher M. Gatton, Esq. Gatton & Associates, P.C. Tel: 505-271-1053 Email: chris@gattonlaw.com SPIRIT AIRLINES: Advised by Davis Polk in Chapter 11 Cases ---------------------------------------------------------- Davis Polk is advising Spirit Aviation Holdings, Inc. and its subsidiaries in connection with cases commenced by the company under chapter 11 of the United States Bankruptcy Code. Spirit intends to use the chapter 11 process to implement the broad changes necessary to transition the company for a sustainable future and position it to deliver the best value in the sky for years to come. On August 29, 2025, Spirit filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of New York. At hearings held during the first days of the bankruptcy cases, the Bankruptcy Court granted Spirit's various first day motions. These approvals enable Spirit to continue operating as usual, including honoring tickets, reservations, credits and loyalty points; paying wages and honoring benefits; and paying certain critical vendors and partners for goods and services delivered prior to the filing date. The Bankruptcy Court also authorized Spirit to provide adequate protection to certain of its secured creditors. Spirit is committed to safely 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 all-Airbus Fit Fleet, one of the youngest and most fuel-efficient fleets in the United States. The Davis Polk restructuring team includes partners Marshall S. Huebner and Darren S. Klein, counsel Christopher Robertson and Joseph W. Brown and associates Moshe Melcer, Katharine Somers, Noah Z. Sosnick, Jonathan (Zhenyang) He, Eva (Luying) Wang, Mckenzie K. Whalen, Susan Oh and Rebecca Sattaur. The capital markets team includes partner Yasin Keshvargar, counsel Christopher H. Van Buren and associate Wilson Lin. The litigation team includes partner Ben Kaminetzky and associate Kevin E. Sette. The tax team includes partner Patrick E. Sigmon, counsel Leslie J. Altus and associate Shmuel Dov Sussman. Partner Travis Triano and counsel Justin Alexander Kasprisin are providing executive compensation advice. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About 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. STANLEY UTILITY: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Stanley Utility Contractor, Inc. 1210 Sweetgum Circle Steinhatchee, FL 32359 Business Description: Stanley Utility Contractor, Inc. is a Florida-based construction company specializing in right-of-way and telecommunications infrastructure projects, including fiber deployments, small cell installations, and utility services. The Company operates primarily in Florida and provides project management, inspection, and maintenance support for its infrastructure work. Its principal office is in Leesburg, with Michael Stanley listed as president and registered agent. Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court Northern District of Florida Case No.: 25-40481 Judge: Hon. Karen K. Specie Debtor's Counsel: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 Email: twright@brunerwright.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Stanley as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5M76VVY/Stanley_Utility_Contractor_Inc__flnbke-25-40481__0001.0.pdf?mcid=tGE4TAMA SUNNOVA ENERGY: Seeks to Extend Plan Exclusivity to January 5, 2026 ------------------------------------------------------------------- Sunnova Energy International Inc. ("SEI") and its debtor affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 5, 2026 and March 5, 2026, respectively. The Debtors explain that there is no question that the Debtors' cases are large and complex. As of the Petition Date, the Debtors and their affiliates had funded debt obligations of approximately $8.9 billion, including four tranches of unsecured notes and billions of dollars of asset-backed securities issued by more than twenty-five special purpose entities. The Debtors also have an array of other active commercial and financial stakeholders, including, among others, the Committee and the DIP Ad Hoc Group, as well as each constituent's agents, trustees, and advisors. In addition, administering these chapter 11 cases requires significant input from the Debtors' management team and advisors on a wide range of matters necessary to bring structure and consensus to a large and complex process. Accordingly, the Debtors submit that the size and complexity of these chapter 11 cases weigh in favor of extending the Exclusivity Periods. The Debtors claim that an extension of the Exclusivity Periods will permit the Debtors to maintain flexibility without competing plans derailing their ongoing efforts. Moreover, extending the Exclusivity Periods will benefit the Debtors' estates, their creditors, and all other key parties in interest and will not prejudice the Debtors' creditors especially when, as here, all groups and their advisors have had an opportunity to actively participate in substantive discussions with the Debtors throughout these chapter 11 cases. The Debtors assert that fewer than four months have elapsed since the Petition Date, and this is the Debtors' first request for an extension of the Exclusivity Periods. During the brief pendency of these cases thus far, the Debtors have made significant efforts to effectuate a number of value-maximizing transactions, including the Sale Transaction, and identify the most effective path forward, as laid out in their proposed Plan. Additional time will enable the Debtors to continue to do so in a value-maximizing, expeditious way that will serve to benefit both the Debtors' estates and their stakeholders. Co-Counsel for the Debtors: Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. BRACEWELL LLP 711 Louisiana Street, Suite 2300 Houston, Texas 77002 Tel: (713) 223-2300 Fax: (800) 404-3970 Email: jason.cohen@bracewell.com jonathan.lozano@bracewell.com Co-Counsel for the Debtors: Anup Sathy, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: anup.sathy@kirkland.com - and - Brian Schartz, P.C. Ciara Foster, Esq. Margaret Reiney, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: brian.schartz@kirkland.com ciara.foster@kirkland.com margaret.reiney@kirkland.com 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. SUNSET FITNESS: Seeks Cash Collateral Access -------------------------------------------- Sunset Fitness, LLC asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection. The Debtor is a boutique fitness studio based in Los Angeles, California, founded in 2018. In July 2022, Eugenia Levchenko and her partner, Sevana Draayer, purchased the business from Laurenko Fitness, LLC. Since the acquisition, the Debtor has expanded into a multi-discipline facility that offers three specialized training spaces: an indoor cycling studio, a group strength studio, and a personal training studio. The business operates entirely on a prepayment model for services, meaning it has no receivables. The business serves between 1,500 and 2,000 clients per month, with approximately 400 recurring membership clients. This base generates between $55,000 and $60,000 in recurring monthly revenue. Additionally, the business generates revenue from personal training ($15,000 to $20,000), class packages ($15,000 to $20,000), ClassPass ($20,000 to $25,000), and miscellaneous retail sales ($2,000 to $5,000). As of the petition date, the Debtor's assets are valued at approximately $70,053, which includes funds in bank accounts, fitness equipment, and other inventory and supplies. However, the Debtor does not own any real property. The Debtor's secured creditors are owed approximately $456,248. These creditors include: 1. BUG Financial – $36,135, with a UCC-1 Financing Statement filed on May 9, 2022. 2. Headway Capital – $136,648, with a UCC-1 Financing Statement filed on November 2, 2023. 3. Cadence Bank (SBA Loan) – $243,117, with a UCC-1 Financing Statement filed on January 28, 2025. 4. Navitas Credit Union – $40,348, arising from an equipment lease for 31 Schwinn X Bikes. In addition to these secured creditors, the Debtor has priority unsecured creditors, including the Internal Revenue Service and the Franchise Tax Board, with claims totaling approximately $71,480. There are also general unsecured creditors, including business credit cards, a deficiency balance on an equipment lease, workers' compensation claims, a small SBA loan, and a seller note, with claims totaling $115,328. The Debtor proposes to use the cash collateral available in its pre-petition accounts (approximately $57,853) and future business income to cover the operational expenses during the interim period. This proposal is based on a budget, which the Debtor believes represents the necessary expenses to maintain the business during this period. However, the Debtor requests authority from the Court to deviate from the total expenses by no more than 15% or to make adjustments by category without needing further court approval, provided the expenditures are within the approved categories. The Debtor warns that if its ability to use cash collateral is interrupted, it will not be able to pay its necessary expenses, which could severely harm the business and its reorganization prospects. The Debtor also proposes monthly adequate protection payments to secured creditors as follows: 1. BUG Financial will receive $600 per month starting in October 2025. 2. Headway Capital will receive $565 per month starting in October 2025. Additionally, Navitas Credit Union will continue its $1,121 monthly payment for the equipment lease. The Debtor does not currently propose adequate protection payments to Cadence Bank, but it does propose to provide them with a replacement lien on the Debtor's post-petition assets, up to the value of the cash collateral actually used post-petition. A court hearing is set for October 21. About Sunset Fitness, LLC dba Hype Fitness Sunset Fitness, LLC dba Hype Fitness is a boutique fitness studio based in Los Angeles, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:25-bk-18336) on September 19, 2025. In the petition signed by Evgenya Levchenko, chief financial officer, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Neil W. Bason oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. SUPERIOR ENERGY: S&P Assigns 'B+' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings assigned its 'B+' issuer credit rating to Superior Energy Services Inc., a private U.S.-based oilfield services company. S&P said, "We also assigned our 'B+' issue-level rating to SESI, LLC's proposed notes. The recovery rating of '3' indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) of principal in the event of default. "The stable outlook reflects our expectation that Superior will successfully integrate the Quail Tools acquisition over the next 12 months while navigating the subdued rig count environment in U.S. land. We project average debt to EBITDA of about 1.7x and funds from operations (FFO) to debt around 45% in 2026 and 2027. "Superior Energy has launched an offering of $600 million senior secured notes through its wholly owned subsidiary SESI LLC. We expect the company to use the proceeds to repay acquisition debt and for cash on hand. "We assigned our 'B+' issuer credit rating to Superior. The rating reflects the company's high concentration to the oil and gas U.S. tubular rental market (about 70% of EBITDA), as well as its healthy geographic diversification with about a third of EBITDA each from international markets and offshore (primarily US Gulf). Additionally, it reflects the modest leverage profile of about 45% FFO to debt, as well as the majority ownership and strategic control by private-equity firms. Our rating also considers the company's strong EBITDA margins and solid free cash flow generation." Superior is highly concentrated to the US tubular rental market, which is dependent on drilling and completion activity. Superior derives approximately 70% of its EBITDA from tubular rentals. It provides steel pipe, including high quality primary drill strings, tubing, landing strings, and completion tubulars, at a contracted rate, primarily to oil and gas (O&G) exploration and production (E&P) companies. After acquiring U.S. land peer Quail Tools on Aug. 20, 2025, the company has a leading market share position in both U.S. land and in the U.S. Gulf within a fragmented commoditized tubular rentals market. This is a key competitive advantage, as it allows the company to procure tubulars on favorable terms and manage inventories more efficiently. Overall, the company has a healthy geographic mix with about even EBITDA generated across the U.S. land (33%), U.S. Gulf (35%), and international (32%) regions. S&P expects steady activity to support Superior's international business, which primarily consists of lower-margin service segments like cementing, coiled tubing, and wireline. Its largest exposure is the Vaca Muerta in Argentina (8% of revenue). The company has above average profitability. Its strong EBITDA margins stem primarily from the high-margin tubular rentals business. This segment is highly profitable with EBITDA margins of approximately 60%. Superior's profitability is partially insulated due to its established position as the market leader in this business through its engineering expertise, longstanding relationships with integrated and national oil companies, multiyear contracts in its U.S. Gulf and international markets, and limited competition from the Big 3 oilfield service companies. After divesting labor- and capital-intensive business segments in 2021 and the recent Quail Tools acquisition, Superior's overall EBITDA margin of 35%-40% is strong relative to peers in the 'B' ratings category, such as Tidewater Inc. and Precision Drilling Corp. Superior is somewhat insulated from U.S. tariffs. Although S&P expects upward price pressure on new pipe due to U.S. steel tariffs, the company is somewhat insulated since it replaces only 5%-10% of its tubular fleet annually, primarily through a domestic supplier. The company has cost-escalators across most of its customer contracts to pass through a portion of increased supply costs to customers. Also, given the large pipe fleet, the company has flexibility to reduce capital spending on new pipe to preserve cash flow in a less favorable purchasing (or demand) environment. S&P said, "We expect favorable leverage and cash flow metrics in 2026 due to steady oilfield activity. We forecast higher revenue in 2026 primarily reflecting the acquisition. The company's highest specification pipe is at full effective utilization (around 80%) in 2025, which we expect will support stable pricing. The company has also identified about $50 million of cost synergies related to the Quail acquisition which we anticipate will be mostly achieved in 2026. Our estimate of $175 million of gross capital spending includes about $125 million of maintenance capital for replacement pipe while growth capex will likely fund an even mix of the highest demand pipe inventory and additional equipment in Superior's international services segment. We project average debt to EBITDA of about 1.7x and FFO to debt of 45% in 2026 and 2027. We forecast the company will generate $100 million-$150 million of free cash flow in 2026, which we expect will fund opportunistic acquisitions instead of distributions." The rating also reflects financial-sponsor ownership. Private equity firms GoldenTree Asset Management L.P., Monarch Alternative Capital L.P., Glendon Capital Management, and Madison Avenue Partners have a combined ownership interest of over 70%. In our view, this gives owners significant influence on Superior's strategic direction, financial policy, and ultimately its capital structure. Sponsors have three of six board seats and former Halliburton CEO, Dave Lesar, is chairman and CEO. The company took large distributions in 2023 and 2024, which it financed with cash on hand. These distributions occurred when the company had a debt-free capital structure prior to the current CEO. Therefore, we expect the company will prioritize opportunistic acquisitions over distributions. The stable outlook reflects S&P's expectation that Superior will successfully integrate Quail Tools over the next 12 months while navigating the subdued rig count environment in U.S. land. It project average debt to EBITDA will be about 1.7x and FFO to debt around 45% in 2026 and 2027. S&P could lower the rating if FFO to debt below 30% on a sustained basis. This would most likely occur if: -- Superior's margins deteriorate severely due to a loss of pricing power or increased competition; or -- Crude oil prices drop substantially such that drilling levels and demand for oilfield services decline and the company is unable to reduce spending. S&P could raise its rating if the company: -- Materially improves its scale of operations; and -- Maintains FFO to debt well above 30% and positive discretionary cash flow. TABERNACLE CHRISTIAN: Case Summary & Four Unsecured Creditors ------------------------------------------------------------- Debtor: Tabernacle Christian Center Ministries Inc. 4101 SW 61st St Avenue Fort Lauderdale, FL 33314 Business Description: Tabernacle Christian Center Ministries Inc. operates as a religious organization based in Florida, providing Christian worship services, educational programs, and community outreach initiatives. The organization is led by Bishop Jeff Terrelonge and conducts activities including Sunday worship, Bible study, youth services, and volunteer-driven community programs. Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-21466 Debtor's Counsel: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. 1806 N. Flamingo Rd., Ste 300 Pembroke Pines, FL 33028 Tel: 954-353-2200 Email: mroher@markroherlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jefferington P. Terrelonge as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DKSCZ3I/Tabernacle_Christian_Center_Ministries__flsbke-25-21466__0001.0.pdf?mcid=tGE4TAMA THRILL INTERMEDIATE: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Thrill Intermediate LLC 10801 W. Charleston Boulevard, Ste. 600 Las Vegas, NV 89135 Business Description: Thrill Intermediate LLC, a Las Vegas-based holding company, through its direct and indirect wholly owned subsidiaries, creates and produces television content and has at times produced live entertainment events, most notably the MTV show Ridiculousness, a 30-minute studio clip show where host Rob Dyrdek and co-hosts comment on viral videos featuring stunts, mishaps, and everyday chaos, which constitutes roughly half of MTV's programming. The Company also manages subsidiaries involved in media production, digital marketing, event management, and intellectual property. Chapter 11 Petition Date: September 28, 2025 Court: United States Bankruptcy Court District of Nevada Affiliate that filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on September 28, 2025: Debtor Case No. ------ -------- Thrill Intermediate LLC 25-15714 10801 W. Charleston Boulevard, Ste. 600 Las Vegas, NV 89135 Affiliates that filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on September 29, 2025: Debtor Case No. ------ -------- Thrill Holdings LLC 25-15715 Superjacket Productions LLC 25-15716 Purple Shark, LLC 25-15717 Perfect Feet Productions, LLC 25-15718 Crown Media Entertainment, LLC 25-15719 Conduit Post, LLC 25-15720 Nitrocross IP Holdings LLC 25-15721 Nitro Rallycross LLC 25-15722 Judge: Hon. Mike K Nakagawa Debtors' Counsel: Gregory E. Garman, Esq. GARMAN TURNER GORDON LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Tel: 725-777-3000 Thrill Intermediate's Estimated Assets: $50 million to $100 million Thrill Intermediate's Estimated Liabilities: $100 million to $500 million The petitions were signed by Jeremy Rosenthal as chief restructuring officer. A full-text copy of Thrill Intermediate's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JHWAMSY/THRILL_INTERMEDIATE_LLC__nvbke-25-15714__0001.0.pdf?mcid=tGE4TAMA List of Thrill Intermediate LLC's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. U.S. Bank Trust Company, N.A. $90,122,315 Administrative Agent 214 North Tryon Street, 27th Floor Charlotte, NC 28202-1078 Email: alexandra.robb@usbank.com 2. U.S. Bank Trust $52,955,611 Company, N.A. Administrative Agent 214 North Tryon Street, 27th Floor Charlotte, NC 28202 Email: alexandra.robb@usbank.com 3. U.S. Bank, National Association $12,708 214 North Tryon Street, 27th Floor Charlotte, NC 28202-1078 Email: alexandra.robb@usbank.com 4. 34th Street Funding LLC Unknown c/o U.S. Bank Trust Company, N.A. 214 North Tryon Street, 27th Floor Charlotte, NC 28202 Email: alexandra.robb@usbank.com 5. Bayern Invest Unknown c/o fund BayernInvest SDF 2-Fonds KarlstraBe 35 80333 Munchen, Germany 6. Cion Investment Corporation Unknown c/o U.S. Bank Trust Company N.A. 214 North Tryon Street, 27th Floor Charlotte, NC 28202 Email: alexandra.robb@us bank.com 7. MGG SF Drawdown Unknown Unlevered Mstr. Fund III (Cayman) LP c/o U.S. Bank Trust Co. N.A. 214 North Tryon Street, 27th Floor Charlotte, NC 28202 8. MGG SF Drawdown Unknown Unlevered Offshore III SPV S.A.R.L. c/o U.S. Bank Trust Co. N.A 214 North Tryon Street, 27th Floor Charlotte, NC 28202 9. MGG SF Evergreen LP Unknown c/o U.S. Bank Trust Company N.A. 214 North Tryon Street, 27th Floor Charlotte, NC 28202 Email: alexandra.robb@usbank.com 10. MGG SF Evergreen Unknown Mstr. Fund (CAYMAN) LP c/o U.S. Bank Trust Co. N.A. 214 North Tryon Street, 27th Floor Charlotte, NC 28202 11. MGG SF Evergreen Unknown Unlevered Mstr. Fund II (CAYMAN) LP, c/o U.S. Bank Trust Co. N.A 214 North Tryon Street, 27th Floor Charlotte, NC 28202 12. MGG US Direct Unknown Lending Fund 2019 LP c/o U.S. Bank Trust Company N.A. 214 North Tryon Street, 27th Floor Charlotte, NC 28202 Email: alexandra.robb@usbank.com 13. Nevada Department of Taxation $0 Bankruptcy Section 700 E. Warm Springs Rd. Ste 200 Las Vegas, NV 89119 14. PCP VI Thrill One Unknown Holding, L.P. c/o PGIM, Inc. Two Prudential Plaza 180 N Stetson Ave., Suite 5600 Chicago, IL 60601 15. PGIM Capital Unknown Partners Mgmt. Fund VI LP c/o U.S. Bank Trust Company, N.A. 214 North Tryon Street, 27th Floor Charlotte, NC 28202 Email: alexandra.robb@usbank.com 16. PGIM Capital Unknown Partners VI, L.P. c/o U.S. Bank Trust Company, N.A. 214 North Tryon Street, 27th Floor Charlotte, NC 28202 Email: alexandra.robb@usbank.com 17. PGIM Non-US Unknown Investors US Senior Debt I c/o U.S. Bank Trust Company, N.A. 214 North Tryon Street, 27th Floor Charlotte, NC 28202 18. PGIM PCP (Parallel Unknown Fund) VI Fund c/o U.S. Bank Trust Company , N.A. 214 North Tryon Street, 27th Floor Charlotte, NC 28202 Email: alexandra.robb@usbank.com 19. PGIM Senior Loan Unknown Opportunities Management Fund I, L.P. c/o PGIM, Inc. 101 California Street, Suite 4000 San Francisco, CA 94111 Email: mitchell.reed@prudential.com 20. PGIM Senior Loan Unknown Opportunities (Levered) I, L.P. c/o PGIM, Inc. 101 California Street, Suite 4000 San Francisco, CA 94111 Email: mitchell.reed@prudential.com TRIO BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating on Trio BidCo Inc. (doing business as Trace3), the same as the existing rating on Escape Velocity. S&P said, "We also assigned our 'B' issue-level and '3' recovery rating on Trace3's proposed $950 million first-lien senior secured term loan B and $100 million delayed draw first-lien term loan. (expected to be undrawn at close). "The stable outlook on Trace3 reflects our expectation that secular demand for IT services, cloud, and AI will support revenue growth, which, together with cost synergies, will improve EBITDA and lower leverage below 6.5x over the next 12 months. It further assumes that the company will employ financial policies that support these expectations." Affiliates of funds managed by Apollo Global entered into a definitive agreement in August to acquire a majority ownership position in Escape Velocity Holdings Inc. and are now proposing a $950 million first-lien term loan, due in 2032, to partially finance the transaction. The financing plan also includes a $300 million senior secured ABL facility, which will be fully available for channel financing and includes a committed $225 million sublimit for revolving borrowings, as well as a $100 million delayed-draw term loan, accessible over a period of up to 24 months. S&P said, "Our view of Escape Velocity's business remains unchanged by this financial transaction. However, due to the incremental debt financing it, we expect pro forma leverage to increase to approximately 7x. Although this is about a full turn above the expectations in our current rating on Escape Velocity, we anticipate the company's solid operating prospects and plans for cost synergies to support deleveraging to low-6x within the next 12 months. "The 'B' rating reflects our expectation that, despite high leverage at closing, Trace3's credit metrics will improve below 6.5x over the next 12 months. Following the incremental debt from the proposed transaction, we estimate that pro forma S&P Global Ratings-adjusted leverage as of June 30, 2025, will increase to approximately 7x, up from 6.1x as of June 30, 2025." The company's recent operating results showed solid momentum, supported by favorable secular trends, including rising enterprise demand for IT services, cloud, and AI-related solutions. Management has targeted roughly $19 million of cost savings, consistent with Apollo's strategies around operational excellence. Trace3's supplier relationships with TDSYNNEX--a prior, highly successful Apollo investment--demonstrate these targets are achievable within the next 12 months. The company will incur one-time costs of approximately $13 million over the next 12 months to pursue cost savings. While this will largely offset near-term benefits, the full run-rate benefit of these synergies will be captured in Trace3's 2027 operating performance. Trace3's growth prospects, planned synergies, and cash flow generation support our deleveraging expectations. Our base case assumes that secular demand for IT services, cloud, and AI underpins strong prospects for revenue growth, which, together with cost synergies, will drive EBITDA improvement and deleveraging. It further assumes that the company achieves a more favorable interest margin on the new debt and should only see a modest increase in interest expense relative to its existing capital structure under Escape Velocity. Thus, even with higher debt levels, S&P expects Trace3 to generate good levels of free cash flow. S&P forecasts the company will generate good free operating cash flow (FOCF) in both 2026 and 2027. Trace3's minimal capital expenditure (capex) and modest annual working capital needs enable it to generate healthy FOCF, with a FOCF to debt of 7% in both years. Trace3's proposed delayed draw term loan (DDTL) and its track record of pursuing debt-funded acquisitions could hinder deleveraging. While we anticipate that Trace3's leverage will improve over the next two years, primarily due to EBITDA growth, there is some risk of further leveraging from potential future acquisitions or shareholder distributions. Over the last seven years, Trace3 has completed six acquisitions; as we believe scale drives competitive positioning, inorganic growth through add-on acquisitions will remain key for Apollo to expand geographic reach, broaden solution capabilities, and enter high-growth verticals. S&P thinks the significant capacity available to the company under its undrawn revolving credit facility provides financing for future unspecified acquisitions. Futhermore, plans to raise a $100 million DDTL signal Apollo's intent to pursue its acquisitive growth strategy. The stable outlook on Trace3 reflects S&P's expectation that secular demand for IT services, cloud, and AI will support revenue growth, which, together with cost synergies, will drive EBITDA improvement and deleveraging below 6.5x over the next 12 months. It further assumes that the company will employ financial policies that support these expectations. S&P could lower its ratings on Trace3 if: -- Weak operating performance leads it to sustain leverage above 6.5x or FOCF to debt of low-single-digit percent or below. This would likely occur due to weaker demand from its customers or supply chain disruptions that reduce its margins; or -- The company pursues further debt-financed dividends or acquisitions without first reducing its leverage. Although unlikely, S&P could raise its ratings on Trace3 if: -- The company reduces leverage below 5x; -- Management adopts a less-aggressive shareholder return strategy and commits to maintain leverage of below 5x; and -- Business improvements increase revenue and EBITDA base comparable with higher rated peers. VENUS CONCEPT: Board OKs Transaction Completion Bonuses for 2 Execs ------------------------------------------------------------------- Venus Concept Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved the award of transaction completion bonuses to Rajiv De Silva and Domenic Della Penna, to be paid in accordance with transaction completion bonus award letters upon completion of a Strategic Transaction (as defined in the Award Letter). The Awardees are each eligible to receive a transaction completion bonus that will be paid in the form of cash and/or cash equivalents in the manner and ratio proscribed by the Strategic Transaction. The bonus amounts for each Awardee are subject to a range calculated based on the size of the Strategic Transaction. * Mr. De Silva's transaction completion bonus payment ranges from $715,000 to approximately $2.12 million. * Mr. Della Penna's transaction completion bonus payment ranges from $338,000 to approximately $1 million. In addition, each bonus payment is contingent upon the satisfaction of certain terms and conditions set forth in the respective Award Letters, including, but not limited to: (a) the successful completion of a Strategic Transaction resulting in a change of control, as determined by the Board, within the time period prescribed in the Award Letters and (b) the Awardee is an active, full-time employee of the Company, in good standing as determined in the reasonable discretion of the Board, on the Payment Date (as defined in the Award Letters). The foregoing description of the Award Letters does not purport to be complete and is qualified in its entirety by reference to the provisions of the Award Letters, a form of which is available at https://tinyurl.com/bdzcru2n About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $63.09 million in total assets, $60.31 million in total liabilities, and $2.33 million in total stockholders' equity. VENUS CONCEPT: Secures $2 Million in Twelfth Bridge Loan Draw ------------------------------------------------------------- Venus Concept Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the lenders agreed to provide the borrower Venus Concept USA, Inc., a wholly-owned subsidiary of the Company, with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. The Twelfth Delayed Drawdown was funded on September 19, 2025. The Company expects to use the proceeds of the Twelfth Delayed Drawdown, after payment of transaction expenses, for general working capital purposes. As previously disclosed, on April 23, 2024, Venus Concept Inc., Venus Concept USA, Inc., a wholly-owned subsidiary of the Company, Venus Concept Canada Corp., a wholly-owned Canadian subsidiary of the Company, and Venus Concept Ltd., a wholly-owned Israeli subsidiary of the Company, entered into a Loan and Security Agreement, with Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP and Madryn, as administrative agent. Pursuant to the Loan and Security Agreement (as amended), the Lenders agreed to provide the Borrower with bridge financing in the form of a term loan in one or more draws in an aggregate principal amount of up to $5,000,000 which amount was subsequently increased to $23,237,906.85. Borrowings under the Bridge Financing will bear interest at a rate per annum equal to 12%. On the maturity date of the Bridge Financing, the Loan Parties are obligated to make a payment equal to all unpaid principal and accrued interest. The Loan and Security Agreement also provides that all present and future indebtedness and the obligations of the Borrower to Madryn shall be secured by a priority security interest in all real and personal property collateral of the Loan Parties. * The initial drawdown under the Loan and Security Agreement occurred on April 23, 2024, when the Lenders agreed to provide the Borrower with bridge financing in the form of a term loan in the principal amount of $2,237,906.85. * The second drawdown under the Loan and Security Agreement occurred on July 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. * The third drawdown under the Loan and Security Agreement occurred on September 11, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. * The fourth drawdown under the Loan and Security Agreement occurred on November 1, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,000,000. * The fifth drawdown under the Loan and Security Agreement occurred on November 26, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,200,000. * The sixth drawdown under the Loan and Security Agreement occurred on December 9, 2024, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $1,500,000. * The seventh drawdown under the Loan and Security Agreement occurred on January 27, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $3,000,000. * The eighth drawdown under the Loan and Security Agreement occurred on February 21, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,300,000. * The ninth drawdown under the Loan and Security Agreement occurred on April 4, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. * The tenth drawdown under the Loan and Security Agreement occurred on May 22, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. * The eleventh drawdown under the Loan and Security Agreement occurred on July 21, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. * The twelfth drawdown under the Loan and Security Agreement occurred on August 21, 2025, when the Lenders agreed to provide the Borrower with a subsequent drawdown under the Loan and Security Agreement in the principal amount of $2,000,000. For additional information regarding the Bridge Financing, please see the Current Report on Form 8-K, including the exhibits thereto, filed by the Company with the Securities and Exchange Commission on April 24, 2024. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $63.09 million in total assets, $60.31 million in total liabilities, and $2.33 million in total stockholders' equity. VERRA MOBILITY: S&P Rates Sub's New $689MM Sec. Term Loan B 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '1' recovery rating to the proposed $689 million senior secured term loan B due 2032 issued by Verra Mobility Corp.'s subsidiary VM Consolidated Inc. The company will use the proceeds from this issuance to refinance its existing $689 million term loan B due 2028. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default. The 'BB+' issue-level and '1' recovery ratings are both one notch higher than its previous 'BB' issue-level and '2' recovery ratings on the company's existing term loan. The improved recovery prospects for first lien lenders reflects the company's voluntary debt repayment as well as a modest increase to our valuation due to its solid organic growth. S&P's 'BB-' issuer credit rating and stable outlook on Verra Mobility are unchanged. Verra Mobility reduced its leverage to 2.5x on a rolling-12-month basis as of June 30, 2025, from 2.9x as of the end of 2024, on an improvement in its financial performance. S&P said, "We anticipate the company will continue to use its free cash flow to fund share repurchases. Despite some softness in travel demand during the first half of 2025, we expect Verra will solidly increase its revenue by 5%-6% in both 2025 and 2026, supported by contract wins in its government solutions segment and elevated product adoption and tolling activity in its commercial services segment." Issue Ratings--Recovery Analysis Key analytical factors -- The company's capital structure comprises a $125 million asset-based lending (ABL) facility due 2026, a $689 million term loan B due 2032, and $350 million of senior unsecured notes due 2029. The ABL is secured by, and benefits from, a lien on Verra's most liquid assets (e.g., receivables and inventory), while the term loan facility is secured by a lien on substantially all its other assets and a second-priority lien on the ABL collateral. VM Consolidated Inc. is the borrower under the ABL and term loan agreement and the issuer of the senior unsecured notes. -- S&P said, "In conjunction with assigning ratings to the proposed term loan due in 2032, we raised our issue-level rating on the company's existing senior secured term loan due in 2028 to 'BB+' from 'BB', in line with the proposed issuance. We expect to withdraw our ratings on the existing term loan due in 2028 when the transaction closes." -- S&P's simulated default scenario envisions a default occurring due to a significant decline in the company's EBITDA stemming from a material drop in its top-line revenue, likely caused by non-renewals from key customers in its government solutions and commercial services segments. In addition, legislation regarding camera safety measures further jeopardizes the revenue from the company's safety camera installations. -- The company is headquartered in the U.S. and all its debt is denominated in U.S. dollars. Therefore, for the purposes of S&P's recovery analysis it assumes Verra would file for bankruptcy in the U.S. -- S&P said, "Given the company's advanced proprietary technologies and scalable platform, we believe it would remain a viable business and reorganize rather than liquidate following a payment default. We value Verra on a going-concern basis using a 6x multiple of our projected emergence EBITDA. We assume about 8% of Verra Mobility's revenues at default is generated from nonguarantor entities." Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: About $140 million -- Multiple: 6x -- Gross enterprise value: About $835 million Simplified waterfall -- Valuation split (obligors/nonobligors): 92%/8% -- Net recovery value after 5% administrative expenses: About $790 million -- Collateral available to secured claims after priority ABL claims: About $675 million -- Secured first-lien debt claims: About $675 million --Recovery expectations: 90%-100% (rounded estimate: 95% -- Senior unsecured notes claims: About $360 million --Recovery expectations: 0%-10% (rounded estimate: 5%) VIKING CRUISES: S&P Rates New $1.7BB Senior Unsecured Notes 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '4' recovery rating to Viking Cruises Ltd.'s proposed $1.7 billion senior unsecured notes due 2033. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 40%) recovery for noteholders in the event of a default. The company plans to use the net proceeds from this offering along with balance sheet cash to redeem its existing 5.875% senior secured notes due 2027 and refinance existing ship leases with maturities ranging from 2030 to 2034. The proposed debt-for-debt refinancing is leverage neutral. However, it will improve Viking's debt maturity profile while also decreasing the amount of secured debt in its capital structure. Additionally, repaying certain existing ship leases will unencumber three ocean ships (Viking Orion, Viking Jupiter, and Viking Mars) and one expedition ship (Viking Octantis). As a result, these ships will be available to cover Viking's unsecured claims, improving the recovery prospects for its unsecured lenders. S&P said, "As a result, we revised our recovery rating on Viking's existing unsecured notes to '4' from '5' and raised our issue-level rating to 'BB' from 'BB-'. We assume certain ship-level financings with low balances are not refinanced, given the debt is already materially amortized and there is clear visibility on the company's ability to meet the remaining amortization schedule. "The transaction does not affect our 'BB' issuer credit rating or stable outlook on Viking. Financial policy uncertainty remains a key constraint to ratings upside. "Viking modestly underperformed our revenue expectations and performed in-line with our EBITDA expectations in the first half of 2025. We expect revenue will grow by 21%-22% and EBITDA margin will be in the 27%-28% range in 2025. Viking's strong forward bookings provide solid revenue visibility, with 64% of its 2026 capacity sold. In 2026, we expect revenue will grow by 13%-14% supported by capacity growth and higher pricing. We expect EBITDA margin will be in the 25%-26% range, as revenue growth from increased capacity and higher pricing is offset by higher fuel costs and marketing expenses to drive growth. As a result, we expect leverage will decline to the mid-1x area in 2025 and low-1x area in 2026, and funds from operations (FFO) to debt will increase to the 55%-60% area in 2025 and above 80% in 2026." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P assigned its 'BB' issue-level rating to Viking's proposed $1.7 billion unsecured notes due 2030. S&P's '4' recovery rating indicates its expectation of average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. -- S&P also revised its recovery rating on Viking's existing unsecured notes to '4' from '5' and raised its issue-level ratings on this debt to 'BB' from 'BB-'. -- S&P's issue-level rating on Viking's $675 million senior secured notes due in 2028 remains 'BB+'. Its '2' recovery rating indicates its expectation of substantial (70%-90%; rounded estimate: 75%) recovery for noteholders in the event of a payment default. The Viking Star, Viking Sky, and Viking Sea ocean ships serve as collateral for the $675 million secured notes issued at subsidiary Viking Ocean Cruises Ltd. -- S&P's issue-level rating on Viking's $350 million senior secured notes due in 2029 remains 'BB+'. The '2' recovery rating indicates its expectation of substantial (70%-90%; rounded estimate: 70%) recovery. The Viking Venus ocean ship serves as collateral for the $350 million secured notes issued by subsidiary Viking Ocean Cruises Ship VII Ltd. Simulated default assumptions -- S&P's simulated default scenario considers a payment default in 2030 due to a significant decline in cash flow, stemming from a prolonged economic downturn, significant health or safety event, escalating geopolitical conflicts, or intensifying competitive pressures that significantly reduce demand for cruising. -- S&P uses a discrete asset valuation (DAV) approach rather than an enterprise value approach because certain creditors receive priority claims against specific assets under Viking's capital structure. S&P expects lenders to pursue the specific collateral pledged to them. -- S&P incorporated the financing and related collateral value for ocean ships that are scheduled to be delivered prior to our assumed year of default in 2030: Viking Mira and Viking Libra, both to be delivered in 2026; Viking Astrea, to be delivered in 2027, ship XVI and ship XVII, to be delivered in 2028; and ship XVIII, to be delivered in 2029. S&P said, "Viking's river vessels continue to serve as collateral for the specific loan agreements used to finance them, which are held at subsidiary Viking River Cruises Ltd. We incorporated the financing and related collateral value for five river ships to be delivered in 2026. For the remaining 2026 scheduled river ship deliveries, we assume Viking takes delivery and pays with cash. We assume it also takes delivery of two additional river vessels in 2027 and pays for them with available cash. As a result, the value from these ships is available to satisfy unsecured claims. We exclude from our DAV analysis any other river ships on order or ship options that do not yet have committed financing. "We assume Viking's revolver, which is currently $375 million, is 85% drawn at default. Viking expects to materially increase the size of its revolving credit facility but has not yet received commitments for the upsize. As a result, we do not currently incorporate a larger revolver into our recovery analysis. Viking anticipates the borrower, guarantor, and security would remain the same. In that scenario, if the company were to enter into a larger revolver which we would assume is 85% drawn at default, we believe it is plausible that recovery prospects for unsecured lenders would not be impaired enough to revise our '4' recovery rating, although the rounded estimate could be lower. We plan to monitor the company's progress toward a larger revolver and assess the terms and recovery impact if it were to secure an upsize. Under our analysis, any residual value at Viking Ocean Cruises and Viking Ocean Cruises Ship VII Ltd. (after satisfying secured notes balances assumed at default) and any residual value at Viking Ocean Cruises II and Viking River Cruises (after satisfying ship debt balances assumed at default) would flow to the parent, Viking, to satisfy unsecured claims. The planned repayment of four existing ship leases will unencumber Viking Orion, Viking Jupiter, Viking Octantis, and Viking Mars). As a result, their value will be available to cover Viking's unsecured claims, improving unsecured recovery prospects. "To calculate DAV, we apply discounts to the appraised values of Viking's ships and to the cost of its planned ships. These incorporate both a depreciation factor to reflect the decline in value before the assumed point of hypothetical default and an assumed realization rate. For ocean ships, we apply discounts of 25%-50% depending on the age of the ship. For expedition ships, we apply an approximate 25% discount. For river ships, we apply discounts of 50%-65% depending on the age of the ship. The higher discount rate for the river ships reflects our view that there would be a smaller pool of potential buyers for these assets given their niche nature and the smaller river cruise market compared with the ocean cruise market. "We assume administrative claims total 7% of gross DAV because we expect the complexity of Viking's capital structure, including multiple classes of debt at the parent and various subsidiaries that benefit from different collateral pools as well as multijurisdictional considerations, to increase administrative costs." Simplified waterfall -- Gross recovery value: $6.2 billion -- Net recovery value (after 7% administrative costs): $5.8 billion -- Net residual value for unsecured claims and secured deficiency claims: $1.8 billion -- Deficiency claims from subsidiary debt: $982 million -- Unsecured notes: $3.0 billion --Recovery for unsecured notes: 30%-50% (rounded estimate: 40%) -- Net recovery value available for $350 million senior secured notes backed by Viking Venus and including its pro rata share of value available to unsecured claims: $268 million --Recovery for senior secured notes: 70%-90% (rounded estimate: 70%) -- Net recovery value available for $675 million secured notes backed by Viking Star, Viking Sea, and Viking Sky, and including its pro rata share of value available to unsecured claims: $553 million --Recovery for senior secured notes: 70%-90% (rounded estimate: 75%) All debt amounts include six months of prepetition interest. VISTA GLOBAL: Fitch Affirms & Then Withdraws 'B+' IDR ----------------------------------------------------- Fitch Ratings has affirmed Vista Global Holding Limited's (Vista) Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has also affirmed the senior unsecured ratings on the bonds issued by VistaJet Malta Finance P.L.C. and Vista Management Holding Inc. at 'BB-' with Recovery Ratings of 'RR3'. The notes are guaranteed by Vista and key operating companies Vista (US) Group Holdings Limited and VistaJet Group Holding Limited. Simultaneously, Fitch has withdrawn all ratings. The IDR reflects Vista's global market position in a fragmented market, diversification and growing share of contracted revenue, but also niche operations, concentrated ownership with key man risk and volatility in on-demand services. Fitch has chosen to withdraw the rating for commercial reasons and will no longer provide ratings and analytical coverage on the company. Key Rating Drivers High Leverage Decreasing: Fitch estimates Vista's EBITDAR leverage will decline to about 5.0x in 2025, from 5.8x at end-2024. This will be supported by a reduction in gross debt following a USD600 million equity-like transaction earlier in 2025, substantial repayment of debt, including financial leases, and improving EBITDAR. Fitch expects moderate growth in operations and profitability to support further leverage improvement to about 4.7x in 2026. Equity-like Funding Improves Financial Structure: Vista repaid around USD1 billion of debt (including about USD400 million of lease liabilities) with the proceeds of the USD600 million equity-like funding and the USD700 million term loan. Gross adjusted debt fell to USD4.1 billion at end-June 2025, from USD4.5 billion at end-2024. In addition to reducing leverage, these transactions improved the debt maturity profile, supported liquidity, increased the unencumbered fleet and raised the EBITDA margin through lower lease payments, as part of the lease debt was repaid from equity proceeds. Cash Generation Moderately Positive: In 2024, the company remained free cash flow (FCF) negative, but the outflow was materially lower than in 2023. Negative FCF was driven mainly by higher-than-expected capex and sizable working capital outflow. Fitch expects EBITDA growth to support consistently positive FCF (before lease-debt repayment above P&L lease expense), supporting leverage consistent with the rating. Fitch continues to expect negative working capital after the outflow in 1H25. Fitch does not assume material external growth in its rating case. Stable Profitability: Fitch forecasts Vista's Fitch-defined EBITDAR will rise to about USD800 million in 2025 (2024: USD786 million), with a margin of around 28.3%. In 1H25, Vista had about USD400 million of Fitch-calculated EBITDAR, supported by solid growth in the Program segment and higher aircraft utilisation after the disposal of less profitable aircraft. Fitch forecasts further EBITDAR growth in 2026-2028, supported by moderate revenue growth and a growing share of higher-yield Program revenue in the mix. Increasing Revenue and Profit Visibility: Fitch estimates the share of contracted Program revenues to gradually rise from 52% in 2024, consistent with the company's strategy. Under the Program, customers underwrite use-it-or-lose-it three-year (on average) contracts, providing greater visibility of the company's results. Fitch anticipates gradually increasing EBITDAR margin to about 29% in 2028, as a result of this strategy. Solid Competitive Performance: In 2024 Vista outperformed the market in flight hours growth, with an increase of about 5%, compared with a 1% decrease for the global market, driven primarily by the growth in Program live hours. This was partially offset by lower On Demand hours due to divestment of the inefficient Citation fleet. In 2Q25 Vista's on-fleet flight hours increased by 10% YoY, compared with market growth of 3%. Vista's global coverage provides some resilience relative to its peers. Highly Fragmented Sector: The global private aviation market is highly fragmented and Vista's market share is about 5%, despite being one of the leading operators. The market structure provides growth opportunities for the best performers, but there are strong competitive pressures. Vista has historically expanded more quickly than providers proposing fractional or full ownership aviation services to customers. Full Spectrum of Asset-light Services: Vista's business profile benefits from its full spectrum of asset-light services as an alternative to aircraft ownership for customers. It offers different size and range of aircraft types, various membership benefits and a global footprint, especially after acquisitions. Its forecasts do not assume further M&A and further debt-funded M&A could put pressure on the rating. Peer Analysis In Fitch's view, Vista operates a niche product, which differentiates it from airlines in its business model and cost structure. More broadly, Vista's large share of revenue under fixed contracts, with a customer base that is more resilient than the general public to economic cycles and a floating fleet (aircraft not anchored to certain airports) are key differentiating factors from commercial airlines. This all supports the company's higher debt capacity than some second-tier commercial airlines at a given rating. Within the private aviation sector, compared with providers with fractional or full asset ownership, Vista offers lower all-in costs and higher flexibility as well as no asset residual risk to customers. Key Assumptions - Average number of aircraft in service at 210 aircraft in 2025, increasing to 225 in 2028 - Average fleet yield to slightly increase in 2025-2028 - Aircraft utilisation to grow gradually during 2025-2028 - Share of Program live hours in total live hours to continue to increase from 52% in 2024 - All cost factors to grow in line with their nature (fixed versus variable) to 2028 - Average EBITDAR at USD846 million in 2025-2028 - Capex at USD206 million in 2025 - Average interest costs (excluding leases) at about USD240 million in 2025-2028 - Working capital outflow at USD100 million in 2025 - No dividend pay-out during 2025-2028, post the USD600 million equity-like funding Recovery Analysis The recovery analysis assumes that Vista would be recognised as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-concern EBITDA of USD650 million assumes a downturn in the private-aviation industry where Vista's utilisation by aircraft remains subdued, and is 7% lower than its 2025 EBITDA forecast, which improved compared with 2024, driven by a substantial decrease of lease expense following repayment of large portion of leases earlier this year. Fitch applies a distressed enterprise value/EBITDA multiple of 5x to calculate a going-concern enterprise value, reflecting Vista's leading niche market position, high customer retention rate of around 90% and a large proportion of contracted revenue, albeit partially limited by its moderate scale. The waterfall analysis output percentage for senior unsecured debt on current metrics and assumptions is commensurate with 'RR3'. RATING SENSITIVITIES Not applicable as the ratings have been withdrawn. Liquidity and Debt Structure At end-June 2025, Vista's available liquidity (its cash balance and undrawn revolving credit facility of USD315 million) exceeded short-term financial debt (excluding lease payments). In 2025, Fitch expects the company to generate more than USD100 million of FCF (after lease expense), which should further improve liquidity. In addition to debt maturities, Vista has about USD65 million of deferred consideration payable in 2025 for past acquisitions (USD37 million already paid in 1H25). Vista had a sizeable working-capital outflow in LTM to 2Q25 of about USD130 million. Fitch has conservatively forecast working-capital outflows in 2025-2028. Issuer Profile Vista is a global provider of private aviation services through its market-leading asset-light and technology-driven platform. As of end-2024, it operated a fleet of 214 aircraft. 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 Vista Global Holding Limited has an ESG Relevance Score of '4' for Governance Structure due to concentrated ownership, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- VistaJet Malta Finance P.L.C. senior unsecured LT BB- Affirmed RR3 BB- senior unsecured LT WD Withdrawn Vista Management Holding Inc. senior unsecured LT BB- Affirmed RR3 BB- senior unsecured LT WD Withdrawn Vista Global Holding Limited LT IDR B+ Affirmed B+ LT IDR WD Withdrawn WAHL TO WAHL: Court to Hold Cash Collateral Hearing Today --------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of New York is set to hold a hearing today to consider another extension of Wahl to Wahl Auto, LLC's authority to use cash collateral. The court's initial order issued on September 26 approved the Debtor's interim use of cash collateral to pay operating expenses in accordance with its budget. The initial order granted secured creditors rollover liens on and security interests in their collateral, with the same validity, priority and extent as their pre-bankruptcy liens on and security interests. Located in Cooperstown, N.Y., Wahl to Wahl Auto's business was formed in 2013 and currently employs 16 workers. The Debtor's Chapter 11 filing was necessitated by escalating financial pressures, including rising operating costs, high-interest borrowing, seasonal cash flow fluctuations, and increased competition following the COVID-19 pandemic and industry consolidation. Despite growing from one employee and $200,000 in sales in 2011 to 18 employees and over $3 million in revenue, the business model -- relying on short-term credit to bridge seasonal slumps -- has become unsustainable. Facing another slow season and mounting debt, the Debtor determined that Chapter 11 reorganization was the only viable path to maintain operations and restructure debt obligations. Based on a UCC search, there are nine known secured parties with possible claims to the Debtor's cash assets, including KeyBank, Automotive Finance Corporation, U.S. Small Business Administration, ACV Capital, On Deck Capital, NBT Bank, NextGear Capital, and Vernon Capital. The Debtor does not concede that the secured creditors' claims are valid but it is willing to allow a "rollover lien" to preserve existing lien priorities while reserving its right to challenge the validity or perfection of those interests. About Wahl to Wahl Auto LLC Wahl to Wahl Auto LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 25-60846) on September 22, 2025. In the petition signed by Anthony S. Wahl, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Peter A. Orville, Esq., at Orville & McDonald Law, P.C., represents the Debtor as legal counsel. WAHL TO WAHL: Seeks to Hire Orville & McDonald Law as Counsel ------------------------------------------------------------- Wahl to Wahl Auto LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Orville & McDonald Law, P.C. as counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to their powers and duties in the continued operation of its business and in the management of their property; (b) take necessary action to avoid liens against Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances or liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition and at a time when the Debtor was insolvent; (c) take necessary action to enjoin and stay until final decree herein any attempts by secured creditors to enforce liens upon property of the Debtor's in which property Debtor has substantial equity; (d) represent the Debtor, as Debtor-in-Possession, in any proceedings which may be instituted in this Court by creditors or other parties during the course of this proceeding; (e) prepare on behalf of the Debtor, as Debtor-in-Possession, necessary petitions, answers, orders, reports and other legal papers; and (f) perform all other legal services for the Debtor as Debtor-in-Possession or to employ attorneys for such services. The firm will be paid at these hourly rates: Peter Orville, Attorney $350 Zachary McDonald, Attorney $300 Non-Lawyer Staff $125 In addition, the firm will seek reimbursement for expenses incurred. The firm requested a retainer in the amount of $10,262 from the Debtor. Orville & McDonald Law, 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: Peter A. Orville, Esq. ORVILLE & McDONALD LAW, P.C. 30 Riverside Drive Binghamton, NY 13905 Telephone: (607) 770-1007 About Wahl to Wahl Auto LLC Wahl to Wahl Auto LLC, doing business as Wahl To Wahl Car Sales, operates a 34-acre auto recycling facility and used car dealership in Otsego County, New York. Wahl to Wahl Auto LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60846) on September 22, 2025. At the time of filing, the Debtor estimated $1,096,667 in assets and $1,925,266 in liabilities. The petition was signed by Anthony S Wahl as sole member. Peter A. Orville, Esq. at Orville & McDonald Law, P.C. represents the Debtor as counsel. WALKER EDISON: Judge Rejects Escrow of $4MM in Chapter 11 Case -------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that on Monday, September 30, 2025, a Delaware bankruptcy judge denied a request to force online furniture seller Walker Edison to reserve about $4 million from a potential sale for a logistics company claiming a lien on the funds. The Troubled Company Reporter, citing Alex Wittenberg of Law360 Bankruptcy Authority, previously reported that on Tuesday, Sept. 23, 2025, Walker Edison informed a Delaware bankruptcy judge that it is close to finalizing an agreement with lenders, unsecured creditors, and additional parties to share proceeds from its planned asset sale. The court raised concerns about whether adequate notice of the arrangement had been provided. About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to-assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WBI OPERATING: S&P Assigns 'BB-' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings assigned a 'BB-' issuer credit rating to WBI Operating LLC (WBI) based on its view of the company pro forma for the new capital structure. S&P also assigned a 'BB-' issue-level rating to the proposed notes, The recovery rating is '3', indicating its expectations for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The stable outlook reflects S&P's expectation that WBI will maintain S&P Global Ratings-adjusted debt to EBITDA of less than 4.0x through 2026. WBI issued $1.4 billion senior unsecured notes due in 2030 and 2033 and established a $500 million commitment senior secured revolving credit facility (RCF) due in 2030. The proceeds of the senior unsecured notes and recently executed initial public offering (IPO) will be utilized to pay down the existing debt at WaterBridge Operating LLC (WBR) and WaterBridge NDB Operating LLC (NDB). WBI is the largest pure-play water infrastructure company in the U.S. The company was created via the merger of WBR and NDB, with a combined asset base of 2,600 miles of pipelines, 190 water handling facilities, 4.5 million barrels per day (bbl/d) of produced water handling capacity, and two energy waste management facilities provides a modest operating scale that is the largest in the U.S. As a result, S&P's expects WBI's 2026 S&P-adjusted EBITDA to be within the $395 million - $405 million range. WBI also includes assets of Desert Environmental Holdings LLC, a provider of energy waste management solutions in the Delaware basin. The majority of the company's activity is concentrated in the Delaware basin where about 88% of its water handling volumes are generated, with smaller operations in the Eagle Ford and Arkoma basins. The geographic concentration is partially offset by the Delaware basin's economic advantage compared with other basins in the U.S., given the basin's low average breakeven cost, attraction of higher number of drilling rigs that accounts for around 25% of total production in the lower 48 states, and a growing water-to-oil ratio that supports the need for WBI's services. The company's customer base is diverse, but is exposed to volumetric risk. S&P said, "WBI has a semi-diversified customer base across broader E&P producers, about half of which we rate investment grade with a weighted-average remaining contract life of 11 years. These contracts are largely fee-based acreage dedications with small minimum volume commitments (MVCs) that subject the company to volumetric risk because adverse oil price movement could lead to activity curtailment from its upstream customers. We view MVCs favorably because they provide a revenue floor if lower commodity prices lead to changes in drilling activity." Growth projects will constrain free operating cash flow (FOCF) in 2026. S&P said, "We expect the company's free cash flows will be negative in 2026 following the anticipated capital expenditure (capex) of $320 million-$370 million in 2025 (pro forma) and 2026. The growth capex involves a 450,000 barrel-per-day (bbl/d) capacity pipeline that was completed in July 2025, mostly to handle produced water from bpx Energy Inc.'s (a subsidiary of BP) activities in Reeves County, after the company announced a commercial agreement in January with bpx Energy that included 10-year MVCs. Additionally, in April 2025, the company announced the construction of a 1 million bbl/d capacity water transportation pipeline, that will extend across the northern Delaware basin. As a result, we expect WBI will utilize the available RCF to fund the capex when there is an operating cash flow shortfall." S&P said, "We forecast leverage will be in the 3.2x-3.7x range through 2027. Given the repayment of the existing $1.7 billion indebtedness with the newly issued $1.4 billion notes and cash proceeds from its recent IPO, we forecast WBI's S&P Global Ratings-adjusted debt to EBITDA to be around 3.6x in 2026. This incorporates anticipated draw on the RCF to part-fund growth projects. We believe the company's leverage will improve to about 3.2x in 2027 based on our expectation of EBITDA growth, as completed capital projects come online and capacity is contracted, as well as the expectation the company will repay any drawn amount under the RCF using free cash flows. "We expect WBI's financial policy to be conservative, although Five Point Energy retains control. WBI publicly stated that, after the IPO, it targets long-term net leverage lower than 3.5x, compared with a run-rate leverage of 4.5x, pro forma for the IPO and merger of WBR and NDB. We estimate the company's leverage threshold corresponds to S&P Global Ratings-adjusted leverage of 3.6x-3.8x. Our adjusted debt includes gross financial debt plus leases, while our adjusted EBITDA is net of some nonrecurring expenses. That said, Five Point will remain the controlling shareholder over the medium term with about 50% ownership and can unilaterally make key financial policy decisions such as leverage threshold and cash flow use. As a result, we have assessed the company's financial policy as FS-5, which caps its financial risk profile at aggressive." Access to underutilized pore spaces gives the company a competitive edge. Increased seismic activities in the Delaware basin prompted the Texas Railroad Commission (TRC) to implement Seismic Response Areas and volume curtailments. Competition for acceptable water injection zones has since intensified. The company's access to pore space on acreage of LandBridge Company LLC--a leading Delaware basin landowner with which the company has a synergistic relationship--and Texas Pacific Land Corp., as well as the strategic location of the company's assets to transport produced water from areas with high pore pressure to handling facilities in areas with underutilized pore space, provide some competitive advantage. Consequently, S&P expects water handling volumes to be resilient. The stable outlook reflects S&P"s view that WBI will complete its growth projects in a timely manner and on budget while maintaining leverage in the 3.5-4.0x range through 2026. S&P could lower the rating if adjusted leverage increases to above 4.0x on a sustained basis. This could occur if: -- A sharp decline in crude oil leads to sustained reduced drilling activity; or -- The company pursues a more aggressive financial policy. Although unlikely in the near term, S&P could take a positive rating action if the company increases scale, as well as geographic and customer diversification, while maintaining leveraging under 3.0x. This would likely stem from increased volumes from its growth capex projects. WESTCHESTER 3148: Case Summary & Four Unsecured Creditors --------------------------------------------------------- Debtor: Westchester 3148 LLC 810 Chestnut Ridge Rd. Spring Valley, NY 10977 Business Description: Westchester 3148 LLC, a single-asset real estate debtor under 11 U.S.C. Section 101(51B), owns and operates a multi-family rental property at 3148 Westchester Ave., Bronx, NY, valued at $1.1 million. Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-22921 Judge: Hon. Sean H Lane Debtor's Counsel: H. Bruce Bronson, Esq. BRONSON LAW OFFICES PC 480 Mamaroneck Ave Harrison, NY 10528-1621 Tel: (914) 269-2530 Fax: (888) 908-6906 Email: hbbronson@bronsonlaw.net Total Assets: $1,098,000 Total Liabilities: $1,230,540 The petition was signed by Mordechai Szoffer as president. A full-text copy of the petition, which includes a list of the Debtor's four largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZJS5N6Y/Westchester_3148_LLC__nysbke-25-22921__0001.0.pdf?mcid=tGE4TAMA WINDSTREAM SERVICES: Fitch Rates Proposed Secured Notes 'BB-' ------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' rating and Recovery Rating of 'RR1' to the proposed senior secured notes offering from Uniti's subsidiary Windstream Services LLC. The net proceeds, along with proceeds from the recently announced term loan, will be used to refinance the 10.5% senior secured notes due 2028. Fitch expects the recombination of Uniti and Windstream to generate significant operating synergies. Fitch also expects the continued decline in legacy services and the negative impact of elevated capex over the next four years will result in higher leverage, negative FCF, and reduced interest coverage. Key Rating Drivers Windstream Acquisition: On May 3, 2024, Uniti announced its acquisition of Windstream. The merger, which closed on Aug. 1, 2025, positions the combined company in Tier II and Tier III markets with significant opportunities to increase its fiber build and drive attractive fiber broadband sub growth. Management projects up to $100 million in operating expense and $20 million-$30 million in capex synergies. Fitch expects the merger will provide operating efficiencies as the company brings more traffic on net and targets incremental opportunities within the combined network. The combined company aims to reach two million subscribers by the end of 2025 (up from the prior target of about 1.9 million by 2027). Uniti targets an additional 1.5 million homes to be passed by YE 2029. The company's fiber plant passed 37% of its footprint at YE 2024 and plans to pass approximately 43% by YE 2025. Revenue Pressures Continue: Fitch expects the combined company, and particularly its Uniti Solutions segment, will experience revenue pressure in the near term from declining legacy-products-related revenue and effects of competition. This pressure should be offset over time with growth in the consumer fiber business as the company continues to pass additional households with fiber and increases penetration levels as well as exploiting emerging opportunities related to AI-driven growth. Elevated Leverage: Fitch expects the PF leverage of the combined company as of YE 2025 to be in the low-6x range. Leverage is expected to remain elevated over the next several years due to revenue and EBITDA pressures from Windstream's legacy revenue and high capex for planned Fiber to the Home deployments. Fitch expects EBITDA Interest coverage to be weak for the rating over the next several years. Negative FCF: Fitch expects capex needs will result in material cash flow deficits for the next three-plus years due to the elevated capex to fund the FTTH build. Uniti is expected to access the capital markets, including potential ABS funding, to fund expected cash flow shortfalls. However, Fitch expects FCF should start to improve after 2028 as these expenditures decrease and EBITDA shows improvement. Limited Liquidity: Liquidity at June 30, 2025 for standalone Uniti was approximately $740 million, consisting of about $240 million in cash and revolver availability of about $500 million. The $500 million revolving facility matures in September 2027. Liquidity at June 30, 2025 for standalone Windstream was approximately $491 million, consisting of about $163 million in cash and revolver availability of about $328 million. The combined company has limited maturities until 2028 when roughly $2.85 billion of secured debt matures. Fitch expects the company will need to raise additional capital to fund the cash flow shortfalls. Parent-Subsidiary Linkage: Windstream Services LLC, Uniti Group LLC, Uniti Fiber Holdings Inc and Uniti Group Inc. have the same IDR because of comprehensive cross-guarantee provisions in long-dated bonds. Peer Analysis Uniti is a hybrid company with characteristics of an incumbent operator through its Kinetic business unit (ILEC business) which operates in smaller urban or rural areas in 18 states. Uniti offers business services through Uniti Solutions (CLEC). The Fiber Infrastructure business provide infrastructure to other communication providers, hyperscalers and wireless towers. Legacy Uniti's network is one of the largest independent U.S. fiber providers, along with Zayo Group Holdings, Inc. Uniti's and Zayo's business models are unlike the wireline business of communications services providers, including AT&T Inc. (BBB+/RWN), Verizon Communications Inc. (A-/Stable) and Lumen Technologies (CCC+/Rating Watch Positive). Uniti and Zayo are infrastructure providers that communications service providers may use to offer retail services including wireless, voice, data and internet. The Windstream acquisition adds 4.3 million Kinetic households. The combined company owns 237,000 national wholesale fiber route miles, with first-mover advantage in Tier II and Tier III markets. Windstream brings an enterprise business similar to AT&T, Verizon and Lumen, although significantly smaller Uniti's business profile is similar to both Frontier Communications Parent, Inc. (B+/Rating Watch Positive) and Cincinnati Bell Inc. (B/Stable). Uniti has less exposure to the residential market than Frontier. Consumers account for about one-third of Uniti's revenue but over half of Frontier's. Frontier will have a larger scale than the combined company and operates at slightly lower leverage compared to the combined company's expected leverage of about 6x in 2025. Cincinnati Bell is further along in its fiber transition, with its Cincinnati build largely completed and its Hawaii build 60+% complete, and it has lower leverage. Key Assumptions For the Combined Company: - $3.76 billion of pro forma 2025 revenue for the combined Uniti and Windstream; - Pro forma 2025 EBITDA of $1.5 billion; - Revenue expected to decline low single digits in 2026, flat in 2027 before turning to low single-digit growth thereafter; - EBITDA margins show general improvement over time as higher-margin fiber business becomes a larger portion of the whole; - Combined pro forma capex expected to be $1.25 billion in 2025 and $1.33 billion in 2026; - Preferred equity dividends paid in kind. Recovery Analysis The recovery analysis assumes that Uniti would be considered a going concern in a bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. The recovery analysis reflects new Uniti's standalone credit silo waterfall. The revolvers are assumed to be fully drawn. The going-concern EBITDA estimate reflects Fitch's view of sustainable, post-reorganization EBITDA, upon which Fitch bases the company's valuation. This leads to a post-reorganization EBITDA estimate of $1.335 million. EBITDA pressures could result from increased competitive pressures from cable and fixed wireless access companies as well as slower-than-expected demand from hyperscalers and other wholesale customers. Post-reorganization valuation uses a 6.0x enterprise value multiple. The multiple reflects the higher asset value of the fiber networks as Uniti continues to build out its network. The multiple is in line with the range for telecom companies published in Fitch's "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" report. The most recent report indicates a median of 5.4x. Other wireline companies that have made significant investments in fiber have traded at enterprise multiples of between 8.5x-14x EBITDA over the last two years. The recovery analysis produces a Recovery Rating of 'RR1' for the secured debt, reflecting strong recovery prospects, and 'RR5' for the senior unsecured debt, reflecting the lower recovery prospects of unsecured debt, given its position in the capital structure. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Larger-than-expected FCF deficits combined with reduced access to capital to fund the company's growth; - EBITDA leverage exceeding 7.5x on a sustained basis; - Deterioration in operating profile and market position due to competitive forces; - EBITDA interest coverage sustained below 1.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent gains in revenue and EBITDA that provide a clear path toward positive FCF; - EBITDA leverage sustained below 5.5x; - Successful fiber deployment execution, including continued improvement in consumer fiber customer penetration. Liquidity and Debt Structure Standalone Uniti had approximately $740 million of liquidity on June 30, 2025, consisting of unrestricted cash of approximately $240 million and revolver availability of $500 million. The $500 million revolving facility matures in September 2027. Subsequent to 2Q25 end, Uniti funded a $371 million payment to Windstream shareholders as part of the merger using cash and revolver availability. Standalone Windstream had approximately $491 million of liquidity on June 30, 2025, consisting of about $163 million in cash and revolver availability of about $328 million. The next maturities for Uniti Group Inc are the revolving credit facilities and 7.5% convertible senior notes due in 2027. Issuer Profile Uniti offers bundled broadband and voice services to consumers primarily in rural areas in 18 states as well as services to Enterprise customers and Wholesale offerings. On Aug. 1, 2025, Uniti completed its re-merger with Windstream. Date of Relevant Committee 24-Aug-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations 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 ----------- ------ -------- Windstream Services, LLC senior secured LT BB- New Rating RR1 WOLFSPEED INC: Represented by Latham in Financial Restructuring --------------------------------------------------------------- Wolfspeed, Inc., a global leader in silicon carbide technologies, has 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 footprintunderpinned by a secure and scalable U.S.-based supply chainto drive sustainable growth. Latham & Watkins LLP represents Wolfspeed in the process with a restructuring & special situations team led by New York partners Ray C. Schrock, Alexander W. Welch, and Keith Simon, with associates Eric Einhorn, Alexandra Zablocki, Isaac Ashworth, Thomas Fafara, Rebekah Presley, Ryan Lindsey, Richard Cantoral, Saadia Naeem, and Sahib Singh. Advice on corporate matters was provided by Bay Area partners Tad Freese and Richard Kim, with associates Julian Brody, Raul Gonzalez-Casarrubias, Edwin Gonzalez, Annie Kim, Chelsi DeTurk, Eduardo Magana, and Keran Huang; on capital markets matters by New York/Los Angeles partner Greg Rodgers, New York partner Senet Bischoff, Chicago partner Roderick Branch, and Chicago counsel Manasi Bhattacharyya, with associates Ryan Gold, Claire Solimine, Jie Lin Nai, and Helen Zhang; on finance matters by Bay Area/New York partner Haim Zaltzman, Los Angeles partners Elizabeth Oh and Kenneth Askin, and New York partner Seniz Yakut, with associates Axel Magnusson, Andrew Bentz, Alex Grossman, and William Lane; on tax matters by New York partner Elena Romanova, Bay Area partners Grace Lee and James Metz and New York counsel Rifka Singer, with associates Nimra Syed and Jacob Meninga, with assistance from Jack Santoro; and on CFIUS matters by Washington D.C. partners Les Carnegie, Patrick English, and Damara Chambers, Bay Area partner Joshua Holian, and Washington, D.C. counsel Zachary Eddington, with associates Amulya Vadapalli and Dillon Curtis. 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. WORLDWIDE MACHINERY: Seeks Approval of $65MM Ch. 11 Sale of Assets ------------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that bankrupt equipment sale and rental company Worldwide Machinery filed a motion late Friday, September 26, 2025, in Texas court seeking approval of a $65.6 million sale of its assets pursuant to a prepetition marketing process. The Troubled Company Reporter previously reported that Worldwide Machinery Group, Inc. and its affiliates seek permission from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors' transaction process was independent, comprehensive, and resulted in several bids. Two such bids were deemed competitive by the Restructuring Committee and the CRO: (a) a bid for a going-concern transaction (Going-Concern Transaction) under which the Debtors' tangible assets would be purchased by Macquarie Equipment Capital, Inc. (Macquarie), an entity unaffiliated with the Debtors, and leased to Diversified Holding, LLC or its designee (Diversified), an entity controlled by the Debtors' majority shareholders, for an aggregate purchase price of no less than $65.6 million, comprised of $52.5 million in cash and the assumption of certain trade and lease liabilities valued at approximately $13.1 million; and (b) a bid to liquidate the Debtors' assets by Hilco Commercial Industrial and Ritchie Brothers (respectively, "Hilco" and "Ritchie Brothers, and such bid, the "Hilco/Ritchie Brothers Bid"). The sale is the result of a lengthy marketing process, executed by a reputable investment bank and overseen by an independent restructuring committee of the board, and represents that highest and best value obtainable for the Debtors assets. The Debtors hired professionals, appointed a chief restructuring officer (CRO), and established an independent restructuring committee of the board to assist with, and oversee, a restructuring process. The Debtors retained Piper Sandler & Company to market the Debtors' assets on a going-concern basis. The Debtors received a significantly lower and uncompetitive liquidation bid from Nations Capital, LLC, an affiliate of Gordon Brothers. In August 2025, the Restructuring Committee determined that the Going-Concern Transaction was the highest and best bid. This determination was supported by an analysis prepared by the CRO and Paladin showing that the Going-Concern Transaction would provide higher recoveries to the ABL Lenders and the other stakeholders, including trade creditors and employees, than the Hilco/Ritchie Brothers Bid (and much higher recoveries than the uncompetitive Gordon Brothers Bid). In light of progress achieved, the Debtors sought an additional extension of their forbearance agreement with the ABL Lenders through October 5, 2025 to permit the Debtors to finalize the Going-Concern Transaction and simultaneously pursue other viable alternatives. Faced with the choice of capitulating to the ABL Lenders' demands or running out of cash, the Debtors filed these chapter 11 cases on an emergency basis to preserve their ability to operate while pursuing the Going-Concern Transaction, subject to higher or better bids. Founded in 1949, the Company is a prominent provider of heavy equipment for the construction and mining industries. With a robust fleet of heavy equipment, it offers a diverse range of products, including earthmoving machinery, material handling equipment, and attachments, catering to various customer needs. The lienholders of the Debtor's Property are KeyBank National Association, the Caspian lenders, and John Deere Financial. On August 20, 2025, following extensive arms-length negotiations, the Debtors signed a non-exclusive LOI with Diversified. The Debtors and the Going-Concern Purchasers have made significant progress on asset purchase agreements memorializing the terms of the Going-Concern Transaction contemplated by the Diversified LOI. The Diversified LOI contemplates the Going-Concern Transaction, under which the Going-Concern Purchasers will purchase the Assets for an aggregate purchase price of no less than $65.6 million, comprised of $52.5 million in cash and the assumption of liabilities valued at approximately $13.1 million. The Going-Concern Transaction also provides for the retention of the majority of the Debtors' employees. Macquarie, a well-established and reputable financing source that is part of the Macquarie Group, a large international bank with nearly one trillion Australian dollars under management, is funding the cash component of the purchase price. Macquarie will directly acquire the Debtors' hard assets, which will then be leased to Diversified. Diversified will also acquire the Debtors' working capital and other assets and assume most of the Debtors' trade liabilities and certain real property leases. In addition, Diversified has provided the Debtors with a $100,000 deposit and has removed all financing contingencies from its bid. The Debtors also understand that Hilco and Ritchie Brothers remain interested in acquiring the Debtors' assets on a liquidation basis if the Going-Concern Transaction is not successful. The Court and other parties in interest will have the opportunity to evaluate the credibility, willingness, and ability of the Going-Concern Purchasers or any Alternative Purchaser to perform under the Assigned Contracts prior to or at the Sale Hearing. The Debtors' Assets may include unused property, obsolete materials and equipment, non-repairable equipment, and other assets with miscellaneous or no value or may not be sellable at all, which may not be purchased by the Going-Concern Purchasers or an Alternative Purchaser in the Sale Transaction. In these and other instances, it may be more economically sound for the Debtors to discard or otherwise dispose of remaining Assets than it would for the Debtors to incur the attendant costs relating to selling such assets. About Worldwide Machinery Group Inc. Worldwide Machinery Group Inc. is a construction equipment sales and rental company. Worldwide Machinery and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90379) on September 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey, Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq., Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White Case LLP. ********* 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. 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Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***