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251002.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, October 2, 2025, Vol. 29, No. 274 Headlines 1300 DESERT: Seeks to Hire Colliers as Leasing Listing Agent 148 BAY 43RD: Section 341(a) Meeting of Creditors on October 27 44 LAUREL: Seeks to Hire Kurfiss Sotheby's as Real Estate Broker 51319 W US HIGHWAY: Seeks to Hire Kelley Law LLC as Legal Counsel 535 12TH AVE: Hires Blanchard Law P.A. as Bankruptcy Counsel 700 17TH STREET: Hires Allen Vellone Wolf as Bankruptcy Counsel 876 STUYVESANT: Seeks to Hire Lara Realty Corp as Realtor AB AND J: Seeks to Hire Pena & Soma APC as Bankruptcy Counsel ACJK INC: Court Narrows Claims in SBS, et al. Adversary Case AGI SOURCING: Seeks to Hire Kirby Aisner & Curley as Attorney ALLEN VEGA: Seeks Chapter 7 Bankruptcy in Texas ALLSTAR PROPERTIES: Hires Brinson Askew Berry as Special Counsel ALLSTAR PROPERTIES: Seeks to Hire CBRE Inc as Real Estate Broker AMC ENTERTAINMENT: Cuts $39.9MM Debt Through Refinancing Deal AMERICAN TRASH: Gets Interim OK to Use Cash Collateral AMERICAN UNAGI: Case Summary & 20 Largest Unsecured Creditors ANDERSON HOOP: Hires Branson Law PLLC as Bankruptcy Counsel ANGLIN CONSULTING: Gets Interim OK to Use Cash Collateral ANTHOLOGY INC: Seeks to Sell Assets at Nov. 17 Auction AQUA SPAS: Seeks to Hire SL Biggs as Accountant AT HOME GROUP: Secures Court Okay for Ch. 11 Plan Equity Swap BASIC WHOLESALE: Unsecureds Will Get 35% of Claims over 7 Years BCPE EMPIRE: BradyPLUS Transaction No Impact on Moody's 'B3' CFR BCPE PEQUOD: Moody's Affirms 'B3' CFR, Outlook Remains Stable BED BATH: Hudson Bay Obtains Dismissal in Trading Gains Dispute BEELAND PROPERTIES: Litigation & Sale Proceeds to Fund Plan BLUE STAR: Replaces MaloneBailey With GreenGrowth as Auditor BLUEWORKS CORP: Trustee Taps Iron Horse as Auctioneer BO TRUCKING: Seeks Chapter 7 Bankruptcy in California BOWES IN-HOME: Gets OK to Use Cash Collateral Until Nov. 18 BP RETAIL: Gets Extension to Access Cash Collateral BROOKS CUSTOM: Hires Geno and Steiskal PLLC as Bankruptcy Counsel BRUIN DIRECTORS: Unsecureds Will Get 5% of Claims in Plan BURGUNDIAN LLC: Unsecureds Will Get 9% of Claims over 60 Months CABLE FARMS: Seeks to Hire Tom Bible Law as Bankruptcy Counsel CALIFORNIA RESOURCES: Fitch Rates New Unsec. Notes Due 2034 'BB-' CANPACK GROUP: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable CAPE FEAR: Seeks to Hire Biggs Law Firm PLLC as Attorney CARNIVAL CORP: S&P Rates New $1.25BB Notes 'BB+', Outlook Positive CAROLINA'S CONTRACTING: Gets Relief From Escrow Payments CAROLINA'S CONTRACTING: Hires Arnold & Smith as Special Counsel CENTER FOR SPECIAL: Amends Motion on Warner Property Sale CGA CORPORATION: Unsecureds Will Get 25% of Claims in Plan CINEMAWORLD OF FLORIDA: Hires GlassRatner as Financial Advisor CITY PARK: Seeks to Hire Kean Miller LLP as Bankruptcy Counsel CIUDAD DEPORTIVA: Case Summary & 12 Unsecured Creditors CLAIRE'S STORES: Hawaii Boutiques at Risk of Possible Job Cuts CLEAN HARBORS: Moody's Rates New Sr. Unsecured Notes Due 2033 'Ba2' CLNG HOMES: Seeks to Hire Mickler & Mickler LLP as Attorney COMPREHENSIVE HEALTHCARE: Case Summary & 20 Unsecured Creditors CONNECT HOLDING II: Moody's Rates $1.65BB First Lien Notes 'B2' CONTRACT MANAGED: Hires Deming Malone Livesay as Accountant COOKSON'S TRANSMISSION: Gets Final OK to Use Cash Collateral CORCHIS CAPITAL: Seeks to Hire Horne LLP as Accountant COX OPERATING: GOL Wins Dismissal of SEACOR Lawsuit CRYSTAL BASIN: Unsecureds Will Get 100% from Sale Proceeds CTL-AEROSPACE: U.S. Trustee Appoints Creditors' Committee DATAVAULT INC: Scilex to Buy $150M in Common Stock Using Bitcoin DAVE & BUSTER'S: S&P Downgrades LT ICR to 'B-', Outlook Stable DAVID RAMOS: Voluntary Chapter 11 Case Summary DAWN BIDCO: Fitch Assigns 'B' LongTerm IDR, Outlook Stable DAWN BIDCO: Moody's Assigns 'B3' CFR, Outlook Stable DESAI HOLDINGS: Gets Interim OK to Use Cash Collateral DESKTOP METAL: Court Okays Chapter 11 Liquidation Plan DEVILS RIVER: Seeks to Hire Nelson & Mata PLLC as CPA DIOCESE OF NORWICH: Attys Challenge US Trustee's $3.1MM Fee Claim DMO NORTH: Court Denies Bid to Use Cash Collateral DREAM LAND: John Whaley Named Subchapter V Trustee EL DORADO GAS: Court Says Counterclaim Not Owned by Bankr. Estate ELMA TRANSPORT: Taps Modestas Law Offices as Bankruptcy Counsel EMPIRE CORE: Yann Geron Named Subchapter V Trustee ENCORE CAPITAL: Fitch Assigns BB+(EXP) Rating on 2031 Secured Notes ENDO INT'L: McKinsey Suit Trimmed, Indemnification Claim Stayed ENNIS I-45: Court Extends Cash Collateral Access to Oct. 31 ERMAJO LLC: Seeks to Hire Davidoff Hutcher & Citron as Attorney FIRST BRANDS: Fitch Cuts IDR to 'CCC' & Then Withdraws Rating FIRST BRANDS: Gets Interim Ok to Tap $1.1B DIP Loan FOREST GLEN: Unsecureds to Get Nothing in Creditor's Plan FR BR HOLDINGS: Moody's Assigns 'B3' CFR, Outlook Stable FRANCHISE GROUP: SEC Sues Ex-CEO Over Co.'s Collapse FRED'S INC: C.H. Robinson Case Can't Proceed to Mediation FREE SPEECH: Court Says Jones' Ch. 7 Stay Doesn't Protect Assets GENESIS HEALTHCARE: Sues HHS to Prevent Closure of Alabama Facility GLIDE LOGISTICS: Court Extends Cash Collateral Access to Nov. 19 GRADY'S HARDWARE: Steven Nosek Named Subchapter V Trustee GROUPE SOLMAX: Moody's Rates Extended First Lien Revolver 'Caa1' HELLO ALBEMARLE: Amends NYSF Secured Claim Details HERTZ CORP: Moody's Rates New Senior Unsecured Notes 'Caa1' HILMORE LLC: Unsecureds Will Get 100% of Claims over 5 Years IN HOME PERSONAL: East Dundee Property Sale to Ellen Heffron OK'd IRIDESCENT HOTEL: Seeks Chapter 7 Bankruptcy in Texas ISOLVED INC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable J PAUL ROOFING: Amends Final Cash Collateral Order JAF LTD: Hires Gensburg Calandriello & Kanter P.C. as Attorney JSL COMPANIES: James Coutinho Named Subchapter V Trustee JUST DO IT: Seeks to Tap Roderick Linton Belfance as Legal Counsel KBR INC: Fitch Puts 'BB+' LongTerm IDR on Watch Negative KBR INC: Moody's Puts 'Ba2' CFR Under Review for Downgrade KID FRIENDLY: Frederic Schwieg Named Subchapter V Trustee KINGSBOROUGH ATLAS: Seeks to Sell Personal Property at Auction LAKE COUNTY: Court Extends Cash Collateral Access to Oct. 30 LASERCYCLE INC: Gets Final OK to Use Cash Collateral LESLIE WESSINGER DDS: Case Summary & 16 Unsecured Creditors LIBERTY COMMUNICATIONS: S&P Affirms 'CCC+' ICR, Outlook Negative LINQTO INC: Appointment of Official Equity Committee Sought LYNDA TRANSPORTATION: Seeks to Tap Modestas Law Offices as Counsel M + D PROPERTIES: Robert Goe Named Subchapter V Trustee MACVA SABAC: Matthew Brash of Newpoint Named Subchapter V Trustee MADARIPUR LLC: Taps Binder & Schwartz, New York Legal as Counsels MARRS CONSTRUCTION: Court Extends Use of Cash Collateral MCMILLAN LOGGING: Taps Professional Management as Accountant MILLSIDE PLAZA: Section 341(a) Meeting of Creditors on November 3 MIRACLE MILE: Trustee Taps Klestadt Winters as General Counsel MIRACLE MILE: Trustee Taps RK Consultants LLC as Financial Advisor MIRION TECHNOLOGIES: Moody's Affirms 'B1' CFR, Outlook Stable MOSAIC COMPANIES: Amends Plan to Include Stone Countertop Claims NISSAN MOTOR: Fitch to Rate Up to $1.5BB in New Unsec Notes BB(EXP) NU RIDE: Hon Hai Loses Bid to Arbitrate Claims in Adversary Case NU STYLE LANDSCAPE: Amends Unsecured Claims Pay Details OCULAR DEVELOPMENT: Unsecureds Will Get 100% of Claims in Plan OFFSHORE SAILING: To Sell Sailboats, IP to B. Crotty for $215,000 OLYMPUS WATER: Moody's Rates New $2.55BB Senior Secured Notes 'B3' ORACLES CAPITAL: Updates Unsecured Claims Pay; Plan Hearing Nov. 4 ORION PORTFOLIO: Hires Thompson Law Group as Bankruptcy Counsel PHOEBEN 2: Catherine Stone Curtis Named Subchapter V Trustee PRECISION EXPRESS: Beverly Brister Named Subchapter V Trustee PROSPECT MEDICAL: Springfield Hospital, Crozer-Chester for Auction RANA REAL ESTATE: Andrew Layden Named Subchapter V Trustee RAPTOR AUTO: To Sell Trailer Equipment to Solih Inc. RAZZOO'S INC: Case Summary & 30 Largest Unsecured Creditors RIVERS ENTERPRISE: Moody's Rates New $600MM Secured Notes 'B1' RWE SERVICES: Behrooz Vida Named Subchapter V Trustee SABAL CONSTRUCTION: Gets Extension to Access Cash Collateral SF OAKLAND: Gets Interim OK to Use $65K in Cash Collateral SHIPWRECK TREASURE: Aaron Cohen Named Subchapter V Trustee SILVER STAR: Trustee Taps Cheek & Falcone as Consulting Expert SIMPLIA INC: Case Summary & Three Unsecured Creditors SLM SERVICES: Claims to be Paid from Continued Operations SOLEMN INVESTMENTS: Taps Jeremy T. Wood PLLC as Bankruptcy Counsel SONOMA PHARMACEUTICALS: To Sell Up to $2.1M Stock in ATM Deal SOUTHERN GOURMET: Unsecureds Will Get 4% of Claims over 3 Years SPAC RECOVERY: Section 341(a) Meeting of Creditors on October 29 SPEEDHAUS 405: Gets Interim OK to Use Cash Collateral SPIRIT AIRLINES: CEO, CFO Face Pre-Chapter 11 Claims Investor Suit SPIRIT AVIATION: Akin Gump Represents Senior Secured Noteholders STRAWBERRY HILL: Unsecureds to Get 5 Cents on Dollar in Plan SUNSTONE DEVELOPMENT: Dana Point Parcel Sale to Galaxy Holding OK'd TAX TIME: Hires Wadsworth Garber Warner Conrardy as Legal Counsel TJ TRUCKING: Unsecureds to Get 10 Cents on Dollar in Plan TLC MEDICAL: Unsecureds to Get Share of Sale Proceeds TOCO WARRANTY: Section 341(a) Meeting of Creditors on October 15 TODD CREEK: Trustee Taps RubinBrown LLP as Forensic Accountant TOWN & COUNTRY EVENT: Hires The Madison Firm as Bankruptcy Counsel TRICO MILLWORKS: Gets Interim OK to Use Cash Collateral TRUPS FINANCIALS 2020-2: Moody's Ups Rating on Cl. B Notes to Ba1 USEFUL TAXI: Taps Binder & Schwartz, New York Legal as Counsels VIVAKOR INC: Owes $7.66M After Default on Convertible Note VNS HOTEL: Seeks Chapter 11 Bankruptcy in California WALGREENS BOOTS: Moody's Withdraws Ba3 CFR Following Sycamore Deal WALKER EDISON: Hires Gibson Dunn & Crutcher as Litigation Counsel WALKER EDISON: Seeks to Hire Ordinary Course Professionals WATERMAN-SMITH I: Amends Secured Lender Claim Details WESTCHESTER COUNTY HEALTH: Moody's Alters Ratings Outlook to Pos. WINDMILL POINT: To Sell Orlando Property to Shrevin LLC for $12.3MM WINSTON AND DUKE: Amends Several Secured Claims Pay WOODHILL NC: Gets Extension to Access Cash Collateral WORLDWIDE MACHINERY: Gets Interim OK to Use Cash Collateral ZAHAV VENTURES: Hires CPS CRE LLC as Real Estate Consultant ZAHAV VENTURES: Hires Goldberg Weprin as Bankruptcy Counsel ZAHAV VENTURES: Taps Ephraim Diamond of Arbel Capital as CRO [] SEC Continues Operations on Limited Basis [^] Recent Small-Dollar & Individual Chapter 11 Filings [^] U.S. Government Seeks Stay of Deadlines Amid Shutdown ********* 1300 DESERT: Seeks to Hire Colliers as Leasing Listing Agent ------------------------------------------------------------ 1300 Desert Willow Road, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Colliers as leasing listing agent. The agent will list for lease the vacant portion of the property located at 1300 Desert Willow Rd. Los Lunas, New Mexico. The Agreement provides for a commission of 6.5 percent of the total base rental amount for the initial term of the lease. The amount payable to Colliers is reduced to 3 percent to the extent there is a cooperating lessee's broker, which itself would receive a commission of 3.5 percent of the total base rental amount. To the extent that the tenancy is month-to-month or for a term of less than one year, the commission payable would equal the first month's rent with a minimum commission of $500. Colliers is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: William Robertson Colliers 5051 Journal Center NE, Suite 200 Albuquerque, NM 87109 Tel: (505) 880-7050 About 1300 Desert Willow Road 1300 Desert Willow Road, LLC owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. 1300 Desert Willow Road sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Philip Bentley oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. Romspen Investment LP, as lender, is represented by: Brigid K. Ndege, Esq. Bryan Cave Leighton Paisner, LLP 161 North Clark Street, Suite 4300 Chicago, Illinois 60601 Telephone: (312) 602-5000 Facsimile: (312) 602-5050 E-mail: brigid.ndege@bclplaw.com 148 BAY 43RD: Section 341(a) Meeting of Creditors on October 27 --------------------------------------------------------------- On September 25, 2025, 148 Bay 43rd LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 27, 2025 at 02:00 PM at Zoom.us - USTrustee 1: Meeting ID 160 7717 9142, Passcode 0186029495, Phone 1 (202) 381-3292. About 148 Bay 43rd LLC 148 Bay 43rd LLC, a New York-based limited liability company, owns and manages multi-family residential properties, including 2831 Roberts Avenue in the Bronx, and operates in the real estate sector. 148 Bay 43rd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12093) on September 25, 2025. In its petition, the Debtor reports estimated estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by Anne Penachio, Esq. of PENACHIO MALARA LLP. 44 LAUREL: Seeks to Hire Kurfiss Sotheby's as Real Estate Broker ---------------------------------------------------------------- 44 Laurel LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Kurfiss Sotheby's International Realty as real estate broker. The broker will assist the Debtor with the lease of his real property located at 1911 Walnut St. #4402 Philadelphia, PA 19103. Kurfiss will receive a compensation of $35,000 paid in connection with the lease of the property. Diane Bryant, an agent at Kurfiss, assured the court that her firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Diane Bryant Kurfiss Sotheby's International Realty 1631 Locust St, Suite 300 Philadelphia, PA 19103 Phone: (610) 529-8000 Cell: (215) 888-8500 Email: diane.bryant@kurfiss.com Email: margie.wilde@kurfiss.com About 44 Laurel LLC 44 Laurel LLC owns a single townhouse-style condominium, Unit TH3, at 701 N Fort Lauderdale Beach Blvd in Fort Lauderdale, Florida, within the Paramount Fort Lauderdale complex. 44 Laurel LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20251) on September 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. 51319 W US HIGHWAY: Seeks to Hire Kelley Law LLC as Legal Counsel ----------------------------------------------------------------- 51319 W US Highway 60 LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Kelley Law LLC as its counsel. The firm's services include: a. providing legal advice and services regarding the Debtor's bankruptcy case and providing substantive and strategic advice on how to accomplish the Debtor's goals in connection with the prosecution of this chapter 11 case; b. advising the Debtor of its obligations, duties, and rights as a debtor in possession; c. preparing documents to be filed with the Court; d. appearing in Court and at any meeting with the U.S. Trustee and any meeting of creditors on behalf of the Debtor; e. performing various services in connection with the administration of this Chapter 11 case; f. interacting and communicating with the Court's chambers and the Court's Clerk's Office; g. preparing, reviewing, revising, filing, and prosecuting motions and other pleadings related to contested matters, executory contracts and unexpired leases, asset sales, plan and disclosure statement issues, and claims administration and resolving objections and other matters relating thereto; and h. performing all other services necessary to prosecute Debtor's chapter 11 case to a successful conclusion. The firm received total retainer payments of $10,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in the court filings, Kelley Law LLC is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Charles N. Kelley, Jr., Esq. Kelley Law LLC PO Box 2758 Gainesville, GA 30503 Tel: (770) 531-0007 Email: charles@charleskelley.law About 51319 W US Highway 60 LLC 51319 W US Highway 60 LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21357) on September 24, 2025, listing$100,001 to $500,000 in both assets and liabilities. Charles N. Kelley, Jr., at Kelley Law LLC represents the Debtor as counsel. 535 12TH AVE: Hires Blanchard Law P.A. as Bankruptcy Counsel ------------------------------------------------------------ 535 12th Ave NE, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Blanchard Law, P.A. as counsel. The firm will render these services: (a) give the Debtors legal advice with respect to their powers and duties in the continued operation of their business and management of their property; (b) prepare, on the behalf of the Debtors, necessary legal papers and appear at hearings thereon; and (c) perform all other legal services for the Debtors. The firm will be paid at these rates: Attorney $350 per hour Associates $300 per hour Paralegal $100 per hour In addition, both firms will seek reimbursement for expenses incurred. The firm received from the Debtors a retainer of 15,000, and filing fee of $17,738. Mr. Blanchard disclosed in court filings that their firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Jake C. Blanchard, Esq. Blanchard Law, P.A. 8221 49th Street North Pinellas Park, FL 33781 Tel: (727) 531-7068 Fax: (727) 535-2086 Email: Jake@jakeblanchardlaw.com About 535 12th Ave NE 535 12th Ave NE, LLC is a single-asset real estate entity as defined under 11 U.S.C. Section 101(51B). It owns a property located at 535 12th Ave NE in St. Petersburg, Florida, which has an appraised value of $1.63 million. 535 12th Ave NE sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06747) on September 16, 2025, with $1,636,583 in assets and $1,058,802 in liabilities. CJ Favour, manager, signed the petition. Jake C. Blanchard, Esq., at Blanchard Law, P.A. represents the Debtor as bankruptcy counsel. 700 17TH STREET: Hires Allen Vellone Wolf as Bankruptcy Counsel --------------------------------------------------------------- 700 17th Street LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Allen Vellone Wolf Helfrich & Factor P.C. as counsel. The firm's services include: a. providing legal advice and representation in connection with the general administration of the Estate; b. confirming of any proposed plan of reorganization, all other contested and adversary matters that may arise in this case; and c. investigating and litigating any avoidance or other action the Estate may have, and other legal services for the Debtor related to or arising out of contested matters in this bankruptcy case. The firm's hourly rates are: Partners $475 to $725 Associates $350 to $450 Paralegal $195 to $250 The firm received a retainer in the amount of $25,000. Allen Vellone Wolf Helfrich & Factor 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: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Telephone: (303) 534-4499 E-mail: JWeinman@allen-vellone.com KSender@allen-vellone.com About 700 17th Street LLC 700 17th Street LLC is a single asset real estate company. 700 17th Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case. No. 25- 16173) on September 24, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Jeffrey Weinman, Esq. of Allen Vellone Wolf Helfrich & Factor P.C. 876 STUYVESANT: Seeks to Hire Lara Realty Corp as Realtor --------------------------------------------------------- 876 Stuyvesant Realty, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Lara Realty Corp as realtor. The realtor will list, market and sell the property located at 876 Stuyvesant Avenue, Irvington, NJ 07111. As disclosed in the court filings, Lara Realty Corp. is a disinterested person under 11 U.S.C. Sec. 101(14). The realtor can be reached through: Tajudeen A. Ajadi Lara Realty Corp. 583 Central Avenue Newark, NJ 07107 Phone: (973) 622-1672 About 876 Stuyvesant Realty, LLC 876 Stuyvesant Realty, LLC 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. AB AND J: Seeks to Hire Pena & Soma APC as Bankruptcy Counsel ------------------------------------------------------------- AB and J Jewelry Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Pena & Soma, APC as general bankruptcy counsel. The firm will render these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate as a debtor in possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States trustee; (d) provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports and/or other legal documents on behalf of the Debtor; (g) assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; (h) provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; and (i) prepare, negotiate, prosecute and attain confirmation of a plan of reorganization. The firm will be paid at these rates: Leonard Pena, Esq. $500 per hour Julie A. Soma, Esq. $475 per hour Paralegal $145 per hour The firm received a total prepetition retainer from the Debtor of $19,768. Leonard Pena, founding member of Pena & Soma, APC, disclosed in court filings that the firm and its attorneys do not represent any interest in the Debtor's bankruptcy estate. Pena & Soma can be reached through: Leonard Pena, Esq. Pena & Soma, APC 402 South Marengo Ave., Suite B Pasadena, CA 91101 Telephone: (626) 396-4000 Facsimile: (626) 270-4864 Email: lpena@penalaw.com About AB and J Jewelry Inc. AB and J Jewelry Inc. sold plated and fine jewelry products through a retail store in Ontario, California and via online platforms, offering items such as gold-plated stainless steel chains, silver jewelry, and moissanite pieces. AB and J Jewelry Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15659) on August 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Leonard Pena, Esq. at PENA & SOMA, APC. ACJK INC: Court Narrows Claims in SBS, et al. Adversary Case ------------------------------------------------------------ Judge Mary P. Gorman of the United States Bankruptcy Court for the Southern District of Illinois will grant, in part, and deny, in part, the request of Small Business Financial Solutions, LLC and Rapid Financial Services, LLC to dismiss the fourth amended complaint filed by ACJK, Inc. in the adversary proceeding captioned as ACJK, Inc., Plaintiff, v. SMALL BUSINESS FINANCIAL SOLUTIONS, LLC, and RAPID FINANCIAL SERVICES, LLC, Defendants, Adv. No. 23-03026 (Bankr. S.D. Ill.). On Nov. 15, 2023, the Debtor commenced this adversary proceeding against SBFS and Rapid based on a dispute over an alleged amendment to the Debtor's loan agreement with SBFS and a separate, ill-fated agreement with third-party Walgreens for the sale of the Debtor's business and assets. The Debtor contends that SBFS and Rapid are responsible for the collapse of the Walgreens deal. The Defendants jointly answered the original complaint, together acknowledging the business relationship with the Debtor and admitting, among other things, that they had entered into an amended agreement that was binding and enforceable as to each of them and the Debtor. The Defendants, however, denied the substantive allegations about the terms of the agreement and denied that they were liable to the Debtor for the collapse of the Walgreens deal. They raised several affirmative defenses, including failure to state a claim upon which relief can be granted. The Debtor thereafter twice sought leave to amend the complaint to elaborate on the details of its agreement with Walgreens and to develop its claim of damages, culminating in a second amended complaint that the Defendants then moved to dismiss. The Debtor filed a third amended complaint asserting its claim for breach of contract against both Defendants and claims for avoidance of preference and equitable subordination against SBFS alone. In addition, the third amended complaint asserted for the first time a claim for tortious interference with business expectancy against both Defendants. Meanwhile, a separate proceeding was filed against SBFS and Rapid by the Chapter 13 trustee in the individual bankruptcy case of the Debtor's principals. The three-count complaint asserted claims for the avoidance and recovery of a $15,754 payment alleged to have been made to SBFS and Rapid by the Debtor's principals, Albert and Cheryl Pelate, from their personal bank account. The allegations as to the source of the payment directly contradicted those made in all four iterations of the Debtor's prior complaints in this proceeding. Counsel for the Debtor in the underlying Chapter 11 case -- who was also involved in negotiating the Walgreens transaction -- addressed the Court's concerns by explaining that the payment was indeed made from the Pelates' personal bank account and acknowledging that the right of action to recover the payment from the Defendants was probably personal to them. The attorney for the Chapter 13 trustee confirmed that records showed that the Pelates -- not the Debtor -- made the payment at issue. The Debtor filed a motion for leave to file a fourth amended complaint. The Fourth Amended Complaint identifies the Debtor as an Illinois corporation owned by the Pelates with Albert owning 51% of the shares and Cheryl owning 49% of the shares. Defendant SBFS is described as a Delaware limited liability company that filed a claim in the Debtor's bankruptcy, and Defendant Rapid is described as a Delaware limited liability company and affiliated entity of SBFS that was scheduled as a creditor in the Debtor's bankruptcy. The Defendants are collectively referred to in the complaint as "Creditors." The Fourth Amended Complaint alleges that, in May 2022, the Debtor entered into a loan agreement with SBFS under which SBFS extended $100,000 to the Debtor in exchange for a security interest in the Debtor's inventory and other collateral, as well as the Debtor's agreement to make regular installment payments to SBFS until the loan was repaid. SBFS filed a UCC-1 financing statement to perfect its lien on the collateral. In December 2022, the Debtor entered into an asset purchase agreement with Walgreens for the Debtor's customer base and inventory in exchange for approximately $1,275,000, some of which would be paid at closing and the remainder after closing if certain contingencies occurred. The asset purchase agreement also required the Debtor to ensure the removal of all existing liens on its pharmacy assets prior to the closing date. Because SBFS had a perfected lien on assets subject to sale, the Debtor sought to renegotiate the loan agreement and obtain a release of the related lien. The Debtor alleges that Rapid is an affiliate and representative of SBFS, authorized to act on its behalf, and that, on January 17, 2023, the Debtor and the "Creditors" entered into an agreement to restructure the Debtor's repayment of the existing loan debt to SBFS. According to the Debtor, the "Creditors" agreed to release the UCC lien on the Debtor's property upon receipt of the first of four monthly installment payments of $15,754.78. According to the Debtor, the "Creditors" were aware of the Walgreens deal and the circumstances under which the Debtor sought a release of the SBFS lien. The Debtor alleges that it made the "Creditors" aware that their lien was the last and only lien for which the Debtor had not yet reached an agreement for a release and that the Walgreens deal would collapse without the release. Nevertheless, when the Pelates, on behalf of the Debtor, caused a wire transfer from their personal bank account to be made for the first $15,574.78 payment, the "Creditors" apparently failed and refused to release the UCC lien contrary to their representations and in breach of the purported settlement agreement. The Debtor alleges that the Walgreens deal fell through as a result of the lien not being released. Without the sale proceeds to pay off its creditors, the Debtor filed its bankruptcy two weeks later. The Fourth Amended Complaint consists of eight counts: 1. breach of contract against both Defendants (Count I), 2. equitable subordination under Sec. 510 against SBFS (Count II), 3. tortious interference with a business expectancy against both Defendants (Count III), 4. tortious interference with a contractual relationship against both Defendants (Count IV), 5. negligent interference with a business expectancy against both Defendants (Count V), 6. fraudulent inducement against both Defendants (Count VI), 7. negligent misrepresentation against both Defendants (Count VII), and 8. violation of the Illinois Consumer Fraud and Deceptive Business Practices Act against both Defendants (Count VIII). The Defendants seek dismissal with prejudice of the Fourth Amended Complaint for failure to state claims upon which relief can be granted pursuant to Federal Rule of Civil Procedure 12(b)(6), applicable in this case through Bankruptcy Rule 7012(b). The Motion to Dismiss asserts that all counts should be dismissed as to Rapid because the allegations of the Fourth Amended Complaint only support a finding that Rapid is an agent of SBFS; Rapid was not a party to the original contract between the Debtor and SBFS, Rapid did not file and therefore had no authority to release the UCC lien, Rapid was not the recipient of the transfer at issue, and Rapid did not file a proof of claim in the Debtor's bankruptcy case. As to Count I, the Defendants contend that the allegations of the Fourth Amended Complaint are contradicted by the documentary exhibits attached to it and that the Debtor's interpretation of the parties' agreement is simply not plausible. As to Count II against SBFS, the Defendant argues that equitable subordination is precluded by the admitted fact that the payment was made by the Pelates from their personal bank account and that Count II sets forth no other allegations to plausibly suggest harm to the Debtor's creditors. The Defendants argue that Counts III and IV also fail as a matter of law because they do not allege any conduct directed at Walgreens, the third party dealing with the Debtor. The Defendants also contend that Count IV requires a breach of contract by Walgreens and that the allegations do not support an inference of such breach. As to Count V, the Motion to Dismiss asserts that negligent interference claims are not recognized under Maryland or Illinois law. The Defendants contend that Count VI sounds in fraud and is subject to a heightened pleading standard which the allegations fail to meet. Specifically, the allegations do not distinguish between SBFS and Rapid and only generally allege that "Creditors" made representations in negotiating the agreement. The Motion to Dismiss also argues that the payment having been made by the Pelates contradicts the Debtor's generic allegations of reliance and injury. The Defendants attack Count VII as being barred by the economic loss doctrine and Count VIII as being precluded by the Maryland choice-of-law provision in the original contract. As to Count I, the Debtor urges the Court to find a breach of contract claim has been plausibly stated against both Defendants based on its prior ruling denying dismissal of the same claim in the second amended complaint. Similarly, the Debtor contends it has stated an equitable subordination claim against SBFS in Count II based on the Court having previously ruled that a claim was plausibly stated in the second amended complaint. The Debtor's response argues that Counts III and IV satisfy pleading standards because they allege conduct by the Defendants that caused the Walgreens deal to collapse. As to Count V, however, the Debtor concedes that negligent interference is not recognized as a separate cause of action under Illinois law. The Debtor's response contends that the allegations of Count VI include enough specifics to advise the Defendants of the circumstances of alleged fraud and therefore meet the heightened pleading standard of Rule 9(b). The Debtor further argues that Count VII states a plausible claim for negligent misrepresentation because it is pleaded with the same specificity as Count VI but is not subject to the same heightened standard. Finally, as to Count VIII, the Debtor argues that the Defendants' conduct is subject to the the Illinois Consumer Fraud and Deceptive Business Practices Act and that the heightened pleading standard of Rule 9(b) does not apply to its claims under the statute because fraud is not necessarily a required element. According to the Court, Counts II, III, IV, V, VI, VII, and VIII will be dismissed with prejudice. The case will proceed as to Count I against both Defendants. The Court cannot draw a reasonable inference of harm from the bare-bone allegations of Count II of the Fourth Amended Complaint. Count II therefore fails to state a facially plausible claim for equitable subordination and will be dismissed. According to the Court, Count III alleges nothing more than a breach of contract paired with bald assertions of possible wrongdoing. The Debtor failed to meet that threshold, and Count III will therefore be dismissed as to both Defendants. The Court finds because the Defendants' alleged breach of contract with the Debtor serves as the basis of the Debtor's tortious interference with contract claim, the appropriate remedy lies in contract rather than tort in the absence of allegations of motive or additional wrongful conduct to form an independent basis for tort action. Count IV fails to state a plausible claim for tortious interference with contract against either Defendant and will therefore be dismissed as to both Defendants. Given the absence of authority recognizing negligent interference with business expectancy or the like under Maryland law and the Debtor's silence on the issue, the Court is inclined to agree with the Defendants. Count V will therefore be dismissed Count VI will be dismissed for failure to plausibly allege with sufficient particularity under Rule 9(b) the circumstances of fraud to support the Debtor's inducement claim. Count VII does not allege fraud and likewise does not allege the circumstances of the misrepresentations with the particularity that would be required under Rule 9(b) for a fraud claim. Because the allegations of Count VII are insufficient to support an action for negligent or fraudulent misrepresentation, Count VII will be dismissed as to both Defendants, the Court holds. All that can be said about Count VIII is that the Illinois consumer fraud statute does not apply to the Debtor's dispute with the Defendants and it is therefore properly dismissed, the Court concludes. A copy of the Court's Opinion dated September 8, 2025, is available at https://urlcurt.com/u?l=yJgxU5 from PacerMonitor.com. About ACJK, Inc. ACJK Inc. d/b/a Medicap Pharmacy -- https://granitecity.medicap.com/ -- is a local pharmacy that offers services such as immunizations, medication therapy management, multi-dose packaging, medication synchronization, important health screenings, and expert care. ACJK Inc. filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ill. Case No. 23-30045) on January 30, 2023. In the petition filed by Mark Allen, manager, the Debtor reported assets and liabilities between $1 million and $10 million each. The case is overseen by Honorable Bankruptcy Judge Laura K. Grandy. The Debtor tapped Michael J Benson, Esq., at A Bankruptcy Law Firm, LLC as bankruptcy counsel and Mark Cuker, Esq., at Jacobs Law Group, PC as litigation counsel. AGI SOURCING: Seeks to Hire Kirby Aisner & Curley as Attorney ------------------------------------------------------------- AGI Sourcing, LLC and Rousso Apparel Group, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Kirby Aisner & Curley LLP, as their attorneys. The firm will render these services: a. give advice to the Debtors with respect to their powers and duties as a Debtors-in-Possession and the continued management of their property and affairs; b. negotiate with creditors of the Debtors and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary legal papers required for Debtors who seek protection from their creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interest of the Debtors and to represent the Debtors in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtors in connection with any potential refinancing of secured debt and any potential sale of the businesses or their assets outside the ordinary course; g. represent the Debtors in connection with obtaining post-petition financing; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and i. perform all other legal services for the Debtors which may be necessary for the preservation of the Debtors' estates and to promote the best interests of the Debtors, their creditors and their estates. The firm's 2025 hourly rates are: Partners $525 to $625 Associates $375 to $495 Law Clerks/Paralegals $175 to $250 Kirby Aisner received the sum of $50,000 as a pre-petition retainer. In addition, the firm will seek reimbursement for expenses incurred. Erica R. Aisner, Esq., an attorney at Kirby Aisner & Curley, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erica R. Aisner, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: eaisner@kacllp.com About AGI Sourcing, LLC AGI Sourcing, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12102) On September 26, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Erica Feynman Aisner, Esq. at Kirby Aisner & Curley LLP represents the Debtor as counsel. ALLEN VEGA: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------- On September 30, 2025, Allen Vega Transport LLC submitted a voluntary Chapter 7 bankruptcy petition in the Western District of Texas, docketed under case number #25-52297. The company reported liabilities between $0 and $100,000 and disclosed having between one and 49 creditors. About Allen Vega Transport LLC Allen Vega Transport LLC provides freight hauling and trucking solutions that ensure the efficient transport of goods over regional and long-distance routes. Allen Vega Transport LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52297) on September 30, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by Joris Robert Vanhemelrijck, Esq. of Vanhemelrijck Law Offices, PC. ALLSTAR PROPERTIES: Hires Brinson Askew Berry as Special Counsel ---------------------------------------------------------------- Allstar Properties LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Brinson Askew Berry, LLP as special counsel. The firm will render these services: (a) advise Debtors with respect to their rights and obligations related to real estate transactions, namely the proposed sales; and (b) perform such other legal services for Debtors as may be necessary and appropriate related to real estate matters. The firm's current hourly rates: Wright W. Smith $375 Paralegals/other employees $100 to 150 As disclosed in the court filings, Askew Berry is a "disinterested person" within the meaning of 11 U.S.C. Secs. 101(14) and 327(a). The firm can be reached through: Wright W. Smith, Esq. Brinson Askew Berry, LLP P.O. Box 5007 615 West 1st Street Rome, GA 30161 Tel: (706) 291-8853 Fax: (706) 234-3574 Email: wsmith@brinson-askew.com About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP. ALLSTAR PROPERTIES: Seeks to Hire CBRE Inc as Real Estate Broker ---------------------------------------------------------------- Allstar Properties LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire CBRE, Inc. as brokers. CBRE will market and sell the Debtors' properties in Floyd and Polk County, Georgia, comprising the 989, Running Wild, Wax Lake and Stewart Rd Listings. Scott McGregor, John Haynes, Bo Schill, Tripp Geriner, Michael MacDonald, and Tony Swann will serve as lead/designated agents. The brokers will be compensated at a rate of five percent of the gross sales price. As disclosed in the court filings, the broker and the agents of CBRE Inc. are disinterested persons as defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Scott McGregor CBRE, Inc. 3550 Lenox Road, Suite 2300 Atlanta, GA 30326 About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP. AMC ENTERTAINMENT: Cuts $39.9MM Debt Through Refinancing Deal ------------------------------------------------------------- Ilya Banares of Bloomberg News reports that AMC Entertainment announced it has cut the principal on its senior secured exchangeable notes due 2030 by an additional $39.9 million, marking further progress in the refinancing transactions the company executed earlier this 2025. The latest adjustment represents the maximum post-closing debt reduction permitted under the July 2025 refinancing agreement, according to the company. With this step, AMC has now achieved a total exchangeable debt reduction of $183 million tied to that deal, the report states. The July 2025 agreement also included a settlement with creditors aimed at resolving ongoing litigation and bolstering AMC's balance sheet. Executives said the combined measures are part of the company's broader effort to stabilize finances and strengthen liquidity amid ongoing challenges in the theater industry, the report relays. About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. AMC operates over 900 theatres with 10,000 screens globally, including over 661 theatres with 8,200 screens in the United States and over 244 theatres with approximately 2,200 screens in Europe. The Company's subsidiary also includes Carmike Cinemas, Inc. AMC was forced to close its shutter its theaters when the Covid-19 pandemic struck in March 2020. It eventually reopened its theaters but admissions remained substantially low. The world's biggest theater chain said in an October 2020 filing that liquidity will be largely depleted by the end of the year or early 2021 if attendance doesn't pick up, and it's exploring actions that include asset sales and joint ventures. However, AMC managed to raise $1.8 billion in 2021, capitalizing on the rally triggered by retail investors' interest in meme stocks. * * * In February 2024, S&P Global Ratings raised its issuer credit rating to 'CCC+' from 'SD' (selective default) on AMC Entertainment Holdings Inc., the world's largest motion picture exhibitor. S&P also raised its issue-level rating on the second-lien notes to 'CCC-' from 'D'. The negative outlook reflects S&P's expectation that AMC's revenue will decline 8%-9% in 2024 due to a limited theatrical release slate, resulting in negative free operating cash flow (FOCF) and leverage around 8x. AMC completed a series of distressed exchanges to swap an aggregate $123 million of its second-lien notes due 2026 for common equity. AMERICAN TRASH: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, is set to hold a hearing on October 3 to consider final approval of American Trash Management, Inc.'s bid to use cash collateral. The court's previous interim order authorized the Debtor to pay its operating expenses from the cash collateral, subject to compliance with the budget it filed with the court. The interim order entered on September 24 also authorized the Debtor to grant Fremont Bank a replacement lien on all post-petition cash collateral and to continue its monthly payments of $5,600.24 to the bank in accordance with the budget. Fremont Bank is the Debtor's only general secured creditor, which holds a blanket lien on the Debtor's assets through a UCC-1 filing. Fremont Bank is represented by: Chris D. Kuhner, Esq. Kornfield, Nyberg, Bendes, Kuhner & Little, PC 1970 Broadway, Suite 600 Oakland, CA 94612 Telephone: 510-763-1000 Facsimile: 510-273-8669 c.kuhner@kornfieldlaw.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. AMERICAN UNAGI: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: American Unagi, Inc. 186 One Pie Road Waldoboro ME 04572 Business Description: American Unagi, Inc., located in Waldoboro, Maine, operates a land-based aquaculture facility specializing in the sustainable farming of American eels. The Company raises glass eels sourced from licensed Maine harvesters in recirculating aquaculture systems and produces products including smoked, butterflied, and tinned eel. It serves both direct consumers through its online store and select seafood retailers, and is part of the aquaculture and seafood production industry. Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court District of Maine Case No.: 25-10180 Judge: Hon. Michael A Fagone Debtor's Counsel: D. Sam Anderson, Esq. BERNSTEIN SHUR SAWYER & NELSON, P.A. 100 Middle Street P.O. Box 9729 Portland ME 04101 Tel: 207-774-1200 Email: sanderson@bernsteinshur.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Sara Rademaker as chief executive officer and authorized party. 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/JM7ON6Y/American_Unagi_Inc__mebke-25-10180__0001.0.pdf?mcid=tGE4TAMA ANDERSON HOOP: Hires Branson Law PLLC as Bankruptcy Counsel ----------------------------------------------------------- Anderson Hoop Dreams, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire BransonLaw, PLLC as its counsel. The firm will render these services: a. prosecute and defend any causes of action on behalf of the Debtor; prepare, on behalf of the Debtor, all necessary applications, motions, reports and other legal papers; b. assist in the formulation of a plan of reorganization; and c. provide all other services of a legal nature. The firm's rates range from $560 to $200 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ainsworth 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: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 East Concord Street Orlando, FL 32803 Tel: (407) 894-6834 E-mail: jeff@bransonlaw.com About Anderson Hoop Dreams Anderson Hoop Dreams, Inc. operates specialized fitness facilities offering structured, athletic-style training programs to a broad client base. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05772) on Sept. 12, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC, is the Debtor's legal counsel. ANGLIN CONSULTING: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Anglin Consulting Group, Inc. got the green light from the U.S. Bankruptcy Court for the District of Columbia to use cash collateral to fund operations. The court order authorized the Debtor's interim use of cash collateral for the period from August 27 to October 10, for ordinary business purposes in line with its budget. The U.S. Small Business Administration asserts a secured claim of approximately $400,000, backed by a term loan and UCC-1 financing statement. It claims a security interest in the Debtor's cash and payment rights, which are recognized as cash collateral under Bankruptcy Code Section 363(a). As adequate protection, the SBA was granted replacement liens on all post-petition assets to the same extent and priority as its pre-petition collateral. The use of cash collateral is strictly conditioned upon the terms of the order, and the Debtor is barred from using it outside those terms. The court also ruled that the protections and liens granted would survive confirmation of any plan, conversion to Chapter 7, or dismissal of the case. A continued interim hearing is scheduled for October 8. About Anglin Consulting Group Inc. Anglin Consulting Group Inc. is a professional services firm specializing in management consulting, financial and healthcare solutions, and operational support for public and private organizations. The Company provides certified American Sign Language (ASL) interpretation services, ensuring accessibility and effective communication for clients who are deaf or hard of hearing. Anglin serves a diverse client base including federal, state, and local government agencies, commercial businesses, and non-profits, leveraging its SBA 8(a), Economically Disadvantaged Woman-Owned, Service-Disabled Veteran-Owned, and HUBZone certifications to deliver comprehensive, inclusive solutions. Anglin Consulting Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00328) on August 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Justin P. Fasano, Esq. at McNamee Hosea, P.A. ANTHOLOGY INC: Seeks to Sell Assets at Nov. 17 Auction ------------------------------------------------------ Anthology Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Assets through auction, free and clear of liens, interests, and encumbrances. The Debtors commenced the chapter 11 cases to implement one or more value-maximizing sale transactions for certain of the Debtors' assets and to effectuate a reorganization of the Debtors' remaining assets through a chapter 11 plan. The Bidding Procedures will provide the Debtors with significant flexibility and sufficient runway to market the 363 Assets, "market check" the Stalking Horse Bids, and ultimately effectuate one or multiple value-maximizing sale transactions. The Debtors are a leading provider of education technology, serving academic institutions, businesses, and governments in more than eighty countries. Through a complete suite of innovative "software as a service" products, including products related to admissions and enrollment management, student success and retention, institutional learning and effectiveness, alumni and advancement, and enterprise applications and infrastructure, the Debtors provide their customers with comprehensive and connected education software solutions. The Debtors are headquartered in Boca Raton, Florida and currently employ approximately 1,550 people in the United States in support of their worldwide operations. The Debtors and PJT Partners LP, as their proposed investment banker, and FTI Consulting, Inc., as their proposed restructuring advisor, launched a marketing process on April 22, 2025 designed to identify potential bidders and purchasers for some or substantially all of the Debtors' assets. The Debtors strategically organized their assets into four business verticals: (i) Teaching & Learning; (ii) Enterprise Operations; (iii) Lifecycle Engagement; and (iv) Student Success & Other. As part of the Prepetition Sale Process, the Debtors contacted thirty-four potential purchasers, including strategic acquirers and financial sponsors. The Prepetition Sale Process culminated in the Debtors' executing two Stalking Horse Agreements for three Asset Packages. Specifically, the Debtors executed Stalking Horse Agreements with (i) Ellucian Company LLC for the Enterprise Operations Asset Package and (ii) Encoura, LLC for the Lifecycle Engagement Asset Package and the Student Success & Other Asset Package. Together, the Stalking Horse Agreements and the proposed Bidding Procedures assure that the Debtors will consummate the Sale Transactions to the highest or otherwise best bidder. The Debtors propose the following schedule: -- Bidding Procedures and Stalking Horse APA Objection Deadline: October 21, 2025 at 4:00 p.m. -- Bidding Procedures Hearing: November 3, 2025 -- Auction(s) (if required): November 17, 2025 at 4:00 p.m. -- Sale Transaction Objection Deadline November 19, 2025 at 4:00 p.m. -- Sale Hearing: November 20, 2025 The Debtors believe that the proposed timeline provides the Debtors with an opportunity to conduct a postpetition market test of the Stalking Horse Bids, conclude their Prepetition Sale Process, and pursue the highest or otherwise best offer. The Debtors assert that approving the Stalking Horse Bids, including the Bid Protections set forth in the applicable Stalking Horse Agreements, gives the Debtors the ability to maximize the value of the 363 Assets for creditors and other stakeholders by setting the floor at the Initial Auction, if any, and prompting an efficient conclusion to the Debtors’ extended marketing process. The Debtors are also seeking approval of the Assumption and Assignment Procedures to facilitate the fair and orderly assumption, assumption and assignment, or rejection of certain of the Debtors' executory contracts and unexpired leases. About Anthology Inc. 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. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. AQUA SPAS: Seeks to Hire SL Biggs as Accountant ----------------------------------------------- Aqua Spas Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire SL Biggs, a Division of SingerLewak LLP, to perform professional accounting and advisory services. SL Biggs will assist the Debtor with its books and records and its reporting requirements within this Chapter 11 case, and the Debtor needs help preparing and filing its federal and state tax returns. The firm will receive payment as follows: Mark Dennis $500 per hour Senior Accountants $285 per hour Directors $385 per hour The firm requested a retainer in the amount of $10,000. Mr. Dennis assured the court that his firm does not have any connection with the Debtor, the Debtor's creditors, or any other party in connection with the United States Trustee or employed by the office of the United States Trustee. The accountant can be reached through: Mark Dennis SL Biggs 2000 S Colorado Blvd, Tower 2 Denver, CO Phone: (303) 694-6700 Email: MDennis@SLBiggs.com About Aqua Spas Inc. Aqua Spas Inc., a/k/a Spas R Us, sells and services hot tubs and swim spas through its locations in Fort Collins, Greeley, and Castle Rock, Colorado. The Company is a longtime dealer of Master Spas products, including the Michael Phelps Signature Swim Spa line. It also offers spa accessories, chemicals, filters, and related supplies, with shipping available for orders over $100. Aqua Spas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14565) on July 22, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jonathan M. Dickey, Esq. at KUTNER BRINEN DICKEY RILEY. AT HOME GROUP: Secures Court Okay for Ch. 11 Plan Equity Swap ------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that on Sept. 30, 2025, a Delaware bankruptcy judge said she would sign off on At Home Group Inc.'s proposal to eliminate $1.6 billion in funded debt via an equity swap that the retailer reported has broad creditor support. The Troubled Company Reporter previously reported that At Home Group Inc. and its Debtor Affiliates submitted a Further Revised Disclosure Statement Relating to the Joint Plan of Reorganization dated August 11, 2025. The Debtors are pursuing proposed restructuring transactions (the "Restructuring Transactions") pursuant to the terms and conditions set forth in that certain Restructuring Support Agreement by and among the Company and the Consenting Stakeholders (as may be amended, supplemented, or otherwise modified from time to time, and including all schedules, exhibits, and annexes thereto, the "RSA"). In the months leading up to the Petition Date, the Company engaged in good faith arm's-length negotiations that included extensive diligence and meetings with the Ad Hoc Group. As a result of those negotiations, on June 16, 2025, the Debtors entered into an RSA with the Ad Hoc Group and other lenders and noteholders that collectively hold approximately 96% of the Company's first lien debt, pursuant to which the Debtors are effectuating the Restructuring Transactions through "prearranged" Chapter 11 Cases. The key terms of the RSA, which are incorporated into the Plan, include: * the Debtors' entry into financing arrangements to provide funding throughout the duration of these Chapter 11 Cases in the form of (a) a priming superpriority senior secured debtor-in possession financing multi-draw term loan (the "DIP Facility") comprised of a $200 million new money commitment and a $400 million roll-up of the Pari First Lien Obligations (as defined in the DIP Orders) and (b) the consensual use of cash collateral; * the conversion of Allowed Superpriority DIP Claims into 98% of the Reorganized Common Stock upon emergence from the Chapter 11 Cases subject to dilution by the MIP Shares; * each Holder of an ABL Facility Claim receiving payment in full; * each Holder of an Allowed Secured Claim arising out of its Allowed First Lien Claim receiving its Pro Rata Share of the First Lien Equity Distribution comprised of all remaining Reorganized Common Stock after giving effect to the DIP Equity Conversion (subject to dilution by the MIP Shares); * each Holder of an Allowed General Unsecured Claim receiving its pro rata share of the GUC Recovery Pool; * the cancellation of Existing Equity Interests; * funding for plan distributions in the form of a new, exit asset-based loan facility to be entered into by the Reorganized Debtors on the Effective Date; and * the adoption of the Management Incentive Plan by the New Board within 90 days of the Effective Date, which will provide up to 10% of the Reorganized Equity for management and the New Board. Class 9 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment of its Allowed General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge of each Allowed General Unsecured Claim, on the Effective Date, each Holder of any Allowed General Unsecured Claim shall receive its Pro Rata Share of the GUC Recovery Pool; provided that the recovery under the Plan of such Holder of an Allowed General Unsecured Claim that is also an Intercompany Note Claim shall be payable to the indenture trustee and collateral agent for the Cayman Notes for distribution to the Holders of the Allowed Cayman Notes Claims in accordance with the documents governing the Cayman Notes only until such Cayman Notes are repaid in full. The allowed unsecured claims total $1,390,000,000.00. This Class will receive a distribution of 0.11% of their allowed claims. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with: (i) the Debtors' Cash on hand as of the Effective Date; (ii) the proceeds from the Exit ABL Facility; and (iii) the Reorganized Equity. Each distribution and issuance referred to in Article V of the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance. A full-text copy of the Revised Disclosure Statement dated August 11, 2025 is available at https://urlcurt.com/u?l=U8Z8wO from Omni Agent Solutions, Inc. About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. BASIC WHOLESALE: Unsecureds Will Get 35% of Claims over 7 Years --------------------------------------------------------------- Basic Wholesale Floral Distributors, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Plan of Reorganization dated September 22, 2025. The Debtor operates as a wholesale distributor of fresh flowers, plants, and floral supplies to retail florists, event planners, funeral homes, and event venues. The Debtor commenced this Chapter 11 proceeding to restructure secured and unsecured debts, stabilize operations, and reposition itself for sustained profitability in a competitive floral distribution market. The Debtor has demonstrated through financial projections, operational restructuring, and diversification strategies that it will be able to meet its obligation under the Plan and maintain sustainable operations. The proposed treatment of secured claims ensures that creditors with valid liens will receive full repayment with interest, while unsecured creditors will receive a meaningful distribution that exceeds what they would otherwise obtain in a Chapter 7 liquidation. Class 3 consists of Unsecured Creditors. The allowed unsecured claims total $50,000. Recovery of approximately 35% over 7 years, equal to $17,500 total. Equity holders retain ownership subject to Plan obligations. The Debtor's operations, coupled with its confirmed repayment plan and long-term growth strategy, establish feasibility under Sections 1129(a)(11) of the Bankruptcy Code. The Debtor's ability to generate revenues, manage expenses, and eliminate long-term debt obligations within 7 years provides a reasonable assurance of long-term viability. Counsel to the Debtor: Kurt Thornbladh, Esq. Thornbladh Legal Group PLLC 7301 Schaefer Road Dearborn MI 48126-4195 Telephone: (313) 943 2678 Facsimile: (313) 447 2771 Email: kthornbladh@gmail.com About Basic Wholesale Floral Basic Wholesale Floral Distributors, LLC operates as a wholesale distributor of fresh flowers, plants, and floral supplies to retail florists, event planners, funeral homes, and event venues. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-46352) on June 22, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Mark A. Randon presides over the case. Kurt Thornbladh, Esq., at Thornbladh Legal Group, PLLC represents the Debtor as bankruptcy counsel. BCPE EMPIRE: BradyPLUS Transaction No Impact on Moody's 'B3' CFR ---------------------------------------------------------------- Moody's Ratings said that BCPE Empire Topco, Inc.'s (dba Imperial Dade) planned merger with BradyPLUS will increase scale and reach. On August 11, 2025, Imperial Dade and BradyPLUS jointly announced their intent to merge in a stock-for-stock merger, creating a sizable distributor of foodservice, Janitorial and Sanitation (JanSan), and industrial packaging products. The transaction will enhance Imperial Dade's market position by increasing its scale, category expertise, customer diversity, and service offerings, and provides good opportunities to realize cost synergies. Imperial Dade has indicated the transaction will be materially deleveraging. However, Moody's do not yet have sufficient visibility into BradyPLUS' operations and financial position to assess the effect on Imperial Dade's operating profile, credit metrics and governance. As a result, Imperial Dade's B3 Corporate Family Rating (CFR) and stable outlook are not currently affected. The transaction is expected to close in the coming months, subject to regulatory approvals. Imperial Dade's B3 CFR, reflects its good scale and market position as a wholesale distributor of food service and JanSan products, and high financial leverage due to an aggressive acquisition strategy, debt-funded shareholder distributions and recent weakness in restaurant traffic. Debt/EBITDA for the LTM period ended June 30, 2025 is very high at around 10x (incorporating Moody's adjustments) and free cash flow has weakened to a modestly negative level for the same period. Imperial Dade indicated in materials circulated to lenders that its debt-to-EBITDA leverage would decline by more than a turn from 6.5x (based on the company's definition) as of June 2025 when factoring in synergies, but Moody's do not have sufficient information to assess BradyPLUS' earnings quality. The final capital structure remains unclear. The transaction will improve Imperial Dade's business profile with a significant increase in scale to approximately $10 billion in revenue, 238 distribution centers, and over 400,000 customers across North America, while maintaining a balanced end market portfolio. The greater scale and balanced portfolio may help partially offset risks related to the company's low-priced and commodity-oriented products, which have low switching costs and are subject to pricing pressure. The merger may also provide synergies from overlapping warehouse and distribution footprints, procurement savings, and operating leverage from sales force and management teams. BradyPLUS is owned by private equity firm Warburg Pincus and multinational Mexican beverage and retail company Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA), while Imperial Dade is owned by private equity firms Bain Capital LP, Kelso & Company, and Advent International Corporation. All existing capital partners will remain invested in the combined company and have representation on the board of directors, though the split of the ownership and board as well as the management structure remains unclear. Headquartered in Jersey City, New Jersey, BCPE Empire Topco, Inc. (dba Imperial Dade), is a wholesale specialty distributor of Foodservice Disposables (FSD) and Janitorial Sanitation (Jan-San) products. Bain Capital LP acquired a majority stake in the company in June 2019 and retains a majority interest following a roughly 45% stake sale in the company to Advent International Corporation in 2022. Imperial Dade is private and does not publicly disclose its financials. Imperial Dade generated about $5.3 billion of revenue for the 12 months ending June 30, 2025, pro forma for closed acquisitions. BCPE PEQUOD: Moody's Affirms 'B3' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings affirmed BCPE Pequod Buyer, Inc.'s (BCPE) B3 corporate family rating and its B3 senior secured bank credit facility ratings. BCPE's outlook remains stable. BCPE Pequod Buyer, Inc. is a holding company through which funds advised by Bain Capital Private Equity, LP (Bain Capital) acquired Envestnet, Inc. in 2024. RATINGS RATIONALE The ratings reflect BCPE's solid franchise, scale and market position as a provider of wealth management software and services to the wealth management industry. It serves nearly 111,000 financial advisors and retained around $6.9 trillion of total platform assets as of June 30, 2025. Its turnkey asset management platform (TAMP) has $1.1 trillion of assets under management and administration (AUM/A) as of June 30, 2025. The company's scale has benefited from consistently strong organic growth of AUM/A ranging between 7-14% per year since 2019. Its business model produces solid and consistent cash flow. BCPE's ratings reflect challenges to its credit profile associated with its weak level of pretax earnings and high leverage. BCPE's trailing-12 months Moody's-adjusted Debt/EBITDA leverage ratio was 7.8x as of June 30, 2025. Moody's expects that its leverage will improve to around 6.9x at the end of 2025 and 6.5x by the end of 2026. These improvements will be driven by continued organic growth combined with a reduction of certain non-core expenses and additional cost savings that the company is achieving under its new ownership. Moody's expects that BCPE will be able to sustain an EBITDA/Interest expense (Moody's-adjusted) coverage ratio above 1.5x by the end of 2025, with further improvements to around 2.1x by the end of 2026. BCPE's credit profile is also constrained by its sensitivity to financial markets and other macroeconomic variables outside its control. The company's main revenue source is closely linked to broad financial market levels, and the fees it earns could decline should there be a sustained market decline. BCPE's largely fixed cost structure results in significant operating leverage, which can exacerbate the effects of lower market levels on its financial profile. Conversely, its operating leverage provides significant benefits to its financial profile if the company is able to continue to achieve its strong organic growth amid steady or rising financial market levels. The ratings are constrained by BCPE's relatively low level of business-line and industry diversification and high reliance on its wealth management services business. The firm sold its separate Data and Analytics business (Yodlee) to STG in August 2025 and now solely operates its wealth management services business. Yodlee represented a small portion of revenue and EBITDA, and its performance had been steadily declining over the past three years. Therefore, Moody's views the sale as credit positive, since it makes the company leaner, more efficient and strategically refined. BCPE's businesses operate in a highly competitive environment that requires significant ongoing investments in both its service offering and its technology infrastructure. Failure to develop these areas could result in significant attrition of clients and weaker pricing power resulting in meaningful declines in the firm's scale, profitability and cash flow. However, BCPE currently operates with a strong market position as one of the top service providers to the wealth management industry. The stable outlook is based on Moody's expectations that BCPE will continue to grow its scale and improve its EBITDA and margins. The stable outlook also reflects Moody's expectations that the firm will not materially increase debt leverage beyond 8.0x on a sustained basis or without a credible deleveraging plan. The B3 senior secured bank credit facility rating, including the ratings on its $1.98 billion first lien term loan and revolving credit facility are in-line with BCPE's B3 CFR, since it only has one class of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Sustainable improvement in the quality and diversity of profitability and cash flows from the growth or development of additional business activities other than retail wealth management with similar or lower levels of risk could lead to an upgrade. BCPE's ratings could also be upgraded if it continues to improve its scale and competitive position, and reduce its expenses, resulting in a sustained increase in pretax earnings and pretax margins, with low levels of margin volatility. Demonstration of prudent financial policies and a strategic approach to inorganic growth, resulting in maintaining Moody's-adjusted debt leverage below 6.5x could also lead to an upgrade. BCPE's ratings could be downgraded if there were a shift in its financial policy that significantly increases debt to fund shareholder distributions or to help fund a substantial acquisition, driving Moody's-adjusted proforma debt leverage above 8.0x and/or an EBITDA/Interest Expense ratio below 1.5x on a sustained basis, especially if not accompanied by a credible near-term deleveraging strategy. A meaningful decline in profitability and scale, whether through a loss of platform accounts, platform assets, or inability to navigate adverse operating environments could also lead to a downgrade. A significant failure in regulatory compliance or technology infrastructure could also lead to a downgrade. The principal methodology used in these ratings was Securities Industry Service Providers published in February 2024. BCPE's "Assigned standalone Assessment" score of B3 is set two notches above the "Financial Profile" initial score of Caa2 to reflect the firm's strong scale and market position as well as Moody's expectations for improving debt leverage and interest coverage. BED BATH: Hudson Bay Obtains Dismissal in Trading Gains Dispute --------------------------------------------------------------- Chris Dolmetsch of Bloomberg News reports that a New York judge dismissed a lawsuit accusing Hudson Bay Capital Management of improperly avoiding stock ownership rules tied to Bed Bath & Beyond Inc.'s decline. The case, filed in May 2024, attempted to claw back $300 million in trading profits, alleging Hudson Bay broke laws mandating that investors with more than a 10% stake surrender short-term gains. The claims revolved around a 2023 derivatives transaction used to generate funding for the retailer at the height of its financial turmoil. The Troubled Company Reporter, citing Miles Weiss and Eliza Ronalds-Hannon of Bloomberg News, previously reported that the former Bed Bath & Beyond Inc., seeking to generate cash for its creditors, sued to recover more than $300 million in trading profits from Hudson Bay Capital Management, the hedge fund at the center of a last-ditch financing plan that failed to prevent the retailer's collapse. The former retailer filed a lawsuit last week claiming that, behind the scenes, Hudson Bay orchestrated the terms for a February 2023 offering so it could acquire a huge, cut-rate stake in Bed Bath without having to disclose the ownership under a little-known rule for corporate insiders. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BEELAND PROPERTIES: Litigation & Sale Proceeds to Fund Plan ----------------------------------------------------------- Beeland Properties, LLC, submitted a First Amended Subchapter V Plan of Liquidation dated September 22, 2025. The Debtor's two primary assets are the Livingston Property and the EBRP Property. The Debtor believes that the value of the Livingston Property is approximately $1.19 million. The Debtor believes that the value of the EBRP Property is approximately $221,000. The Livingston Property is subdivided into seven smaller tracts. Mediation On May 15, 2025, Hon. John Kolwe conducted a mediation in Lafayette, LA. While the mediation did not result in a comprehensive global resolution of all disputes, it was nonetheless productive and yielded several important agreements that are expected to advance the administration and lay the foundation for this Plan. Subject to approval by the Bankruptcy Court, the parties to the mediation agreed, generally: * Property Sale: The parties agreed that Mr. Murray shall immediately undertake efforts to market and sell all the Debtor's interests in immovable property in East Baton Rouge and Livingston parish, LA. Mr. Murray will have exclusive authority to engage a broker, solicit offers, and file any necessary sale motions under Section 363 of the Bankruptcy Code, subject to further order of the Court. * Adversary Proceedings: The parties further agreed that Mr. Murray shall assume control over the Debtor's claims and causes of action in the three pending adversary proceedings now pending before the Court. Mr. Murray will be substituted as the party plaintiff in those adversary proceedings and is authorized to prosecute, resolve, or dismiss those claims in his sole business judgment, subject to Court approval. * Use of Debtor's Residential Immovable Property: Mr. Landry has agreed to pay $1,500 per month in rent for continued use and occupancy of the Debtor's residential property in Livingston Parish. This rental arrangement will be documented and payments shall be made to an account designated by Mr. Murray. Mr. Landry shall keep the residence in good condition, adequately insured and during the period of occupancy hold the estate harmless for any damages occasioned. Class 1 consists of the Disputed Claim of BSF. The Debtor disputes both the amount of BSF's Claim and the extent to which any portion of such Claim is secured by the Immovable Property. The Immovable Property shall be marketed and sold by the Subchapter V Trustee or Liquidation Agent, as applicable, pursuant to section 363(f) of the Bankruptcy Code free and clear of BSF's Claim. The Net Property Proceeds (defined below) shall be held in a segregated account by the Subchapter V Trustee or Liquidation Agent, as applicable, pending a Final Order determining the Allowed amount of BSF's Claim and the rank and extent of any Lien securing such Claim. The Allowed Secured Claim of BSF, if any, shall attach to the Net Property Proceeds in the rank, priority, and amount as determined by a Final Order of the Bankruptcy Court. Class 2 consists of the Claim of Citizens. The Debtor does not dispute the amount of Citizens' Claim. The Debtor does dispute the extent to which Citizens holds a valid, enforceable, and perfected Lien on the Immovable Property. The Immovable Property shall be marketed and sold by the Subchapter V Trustee or Liquidation Agent, as applicable, pursuant to section 363(f) free and clear of Citizens' Claim. The Net Sale Proceeds shall be held in a segregated account by the Subchapter V Trustee or Liquidation Agent, as applicable, pending a Final Order determining the Allowed amount of Citizens' Claim and the rank and extent of any Lien securing such Claim. The Allowed Secured Claim of Citizens, if any, shall likewise attach to the Net Property Proceeds in the rank, priority, and amount as determined by a Final Order of the Bankruptcy Court. Citizens shall be paid from the Net Property Proceeds of the sale of the Immovable Property up to the amount of its Allowed Secured Claim as determined by a Final Order. Class 3 consists of holders of Allowed General Unsecured Claims, if any. The Debtor is not aware of any holders of Allowed General Unsecured Claims. The Bankruptcy Court may determine that all or a portion of the Claims of BSF or Citizens, to the extent they are Allowed or no Secured, are General Unsecured Claims. Holders of Allowed General Unsecured Claims shall receive a Pro Rata share of: * the Net Property Proceeds after the payment in full of Allowed Secured Claims, Allowed Administrative Claims, and Allowed Priority Claims (if any); and * the Net Litigation Proceeds after the payment in full of Allowed Administrative Claims, and Allowed Priority Claims (if any). Class 3 is Impaired. To the extent there are any holders of Allowed Class 3 Claim, they are entitled to vote to accept or reject the Plan. On behalf of the Debtor, the Subchapter V Trustee or Liquidation Agent, as applicable, shall market and sell the Immovable Property, liquidate the Causes of Action, and collect rent from the Debtor's members. The Subchapter V Trustee or Liquidation Agent, as applicable, shall be vested with the power and authority to: (i) market and sell the Immovable Property for the benefit of the estate and its creditors, (ii) serve as the plaintiff in all Causes of Actions, including Avoidance Action, with full authority to prosecute, compromise, and settle such Causes of Action, and (iii) hire professionals, subject to Bankruptcy Court approval, to carry out such power and authority. For purposes of this Plan: * "Net Sale Proceeds" shall mean the gross proceeds derived from the sale of the Immovable Property, less any costs of sale, including, but not limited to, real estate commissions, reasonable attorneys' fees, recordation costs, taxes, and other ordinary and necessary expenses directly related to the sale, as approved by the Bankruptcy Court. * "Net Litigation Proceeds" shall mean the gross proceeds recovered by the Debtor, the Subchapter V Trustee, or the Liquidation Agent, as applicable, from the prosecution, settlement, or compromise of any Causes of Action, including Avoidance Actions, less any reasonable attorneys' fees, costs, and expenses incurred in connection therewith, as approved by the Bankruptcy Court. A full-text copy of the First Amended Liquidating Plan dated September 22, 2025 is available at https://urlcurt.com/u?l=qexXFi from PacerMonitor.com at no charge. Attorneys for the Debtor: Ryan J. Richmond, Esq. Ashley M. Caruso. Esq Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Tel: (225) 412-3667 Fax: (225) 286-3046 Email: ryan@snw.law ashley@snw.law About Beeland Properties, LLC Beeland Properties, LLC is a company in Denham Springs, La., engaged in renting and leasing real estate properties. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. La. Case No. 24-10461) on June 11, 2024, with $1 million to $10 million in both assets and liabilities. Jeff Landry, manager, signed the petition. Judge Michael A. Crawford presides over the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC represents the Debtor as legal counsel. BLUE STAR: Replaces MaloneBailey With GreenGrowth as Auditor ------------------------------------------------------------ Blue Star Foods Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Audit Committee of the Board of Directors chose not to continue with the engagement of MalonBailey, LLP, which is currently serving as the Company's independent registered public accounting firm. The Company notified MaloneBailey on September 19, 2025, that it would be dismissed as the Company's independent registered public accounting firm, effective immediately. MaloneBailey's reports on the the Company's financial statements for the years ended December 31, 2024, and 2023 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the Company's two most recent fiscal years ended December 31, 2024 and 2023 and the subsequent interim periods through September 19, 2025, there were no disagreements, within the meaning of Item304(a)(1)(iv) of Regulation S-K promulgated under the Exchange Act and the related instructions thereto, with Malone Bailey on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of MaloneBailey, would have caused it to make reference to the subject matter of the disagreements in connection with its reports. Also, during this same period, there were no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K and the related instructions thereto. Following MalonBailey's dismissal, the Audit Committee approved the engagement of GreenGrowth CPAs as the Company's new independent registered public accounting firm, effective immediately, to audit the Company's financial statements for the fiscal year ending December 31, 2025 and related interim periods. During the Company's two most recent fiscal years ended December 31, 2023 and 2024, and the subsequent interim periods through September 19, 2025, neither the Company nor anyone acting on its behalf consulted with GreenGrowth regarding any of the matters described in Items 304(a)(2)(i) and (ii) of Regulation S-K. About Blue Star Foods Corp. Blue Star Foods Corp., headquartered in Miami, Florida, is an international seafood company that imports, packages, and sells refrigerated pasteurized crab meat and other premium seafood products. The Company's current source of revenue is from importing blue and red swimming crab meat primarily from Indonesia, the Philippines, and China, and distributing it in the United States and Canada under several brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff, and Coastal Pride Fresh. The Company also distributes steelhead salmon and rainbow trout fingerlings produced under the brand name Little Cedar Farms for distribution in Canada. The Company sells primarily to food service distributors, wholesalers, retail establishments, and seafood distributors. As of December 31, 2024, the Company had $2,554,599 in total assets, $2,746,296 in total liabilities, and total stockholders' equity of -$191,697. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal 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. BLUEWORKS CORP: Trustee Taps Iron Horse as Auctioneer ----------------------------------------------------- Michael Bowers, the trustee appointed in the Chapter 11 case of Blueworks Corporation, seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Iron Horse Auction Co., Inc. as auctioneer. The auctioneer will supply a sufficient amount of personnel deemed necessary to properly perform online auctions for the Trustee. Personnel will be provided for asset categorization, catalog creation, item photography, cashiers, inspection periods and item removal periods for these vehicles: -- 2018 Lexus RX 450 H; VIN: JTJDGKCA3J2005175 -- 2018 Tesla Model 3; VIN: 5YJ3E1EB4JF122121 Iron Horse will not charge a commission on its sale of the Vehicles, but will have the right to charge a buyer's premium in an amount not to exceed 10 percent. In addition, the firm will seek reimbursement for expenses incurred. William B. Lilly, Jr., a member of Iron Horse Auction Co., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William B. Lilly, Jr. Iron Horse Auction Co., Inc. 174 Airport Rd. Rockingham, NC 28379 Telephone: (910) 997-2248 About Blueworks Corporation Blueworks Corp. specializes in developing and manufacturing a comprehensive range of swimming pool equipment. Products include Salt Chlorinator, Salt Chlorinator Cell Replacement, Saltwater System Parts, Pool Light, Pool Alarm, Pool Timer, Pool Pump and more. Blueworks Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 24-30494) June 11, 2024. In the petition signed by Michael Bowers, chief restructuring office, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laura T. Beyer oversees the case. The Debtor tapped Matthew L. Tomsic, Esq. at Rayburn Cooper & Durham, PA as bankruptcy counsel and Platinum Intellectual Property, PC and Shumaker, Loop & Kendrick, LLP as special counsels. On July 26, 2024, Michael T. Bowers was appointed as trustee in this Chapter 11 case. The trustee tapped Grier Wright Martinez, PA as counsel. BO TRUCKING: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- BO Trucking LLC voluntarily filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Central District of California on September 30, 2025. The company's petition lists liabilities ranging from $1 million to $10 million, and reports between 1 and 49 creditors. About BO Trucking LLC BO Trucking LLC specializes in trucking operations, delivering freight and related logistics support to its clients. BO Trucking LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18717) on September 30, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. BOWES IN-HOME: Gets OK to Use Cash Collateral Until Nov. 18 ----------------------------------------------------------- Bowes In-Home Care, Inc. received second interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court's second interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration through November 18, subject to the terms of the budget. No deviations or additional payments are allowed without prior written consent from the U.S. Small Business Administration or further court order. The SBA asserts a blanket lien on all assets of the Debtor in the amount of at least $1.85 million. In case of any diminution in value of its pre-bankruptcy collateral, SBA will be granted replacement liens on all existing and future assets of the Debtor including accounts receivable, inventory, equipment, and the proceeds thereof. These replacement liens maintain the same validity, priority and extent as those held prior to the petition date. As additional protection, the Debtor was authorized to use cash collateral to pay insurance premiums to cover the collateral from damage. A status hearing is scheduled for November 18. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Okdq8 from PacerMonitor.com. About Bowes In-Home Care Bowes In-Home Care, Inc. is a Medicare-certified home health agency that provides skilled nursing, therapy, and care management services in home settings. Operating with a multidisciplinary approach, the company offers programs aimed at managing chronic conditions, preventing hospital readmissions, and promoting patient independence. Services include wound care, infusion therapy, physical and occupational therapy, and tele-health, with 24/7 nurse intake and coordination with hospital teams. Bowes In-Home Care sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10234) on July 3, 2025, with $1,028,214 in assets and $3,546,860 in liabilities. Michael Collura, president of Bowes In-Home Care, signed the petition. Judge Janet S. Baer presides over the case. James A. Young, Esq., at James Young Law represents the Debtor as bankruptcy counsel. BP RETAIL: Gets Extension to Access Cash Collateral --------------------------------------------------- BP Retail Partners, Inc. and affiliates received second interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral to fund operations. The court authorized the Debtors to use the cash collateral of secured creditors until a final hearing to pay the expenses set forth in their budget, subject to a 10% variance. As adequate protection, secured creditors will be granted a replacement lien on the Debtors' post-petition property and the proceeds thereof, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any avoidance actions. Funds owed to the Debtors must be immediately released by all parties holding them; interference violates the automatic stay and may trigger sanctions. A continued interim hearing is scheduled for November 18. The Debtors acknowledge the interests of several secured creditors in their assets, including Citizens First Bank, Sydmor, Inc. and TAO Enterprises, Inc., which assert $1.97 million, $1.12 million and $537,000, respectively. These creditors have UCC-1 financing statements asserting interests in accounts receivable and other assets. About BP Retail Partners Inc. BP Retail Partners, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03476) on August 21, 2025, listing up to $10 million in both assets and liabilities. Corey E. Robinson, president of BP Retail Partners, signed the petition. Judge Randal S. Mashburn oversees the case. Robert J. Gonzales, Esq., at EmergeLaw, PLC, represents the Debtor as bankruptcy counsel. BROOKS CUSTOM: Hires Geno and Steiskal PLLC as Bankruptcy Counsel ----------------------------------------------------------------- Brooks Custom Application, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire Law Offices of Geno and Steiskal, PLLC as counsel. The firm will render these services: (a) advise and consult with the Debtor regarding questions arising from certain contract negotiations which will occur during the operation of business; (b) evaluate and attack claims of various creditors who may assert security interests in the assets and who may seek to disturb the continued operation of the business; (c) appear in, prosecute, or defend suits and proceedings, and take all necessary and proper steps and other matters and things involved in or connected with the affairs of the estate of the Debtor; (d) represent the Debtor in court hearings and assist in the preparation of contracts, reports, accounts, petitions, applications, orders and other papers and documents as may be necessary in this proceeding; (e) advise and consult with the Debtor in connection with any reorganization plan which may be proposed in this proceeding and any matters concerning it which arise out of or follow the acceptance or consummation of such reorganization or its rejection; and (f) perform such other legal services on behalf of the Debtor as they become necessary in this proceeding. The firm will be paid at these hourly rates: Craig Geno, Attorney $475 Christopher Steiskal, Attorney $375 Paralegals $275 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $12,500 from the Debtor, inclusive of $1,738 filing fee. Mr. Geno disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Craig M. Geno, Esq. Christopher Steiskal, Esq. Law Offices of Craig M. Geno, PLLC 601 Renaissance Way, Suite A Ridgerland, MS 39157 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 Email: cmgeno@cmgenolaw.com csteikal@cmgenolaw.com About Brooks Custom Application, LLC Brooks Custom Application, LLC provides agricultural application services including liquid fertilizer and chemical treatments, lime spreading, and both fixed-rate and variable-rate applications. The family-owned Company, founded in 1969 and based in Houston, Mississippi, serves growers and ag retailers across Mississippi, Alabama, Tennessee, and Kentucky. Brooks Custom Application, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13062) on September 16, 2025. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by John Paul Brooks as managing member. Judge Selene D Maddox presides over the case. Craig M. Geno, Esq. at LAW OFFICES OF GENO AND STEISKAL, PLLC represents the Debtor as counsel. BRUIN DIRECTORS: Unsecureds Will Get 5% of Claims in Plan --------------------------------------------------------- Bruin Directors Circle, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Liquidation for Small Business dated September 22, 2025. The Debtor is an LLC created in 2024 with the intention to operate the property located at 920-948 Broxton Ave. Los Angeles, CA 90024 ("Property") which was leased from Paul Daniel Eagleton at al. ("Landlords"). The chapter 11 filing was precipitated by disputes with the Landlords. Shortly after entering into the ground lease in 2024, the Debtor discovered serious safety issues and defects with the leased Property that made it impossible to operate, and filed a lawsuit against the Landlords for rescission of the lease on January 15, 2025. The lessors have filed counterclaims against the Debtor for unpaid rent and the entire matter was transferred to arbitration on March 17, 2025. The litigation is currently stayed. This is a liquidating plan, wherein the Debtor will be disbursing all funds on hand as of the Effective Date to creditors and ceasing all operations. The Plan Proponent's financial projections show that the Debtor will have sufficient cash on hand to make the Effective Date payments to creditors. Pursuant to the projections, the Debtor anticipates having a total of approximately $175,000 in cash on hand as of the effective date, including $75,000 being contributed to the Plan by Reitman Village Project, LLC. A total of $175,000 will be paid to creditors under the Plan as follows: $50,000 estimated to administrative legal fees, estimated $10,000 in Subchapter V fees, $735.00 to priority tax creditors, and $114,265 to general unsecured creditors. These are estimates only, and Debtor and other parties in interest have the right to object to these claims. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has estimates will be approximately 5% of each allowed claim. This Plan also provides for the payment of administrative and priority tax claims. The exact recovery to unsecured creditors may vary depending on the allowance of administrative claims, exact calculations of the lessor and lessee rejection damages claim, and the outcome of objections to claims, if any. Class 3 consists of Non-priority unsecured creditors. Class 3 claims are impaired, and will be paid their pro rata share of the funds remaining in the estate after payment of administrative, sub V trustee and priority unsecured claims, estimated to be $114,265, resulting in payment of 5% of their claims on the Effective Date. Total estimated amount of allowed Class 3 general unsecured claims is $2,287,284.94. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. Each member of this class will retain its interest in the Reorganized Debtor but will not be allowed to take any distributions until all unsecured claims are paid all payments due under the Plan. On the Effective Date, Reitman Village Project, LLC will be making a contribution of $75,000, which will be included in the pro rata payments to those Class 3 claimants. The Plan will be funded from funds on hand with the Debtor on the Effective Date, including the $75,000 contribution from Reitman Village Project, LLC. The Debtor estimates that it will have $175,000 on hand to fund the Plan. Specifically, administrative, sub V trustee, and priority tax claims will be paid in full on the Effective Date. General unsecured claims will be paid their pro-rata share of the funds remaining on hand on the Effective Date after payment of administrative, SubV Trustee and priority tax claims, estimated to be $114,265. A full-text copy of the Plan dated September 22, 2025 is available at https://urlcurt.com/u?l=rX3jOf from PacerMonitor.com at no charge. Counsel to the Debtor: Leslie A. Cohen, Esq. J'aime K. Williams Esq. Leslie Cohen Law, PC 506 Santa Monica Blvd., Suite 200 Santa Monica, CA 90401 Telephone: (310) 394-5900 Facsimile: (310) 394-9280 Email: leslie@lesliecohenlaw.com jaime@lesliecohenlaw.com About Bruin Directors Circle Bruin Directors Circle, LLC is an LLC created in 2024 with the intention to operate the property located at 920-948 Broxton Ave. Los Angeles, CA 90024 ("Property") which was leased from Paul Daniel Eagleton at al. ("Landlords"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15295) on June 24, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Barry Russell presides over the case. Leslie A. Cohen, Esq., at Leslie Cohen Law PC, is the Debtor's bankruptcy counsel. BURGUNDIAN LLC: Unsecureds Will Get 9% of Claims over 60 Months --------------------------------------------------------------- The Burgundian, LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Plan of Reorganization under Subchapter V dated September 22, 2025. The Debtor owns and operates a restaurant in Attleboro, Massachusetts, which opened in 2017. The restaurant experienced success but, like most restaurants and many other businesses, was devastated by the effects of the Covid pandemic. The Debtor continues to be burdened by the debt incurred during and after Covid, including a substantial Economic Injury Disaster Loan ("EIDL") owed to the U.S. Small Business Administration (the "SBA"). In addition, two merchant cash advance lenders, Elevation Capital Group, LLC and Samson MCA LLC ("Samson" and together with Elevation the "MCA Lenders") had, prior to the Petition Date, seized the Debtor's credit card receivables, rendering it unable to operate. The freezing of those credit card receipts was the precipitating factor in the Chapter 11 filing. The Plan is intended to allow the Debtor to remain in business. Under the Plan: (i) The Allowed Secured Claims of Elevation Capital Group and Samson MCA LLC are paid in full based on the value of the security; (ii) The collateral of London Bus Export Company shall be surrendered to the creditor in full and final satisfaction of its Allowed Secured Claim; (iii) Allowed Administrative and Priority Claims are paid in full; and (iv) a fair dividend will be paid to General Unsecured Claimants. Class 3 is comprised of all holders of Allowed general unsecured claims against the Debtor. Based upon the proofs of claim that have been filed and the Debtor's Schedules, the Debtor estimates that there will be approximately $875,000.005 in Allowed Class 3 claims, including the unsecured Claims of the U.S. Small Business Administration and the Debtor's insiders, as well as the undersecured Claims of Elevation and Samson. In full and complete settlement, satisfaction and release of all Allowed Class 3 Claims, each holder of an Allowed Class 3 Claim shall receive its pro rata share of all of the Debtor's projected net disposable income over the five-year period following the Effective Date. Based on the attached Budget, the Debtor projects that the total distribution to Class 3 Claimants will be approximately $80,000.00, or approximately nine percent of such Allowed Class 3 Claims, to be paid in deferred cash payments over a period of 60 months from the Effective Date, with such deferred payments to be made in quarterly installments beginning in the fourth quarter of 2026. Class 3 is impaired. Class 4 consists of Equity Interests. Equity interest holders of the Debtor shall receive no distribution under the Plan on account of such interests, but will retain unaltered the legal, equitable and contractual rights to which such interests were entitled as of the Petition Date, except to the extent such interests are altered under this Plan or the Confirmation Order, or by a prior Bankruptcy Court Order. As of the Petition Date, Shane Matlock was the only equity interest holder of the Debtor. Mr. Matlock is the President of the Debtor, will continue in such capacity with respect to the reorganized Debtor and will continue to receive compensation consistent with his current compensation and in accordance with the Plan Budget. Upon the entry of a Confirmation Order confirming this Plan, the Reorganized Debtor shall be deemed authorized, without further order of the Bankruptcy Court, to take any and all actions and to execute any and all documents which the Reorganized Debtor reasonably believe are necessary or appropriate to carry out the purposes and intent of this Plan. The Plan will be funded from the Debtor's future earnings and income. Upon the Effective Date, the Debtor is authorized to take all action permitted by law, including, without limitation, to use its cash and other assets for all purposes provided for in the Plan and in its business operations, and to borrow funds and to transfer funds for any legitimate purpose. A full-text copy of the Plan of Reorganization dated September 22, 2025 is available at https://urlcurt.com/u?l=M3fBGs from PacerMonitor.com at no charge. Counsel to the Debtor: David B. Madoff, Esq. Steffani M. Pelton, Esq. MADOFF & KHOURY LLP 124 Washington Street – Ste. 202 Foxborough, Massachusetts 02035 Phone: (508) 543-0040 Email: pelton@mandkllp.com About The Burgundian LLC The Burgundian LLC operates a restaurant in Attleboro, Massachusetts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11287) on June 24, 2025. In the petition signed by Shane T. Matlock, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Christopher J. Panos oversees the case. David B. Madoff, Esq., at Madoff and Khoury LLP, is the Debtor's legal counsel. CABLE FARMS: Seeks to Hire Tom Bible Law as Bankruptcy Counsel -------------------------------------------------------------- Cable Farms, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire the Law Office of W. Thomas Bible, Jr. d/b/a Tom Bible Law as counsel. The firm will render these services: a. advise the applicants as to their rights, duties, and powers as debtors-in-possession; b. investigate and if necessary, institute legal action on behalf of the Debtors to collect and recover assets of the estate of the Debtors; c. prepare and file the statements, schedules, plans, and other documents and pleadings necessary to be filed by the applicants in this case; d. assist and counsel the Debtors in the preparation, presentation and confirmation of their disclosure statement and plan of reorganization; e. represent the Debtors at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and f. perform such other legal services as may be necessary in connection with this case. The firm received a retainer in the amount of $11,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. W. Thomas Bible, Jr., Esq., a partner at Tom Bible Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: W. Thomas Bible, Jr., Esq. TOM BIBLE LAW 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Telephone: (423) 424-3116 Facsimile: (423) 553-0639 Email: tom@tombiblelaw.com About Cable Farms, Inc. Cable Farms, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Csae No. 25-12502) on September 24, 2025, listing$100,001 to $500,000 in both assets and liabilities. Judge Nicholas W Whittenburg presides over the case. W. Thomas Bible, Jr., Esq. at Law Office Of W. Thomas Bible, Jr. represents the Debtor as counsel. CALIFORNIA RESOURCES: Fitch Rates New Unsec. Notes Due 2034 'BB-' ----------------------------------------------------------------- Fitch Ratings has assigned California Resources Corporation's (CRC; B+/Positive) proposed senior unsecured notes due 2034 a 'BB-' rating with a Recovery Rating of 'RR3'. CRC plans to use the proceeds from the notes, together with borrowings under its revolving credit facility and cash on hand, to repay Berry Corporation's existing debt and pay fees associated with the recently announced combination. CRC's ratings and Positive Outlook reflect a shift toward more favorable regulatory policies in California and Fitch's view that permitting risks in Kern County should moderate, alongside easing regulatory and environmental risks over the medium to long term. The Positive Outlook also reflects CRC's announced combination with Berry, which Fitch views as accretive to FCF, supportive of material synergies, and leverage neutral. Key Rating Drivers Favorable Notes Issuance: Fitch assesses CRC's proposed senior unsecured notes as supportive of the credit profile, as they will facilitate repayment of Berry's debt and extend the maturity profile. The extended maturities provide time for CRC to regain operational momentum in an improving permitting environment, following recent declines, and generate FCF. Favorable Regulatory Developments: Fitch expects the recently announced regulatory developments and move toward more favorable energy policies to benefit CRC over the medium and long term. On Sept. 19, 2025, Governor Newsom signed Senate Bill 237 (and AB 1207) into law, which deems the Kern County Environmental Impact Report sufficient and eliminates certain California Environmental Quality Act (CEQA) reviews for permitting. This could accelerate environmental reviews for up to 2,000 new wells annually in Kern County, positioning CRC for a simpler permitting process and creating the potential for organic growth. Fitch expects these measures, together with the governor's efforts to address energy issues amid volatile fuel prices, to support the California regulatory environment and CRC's credit profile. Accretive Berry Combination: Fitch expects CRC's announced all-stock combination with Berry to support the credit profile over the medium term, alongside favorable regulatory developments. The combination will increase CRC's scale and add approximately 24,000 barrels of oil equivalent per day (Mboepd) of oil-weighted, low-decline production in California. Management estimates pro forma 2Q25 production at approximately 161 Mboepd (81% oil) and proved reserves of approximately 652 million barrels of oil equivalent (MMboe; 87% proved developed) with exposure to five of the largest oil fields in the state. Strong FCF; Synergy Potential: Fitch believes the combination will be accretive to FCF and that FCF could be further enhanced by the company's expected deal synergies. Management has identified approximately $80 million-$90 million of annual deal synergies within 12 months post-close, primarily via corporate synergies, interest cost savings, operational cost savings and supply chain efficiencies. Fitch expects most of these synergies to be achievable in the first 12 months and notes that management delivered its expected synergies for the July 2024 Aera transaction ahead of schedule. Multiyear Hedging Protection: Fitch views the pro forma company's strong near-term hedges positively and believes they will help solidify FCF generation. Approximately 70% of the pro forma company's oil production will be hedged at attractive Brent prices at roughly $68/bbl, which will reduce downside price risks. CRC is also hedging around 50% of its standalone production in 2026 at approximately $65/bbl Brent. Fitch expects similar levels of hedging will continue through the near and medium term. Sub-1.5x Midcycle Leverage: Fitch forecasts pro forma gross debt/EBITDA at 1.0x in 2026 and sub-1.5x through the remainder of the forecast based on the company's conservative capital structure and M&A financing. Fitch believes management could look to refinance a portion of Berry's debt in the near term through the capital markets and extend the maturity profile. High-Cost, Low-Netback Producer: CRC's cost structure is higher than that of most Fitch-rated U.S. onshore exploration and production (E&P) peers. Fitch-calculated 2Q25 total cash operating costs, including operating costs, transportation expenses, general and administrative costs (G&A) and production taxes, remain at the higher end of Fitch's aggregate E&P peer group and lead to lower unhedged cash netbacks and a higher break-even oil price compared with that of its closest peers. Peer Analysis Pro forma the merger, CRC will produce approximately 161 Mboepd (81% oil). Using 2Q25 data, the company will be larger than Northern Oil & Gas (BB-/Stable; 134 Mboepd) and Canadian producer Baytex Energy Corp. (BB-/Stable; 148 Mboepd) but smaller than SM Energy Company (BB/Stable; 209 Mboepd) and Matador Resources Company (BB/Stable; 209 Mboepd). CRC's realized prices are typically higher than peers given exposure to premium Brent pricing, and the low-decline asset base leads to lower capital intensity than peers. The company's higher cost structure partly offsets this, resulting in lower Fitch-calculated unhedged cash netbacks than Fitch's aggregate peer average. Key Assumptions - Brent oil prices of $70/bbl in 2025, $65/bbl in 2026 and 2027 and $60/bbl thereafter; - Henry Hub prices of $3.40/thousand cubic feet (mcf) in 2025, $3.50/mcf in 2026, $3.00/mcf in 2027 and $2.75/mcf thereafter; - Pro forma production of 160 Mboepd followed by flat growth thereafter; - Acquisition-related capex in 2026 with growth-linked spending thereafter; - Measured increases to shareholder returns; - Announced Berry combination closes in 1Q26. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes CRC would be reorganized as a going concern (GC) in bankruptcy rather than liquidated; - Fitch assumed a 10% administrative claim. GC Approach Fitch's projections under a stressed case price desk assume Brent oil prices of $60/bbl in 2025, $35/bbl in 2026, $45/bbl in 2027 and $48/bbl in the long term. The GC EBITDA was increased to $725 million after the transaction was announced and reflects Fitch's view of a sustainable, post-reorganization EBITDA level. The EV is based on that EBITDA and is affected by the decline from current pricing to stressed levels, and then a partial recovery coming out of a troughed pricing environment. Fitch believes a weakened pricing environment would lead to production declines, reduce the borrowing base availability and materially erode the liquidity profile. An EV multiple of 3.00x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. The choice of this multiple considers that for peer companies, the historical bankruptcy case study exit multiples ranged from 2.8x to 7.0x, with an average of 5.2x and a median of 5.4x, and reflects the expectation that the value of CRC's oil producing properties will decline due to its high cost structure and reduction in capex to preserve liquidity. The multiple also considers the stringent California regulatory environment and highly concentrated market, which severely limit the number of potential buyers and valuation for the assets. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. The revolver is assumed to be 90% drawn upon default with the expectation that commitments would be reduced during a redetermination. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' recovery for the first-lien RBL credit facility and a recovery corresponding to 'RR3' for the senior unsecured notes. The RBL is assumed to be fully drawn upon default. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Unfavorable regulatory actions that result in material production declines and/or weakened profitability; - Deteriorating liquidity profile, including material revolver borrowings and an inability to generate positive FCF; - Midcycle EBITDA leverage sustained above 2.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A more favorable regulatory environment that supports permitting and/or material E&P diversification outside California; - FCF generation that supports the liquidity profile and limited borrowings under the RBL; - Commitment to conservative financial policy resulting in midcycle EBITDA leverage sustained below 1.5x. Liquidity and Debt Structure Pro forma the combination, Fitch expects CRC to maintain solid liquidity, supported by availability under its RBL credit facility ($983 million available at 2Q25), cash on hand and forecast FCF. Fitch believes the liquidity profile is further supported by the company's multiyear hedge program which helps protect against downside price risks. Issuer Profile CRC is an integrated public E&P company that operates solely in California. Date of Relevant Committee September 15, 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 California Resources Corporation has an ESG Relevance Score of '4' for Exposure to Social Impacts due to the stringent oil and gas regulatory environment in California and its exposure to social resistance, 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 ----------- ------ -------- California Resources Corporation senior unsecured LT BB- New Rating RR3 CANPACK GROUP: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable --------------------------------------------------------------- Fitch Ratings has upgraded CANPACK Group, Inc's Long-Term Issuer Default Ratings (IDR) to 'BB', from 'BB-'. The Outlook is Stable. The upgrade reflects its expectation of Fitch-defined EBITDA gross leverage falling below 4.0x across 2025-2028. This is primarily driven by improved EBITDA generation from increased volumes following the completion of greenfield capex in the US and expected reduction in gross debt by end-2025. EBITDA improvement is driven by better management practices especially with strong pass-through mechanisms to manage volatile commodity prices and pre-contracted volumes for its new capex across geographies. Its latest EBITDA forecasts remain substantially higher than its previous forecasts across 2025-2027, even though 2025 and 2026 numbers will be lower than 2024 due to increased conversion and labour costs. The rating and Outlook are supported by a strong business profile, benefiting from a good market position, geographical diversification, and strong customer relationships Key Rating Drivers Deleveraging Trajectory: Fitch forecasts CANPACK's EBITDA gross leverage will decline to and remain in the 3.0x-4.0x range over 2025-2027, supported by stable EBITDA margins. Fitch expects EBITDA gross leverage of about 3.3x at end-2025, compared with its previous expectation of 3.9x, reflecting effective cost pass-through and operating efficiencies. CANPACK also plans to repay USD400 million of debt by end-2025, which will reduce gross debt and support a sustained deleveraging trajectory through 2028. Strong EBITDA Generation: Fitch forecasts CANPACK's EBITDA margin at 11.5%-12.5% over 2025-2028, above its previous expectation of 9.5%-10.5%. The higher revenues and margins result in an increase in average annual EBITDA of about USD90 million compared with previous estimates for 2025-2027, strengthening the company's financial profile. The revision primarily reflects the demonstrated ability of CANPACK's effective pass-through mechanisms and pre-contracted volumes embedded in customer agreements for the new capex, which Fitch expects to ramp up from 2H26 onwards. Robust Pass-Through Mechanism: CANPACK incorporates pass-through mechanisms in most customer contracts, particularly for aluminum, where prices remain volatile. The company can pass through about 90% of aluminum-related costs to its customers and hedges the remaining 10%, supporting operational stability and margin resilience. In addition, CANPACK has broadened its European supplier base, which will raise aluminum conversion costs but reduce transit times and support more efficient inventory management. Improved FCF: Fitch forecasts free cash flow (FCF) margins of 1.5%-3% over 2025-2028, apart from 2026, when FCF is expected to be negative due to large, expansionary capex. Despite higher capex, Fitch expects FCF margins in 2025 and 2027 to exceed its previous forecasts, supported by stronger EBITDA generation and working capital inflows (partly driven by factoring). Fitch also forecasts annual dividends of USD25 million over 2025-2028. Focused Expansion Strategy: CANPACK's growth has primarily been driven by new greenfield investments across geographies over the past two decades, expanding alongside existing customers, primarily beverage producers, with a substantial portion of volumes for new facilities pre-contracted. This has reduced execution risk for new plant construction. Fitch expects a similar risk-mitigating, demand-driven approach with its upcoming large capex resulting in a capacity increase of about five billion cans in 2025-2027. Solid Business Profile: The company has a strong business profile with a diversified operational footprint and resilient market positioning. Its focus on core markets, long-term customer relationships, and ability to maintain competitive advantage provide revenue visibility and mitigate operational risks. Peer Analysis CANPACK ranks second in Europe and fourth globally behind global beverage can leaders, such as Ball Corporation, Crown Holdings Inc and third-largest producer, Ardagh Group S.A. However, these companies are 3x-5x larger than CANPACK, while Ardagh Metal Packaging S.A. (B-/Rating Watch Evolving) is of a similar size. CANPACK's EBITDA and FCF margin volatility is typically higher than those of other packaging companies, due to its strong investment growth and exposure to volatile aluminum prices. The company lacks the scale of its peers, like Berry Global Group, Inc. (BBB+/Stable), Ball and Crown, and has lower margins. CANPACK's gross leverage is better than that of lower-rated Fedrigoni S.p.A (B+/Negative) at an estimated 6.7x at end-2025 and below 6.0x at end-2026, and of Ardagh Metal Packaging at 7.0x at end-2025 and 6.7x at end-2026. Key Assumptions - Revenue growth of 3.7% in 2025, 3.8% in 2026, 6.6% in 2027 and 2.6% in 2028. Growth in 2027 primarily driven by the ramp-up of new capex, especially in Americas and India - EBITDA margins at 11.5%-12.5% across 2025-2028, driven by higher labour and conversion costs - Working capital inflow in 2025 and 2026 due to increase in factoring use. Neutral to negative working capital change in 2027 and 2028 due to revenue growth - Capex at 8.9% of revenue in 2025 and 11.4% in 2026, due primarily to higher expansionary and greenfield capex. Capex to decline to 4% and around 2% of revenue in 2027 and 2028, respectively - Annual dividends of USD25 million across 2025-2028 - Full redemption of its USD400 million notes in 2025 Recovery Analysis Fitch used a generic approach to evaluate the Recovery Rating of CANPACK'S senior unsecured debt. Under its Corporates Recovery Ratings and Instrument Ratings Criteria, unsecured instruments would be capped at 'RR4', resulting in a senior unsecured debt rating of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Delays to, and cost-overruns of, investments leading to weaker operating performance - Neutral FCF margins on a sustained basis - EBITDA gross leverage sustainably above 4.0x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA gross leverage below 3.0x on a sustained basis - FCF margins consistently above 2% - Successful integration and ramp-up of new capex leading to improved operational efficiencies Liquidity and Debt Structure CANPACK had readily available cash of around USD492 million at end-June 2025. It also has access to an undrawn USD400 million asset-based lending facility, maturing in March 2028, and an additional EUR100 million under another undrawn asset-based loan maturing in June 2028. Further, the company has non-recourse factoring arrangements, which it plans to use in 2025. This is sufficient to cover the projected cumulative negative FCF of USD48 million in 2025 and 2026 and USD400 million of debt repayment scheduled end-2025. CANPACK's debt structure includes USD400 million and EUR600 million of senior unsecured notes maturing in 2025 and 2027, respectively, alongside another USD800 million of unsecured notes due in 2029. Issuer Profile CANPACK is a leading global manufacturer of aluminum cans, glass containers, and metal closures for beverages, and steel cans for food and chemicals. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- CANPACK Group, Inc. LT IDR BB Upgrade BB- senior unsecured LT BB Upgrade RR4 BB- CAPE FEAR: Seeks to Hire Biggs Law Firm PLLC as Attorney -------------------------------------------------------- Cape Fear Discount Drug LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Biggs Law Firm, PLLC as its attorneys. The firm's services include: a. undertaking any and all steps and actions necessary to authorize the use of cash collateral pursuant to Sec. 363 of the Bankruptcy Code, if applicable; b. advising the Debtor with respect to its powers and duties as debtor-in possession in the continued management, operation, and reorganization of its business; c. reviewing any and all claims asserted against the Debtor by its creditors, equity holders, and parties in interest; d. representing the Debtor's interests at the Meeting of Creditors under the Bankruptcy Code ("341 Meeting"), and at any other hearing or conference scheduled in the Bankruptcy Case before the Court related to the Debtor; e. attending any meetings, conferences, and negotiations with representatives of creditors and other parties in interest; f. reviewing and examining, if necessary, any and all transfers which may be avoided a preferential or fraudulent transfers under the appropriate provisions of the Bankruptcy Code; g. taking any and all necessary actions to protect and preserve the Debtor's estate; h. preparing, on behalf of the Debtor all motions, applications, answers, orders, reports, and pleadings necessary to the administration of the bankruptcy estate; i. preparing, on behalf of the Debtor, any plan of reorganization, disclosure statement, and all related agreements and/or documents, and take any necessary actions on behalf of the debtor to obtain confirmation of such plan of reorganization and approval of such disclosure statement; j. representing the Debtor in connection with any potential post-petition financing; k. advising the Debtor in connection with the sale or liquidation, if applicable, of any assets and property to third parties; l. appearing before the Court, or any such appellate court, and the Office of the Bankruptcy Administrator to protect the interests of the Debtor and the bankruptcy estate; m. representing the Debtor with respect to any general, corporate, or transactional matters that arise during the course of the administration of the Bankruptcy Case; and n. assisting and advising the Debtor with respect to negotiation, documentation, implementation, consummation, and closing of any corporate transactions, including sales of assets, in the Bankruptcy Case. The firm will be paid at these rates: Laurie B. Biggs (Attorney) $425 per hour Joseph A. Bledsoe, III (Attorney) $375 per hour Wendy Karam (N.C. Certified Paralegal) $200 per hour Qiara McCain (Paralegal) $150 per hour Lindsey Gadwell (Legal Assistant) $100 per hour The firm received a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Laurie B. Biggs, Esq., a partner at Biggs Law Firm, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Laurie B. Biggs, Esq. Biggs Law Firm, PLLC 9208 Falls of Neuse Road, Ste. 120 Raleigh, NC 27615 Tel: (919) 375- 8040 About Cape Fear Discount Drug LLC Cape Fear Discount Drug LLC operates a community-focused pharmacy providing prescription dispensing, immunizations, medication therapy management, and over-the-counter products. The pharmacy is part of the Good Neighbor Pharmacy network and serves local residents with programs including family vitamins and child safety initiatives. Cape Fear Discount Drug LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03693) on September 23, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by Laurie B. Biggs, Esq. of BIGGS LAW FIRM PLLC. CARNIVAL CORP: S&P Rates New $1.25BB Notes 'BB+', Outlook Positive ------------------------------------------------------------------ S&P Global Ratings revised its outlook on global cruise operator Carnival Corp. to positive from stable and affirmed all its ratings on the company. S&P said, "At the same time, we assigned our 'BB+' issue-level rating and '3' recovery rating to Carnival's proposed $1.25 billion notes, which it intends to use, along with cash on hand, to redeem its $2 billion 6% senior unsecured notes due 2029. "The positive outlook reflects our expectation that the company's forward bookings and reduced interest expense will support an improvement in its FFO to debt to more than 25% in fiscal year 2026. In addition, we expect Carnival will reduce its S&P Global Ratings-adjusted net debt to EBITDA to about 3.5x by the end of fiscal year 2025, which would provide it with a cushion relative to our 3.75x upgrade threshold. "Carnival is outperforming our fiscal-year 2025 forecast. Continued strength in the company's close-in bookings and onboard revenue during the quarter contributed to its outperformance in its third fiscal quarter (ending Aug. 31, 2025). This strength led management to raise its fiscal-year 2025 net yield and EBITDA guidance for the third time this year. Carnival now expects to increase its net yields on a constant-currency basis by 5.3%, which is up from 4.7% in our previous March 2025 forecast. We anticipate the company will expand its net yields by 6.2% on a current-dollar basis, which compares with 3.9% at the time of our prior forecast. "We now estimate Carnival will increase its revenue by about 5.5% and its EBITDA by about 14% in 2025, which compares with our previous forecast for 8% EBITDA growth. Therefore, we anticipate the company will improve its fiscal-year 2025 S&P Global Ratings-adjusted debt to EBITDA to approximately 3.5x by the end of the year, which is down from our prior forecast of 3.8x. This level of leverage will provide it with some cushion relative to our 3.75x upgrade threshold. "In addition, we now forecast Carnival will strengthen its FFO to debt to about 23% in fiscal year 2025 and exceed our 25% upgrade threshold (at nearly 28%) in fiscal year 2026, which is up from about 19% and 25% previously. The improvement in our forecast FFO to debt stems from the company's higher EBITDA, lower interest expense, and debt repayment, including its planned redemption of its $1.1 billion of convertible notes with a mixture of cash and stock. Carnival's FFO to debt is improving slower than its debt to EBITDA because its FFO remains impaired by its higher interest burden stemming from its much higher debt load since before the pandemic. We expect the company will continue to improve its debt to EBITDA as it increases its cash flow and focuses on reducing its debt balances and interest expense." Carnival is also reporting good bookings for 2026. The company has already booked nearly half of its 2026 inventory, which is in line with the record level it set at the same time last year though at historically high constant-currency prices for both its North America and Europe segments. Carnival's booking trends have strengthened since May, with higher booking volumes than last year and the pace of volume growth exceeding the expansion in its capacity. However, it is still early, given that the company will likely sell a more-significant percentage of its 2026 inventory starting with the Black Friday holiday and continuing through the Wave season early next year, especially in the second half of 2026. Carnival's ship delivery schedule will support its deleveraging, despite new ship debt. The company's ship delivery schedule slowed in fiscal year 2025, as it took delivery of only one ship this year (Star Princess in September). It won't receive any ships in fiscal year 2026. This follows Carnival's three large ship deliveries in fiscal year 2024. Carnival resumed ordering ships earlier this year and has one ship scheduled for delivery in each of fiscal years 2027-2033. These orders align with the company's target of one to two ship deliveries per year, which is down from its three to five ship deliveries annually in fiscal years 2018-2022. Carnival's more-measured approach to ship ordering supports its strategy to repair its balance sheet and further reduce debt. S&P expects this more measured level of ship deliveries will enable the company to generate significant cash flow for deleveraging over the next few years, despite the expected incremental ship debt to finance its new deliveries. Carnival's stated financial policy to sustain leverage of less than 3x could support a higher rating. S&P said, "We believe the company will continue to use its rising cash flow to reduce its debt balances. In fiscal year 2025, Carnival prepaid $1 billion of debt. The company's planned redemption of its outstanding $1.1 billion of convertible notes, using a mixture of cash and equity, will further reduce its debt balances. Under our base-case forecast, we assume Carnival could reduce its leverage to 3x or below by the end of fiscal year 2026. Therefore, we believe it is possible the company will use its expanding cash flow base to resume shareholder returns. Prior to the pandemic, Carnival paid about $1.4 billion in dividends and used its additional excess cash for share repurchases. We assume the company would first restart its dividends before resuming share repurchases, similar to its larger cruise peer, Royal Caribbean. Therefore, we assume a modest level of dividends under our 2026 forecast." The demand for future cruise bookings could decline amid a slowing macroeconomic environment. Cruise vacationers have remained resilient despite ongoing macroeconomic uncertainty. While a weaker economy might cause consumers to tighten their personal travel budgets, their desire to vacation would likely lead them to search for deals rather than cut travel spending altogether, especially amid a moderate unemployment rate. Cruise operators have historically used pricing as a lever to fill their ships during periods of weaker economic conditions. S&P said, "In our view, if the global economy unexpectedly slows by a greater level than we assume under our current base case, the impact of discounting to fill ships might be less severe than during previous economic slowdowns." This is because while the price differential between a cruise vacation and comparable land-based vacation has narrowed over the past year, it still remains wider than before the pandemic. This price gap, along with shorter cruise itineraries, could benefit cruise operators like Carnival if customers who want to take a vacation have less money to spend and are looking for value alternatives or shorter vacations. Furthermore, cruise operators typically have good revenue visibility over the next 12 months given their long booking cycle. For large cruise operators, the average booking window has historically been about six months. However, S&P believes Carnival's current booking curve exceeds six months because it has said its booking curve continues to be the furthest out on record. Carnival's current booked position for fiscal year 2026 and its lower capacity growth next year will help mitigate potential risks and provide it with good revenue visibility, given that it has already booked nearly half of its 2026 inventory and the cruise industry doesn't typically experience major spikes in cancellations when the economy weakens modestly. S&P sees more risks to the company's yields, onboard spending, and booking volumes later in 2026 and in 2027 if the economy begins slowing over the next few quarters. S&P said, "The positive outlook reflects our expectation that Carnival's forward bookings and the refinancing transactions it completed this year will support an improvement in its FFO to debt above 25% in fiscal year 2026. In addition, we anticipate the company will reduce its S&P Global Ratings-adjusted net debt to EBITDA to about 3.5x by the end of fiscal year 2025, which will provide it with a cushion relative to our 3.75x upgrade threshold. This incorporates our expectation for a moderate increase in Carnival's yield in fiscal year 2026, the benefits from its 2025 refinancings and debt repayment--including the redemption of its convertible notes in in December 2025--and our assumption that it could resume shareholder returns in fiscal year 2026. Furthermore, the company's financial policy targets sustaining leverage of less than 3x. "We could revise our outlook on Carnival to stable if we no longer believe it will be able to achieve our forecast level of improvement in its credit measures over the next year, either because of weaker-than-anticipated operating performance or an unlikely change in its financial policy. While less likely, given the company's recent performance and our forecast for its cash flows over the next year, we could lower our rating if we expect it will sustain S&P Global Ratings-adjusted net debt to EBITDA of more than 4.5x and FFO to debt of less than 20%. "We could raise our rating on Carnival if we believe it can sustain S&P Global Ratings-adjusted net debt to EBITDA of less than 3.75x, FFO to total debt of more than 25%, and EBITDA interest coverage greater than 4.5x after incorporating a moderate to severe cyclical downturn. We may tolerate a temporary spike above these measures if we believe the company could return them to these levels over a relatively short time horizon." CAROLINA'S CONTRACTING: Gets Relief From Escrow Payments -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of North Carolina, Winston-Salem Division modified its second interim order, relieving Carolina's Contracting, LLC from escrow payments. The second interim order issued on May 22 authorized the Debtor to, among other things, use cash collateral and escrow the sum of $201,986.02, on a monthly basis, for the benefit of purchase money security interest (PMSI) creditors. The bankruptcy court's latest order relieved the Debtor from making the June escrow payment and all future escrow payments required under its May 22 second interim order. The Debtor's cash collateral includes, but are not limited to, bank accounts and accounts receivable valued at $9.77 million. Secured creditors, Kalamata Capital Group and Libertas Funding, LLC, assert interest in those assets. About Carolina's Contracting Carolina's Contracting LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reported total assets of $31,405,291 and total liabilities of $25,942,522. Judge Lena M. James oversees the case. The Debtor is represented by: Dirk W. Siegmund, Esq. Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP Tel: 336-274-4658 dws@iveymcclellan.com CAROLINA'S CONTRACTING: Hires Arnold & Smith as Special Counsel --------------------------------------------------------------- Carolina's Contracting, LLC received approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to expand employment of Arnold & Smith as special counsel. It has come to the attention of special counsel, Mr. Crisco and Debtors counsel that there are additional lien collection matters that need immediate attention for the purposes of filing liens and or instituting litigation. It is the best interest of the Debtor and good cause exists to expand the special counsel authority under section 11 U.S.C. Sec. 327(e) to include not only the collection matters related to the Order Granting Application to Employ Ronnie Crisco and the Firm of Arnold & Smith as Special Counsel Pursuant to 11 U.S.C. Sec. 327(e) but any and all Debtor collection actives involving lien construction accounts receivable matters. The firm will be paid at these rates: Ronnie Crisco, Esq. $350 per hour Paralegal $195 per hour Ronnie D. Crisco Jr., Esq., a partner at Arnold & Smith, PLLC, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Ronnie D. Crisco Jr., Esq. Arnold & Smith, PLLC The Historic John Price Carr House 200 N McDowell St Charlotte, NC 28204 Telephone: (704) 370-2828 Facsimile: (704) 370-2202 Email: Ronnie.Crisco@arnoldsmithlaw.com About Carolina's Contracting, LLC Carolina's Contracting LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reported total assets of $31,405,291 and total liabilities of $25,942,522. Judge Lena M. James oversees the case. The Debtor is represented by: Dirk W. Siegmund, Esq. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP Tel: (336) 274-4658 Email: dws@iveymcclellan.com CENTER FOR SPECIAL: Amends Motion on Warner Property Sale --------------------------------------------------------- Michael Goldberg, the Chapter 11 Trustee of the case of The Center for Special Needs Trust Administration Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, in an amended motion to sell Property owned by Broadleaf Warner LLC, free and clear of liens, claims, 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. A hearing is requested prior to closing the sale of the Property located at 0000 Pumpkin Hill Road, Warner, NH 03278 on October 16, 2025. 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. CGA CORPORATION: Unsecureds Will Get 25% of Claims in Plan ---------------------------------------------------------- CGA Corporation filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization dated September 23, 2025. The Debtor is a privately held California Corporation formed in 2002. CGA owns and operates two Subway franchise locations. The Debtor is 100% owned by Rosalina Acosta. To supplement its cash flow while making adjustments to its finances, Debtor borrowed nearly $250,000.00 from the United States Small Business Administration, borrowed approximately $35,000.00 from its corporate bank and finally, took out approximately $75,000.00 in accounts receivable lenders ("Merchant Cash Advance Loans" or "MCA Loans"). The service on the MCA loans was nearly $15,000.00 per month in the form of ACH withdrawals. As a result, CGA became short on cash and unable to meet its regular operating expenses such as payroll, insurance, and basic operational expenses without capital contributions from Debtor's owner. Since obtaining the Merchant Cash Advance Loans, the Debtor diligently explored alternative financing and funding solutions. However, due changes in the capital markets, and the general economic conditions affecting the Debtor's market segment, Debtor was unable to obtain any new financing. During this time, Debtor's liquidity became constrained and the Debtor was unable to compensate its insiders for operating the stores. Class 3 consists of General Unsecured Claims. In the present case, the Debtor estimates that Class 3 general unsecured debt totals $105,283.10. Class 3 will be paid $500.00 per month over sixty months with the total amount of $30,000.00 to be distributed to this class. Debtor's projected disposable income for the 60 months after the effective date of the plan projects that these payments are feasible. Payments to Class 3 will not commence until administrative claims have been paid in full. Class 3 creditors shall receive a pro rata distribution from each monthly disbursement. It is estimated that Class 3 creditors will receive approximately 25%. This Class is impaired. Upon confirmation of this Plan, the existing equity interest holder (Rosalina Acosta) of Debtor shall retain her equity interest in the reorganized Debtor with the same ownership percentage as held on the petition date, subject to the terms and conditions of this Plan. The Plan will be funded from Debtor's continued operations. A full-text copy of the Plan of Reorganization dated September 23, 2025 is available at https://urlcurt.com/u?l=gmhQT0 from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: (213) 202-6070 Fax: (213) 202-6075 Email: tom@urelawfirm.com About CGA Corporation CGA Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15352) on June 25, 2025. In the petition signed by Rosalina Acosta, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Deborah J. Saltzman oversees the case. Thomas B. Ure, Esq., at Ure Law Firm, represents the Debtor as bankruptcy counsel. CINEMAWORLD OF FLORIDA: Hires GlassRatner as Financial Advisor -------------------------------------------------------------- Cinemaworld of Florida, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire GlassRatner Advisory & Capital Group, LLC as financial advisor. The firm will render these services: a. assist with developing financial projections and liquidity projections; b. assist with negotiations with stakeholders, including secured creditors, landlords, and other creditors; c. assist with the developing a plan of reorganization and with the confirmation process; d. provide expert witness testimony, as may be required; e. consult and advise on financial and operational issues related to the business and the Chapter 11 case, as requested by the Debtor or its counsel; and f. provide such other services as agreed to by the parties. The firm's hourly rates are: Joseph V. Pegnia $600 Senior Managing Directors $600 Managing Directors / Directors $425 to $575 Other Staff $240 to $400 GlassRatner has requested payment of a retainer in the amount of $20,000. As disclosed in the court filings, GlassRatner is disinterested as such term is defined by Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph V Pegnia B Riley Advisory Services GlassRatner Advisory & Capital Group, LLC 6195 Riverwood Dr Atlanta, GA 30328-3734 Phone: (404) 483-8422 About Cinemaworld of Florida, Inc. Cinemaworld of Florida, Inc., doing business as The Majestic 11 and CW Lanes & Games, operates movie theaters and family entertainment centers. Cinemaworld of Florida, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17693) on July 3, 2025, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Richard N. Starr, Sr. as president. Judge Mindy A Mora presides over the case. Harley E. Riedel, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. represents the Debtor as counsel. CITY PARK: Seeks to Hire Kean Miller LLP as Bankruptcy Counsel -------------------------------------------------------------- City Park Storage Ventures, LP seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Kean Miller LLP as counsel. Kean Miller LLP will provide these services: (a) render legal advice with respect to the Debtor' powers and duties in the continued operation of the Debtors' business as debtors-in-possession; (b) take all necessary action to protect and preserve the Debtors' bankruptcy estates, including the prosecution and defense of actions, contested matters, or other proceedings and litigation; (c) prepare all necessary schedules, statements, motions, answers, orders, reports, and other legal papers in connection with administration of the estates; (d) assist in preparing and filing a plan of reorganization; and (e) perform any and all other legal services reasonably necessary or requested in connection with the Chapter 11 cases. Kean Miller LLP will receive these hourly rates: Lloyd Lim $680 Ricky Hutchens $450 Kristina Tipton $325 Other attorneys $230 to $550 Paraprofessionals $140 to $220 Kean Miller LLP will also be reimbursed for all customary costs and expenses. According to court filings, the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lloyd A. Lim, Esq. Rachel T. Kubanda, Esq. KEAN MILLER LLP 711 Louisiana Street, Suite 1800 South Tower Houston, TX 77002 Telephone: (713) 362-2550 E-mails: Lloyd.Lim@KeanMiller.com Rachel.Kubanda@KeanMiller.com About City Park Storage Ventures City Park Storage Ventures, LP filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35121) on August 29, 2025, listing between $1 million and $10 million in assets and liabilities. Lloyd A. Lim, Esq. at Kean Miller LLP represents the Debtor as legal counsel. CIUDAD DEPORTIVA: Case Summary & 12 Unsecured Creditors ------------------------------------------------------- Debtor: Ciudad Deportiva Roberto Clemente, Inc. 15 Las Mansiones Avenue Las Mansiones de San Martin San Juan, PR 00924 Business Description: Ciudad Deportiva Roberto Clemente, Inc. operates in the sports and recreation industry from its base in Carolina, Puerto Rico, where it was established to develop and manage athletic and educational facilities for youth and the community. The nonprofit entity was created to oversee a large-scale sports complex known as Sports City, intended to provide baseball fields, courts, swimming pools, and training areas. It reports business activity under the classification of "Other Amusement and Recreation Industries" and maintains limited operations tied to sports, education, and recreational services. Chapter 11 Petition Date: September 27, 2025 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 25-04345 Judge: Hon. Enrique S Lamoutte Inclan Debtor's Counsel: Hector Eduardo Pedrosa Luna, Esq. THE LAW OFFICES OF HECTOR EDUARDO PEDROSA LUNA P.O. Box 9023963 San Juan PR 00902-3963 Tel: 787-920-7983 Email: hectorpedrosa@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Luis Roberto Clemente-Zabala as president. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3NS3SQY/CIUDAD_DEPORTIVA_ROBERTO_CLEMENTE__prbke-25-04345__0001.0.pdf?mcid=tGE4TAMA CLAIRE'S STORES: Hawaii Boutiques at Risk of Possible Job Cuts -------------------------------------------------------------- Island News reports that Claire's Boutiques, Inc. has notified state officials that it may lay off employees at its Hawaii locations as financial pressures mount. According to Chief Legal Officer Brenden McKeough, as many as 63 workers could be affected, with layoffs potentially beginning November 3, 2025, though specific dates have not been finalized. The company said it is working to raise additional capital and explore alternative financing strategies to keep its Hawaii operations intact. Efforts also include pursuing a potential going-concern transaction, but McKeough cautioned that there is no certainty those measures will succeed. Should layoffs occur, they would be permanent, with no bumping rights for employees. None of the affected staff are unionized. In connection with the notice, Claire's is seeking an exemption from the federal Worker Adjustment and Retraining Notification Act through the Hawaii Department of Labor and Industrial Relations, citing both bankruptcy proceedings and business failure as grounds for relief, the report states. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- is a specialty retailer of jewelry, accessories, and beauty products for young women, teens, "tweens," and kids. Through the Claire's brand, the Claire's Group has a presence in 45 nations worldwide, through a total combination of over 7,500 Company-owned stores, concessions locations, and franchised stores. Headquartered in Hoffman Estates, Illinois, the Company began as a wig retailer by the name of "Fashion Tress Industries" founded by Rowland Schaefer in 1961. In 1973, Fashion Tress Industries acquired the Chicago-based Claire's Boutiques, a 25-store jewelry chain that catered to women and teenage girls. Following that acquisition, Fashion Tress Industries changed its name to "Claire's Stores, Inc." and shifted its focus to a full line of fashion jewelry and accessories. In 2007, the Company was taken private and acquired by investment funds affiliated with, and co-investment vehicles managed by, Apollo Management VI, L.P. Claire's Group employs approximately 17,000 people globally. Claire's Stores, Inc., and 7 affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018, after reaching terms of a balance sheet restructuring with their first lien lenders and sponsor Apollo Global Management, LLC. As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in total assets against $2.53 billion in total liabilities. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy counsel; Richards, Layton & Finger, P.A. as local counsel; FTI Consulting as restructuring advisor; Lazard Freres & Co. LLC as investment banker; Hilco Real Estate, LLC as real estate advisor; and Prime Clerk as claims agent and administrative advisor. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. The Committee retained Cooley LLP, as counsel, and Bayard, P.A., as co-counsel. 2nd Chapter 11 Attempt Claire' Stores sought relief under Chapter 11 of the U.S. Bankruptcy Code {Bankr. 25-11462) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. CLEAN HARBORS: Moody's Rates New Sr. Unsecured Notes Due 2033 'Ba2' ------------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Clean Harbors, Inc.'s (CLH) new senior unsecured notes due 2033. The company's Ba1 corporate family rating, Ba1-PD probability of default rating, Baa3 senior secured bank credit facility rating and existing Ba2 senior unsecured notes rating remain unchanged. The outlook is stable. The speculative grade liquidity rating also remains unchanged at SGL-1. Proceeds from the new $845 million senior unsecured notes and the company's recently announced $1,160 million senior secured first lien term loan will be used to refinance its existing $1,457 million senior secured first lien term loan due 2028 and redeem its $545 million senior unsecured notes due 2027. The overall refinancing transaction is leverage neutral and improves the company's debt maturity profile, with the nearest maturity now in 2029. RATINGS RATIONALE The Ba1 CFR reflects Moody's expectations that CLH will maintain a leading position across its specialty North American hazardous waste markets. The business model is supported by formidable barriers to entry anchored by a unique collection of high value assets and contracts that generate recurring revenue within several sub-segments of CLH's environmental services business. Acquisitions will remain key to the growth strategy. For example, the acquisition of HEPACO in 2024 increased CLH's scale and capabilities in its field services business. This includes emergency response services where the company benefited from some large one-time projects last year. Moody's expects adjusted debt-to-EBITDA to fall toward 2.5x through 2025, absent significant debt funded acquisitions. This will be supported by higher earnings and realization of targeted HEPACO acquisition synergies. The rating also reflects exposure to the volatility of the oil re-refining business, which is correlated with oil price movements and has negatively impacted the company's profitability over the past year. CLH is also exposed to cyclical industrial end markets through cautious customer spending during weak economic conditions. As well, CLH's field service operations are subject to variable project timing, though often recurring under master service agreements. However, tailwinds from reshoring, government support of infrastructure investment and pollution remediation related to PFAS contamination will support continued demand for CLH's environmental and waste services. These factors and favorable disposal pricing will help to offset base oil market pressures and cost inflation, and support EBITDA margin of around 20%. The stable outlook reflects Moody's expectations for CLH to maintain healthy operating results and strengthening free cash flow over the next 12 months. In addition, Moody's expects the company to maintain very good liquidity and a balanced approach to capital allocation, with adjusted debt-to-EBITDA remaining below 3x absent any large acquisitions. CLH's very good liquidity, as reflected by the SGL-1 speculative grade liquidity rating, is supported by Moody's expectations of a healthy cash balance and solid cash flow from operations of over $800 million over the next year. This will comfortably cover high capital expenditures through 2025. Moody's expects that capital spending will moderate following completion of CLH's new Nebraska incineration plant (Kimball). The plant will ramp up over the next 12 months, with higher tonnage supporting cash flow. Moody's also expects CLH to maintain ample availability on the undrawn $600 million ABL facility expiring in June 2029. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded with sustained strength in key industrial sectors (chemical, manufacturing and energy) driving high asset utilization rates and landfill and incineration tonnage trending higher. EBITDA margin approaching 25% and free cash flow-to-debt sustained above 12.5% would support an upgrade. Reduced vulnerability to the energy sector and oil prices and the maintenance of very good liquidity would also support an upgrade. Further, an upgrade would require a track record of a well balanced financial policy such that debt-to-EBITDA is expected to remain below 3x and there is progress toward a capital structure that ensures maximum financial flexibility. The ratings could be downgraded with a decline in revenue and earnings, a materially lower incinerator utilization rate (typically in the high-80% range), or acquisition integration challenges. A deterioration in liquidity could also lead to a downgrade, as could aggressive shareholder friendly initiatives or debt financed acquisitions that meaningfully weaken credit metrics. Quantitatively, deteriorating margins, debt-to-EBITDA expected to remain above 3.5x or free cash flow to debt falling toward 7.5% could result in a downgrade. The principal methodology used in this rating was Environmental Services and Waste Management published in August 2024. Clean Harbors, Inc. mainly provides environmental and industrial waste services throughout North America with services including the collection, packaging, transportation, recycling, treatment and disposal of hazardous and non-hazardous waste. The company also provides emergency spill response, cleaning and remediation, and oil re-refining services. Clean Harbors operates through two main segments: Environmental Services and Safety-Kleen Sustainability Solutions, with the latter focused on oil re-refining by producing and selling recycled base oil and blended oil products. Revenue for the twelve months ended June 30, 2025 was approximately $5.9 billion. CLNG HOMES: Seeks to Hire Mickler & Mickler LLP as Attorney ----------------------------------------------------------- CLNG Homes LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire the Law Offices of Mickler & Mickler, LLP as attorneys. The professional services which this attorney is to render include general representation of the applicant in this proceeding and the performance of all legal services for the Debtor which may be necessary. The firm received a retainer in the amount of $12,600. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryan K. Mickler, Esq., a partner at Law Offices of Mickler & Mickler, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bryan K. Mickler, Esq. . Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Tel: (904) 725-0822 Fax: (904) 725-0855 Email: bkmickler@planlaw.com About CLNG Homes 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 represent Debtor as legal counsel. COMPREHENSIVE HEALTHCARE: Case Summary & 20 Unsecured Creditors --------------------------------------------------------------- Debtor: Comprehensive Healthcare Management Services, LLC d/b/a Brighton Rehabilitation and Wellness Center 246 Friendship Circle Beaver, PA 15009 Business Description: Comprehensive Healthcare Management Services, LLC, doing business as Brighton Rehabilitation & Wellness Center, operates a long-term care and skilled nursing facility in Beaver, Pennsylvania. The Company provides rehabilitation, therapy, and sub- acute services, including physical, occupational, and speech therapy, along with nursing and supportive care for residents. Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court Middle District of Pennsylvania Case No.: 25-02775 Debtor's Counsel: Robert E. Chernicoff, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC 2320 N. Second St. Harrisburg, PA 17110 Tel: (717) 238-6570 Estimated Assets: $0 to $50,000 Estimated Liabilities: $50 million to $100 million The petition was signed by Akiko Ike as manager of the managing entity. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RVJALLA/Comprehensive_Healthcare_Management__pambke-25-02775__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RPUMUHA/Comprehensive_Healthcare_Management__pambke-25-02775__0001.0.pdf?mcid=tGE4TAMA CONNECT HOLDING II: Moody's Rates $1.65BB First Lien Notes 'B2' --------------------------------------------------------------- Moody's Ratings affirmed Connect Holding II LLC's (Connect Holding, also known as Brightspeed) Caa1 corporate family rating, Caa1-PD probability of default rating and B2 on the backed senior secured first lien first out bank credit facilities. Concurrently, Moody's assigned to Connect Holding a B2 rating to the recently issued $1.65 billion of backed senior secured first lien first out notes, and downgraded the backed senior secured first lien second out term loan rating to Caa2 from Caa1. Moody's also affirmed the Ca rating on the senior unsecured notes of Embarq Corporation (Embarq), a subsidiary of Connect Holding. The outlook remains stable for Connect Holding and Embarq. The Caa1 CFR affirmation reflects Connect Holding's uneven execution and financial risks associated with the company's sizable capex program to upgrade its legacy copper network to fiber. While Moody's believes Connect Holding's recently completed capital raises improve its liquidity and provide much needed capital to upgrade a significant portion of its network, it does not address its very high leverage. The downgrade of the rating on the backed senior secured first lien second out term loan to Caa2 is due to the higher mix of first lien first out debt in the capital structure as a proportion of total debt. The proceeds from the recently issued $1.65 billion backed senior secured first lien first out notes offering will be used to fund capital expenditures including fiber build out plans. The terms and conditions of the $1.65 billion first lien notes are similar to the previously issued first lien first out debt. RATINGS RATIONALE Connect Holding's Caa1 rating reflects the company's very high financial leverage, ongoing operating pressures, and execution risks tied to its capital intensive transformation strategy. Brightspeed continues to experience rapid declines in revenue and EBITDA margins, while undertaking a multi-year capex program aimed at converting its legacy copper-based network to fiber. Over the next two years, Brightspeed plans to expand fiber passings to cover around 70% of its existing footprint of over 7 million total passings, with several billion dollars earmarked for capital investments. As of June 30, 2025, the company had connected 2.3 million passings to fiber, up from fewer than 500,000 in June 2023, implying a build-out pace of approximately 1 million passings per year. Brightspeed will need continued access to funding to meet its strategic plans. The most recent refinancings, totaling $1.65 billion in senior secured debt, is expected to provide sufficient liquidity to support the upgrade and passings of roughly 4.5 to 5 million addresses, materially enhancing the company's competitive positioning. Despite these strategic investments, Moody's projects Brightspeed will face continued operating headwinds through 2025 and 2026, with revenue expected to decline by approximately 11% in 2025 and -6% in 2026, driven largely by copper customer churn as subscribers seek faster or more cost-effective broadband alternatives. EBITDA margins are expected to remain under pressure through the remainder of 2025, with modest improvement in 2026 following the expiration of the Transitional Service Agreement (TSA) with Lumen. The TSA, signed in late 2022, allowed Brightspeed to operate temporarily on a replicated version of Lumen's systems post-transaction, with the intent to migrate to its own purpose-built infrastructure to streamline operations, enhance customer experience, and modernize its technology platform. Moody's expects Brightspeed to have adequate liquidity over the next 12-15 months. This is supported by: (i) no debt maturities prior to 2031, (ii) approximately $3.1 billion in cash (pro forma for the recent capital raises), (iii) roughly $300 million of undrawn availability under the $2.9 billion backed senior secured first lien first out Delayed Draw Term Loan (DDTL) maturing in April 2031, (iv) around $300 million of undrawn availability under the first lien, third out DDTL maturing in October 2031, and (v) $210 million of undrawn availability under the company's $270 million revolving credit facility. The revolving and term loan facilities are covenant-lite. The stable outlook reflects Moody's expectations that over the next 12 to 18 months, Brightspeed will maintain adequate liquidity, improve operating metrics by demonstrating steady growth in fiber broadband net adds, achieve higher penetration, and deliver stable to better EBITDA margins, though leverage will remain at over 20.0x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Connect Holding's operating performance improves including sustained revenue and EBITDA growth, the company improves its liquidity, the company substantially reduces financial leverage (inclusive of Moody's adjustments). The ratings could be downgraded if the company's operating performance and liquidity deteriorate, the company's growth strategy materially stalls, and Moody's views on the likelihood of a default increases or recovery for debt holders is lowered. Headquartered in Charlotte, North Carolina, Connect Holding II LLC (also known as Brightspeed) is a provider of broadband and telecommunications services. In October 2023, the company was formed as a carve out of a 20-state Incumbent Local Exchange Carrier (ILEC) footprint from Lumen Technologies, Inc. to become the fifth largest local telecom company in the US. The principal methodology used in these ratings was Telecommunications Service Providers published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CONTRACT MANAGED: Hires Deming Malone Livesay as Accountant ----------------------------------------------------------- Contract Managed Services, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Deming, Malone, Livesay & Ostroff, P.S.C. as its accountant. The firm will prepare the tax returns at its customary hourly rates. DMLO estimates that the preparation of the tax returns will cost the estate within the range of $2,500 to $3,000. As disclosed in the court filings, Deming, Malone, Livesay & Ostroff is a "disinterested person" as defined by section 101(14) of the Bankruptcy Code. The firm can be reached through: Justin Hurst Deming, Malone, Livesay & Ostroff, P.S.C. 301 E. Elm Street New Albany, IN 47150 Telephone: (812) 981-3460 Email: jhurst@dmlo.com About Contract Managed Services, LLC Contract Managed Services, LLC provides third-party logistics services including contract packaging, order fulfillment, warehousing, and distribution. Founded in 1996, the company now operates over 100,000 square feet of modern facilities in Louisville, Kentucky. It is privately owned and managed by professionals with decades of experience in packaging and distribution. Contract Managed Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-31420) on June 14, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Joan A. Lloyd handles the case. The Debtor is represented by Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP. COOKSON'S TRANSMISSION: Gets Final OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas entered a final order authorizing Cookson's Transmission City, Inc. to use cash collateral to fund operations during its Chapter 11 case. The Debtor can use cash collateral to continue operations and pay ordinary business expenses according to a 13-week budget. Exceeding the budget by more than 15% requires approval from the U.S. Small Business Administration or the court. As adequate protection for any diminution in the value of its interest in pre-bankruptcy collateral, SBA will be granted a replacement lien on post-petition accounts, accounts receivable, inventory and other assets derived from the pre-bankruptcy collateral, subject and subordinate to the fee carveout. In addition, SBA will receive a monthly payment of $500. The Debtor's authorization to use cash collateral terminates upon certain events of default, including conversion to Chapter 7, lifting of the automatic stay, or failure to comply with the order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/rpAHp from PacerMonitor.com. About Cookson's Transmission City Inc. Cookson's Transmission City, Inc. provides automotive repair services with a focus on transmission diagnostics, maintenance, and rebuilding, and also offers related services including tune-ups, air conditioning repair, and alternator replacement. The Company has operated in Duncanville, Texas since 1978, serving individual car owners and local customers in the Dallas-Fort Worth area. Cookson's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33212) on August 22, 2025, listing $1,063,188 in total assets and $880,770 in total liabilities. Joey Carbon, president of Cookson's, signed the petition. Judge Michelle V. Larson oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP, represents the Debtor as legal counsel. CORCHIS CAPITAL: Seeks to Hire Horne LLP as Accountant ------------------------------------------------------ Corchis Capital Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Horne LLP as accountants. The firm will be assisting the Debtors with financial projections and disclosures required for the Chapter 11 plan, preparing financials and financial reports, and maintenance of debtor-in-possession accounting records, as well as assist the Debtors with the preparation of their schedules of assets and liabilities and monthly operating reports. Horne has requested the payment of a $11,000 retainer. Horne does not hold or represents any interest adverse to the Debtor’ estates and is disinterested as required by Section 327(a) of the Bankruptcy Code. The firm can be reached through: Katherine G. Watts, CPA, CHC Horne LLP 28810 U.S. Highway 98, Suite B Daphne, AL 36526 Tel: (888) 821-0202 About Corchis Capital Inc. Corchis Capital Inc., together with Corchis Hospitality Group, LLC, Corchis Hospitality Management, LLC, Amici 30A Italian Kitchen, LLC, Amigos 30A Mexican Kitchen, LLC, and Friends 30A Burger Bar, LLC, operates a portfolio of dining and hospitality businesses based in Inlet Beach, Florida. The group develops and manages restaurant concepts including Italian, Mexican, and American casual dining brands serving the 30A and greater Northwest Florida market. Their operations span corporate management, hospitality services, and restaurant ownership. Corchis Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Lead Case No. 25-30866) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Edward J. Peterson, Esq. at BERGER SINGERMAN LLP. COX OPERATING: GOL Wins Dismissal of SEACOR Lawsuit --------------------------------------------------- Judge Sarah S. Vance of the United States District Court for the Eastern District of Louisiana granted GOL, LLC's motion for summary judgment in the case captioned as SEACOR MARINE, LLC v. GOL, LLC, Case No. 2:24-cv-02409 (E.D. La.). SEACOR Marine, LLC's complaint is dismissed with prejudice. On May 17, 2018, GOL and SEACOR entered into a Brokerage Agreement. The Agreements says GOL and SEACOR separately are in the business of providing crewed vessels for marine transportation in support of oil and gas exploration and production. Sometime after entering into this agreement, GOL arranged for the charter of SEACOR's vessels to Cox Operating, LLC. This case arises out of invoices issued to Cox for charter hire of SEACOR's vessels between September 2022 and December 2022. During that period, SEACOR provided vessels to Cox, and GOL issued invoices for the charters. On May 14, 2023, Cox filed for bankruptcy relief under Chapter 11, at which time Cox was delinquent on certain outstanding invoices for charter of SEACOR's vessels. GOL filed, and later preserved, liens against various of Cox's oil and gas producing properties to secure payment of outstanding invoices, including invoices from SEACOR. Additionally, SEACOR filed its own liens against Cox's oil and gas producing properties. As of May 25, 2023, GOL estimated that its prepetition claim in the Cox bankruptcy amounted to $24.8 million. This amount included approximately $2.7 million in unpaid invoices for SEACOR's services. On July 24, 2023, GOL filed a proof of claim for approximately $15.9 million, which GOL states that it continues to pursue for the benefit of SEACOR. SEACOR filed its own proof of claim in the bankruptcy proceedings, which, as of July 2025, remain pending. After filing its Chapter 11 petition, Cox filed a motion seeking authorization to pay certain undisputed, liquidated prepetition amounts to creditors who agreed to provide essential services during the bankruptcy proceedings. The Debtors identified a select subset of vendor activities essential to the continued, safe, and responsible daily operation of the Debtor's Oil and Gas Leases, referred to as "Essential Vendor Activities." The Essential Vendor Activities included: (1) transportation and dock services; (2) third-party labor providers; (3) specialized materials, equipment, and supplies; (4) offshore compression and generation providers; and (5) regulatory and compliance related vendors. The Motion specifically sought to pay $40 million towards essential operating expenses. In May 2023, the bankruptcy court entered an order authorizing such payments. Thereafter, Cox and GOL entered into a Trade Agreement, under which GOL agreed to continue providing services to Cox on Customary Trade Terms and Cox provided GOL $13 million to be applied towards GOL's prepetition claim. The Trade Agreement requires GOL to agree to supply goods and/or services to Cox based on Customary Trade Terms in order to receive payment on pre-bankruptcy claims. It additionally states that GOL has regularly provided, and may continue to provide, the services of vessels owned and operated by third-party vessel owners and operators and defined those vessel owners and operators who agree to continue to provide essential services based on Customary Trade Terms as Third-Party Vessel Interests. There is no dispute as to the Agreement's requirement that GOL serve as an essential vendor, but the parties dispute the Agreement's applicability and meaning vis-a-vis SEACOR. GOL continued to provide Cox vessel services and later filed in the bankruptcy proceeding an application for allowance of an administrative expense claim for $6.2 million for post-petition materials and services. On Feb. 28, 2024, the Bankruptcy Court converted Cox's Chapter 11 proceedings to Chapter 7 proceedings and appointed a Chapter 7 Trustee. The Chapter 7 Trustee has since filed a case in the Eastern District of Louisiana, in which the Trustee alleged that Cox was victim of gross mismanagement and pillaging by insiders. On Oct. 4, 2024, SEACOR filed its complaint against GOL in this Court. SEACOR claims GOL breached its contractual duty to use all reasonable efforts to collect charter hire, failed to pay SEACOR funds due to it based on information and belief that GOL was paid by Cox, and failed to provide an accounting. SEACOR seeks a full accounting of GOL's dealings with Cox as they relate to SEACOR and demands that GOL pay SEACOR the full amount of the outstanding invoices (approximately $2.7 million), as well as any other relief the Court finds appropriate. Moving for summary judgment, GOL argues that there has been no breach of the contract between GOL and SEACOR and that SEACOR lacks any rights to receive funds paid to GOL under the Trade Agreement between Cox and GOL. SEACOR opposes the motion, asserting that GOL breached its contractual and fiduciary duties by failing to take appropriate steps to obtain payment from Cox and by failing to remit monies to SEACOR after GOL received payment from Cox in the bankruptcy proceeding. SEACOR also alleges that GOL still has not provided a full accounting, which SEACOR claims it is owed. SEACOR additionally moves the Court to grant summary judgment sua sponte in its favor under Rule 56(f). SEACOR's proof of claim addendum states that SEACOR stopped working for Cox in December 2022 because of non-payment. The Court finds that the record demonstrates SEACOR did not serve as an essential vendor. According to the Court, SEACOR was therefore not entitled to money disbursed under the Bankruptcy Order and Trade Agreement, which allows only for limited payments on prepetition invoices to enable Cox's continued operation during the bankruptcy proceedings. As SEACOR did not continue to provide essential services to Cox post-petition, it was not entitled to receive preconfirmation payment towards outstanding invoices. The Court therefore must grant GOL's motion for summary judgment and deny summary judgment for SEACOR on this claim. GOL argues that it made all reasonable efforts to collect on SEACOR's invoices. Before Cox filed for bankruptcy relief, GOL employees sought payment from Cox of unpaid invoices and filed liens on SEACOR's behalf. GOL also points to its continued efforts to collect for SEACOR after Cox filed for bankruptcy relief. Once Cox filed for bankruptcy relief, GOL preserved those liens in the Cox bankruptcy proceeding. SEACOR does not contest that GOL took these steps. Instead, SEACOR argues there were additional steps that GOL could have taken. Importantly, however, SEACOR identifies no specific steps GOL could have taken or what would constitute all reasonable efforts. SEACOR does not even allege or argue that GOL failed to use all reasonable efforts post-bankruptcy. Instead, SEACOR argues there were significant other unspecified steps that GOL could have taken pre-bankruptcy and that GOL failed to remit payment on SEACOR's invoices that it recovered post-bankruptcy. According to the Court, SEACOR has not rebutted any of the facts put forth by GOL regarding the sufficiency of its collection efforts. SEACOR has pointed to no additional action that GOL could have taken to collect on SEACOR's invoices and has provided no industry standard that GOL has failed to meet. The Court therefore finds that SEACOR has failed to raise an issue of material fact that GOL did not use all reasonable efforts. The Court grants GOL's motion for summary judgment and denies summary judgment for SEACOR on this claim. A copy of the Court's Order dated September 16, 2025, is available at https://urlcurt.com/u?l=cPGRR6 from PacerMonitor.com. About Cox Operating LLC Cox Operating LLC provides offshore drilling services. The Company extracts oil from wells from offshore Florida to Texas. On May 12, 2023, certain trade creditors filed an involuntary petition under chapter 7 of the Bankruptcy Code against debtor Cox Operating (Bankr. E.D. La. Case No. 23-10734). The petitioning creditors -- Keystone Chemical, LLC, et al. -- are represented by the Slyvester Law Firm. Cox Operating LLC along with affiliates M21K, LLC, EPL Oil & Gas, LLC, Cox Oil Offshore, L.L.C., Energy XXI Gulf Coast, LLC, and Energy XXI GOM, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90328) on May 14, 2023. The Debtors have sought joint administration of the cases under In re MLCJR LLC (Bankr. S.D. Tex. Lead Case No. 23-90324). The cases are overseen by Honorable Bankruptcy Judge Christopher M. Lopez. In its petition, Cox Operating estimated assets and liabilities between $100 million and $500 million each. The Debtors tapped the law firms of Latham & Watkins LLP and Jackson Walker LLP as counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Moelis & Company LLC, as investment banker. CRYSTAL BASIN: Unsecureds Will Get 100% from Sale Proceeds ---------------------------------------------------------- Crystal Basin Cellars, Inc., submitted an Amended Disclosure Statement describing Plan of Reorganization dated September 23, 2025. The Debtor was organized on March 5, 2000 in Roseville, CA, under the leadership of Michael Owens, producing and selling various "wine products and shows". Due to the Covid-19 Pandemic, the actual visitor count drastically dropped, which called for a change in market strategy to remain profitable, cure the arrears that arose, pay the terms of the subject mortgage payment that has come due, avoid a foreclosure, and obtain a "soft landing" by paying everyone in full. The Debtor is continuing to operate to meet the financial forecasts, while marketing both the subject real property, and product lines. The Debtor's financial projections show that the Debtor will have an aggregate monthly average cash flow, after paying operating expenses and post-confirmation obligations to pay the secured claims until the sale, or sales and pay 100% to all creditors. The Debtor anticipates receiving around the same income that the Debtor's historical records show. The Debtor also anticipates selling the retail "products" and "rights", and to sell the Subject Real Property post-confirmation, from which funds will be used to payoff the subject real property, and all other claims at 100%. Class 3 consists of General Unsecured Claims. The Debtor Debtor shall pay 100% to be distributed to claim holders in this class as follows: Claims will be paid in full from the proceeds of the sale of the Subject Real Property and Business Assets. This Class is unimpaired. Class 4 consists of Equity Security Holders of the Debtor. The Debtor shall pay 100% to be distributed to claim holders in this class as follows: Claims will be paid in full from the proceeds of the sale of the Subject Real Property and Business Assets. The Debtor intends to sell the Subject Real Property for $2,900,000.00, pay these two secured debts by January 1, 2026, and sell the remaining business assets by May 1, 2027 to pay all other claims, and any balance, and complete the Plan at 100%. The Debtor listed the Subject Real Property for sale on June 29, 2025. To date, the listing has generated little interest, in large part due to the downturn in the wine market. Debtor is continuing its efforts to market the Subject Real Property and pursue purchase offers. On the Effective Date of the Plan, Debtor will make the following distributions to claim holders under this Plan. These distributions include: * Monthly Payments to secured claims of Scott and Mellanie Bigelow, * Monthly Payments to secured claims of Cadence Bank, * Complete a Sale of the Subject Real Property, * Complete a Sale of remaining Business Assets. A full-text copy of the Amended Disclosure Statement dated September 23, 2025 is available at https://urlcurt.com/u?l=M0yYBU from PacerMonitor.com at no charge. Counsel to the Debtor: Peter G. Macaluso, Esq. LAW OFFICES OF PETER G. MACALUSO 7230 South Land Park Drive, Suite 127 Sacramento, CA 95831 Tel: (916) 392-6591 Cell: (916) 705-8847 Fax: (916) 392-6590 Email: info@pmbankruptcy.com About Crystal Basin Cellars Crystal Basin Cellars, Inc., has been in the business of promoting and selling wine products since March 5, 2000. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-25612) on Dec. 13, 2024, with $1 million to $10 million in both assets and liabilities. Michael Owen, president of Crystal Basin Cellars, signed the petition. Judge Christopher D. Jaime presides over the case. Peter G. Macaluso, Esq., at the Law Office of Peter G. Macaluso, is the Debtor's bankruptcy counsel. CTL-AEROSPACE: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 case of CTL-Aerospace, Inc. The committee members are: 1. Axiom Materials, Inc. Representative: Eva Lee, Finance Manager 2320 Pullman Street Santa Ana, CA 92705 Telephone: 949-898-6896 elee@axiommaterials.com 2. Prospect Mold Representative: Brandon Wenzlik, President 1100 Main Street Cuyahoga Falls, OH 44221 Telephone: 330-929-3311 bwenzlik@prospectgroup.com 3. Composites One, LLC Representative: Brendan Gilboy, Chief Financial Officer 955-10 National Parkway Schaumburg, IL 60173-5161 Telephone: 847-754-3369 brendan.gilboy@compositesone.com 4. Mainstream Waterjet, LLC Representative: Jayson Daus, Principal Partner 108 Northeast Drive Loveland, OH 45140 Telephone: 513-307-7419 jdaus@mainstreamwaterjet.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About CTL-Aerospace Inc. CTL-Aerospace, Inc. is a family-owned composites manufacturer based in West Chester, Ohio, specializing in advanced fiber-reinforced polymer structures and component repair and overhaul. Founded in 1946, the Company operates as a full-service NADCAP- and AS9100D-certified facility supplying the U.S. government and major aerospace firms. Its products serve aerospace and industrial markets, leveraging its location in the Cincinnati aerospace corridor for cost and supply chain advantages. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-12226) on September 8, 2025. In the petition signed by Scott Crislip, president and COO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Beth A. Buchanan oversees the case. Patricia Friesinger, Esq., at Coolidgee Wall Co., L.P.A., represents the Debtor as legal counsel. Wells Fargo Bank, N.A., as pre-petition and DIP lender, is represented by: Elliot M. Smith, Esq. Benesch, Friedlander, Coplan & Aronoff, LLP 127 Public Square, Suite 4900 Cleveland, OH 44114 Tel: (216) 363-4500 esmith@beneschlaw.com -and- Jacob H. Marshall, Esq. Benesch, Friedlander, Coplan & Aronoff, LLP 71 South Wacker Drive, Suite 1600 Chicago, IL 60606 Tel: (312) 212-4949 jmarshall@beneschlaw.com DATAVAULT INC: Scilex to Buy $150M in Common Stock Using Bitcoin ---------------------------------------------------------------- Datavault AI Inc., a Delaware-based technology company, entered a $150 million registered offering agreement with Scilex Holding Company on Sept. 25, 2025, under which Scilex will purchase 15 million shares of common stock and a pre-funded warrant for 263.9 million additional shares, with payment required in Bitcoin upon satisfaction of closing conditions, according to an SEC filing. Datavault will receive payment in Bitcoin for the offering, with the BTC amount determined using the spot exchange rate published by Coinbase at 8:00 p.m. New York time on the trading day before the initial closing.. The initial closing for the common stock was expected around Sept. 26, 2025, after customary conditions in the Purchase Agreement are met. The additional closing for the pre-funded warrant will occur after the Company obtains stockholder approval required by Nasdaq rules, including approval to amend its certificate of incorporation to authorize up to 1.5 billion shares or more to cover the pre-funded warrant shares. The Pre-Funded Warrant will be issued in the Additional Closing, will be immediately exercisable upon issuance without any beneficial ownership limitation at an exercise price of $0.0001 per share, and will remain exercisable until exercised in full. As a condition to the Initial Closing, the Company must secure stockholder support agreements from holders of 38 million common shares, committing them to vote in favor of the stockholder approval proposals. Additionally, the Company's directors and executive officers have agreed, under lock-up agreements, not to sell or transfer their securities until the additional closing, with limited exceptions. The Shares, the Pre-Funded Warrant and the Pre-Funded Warrant Shares will be offered by the Company pursuant to a registration statement on Form S-3 (File No. 333-288538), which was initially filed with the Securities and Exchange Commission on July 7, 2025, and was declared effective by the SEC on July 9, 2025. Obligations Under the Purchase Agreement Datavault agreed not to sell, issue, pledge, or otherwise dispose of its common stock or convertible securities for 45 days after the Initial Closing and to refrain from issuing securities that would constitute a Variable Rate Transaction until the Additional Closing. Within 25 days of the Initial Closing, the Company must file a preliminary proxy statement with the SEC to obtain stockholder approval, securing such approval within 75 days, and hold additional meetings every four months if needed until approval is obtained. The Company agrees, until and including the Additional Closing Date and without the Purchaser's prior written consent, not to use, offer, sell, dispose of, or announce any BTC received in the Initial Closing, nor to publicly announce any intention to take any of these actions. Purchaser Rights Pursuant to the Purchase Agreement, until the Additional Closing Date, the Purchaser has the right, but not the obligation, to participate in any issuance by the Company of any debt, preferred stock, shares of Common Stock or securities convertible into shares of Common Stock up to a maximum of 20% of such Subsequent Placement on the same terms, conditions and price provided to other investors in such Subsequent Placement. Upon the Initial Closing, (i) for so long as the Purchaser beneficially owns an aggregate of at least 10% of the issued and outstanding shares of Common Stock, the Purchaser may designate two directors to the board of directors of the Company, and (ii) for so long as the Purchaser beneficially owns at least 5% but no more than 10% of the issued and outstanding shares of Common Stock, the Purchaser may designate one director to the Board. About Datavault AI Datavault AI Inc., headquartered in Beaverton, Oregon, develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of June 30, 2025, the Company had $120.69 million in total assets, $46.62 million in total liabilities, and $74.07 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2025 were $0.7 million compared to $3.3 million, as of Dec. 31, 2024. The Company recorded a net loss of $37.1 million and $46.7 million for the three and six months ended June 30, 2025 and used net cash in operating activities of $12.8 million for the six months ended June 30, 2025 vs $9.0 million for the six months ended June 30, 2024. Excluding non-cash adjustments, the primary reasons for the increase in the use of net cash from operating activities during the six months ended June 30, 2025, was related to an increase in the net loss. DAVE & BUSTER'S: S&P Downgrades LT ICR to 'B-', Outlook Stable -------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Dallas-based dining and entertainment venue operator Dave & Buster's Inc. (D&B) to 'B-' from 'B' and the senior secured rating to 'B-' from 'B' with a '3' recovery rating. The outlook is stable, reflecting that results are improving but that the turnaround will take time, resulting in adjusted debt to EBITDA in the 5x to 6x range and adjusted free cash flow to debt in the .3% to 3% in 2025 and 2026. D&B has reported ten consecutive quarters of same-store sales declines and lower margins as the company has struggled to attract consumers in a challenging economy. S&P expects adjusted debt/EBITDA in the high-5x area, over a turn of leverage weaker than its prior forecast. S&P said, "At this leverage level, we expect minimal free cash flow generation (adjusted free operating cash flow between .3% and 3.0% in 2025 and 2026), given the company's high capital expenditures (capex), which is keeping overall revenue growth relatively flat. "Our rating action reflects D&B's protracted period of same-store sales declines, compressed margins, and high capex requirements that are pressuring cash flow." The business is seeing lower demand likely due to both macroeconomic factors and operational decisions. D&B's core customer is below the national median income level and is experiencing greater financial pressure relative to higher income brackets, leading to a pullback in discretionary spending. Additionally, the company has made a number of operational changes over the last two years that have likely hurt sales and cash flow. For example, D&B increased the cost of games and created complex options for purchasing gaming tokens before pivoting to a simpler model and increasing the play time of games. The company also emphasized certain lower-priced food menu items like appetizers to grow restaurant traffic which reduced average check size and did not substantially grow food and beverage (F&B) revenue. Management is making menu changes to reverse the emphasis back to entrees (including its Eat & Play Combos) to grow check size while also emphasizing value. D&A acquired Main Event in 2022, creating additional operating complexity in managing two separate concepts with unique offerings. The company is now emphasizing value offerings, consistent with the current value-oriented consumer, but will have to work hard to reattract customers given the wide range of entertainment and dining options available. The new management team's emphasis on simplification and back to basics should improve the messaging to both customers and staff but likely will take time to take hold, especially in the current challenging economic environment for discretionary offerings. D&B's same-store-sales declines were in the mid- to high-single digits prior to the most recent quarter of 3%. These declines have hurt operating leverage and reduced adjusted EBITDA margins in 2025 by about 300 basis points compared with 2022. S&P does not think the company has significant cost cutting levers due to risk of hurting the customer experience. Therefore, S&P thinks revenue growth is the most likely driver of EBITDA expansion in future period, but this will take time. D&B's high capex is constraining cash flow but also key to stabilizing revenue. The company has undergone expensive store remodels and build-outs contributing to capex of $520 million in 2024 or nearly 25% of revenue. S&P said, "The company has since rationalized their construction plans to reduce per store expense such that we expect about $275 million capex annually going forward, which is about 12% of revenue. We view this level of capex as necessary to maintain revenue given same-store sales declines." S&P said, "The company may continue to fund investment via sale leaseback transactions, which we view as a form a debt financing, especially since its revolver borrowings will trigger a covenant test if utilization exceeds 35% (around 32% drawn at the end of the second quarter). "As a result of the revenue declines, margin compression, and high capex, we expect adjusted debt to EBITDA of 5.6x in 2025 and 5.7x in 2026, over a turn of leverage weaker than our prior forecast. Our expectations for adjusted free operating cash flow to debt is .3% in 2025 and 2.9% in 2026. We expect a reported free cash flow deficit of about $70 million in 2025 and slightly positive free cash flow in 2026 with the majority of improvement due to lower capex. We do not expect share repurchases until free cash flow turns significantly positive and debt to EBITDA declines. "We see positive momentum in the most recent quarter, particularly in F&B sales, but improvement could be uneven and take time. F&B year over year (yoy) sales improved in the second quarter of 2025, the first positive growth in about two years, reflecting a shift in emphasis to the Eat & Play Combo and higher ticket items. Entertainment revenue still declined yoy but to a lesser extent than the first quarter. Similar to other restaurants and entertainment venues, we think D&B will lean into marketing value offerings to reflect the current consumer environment. We think the company's expected menu changes and upgraded gaming will keep revenue from backsliding to the mid- to high-single digit revenue declines of prior quarters. "However, we think pressure on its core customer will keep overall same-store sales slightly negative in 2026 before turning positive in 2027. We expect GDP growth to decelerate and unemployment to rise in the second half of 2025 and in 2026, and we think D&B's core consumer will feel this slowdown more than average, although we think D&B will see some trade-in from higher income consumers. In 2027, we think unemployment will start to improve but GDP growth will still lag recent years. "The stable outlook reflects that we think results are stabilizing but that leverage will remain high in the mid- to high-5x area and cash flow will be constrained with adjusted FOCF to debt in the .5% to 3% range." S&P could lower the rating on D&B if it: -- Believe the capital structure is unsustainable; and -- Expect free cash flow deficits to persist. In this scenario, D&B likely would see continued same-store sales declines and further margin pressure while at the same time having to sustain high capex levels to partly offset revenue declines. Liquidity could also be constrained, especially given tightness on the revolver covenant. This would likely be caused by weakening economic conditions and a pull-back in discretionary purchases. In addition, the company's revived marketing efforts could fail to grab the attention of a cautious and discerning value-oriented consumer. S&P said, "We could consider a higher rating on D&B if we expect sustained positive same-store sales growth and FOCF to debt trending toward 5%, consistent with sustained positive reported free cash flow. "In this scenario, D&B's marketing efforts and recent remodels improve traffic and revitalize the brand. If economic conditions improve, we would view improvements to traffic as more sustainable than in the current challenging environment." DAVID RAMOS: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: David Ramos Roofing & Remodeling Co. d/b/a Ramos Roofing & Remodeling f/k/a Ramos Roofing & Remodeling LLC 201 Oak Street Columbus OH 43235 Business Description: David Ramos Roofing & Remodeling Co. provides residential and commercial roofing, storm damage repairs, gutter installation, and siding services across Central Ohio, including Columbus, Bexley, Dublin, Gahanna, Hilliard, Westerville, and surrounding communities. It serves homeowners and businesses seeking exterior home improvement and roofing solutions. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-54299 Judge: Hon. Mina Nami Khorrami Debtor's Counsel: David Whittaker, Esq. ALLEN STOVALL NEUMAN & ASHTON LLP 10 West Broad Street, Suite 2400 Columbus OH 43215 Tel: (614) 221-8500 E-mail: whittaker@asnalaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Ramos as president. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Y6LWYWI/David_Ramos_Roofing__Remodeling__ohsbke-25-54299__0001.0.pdf?mcid=tGE4TAMA DAWN BIDCO: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has assigned a first-time Long-Term Issuer Default (IDR) of 'B' to Dawn Bidco, LLC (d/b/a Dayforce). The Rating Outlook is Stable. Fitch has also assigned a 'B+' rating with a Recovery Rating of 'RR3' to Dayforce's proposed $5.5 billion first lien secured term loan. The capital structure will also include a $500 million revolving credit facility. Proceeds, together with balance-sheet cash and equity, will fund Thoma Bravo's acquisition of Dayforce, announced Aug. 21, 2025. The ratings reflect expected elevated leverage, with Fitch-adjusted EBITDA leverage above 8.0x immediately post-close, declining below 7.0x within 12-18 months via planned cost savings and EBITDA growth. The rating also reflects Dayforce's market-leading, mission-critical software solutions for human capital management (HCM) that incorporate compliance, talent and analytics solutions, and a highly recurring revenue base. Key Rating Drivers High Leverage, Deleveraging Capacity: Following the transaction, which is expected to close in early 2026, Fitch expects Fitch-adjusted EBITDA leverage to remain above 8.0x. Through implementation of announced cost actions and benefits from operating leverage, Fitch-adjusted EBITDA leverage is expected to fall below 7.0x within the following 12-18 months, aligning with other 'B' rated Fitch software peers. Fitch also expects solid Fitch-adjusted FCF generation — excluding deferred restricted stock unit (RSU) payments — and FCF margins in the low teens over the rating horizon, which supports deleveraging. However, given private equity ownership, Fitch does not expect any voluntary debt payments with cash flows to likely be prioritized toward return on equity and growth initiatives. Highly Recurring Revenue Drives Visibility: Approximately 85% of Dayforce's revenue is recurring. Customers are billed on a fixed per employee per month basis with gross retention rates in the high 90% range. High retention rates reflect the mission critical nature of Dayforce's HCM applications and its deep integration into customers' core payroll systems, which creates high switching costs. High retention rates are further supported by high value-add products and an increasing proportion of back to base sales (add-on sales) to existing customers. These factors provide strong revenue visibility. Strong Growth in Fragmented Market: Dayforce continues to post strong growth which has outpaced a fragmented HCM market, with Dayforce recurring revenue (ex-float) compounding at 20%+ from 2018-2024. Growth is driven by a market-leading compliance suite (pay and time) and a unified platform that consolidates approximately 12 HR solutions, reducing vendor complexity and labor costs. Continuous payroll calculation further differentiates the offering by eliminating batch runs and improving accuracy. Fitch expects these advantages, together with a sizable HCM total addressable market (TAM), to support continued low double-digit growth. Low to Moderate Execution Risk: Fitch anticipates low to moderate execution risk from the proposed cost-savings plan. While Fitch views the plan as realistic, execution risk remains and any deviation from the plan could affect Fitch's rating case for the company. Improving Profitability levels: Through the execution of cost savings, operating efficiencies, high recurring revenue contribution from the cloud-based Dayforce product line and focus on add-on sales, Fitch expects Fitch-adjusted EBITDA margins to expand from the high 20% range in 2025 to the high 30% range over the rating horizon. Profitability levels are generally consistent with other Fitch-rated software peers which typically range from the high 20% range to the mid-40% range. Potential Risks from AI, Tariffs: Dayforce could face headwinds from labor-market shifts as organizations adopt GenAI to boost productivity and automate routine tasks, as well as from sector-specific tariffs that may pressure customer operations and reduce headcount. However, Fitch expects limited near-term impact given sustained demand for its HCM solutions, evidenced by strong bookings growth (TTM of 40%+) which is yet to be realized into revenues. Dayforce's diversified, cross-industry customer base should further help the company provide additional resilience from these pressures. Peer Analysis Dayforce delivers mission-critical HCM solutions that span the entire employee lifecycle, including market-leading compliance offerings such as payroll and workforce management, as well as talent and analytics solutions. Its compliance products are recognized as industry leaders by Gartner. In addition, key differentiators such as a unified, cloud-based platform and the ability to perform continuous calculations that update payroll figures in real time have supported strong double-digit revenue growth. Within the HCM market, Dayforce competes with Automatic Data Processing (ADP; AA-/Stable) and UKG (B+/Stable). All three companies have similar products. ADP is significantly larger than Dayforce, with EBITDA leverage of approximately 0.5x, while UKG benefits from greater revenue scale and similar EBITDA margins. Dayforce is expected to maintain higher Fitch-adjusted EBITDA leverage in the 6x-7x range compared to UKG's 4x-5x. Dayforce's EBITDA leverage and FCF generation are consistent with peers at the 'B' rating level. Key Assumptions - Fitch assumes organic revenue in the high single-digits driven by low double-digit growth in Dayforce recurring revenue ex-float, partially offset by declines in the legacy Bureau business and softer growth in the Powerpay and Professional Services segments; - Fitch-adjusted EBITDA margins expanding from the high 20% range in 2025 to the high 30% range over the rating horizon which incorporates realization of cost savings initiatives, increased revenue contribution from high gross margin Dayforce product line and benefits from operating leverage; - Capex intensity assumed at roughly 1% of revenue; - Debt repayment limited to mandatory amortization; - Excess cash flows assumed toward tuck-in acquisitions in the outer years of the rating horizon; - SOFR rates assumed as 4.3%, 3.7%, 3.5% and 3.5% from 2025 to 2028. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes Dayforce would be recognized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch assumes a scenario in which Dayforce experiences meaningful customer churn driven by macro pressures and technological advancements that reduce employment levels and dampen demand. This would materially weaken the company's revenue trajectory and, given operating leverage, lead to EBITDA margin compression. Fitch assumes a GC EBITDA of $570 million which takes into account Dayforce realizing cost savings from the announced cost savings program. Fitch anticipates that in a recovery scenario these cost savings will be accelerated. The GC EBITDA is 18% below Fitch estimated pro forma FY26 EBITDA, which assumes a 10% revenue decline from 2026 levels. Fitch assumes that Dayforce will receive a GC recovery multiple of 7.0x. The enterprise value multiple is supported by the historical bankruptcy case study exit multiples for technology peer companies of 2.6x to 10.8x. Of these companies, only three were in the software sector: Allen Systems Group, Inc., Avaya Holdings Corp. (CCC+) and Aspect Software Parent, Inc., which received recovery multiples of 8.4x, 8.1x and 5.5x, respectively. The recurring nature of Dayforce's revenue, strong retention rates and mission critical nature of its offerings support the high end of the range. Dayforce is being acquired at an EV/EBITDA multiple of 14.3x, and median public peer EV/EBITDA multiples are at 17.8x. Fitch arrived at an enterprise value of $3.99 billion, and after applying the 10% administrative claim, an adjusted enterprise value of roughly $3.6 billion is available for claims by creditors. This leads to an 'RR3' recovery rating for the $5.5 billion first lien term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation of Fitch-adjusted EBITDA leverage sustaining above 7.5x; - Fitch-adjusted (CFO-capex)/debt ratio sustaining below 3%; - Organic revenue growth sustaining near or below 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation of Fitch-adjusted EBITDA leverage sustaining below 5.5x; - Fitch-adjusted (CFO-capex)/debt ratio sustaining above 7%. Liquidity and Debt Structure Fitch expects liquidity to remain adequate post-closing, supported by approximately $350 million of cash in hand on a pro forma basis, access to an undrawn $500 million revolving credit facility, and healthy FCF generation which is expected in the low teens. There are no significant near-term debt maturities expected over the rating horizon. Issuer Profile Dayforce is a global HCM software company. Its cloud platform provides payroll, benefits, workforce management and talent management functionality. Dayforce serves nearly 7,000 customers and over 7 million active global users, with customers growing at a high-single-digit CAGR since 2020. Date of Relevant Committee 18-Sep-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 ----------- ------ -------- Dawn Bidco, LLC LT IDR B New Rating senior secured LT B+ New Rating RR3 DAWN BIDCO: Moody's Assigns 'B3' CFR, Outlook Stable ---------------------------------------------------- Moody's Ratings assigned a B3 Corporate Family Rating and a B3-PD Probability Default Rating to Dawn Bidco, LLC (Dawn, the company, dba Dayforce) following the proposed issuance of new debt to fund the acquisition of Dayforce, Inc. by private equity firm Thoma Bravo. Moody's also assigned B3 instrument ratings to Dawn's proposed $5.5 billion senior secured first-lien term loan and $500 million senior secured first-lien revolving credit facility. The outlook for Dawn is stable. The proceeds from the new first-lien debt will be used to partially fund private equity firm Thoma Bravo's purchase of Dayforce, Inc. The transaction is expected to close in 2026. The ratings are subject to the proposed transaction terms and review of the final documentation. The ratings could change if closing conditions differ from the proposed terms. Based in Minneapolis, MN, Dayforce is a human resources software and transaction company providing workforce management software, payroll, tax processing, and other human resources services. On August 21, 2025, Dayforce announced that it had entered into a definitive agreement with Thoma Bravo, a software investment firm, to become a privately held company in an all cash transaction with an enterprise value of US$12.3 billion. The transaction also includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The buyout, which was approved by the Dayforce Board of Directors, is expected to close in early 2026, subject to customary closing conditions, including approval by Dayforce stockholders and the receipt of required regulatory approvals. The transaction is not subject to a financing condition. Upon completion of the transaction, Dayforce's common stock will no longer be listed on any public stock exchange. In addition, Moody's expects Dayforce, Inc.'s existing $650 million senior secured term loan due 2031 and $350 million revolving credit facility expiring in 2029 will be refinanced by the new debt instruments. Moody's will withdraw Dayforce, Inc.'s existing ratings upon termination of the existing debt obligations. The Company will continue to operate under the Dayforce name and brand. Governance considerations, including the company's concentrated ownership and aggressive financial policies, were a key driver of the rating action. RATINGS RATIONALE Dayforce's B3 CFR is supported by strong growth prospects, which Moody's expects will result in high single-digit or higher revenue growth over the next three years, and good Moody's adjusted EBITDA margins in the low 20s percent range that Moody's expects will continue to improve as operating leverage and cost cutting initiatives benefit from additional scale. The company has had a strong track-record of revenue growth and margin expansion over the last few years and Moody's believes it maintains a strong market position in the payroll and related services sector. The company's credit quality is bolstered by healthy business visibility as the majority of revenue is generated from cloud-based products and related services featuring long term contracts (3-5 years) and tenured relationships with its base of largely enterprise and middle market clients, with high retention rates of over 95%. Dayforce's solutions are geared towards complex clients with hourly and unionized workforces. The company believes its solutions, with an integrated payroll, time management and adjacent HCM services platform, provide a competitive advantage in this segment versus peers with more modular point solutions. Moody's also views the large equity contribution to finance the very high purchase multiple as a credit positive. However, the substantial amount of debt on the capital structure following the take-private transaction elevates credit risk and positions the company weakly in the B3 rating category. Moody's adjusted pro forma debt/EBITDA as of LTM June 30, 2025 is very elevated and above 10x (excluding stock based compensation and other add-backs that the company incorporates in its debt/EBITDA calculation of roughly 6.5x). The large debt load and associated interest expense burden narrows the operational margin for error. Dayforce will need to maintain growth rates in the high single-digit range, or above, and meaningfully expand margins to delever over time and generate positive free cash flow while operating in a competitive industry with much larger peers. Intense competition in Dayforce's markets from considerably larger rivals with greater financial resources and the possibility of weak to uncertain employment trends in the coming 12-18 months present operational risk that could hinder growth and margin expansion. The company's business model incorporates high operating leverage which resulted in margin declines during recent downturns. All financial metrics cited reflect Moody's standard adjustments. Moody's considers Dayforce's liquidity profile to be adequate. The liquidity profile is supported by about $350 million of pro forma cash as of June 30, 2025 and access to a new $500 million revolving credit facility, which Moody's expects will be undrawn at close. Moody's anticipates on average break-even to slightly positive free cash flow in each of FY2026 and 2027 (ending 31 December) driven by one time transaction expenses and RSU payments. Moody's expects minimal usage of the $500 million revolver over the next 12 to 15 months barring an acquisition, capital markets transaction, or weaker than expected financial performance. The company has stated that the revolving credit facility may be used in the future for working capital and general corporate purposes, including the financing of acquisitions and other investments. While Dayforce's term loan is not subject to financial covenants, the revolving credit facility has a springing covenant based on a maximum net first-lien debt/EBITDA ratio of 10.25x when revolver utilization exceeds 40%, which the company should be in compliance with over the next 12-15 months. Dayforce's B3 bank credit facility instrument ratings reflect both the issuer's B3-PD probability of default rating (PDR) and Moody's loss given default (LGD) assessment. The B3 senior secured bank credit facility ratings is equal to Dayforce's B3 CFR given there is no other material debt on the balance sheet. The stable outlook reflects Moody's expectations for at least high single-digit percentage organic revenue growth, break-even to slightly positive free cash flow, and no further issuance of incremental debt over the next 12-18 months. Declining interest rates could reduce float income but the impact would be meaningfully offset by declining interest expense in a floating rate capital structure. Dayforce's EBITDA growth should drive moderate contraction in debt/EBITDA in 2026 and into 2027. The outlook could be changed to negative from stable if operating performance or liquidity differ from Moody's expectations, or financial policies become more aggressive. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded over time if the company sustains strong organic revenue growth rates in the high single-digit range or above, improves EBITDA margins, and generates good free cash flow, with FCF/debt around 5%, while adhering to more conservative financial policies. The ratings could be downgraded if Moody's anticipates that organic revenue growth will slow down to the mid-single-digit or lower percentage range, EBITDA margins will not expand as anticipated, liquidity diminishes, Moody's expects break-even or lower free cash flow generation, or the company adopts more aggressive financial policies that hinder financial leverage reduction or engages in further debt-funded transactions in the near term. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Dawn Bidco, LLC, (dba Dayforce) based in Minneapolis, MN, is a human resources software and transaction company providing workforce management software, payroll, tax processing, and other human resources services. Moody's expects FY2025 revenue to exceed $1.8 billion. DESAI HOLDINGS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California granted Desai Holdings, USA, LLC interim approval to use cash collateral. The collateral affected are personal assets of the Debtor as listed in its schedules, with an estimated value of $175,000. The affected lienholder is the U.S. Small Business Administration. The SBA holds a secured loan of approximately $495,000. The loan, obtained in January 2022 as a COVID Economic Injury Disaster Loan, is secured by all tangible and intangible assets of the Debtor, including inventory, equipment, accounts, and a liquor license. As of the bankruptcy filing date, the loan balance was $502,014. A continued hearing on further use of cash collateral is scheduled for October 14. About Desai Holdings LLC Desai Holdings, LLC, a Metairie, La.-based company in the traveler accommodation industry, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 21-11388) on Nov. 30, 2021. Nipun Desai, Desai Holdings' manager, signed the petition. At the time of the filing, the Debtor listed as much as $10 million in both assets and liabilities. Judge Meredith S. Grabill presides over the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC represents the Debtor as legal counsel. DESKTOP METAL: Court Okays Chapter 11 Liquidation Plan ------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that Desktop Metal Inc. secured court approval for its liquidation plan Tuesday, Sept. 30, 2025, after a Texas bankruptcy judge endorsed an agreement struck with the company’s parent and leading creditor. The Troubled Company Reporter previously reported that Desktop Metal, Inc. and its Affiliated Debtors submitted a Second Amended and Restated Combined Disclosure Statement and Plan of Liquidation dated September 10, 2025. To address its immediate liquidity needs, the Company entered into an agreement with Anzu Special Acquisition Corp., pursuant to which Anzu would acquire the Company's German, Italian, and Japanese subsidiaries, including certain related U.S. assets, in a private sale for total consideration of $10 million (the "Private Sale Transaction"). Concurrently, the Company filed the Cash Collateral Motion seeking to use a portion of the proceeds from the Private Sale Transaction to fund the Chapter 11 Cases and the sale of the Company's remaining assets. The Court approved the Private Sale Transaction and the Cash Collateral Motion (on an interim basis) on July 31, 2025. The Court set a hearing to consider approval of the Cash Collateral Motion on a final basis on September 11, 2025. The Private Sale Transaction with Anzu has closed. On July 31, 2025, the Company also sought and obtained approval of the Bid Procedures, pursuant to which the Company sold its dental labs businesses at an auction held on August 11, 2025 for total consideration of approximately $7.8 million in the aggregate pursuant to the Sale Orders. The Debtors also sold certain of their remaining assets pursuant to the Additional Sale Orders. After selling the foregoing assets, the Debtors are seeking to effectuate an orderly wind down of their remaining operations and assets, including the investigation and prosecution of any viable Causes of Action, and to disburse the proceeds therefrom to their Creditors. On the Effective Date, the Debtors will transfer the remaining unliquidated assets, the Administration Trust Assets and Litigation Trust Assets, to the Administration Trust and Litigation Trust, as applicable. The Administration Trust and Litigation Trust will investigate the Estate's Causes of Action as set forth in the Administration Trust Agreement and Litigation Trust Agreement, as applicable, and will liquidate, collect, prosecute, sell, settle, or otherwise dispose of the transferred assets. The Litigation Trust will transfer Litigation Recoveries to the Administration Trust, which will distribute all net proceeds to Creditors in accordance with the priority scheme under the Bankruptcy Code and the Plan. There will be no distributions to Holders of Interests. Class 7 Unsecured Claims, estimated amount $130,875,250. Holders of Class 7 Claims shall receive a Pro Rata share of the Administration Trust Interests in exchange for their Allowed Class 7 Claims, which entitle the Beneficiaries thereof to a Pro Rata share of any net proceeds of the Administration Trust Assets, after payment of all Administration Trust Expenses, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, any Allowed adequate protection claims, and net of any proceeds of Collateral payable to the Holders of Allowed Secured Claims. Unsecured Claims are subject to all statutory, equitable, and contractual subordination claims, rights, and grounds available to the Debtors, the Estates, the Plan Administrator, and the Litigation Trustee, which subordination claims, rights, and grounds are fully enforceable prior to, on, and after the Effective Date. The estimated recovery for General Unsecured Claims is "unknown", according to the Disclosure Statement. There shall be no Distribution on account of Class 9 Interests. Upon the Effective Date, all Interests in Desktop will be deemed cancelled and will cease to exist, and all Interests in Debtors other than Desktop shall be retained at the option of the Debtors or the Administration Trust, as applicable. The Debtor(s) shall make Distributions to Holders of Claims on the Initial Distribution Date. Subject to the terms of the Plan and the Administration Trust Agreement, Plan Administrator may, in its sole discretion, make a full or partial Pro Rata Distribution to the Holders of Claims on a Subsequent Distribution Date. Any Distribution not made on the Initial Distribution Date or a Subsequent Distribution Date because the Claim relating to such Distribution had not been Allowed on that Distribution Date shall be held by the Plan Administrator for Distribution on any Subsequent Distribution Date after such Claim is Allowed. A full-text copy of the Second Amended and Restated Combined Disclosure Statement and Plan dated September 10, 2025 is available at https://urlcurt.com/u?l=1QpEc0 from PacerMonitor.com at no charge. About Desktop Metal Inc. Desktop Metal designs and markets 3D printing systems. ExOne's business primarily consisted of manufacturing and selling 3D printing machines and printing products to specification for its customers for both direct and indirect applications. ExOne offered its pre-production collaboration and print products for customers through its network of ExOne Adoption Centers and supplied the associated materials, including consumables and replacements parts, and other services, including training and technical support, necessary for purchasers of its 3D printing machines to print products. Desktop Metal and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90268) on July 28, 2025, listing under up to $50,000 in both assets and liabilities. The case is jointly administered in Case No. 25-90268. Judge Christopher M. Lopez oversees the case. Benjamin Lawrence Wallen at Pachulski Stang Ziehl & Jones LLP serves as the Debtors' counsel. On August 6, 2025, the Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Munsch Hardt Kopf & Harr, PC as counsel and Province LLC as financial advisor. DEVILS RIVER: Seeks to Hire Nelson & Mata PLLC as CPA ----------------------------------------------------- Devils River Holdings, LLC and Devils River Distillery, LLC seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Nelson & Mata, PLLC as CPA. The firm will provide accounting work in relation to the jointly administered Chapter 11 case. The firm's hourly rates range from $300 to $340 per hour. Mark Nelson Nelson & Mata, PLLC 8122 Datapoint Dr Suite 250 San Antonio, TX 78229 Tel: (210) 694-5945 Fax: (210) 694-5958 About Devils River Holdings Devils River Holdings, LLC produces premium small-batch whiskeys under the Devils River Whiskey brand. Based in San Antonio, Texas, the Company sources limestone-filtered water from the Devils River to craft its Bourbon, Rye, and flavored whiskey offerings. Devils River Holdings filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50959) on May 1, 2025. In the petition signed by Michael P. Cameron, CEO and president, the Debtor disclosed up to $10 million in both assets and liabilities. The Debtor tapped Martin & Drought, P.C. as counsel. DIOCESE OF NORWICH: Attys Challenge US Trustee's $3.1MM Fee Claim ----------------------------------------------------------------- Aaron Keller of Law360 reports that the Norwich Roman Catholic Diocesan Corp.'s attorneys at Ice Miller LLP and Robinson & Cole LLP, along with other bankruptcy advisers, have disputed a U.S. Trustee's claims that nearly $3.1 million in combined professional fees were not actual, necessary and reasonable in light of a mediator's efforts. About The Norwich Roman Catholic Diocesan Corporation The Norwich Roman Catholic Diocesan Corporation is a nonprofit corporation that gives endowments to parishes, schools, and other organizations in the Diocese of Norwich, a Latin Church ecclesiastical territory or diocese of the Catholic Church in Connecticut and a small part of New York. The Norwich Roman Catholic Diocesan Corporation sought Chapter 11 protection (Bankr. D. Conn. Case No. 21-20687) on July 15, 2021. The Debtor estimated $10 million to $50 million in assets against liabilities of more than $50 million. Judge James J. Tancredi oversees the case. The Debtor tapped Ice Miller, LLP, Robinson & Cole, LLP and Gellert Scali Busenkell & Brown, LLC as bankruptcy counsel, Connecticut counsel and special counsel, respectively. Epiq Corporate Restructuring, LLC is the claims and noticing agent. On July 29, 2021, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Chapter 11 case. The committee tapped Zeisler & Zeisler, PC as its legal counsel. DMO NORTH: Court Denies Bid to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the District of New Hampshire denied DMO North Hampton Realty LLC's ex parte motion to use cash collateral as moot. About DMO North Hampton Realty LLC DMO North Hampton Realty LLC is a single-asset real estate entity, as defined in 11 U.S.C. Section 101(51B), that leases commercial and residential properties. DMO North Hampton Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.H. Case No. 25-10578) on August 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by William J. Amann, Esq. at Amann Burnett, PLLC. DREAM LAND: John Whaley Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Dream Land Music Group, LLC. Mr. Whaley will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Dream Land Music Group Dream Land Music Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60962) on September 23, 2025, listing between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. EL DORADO GAS: Court Says Counterclaim Not Owned by Bankr. Estate ----------------------------------------------------------------- Judge Taylor B. McNeel of the United States District Court for the Southern District of Mississippi granted in part and denied in part First Service Bank's motion to dismiss the counterclaim of Thomas Swarek, Sunnyside Well Service Inc., and World AG Investment Inc. in the case captioned as FIRST SERVICE BANK, PLAINTIFF v. WORLD AG INVESTMENT INC; THOMAS L. SWAREK; SUNNYSIDE WELL SERVICE INC.; BILL D. BUFFINGTON, DEFENDANTS, CIVIL ACTION NO. 1:24-cv-262-TBM-RPM (S.D. Miss.). The defendants' motion to dismiss First Service Bank's breach of contract claim is denied. DEFENDANTS' MOTION TO DISMISS From 2016 to 2023, First Service Bank entered into 11 loans with Thomas Swarek, Sunnyside Well Service Inc., and World AG Investment Inc. -- to which Thomas Swarek, World AG, or both of them, guaranteed. After these Defendants defaulted on the loans, First Service Bank filed this action. Although the Defendants do not contest that they executed these agreements, they nevertheless move to dismiss First Service Bank's breach of contract claim against the Guarantors because the guaranty agreements are so unconscionable that they fail to state a claim upon which relief can be granted. The Court disagrees and the Defendants' Motion to Dismiss is denied. The Court finds that the Defendants have failed to prove that the guaranty agreements are substantively unconscionable under Arkansas law. Judge McNeel explains, "Here, the Defendants argue only substantive unconscionability, which 'looks to the terms of the contract and whether they are one-sided.' Without any discussion as to procedural unconscionability -- which 'concerns the contract formation process, the manner in which it was entered, the fine print of the contract, any misrepresentations, and any unequal bargaining power' -- the Defendants cannot meet their burden in proving unconscionability under Arkansas law and their Motion to Dismiss must be denied." FIRST SERVICE BANK'S MOTION TO DISMISS COUNTERCLAIM Also before the Court is First Service Bank's Motion to Dismiss Thomas Swarek, Sunnyside Well Service Inc., and World AG Investment Inc.'s Counterclaim against First Service Bank arising out of the Sept. 17, 2020, Mainstreet Loan for $50 million to which Swarek was a guarantor. The Court finds that First Service Bank's Motion to Dismiss should be granted because: -- Swarek's claim is barred by res judicata as the Court entered a Default Judgment against Thomas Swarek related to the Mainstreet Loan in the case, First Service Bank v. World Aircraft, Inc. and Thomas Swarek, 1:24-cv-20-TBM-RPM, 2024 WL 3404604 (S.D. Miss. July 12, 2024); and -- Sunnyside Well Service Inc., and World AG Investment Inc., fail to state a claim. But First Service Bank's argument that the Counterclaim must be dismissed because it is an asset of the El Dorado Gas & Oil bankruptcy estate is not well-taken and First Service Bank's Motion to Dismiss is denied on this ground. The Court emphasizes that although the Defendants admit that El Dorado Gas & Oil has a claim against First Service Bank, they clarify that the losses asserted in this Counterclaim are not the losses of EDGO, these losses are the losses of these Defendants arising out of the guaranties. According to the Defendants, they are alleged to be guarantors of the obligation of EDGO to FSB. These losses flow from the claim on the guaranties asserted by FSB and exist only on account of that assertion by FSB. Thus, the Defendants argue that First Service Bank's actions amount to a breach of contract and entitle Swarek to damages. The Court nots that, from the pleadings, it appears that the Defendants do attempt to plead their own claim rather than that of El Dorado Gas & Oil. Without any authority presented requiring the Court to find to the contrary, the Court declines to find that the Counterclaim is owned by the El Dorado Gas & Oil bankruptcy estate, which is not a party to this action. A copy of the Court's Order dated September 16, 2025, is available at https://urlcurt.com/u?l=ouvQyC from PacerMonitor.com. About El Dorado Gas & Oil and Hugoton Operating Company Hugoton Operating Company, Inc. filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023, with $500 million to $1 billion in assets and $50 million to $100 million in liabilities. Thomas L. Swarek, president, signed the petition. On Feb. 22, 2024, Bluestone Natural Resources II - South Texas, LLC and World Aircraft, Inc. filed separate Chapter 11 petitions (Bankr. S.D. Miss. Case Nos. 24-50223 and 24-50224). On Jan. 12, 2024, the Court entered an order directing the appointment of a Chapter 11 trustee for Hugoton. On Jan. 22, 2024, the Court approved Dawn Ragan as the Chapter 11 trustee for Hugoton. On Jan. 31, 2024, the Court ordered the appointment of a Chapter 11 trustee for El Dorado. On Feb. 2, 2024, the Court approved Ms. Ragan as Chapter 11 trustee for El Dorado. No official committee of unsecured creditors has been established in any of the Debtor cases. Hugoton and El Dorado are both Arkansas corporations engaged in the exploration, production, and development of crude oil and natural gas properties. El Dorado is a lease holder and operator of oil and gas wells covering about 4,000 net acres in South Texas. El Dorado also owns a substantial amount of oil field equipment and owns real estate in multiple locations and states. Hugoton also owns oil and gas interests and operates wells in South Texas. Hugoton is 100% owned by El Dorado and El Dorado is 100% owned by Thomas Swarek. Bluestone is 100% owned by Hugoton. Bluestone owns oil and gas interests operated by the EDGO Debtors. World Aircraft is 100% owned by EDGO. World Aircraft owns various aircraft and equipment assets. Judge Katharine M Samson oversees the cases. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is Debtors Bluestone Natural Resources II-South Texas, LLC and World Aircraft, Inc. R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo, Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11 Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating Company, Inc. ELMA TRANSPORT: Taps Modestas Law Offices as Bankruptcy Counsel --------------------------------------------------------------- Elma Transport Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Modestas Law Offices, PC as counsel. The firm will provide these services: (a) negotiate with creditors; (b) prepare a plan and financial statements; (c) examine and resolve claims filed against the estate; (d) prepare pleadings filed in the case; (e) interact with the Trustee in this case; (f) attend at court hearings; and (g) represent the Debtor in matters before this court. Saulius Modestas, Esq., the primary attorney in this representation, will be billed at his hourly rate of $530 plus out-of-pocket expenses. Mr. Modestas disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Saulius Modestas, Esq. Modestas Law Offices, PC 401 S. Frontage Road, Ste. C Burr Ridge, IL 60527 Telephone: (312) 251-4460 Email: smodestas@modestaslaw.com About Elma Transport Inc. Elma Transport Inc. is an Illinois-based trucking company. Elma Transport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09866) on June 27, 2025. In its petition, the Debtor reported estimated liabilities between $500,000 and $1 million, with assets ranging from $100,000 to $500,000. Judge Janet S. Baer handles the case. The Debtor is represented by Saulius Modestas, Esq., at Modestas Law Offices, P.C. EMPIRE CORE: Yann Geron Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 2 appointed Yann Geron, Esq., at Geron Legal Advisors, LLC as Subchapter V trustee for Empire Core Group, LLC. Mr. Geron will be paid an hourly fee of $890 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geron declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Yann Geron, Esq. Geron Legal Advisors, LLC 370 Lexington Avenue, Suite 1101 New York, NY 10017 Phone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com About Empire Core Group LLC Empire Core Group, LLC, formed in September 2014, is a construction management and general contracting firm that specializes in redeveloping existing properties and building new projects across the New York metropolitan area. It has worked with major real estate owners and operators including Blackstone Group, Rockpoint, Compass Rock, Graystar, AIMCO, Brooksville Company, CW Capital, Fortress, and The Dermot Company. Empire Core Group sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22894) on September 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Erica Aisner, Esq., of Kirby Aisner & Curley, LLP. ENCORE CAPITAL: Fitch Assigns BB+(EXP) Rating on 2031 Secured Notes ------------------------------------------------------------------- Fitch Ratings has assigned Encore Capital Group, Inc.'s (BB+/Negative) proposed issue of USD400 million senior secured fixed-rate notes due 2031 an expected rating of 'BB+(EXP)'. The assignment of a final rating is contingent on the receipt of final documents conforming to information already reviewed. Key Rating Drivers Equalised with Long-Term IDR: The senior secured notes will be guaranteed by most Encore group subsidiaries and rank equally with other senior secured obligations, which comprise the majority of Encore's debt. Consequently, the senior secured debt rating is equalised with Encore's Long-Term Issuer Default Rating (IDR), as Fitch expects average recoveries for the notes after accounting for the smaller element of higher-ranking super-senior debt. Limited Leverage Impact: Fitch expects the proceeds of the notes to principally be used in the near term to reduce drawings under the group's revolving credit facility. Consequently, the refinancing has no material net impact on consolidated leverage and extends the average tenor of the group's borrowings. Strong Franchise; Challenging Environment: Encore's Long-Term IDR reflects its leading franchise in the US debt purchasing market balanced against its concentrated business activities, the reliance on leverage for portfolio purchases and the subsequent need to manage rising wholesale market funding costs within profitable underwriting. The rating also accounts for Encore's experienced management team and sound investment record as well as the inherent challenges of forecasting cash collections in a more volatile operating environment. The Negative Outlook reflects Fitch's view that Encore's strategic execution could be harder to achieve in the current more uncertain macroeconomic environment. Fitch sees increased challenges of projecting future collections and pricing portfolio purchases over 2025-2026, which could negatively affect Encore's financial performance through collections underperformance or impairments. For further details of the key rating drivers and sensitivities for Encore's IDR, see Fitch Revises Encore's Outlook to Negative; Affirms IDR at 'BB+' ', dated 06 June 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Recognition of impairments resulting in material negative impact on net income or underlining risk management weaknesses - A sustained fall in cash collections, resulting in significantly reduced earnings generation, material writedowns of the value of portfolio investments, cash flow leverage consistently at the higher end of management's target range for net debt/adjusted EBITDA of 2x-3x or more aggressive capital management resulting in tangible equity reduction - A material adverse operational event or regulatory intervention undermining franchise strength or business-model resilience Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch could revise the Outlook to Stable if strategic execution is effective, leading to sustained improved financial performance with leverage maintained below the upper end of management's 2x-3x net debt to adjusted EBITDA target range, alongside a disciplined financial policy with share buybacks managed conservatively. - Fitch could upgrade the rating on a material increase in the company's tangible equity position, alongside maintenance of cash flow leverage consistently at the low end of management's guidance range, provided strategic execution is effective with no material underperformance of collections. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Encore's senior secured notes are guaranteed by most group subsidiaries and rank equally with other senior secured obligations. The rating is equalised with Encore's Long-Term IDR as the senior secured debt class represents the majority of Encore's borrowings, resulting in average rather than above-average expected recoveries. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The ratings of the senior secured notes are primarily sensitive to changes in Encore's IDR. Changes to Fitch's assessment of relative recovery prospects for senior secured debt in a default (e.g. due to a material shift in the proportion of Encore's debt that is either super-senior or unsecured) could also result in the senior secured debt rating being notched up or down from the IDR. ADJUSTMENTS Encore's Standalone Credit Profile (SCP) is in line with the implied SCP. The business profile score is below the implied score due to the following adjustment reason: business model (negative). The funding, liquidity & coverage score of is below the implied score due to the following adjustment reason: historical and future metrics (negative). Date of Relevant Committee 04 June 2025 ESG Considerations Encore has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, particularly in the US. Encore has an ESG Relevance Score of '4' for Financial Transparency due to due to the significance of internal modelling to portfolio valuations and associated metrics such as estimated remaining collections. These factors have negative influences on the rating but they are features of the debt purchasing sector as a whole, and not specific to Encore. 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 ----------- ------ Encore Capital Group, Inc. senior secured LT BB+(EXP) Expected Rating ENDO INT'L: McKinsey Suit Trimmed, Indemnification Claim Stayed --------------------------------------------------------------- Dorothy Atkins of Law360 Bankruptcy Authority reports that on September 29, 2025, a New York bankruptcy judge dismissed nearly all claims in a suit accusing McKinsey & Co. Inc. of owing $1.5 billion to Endo International for opioid litigation expenses, but permitted the debtor to pursue its indemnification claim. The Troubled Company Reporter, citing James Nani of Bloomberg Law, reported in August 2024 that Endo International's bankruptcy trustee filed a lawsuit against consulting company McKinsey over 'reckless' opioid sales advice. Consulting giant McKinsey & Co. should pay for the harm it caused pharmaceutical maker Endo International Plc through its "reckless" advice on marketing and selling opioids, a bankruptcy plan trustee said in a lawsuit. The suit, filed Thursday, August 15, 2024, in the US Bankruptcy Court for the Southern District of New York, is brought on behalf of a trust created to pay unsecured creditors of Endo and its affiliates. Endo in March won court approval of a Chapter 11 plan that resolved its major opioid liabilities and handed the company to its lenders. The TCR, in November 2024, citing Alex Wolf of Bloomberg Law, reported that McKinsey & Co. Inc. has moved to dismiss a lawsuit filed by a bankruptcy trustee, who is seeking to hold the firm accountable for advising Endo International plc on its past opioid sales campaigns. McKinsey argues that the lawsuit improperly attempts to shift blame for misconduct, the report relates. The bankruptcy trust, which is working to recover funds for Endo creditors, is trying to place responsibility on McKinsey for actions that have already been attributed to Endo's own executives, the consulting firm claimed in a filing Thursday, November 21, 2024, with the US Bankruptcy Court for the Southern District of New York, the report further relates. About Endo International PLC Endo International plc (OTC: ENDPQ) is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549) on Aug. 16, 2022. On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and Operand Pharmaceuticals Holdco III Limited each filed a voluntary Chapter 11 petition also in the U.S. Bankruptcy Court for the Southern District of New York. On May 31, 2023, Operand Pharmaceuticals II Limited and Operand Pharmaceutical III Limited each filed a voluntary Chapter 11 petition also in the Southern District of New York. The Company's cases are jointly administered before the Honorable James L. Garrity, Jr. Endo initiated the financial restructuring process after reaching an agreement with a group of its senior debtholders on a transaction that would substantially reduce outstanding debt, address remaining opioid and other litigation-related claims, and best position Endo for the future. This would allow the Company to advance its ongoing business transformation from a strengthened financial position to create compelling value for its stakeholders over the long term. Endo's India-based entities are not part of the Chapter 11 proceedings. The Company has filed recognition proceedings in Canada and expects to file similar proceedings in the United Kingdom and Australia. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; PJT Partners, LP as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration, LLC, is the claims agent and administrative advisor. A Website dedicated to the restructuring is at http://www.endotomorrow.com/ Roger Frankel, the legal representative for future claimants in the Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners, LLC, as investment banker. ENNIS I-45: Court Extends Cash Collateral Access to Oct. 31 ----------------------------------------------------------- Ennis I-45 11 ACRE, LLC received a one-month extension from the U.S. Bankruptcy Court for the Northern District of Texas to use its secured creditors' cash collateral. The court's seventh interim order authorized the Debtor to use up to $34,345.39 in cash collateral for the period from October 1 to 31 to pay the expenses set forth in its budget. As adequate protection for the Debtor's use of their cash collateral, Real Estate Holdings, LLC and Bay Point Capital Partners II, LP will receive replacement liens on property currently owned or to be acquired by the Debtor, excluding Chapter 5 causes of action. The replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens, subject to the fee carveout. In case of any diminution in the value of their collateral, the secured creditors will be granted an allowed superpriority administrative expense claim against the Debtor's estate. The next hearing is scheduled for October 21. Objections are due by October 16. About Ennis I-45 11 Acre Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. Kyung S. Lee, Esq., at Shannon and Lee, LLP is the Debtor's legal counsel. Real Estate Holdings, LLC, as secured creditor, is represented by: Marc W. Taubenfeld, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Suite 4000 Dallas TX 75201 Telephone: (214) 855-7523 Facsimile: (214) 855-7585 mtaubenfeld@munsch.com Bay Point Capital Partners II, LP, as secured creditor, is represented by: Jeff P. Prostok, Esq. Emily S. Chou, Esq. J. Blake Glatstein, Esq. Vartabedian Hester & Haynes, LLP 301 Commerce St., Suite 3635 Fort Worth, TX 76102 Telephone: (817)214-4990 Facsimile: (214)817) 214-4988 Jeff.prostok@vhh.law Emily.chou@vhh.law Blake.glatstein@vhh.law ERMAJO LLC: Seeks to Hire Davidoff Hutcher & Citron as Attorney --------------------------------------------------------------- Ermajo LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Davidoff Hutcher & Citron LLP as its attorneys. The firm will render these services: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession and the continued management of its property and affairs; b. negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required for a debtor who seeks protection from its creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interest of the Debtor and to represent the Debtor in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of the business; g. represent the Debtor in connection with obtaining post-petition financing; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and i. perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtor, its creditors and the estate. The firm's 2025 hourly rates are: Attorneys $450 to $850 Paraprofessionals $295 In addition, the firm will seek reimbursement for expenses incurred. Jonathan Pasternak, Esq., an attorney at Davidoff Hutcher & Citron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert L. Rattet, Esq. Jonathan S. Pasternak, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About Ermajo LLC Ermajo LLC operates in the real estate sector under NAICS 5313, providing specialized services such as property management, appraisal, listing, and related support functions. Ermajo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44337) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP. FIRST BRANDS: Fitch Cuts IDR to 'CCC' & Then Withdraws Rating ------------------------------------------------------------- Fitch Ratings has downgraded First Brands Group, LLC's (FBG) Long-Term Issuer Default Rating (IDR) to 'CCC' from 'B'. Fitch has also downgraded FBG's existing and proposed ABL revolvers and first lien term loans to 'B' with a Recovery Rating of 'RR1' from 'BB'/'RR1', existing second lien term loan to 'CCC+'/'RR3' from 'B+'/'RR3', and proposed second lien term loan to 'CCC'/'RR4' from 'B'/'RR4'. Fitch has also removed the IDR and existing ratings from Rating Watch Negative. Fitch has subsequently withdrawn the ratings. The downgrade reflects Fitch's view that the company's options for addressing its debt have become increasingly limited to off-market options and it faces a higher risk of a distressed debt exchange or bankruptcy. The ratings have been withdrawn for insufficient information, as the issuer is no longer participating in the rating process. Key Rating Drivers Ratings Withdrawal: FBG is no longer participating in the rating process. FBG is a private company that has made no public disclosures about its potential debt restructuring plans. Fitch does not believe it will have sufficient information going forward to maintain its credit rating. Increased Refinancing Risk: In July 2025, FBG launched a transaction to refinance all its debt, with a goal of completing the refinancing well ahead of its first lien debt going current in March 2026. The refinancing included an upsized ABL revolver, a floating- and fixed-rate first lien U.S. dollar term loans, a floating-rate first lien euro term loan, and a significantly upsized second-lien term loan. The company subsequently paused the refinancing following an investor request for a Quality of Earnings (QoE) report from a top accounting firm. Fitch believes the likelihood of the refinancing taking place as originally envisioned is remote, which increases the probability the company may pursue off-market options, a distressed debt exchange, or bankruptcy. The growing refinancing risks have also increased Fitch's focus on FBG's governance structure. Peer Analysis FBG primarily focuses on non-discretionary, branded automotive aftermarket parts and components, although it does have some Tier 1 automotive exposure. Compared with other rated suppliers with significant exposure to the automotive aftermarket, such as Robert Bosch GmbH (A/Stable), The Goodyear Tire & Rubber Company (BB-/Negative), Tenneco LLC (B/Positive), and Clarios International Inc. (B/Stable), FBG is smaller, with sales that are less geographically diversified, as the majority of FBG's revenue is derived in North America. Compared with other Fitch-rated auto suppliers, FBG's products generally contain lower levels of technology content, with key products, such as brakes, wiper blades, gas springs, fuel and water pumps, spark plugs, automotive filters, and trailer and towing equipment. These are more mature than those of higher-tech rated issuers such as BorgWarner Inc. (BBB+/Stable) or Aptiv PLC (BBB/Rating Watch Negative). FBG's EBITDA leverage is lower, and its EBITDA margins stronger, compared with Tenneco and Clarios. FBG's strong EBITDA margins are expected to be nearly double those of many investment-grade auto suppliers, like BorgWarner, Aptiv and Lear Corporation (BBB/Stable), as FBG benefits from restructuring activities and acquisition synergies over the intermediate term. Fitch expects FBG's FCF margins to be stronger than Aptiv's and Clarios' over time as cash restructuring expenses decline. However, FBG's interest coverage is more commensurate with auto suppliers in the 'B' category, as nearly all the company's debt is subject to floating interest rates. Key Assumptions - Organic revenue growth runs at about 3.0% annually; - The company continues to make debt-funded acquisitions from time-to-time, resulting in total revenue growth exceeding organic growth; - EBITDA margins strengthen over the next few years as the company achieves cost efficiencies from acquisition synergies, as well as other cost savings actions; - FCF margins run in the low- to mid-single-digit range over the next few years; - Capex as a percentage of revenue averages about 3.0% for the next several years; - Excess cash is primarily directed toward acquisitions; - Market interest rates: SOFR runs from 4.3% in the near term to an average of about 3.2% in outer years, while EURIBOR runs from 1.9% in the near term to 2.3% several years out. Recovery Analysis The recovery analysis assumes that FBG would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach FBG's recovery analysis estimates a GC EBITDA of about $1.4 billion reflecting a sustainable post-reorganization EBITDA level following a hypothetical default. A default could be driven by an inability to address upcoming debt maturities without resorting to a distressed debt exchange or bankruptcy. The GC EBITDA considers FBG's strong position in many aftermarket categories, its relationships with a wide range of parts retailers, and the less-cyclical nature of its products. It also incorporates EBITDA from recent acquisitions. The GC EBITDA is lower than Fitch's forecasted EBITDA and assumes the business would shed some lower-margin products during a reorganization process. Fitch utilizes a 5.5x enterprise value (EV) multiple based on FBG's strong market position. According to Fitch's "Automotive Bankruptcy Enterprise Values and Creditor Recoveries" report published in April 2025, 52% of auto-related defaulters had exit multiples above 5.0x, with 28% in the 5.0x to 7.0x range. The median observed across 25 bankruptcies was 5.1x, with 86% as a GC. The recovery analyses for the current and proposed capital structures assume that off-balance-sheet factoring is replaced with a super-senior facility that has the highest priority in the distribution of value. For the existing capital structure, Fitch assumes a 100% draw on the company's $250 million secured ABL, which receives second priority in the distribution after the factoring, resulting in a Recovery Rating of 'RR1'. The first lien term loan receives priority below the ABL, but there is sufficient remaining value to also result in a Recovery Rating of 'RR1'. The second lien term loan receives priority below the first lien, resulting in a Recovery Rating of 'RR3'. In the proposed capital structure, Fitch assumes a 90% draw on the proposed $500 million secured ABL, which receives second priority after the factoring, resulting in a Recovery Rating of 'RR1'. The first lien term loan receives priority below the ABL, but there is still sufficient remaining value to also result in a Recovery Rating of 'RR1'. The second lien term loan receives priority below the first lien, resulting in a Recovery Rating of 'RR4'. RATING SENSITIVITIES Rating Sensitivities are not applicable because the ratings have been withdrawn. Liquidity and Debt Structure FBG had $809 million of unrestricted cash as of June 28, 2025. FBG maintains further liquidity through its $250 million ABL revolver that matures in 2028. FBG had $124 million of available capacity on the ABL as of June 28, 2025, after accounting for $97 million of outstanding LOCs. The borrowing base reduced the amount available on the ABL revolver by $29 million as of June 28, 2025. FBG's on-balance sheet debt structure as of June 28, 2025, consisted of $4.9 billion of first lien term loan borrowings, $540 million of second lien term loan borrowings, and $447 million of other debt. Fitch also includes off-balance sheet factoring and a portion of FBG's outstanding supply-chain financing in its debt and leverage calculations. FBG's off-balance-sheet factoring includes supply chain programs with some customers. If the financial institutions involved in these programs curtail participation, FBG might need to borrow from its ABL. However, FBG could mitigate a portion of the impact by exercising its right to shorten the payment terms with these customers. Issuer Profile FBG is a manufacturer of non-discretionary, branded automotive aftermarket parts and components. The company has a leading market position in the top three categories sold at North American auto parts retailers. Key brands include FRAM, Trico, Centric and Raybestos. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates 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 First Brands Group, LLC has an ESG Relevance Score of '4' for Governance Structure due to its control by a single individual, which has a negative impact on the credit profile, and is relevant to the 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 ----------- ------ -------- ----- First Brands Group, LLC LT IDR CCC Downgrade B LT IDR WD Withdrawn senior secured LT B Downgrade RR1 BB senior secured LT WD Withdrawn senior secured LT B Downgrade RR1 BB senior secured LT WD Withdrawn Senior Secured 2nd Lien LT CCC+ Downgrade RR3 B+ Senior Secured 2nd Lien LT WD Withdrawn Senior Secured 2nd Lien LT CCC Downgrade RR4 B Senior Secured 2nd Lien LT WD Withdrawn FIRST BRANDS: Gets Interim Ok to Tap $1.1B DIP Loan --------------------------------------------------- Clara Geoghegan of Law360 reports that on Wednesday, October 1, 2025, a Texas bankruptcy judge granted interim approval for First Brands' $1.1 billion DIP loan, authorizing access to $500 million as the auto parts manufacturer restructures following a failed refinancing and liquidity crunch. The Troubled Company Reporter previously reported that First Brands Group, LLC, a global supplier of aftermarket automotive parts, announced that the Company and certain of its affiliates have filed voluntary petitions for Chapter 11 relief in the United States Bankruptcy Court for the Southern District of Texas to stabilize its business operations and facilitate a value-maximizing transaction. To support business continuity, an Ad Hoc Group of cross-holders has agreed to provide First Brands with $1.1 billion in debtor-in-possession financing that will be fully backstopped by certain members of the Ad Hoc Group. This financing will provide the necessary capital for the Company to maintain operations, fulfill customer orders, and meet its commitments to its vendors and partners from the start of the chapter 11 cases. "Today's actions mark an important step toward stabilizing First Brands' operations and securing a long-term future for the Company's world-class portfolio of aftermarket automotive part brands," said Chuck Moore, Chief Restructuring Officer of First Brands. "With committed funding from our key financial partners, we remain focused on supporting our employees, working with our valued suppliers, and delivering best-in-class aftermarket automotive technology for our customers globally. We are confident in the strength of First Brands' industry-leading portfolio and the essential role we play in the automotive supply chain." Global operations during the financial restructuring process: First Brands' global operations are expected to continue without interruption during the chapter 11 cases, with full continuity for the Company's international customers, partners, and employees. Importantly, the Company's international operations are not part of the court-supervised financial restructuring process. Additionally, to ensure a seamless transition into the chapter 11 process, First Brands has filed a number of customary "First Day Motions." Upon court approval, these motions will enable the Company to, among other things, continue payment of employee wages and benefits, honor commitments to customers, and satisfy post-petition obligations to vendors and partners. These filings follow the voluntary chapter 11 petitions filed by certain of the Company's non-operational special purpose entities on September 24, 2025. First Brands is seeking relief to jointly administer these chapter 11 cases. Additional information regarding First Brands' chapter 11 process is available at https://restructuring.ra.kroll.com/firstbrands. Stakeholders with questions may call the Company's Claims Agent, Kroll, at (877) 631-1151 or (646) 290-7146 if calling from outside the U.S. or Canada, or email firstbrandsinfo@ra.kroll.com. Advisors Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' Claims Agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. FOREST GLEN: Unsecureds to Get Nothing in Creditor's Plan --------------------------------------------------------- 20 Forest Ave LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement for the Plan of Liquidation for Forest Glen Realty, LLC dated September 19, 2025. The Debtor is a privately owned limited liability company organized under the laws of the State of New York. The Debtor's business is the ownership of the Real Property which constitutes a "single asset real estate" entity as that term is defined in section 101(51B) of the Bankruptcy Code. The Real Property is improved by a single, two-story building (the "Building") and paved parking lot. The first floor of the Building is currently occupied by a retail pharmacy. The second floor is comprised of office space which is currently unoccupied. The Creditor's Plan is a liquidating plan with the centerpiece being the transfer of the Debtor's real property located in the County of Nassau, State of New York, known by the street address of 20 Forest Avenue, Glen Cove, New York, and formally described on the tax and land maps of the County of Nassau as Section 23, Block 1, Lots 228 and 229 (the "Real Property") to 20 Forest Ave LLC, the Creditor and hold of a debt secured by an interest in the Real Property. The Real Property is encumbered by, among other liens, a mortgage held by the Creditor in the face amount of $1,750,000 as evidenced by the assignment of mortgage dated December 21, 2023, and recorded with County Clerk for Nassau County. Pursuant to the proof of claim filed by Creditor on April 26, 2024, it was owed a total of $3,117,010.36 (Claim No. 2). The amount due and owing continues to increase with unpaid interest as well as protective advances and legal fees. The Creditor's Plan of Liquidation shall be funded by the Creditors' infusion of the cash necessary to allow the Plan to go effective. All allowed claims shall be paid in full upon the effective date. All fees awarded to professionals shall be paid only upon the entry of an appropriate Order by the Court made upon proper notice. The Creditor shall retain the Real Property in full satisfaction of the obligation of the Debtor as an obligor to the secured creditor. The Creditor shall retain any and all of its rights as against the guarantors as to any deficiency that may be due and owing to it. Upon confirmation, the pending litigation(s) described herein shall be dismissed, with prejudice. Class 3 consists of the General Unsecured Claim of Rita Jolly in the amount of $75,000 which claim is objected to and the General Unsecured Claim of NYCO Chemist VII Inc. in the amount of $11,580.19 which is affirmatively waived. The Plan provides no distribution to the sole claimant holding an alleged general unsecured claim against the estate in the amount of $75,000. This claim was scheduled by the Debtor as due and owing to Rita Jolly, an insider of the Debtor. The Plan Proponent shall file an objection seeking to expunge this claim in its entirety. Should the Court determine to allow the claim, the Creditor as Plan Proponent shall pay the claim as allowed on the Effective Date. The Claim of NYCO Chemist VII Inc. in the amount of $11,580.19 is affirmatively waived. Class is impaired and is entitled to vote. The Plan provides that the pre-petition Equity Interests in the Debtor shall be extinguished as the Debtor is being liquidated and shall not exist upon confirmation. Equity Interests shall be deemed to have rejected the Plan and are not entitled to vote. The Plan provides for the transfer of the Real Property to the Creditor in full and complete satisfaction of the amounts as to the Debtor and not as to any guarantors. The Plan Proponent shall contribute sufficient funds to pay all allowed claims as provided for herein upon the Effective Date. A full-text copy of the Disclosure Statement dated September 19, 2025 is available at https://urlcurt.com/u?l=cIlYIR from PacerMonitor.com at no charge. Attorneys for 20 Forest Ave LLC: The Kantrow Law Group, PLLC Fred S. Kantrow, Esq. 732 Smithtown Bypass, Suite 101 Smithtown, New York 11787 Phone: 516 703 3672 Email: fkantrow@thekantrowlawgroup.com About Forest Glen Realty Forest Glen Realty LLC is a privately owned limited liability company organized under the laws of the State of New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-70716) on Feb. 26, 2024. In the petition signed by Mohan Jolly, president, the Debtor disclosed with up to $10 million in both assets and liabilities. Judge Louis A. Scarcella oversees the case. Certilman Balin Adler & Hyman, LLP, serves as the Debtor's counsel. FR BR HOLDINGS: Moody's Assigns 'B3' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings assigned ratings to FR BR Holdings, L.L.C. (FR BR), including a B3 Corporate Family Rating, B3-PD Probability of Default Rating, and a B3 rating to its proposed five-year senior secured term loan. The rating outlook is stable. FR BR will use the proceeds from its senior secured term loan issuance to refinance its existing $311 million term loan due in 2027, establish a debt service reserve account, and pay fees. "FR BR's ratings reflect the underlying credit strength of Blue Racer Midstream, LLC (Blue Racer, B1 stable) and its structurally subordination to Blue Racer's debt," said Jake Leiby, Moody's Ratings Senior Analyst. "FR BR's debt is rated lower than Blue Racer's because the distributions it relies on from Blue Racer are a residual payment after Blue Racer has funded its own operating expenses and debt service." RATINGS RATIONALE FR BR's B3 CFR is reflects its single asset concentration in Appalachia, structurally subordinated position to Blue Racer's debt, and limited excess liquidity to manage unforeseen operational challenges. The rating also reflects the benefits of FR BR's joint ownership position as 50% equity owner of Blue Racer and its strong governance rights, although operatorship resides with The Williams Companies, Inc. (Williams, Baa2 positive) which owns the remaining 50% equity in Blue Racer. The rating also reflects the underlying credit strength of Blue Racer, an integrated gathering and processing company which connects liquids-rich Appalachian acreage to residue gas and NGL markets, provides natural gas gathering and processing, and mixed NGL fractionation and condensate stabilization services. Blue racer generates revenue through mostly fee-based contracts and has successfully grown volumes in recent years in part due to increased activity levels in the liquids-rich portion of the Utica shale play. FR BR's financial leverage is lower compared to other rated peers that hold minority equity positions in midstream assets or natural gas pipelines, both factoring in the leverage at Blue Racer and on a stand-alone basis relative to distributions received from Blue Racer. This lower leverage combined with the 50% joint ownership position and strong governance rights are important supports for the B3 CFR and B3-PD PDR, rather than a lower Caa1 CFR and Caa1-PD PDR that would be the more common three notches below the operating company rating that exists with its rated peers. However, Moody's notes that if Blue Racer's CFR were to upgrade that FR BR's ratings would more likely be maintained at three notches below Blue Racer's rating. Marketing terms for the new credit facility (final terms may differ materially) include the following: Incremental pari passu debt capacity up to $50 million plus unlimited amounts subject to 5.0x Proportionate Consolidated Total Net Leverage Ratio. There is no inside maturity sublimit. The credit agreement is expected to prohibit the designation of unrestricted subsidiaries, preventing collateral "leakage" to such subsidiaries. There are some limitations on up-tiering transactions, requiring affected lender consent for amendments that subordinate the debt and liens unless such lenders can ratably participate in such priming debt. The new term loan facility includes a financial maintenance covenant of 1.10x Debt Service Coverage Ratio, tested quarterly. The capital structure is portable to a Qualified Owner subject to ratings reaffirmation. Moody's expects FR BR to maintain adequate liquidity through at least early 2027. The company is expected to have limited cash at closing, no revolving credit facility, and a six-month debt service reserve account. Moody's expects FR BR to continue to receive consistent distributions from Blue Racer in excess of its interest and amortization requirements, which should allow it to build a cash cushion over time and maintain compliance with its 1.10x Debt Service Coverage Ratio covenant. However, Moody's do not expect the company to maintain a large cash balance and that most cash flow in excess of debt service requirements and capital investments will be distributed to its owner. FR BR's senior secured term loan is rated B3, the same level as the company's B3 CFR, because of the preponderance of a single class of debt in the capital structure. The stable rating outlook is consistent with Blue Racer's stable outlook and reflects Moody's expectations for ongoing cash distributions from Blue Racer to allow the company to gradually delever and maintain an adequate cash balance for liquidity needs. ESG CONSIDERATIONS There is discernible impact on the rating (CIS-4) driven by high exposure to governances risks. FR BR is wholly owned by First Reserve, a private equity firm, is structured as a holding company for a non-operated equity position in a joint venture, and provides limited financial disclosures. Concentrated ownership increases the risks of financial policies that favor equity owners over creditors. In 2023, the company entered into a forebearance agreement with its lenders, which Moody's views as a default and has been incorporated in Moody's views of the company's track record. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS In order for FR BR's ratings to be upgraded, Blue Racer's ratings would have to be upgraded and FR BR's debt and financial leverage would have to substantially decline. FR BR's ratings could be downgraded if Blue Racer's ratings are downgraded or if distributions from Blue Racer are reduced or FR BR's debt is increased to a level that results in a material increase in stand-alone leverage and weaker liquidity. FR BR, headquartered in Houston, TX, is a First Reserve backed Delaware incorporated limited liability company, which owns a 50% equity interest in Blue Racer Midstream, LLC – an integrated midstream company focused in the Utica and Marcellus Shale plays in eastern Ohio, Pennsylvania and West Virginia. The principal methodology used in these ratings was Midstream Energy published in February 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. FRANCHISE GROUP: SEC Sues Ex-CEO Over Co.'s Collapse ---------------------------------------------------- David Voreacos of Bloomberg News reports that the U.S. Securities and Exchange Commission filed a lawsuit against Brian Kahn, the former chief executive of Franchise Group Inc., alleging his role in the downfall of a hedge fund he helped oversee. At the same time, federal prosecutors unveiled criminal charges against fund co-owner Jeffrey Spotts, escalating the legal fallout from the case. Court documents filed Monday, September 29, 2025, in Trenton, New Jersey, accuse Kahn and other executives of running a "multi-year investment adviser fraud" that drained investors of more than $350 million. Acting U.S. Attorney Alina Habba said the scheme misled dozens of investors, who collectively lost about $294 million. Regulators say Prophecy Asset Management, along with Kahn and Spotts, misrepresented the fund as a low-risk vehicle while concealing sham transactions with falsified documents. Spotts, 58, was indicted on counts of wire fraud, securities fraud, and conspiracy. He pleaded not guilty in Trenton federal court on Monday, September 29, 2025, according to his attorney. If convicted, he could face up to 20 years in prison on three of the charges tied to the alleged fraud. About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FRED'S INC: C.H. Robinson Case Can't Proceed to Mediation --------------------------------------------------------- The Honorable Jennifer L. Hall of the United States District Court for the District of Delaware accepted the recommendation of Magistrate Judge Eleanor G. Tennyson that the case styled C.H. ROBINSON COMPANY, INC., Appellant, v. FI LIQUIDATING TRUST, Appellee, Case No. 25-cv-00770-JLH (D. Del.) be withdrawn from the mandatory referral for mediation and proceed through the appellate process of this Court. Briefing on this bankruptcy appeal shall proceed in accordance with the following schedule: 1. Appellant's brief in support of the appeal is due on or before October 22, 2025. 2. Appellee's brief in opposition to the appeal is due on or before November 21, 2025. 3. Appellant's reply brief is due on or before December 5, 2025. A copy of the Court's Order dated September 22, 2025, is available at https://urlcurt.com/u?l=jBlOL0 from PacerMonitor.com. About Fred's Inc. Since 1947, Fred's, Inc. (NASDAQ:FRED) -- http://www.fredsinc.com/ -- has been an integral part of the communities it serves throughout the southeastern United States. Fred's mission is to make it easy AND exciting to save money. Its unique discount value store format offers customers a full range of value-priced everyday items, along with terrific deals on closeout merchandise throughout the store. Fred's, Inc., and its subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11984) on Sept. 9, 2019 in Delaware. In the petitions signed by Joseph M. Anto, CEO, the Debtors disclosed $474,774,000 in assets and $380,167,000 in liabilities as of May 4, 2019. The Hon. Christopher S. Sontchi oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Kasowitz Benson Torres LLP as general bankruptcy counsel; Akin Gump Strauss Hauer & Feld LLP as special counsel; Epiq Bankruptcy Solutions LLC as claims and noticing agent; and Berkeley Research Group, LLC, as financial advisor. FREE SPEECH: Court Says Jones' Ch. 7 Stay Doesn't Protect Assets ---------------------------------------------------------------- Vince Sullivan of Law360 reports that the Chapter 7 bankruptcy stay protecting Alex Jones does not shield the property of his company, Free Speech Systems, a Texas judge said Wednesday, October 1, 2025. The Troubled Company Reporter, citing Randi Love of Bloomberg Law, previously reported that in a September 26, 2025 filing, the families of Sandy Hook shooting victims asked the U.S. Bankruptcy Court for the Southern District of Texas to make clear that they may pursue Infowars' parent company assets. The request came after Alex Jones sought to persuade courts that the property is protected by the stay in his personal Chapter 7 bankruptcy, according to the report. The families argued that Free Speech Systems LLC's assets do not belong to Jones' personal estate and therefore aren't subject to the litigation pause, the report states. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. GENESIS HEALTHCARE: Sues HHS to Prevent Closure of Alabama Facility ------------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Genesis Healthcare lodged an adversary complaint against the U.S. Department of Health and Human Services' Centers for Medicare and Medicaid Services, aiming to prevent the closure of an Alabama skilled nursing facility. The Troubled Company Reporter, citing Hilary Russ of Law360 Bankruptcy Authority, previously reported 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 TCR, citing Soma Biswas of The Wall Street Journal, also 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 facility -- just one out of five stars for several years -- and staffing levels that fell below national standards, the report states. Genesis said it disagrees with the closure order and intends to challenge it, though the company will follow the requirement to relocate residents. The dispute unfolds as Genesis pursues a restructuring plan, with an affiliate of current owner Joel Landau named as the lead bidder in an upcoming auction, a move opposed by groups of tort claimants. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. The U.S. Trustee for Region 11 appointed Michael Bubman of BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC and Peter Gudaitis of Aculabs, Inc., as additional members of the official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel. GLIDE LOGISTICS: Court Extends Cash Collateral Access to Nov. 19 ---------------------------------------------------------------- Glide Logistics, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court issued its fourth interim order authorizing the Debtor to use its cash collateral through November 19 to make these monthly payments to lenders: $4,500 to BMO Bank, N.A.; $800 to Commercial Credit Group, Inc.; $3,000 to First Citizens; $1,675 to Auxilior Capital Partners, Inc.; and $400 to Mitsubishi HC Capital America, Inc. The Debtor may exceed the budgeted amounts by up to 20% for unexpected contingencies and $2,000 for any other ordinary business expenses for the two months combined. As adequate protection, Commercial Credit, First Citizens, Auxilior, Mitsubishi and the U.S. Small Business Administration will be granted valid, perfected, enforceable security interests in the Debtor's post-petition assets and the proceeds thereof, with the same priority and extent as their pre-bankruptcy liens. As further protection, the Debtor was ordered to keep the equipment that is the subject of the lenders' liens insured. The next hearing will be held on November 19. About Glide Logistics Inc. Glide Logistics Inc. is a transportation company specializing in open deck, heavy haul, and oversize freight services across the United States. Glide Logistics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03258) on March 2, 2025. In its petition, the Debtor reported total assets of $1,220,786 and total liabilities of $1,050,846. Judge Janet S. Baer handles the case. Keevan D. Morgan, Esq., at Morgan & Bley, Ltd. is the Debtor's legal counsel. Auxilior Capital Partners, Inc., as lender, is represented by: Diana Perez, Esq. Wright Law Group, PLLC 2405 W Grand Ave., Ste. B PMB 84356 Chicago, IL 60612-1577 Direct: (312) 778-6438 Fax: (312) 778-6438 dperez@replevin.com Mitsubishi HC Capital America, Inc., as lender, is represented by: W. Kent Carter, Esq. Gordon Rees Scully Mansukhani, LLP One North Wacker, Suite 1600 Chicago, IL 60606 Phone: 312.619.4900 kentcarter@grsm.com GRADY'S HARDWARE: Steven Nosek Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for Grady's Hardware, Inc. Mr. Nosek will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.com About Grady's Hardware Inc. Grady's Hardware, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-43090) on September 22, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Mary Sieling, Esq., at Sieling Law, PLLC represents the Debtor as bankruptcy counsel. GROUPE SOLMAX: Moody's Rates Extended First Lien Revolver 'Caa1' ---------------------------------------------------------------- Moody's Ratings assigned a Caa1 rating to Groupe Solmax Inc.'s (Solmax) extended senior secured first lien revolving credit facility due May 2027. Moody's expects to withdraw the Caa1 rating for the existing senior secured revolving credit facility at close. All other ratings are unaffected, including Solmax's Caa1 corporate family rating, Caa1-PD probability of default rating, and existing senior secured first lien term loan rating of Caa1. The stable outlook remains unchanged. The extended revolver is a credit positive for Solmax as Moody's views of external liquidity improves as Moody's had not considered the previously current facility as a source of liquidity. The extended revolver improves liquidity during periods of need including negative working capital swings that typically occur early in each year as well as for the build out of its new European facility should additional proceeds be required. Moody's views remains constrained by recent challenged performance including negative free cash flow, significant execution risk in the face of increasing competition, and a lack of visibility towards improving operations. The lowered sizing of the extended facility (USD92.5 million versus USD100 million previously) raises some concerns of lower lender interest. The company will still need to secure another extension prior to the revolver coming current in May 2026 as well as refinance the entire debt structure prior to coming current in May 2027. RATINGS RATIONALE Solmax's rating is constrained by its: (1) elevated debt to EBITDA at 7.5x and weak EBITA to interest expense at 0.7x as of last twelve months to March 31, 2025 (LTM Q1 2025) that Moody's expects will remain weak in 2025; (2) product concentration in the niche geosynthetic market which is exposed to cyclical public and private infrastructure and construction spending; (3) relatively small scale with revenue of around $850 million; and (4) a more difficult operating environment in their end markets of Asia and AMER due to heightened competition. While Solmax is exposed to variability in the prices of raw materials (resin), it is largely mitigated by pass-through pricing for its products. The company's rating benefits from: (1) leading market position in a competitive and highly fragmented industry; (2) a diversified business model through multiple geosynthetic product types with good geographical diversification; (3) exposure to numerous end markets including infrastructure, waste management, mining and construction that helps offset their inherent cyclicality; and (4) a diverse customer base with the top 10 customers making up less than 25% of revenue. Solmax has weak liquidity through Mar 2026, with sources approximating $125 million against uses of about $7 million of mandatory payments payable under the amortizing term loan. Solmax's liquidity is supported by cash on hand of about $22 million as of March 2025, Moody's expectations of break-even free cash flow for the next 12 months to Mar 2026, and full availability under its $92.5 million revolver expiring 2027. Solmax is subject to a net leverage covenant if the revolver is drawn by more than 30%. Moody's do not expect the covenant to be applicable in the next four quarters. Solmax has a moderate ability to generate liquidity from asset sales as most of its assets are encumbered. The first-lien pari passu term loan and revolving credit facility are rated Caa1, the same as the CFR, because they make up the preponderance of the debt in the capital structure. The stable outlook reflects Moody's expectations that Solmax generates stable EBITDA maintaining leverage around 7.0x while the company works on improving operations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if it successfully refinances its upcoming maturities, leverage reduces to below 7.5x, its EBITA/interest coverage increases to over 1.0x and its free cash flow becomes positive on a sustained basis. The rating could be downgraded if Solmax's liquidity weakens further, the company fails to refinance its revolver maturity, or if a restructuring resulting in losses occurs. The rating is also likely to be downgraded if Solmax's Moody's-adjusted EBITA/interest coverage is sustained below 0.5x and the company continues generating negative free cash flow for an extended period of time. Groupe Solmax Inc. is a manufacturer of geosynthetic products that are large sheets of plastics that provide containment solutions to the waste management, water management, mining, oil & gas, road infrastructure, pipeline, and construction industries. The company is privately owned by Fonds de Solidarité des Travailleurs Du Québec, CDP Investissements Inc. (wholly owned by Caisse de dépôt et placement du Québec), and indirectly the founder, with all three having equal ownership. The company's head office is in Longueuil, Quebec, Canada. The principal methodology used in this rating was Manufacturing published in September 2025. HELLO ALBEMARLE: Amends NYSF Secured Claim Details -------------------------------------------------- Hello Albemarle LLC submitted a Disclosure Statement for First Amended Chapter 11 Plan of Liquidation dated September 22, 2025. The Plan is the result of substantial good faith and arm's length negotiations by and among the Debtor, the Debtor's secured creditor, and the creditors' committee to provide meaningful recoveries for the Debtor's stakeholders and provide for a viable path to confirmation, consummation, and conclusion of this chapter 11 case. This Plan contemplates (i) the closing of the sale of the Debtor's Property, located in Brooklyn, New York, which is the only material asset of this Estate, to the Debtor's senior secured creditor pursuant to its successful credit bid; and (ii) the establishment of a cash fund by the Debtor's senior secured creditor; and (iii) the distribution of the cash fund to the Debtor's general unsecured creditors in accordance with the terms of this Plan. Class 1 consists of NYSF Secured Claim. The amount of claim in this Class total $11,255,029.85. NYSF credit bid $7,500,000 of its Allowed Secured Claim as the purchase price in connection with the Property Sale. NYSF shall subordinate its deficiency claim to provide for a distribution to Holders of Allowed General Unsecured Claims and shall not participate in any Distributions to the Holders of Allowed General Unsecured Claims, unless all such Holders of Allowed General Unsecured Claims are paid in full. Like in the prior iteration of the Plan, each Holder of an Allowed General Unsecured Claims shall receive, in full and final satisfaction of such Allowed General Unsecured Claim, their pro rata share of the Debtor's cash on hand on the Effective Date after payment of Allowed Administrative Expense Claims, or such lesser treatment as to which the Debtor and the Holder of any such Allowed General Unsecured Claim shall have agreed upon in writing. Class 4 consists of Equity Interests. No Distributions of any kind will be made to the Holders of Equity Interests. As a condition to effectiveness of the Plan, the Debtor must close the Property Sale. The Property Sale shall be exempt from otherwise applicable Transfer Taxes in accordance with section 1146(a) of the Bankruptcy Code. The Plan and the Distributions provided for therein shall be funded by the Cash Fund, the Debtor's cash on hand (estimated to be approximately $25,000.00 on the Effective Date), the KTAP Carve Out, the Committee Carve Out, and such other funds that NYSF shall pay to satisfy Allowed Administrative Expense Claims, including Allowed Professional Fee Claims; provided, however, that the Property Tax Claims shall be paid and satisfied directly by NYSF at the closing of the Property Sale as provided in the Plan. A full-text copy of the Disclosure Statement dated September 22, 2025 is available at https://urlcurt.com/u?l=Hez7LT from PacerMonitor.com at no charge. Counsel to the Debtor: Paul H. Aloe, Esq. David N. Saponara, Esq. Kudman Trachten Aloe Posner LLP 488 Madison Avenue, 23 rd Floor New York, NY 10022 Telephone: (212) 868-1010 Email: paloe@kudmanlaw.com dsaponara@kudmanlaw.com About Hello Albemarle LLC JG Albemarle, LLC and six other creditors of Hello Albemarle, LLC, filed an involuntary Chapter 11 petition (Bankr. E.D.N.Y. Case No. 23-41326) against the company on April 19, 2023. The creditors are represented by Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP. Judge Nancy Hershey Lord oversees the case. HERTZ CORP: Moody's Rates New Senior Unsecured Notes 'Caa1' ----------------------------------------------------------- Moody's Ratings assigned a Caa1 rating to the new senior unsecured exchangeable notes that The Hertz Corporation proposes to issue. All other ratings of Hertz are unaffected, including the B2 corporate family rating, the B2-PD probability of default rating, the Ba3 rating on the senior secured revolving credit facility, the senior secured term loans B and the senior secured term loan C. The Ba3 rating on the senior secured first lien notes, the B3 rating on the senior secured second lien notes and the Caa1 rating on the existing senior unsecured notes are also unaffected. The outlook remains negative. Hertz intends to use the net proceeds from the issuance of the notes to fund the cost of entering into certain capped call transactions and to fund the partial redemption or repurchase of the outstanding senior unsecured notes due 2026. RATINGS RATIONALE The B2 corporate family rating reflects Hertz' position as one of three leading players in the North American car rental sector. Despite its oligopolistic nature, the sector is highly competitive and has been prone to price pressure in the event of imbalances between industry fleet levels and customer demand. Hertz is also heavily reliant on capital markets to fund annual fleet purchases. Unfavorable conditions in the car rental market weigh heavily on Hertz' earnings due to lower revenue per day and high depreciation on costly vehicles purchased in prior years. High operating cost and interest expense pose a further drag on earnings. An accelerated rotation of Hertz vehicle fleet will lower depreciation expense in 2025 considerably. This will help restore profitability but Moody's do not expect the pre-tax income margin to turn positive before 2026, later than previously expected. The execution of other earnings enhancing measures, including initiatives to lower operating cost, appear to be taking more time. The ability of Hertz to successfully implement actions to increase revenue per vehicle and lower operating cost will be critical to turn the pre-tax income margin positive in 2026. Debt/EBITDA, calculated including vehicle debt, will exceed 5.5 times in 2025 before moderating to less than 5.5 times in 2026, Moody's estimate. The negative outlook reflects the reliance on the successful implementation of a number of initiatives to improve earnings and liquidity. The limited progress in improving operating results to date leaves very little cushion for missteps or for dealing with additional challenges at the current rating level. Weaker travel demand could further slow down the improvement in Hertz' earnings. Moody's expects liquidity to remain adequate (SGL-3) with an aggregate balance of cash and committed availability under the revolving credit facility of at least $1 billion. Moody's believes management is intensely focused on improving liquidity, including by seeking alternative sources of liquidity to replace the $335 million reduction in the committed amount of the revolving credit facility, effective in June 2026. Hertz' funding needs include a litigation payment of more than $300 million or potential settlement in relation to this litigation, as well as the $500 million principal amount of senior unsecured notes due December 2026. The risk of a cash collateral call from Hertz' fleet funding program subsided following an increase in used vehicle prices. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded with evidence that Hertz is executing its strategy successfully, including a disciplined approach to fleet size, maintaining fleet utilization above 75 percent and a sustained improvement in financial performance. Metrics that would reflect this improvement include pre-tax income as a percent of sales of at least 5%; EBITA/average assets of more than 5%; and debt/EBITDA of less than 4.5 times. Good liquidity that comfortably covers seasonal fleet expansion is also important for an upgrade. The ratings could be downgraded if Hertz is unable to demonstrate clear progress in improving its earnings through lower depreciation expense from fleet rotation as well as cost and revenue enhancing initiatives. The ratings could also be downgraded if the year-on-year decline in rental rates does not abate, or if there is a steep drop in used vehicle prices that requires Hertz to increase collateral under its vehicle financing programs. Metrics that would contribute to a rating downgrade include a lack of progress in restoring pre-tax income as a percent of sales to 2.5% or more, or debt/EBITDA sustained above 5.5 times. The ratings could also be downgraded if liquidity weakens, including an inability to timely address upcoming maturities, litigation or other obligations, or if evidence emerges that Hertz' pursues policies that favor the interest of its controlling shareholders. The principal methodology used in this rating was Equipment and Transportation Rental published in December 2024. The Hertz Corporation is one of the world's leading car rental companies, operating under the Hertz, Dollar and Thrifty brands. Revenue was $8.6 billion in the 12 months ended June 30, 2025. HILMORE LLC: Unsecureds Will Get 100% of Claims over 5 Years ------------------------------------------------------------ Hilmore LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement in support of Plan of Reorganization dated September 22, 2025. The Debtor was formed as a California limited liability company in July 2018. It is owned and operated by Shahrokh Javidzad ("Steve") and Shahpour Javidzad ("Shawn"). The Debtor was formed as a holding entity for real property located at 536 Hilgard Ave., Los Angeles, California 90024 ("Hilgard Property"). The Hilgard Property is Debtor's only asset, and Debtor's operations are limited to the maintenance and management of that property. The Hilgard Property is currently occupied by 95-year old Nasser Javidzad ("Nasser") and his wife 82-year old Manijeh Javidzad ("Mr. and Mrs. Javidzad"), the parents of Steve and Shawn. There is no written or oral lease agreement between Debtor and Mr. and Mrs. Javidzad because the Hilgard Property has served as the couple's primary residence for nearly thirty years. Debtor does not receive monthly rental payments from Mr. and Mrs. Javidzad, and the Hilgard Property is essentially being held by Debtor until it can be refinanced or sold. This Chapter 11 filing reflects Debtor's good faith effort to preserve its only real property asset, resolve lien disputes, and protect value for creditors and the Javidzad family. Debtor intends to propose a feasible reorganization plan that addresses these issues under current market conditions. Pursuant to Appraisal Report prepared by SunWest Appraisals and the upward trend of the real estate market, and based on Debtor's principal's knowledge and comparative homes, Debtor believes the Hilgard Property has a fair market value of approximately $6 million. Debtor’s general unsecured claims are in the approximate amount of $33,149.55. The fair market value of Debtor's assets is approximately $6 million, which is above the total liabilities against the estate in the approximate amount of $4,660,811.31. The net liquidation value available to general unsecured creditors is approximately $33,149.55, which represents 100% of the allowed general unsecured claims. This is a reorganization plan. In other words, the Proponent seeks to accomplish payments under the Plan with family contributions to the Proponent. Class 5 consists of General Unsecured Claims. Each member of Class 5 shall be paid 100% of its claim over five years in equal monthly installments, due on the first day of each calendar month, without interest, starting on the Effective Date. The percentage is fixed: this Plan is a commitment to pay this percentage regardless of future revenues, expenses, or the total allowed claims. If Debtor is unable to pay this percentage then that will be a default under this Plan. The allowed unsecured claims total $33,149.55. This class is impaired. The plan will be funded by the ongoing capital contributions by the Javidzad Sons and other family. A full-text copy of the Disclosure Statement dated September 22, 2025 is available at https://urlcurt.com/u?l=S8WXLH from PacerMonitor.com at no charge. General Bankruptcy Counsel for Hilmore, LLC: Sheila Esmaili, Esq. LAW OFFICES OF SHEILA ESMAILI 10940 Wilshire Blvd., Suite 1600 Los Angeles, California 90024 T: 310.734.8209 | F: 877.738.6220 E: selaw@bankruptcyhelpla.com W: www.bankruptcyhelpla.com About Hilmore LLC Hilmore LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Hilmore LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.: 25-10481) on Jan. 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Raymond H. Aver, at LAW OFFICES OF RAYMOND H. AVER. IN HOME PERSONAL: East Dundee Property Sale to Ellen Heffron OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois has granted In Home Personal Services, Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 605 Barrington Ave, Unit 226, East Dundee, Illinois. The Court has authorized the Debtor to sell the Property to Ellen R. Heffron with the purchase price of $75,000. The Court held that the Debtor may sell the Property free and clear of all liens. The IRS's lien, notice of which was filed with the Recorder of Kane County, Illinois on October 19, 2021 and any lien of Village Green of East Dundee Condominium Association, shall attach to the proceeds of the sale (net of closing cost) in accordance with their validity and order of priority under applicable law. The proceeds shall be held by the Law office of James Young in his IOLTA account until the validity and order of priority of liens is determined either by agreement of the parties or court order. About In Home Personal Services In Home Personal Services Inc. operates a health care business in Carpentersville, Ill. In Home Personal Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08842) on June 15, 2024, with total assets of $744,226 and total liabilities of $3,509,818. Michael Collura, president of In Home Personal Services, signed the petition. Judge Jacqueline P. Cox oversees the case. The Debtor tapped James A. Young, Esq., at James Young Law as bankruptcy counsel and Lois West, CPA, at KRD Accountants Ltd. as accountant. IRIDESCENT HOTEL: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------------- On September 29, 2025, Iridescent Hotel LLC submitted a voluntary Chapter 7 bankruptcy petition in the Northern District of Texas. According to court documents, the company listed liabilities estimated at $0 to $100,000 and identified 1 to 49 creditors. About Iridescent Hotel LLC Iridescent Hotel LLC is a limited liability company. Iridescent Hotel LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43701) on September 29, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Marc W. Taubenfeld of Munsch Hardt Kopf And Harr. ISOLVED INC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on U.S. cloud-based human capital management (HCM) software provider iSolved Inc. and its 'B' issue-level ratings on its revolver and first-lien term loan. S&P said, "The stable outlook reflects our view that the company will maintain good revenue growth, supported by customer wins and tuck-in acquisitions, and will improve EBITDA margins over the next 12 months. We expect EBITDA growth will increase free operating flow (FOCF) and decrease leverage to slightly above 6x at the end of 2025 and below 6x in 2026." iSolved Inc. has maintained around mid-single digit percent organic revenue growth despite ongoing macroeconomic uncertainties, reflecting the critical nature of its solutions. In addition to contributions from tuck-in acquisitions, S&P expects total revenue growth of 14%-15% in 2025. S&P said, "We also expect S&P Global Ratings' adjusted EBITDA margins to increase to at least 24.5% with operating leverage gains and efficiencies exceeding acquisition-related expenses. We expect this to lower leverage to just above 6x at the end of 2025 from 7.5x last year." Secular demand and tuck-in acquisitions support iSolved's revenue growth despite macroeconomic uncertainties. The company's organic revenue growth reflects the good secular demand in the cloud HCM and payroll software market due to digital transformation trends. International Data Corp. expects the U.S. public cloud HCM and payroll applications market to grow at a 13.2% compound annual growth rate from 2023 to 2028. This secular demand has allowed it to win new customers despite weaker cross-sell and upsell opportunities within its existing customer base amid a more uncertain macroeconomic environment, as demonstrated by a slight moderation in net retention rates with existing customers to about 100% as of June 30, 2025 from 103% a year ago. iSolved's smaller revenue scale and focus on U.S. small and medium-sized business (SMB) and midmarket customers leave it somewhat more exposed to macroeconomic conditions compared to larger cloud HCM peers like Workday or UKG. Nonetheless, secular demand and iSolved's highly recurring revenue base (representing over 90% of total revenues) should drive continued organic revenue growth of up to 5% over the next 12 months. S&P said, "We also expect contributions from recent and future tuck-in acquisitions (including of network partners) to support total revenue growth of 14%-15% in 2025 and 9%-10% in 2026. We consider these deals, typically funded with internal cash generation or incremental debt, a core part of iSolved's growth strategy." S&P said, "We expect EBITDA margin expansion and good FOCF generation to decrease leverage over the next 12 months. Assuming no major debt-funded acquisitions, we expect S&P Global Ratings' adjusted leverage to decrease to about 6.2x at the end of 2025 and to mid-5x in 2026 from 7.5x as of December 2024. This largely reflects EBITDA margins improving toward at least 25% by 2026 due to operating leverage gains and efficiencies as iSolved's revenue base grows. We expect this to exceed the cost and initial dilutive impact of the company's acquisition strategy, as well as potentially lower high-margin income on customer funds held in its payroll business in a lower interest rate environment. "Our leverage calculation now excludes iSolved's class A shares from adjusted debt under our new controlling shareholder financing criteria. This revised methodology no longer requires that such instruments must be sold together with common equity, before we exclude them from our debt figures. Although the class A shares accrue a 10% annual dividend yield and rank higher than common shares in distributions, they are perpetual instruments with paid-in-kind (PIK) dividends that are subordinated to its debt and without any mandatory redemption or acceleration provisions. "Furthermore, we expect EBITDA growth and lower cash interest expenses to drive greater annual reported FOCF in 2025 and 2026 of at least $50 million. This FOCF generation and its $45 million cash balance and fully available $90 million revolving credit facility (RCF) as of June 30, 2025 should be sufficient liquidity to meet modest debt servicing requirements and undertake reasonably sized tuck-in acquisitions. "The stable outlook reflects our view that iSolved will maintain good revenue growth, supported by customer wins and tuck-in acquisitions, and improving EBITDA margins over the next 12 months. We expect EBITDA growth will drive greater FOCF generation and leverage decreasing to slightly above 6x at the end of 2025 and below 6x in 2026." S&P could lower its rating on iSolved if: -- Its performance is worse-than-expected with macroeconomic uncertainties affecting customers' spending or employee count; -- Business execution or acquisition integration missteps lower customer retention and erode EBITDA margin; or -- It pursues significant debt-financed acquisitions or elevated shareholder distributions that cause its S&P Global Ratings' adjusted leverage to exceed 7x or FOCF to debt to fall to low-single-digit percent. S&P could raise the rating if iSolved: -- Increases its revenue well above the wider HCM market, signifying market share gains, while continuing to expand its EBITDA margins; and -- Reduces leverage below 5x on a sustained basis, while maintaining FOCF to debt of high-single-digit percent. S&P would also need to believe its financial sponsor would maintain a financial policy supporting these credit metrics. J PAUL ROOFING: Amends Final Cash Collateral Order -------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, entered a first amended final order granting J Paul Roofing & Construction, Inc. authority to use cash collateral. The first amended final order authorized the Debtor to use its revenue and other cash collateral to pay business expenses as outlined in its 14-day and 30-day budget. The Debtor's 30-day budget shows total operational expenses of $155,135.28. The Debtor may spend up to 110% of individual expense in the budget without further court approval. As separately ordered by the court based on the Debtor's motion for approval of its insurance premium finance agreement, the Debtor is authorized to exceed the 110% budget limit and make the initial deposit of $15,393.39 for the insurance purchased. This ensures that insurance coverage remains in place during the bankruptcy process. As adequate protection for the Debtor's use of their cash collateral, secured creditors with valid liens will be granted replacement liens on cash collateral generated and assets acquired by the Debtor after its Chapter 11 filing, subject to a fee carveout. Replacement liens do not attach to Chapter 5 avoidance actions or their proceeds. The Debtor has secured loans from the U.S. Small Business Administration and Mulligan Funding, with liens on accounts receivable and cash, which constitute their cash collateral. About J Paul Roofing & Construction Inc. J Paul Roofing & Construction Inc. operates a roofing and exteriors business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33290-mvl11) on August 28, 2025. In the petition signed by Jason Paul, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge MIchelle V. Larson oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. JAF LTD: Hires Gensburg Calandriello & Kanter P.C. as Attorney -------------------------------------------------------------- JAF Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Gensburg Calandriello & Kanter, P.C. as attorneys. The firm's services include: a. providing legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the continued operation of his business and management of his property; b. negotiating, drafting, and pursuing all documentation necessary in this case; c. preparing on behalf of the Debtor all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtor's estate; d. appearing in court and protecting the interests of the Debtor before the Court; e. attending all meetings and negotiating with representatives of creditors, the United States Trustee, and other parties-in-interest; f. providing legal advice regarding bankruptcy law, corporate law, corporate governance, transactional, tax, labor, litigation, and other issues to the Debtor in connection with the Debtor's ongoing business operations; and g. performing all other legal services for, and providing all other legal advice to, the Debtor which may be necessary and proper in this case. GCK's hourly rates are: E. Philip Groben $395 Misty J. Cygan $400 E. Philip Groben, Esq., a partner of Gensburg Calandriello & Kanter, assured the court that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: E. Philip Groben, Esq. GENSBURG CALANDRIELLO & KANTER, P.C. 200 West Adams St., Ste. 2425 Chicago, IL 60606 Telephone: (312) 263-2200 Facsimile: (312) 263-2242 Email: pgroben@gcklegal.com About JAF Ltd. JAF Ltd. is a small Illinois corporation with locations in Chicago. JAF Ltd. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13020) on August 1, 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 Timothy A. Barnes handles the case. The Debtor is represented by E. Philip Groben, III, Esq. of Gensburg Calandriello & Kanter, P.C. JSL COMPANIES: James Coutinho Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed James Coutinho of Allen Stovall Neuman & Ashton, LLP, as Subchapter V trustee for JSL Companies, LLC. Mr. Coutinho will be paid an hourly fee of $385 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Coutinho declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James A. Coutinho Allen Stovall Neuman & Ashton LLP 10 W. Broad St., Ste. 2400 Columbus, OH 43215 Telephone: (614) 221-8500 Email: coutinho@asnalaw.com About JSL Companies LLC JSL Companies, LLC, doing business as Boat & RV Accessories, is a retailer of marine and recreational vehicle parts and equipment in the United States. It offers a wide range of products including boat accessories, RV appliances, HVAC parts, solar power systems, and power generation equipment. It distributes components from brands such as Dometic, Atwood, Thetford, and Battery Tender to boat and RV owners nationwide. JSL Companies filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-31919) on September 23, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Joseph Medsker, company owner, signed the petition. Judge Tyson A. Crist presides over the case. Denis E. Blasius, Esq., at Thompsen Law Group, LLC represents the Debtor as bankruptcy counsel. JUST DO IT: Seeks to Tap Roderick Linton Belfance as Legal Counsel ------------------------------------------------------------------ Just Do It, Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Roderick Linton Belfance, LLP as counsel. The firm's services include: (a) advising Debtor with respect to their powers and duties as debtor-in-possession in the continued operation of the business; (b) advising Debtor with respect to all bankruptcy matters; (c) preparing all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estates of Debtor; (d) representing Debtor at all hearings on matters relating to its affairs and interests as debtor-in-possession before this Court and protecting the interests of Debtor; (e) prosecuting and defending litigated matters that may arise during these cases, including such matters as may be necessary for the protection of Debtor's rights, the preservation of estate assets, or Debtor's successful reorganization; (f) advising Debtor with respect to other legal matters that may arise during the pendency of the case; and (g) performing other legal services that are necessary for the economic and efficient administration of the case. The firm's hourly rates are: Steven J. Heimberger, Partner $335 David Randolph, Associate $265 Partner Attorneys $300 to 395 Associate & Of Counsel $225 to 325 Paralegals $125 to 165 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $7,500. Steven Heimberger, Esq., an attorney at Roderick Linton Belfance, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven J. Heimberger, Esq. Roderick Linton Belfance, LLP 50 S. Main Street, 10th Floor Akron, OH 44308 Telephone: (330) 434-3000 Facsimile: (330) 434-9220 Email: sheimberger@rlbllp.com About Just Do It Just Do It, Ltd. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-51482) on August 28, 2025, with $500,001 to $1 million in assets and liabilities. Judge Alan M. Koschik presides over the case. Steven Heimberger, Esq. at Roderick Linton Belfance, LLP represents the Debtor as legal counsel. KBR INC: Fitch Puts 'BB+' LongTerm IDR on Watch Negative -------------------------------------------------------- Fitch Ratings has placed KBR, Inc.'s ratings, including its Long-Term Issuer Default Rating (IDR), on Rating Watch Negative (RWN) due to the company's plans to spin off its Mission Technology Solutions (MTS) business into a separate company. The RWN applies to all the company's rated debt. New KBR will consist of the Sustainability Technology Solutions (STS) business. The RWN mainly reflects the uncertainty surrounding New KBR's future capital structure and financial policy, as well as the smaller size and lower level of diversification following the spin-off. Resolution of the RWN is expected at transaction completion, currently anticipated in mid- to late 2026, contingent on greater clarity regarding New KBR's capital structure, financial policy and strategic objectives. Key Rating Drivers Planned Spin-Off of MTS Business: The planned spin-off of the MTS business will create two separate companies with differing profiles. The higher-margin, growth-oriented New KBR will be comprised of the STS business, focused on energy transition and decarbonization, leveraging proprietary IP-protected process technologies and its engineering and advisory capabilities. The lower-margin government IT-focused MTS business benefits from a multiyear backlog and lower, more stable growth prospects relative to STS. Fitch believes the planned spin-off will enhance the operational and strategic focus of STS and MTS. Low Double-Digit Pre-Spin EBITDA Margins: Fitch expects pre-spin KBR to generate low double-digit EBITDA margins and low to mid-single-digit FCF margins over the next few years. Fitch views these as in line with government services peers and the 'BB' rating category. While pre-spin profitability is weaker relative to sustainable energy peers, Fitch views the company's margins as less variable. Fitch expects MTS to generate lower, more stable margins, while New KBR is expected to generate low 20% EBITDA margins which are viewed as more variable without the stabilizing MTS segment. Sub-3.5x Pre-Spin Leverage: Fitch views pre-spin KBR's leverage metrics to be in line with the 'BB+' rating level. The agency expects EBITDA leverage to fluctuate in the 2.5x-3.5x range, depending upon the pace and magnitude of acquisitions and debt repayment. Management has indicated that MTS may support higher leverage, with New KBR likely to operate with a more conservative leverage profile. M&A-Focused Capital Deployment: KBR has a track record of executing M&A, and Fitch expects M&A to remain a strategic focus for STS and MTS post-spin. Fitch also believes the spin-off should enhance bid competitiveness and better align capital deployment and financial priorities with the distinct strategic objectives of the separated businesses. Other Rating Considerations: KBR's 'BB+' IDR incorporates its multiyear backlog, positive FCF generation, and exposure to growth areas of the defense budget and sustainability trends. The rating also reflects KBR's current financial policy and capital deployment strategy, which could include debt-funded M&A as a focus area. Peer Analysis KBR's diverse set of offerings serving the government, commercial and industrial end markets is unique relative to peers. KBR's closest peers operate mainly in the government IT contracting business, including Science Application International Corporation (SAIC; not rated [NR]) and Booz Allen Hamilton (NR). Differentiators in KBR's business include its international unit and its STS segment. Total revenue tied to the U.S. government at KBR in 2024 was 57% compared to SAIC (98%) and Booz Allen (98%). KBR's STS segment offers energy management, energy transition and consulting services that compete with some of the largest engineering and construction (E&C) companies in the world, such as AECOM and Fluor. However, KBR's exit from lump-sum EPC contracts reduced its risk profile compared to these large E&Cs, making it less susceptible to construction risks, while its STS services provide it with margin upside. KBR and Booz Allen are of similar size, while SAIC is somewhat smaller. KBR's FCF margins are improving toward peer levels, with leverage roughly in line with Booz Allen's and slightly lower than that of SAIC. KBR's EBITDA margins are similar to Booz Allen's and slightly above those of SAIC. Key Assumptions - KBR completes the spin-off of MTS in 2H26; - Low single-digit organic revenue growth in the MTS segment, with high single-digit to low double-digit growth in the STS segment over the forecast period; - EBITDA margins in the low double digits over the forecast period; - Capex between 0.5% and 1.0% of revenue; - Fitch believes the company will continue its acquisitive strategy, with acquisitions being largely funded with debt; - No material change in shareholder returns. RATING SENSITIVITIES To resolve the RWN: Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Completion of the MTS separation; - Heightened variability of New KBR's cash flow risk profile through business cycles, including deteriorating revenue and backlog trends; - Establishment of a more flexible New KBR financial policy, as well as more opportunistic capital deployment priorities. Factors that Could, Individually or Collectively, Lead to Removing the RWN and Assigning a Stable Outlook - Completion of the MTS separation; - Establishment of an appropriately capitalized New KBR balance sheet, as well as credit-conscious capital deployment priorities. On a pre-spin basis: Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 3.5x; - A shift in the backlog trend, including consolidated book-to-bill approaching 1.0x; - A significant loss on one of its hybrid or fixed price contracts that impact the company's profitability, cash flow generation, or ability to win future contracts; - Government shutdown or budget cuts that impede the company's ability to realize backlog revenue, prospective revenue, or ability to bid or win new contracts. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment to financial policy supporting EBTIDA leverage sustained below 3.0x; - Continued execution of M&A strategy that strengthens the operational and cash flow profile; - Maintenance of a strong backlog that supports revenue visibility. Liquidity and Debt Structure Fitch expects the company's pre-spin liquidity to be sufficient and for KBR to maintain liquidity in excess of $750 million over the next few years, comprised of cash and revolver availability. Fitch also expects liquidity and financial flexibility to be adequate to maintain operations, supported by consistently positive FCF generation. The company's capital structure is comprised of a senior unsecured revolving credit facility, term loan A, term loan B, and senior unsecured notes. Issuer Profile KBR, Inc. is a science, technology and engineering solutions provider to governments, integrated energy and industrial companies on a global scale. 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 Prior ----------- ------ -------- ----- KBR, Inc. LT IDR BB+ Rating Watch On BB+ senior unsecured LT BB+ Rating Watch On RR4 BB+ senior secured LT BBB- Rating Watch On RR1 BBB- KBR INC: Moody's Puts 'Ba2' CFR Under Review for Downgrade ---------------------------------------------------------- Moody's Ratings has placed KBR, Inc.'s (KBR) ratings under review for downgrade, including the Ba2 corporate family rating, Ba2-PD probability of default rating, Ba1 senior secured bank credit facilities ratings and B1 senior unsecured notes rating. The SGL-1 speculative grade liquidity rating (SGL) remains unchanged. Previously, the outlook was stable. The review follows the September 24, 2025 announcement [1] that KBR intends to spin off its Mission Technology Solutions (MTS) business into an independent public company. The transaction is expected to close in mid to late 2026. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review will focus on the operating profile, capital structure and financial policies of KBR following the close of the transaction. Post-close, Moody's expects the company will be considerably smaller but with a materially higher EBITDA margin. The business that will be spun off, MTS, comprises approximately 75% of total revenue and more than 50% of EBITDA generated during the 12-month period ending July 04, 2025. Governance is a driver of the rating action because of the transformative nature of the transaction. KBR, Inc., headquartered in Houston, Texas, is a global provider of differentiated professional services and technologies spanning government, defense and industrial sectors. Revenue for the twelve months ended July 04, 2025 was approximately $8.1 billion. The principal methodology used in these ratings was Aerospace and Defense published in July 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. KID FRIENDLY: Frederic Schwieg Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Frederic Schwieg, Esq., at Schwieg Law, as Subchapter V trustee for Kid Friendly Academy, LLC. Mr. Schwieg will be paid an hourly fee of $370 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwieg declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frederic P. Schwieg, Esq. Schwieg Law 2705 Gibson Drive Rocky River, OH 44116-1815 Phone: (440) 499-4506 Email: fschwieg@schwieglaw.com Kid Friendly Academy LLC Kid Friendly Academy, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-51632) on September 22, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Alan M. Koschik presides over the case. Peter G. Tsarnas, Esq., at Gertz & Rosen, Ltd. represents the Debtor as legal counsel. KINGSBOROUGH ATLAS: Seeks to Sell Personal Property at Auction -------------------------------------------------------------- Kingsborough Atlas Tree Surgery, Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of California, to sell Personal Property by auction, free and clear of liens, claims, interests, and encumbrances. The Debtor estimated the value of its heavy equipment, trucks, trailers and related equipment on the day the cases was filed was in the range of $11,000,000. This total has been reduced by the assets that have been sold with the approval of court and the assets that were recovered and liquidated by First Financial Holdings, as well as the certificated/title assets that are to be sold at auction pursuant to Debtor’s Motion for Authority to Sell. The Debtor hires Grafe Auction and Dudley Resources as online auctioneer to evaluate and liquidate property of the estate. Grafe has agreed to market and sell various pieces of equipment on behalf of Debtor for a commission of 7.5% of the sale price, exclusive of sales tax. Grafe will also be paid by the purchasers of the equipment an industry-standard buyer’s premium of 15%. At the conclusion of the auction sale, Grafe will also be paid $62,500 for pre-auction tag/catalog/photography and sale catalog creation, advertising and marketing and post-auction management. There is to be a floor or minimum on equipment that is collateral for Commercial Credit Group the senior lender on the non-titled equipment, in an amount that has been agreed upon by CCG and Debtor. CCG will have the right, at its sole discretion, to modify the floor or minimum. The proceeds from the sale of non-titled equipment will be paid to CCG until its secured claim is paid in full. Thereafter, the proceeds of sale will be held in an interest bearing trust account until further order of court, with the liens of the remaining secured claims to attach to the sale proceeds without a change in the priority of the liens paid in full and thereby frees-up the equity in the equipment for the benefit of the junior lien holders and the unsecured creditors. About Kingsborough Atlas Tree Surgery, Inc. Kingsborough Atlas Tree Surgery, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10088) on February 20, 2025. At the time of the filing, Debtor had estimated assets of between $1 million to $10 million and liabilities of between $10 million to $50 million. Judge William J. Lafferty oversees the case. Michael C. Fallon serves as the Debtor's legal counsel. LAKE COUNTY: Court Extends Cash Collateral Access to Oct. 30 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois extended Lake County Hospitality, LLC's authority to use cash collateral to October 30. The court's fifth interim order authorized the Debtor to use cash collateral to pay the operating expenses set forth in its budget, subject to a 10% variance. As protection, Albany Bank & Trust Company, N.A, a senior secured creditor, was granted replacement liens on all types of collateral in which it held a security interest and lien as of the petition date. This includes, without limitation, cash in the possession of Debtor resulting from its operations and the proceeds thereof. All of Albany's rights as senior secured creditor are otherwise unimpaired by the fifth interim order and are preserved. The next hearing is set for October 29. Objections are due by October 27. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/wemKZ from PacerMonitor.com. Albany, as senior secured creditor, is represented by: David A. Golin, Esq. Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 david.golin@saul.com About Lake County Hospitality Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. LASERCYCLE INC: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Kansas, Kansas City, entered a final order authorizing LaserCycle, Inc. to use cash collateral and granting adequate protection to creditors. The final order authorized the Debtor to use cash collateral in line with its budget, including payment of necessary expenses like insurance and taxes. Insider payments are prohibited unless for ordinary compensation disclosed in the budget. As adequate protection, the Debtor was authorized to make monthly payments of $2,500 to Community National Bank, the secured creditor holding liens on the debtor's assets. As additional protection, Community National Bank will be granted replacement liens on post-petition property of the same type as its pre-bankruptcy collateral, automatically perfected without further filings. These liens do not attach to Chapter 5 avoidance actions. The Debtor must also maintain insurance and stay current on post-petition tax filings and deposits. The Debtor's secured creditors are Community National Bank, which holds a blanket UCC lien; the U.S. Small Business Administration; and Idea Financial. The Debtor believes Community National's lien is senior to the others. About LaserCycle Inc. LaserCycle, Inc. provides printers, copiers, scanners, and related office equipment along with managed print services, equipment repairs, and document security solutions, serving businesses from its headquarters in Lenexa, Kansas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21113) on August 11, 2025. In the petition signed by Rick Krska, CEO, the Debtor disclosed $183,634 in assets and $2,071,203 in liabilities. Judge Robert D. Berger oversees the case. Colin Gotham, Esq., at EVANS & MULLINIX, P.A., represents the Debtor as legal counsel. LESLIE WESSINGER DDS: Case Summary & 16 Unsecured Creditors ----------------------------------------------------------- Debtor: Leslie Wessinger, D.D.S., P.A. d/b/a Leslie Wessinger, D.D.S., P.L.L.C. 1 Hospital Drive, Suite 200 Asheville, NC 28801 Business Description: Leslie Wessinger, D.D.S., P.A., doing business as Leslie Wessinger, D.D.S., P.L.L.C., operates Biltmore Avenue Family Dentistry, a dental practice providing comprehensive family dental services. The practice offers preventive care, including cleanings, oral exams, x-rays, fluoride treatments, and periodontal assessments, as well as restorative and cosmetic procedures such as fillings, crowns, bridges, dental implants, and teeth whitening. It provides specialized pediatric preventive care, including sealants and fluoride varnish, and manages conditions such as bruxism through bite and night guards. Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 25-10178 Judge: Hon. George R Hodges Debtor's Counsel: Richard S. Wright, Esq. MOON WRIGHT & HOUSTON, PLLC 212 N. McDowell Street Suite 200 Charlotte, NC 28204 Tel: 704-944-6560 Fax: 704-944-0380 E-mail: rwright@mwhattorneys.com Total Assets: $1,663,808 Total Liabilities: $3,319,659 The petition was signed by Jeremy Granger as CFO. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NTE66YA/Leslie_Wessinger_DDS_PA__ncwbke-25-10178__0001.0.pdf?mcid=tGE4TAMA LIBERTY COMMUNICATIONS: S&P Affirms 'CCC+' ICR, Outlook Negative ---------------------------------------------------------------- S&P Global Ratings affirmed its 'CCC+' issuer credit rating and issue-level rating on cable and mobile service provider Liberty Communications of Puerto Rico LLC's (LCPR) secured debt. S&P revised the recovery rating to '4' from '3' to reflect the incremental secured debt, which it views as priority. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of payment default. The negative outlook reflects the potential to lower the rating if S&P believes a default or distressed exchange is likely within the next 12 months. LCPR raised a new $250 million senior secured debt facility due 2030, which resulted in adjusted leverage rising to about 9.5x from 8.7x at June 30, 2025. While the transaction improves the company's liquidity, we believe LCPR's ability to reduce its leverage to a more sustainable level is limited given the current operating environment. S&P said, "We believe LCPR's liquidity will be adequate over the next 12 months. We view the $250 million secured debt issuance as a modest credit positive because it improves the company's liquidity. In addition, we believe the transaction provides LCPR time to address its capital structure, which we view as unsustainable without a reversal of operating trends and financial performance. Beyond paying fees and expenses related to the transactions and lending the proceeds on to the credit group, we are uncertain on the ultimate use of proceeds and to what extent it will benefit liquidity and credit metrics. "Our base-case forecast assumes LCPR's leverage remains elevated, at above 8x, through 2026. We expect EBITDA to increase 17% in 2025 due to a reduction in one-times expenses (which we include in EBITDA), related to the migration of its mobile customers on to its care platforms from AT&T, partially offset by continued declines in mobile service revenue due to the negative impact of migrating customers, the expiration of the Emergency Connectivity Fund (ECF), and heightened competition from T-Mobile and Claro. This results in leverage remaining elevated, in the low-9x area in 2025. In 2026, we believe EBITDA growth will be limited as cost reductions are offset by continued headwinds in mobile due to intense competition, keeping leverage elevated in the high-8x area. "The negative outlook reflects the potential for another downgrade if we believe a default or distressed exchange is likely within the next 12 months. "We could lower the rating if we believe the company will face a near-term liquidity shortfall or engage in a distressed exchange within the next 12 months. We could also lower the rating if LCPR violates its leverage coverage covenant and it cannot be cured. "We could revise the outlook to stable if the company is able to extend the maturity profile of its debt in a manner that makes existing lenders whole, in our view. Although unlikely over the next year, we could raise our rating on LCPR if the company is able to stabilize or even reverse operating trends such that it can reduce leverage to below 7x with positive FOCF and a credible forward-looking deleveraging path that provides more cushion to absorb adverse business, financial, and economic conditions." LINQTO INC: Appointment of Official Equity Committee Sought ----------------------------------------------------------- An ad hoc group of shareholders filed a motion with the U.S. Bankruptcy Court for the Southern District of Texas seeking the appointment of an official committee that will represent shareholders in the Chapter 11 cases of Linqto, Inc. and its affiliates. In its motion, the group asked the court to direct the U.S. Trustee for Region 7 to appoint an equity committee, saying the companies are not "hopelessly insolvent." The group cited so-called reserved securities held by the companies, which the companies estimate to be worth $16 million based on an undisclosed methodology. Some of the securities held by the companies are maintained as inventory shares of reserved securities that were not sold to so-called unitholders and were funded with the companies' own capital. The reserved securities are held separate and apart from the securities intended to be allocated to company-operated special purpose vehicles. Unitholders are users of a Linqto-operated platform invited to indirectly invest in private companies, with a focus on the technology sector. The companies' operational model proposed to purchase securities in private companies, transfer such securities to the SPVs, and deliver units of a membership interest in these SPVs to the unitholders. Unitholders would pay Linqto Liquidshares, LLC for the specific SPV membership interests that correlated with the private company in which they wanted to invest. "The reserved securities, though difficult to assess their value, do have significant value. Moreover, given the nature of the issuers of the securities, the reserved securities have the potential to rise in value very quickly," said Gregory Pesce, Esq., one of the attorneys representing the ad hoc group. "Such reserved securities remain on the company's balance sheet and inure to the benefit of the Linqto shareholders, providing them with a real economic interest to protect," the attorney said. Mr. Pesce also said that the companies appear to have "significantly undervalued the fair market value" of the securities, including the reserved securities. He cited the Ripple shares, which the companies valued at approximately $400 million as of June 30. Ripple, a private tech company, offered to repurchase its shares at 175 per share a few weeks prior to June 30. Using the $175 per share valuation and based on the ad hoc group's understanding of the number of shares held by the companies, the value of the companies' Ripple holdings would be at least $800 million, according to Mr. Pesce. Mr. Pesce also questioned the settlement between the companies and the official unsecured creditors' committee on the treatment of unitholders' claims and the funding of the bankruptcy cases. "Under the proposed settlement, not only is there zero recovery contemplated for Linqto shareholders but the reserved securities are to be fully liquidated to finance the Chapter 11 cases," Mr. Pesce said, adding that the creditors' committee appears to be exclusively pursuing the interests of unitholders. Mr. Pesce accused the companies and the creditors' committee of colluding "to force through a settlement that destroys all remaining value for equity," arguing that this makes the appointment of an official equity committee necessary. Mr. Pesce may be reached at: Gregory F. Pesce, Esq. 111 South Wacker Drive Suite 5100 Chicago, IL 60606 Telephone: (312) 881-5400 Facsimile: (312) 881-5450 gregory.pesce@whitecase.com -and- J. Christopher Shore, Esq. Philip Abelson, Esq. Colin T. West, Esq. 1221 Avenue of the Americas New York, NY Telephone: (212) 819-8200 Facsimile: (212) 354-8113 cshore@whitecase.com philip.abelson@whitecase.com cwest@whitecase.com About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com -- and -- Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com -- and -- Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: 310-600-3980 Office: 212-444-7200 LYNDA TRANSPORTATION: Seeks to Tap Modestas Law Offices as Counsel ------------------------------------------------------------------ Lynda Transportation Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Modestas Law Offices, PC as counsel. The firm will provide these services: (a) negotiate with creditors; (b) prepare a plan and financial statements; (c) examine and resolve claims filed against the estate; (d) prepare pleadings filed in the case; (e) interact with the Trustee in this case; (f) attend at court hearings; and (g) represent the Debtor in matters before this court. Saulius Modestas, Esq., the primary attorney in this representation, will be billed at his hourly rate of $530 plus out-of-pocket expenses. Mr. Modestas disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Saulius Modestas, Esq. Modestas Law Offices, PC 401 S. Frontage Road, Ste. C Burr Ridge, IL 60527 Telephone: (312) 251-4460 Email: smodestas@modestaslaw.com About Lynda Transportation Inc. Lynda Transportation Inc. is a transportation company based in Hoffman Estates, Illinois. Lynda Transportation Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10429) on July 9, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtors are represented by Modestas Law Offices, P.C. M + D PROPERTIES: Robert Goe Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a practicing attorney in Irvine, Calif., as Subchapter V trustee for M + D Properties. Mr. Goe will be paid an hourly fee of $545 for his services as Subchapter V trustee while his case administrator, Arthur Johnston, will be paid an hourly fee of $195. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Goe declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Goe, Esq. 17701 Cowan Building D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 bktrustee@goeforlaw.com About M + D Properties M + D Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12674) on September 22, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Scott C. Clarkson presides over the case. Roye Zur, Esq., at Elkins Kalt Weintraub Reuben Gartside, LLP represents the Debtor as legal counsel. MACVA SABAC: Matthew Brash of Newpoint Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Macva Sabac, Inc. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Macva Sabac Inc. Macva Sabac, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-14591) on September 22, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Deborah L. Thorne presides over the case. Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. MADARIPUR LLC: Taps Binder & Schwartz, New York Legal as Counsels ----------------------------------------------------------------- Madaripur, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Binder & Schwartz LLP and the New York Legal Assistance Group as pro-bono counsels. The firms will provide these services: a. assisting the Debtor in administering this case; b. making such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; c. representing the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as Debtor deems appropriate; d. taking such steps as may be necessary for Debtor to marshal and protect the estate's assets; e. negotiating with Debtor's creditors in formulating a plan of reorganization for Debtor in this case; f. drafting and prosecuting the confirmation of Debtor's plan of reorganization in this case; and g. rendering such additional services as Debtor may require in this case. Eric B. Fisher, Esq., a member of Binder & Schwartz LLP, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Eric B. Fisher, Esq. BINDER & SCHWARTZ LLP 675 Third Avenue, 26th Floor New York, NY 10017 Tel: (212) 933-4656 Email: efisher@binderschwartz.com - and - Rose Marie Cantanno, Esq. NEW YORK LEGAL ASSISTANCE GROUP 100 Pearl Street New York, NY 10004 Tel: (212) 613-5000 Email: rmcantanno@nylag.org About Madaripur LLC Madaripur, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-43559) on Oct. 2, 2023. In the petition signed by Suves C. Bairagi, principal, the Debtor disclosed under $1 million in both assets and liabilities. Judge Elizabeth S. Stong presides over the case. The Law Office of Thomas A. Farinella, PC serves as the Debtor's counsel. MARRS CONSTRUCTION: Court Extends Use of Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona issued a second extension order allowing Marrs Construction, Inc. and Down N Dirty Equipment, LLC to continue using cash collateral for a limited period, subject to the terms of prior cash collateral orders. KS StateBank consented to the extension, with all other rights reserved. The order limits the use of cash collateral to ordinary and necessary post-petition expenses specified in the approved budgets, with a 15% line-item variance allowed. No pre-petition debts may be paid, and KS StateBank's liens, security interests, and priorities are fully protected. The Debtor's authority to use cash collateral automatically terminates on November 21 or upon occurrence of so-called termination events, including noncompliance of the order, loss of debtor-in-possession status, or unauthorized liens or transfers. KS StateBank may issue a notice of termination if conditions are violated, after which use of cash collateral ceases immediately. The order incorporates all terms of prior cash collateral orders, including reporting, liens, super-priority claims, and insurance requirements. Extensions, modifications, or waivers require KS StateBank's consent. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/22y1m from PacerMonitor.com. About Marrs Construction Inc. Marrs Construction, Inc. is a Phoenix-based contractor that provides demolition, excavation, earthwork, site preparation, civil utility, and paving services. The Company serves both residential and commercial projects across the greater Phoenix area. Marrs Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30, 2025. In its petition, the Debtor reported total assets of $10,177,042 and total liabilities of $12,177,492. The Debtor is represented by Christopher C. Simpson, Esq., at Osborn Maledon, P.A. MCMILLAN LOGGING: Taps Professional Management as Accountant ------------------------------------------------------------ McMillan Logging Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Georgia Evans of Professional Management Systems as accountant. The firm will provide tax advice and accounting/bookkeeping services to the Debtor. Georgia Evans will charge an hourly rate of $85 for services performed for Debtors. Ms. Evans assured the court that her firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Georgia Evans Professional Management Systems 4590 Coach Ln Chipley, FL 32428 Tel: (850) 441-2000 About McMillan Logging Inc. McMillan Logging Inc. is a Florida-based logging contractor that engages in timber harvesting and related hauling services. McMillan Logging Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40405) on August 25, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Byron W. Wright III, Esq. and Robert C. Bruner, Esq. at BRUNER WRIGHT, P.A. MILLSIDE PLAZA: Section 341(a) Meeting of Creditors on November 3 ----------------------------------------------------------------- On September 25, 2025, Millside Plaza LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on November 3, 2025 at 11:00 AM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. About Millside Plaza LLC Millside Plaza LLC leases commercial real estate, with its main property located at 4004 Route 130 in Delran, New Jersey. Millside Plaza LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44642) on September 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Joel M. Shafferman, Esq. of SHAFFERMAN & FELDMAN LLP. MIRACLE MILE: Trustee Taps Klestadt Winters as General Counsel -------------------------------------------------------------- Fred Stevens, Chapter 11 trustee for Miracle Mile Properties 2, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Klestadt Winters Jureller Southard & Stevens, LLP as his general counsel. The firm will render these services: (a) advise and assist the Trustee in the discharge of his duties and responsibilities pursuant to the orders of this Court and applicable law; (b) assist the Trustee with his investigation into the Debtors' assets and financial affairs to determine whether there are assets and/or claims against third parties that can be administered for the benefit of the estate and its creditors; (c) assist the Trustee in the preparation of reports to this Court and parties in interest and represent him in the preparation of motions, applications, claim objections, notices, orders, and other documents necessary to complete the administration of the estate; (c) represent the Trustee at hearings and other proceedings before this Court (and, to the extent necessary, any other court); (d) meet with principal parties in interest in the case and their advisors to determine the most optimal and expedient exit strategy for the Debtors and assist in the design and execution of any chapter 11 plan; (e) perform all other necessary legal services on behalf of the Trustee in connection with the Chapter 11 Cases; and (f) assist the Trustee in undertaking any additional tasks or duties that the Court might direct or that the Trustee might determine are necessary and appropriate in connection with the discharge of his duties. The firm's current hourly rates are: Fred Stevens, Esq. $875 Partners $750 to $99 Associates $495 to $595 Paralegals $275 Mr. Stevens disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Fred Stevens, Esq. Sean C. Southard, Esq. Kevin Collins, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, NY 10036-7203 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: fstevens@klestadt.com ssouthard@klestadt.com kcollins@klestad About Miracle Mile Properties 2 Miracle Mile Properties 2, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 23-43874) on Oct. 25, 2023, with up to $10 million in both assets and liabilities. Pari Golian, an authorized representative, signed the petition. Judge Nancy Hershey Lord oversees the case. Berger, Fischoff, Shumer, Wexler & Goodman, LLP serves as the Debtor's legal counsel. MIRACLE MILE: Trustee Taps RK Consultants LLC as Financial Advisor ------------------------------------------------------------------ Fred Stevens, chapter 11 trustee for Miracle Mile Properties 2, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire RK Consultants LLC as his financial advisor. The firm's services include: a. attend meetings and conferences with the Trustee, Debtors, creditors, and their respective attorneys, as requested; b. assist the Trustee on the preparation of monthly operating reports, as required by the local rules of the Court, and the United States Trustee's guidelines; c. assist the Trustee on the preparation of a cash flow budget, cash management and distribution of funds, as requested; d. assist in the liquidation or sale of the Debtors' businesses and assets, as determined by the Trustee; e. assist the Trustee with his investigation into the Debtors' assets and financial affairs, including potential forensic services, to determine whether there are assets and/or claims against third parties that can be administered for the benefit of the estates and the Debtors' creditors; f. assist in the determination, creation, drafting, and negotiation of the most optimal and expedient exit strategy for the Debtors; g. assist in the preparation of the Federal, State, and Local tax returns and requisite disclosures on behalf of the Trustee and the Debtors' estates as requested by the Trustee; h. reconcile filed proofs of claim and claims against the Debtors' estates; and i. perform services necessary to preserve and maximize the value of the assets of the Debtors' estates, as requested by the Trustee. The current hourly rates charged by RKC for professional services range between $140 per hour for junior professionals and my rate of $550 per hour. Brian Ryniker, a member of RK Consultants LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian Ryniker RK Consultants LLC 200 E. 17th Street New York, NY 10003 About Miracle Mile Properties 2 Miracle Mile Properties 2, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 23-43874) on Oct. 25, 2023, with up to $10 million in both assets and liabilities. Pari Golian, an authorized representative, signed the petition. Judge Nancy Hershey Lord oversees the case. Berger, Fischoff, Shumer, Wexler & Goodman, LLP serves as the Debtor's legal counsel. MIRION TECHNOLOGIES: Moody's Affirms 'B1' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings affirmed the B1 corporate family rating and B1-PD probability of default rating of Mirion Technologies (US), Inc. (Mirion). Concurrently, Moody's upgraded the rating on Mirion's senior secured bank credit facility, consisting of the company's term loan and revolving credit facility, to Ba2 from Ba3. The outlook remains stable. The SGL-2 speculative-grade liquidity rating is also unchanged. The rating action follows the company's launch of a new 6-year $250 million senior unsecured convertible bond (unrated). Proceeds from the offering, along with an equity issuance, will be used to fund the $585 million acquisition of Paragon Energy Solutions (Paragon) that was also announced on September 24, 2025. The new bond includes a $45 million (15%) greenshoe option and, if exercised, the additional funds will be used for general corporate purposes. The rating affirmation and stable outlook reflect Moody's expectations of continued growth in revenue and profitability to support improving credit metrics, with leverage falling toward 4.5x through 2026. Moody's expects order growth from the company's key nuclear power and cancer care end markets and recurring replacement/maintenance revenue from the installed base to offset headwinds from macroeconomic uncertainty and drive margin expansion over the next 12-18 months. This will be aided by initiatives undertaken for procurement and efficiency savings as well as synergies from recent acquisition synergies, including Paragon. The upgrade of the senior secured rating to Ba2 from Ba3 reflects the expectation of improved recovery given the increase in the amount of junior debt in the capital structure resulting from the convertible bond issuance. The acquisition of Paragon, a provider of instrumentation and control technologies for the nuclear power industry, is complementary to Mirion. It will expand Mirion's presence in the US nuclear power industry, including growth in the small modular reactor (SMR) market, and add expertise for highly engineered product and digital solutions for safe and efficient nuclear plant/reactor operations. However, the acquisition also materially increases Mirion's financial leverage. Moody's estimates pro forma debt-to-LTM EBITDA around 5x (from 4x) at June 30, 2025. The acquisition is also margin dilutive to Mirion and comes at a high multiple of EBITDA. Governance was a key consideration in the rating outcome, given the incremental leverage driven by the acquisition of Paragon. Acquisitions will remain core to the growth strategy, which also creates financial and operational uncertainty. However, Moody's expects the company to pursue a balanced financial policy, including a focus on deleveraging in a reasonable timeframe following the Paragon acquisition. RATINGS RATIONALE The B1 CFR reflects Moody's views that Mirion will remain well positioned in its niche markets, which have positive longer-term fundamentals that will continue to drive organic growth. The company is also a leading player within the specialized and highly regulated nuclear power industry, which has high barriers to entry. Mirion benefits from a sizable recurring revenue base that provides revenue visibility and its products are applied in regulated industries where the cost of failure is high. These factors will sustain the company's healthy adjusted EBITDA margin, which Moody's expects to remain above 20% despite some dilution from Paragon. Mirion also has good geographic diversification with about 42% of non-US revenue. However, the company is facing softer demand in its Labs and Research end markets and macroeconomic headwinds, including tariff uncertainty impacting demand from China, and certain order timing delays. Tariff exposure is limited by the company's production in regions where it sells. Moody's expects Mirion's backlog, which is underpinned by the long cycle nature of demand in the company's nuclear and medical markets, to support top line growth. The rating also reflects Mirion's modest scale with a niche market focus on radiation detection and measurement, though improving. The company's reliance on the traditionally low volume, nuclear power industry exposes it to headline risk and variable project timing. However, favorable tailwinds driving renewed interest in nuclear plant investments to provide clean energy and increase energy security and supplies, particularly in Europe, provides good prospects for growth. Mirion has also focused on growing its medical business mainly via acquisitions, adding top line resilience and diversification. The SGL-2 speculative grade liquidity rating reflects Moody's expectations that the company will maintain good liquidity. This is based on Moody's expectations of a healthy cash balance, positive free cash flow and ample access on the undrawn $175 million revolving credit facility expiring in 2030. The revolver had approximately $158 million available at June 30, 2025, net of letters of credit. Moody's expects these sources to provide sufficient liquidity to manage through periodic cash flow swings driven by customer spending/budget cycles, project-based end markets and seasonal nuclear reactor maintenance programs. Moody's expects free cash flow to exceed $90 million over the next year. Procurement initiatives to simplify the supply chain and continued focus on improving working capital efficiency should improve free cash flow. The revolving credit facility is subject to a springing covenant threshold of 7.0x for first-lien net leverage if revolver borrowing exceeds 40%, tested quarterly. Moody's do not expect the covenant to be tested. There are no term loan maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with profitable scale expansion, particularly in the non-nuclear power plant end markets. A meaningful uptick in revenue from nuclear plant project revenue, including decontamination and decommissioning projects, could also support an upgrade. Quantitatively, EBITDA margin sustained above 20%, debt-to-EBITDA remaining below 3.5x and consistently healthy free cash flow such that free cash flow to debt remains above 6%, even while executing acquisitions, could lead to a ratings upgrade. The ratings could be downgraded if margins deteriorate or liquidity weakens such that free cash flow to debt is sustained below 5%. Debt-to-EBITDA expected to remain above 5x could also lead to a downgrade. Additionally, the loss of a major customer or increasingly aggressive financial policies, including debt funded acquisitions or share repurchases that weaken the metrics or liquidity could also prompt a downgrade of the ratings. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Mirion Technologies (US), Inc., a subsidiary of Mirion Technologies, Inc., provides radiation detection, measurement, analysis and monitoring products and related services to the nuclear, defense and homeland security, and medical end markets. Key products include dosimeters, contamination and clearance monitors, detection and identification instruments and radiation monitoring systems. Revenue was approximately $886 million for the twelve months ended June 30, 2025. MOSAIC COMPANIES: Amends Plan to Include Stone Countertop Claims ---------------------------------------------------------------- Mosaic Companies, LLC and affiliates submitted a Disclosure Statement for First Amended Joint Chapter 11 Plan of Liquidation dated September 21, 2025. The Debtors historically owned two foreign, non-debtor affiliates: Ceramica Antique S De RL de CV and Surfaces Europe SL. The Debtors have sought a buyer for Surfaces Europe or its assets and business and remain hopeful that a transaction can be consummated, but the Debtors do not believe that the transaction is likely to yield any material value to their estates. If a transaction cannot be completed, then Surfaces Europe will be wound down in Spain. The overall purpose of the Plan is to provide for the liquidation of the Debtors in a manner designed to maximize recovery to stakeholders. Class 3A consists of Stone Countertop Personal Injury Claims. Holders of Allowed Stone Countertop Personal Injury Claims shall receive in full satisfaction, settlement, and release of, and in exchange for such Allowed General Unsecured Claims, their pro rata share of 100% of Class 3A Liquidating Trust Interests. This Class will receive a distribution of 0.0% to 15.7% of their allowed claims. Class 3B consists of General Unsecured Claims. Holders of Allowed General Unsecured Claims shall receive in full satisfaction, settlement, and release of, and in exchange for such Allowed General Unsecured Claims, their pro rata share of 100% of Class 3B Liquidating Trust Interests. The allowed unsecured claims total $7,444,975.19. This Class will receive a distribution of 0.0% to 19.8% of their allowed claims. Interests shall be extinguished, cancelled, and released on the Effective Date. Holders of Interests shall not receive or retain any distribution under the Plan on account of such Interests. On August 19, 2025, the Court held a hearing to consider approval of the sale to Artivo. At the Hearing, the Court approved the Artivo Sale. The Artivo Sale closed on August 21, 2025, resulting in the Debtors receiving net sale proceeds of approximately $17.5 million. Distributions under the Plan shall be funded from Cash on hand, including the proceeds of the Asset Sales, as well as from Cash realized from other Liquidating Trust Assets. A full-text copy of the Disclosure Statement dated September 21, 2025 is available at bit.ly/4nWd9Zq from Epiq Corporate Restructuring, LLC, claims agent. Counsel to the Debtors: Matthew B. Harvey, Esq. Derek C. Abbott, Esq. Sophie Rogers Churchill, Esq. Avery Jue Meng, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: mharvey@morrisnichols.com dabbott@morrisnichols.com srchurchill@morrisnichols.com ameng@morrisnichols.com About Mosaic Companies Mosaic Companies, LLC, is a nationally recognized leader in the surfaces industry, offering a broad range of products including luxury wall and mosaic tile, floor tile, and slab to retail and wholesale customers. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. At the time of filing, the Debtor estimated $10,000,001 to $50 million in assets and $100,000,001 to $500 million in liabilities. Judge Craig T Goldblatt presides over the case. Sophie Rogers Churchill, at Morris, Nichols, Arsht & Tunnell LLP, is the Debtor's counsel. NISSAN MOTOR: Fitch to Rate Up to $1.5BB in New Unsec Notes BB(EXP) ------------------------------------------------------------------- Fitch Ratings expects to assign a 'BB(EXP)' rating to Nissan Motor Acceptance Company LLC's (NMAC) proposed issuance of up to $1.5 billion of senior unsecured notes to be issued under the $10 billion medium-term note (MTN) program. The fixed rate of interest and final maturity date will be determined at the time of issuance. Proceeds from the issuance will be used for general corporate purposes, including the repayment of outstanding debt. Key Rating Drivers Equal in Rank: The expected rating on the proposed issuance is equalized with NMAC's senior unsecured notes as the issuance will rank equally in the capital structure. The expected rating of the senior unsecured notes is aligned with NMAC's 'BB' Long-Term Issuer Default Rating (IDR), reflecting expectations for average recovery prospects for noteholders in a stress scenario. Increase in Leverage: Pro forma for the proposed issuance under the MTN program, leverage would be 7.4x at June 30, 2025, up from 6.1x at March 31, 2025 and above the four-year average of 4.8x from 2021-2024. The recent increase in leverage is a result of the dividend combined with continued portfolio growth. Fitch believes NMAC's leverage is high but acceptable in the context of the asset quality strength of NMAC's loan and lease portfolio relative to other captives Fitch has rated. Parent Rating Linkages: The ratings and Rating Outlook for NMAC are equalized with and linked to those of its parent, Nissan Motor Co., Ltd. (NML; BB/Negative), as Fitch views the issuer as a core subsidiary of NML. This view reflects strong implicit and explicit support factors including the financing of a high percentage of NML U.S. sales by NMAC, significant operational linkages between the companies, and the existence of a keepwell agreement between the parent and NMAC. NMAC's credit profile is further supported by its strong asset quality and a diverse funding profile. Shareholder Support: NMAC's 'bb' Shareholder Support Rating (SSR) is aligned with NML's Long-Term IDR and indicates the minimum level to which NMAC's IDR could fall if Fitch does not change its view on potential support from NML. A 'bb' SSR indicates a moderate probability of external support being forthcoming. For more information on key rating drivers and sensitivities underpinning NMAC's ratings, please see "Fitch Downgrades Nissan Motor Acceptance Company's IDR to 'BB'; Outlook Negative", dated April 28, 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Changes to NMAC's ratings are largely dependent on NML's ratings and Outlook, given the rating linkage. Negative rating actions could be triggered by changes in the perceived relationship between NMAC and NML that indicate the captive has become less central to NML's strategic operations and/or adequate financial support was not provided to the captive in times of need. Meaningful and sustained credit quality deterioration, consistent operating losses, a material increase in leverage above average post-crisis levels, a material increase in the proportion of short-term debt in the funding structure, and/or a deterioration in NMAC's liquidity profile could also lead to negative rating action. The SSR is primarily sensitive to changes in NMAC's Long-Term IDR and secondarily to changes in Fitch's assessment of the probability of support being extended to NMAC from NML. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade NMAC's ratings are linked to Fitch's view of NML's credit profile. Fitch cannot envision a scenario where NMAC would be rated higher than its parent. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The CP rating is equalized with the Short-Term IDR. The expected senior unsecured debt rating is equalized with the Long-Term IDR, reflecting a sufficient proportion of unsecured funding in the capital structure and the unencumbered asset pool, which suggests average recovery prospects for debtholders under a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The CP rating is primarily sensitive to changes in the Short-Term IDR and would be expected to move in tandem with it. The expected senior unsecured debt rating is primarily sensitive to changes in the Long-Term IDR and would be expected to move in tandem with it. However, a material increase in the proportion of secured funding could result in the unsecured debt rating being notched down from the Long-Term IDR. Date of Relevant Committee April 25, 2025 Public Ratings with Credit Linkage to other ratings NMAC's ratings and Outlook are equalized with NML, as Fitch considers NMAC a core subsidiary of NML. This is supported by the high percentage of NML's U.S. sales financed by NMAC, strong operational and financial linkages between the two companies, shared branding, and a support (keepwell) agreement provided directly by NML to NMAC. ESG Considerations NMAC has an ESG Relevance Score of '4' for Group Structure, due to its complexity related to the alliance with Renault and Mitsubishi. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Nissan Motor Acceptance Company LLC senior unsecured LT BB(EXP) Expected Rating NU RIDE: Hon Hai Loses Bid to Arbitrate Claims in Adversary Case ---------------------------------------------------------------- In the appeal styled HON HAI PRECISION INDUSTRY CO., LTD., et al., Appellants, v. NU RIDE INC. (F/K/A LORDSTOWN MOTORS CORP.) AND LORDSTOWN EV CORPORATION, Appellees, C.A. No. 24-931 (D. Del.), Judge Maryellen Noreika of the United States District Court for the District of Delaware will affirm the order of the United States Bankruptcy Court for the District of Delaware that granted in part and denied in part Hon Hai Precision Industry Co., Ltd. and its affiliates' motion to dismiss the claims asserted in the adversary complaint. Plaintiffs are Nu Ride Inc. f/k/a Lordstown Motors Corp. and Lordstown EV Corporation. Lordstown Motors is an American electric vehicle manufacturer that was formed in 2018 for developing, engineering, launching, and selling all-electric vehicles to commercial fleet customers. Lordstown Motors and LEVC decided to forge a strategic partnership with global electronics manufacturer Hon Hai Precision Industry Co., Ltd. (a/k/a Hon Hai Technology Group) also doing business as "Foxconn." Defendant Hon Hai is the world's largest electronics manufacturer with revenues of more than $200 billion in 2022. Several of Hon Hai's affiliates are also Defendants in the adversary proceeding: Foxconn EV Technology, Inc.; Foxconn Ventures Pte. Ltd.; Foxconn (Far East) Limited, and Foxconn EV System LLC. Prior to the bankruptcy filing, Plaintiffs had developed and manufactured a line of fullsize electric pickup trucks at a plant in Lordstown, Ohio. Although the Plaintiffs at one point had been valued at $5.3 billion, the chapter 11 sale of their remaining assets generated only $10 million. Plaintiffs filed the 11-count Complaint which overall asserts that the Defendants induced the Plaintiffs to enter into a series of agreements, promising support through investment and expertise, while harboring the intent to acquire the Plaintiffs' most valuable asset, the Ohio plant, for themselves without fulfilling those promises. The Complaint asserts claims under four separate contracts between different parties with varying dispute resolution procedures. On Nov. 10, 2021, Lordstown Motors, LEVC, Foxconn Technology, and Foxconn (Far East) entered into the APA to sell the Lordstown, Ohio, manufacturing facility. Along with the physical plant, hundreds of employees would become employees of Foxconn System. On May 11, 2022 -- the date the APA closed -- Foxconn System and LEVC contracted for manufacturing the Endurance at the Lordstown plant as contemplated in the APA. The CMA involved both a manufacturing agreement and an agreement to leverage Defendants' size and power to procure superior supplier agreements. Also on May 11, 2022, LEVC and Foxconn Technology executed the Limited Liability Company Agreement of MIH EV Design LLC -- also known as the JVA -- which created a joint venture owned 45% by LEVC and 55% by Foxconn Technology. The JVA contemplated joint development of Model C and Model E electric vehicles based on existing designs by non-party "Foxtron," a Hon Hai-affiliated joint venture. Lordstown Motors and Foxconn Ventures entered into the Investment Agreement on Nov. 7, 2022. Under the IA, Foxconn Ventures agreed to provide capital to Lordstown Motors; some of that capital was unrestricted and other capital was targeted at specific new vehicle programs in connection with nonparty Softbank. Counts 2-7 and 9 assert seven breach-of-contract claims, each based on one of the four contracts. Counts 1 and 8 assert common-law fraud claims against Hon Hai and Foxconn (Far East). Count 10 asserts a tortious interference claim against Hon Hai. Count 11 asserted an equitable subordination claim against all Defendants based on conduct alleged in Counts 1 through 10. Defendants sought dismissal of each of the eleven counts in favor of arbitration. The Bankruptcy Court issued an order, dated Aug. 1, 2024, and as amended on Oct. 1, 2024 and an accompanying opinion In re Nu Ride Inc., 2024 WL 4376130 (Bankr. D. Del. Oct. 1, 2024), which granted in part and denied in part Defendants' motion to dismiss. The Bankruptcy Court determined that Counts 6 and 9 asserted claims between contract signatories, which fell within their contractual arbitration provision, and which should be dismissed in favor of arbitration. The Bankruptcy Court determined that the remaining nine claims -- tort claims and contract claims arising under different contracts without arbitration provisions -- were not between signatory parties to the arbitration agreement, were not within the scope of the contractual arbitration clause, and should not be sent to arbitration. Defendants have appealed the Order, arguing, among other things, that the remaining claims not dismissed in favor of arbitration all arise out of or relate to the agreement containing the arbitration clause. The Bankruptcy Court has since stayed the entire adversary proceeding pending final resolution of this appeal. The Bankruptcy Court determined that Defendants had not shown any basis for requiring arbitration involving parties who did not sign the JVA under the JVA's arbitration provisions. The Defendants argue the Bankruptcy Court erred in concluding that the JVA's arbitration provision is not binding on non-signatories. The District Court agrees that Defendants have not shown that non-signatory Defendants Hon Hai, Foxconn Ventures, Foxconn (Far East), and Foxconn System can enforce the JVA's arbitration clause or that it should be enforced against non-signatory Lordstown Motors. Because there is no basis to force arbitration involving non-signatories, the District Court affirms the Bankruptcy Court's ruling as to all remaining claims with the exception of Count 7 -- LECV's claim against Foxconn Technology for breach of the APA -- which is affirmed for separate reasons. The District Court finds no error in the Bankruptcy Court's determination that the remaining counts of the Complaint should not be dismissed in favor of arbitration. Defendants' argument that the remaining claims must be arbitrated rest on a single contractual basis: the JVA's arbitration clause, applicable to "Members" -- again, defined as only LEVC and Foxconn Technology -- over disputes "arising out of or relating to" the JVA. But four of the five Defendants -- Hon Hai, Foxconn Ventures, Foxconn (Far East), and Foxconn System -- never signed the JVA, and some are signatories to other contracts with their own separate venue provisions. According to the District Court, although Defendants argue at length that each of the remaining claims is one "arising out of or relating to" to the JVA, they have failed to satisfy the threshold inquiry as to whether the JVA is enforceable by the non-signatory Defendants, and have further failed to demonstrate that for equitable reasons the arbitration provision may be enforced against non-signatory plaintiff Lordstown Motors. A copy of the Court's Memorandum Opinion dated September 12, 2025, is available at https://urlcurt.com/u?l=eiKjRv from PacerMonitor.com. About Lordstown Motors Corp. Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- was an electric vehicle OEM developing innovative light duty commercial fleet vehicles, with the Endurance all electric pickup truck as its first vehicle. It has engineering, research and development facilities in Farmington Hills, Mich. and Irvine, Calif. On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). Judge Mary F. Walrath presided over the cases. The Debtors tapped White & Case, LLP and Richards, Layton & Finger, P.A., as bankruptcy counsels; Baker & Hostetler, LLP as special counsel; Jefferies, LLC as investment banker; KPMG, LLP as auditor; and Silverman Consulting as restructuring advisor. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Troutman Pepper Hamilton Sanders, LLP, as legal counsel and Huron Consulting Group Inc. as financial advisor. In October 2023, Lordstown Motors received Bankruptcy Court approval to sell its manufacturing assets to a new company affiliated with its founder and former CEO Stephen Burns for $10.2 million. LAS Capital, majority-owned by Burns, acquired the Debtors' intellectual property, business records, and machinery including assembly lines for electric vehicle motors and batteries. The Debtors later renamed to Nu Ride Inc. The Court on March 6, 2024, confirmed the Debtors' Third Modified First Amended Joint Chapter 11 Plan. The Plan was declared effective on March 14, 2024. NU STYLE LANDSCAPE: Amends Unsecured Claims Pay Details ------------------------------------------------------- Nu Style Landscape & Development, LLC, submitted a Fourth Amended Disclosure Statement describing Fourth Amended Plan of Reorganization dated September 22, 2025. The Debtor's primary asset is its landscaping business, and the money derived from the same. The Plan provides for the creation of eleven creditor classes (Classes 1-11) and a single class (Class 12) for the equitable interests of the Debtor. The "Effective Date" for the Plan has been defined in the Plan to mean 30 days following the entry of a Final Order of Confirmation of the Debtor's Plan. The Debtor will continue to operate and use revenues generated from operations to pay operating expenses and creditors. Net Income, as defined in the Plan and after accumulation of $500,000.00 in Working Capital Reserves, shall be paid pro rata to Allowed Unsecured creditors and Allowed MCA Creditors as between the total claims within each Fund over the 5-year Plan term. Annual payments shall only be made if there is Net Income available as defined in the Plan. The $500,000.00 in Working Capital Reserves equals approximately two to three months of payroll. Class Five consists of the Allowed General Unsecured Claims totaling $6,042,600.47. The unsecured creditors shall receive annual payments once per year on the anniversary of the Confirmation Order, pro rata over the Plan term of five years from Net Income in amounts not to exceed allowed claims. Annual payments shall only be made if there is Net Income available as defined in the Plan. Until the holders of Allowed Claims in Class Five are determined by the issuance of a Final Order by the Bankruptcy Court, the amounts to be paid to the Class Five claimholders shall be placed in Escrow and held in Escrow in the Unsecured Payment Fund. Payments to Class Five claimholders shall commence when all Class Five, Nine, Ten and Eleven Claims are determined to be Allowed Claims by the Bankruptcy Court or the Debtor's objection to claims otherwise included in Class Five, Nine, Ten and Eleven are sustained, in either case by a Final Order from the Bankruptcy Court. Notwithstanding the foregoing or anything to the contrary herein, the Debtor, in its sole discretion, may pay the claims in Class Five in full at any time prior to the end of the Plan. Class Five is Impaired under the Plan. Class Twelve consists of the Interests of the Debtor. Specifically, Class Twelve consists of the equitable interests of Michael Moilanen, the holder of 100% of the Debtor's ownership interests. The holder of Class Twelve interests will receive no distribution under the Plan. Moreover, as provided for under the Stock Pledge, their Interests will be cancelled and reissued to the Creditor Trust, with the Interests being reissued to Mr. Moilanen at the conclusion of the Plan. The Debtor will continue to operate its business. The Debtor will make monthly payments to holders of claims in Classes One through Four, Six and Seven as stated herein, as well as priority Claims, administrative Claims and the cure payments to Pinnacol discussed herein. The Debtor's Net Income shall be used to pay holders of Allowed Unsecured Claims and Allowed MCA Creditor claims. The Debtor projects that the Plan of Reorganization described herein and in the Debtor's Plan will significantly increase the value of its operations and Assets, allow it to successfully reorganize, and provide payment to all legitimate creditors in full on their allowed claims. Projections describing the anticipated ongoing business expenses, cash flow, and net income from the Debtor's proposed Plan of Reorganization. A full-text copy of the Fourth Amended Disclosure Statement dated September 22, 2025 is available at https://urlcurt.com/u?l=iFI8VB from PacerMonitor.com at no charge. Nu Style Landscape & Development, LLC, is represented by: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Telephone: (303) 534-4499 Email: JWeinman@allen-vellone.com BPompea@allen-vellone.com About NU Style Landscape & Development Nu Style Landscape & Development, LLC, a company in Denver, Colo., filed Chapter 11 petition (Bankr. D. Colo. Case No. 23-14475) on Oct. 2, 2023, with $1 million to $10 million in both assets and liabilities. Michael Moilanen, managing member, signed the petition. Judge Thomas B. McNamara oversees the case. Allen Vellone Wolf Helfrich & Factor, PC, serves as the Debtor's legal counsel. OCULAR DEVELOPMENT: Unsecureds Will Get 100% of Claims in Plan -------------------------------------------------------------- Ocular Development, LLC, filed with the U.S. Bankruptcy Court for the Northern District of New York a Small Business Plan of Reorganization under Subchapter V dated September 22, 2025. The Debtor is a limited liability company duly formed under the laws of the State of New York. The Debtor is co-operated and managed by its Managing Members, Mr. Al-Malik Bey ("Mr. Bey") and Ms. Latasha Gardner ("Ms. Gardner"). The Debtor is a real estate holding entity, focusing on real property purchases, rentals, renovations, and sales with its principal place of business located at 57 Glen Avenue, Troy, NY 12180. The Debtor is a successor entity to Urbane LLC, a design architectural firm owned and operated by Mr. Bey. The Debtor was formed on November 2, 2023, and began doing business thereafter. The Debtor filed this Bankruptcy to stop the foreclosure of its two pieces of real property: (1) 7 Delaware Street, Albany, NY 12202, a 4-unit multifamily residential investment property, encumbered by a mortgage owned by Toorak Capital Partners and (2) 8 West Road, Troy, NY 12180, a single family colonial purchased with the intent to renovate it and sell it for a profit, encumbered by a mortgage owned by HOF Grantor Trust 1. At the time of filing, Debtor owed secured debts in the amount of approximately $321,948.00 arising from the mortgages discussed supra and modest real property tax arrears. At the time of filing, Debtor owed no priority unsecured debt and approximately $500.00 in general unsecured debts. The Debtor's goal in this reorganization is to maintain ongoing operations in order to satisfy the secured portion of its debt with Pursuit Lending and the Small Business administration and provide a reasonable dividend to its general unsecured creditors. Shortly after the filing of this Bankruptcy, Debtor employed Carrow Real Estate Services, LLC, to market and sell 7 Delaware Street. Carrow intends to list 7 Delaware for $399,900.00. Should Debtor and Carrow be able to enter under contract for the sale of 7 Delaware quickly, it is anticipated that the net closing amount will be sufficient to satisfy all claims of the Bankruptcy Estate in full. As Debtor is proposing a liquidation of 7 Delaware Street in order to satisfy all claims, Debtor does not anticipate the need for ongoing payments through its Confirmed Chapter 11 Plan of Reorganization. Debtor anticipates all Creditors to be paid in full through said liquidation no later than May, 2026 and, as such, Debtor’s plan is a proposed 6-months in length. To the extent additional time is necessary, or the liquidation and/or refinance of 8 West is necessary to satisfy the plan terms, Debtor's membership is ready willing and able to provide adequate protection payments to Toorak and HOF 1 to have the time necessary for a successful liquidation and full repayment of claims. The final Plan payment is expected to be paid 6-months from date of Confirmation. Non-priority unsecured creditors holding allowed claims will receive distributions of no less than 100%. This Plan provides for full payment of administrative expenses and priority claims upon confirmation of the Plan, unless otherwise noted in the plan, or by such other terms as stipulated by and between the Debtor and the respective administrative or priority Creditor. Class 2 claims shall be treated as wholly unsecured and shall receive a general unsecured distribution. General Unsecured Creditors shall begin receiving payments after Administrative Creditors and Secured Creditors are paid. If allowed, shall be paid in full upon the liquidation of 7 Delaware. Disputed Claims that have failed to file a claim will receive no distribution. Class 3 Equity Interest holders are parties who hold an ownership interest in the Debtor. Class 3 Equity Shareholders shall make additional contributions, as necessary, to further fund the Debtor’s operations. * Mr. Bey shall retain 50% of the membership interest in the reorganized Debtor. * Ms. Gardner shall retain 50% of the membership interest in the reorganized Debtor. The Plan will be implemented by the Debtor remitting payment to creditors as provided for herein from the Debtor's cash flow as well as ongoing capital contributions from the Debtor's membership. Upon Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Subchapter V Plan dated September 22, 2025 is available at https://urlcurt.com/u?l=WomNnp from PacerMonitor.com at no charge. Counsel to the Debtor: Michael L. Boyle, Esq. Boyle Legal, LLC 64 2nd Street Troy NY 12180 518-407-3121 Email: mike@boylebankruptcy.com About Ocular Development Ocular Development, LLC, is a real estate holding entity, focusing on real property purchases, rentals, renovations, and sales with its principal place of business located at 57 Glen Avenue, Troy, NY 12180. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-10716) on June 23, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Patrick G. Radel presides over the case. Michael Leo Boyle, at Boyle Legal, LLC, is the Debtor's legal counsel. OFFSHORE SAILING: To Sell Sailboats, IP to B. Crotty for $215,000 ----------------------------------------------------------------- Offshore Sailing School Ltd. Inc. seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Ft. Myers Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company which previously owned and operated a sailing school. The School is no longer operating, and the Debtor intends to file a liquidating plan. The Debtor is a debtor as defined in 11 U.S.C. Section 1182(1) who's aggregate noncontingent liquidated debts (excluding debts owed to insiders or affiliates) are less than $3,424,000.00 and which has chosen to proceed under Subchapter V of Chapter 11 of the Bankruptcy Code. In order to fund the Debtor's proposed liquidating plan, the Debtor intends to liquidate the Debtor's assets, which consist in large of sailboats, including a Jeanneau 479 sailboat and certain intellectual property. The Debtor has entered into a certain Purchase and Sale Agreement for Brokerage Vessell with Brian P. Crotty, or his related assigns to be formed for sale and purchase of the Jeanneau and Intellectual Property. The Agreement provides for a purchase price of $215,000.00, of which $200,000.00 is allocated to the Jeanneau and $15,000.00 is allocated to the Intellectual Property. The Agreement provides for payment of the Purchase Price in cash or immediately available funds at closing. There will be a 10% broker fee due pursuant to a Brokerage Agreement. The Jeanneau and Intellectual Property are unencumbered. The Debtor believes that the sale of the Jeanneau and Intellectual Property as set forth herein is fair and reasonable. The Purchase Price is sufficient to pay any unforeseen claims against the Jeanneau and Intellectual Property. The Debtor proposes that after payment of governmental charges or taxes associated with the sale and the Brokerage Commission to hold the net proceeds from the sale in the Special Account for eventual distribution to the Debtor's creditors pursuant to a confirmed liquidating plan. About Offshore Sailing School Offshore Sailing School Ltd. Inc. is a provider of sailing and powerboating instruction in the U.S., offering certification courses in cruising, passage making, and racing. It also conducts team-building sailing activities and organizes flotilla vacations for certified sailors. With over 60 years of experience, the school operates in Florida and the British Virgin Islands under the leadership of Steve and Doris Colgate. Offshore Sailing School Ltd. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00921) on May 21, 2025. In its petition, the Debtor reports total assets as of Feb. 28, 2025 amounting to $611,760 and total liabilities as of Feb. 28, 2025 totaling $2,277,797. The Debtor is represented by Leon Williamson, Esq. at Williamson Law Firm. OLYMPUS WATER: Moody's Rates New $2.55BB Senior Secured Notes 'B3' ------------------------------------------------------------------ Moody's Ratings assigned a B3 rating to Olympus Water US Holding Corporation's (dba Solenis) proposed equivalent $2.55 billion backed senior secured notes due 2033. The notes will have a USD tranch and a EURO tranche. The company's B3 Corporate Family Rating, B3-PD Probability of Default Rating, B3 ratings on the existing senior secured notes and senior secured first lien term loans, and the Caa2 rating on the senior unsecured notes remain unchanged. The rating outlook is stable. The proceeds of the new debt issuance will be used to refinance the $1.7 billion USD senior secured notes due 2028 and the EUR630 million senior secured notes due 2028. Moody's views the transaction as largely leverage neutral, but it is expected to generate interest rate savings and push out maturities, which is credit positive. RATINGS RATIONALE The B3 corporate family rating reflects the increased scale pro forma for the NCH acquisition, which is expected to close by the of 2025, along with expanded footprint and more customer service capabilities. The combined company will have pro forma sales of over $8.3 billion and 85 facilities and will add over 6,000 employees, primarily the salesforce and technicians that provide services to smaller industrial customers. The rating also reflects weak credit metrics, high absolute debt level and a track record of large acquisitions almost on an annual basis. This growth strategy results in negative free cash flow due to heavy costs to integrate acquisitions and achieve synergies. Moody's adjusted leverage in the twelve months ended June 30, 2025 is approximately 8.3x. Pro forma for NCH acquisition and the proposed refinancing, adjusted leverage would be approximately 8.1x or 7.6x if the expected $75 million of synergies are included. These metrics do not exclude roughly $200 million of plant manufacturing costs, compensation costs and severance and purchase accounting adjustments related to acquisitions that the company has incurred during this period. If these costs were excluded, pro forma leverage with NCH synergies would be around 6.5x. Moody's expects leverage to decline to 6.0x in 2026 after the transaction is executed reflecting higher earnings from the business and realized synergies, but Moody's expects elevated capex for capacity expansions and restructuring costs to continue to weigh on free cash flow generation. The rating is supported by the company's market leadership in water treatment chemicals and services for pulp and paper manufacturers, industrial customers, municipalities, residential and commercial pools, as well as disinfection service for food and beverage, commercial and manufacturing facilities. Pro forma for the transaction, the industrial segment will increase to 27% from 16%, while institutional segment (mainly legacy Diversey business) will decline to 26% from 29%. The critical nature of water treatment and the company's well established customer relations contribute to good business visibility and recurring revenues. NCH generates roughly 30% of its revenue from the sales of various industrial lubricants, which is a more volatile business and does not directly fit Solenis' existing business, however, this business will represent only approximately 4% of the pro forma revenues. The credit profile benefits from the company's large scale, diverse customer base in many industries and globally diversified business operations. The company's business scale and diversification are better than most of the single-B rated chemical companies and can support a higher rating should it improve its credit metrics. RATINGS OUTLOOK The stable outlook reflects expectations that the company will continue to deliver its synergies while also improving earnings in the underlying businesses through pricing actions and higher volume. The stable outlook also reflects expectations that leverage will continue to improve in line with the assigned rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the rating with expectations for the company to improve profitability, reduce adjusted leverage to below 5.5x on a sustained basis, and generate strong free cash flows. The upgrade will also be contingent on the reduction of the balance sheet debt amount. Moody's could downgrade the rating with expectations for declining volumes, declining profitability, adjusted financial leverage above 7.5x on a consistent basis, EBITDA to interest coverage below 1.5x, negative free cash flow or diminishing liquidity. LIQUIDITY Solenis' adequate liquidity is supported by its cash on hand and revolver availability, while the company continues to generate negative free cash flow due to integration costs. The company had $374 million of cash on hand as of June 30, 2025. The company plans to repay $395 million of borrowings under its ABL facility due in April 2029 when the NCH transaction closes. At the same time, it plans to increase the ABL facility size by $100 to $800 million. In addition, the company plans to increase its cash flow revolver by $100 million to $300 million. These actions will improve external liquidity. The cash flow revolver will be undrawn and is due in June 2029. The company utilizes asset receivables financing, of which $97.8 million was outstanding as of June 30, 2025. The ABL contains a springing consolidated fixed charge coverage covenant set at 1.00x. The covenant springs into effect if the ABL facility's availability is less than the greater of 10% of the line cap or $25 million. Term loans have no covenants and annual amortization accounts for 1% or about $25 million. With this transaction, the company will refinance $2.4 billion of approximately $3.8 billion of debt due in 2028. The remaining $815 million senior secured notes and EUR500 notes due in October 2028 have lower coupons. All assets are largely encumbered by the secured credit facilities. Olympus Water US Holding Corporation produces chemicals used in the manufacturing process for pulp and paper products, industrial and municipal water treatment, pool and spa markets, as well as provides hygiene, disinfection and cleaning service. Its products and service help customers improve operational efficiency, enhance product quality and reduce environmental impact. In November 2021, Platinum Equity Advisors, LLC acquired Solenis from Clayton, Dublier, and Rice and BASF. Platinum combined Solenis with its existing portfolio company Sigura to form Olympus Water. Olympus Water acquired Diamond (BC) B.V. (dba Diversey) for an enterprise value of $4.6 billion in July 2023. The company announced an agreement to acquire NCH for $2.5 billion in June 2025. The company generated sales of $7.3 billion in the twelve months ended June 2025. The principal methodology used in these ratings was Chemicals published in October 2023. ORACLES CAPITAL: Updates Unsecured Claims Pay; Plan Hearing Nov. 4 ------------------------------------------------------------------ Oracles Capital Inc. submitted a First Amended Plan of Liquidation for Small Business dated September 22, 2025. The Debtor worked closely with the Subchapter V Trustee and Auction Advisors throughout the sale process. The marketing process resulted in five pre-qualified sealed bid offers with deposits. On July 15, 2025, an auction was conducted in accordance with the Bid Procedures. At the conclusion of the Auction, the Debtor in consultation with the Subchapter V Trustee, determined that consistent with the Bid Procedures, Qualified Bidder #1 - Liv Sales, Inc. was the successful bidder (the "Successful Bidder") with the highest bid of $170,000 for the package that included Lots #1, 2, and 4 ("the Successful Bid") and Lanterna Distributors Inc. was the back-up bidder (the "Back-up Bidder") with the second highest bid of $167,500 (the "Back-Up Bid"). A hearing on the sale of the Assets to the Successful Bidder was held on July 31, 2025, and the Court overruled the pending objection and tentatively approved the sale. The Court subsequently entered an order approving the sale on August 15, 2025. Thereafter, the Debtor and the Successful Bidder closed on the sale of the Assets on August 18, 2025. This Plan primarily will be funded through cash available in the Debtor's estates and the proceeds from the Sale. Class 1 consists of Allowed General Unsecured Claims. Main Claim holders will each received one-third of cash remaining after payment of Administrative Claims and Priority Tax Claims. The allowed unsecured claims total $390,000. This Class is impaired. On the date that the Order confirming this Plan becomes a Final, non-appealable order all property of the Debtor, tangible and intangible, including, without limitation, all real property, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests to the Plan Administrator. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date, and thereafter, the proceeds of the respective sales of property will be used to fund the payments as provided in this Plan at that time. As previously discussed, substantially all of the Debtor's assets have been sold pursuant to the Bid Procedures Order and the forthcoming Sale Order. The Debtor anticipates funding the plan with the Sale Proceeds upon closing of the Sale. A hearing on the confirmation of the Plan is scheduled for November 4, 2025 at 10:00 AM in Courtroom No. 2 at the U.S. Bankruptcy Court, District of Delaware, 824 N. Market Street, Wilmington, Delaware 19801. A full-text copy of the First Amended Plan dated September 22, 2025 is available at https://urlcurt.com/u?l=IUD6R8 from PacerMonitor.com at no charge. Counsel to the Debtor: Ronald S. Gellert, Esq. Gellert Seitz Busenkell & Brown LLC 1201 N. Orange St., Ste. 300 Wilmington, DE 19801 Telephone: (302) 425-5800 Email: rgellert@gsbblaw.com About Oracles Capital Inc. Oracles Capital Inc., through Oracles Craft Brands, imports, distributes, and supplies beer, wine, and distilled spirits across the United States. The Company owns a portfolio of brands and supports its distribution partners with a national sales team to strengthen market presence and brand longevity. Oracles Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10870) on May 11, 2025. In its petition, the Debtor reports total assets of $1,254,476 and total liabilities of $245,221. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown LLC. ORION PORTFOLIO: Hires Thompson Law Group as Bankruptcy Counsel --------------------------------------------------------------- Orion Portfolio Management LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Thompson Law Group, P.C. as its attorneys. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor and Debtor-in-Possession the necessary motions, answers, reports, orders, and other legal papers in connection with the administration of the Debtor's estate; (d) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (e) perform such legal services as the Debtor may request with respect to any matter appropriate in assisting the Debtor's effort to reorganize. Brian C. Thompson, Esq., a partner at Thompson Law Group, will receive an hourly rate of $350, and an hourly rate of $90 is for paralegals. Thompson Law Group 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: Brian C. Thompson, Esq. THOMPSON LAW GROUP, P.C. 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 E-mail: bthompson@thompsonattorney.com About Orion Portfolio Management LLC Orion Portfolio Management LLC is a single asset real estate company that owns and manages property at 714-714 Armandale Street in Pittsburgh, Pennsylvania. Orion Portfolio Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21767) on July 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtors are represented by Brian C. Thompson, Esq. at Thompson Law Group, PC. PHOEBEN 2: Catherine Stone Curtis Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 7 appointed Catherine Stone Curtis as Subchapter V trustee for Phoeben 2, LLC. Ms. Curtis will be paid an hourly fee of $450 for her services as Subchapter V trustee, an hourly fee of $100.00 for her support staff, and will be reimbursed for work-related expenses incurred. Ms. Curtis declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Catherine Stone Curtis MCGINNIS LOCHRIDGE P.O. Box 720788 McAllen, TX 78504 Ph: (956) 489-5958 Fax: (956) 331-2304 Email: ccurtis@mcginnislaw.com About Phoeben 2 LLC Phoeben 2 LLC, doing business as Armenta, is a Houston-based jewelry company that designs and manufactures handcrafted collections using mixed metals and gemstones. Phoeben 2 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35368) on September 12, 2025. In its petition, the Debtor reported total assets of $710,465 and total liabilities of $3,098,776. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Kimberly A. Bartley, Esq., at Waldron & Schneider, PLLC. PRECISION EXPRESS: Beverly Brister Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Beverly Brister, Esq., a practicing attorney in Benton, Ark., as Subchapter V trustee for Precision Express, Inc. Ms. Brister will be paid an hourly fee of $360 for her services as Subchapter V trustee. Should travel be required outside of Saline or Pulaski Counties, the Subchapter V trustee will seek a compensation rate of $100 per hour for actual travel time incurred. Ms. Brister declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Beverly I. Brister, Esq. Attorney at Law 212 W. Sevier Benton, AR 72015 Phone: 501-778-2100 Email: bibristerlaw@gmail.com About Precision Express Inc. Precision Express, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13266) on September 23, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Bianca M. Rucker presides over the case. Anh-Thu Cecille Doan, Esq. at the Law Offices of Cecille Doan represents the Debtor as bankruptcy counsel. PROSPECT MEDICAL: Springfield Hospital, Crozer-Chester for Auction ------------------------------------------------------------------ Harold Brubaker of The Philadelphia Inquirer reports that Prospect Medical Holdings Inc., the California-based parent of Crozer Health, has moved to auction the real estate of Crozer-Chester Medical Center and Springfield Hospital as part of its ongoing bankruptcy proceedings. In a court filing Friday, the company set October 7, 2025 as the deadline for bids, with an auction scheduled for October 10, 2025 if sufficient qualified offers are received. Crozer-Chester was shuttered earlier this year after efforts to transition the hospital to nonprofit ownership fell through, while Springfield Hospital has remained closed since 2022. The court filing notes that all bids must be free of contingencies, meaning any buyer would inherit unresolved issues such as property tax obligations. At this stage, Prospect has not revealed potential bidders or provided details on the level of interest in the two Delaware County facilities, once considered key parts of the region’s healthcare system. Industry observers expect the most likely bidders to be real estate investors rather than health systems. These investors would likely repurpose the sites by leasing to medical tenants, rather than attempting to reopen the hospitals and restore their full operations. The auction underscores the broader challenges facing struggling healthcare facilities in Pennsylvania and beyond, the report states. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. RANA REAL ESTATE: Andrew Layden Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Rana Real Estate, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com 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 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05881) on September 17, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. 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. RAPTOR AUTO: To Sell Trailer Equipment to Solih Inc. ---------------------------------------------------- Raptor Auto Transport Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Trailer Equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor's Equipment are 2022 Volvo (VIN 4V4NC9EH7NN88517), 2022 Volvo (VIN 4V4NC9EH3NN607573), 2022 Volvo (VIN 4V4NC9EH5NN607574), which are listed in the Debtor's petition. De Lage Landen Financial Services is a secured creditor and the holder of a duly perfected security interest in the Equipment. On September 15, 2025, the Debtor and the buyer Solih Inc. have executed a Bill of Sale with respect to the VIN 4V4NC9EH7NN88517 with the total purchase price of $45,000, the VIN 4V4NC9EH3NN607573 with the total purchase price of $45,000, and VIN 4V4NC9EH5NN607574 with the total purchase price of $35,000. The Debtor, along with counsel, has determined that the proposed purchase price constitutes fair market value based on the condition of the equipment. The closing date will take place at a time and place mutually agreeable to the Seller and the Buyer. The Proposed buyer is not related to the Debtor or any family members. DLL will be paid from the proceeds of the sale. About Raptor Auto Transport Inc. Raptor Auto Transport Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-41140) on March 14, 2024, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Jil Mazer-Marino presides over the case. Alla Kachan, Esq., at the Law Offices Of Alla Kachan P.C., is the Debtor's counsel. RAZZOO'S INC: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------- Two affiliates that filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. Petition Date ------ -------- ------------- Razzoo's, Inc. (Lead Case) 25-90522 Sept. 30, 2025 14131 Midway Road, Suite 750 Addison, TX 75001 Razzoo's Holdings, Inc. 25-90523 Oct. 1, 2025 14131 Midway Road, Suite 750 Addison, TX 75001 Business Description: Razzoo's, Inc. operates a chain of casual dining restaurants that specialize in Cajun- inspired cuisine and Louisiana-style dishes across Texas, North Carolina, and Oklahoma. Founded in 1991 in Dallas, Texas, the Company has expanded to multiple locations offering a menu that includes seafood, fried specialties, and traditional Cajun items such as boudin balls, Rat Toes, and alligator tail. The restaurants are known for combining bold bayou flavors with a lively atmosphere that reflects Cajun culture and tradition. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Alfredo R Perez Debtors' General Bankruptcy Counsel: Matthew Okin, Esq. Ryan A. O'Connor, Esq. Kelley Killorin Edwards, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine St., Suite 240 Houston, TX 77002 Tel: 713-228-4100 Fax: 346-247-7158 Email: mokin@okinadams.com roconnor@okinadams.com kedwards@okinadams.com Debtors' Financial Advisor: STOUT RISIUS ROSS, LLC Debtors' Investments Banker: STOUT CAPITAL, LLC Debtors' Claims, Noticing & Solicitation Agent: DONLIN, RECANO & COMPANY, LLC Each Debtor's Estimated Assets: $10 million to $50 million Each Debtor's Estimated Liabilities: $10 million to $50 million Philip Parsons signed the petitions as CEO. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/ATKPCII/Razzoos_Inc__txsbke-25-90522__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/A4PBOUQ/Razzoos_Holdings_Inc__txsbke-25-90523__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. The Pointe II CC, LLC Landlord $4,233,792 13230 Pawnee Dr Ste 301 Oklahoma City OK 73114 Lesley Mustri Tel: (405) 669-8674 Email: leaseadmin@themedalliongrp.com 2. Corpus Christi Retail Venture Landlord $3,843,033 Po Box 843945 Dallas TX 75284-3945 Email: lpsales@trademarkproperty.com 3. Sabine 2016-1 LLC Landlord $3,607,770 Patrick Willis Po Box 302593 Austin TX 78705 Tel: (202) 365-5446 Email: patrick_willis@icloud.com 4. Sysco Food Services Of Dallas Trade Debts $1,370,205 P.O. Box 561000 Lewisville TX 75056-0700 Jill Taylor Tel: (469) 384-6404 Fax: (877) 821-9719 5. Crown HTV Agent Landlord $1,240,315 PO Box 341 121 N Crutchfield St Dobson NC 27017 Tel: (336) 386-9790 Email: michelleg@crown-companies.com 6. Texas Comptroller Of Sales Tax $908,730 Public Accounts Sales And Use Tax PO Box 13528 Capitol Station Austin TX 78711-3528 Kelly Hancock Acting Comptroller 7. Plein Air Trade Debts $203,642 530 Ga Hwy 247 S. #13 Bonaire GA 31005 Jason Ablecock Tel: (214) 886-8366 8. Edward Don & Company Trade Debts $111,796 3501 Plano Pkwy The Colony TX 75056 Faina M. Artynyuk Tel: (972) 624-7437 Email: martynf@don.com 9. Texas Comptroller Of Income Tax $95,000 Public Accounts PO Box 13528 Capitol Station Austin TX 78711-3528 Kelly Hancock, Acting Comptroller 10. My Tech Texas LLC Trade Debts $83,494 2201 Long Prairie Rd Suite 107-153 Flower Mound TX 75022 Mike Spagnola Tel: (800) 761-0284 Email: service@mytechtexas.com 11. Onepoint Trade Debts $45,636 PO Box 640814 Cincinnati OH 45264-0814 Melissa Mahoney Tel: (410) 868-4346 Email: melissa.mahoney@proformaonepoint.com 12. Cross Creek Mall Spe, L.P. Landlord $45,000 CBL And Associates Management Inc Cbl Center Ste 500 2030 Hamilton Pl Blvd Chattanooga TN 37421 Chief Legal Officer Tel: (423) 855 0001 13. Prep Hillside Real Estate Landlord $44,647 VP Of Legal SVC 5905 Galbraith Rd Ste 1000 Cincinnati OH 45236 Renee Tims Email: renee.tims@preppg.com 14. ARC Mechanical LLC Trade Debts $40,342 14925 Stuebner Airline Suite 206 Houston TX 77069 Tel: (832) 493-8718 Email: arc.mechanical.llc@gmail.com 15. Big Colony Trade Debts $37,016 530 GA Hwy 247 S #13 Bonaire GA 31005 Jason Ablecock 16. IA Round Rock Univ Oaks LP Landlord $32,922 Inven Trust Prop Mgmt Llc 62908 Collection Center Drive Chicago IL 60693 Madison Hutchins Tel: (512) 595-3321 Email: madison.hitchins@inventrustpm.com 17. Sundance Square Partners L.P. Landlord $32,401 Leasing Manager 425 Houston St Ste 250 Fort Worth TX 76102 Jack Hubbard Tel: (817) 264-2521 Email: jhubbard@sundancesquare.com 18. North Carolina Sales Tax $32,111 Department Of Revenue Attention: Bankruptcy Unit Sales And Use Tax Po Box 1168 Raleigh NC 27602-1168 Mckinley Wooten, Jr, Secretary Tel: (919) 814-1006 19. Simon Property Group Landlord $30,845 Leasing Representative 1101 Melbourne Rd Ste 1000 Hurst TX 76053 Cole Parkey Tel: (817) 685-3023 Email: cole.parkey@simon.com 20. ALSCO Trade Debts $27,882 505 East 200 South Salt Lake City UT 84102 Robert Steiner, President/Director Tel: (713) 869-9293 Fax: (713) 869-2564 21. DPEG Fountains LP Landlord $27,851 Leasing Dept 11333 Fountain Lake Dr Stafford TX 77477 Tel: (866) 342-6264 Email: leasing@dhananipeg.com 22. Lawton Commercial Services Trade Debts $26,696 Po Box 1179 Mckinney Tx 75070 Tel: (972) 424-2929 23. South Loop Landlord $26,428 Development LLC (Formerly Sld 2015 (Graco Real Estate)) 4010 82nd St Ste 100 Lubbock TX 79423 Christian Mcclendon 24. Lincoln Waste Solutions, LLC Trade Debts $26,068 Po Box 7598 Bloomfield CT 06002 25. Matco Investments Landlord $24,626 Mark Cohen 5330 Alpha Road Suite 200 Dallas TX 75240 Tel: (972) 991-9590 Ext 26 Email: mark@centerpointcp.com 26. SS Southlake Investment, LLC Landlord $24,401 Po Box 1907 Roanoke TX 76262 Sanjay Jain Email: info@propertyzing.com 27. UTC Realty Landlord $24,203 Po Box 4508 Bryan TX 77803 Deb Miller Email: deb@Scarmardofoods.com 28. RPI Bryant Irvin Ltd Landlord $23,640 2929 Carlisle St #170 Dallas Tx 75204 Kay Meade Tel: (972) 250-1486 Email: amarxen@retailplazas.com 29. ATC Investors, LP Landlord $22,519 Director Leasing And Develoment Trademark Property Co 1701 River Run Ste 500 Fort Worth TX 76107 Doug Herman Tel: (817) 509-4161 Email: dhermann@trademarkproperty.com 30. Precision Air Trade Debts $20,693 205 N Hwy 175 Seagoville TX 75159 Tel: (972) 287-7997 Fax: (972) 287-4790 RIVERS ENTERPRISE: Moody's Rates New $600MM Secured Notes 'B1' -------------------------------------------------------------- Moody's Ratings affirmed Rivers Enterprise Borrower, LLC's ("Rivers Enterprise") ratings, including its B1 Corporate Family Rating, B1-PD Probability of Default Rating, and B1 Senior Secured Rating. In the same rating action, Moody's also assigned a B1 rating to the company's proposed $600 million senior secured notes. The outlook is stable. Proceeds from the $600 million notes, along with an approximately $439 million draw on the proposed upsized $550 million revolving credit facility, will be used to fund the acquisition of Rivers Casino Pittsburgh (valued at approximately $550 million), repay Rivers Casino Pittsburgh's existing $318 million debt, and pay down Rivers Enterprise's $210 million outstanding revolver balance. Rivers Enterprise expects to upsize its unrated $350 million revolving credit facility, expiring in February 2030, by $200 million to a total of $550 million, with the new facility also expiring in February 2030. The ratings affirmation reflects Moody's views that Rivers Casino Pittsburgh will enhance Rivers Enterprise's size, scale, and geographic diversification by expanding into the Pittsburgh market, which has no direct competition within a 25-mile radius. These strengths mitigate moderately higher leverage than Moody's previously forecasted, proforma debt/EBITDA 4.3x, compared to 3.6x in Moody's 12-18 month forward view. Moody's expects debt/EBITDA to decline below 4.0x in the next twelve to eighteen months. Rivers Casino Pittsburgh is the only casino located in downtown Pittsburgh and holds a leading market share of 40% of the broader Pittsburgh market. It reported EBITDAM of $115 million for the last twelve months ended June 30, 2025, compared to Rivers Enterprise's $267 million for the same period. The stable outlook reflects Moody's expectations that Rivers Enterprise will continue to generate positive operating cash flow, supporting its good liquidity. It also reflects Moody's expectations that the proposed debt issuance proceeds will remain in escrow for the purpose of closing the Rivers Casino Pittsburgh transaction. Furthermore, Moody's expects pro forma leverage, including a full year of operations from Rivers Casino Pittsburgh, to remain well below the downgrade factor of 5.0x debt/EBITDA. RATINGS RATIONALE Rivers Enterprise Borrower, LLC's credit profile benefits from its substantial size and geographic diversification across three casinos in Pennsylvania, Virginia, and New York. Furthermore, the company has moderate debt/EBITDA leverage, high EBIT-to-interest expense coverage, and good liquidity. These credit strengths are mitigated by the company's private ownership, which could reduce financial transparency and flexibility, and by the high competition in its main markets, potentially impacting profitability and growth. Mr. Neil G. Bluhm and his family own the majority of the company. This ownership has resulted in high distributions to owners, evidenced by the debt-funded distribution of approximately $300 million in early Q1 2025, of which $250 million was drawn on the revolving credit facility. Rivers Enterprise also operates within the highly competitive markets of Pennsylvania and Virginia. Rivers Casino Portsmouth in Virginia, its primary revenue and EBITDA source, faces the risk of additional competition from new casino developments within the state. Rivers Enterprise's liquidity is good, supported by $74.3 million of unrestricted cash at June 30, 2025 and positive cash flow from operations. Moody's expects that the proposed $550 million revolving credit facility will have a $439 million draw at closing but that the company will consistently maintain a minimum availability of $75 million. Pro-forma for the proposed refinancing, the company will have no near-term debt maturities. Moody's expects the company to have financial covenants on the revolver only. Alternate liquidity is available given Rivers Enterprise's multiple assets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Rivers Enterprise's ratings could be upgraded if the company achieves increased size, scale, and diversification, maintains strong operating metrics, sustains a debt-to-EBITDA ratio below 3.0x, an EBIT-to-interest expense ratio above 4.0x, and ensures good liquidity. Ratings could be downgraded if operating performance weakens, the debt-to-EBITDA ratio rises above 5.0x, the EBIT-to-interest expense ratio falls below 3.0x, or liquidity deteriorates. Rivers Enterprise Borrower, LLC owns and operates three casinos, Rivers Casino Philadelphia in Pennsylvania, Rivers Casino & Resorts Schenectady in New York, and Rivers Casino Portsmouth in Virgina. Rivers Enterprise is majority owned and controlled by the Bluhm family. Rush Street Gaming, LLC, also owned by the Bluhm family, provides day-to-day operational oversight of the casinos. Rivers Enterprise generated net revenue of $534 million for the YTD June 30, 2025. The principal methodology used in these ratings was Gaming published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. RWE SERVICES: Behrooz Vida Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for RWE Services, LLC. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About RWE Services LLC RWE Services LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43579) on September 19, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Edward L. Morris presides over the case. Warren V. Norred, Esq. at Norred Law PLLC represents the Debtor as legal counsel. SABAL CONSTRUCTION: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida issued a fourth modified interim order authorizing Sabal Construction Incorporated to use cash collateral. The fourth modified 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 expressly approved in writing by Century Bank of Florida and the U.S. Small Business Administration. This authorization will continue until further order of the court. The budget projects total operational expenses of $19,391.67. The Debtor was also authorized to use cash collateral above the $116,000 mark, with replacement liens and rights that existed as of the date of filing as to SBA, creditors Thiru and Judith Arasu, and New World Holdings, LLC. Meanwhile, the Debtor's budgeted line-item for "officer salaries" was reduced to $13 per hour or $2,100 per month in accordance with the court's order allowing Debtor's application to set officer salary. Each creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien, according to the fourth modified interim order. About Sabal Construction Inc. Sabal Construction Incorporated is a veteran-owned and operated construction company based in Tampa, Florida, established in 2013. The company specializes in luxury custom waterfront homes and light commercial projects. Sabal Construction Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01450) on March 31, 2025, with $50,001 to $100,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Galen Brent Hebert as president. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jake C Blanchard Blanchard Law, P.A. Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com SF OAKLAND: Gets Interim OK to Use $65K in Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California granted SF Oakland Bay LLC interim authority to use cash collateral. The interim order authorized the Debtor to use up to $65,000 in cash collateral through October 16, consistent with its budget. The Debtor may exceed individual line items in the budget by 5%, provided the total cash collateral used does not exceed $65,000. No insider payment is allowed and the Debtor must maintain strict reporting on post-petition revenues and expenses. As adequate protection, the court granted replacement liens to affected creditors including Bank of Hawaii, Portside, the U.S. Small Business Administration, 21st Century Corporation, and Continental Casualty Insurance, with the same priority and extent as their pre-bankruptcy liens. These liens exclude Chapter 5 causes of action. A final hearing is set for October 16. Objections are due by October 10. About SF Oakland Bay LLC SF Oakland Bay, LLC operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby condominiums, offices, and residences. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30699) on September 3, 2025, listing up to $10 million in assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Peter Hadiaris, Esq., at the Law Office of Peter N. Hadiaris, represents the Debtor as bankruptcy counsel. SHIPWRECK TREASURE: Aaron Cohen Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Shipwreck Treasure Ventures Corp. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Shipwreck Treasure Ventures Corp. Shipwreck Treasure Ventures Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03374) on September 23, 2025, with up to $50,000 in assets and between $100,001 and $500,000 liabilities. Thomas C. Adam, Esq., at Adam Law Group, P.A. represents the Debtor as bankruptcy counsel. SILVER STAR: Trustee Taps Cheek & Falcone as Consulting Expert -------------------------------------------------------------- David Payne, the trustee appointed in the Chapter 11 case of Silver Star of Nevada, Inc., seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire David A. Cheek of Cheek & Falcone, PLLC as his consulting expert. The firm's services include: a. assisting the Trustee by providing expert consulting services on a range of legal issues concerning the property of the estate; b. providing expert testimony, if requested; and c. performing such other services as may be requested by Trustee. The firm will be paid at these rates: David A. Cheek $400 per hour Other Staff $125 to $350 per hour Mr. Cheek assured the court that he is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: David A. Cheek Cheek & Falcone, PLLC 6301 Waterford Boulevard, Suite 320 Oklahoma City, OK 73118 Telephone: (405) 286-9191 Facsimile: (405) 286-9670 Email: dcheek@cheekfalcone.com About Silver Star of Nevada Silver Star of Nevada, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 23-10315) on Feb. 14, 2023, with $1 million to $10 million in both assets and liabilities. Charles V. Long, Jr., president of Silver Star of Nevada, signed the petition. Judge Sarah A. Hall oversees the case. Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C. and Hall Estill, a professional corporation, serve as the Debtor's bankruptcy counsel and special counsel, respectively. On March 29, 2024, David R. Payne was appointed as trustee in this Chapter 11 case. He tapped D. R. Payne & Associates, Inc. as his accounting support staff and Michael E. Deeba, PLLC as financial advisor. SIMPLIA INC: Case Summary & Three Unsecured Creditors ----------------------------------------------------- Debtor: Simplia, Inc. 10801 National Blvd., Suite 500 Los Angeles, CA 90064 Business Description: Simplia, Inc., based in Los Angeles, California, provides digital marketing and AI solutions, focusing on services such as website development, social media management, and search engine optimization for small businesses. The Company offers AI-powered tools designed to streamline digital marketing processes and tailor solutions to client budgets. It operates within the marketing and advertising services industry. Chapter 11 Petition Date: September 30, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18664 Judge: Hon. Barry Russell Debtor's Counsel: Eve H. Karasik, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHICK, L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 E-mail: ehk@lnbyg.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Bharskarpillai Gopinath as president, CEO, and CFO. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VMEZWFQ/Simplia_Inc__cacbke-25-18664__0001.0.pdf?mcid=tGE4TAMA SLM SERVICES: Claims to be Paid from Continued Operations --------------------------------------------------------- SLM Services LLC filed with the U.S. Bankruptcy Court for the District of Connecticut a Plan of Reorganization for Small Business dated September 22, 2025. The Debtor is a limited liability company. Since 2008, the Debtor has been in the business of providing horticultural services. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $320,936.71. The final Plan payment is expected to be paid in August 2030. Non-priority unsecured creditors will receive their pro rata share of Plan payments after payment of priority claims. This Plan also provides for the payment of administrative claims on the effective date. Class 3 consists of Non-priority unsecured creditors. Non-priority unsecured claimants will receive pro rata share of the quarterly payments after payment of priority claims. This Class is impaired. Class 4 consists of equity security holders of the Debtor. Stacey Marcell will retain her equity in the company based upon her continuing efforts on behalf of the company. EPIC Home, LLC will receive nothing. The Plan will be funded from the operations of the Debtor. Stacey Marcell will remain the manager of the Debtor. A full-text copy of the Plan of Reorganization dated September 22, 2025 is available at https://urlcurt.com/u?l=4Gn2lL from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey Hellman, Esq. Law Offices of Jeffrey Hellman, LLC 195 Church Street 10th Floor New Haven, CT 06510 Phone: (203) 691-8762 Fax: (203) 823-4401 Email: jeff@jeffhellmanlaw.com About SLM Services LLC SLM Services LLC, DBA Northeast Horticultural Services, provides tree care and organic landscaping services in Fairfield County, Connecticut, including Fairfield, Weston, and Westport. The Company offers plant health care, tree removal, landscape design, and organic lawn care, with a focus on environmentally friendly practices. It serves both residential and commercial clients. SLM Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-50514) on June 24, 2025. In its petition, the Debtor reports total assets of $2,855,436 and total liabilities of $1,054,34. The Debtors are represented by Jeffrey Hellman, Esq. at LAW OFFICES OF JEFFREY HELLMAN, LLC. SOLEMN INVESTMENTS: Taps Jeremy T. Wood PLLC as Bankruptcy Counsel ------------------------------------------------------------------ Solemn Investments Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire the Law Office of Jeremy T. Wood, PLLC as lead bankruptcy counsel. The firm will render these services: a. advise the Debtor with respect to its powers and duties as a debtor-in-possession; b. prepare and file all necessary pleadings, motions, applications, and other legal documents; c. represent the Debtor in cash collateral and DIP financing matters; d. prepare and prosecute a plan of reorganization and disclosure statement; e. commence and prosecute an adversary proceeding against B and E Express for damages critical to the reorganization; f. assist with general estate administration and compliance with court orders; g. negotiate with creditors and address claim objections; h. ensure compliance with monthly operating report requirements and other statutory obligations; i. represent the Debtor at all hearings and proceedings before this Court; and j. perform all other legal services necessary for the Debtor to fulfill its duties under the Bankruptcy Code. The firm will bill the hourly rate of $325 for Jeremy T. Wood, attorney at Jeremy T. Wood, PLLC. The firm received a retainer in the amount of $15,000. Mr. Wood assured the court that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeremy T. Wood, Esq. Law Office of Jeremy T. Wood, PLLC 2950 N Loop W 5th Floor Suite 500 Houston, TX 77092 Phone: (713) 366-1288 About Solemn Investments Inc. Solemn Investments Inc., doing business as ABJ Transport, is a Houston-based specialized freight trucking company, provides transportation and logistics services in the specialized freight sector. Solemn Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34630) on August 8, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Jeremy Thomas Wood, Esq. at Law Office Of Jeremy T. Wood, PLLC. SONOMA PHARMACEUTICALS: To Sell Up to $2.1M Stock in ATM Deal ------------------------------------------------------------- Sonoma Pharmaceuticals Inc. entered into an at-the-market sales agreement with Ladenburg Thalmann & Co. on Sept. 26, allowing the Company to sell shares of its common stock through the brokerage firm from time to time, according to a regulatory filing with the Securities and Exchange Commission. The agreement authorizes Ladenburg to sell Sonoma's stock in at-the-market offerings under Rule 415 of the Securities Act or through other permitted methods, including privately negotiated deals, subject to the Company's directions on timing, size, or price. Ladenburg's ability to execute sales is contingent on customary conditions typical for such transactions. Sonoma will pay Ladenburg a 3% commission on gross proceeds from each sale and reimburse up to $40,000 in expenses. The Company also granted Ladenburg standard indemnification and contribution rights as part of the arrangement. The Company is not required to sell any common stock under the agreement, and there is no guarantee that any shares will be sold, or, if sold, what the price, quantity, or timing of such sales will be. The agreement will end either once all shares covered have been sold or upon the occurrence of other termination provisions specified in the contract. Sales of common stock under the agreement will be conducted under the Company's Form S-3 registration statement (File No. 333-275311), which was declared effective by the SEC on Nov. 20, 2023, and a related prospectus supplement filed on Sept. 26, 2025, covering up to $2,070,463 in aggregate offering value. About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc., headquartered in Boulder, Colorado, develops and manufactures stabilized hypochlorous acid-based products used in wound care, dermatology, eye care, oral care, podiatry, animal health, and non-toxic disinfectants. The Company markets its products through direct sales and distribution partners in more than 55 countries. Its portfolio is aimed at managing skin abrasions, irritations, and infections, while also expanding into broader healthcare and consumer applications. In its audit report dated June 17, 2025, Frazier & Deeter, LLC issued a "going concern" qualification citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. Management believes the Company may have access to additional capital through public or private equity, debt financing, corporate partnerships, or other avenues; however, there is no guarantee that such financing will be available on favorable terms if needed. A downturn in the U.S. economy could limit the Company's ability to obtain additional funds. If new capital cannot be secured, the Company may need to implement cost-reduction measures to preserve cash, which could significantly delay its efforts to commercialize products and impact the execution of its business plan. As of June 30, 2025, the Company had $14.59 million in total assets, $10.54 million in total liabilities, and $4.06 million in total stockholders' equity. The Company reported a net loss of $1,241,000 and $1,143,000 for the three months ended June 30, 2025 and 2024, respectively. At June 30, 2025 and March 31, 2025, the Company's accumulated deficit amounted to $199,047,000 and $197,806,000, respectively. The Company had working capital of $8,259,000 and $8,552,000 as of June 30, 2025 and March 31, 2025, respectively. During the three months ended June 30, 2025 and 2024, net cash used in operating activities amounted to $2,015,000 and $912,000, respectively. SOUTHERN GOURMET: Unsecureds Will Get 4% of Claims over 3 Years --------------------------------------------------------------- Southern Gourmet Kitchen, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization for Small Business dated September 19, 2025. The Debtor is a Texas limited liability company which owns and operates a Southern gourmet food restaurant located at 600 W. Park Avenue, Plano, TX 79411. The company's members are Sparkle Carter and Regina Carter. As with many food providers, the Debtor was impacted by the COVID 19 pandemic. In addition, the company failed to pay its IRS employee tax withholdings for several quarters, and its sales and liquor taxes to the Texas comptroller for several months. Ultimately, the onerous receivables repayment terms and the liens and collection activities of the IRS and the Texas Comptroller caused for the Debtor to seek relief under the bankruptcy code. The Debtor's Plan of Reorganization provides for the continued operations of the Debtor to make payments to its creditors as set forth in this Plan. Debtor seeks to confirm a consensual plan of reorganization so that all payments to creditors required under the Plan will be made directly by the Debtor to its creditors. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 4 cents on the dollar. This Plan also provides for the payment of administrative and priority claims in full. Class 3 consists of General Unsecured Creditors. The Plan provides for the Debtor to make quarterly payments over the next three years to Allowed General Unsecured Creditors such that Allowed General Unsecured Creditors will receive approximately 4% of the amount of their Allowed Claim. The total projected to be paid to Allowed General Unsecured Creditors over the five-year period is $20,000. Payments shall be distributed by the Debtor directly to the Allowed General Unsecured Creditors. The first quarterly payment is expected to be made on December 5, 2025 and will continue on the 5th day of the next month following the end of each quarter. To assure the Debtor is able to make each quarterly payment, the Debtor will set aside each month from its operations sufficient funds to make accumulate sufficient funds each month to make the quarterly payments. For the first year, quarterly payments will be in the amount of $1,000 each quarter. Class 4 consists of Equity Interest Holders. Sparkle Carter and Regina Carter shall remain the 100% owners of the Debtor. Sparkle Carter will continue to serve as the managing member of the Debtor and be entitled to compensation for her role as Manager of the Debtor, and Regina Carter as the primary Chef of the restaurant. Each will be paid $2,500 compensation per month. The Debtor will continue to operate its restaurant business. Through the Debtor's continued operations, the Debtor will make the Plan payments called for herein to its creditors. A full-text copy of the Plan of Reorganization dated September 19, 2025 is available at https://urlcurt.com/u?l=cjRlzC from PacerMonitor.com at no charge. Counsel to the Debtor: Robert K. Frisch, Esq. Law Office of Robert K. Frisch 15150 Preston Road Street, Suite 240 Dallas, TX 75248 Tel: (972) 386-3940 About Southern Gourmet Kitchen Southern Gourmet Kitchen, LLC, is a Texas limited liability company which owns and operates a Southern gourmet food restaurant located at 600 W. Park Avenue, Plano, TX 79411. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 25-41761) on June 19, 2025. In the petition signed by Sparkle A. Carter, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Brenda T. Rhoades oversees the case. Law Office of Robert K. Frisch represents the Debtor as legal counsel. SPAC RECOVERY: Section 341(a) Meeting of Creditors on October 29 ---------------------------------------------------------------- On September 26, 2025, Spac Recovery Co. filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports $9,469,770 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 29, 2025 at 01:00 PM at Zoom.us - USTrustee 7: Meeting ID 161 1242 4438, Passcode 8901234678, Phone 1 (202) 793-2740. About Spac Recovery Co. Spac Recovery Co., formerly known as Ackrell SPAC Partners I Co., is a Delaware-based special purpose acquisition company created to raise capital and pursue a merger, share exchange, asset acquisition, or similar business combination. The Company originally targeted investments in the consumer goods sector and entered into a proposed combination with North Atlantic Imports LLC, doing business as Blackstone Products, before the deal was terminated in 2022. It now operates under the name Spac Recovery Co. and is focused on litigation and recovery efforts connected to its prior activities. Spac Recovery Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12109) on September 26, 2025. In its petition, the Debtor reports total assets of $57,306,134 and total liabilities of $9,469,770 Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Michael H. Traison, Esq. of CULLEN AND DYKMAN LLP. SPEEDHAUS 405: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Oklahoma granted Speedhaus 405, LLC interim authority to use cash collateral. The court authorized the Debtor to use cash collateral only for the expenditures outlined in the approved budget, with a variance of up to 10% over any four-week period. As adequate protection, First Pryority Bank will be granted a first-priority, valid, and automatically perfected lien on the Debtor's post-petition inventory, accounts, equipment, and other property. First Pryority Bank will be granted a superpriority claim, subject to the fee carveout, in case the first-priority lien is not adequate to protect its interest. The Debtor must also make weekly payments to First Pryority Bank equal to 80% of net operating income and maintain insurance on all collateral naming the bank as loss payee. Defaults, including failure to maintain insurance or pay taxes, allow the bank to terminate the use of cash collateral and seek relief from the automatic stay. The final hearing on the use of cash collateral is scheduled for October 23. First Pryority Bank is represented by: Brandon C. Bickle, Esq. GableGotwals 110 N. Elgin Ave., Ste. 200 Tulsa, OK 74120 Tel: 918.595.4800 Fax: 918.595.4990 bbickle@gablelaw.com About Speedhaus 405 LLC Speedhaus 405, LLC operates an auto repair shop in Edmond, Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12852) on September 15, 2025. In the petition signed by Matt Mickley, owner/member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, represents the Debtor as bankruptcy counsel. SPIRIT AIRLINES: CEO, CFO Face Pre-Chapter 11 Claims Investor Suit ------------------------------------------------------------------ Emilie Ruscoe of Law360 Bankruptcy Authority reports that Spirit Airlines' CEO and CFO are facing proposed shareholder class action lawsuits alleging they misled investors about the carrier's outlook following its March 2025 bankruptcy exit, only to place the airline back into Chapter 11 a few months later. 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. SPIRIT AVIATION: Akin Gump Represents Senior Secured Noteholders ---------------------------------------------------------------- In the Chapter 11 cases of Spirit Aviation Holdings, Inc. and its affiliates, the Ad Hoc Committee of Senior Secured Noteholders filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. Akin Gump Strauss Hauer & Feld LLP represents only the Ad Hoc Committee of Senior Secured Noteholders and solely in each member's capacity as a holder of Senior Secured Notes and not in any member's capacity as a holder of any other securities or equity interests of the Debtors. Akin does not represent or purport to represent any entities other than the Ad Hoc Committee of Senior Secured Noteholders. Akin does not represent the Ad Hoc Committee of Senior Secured Noteholders as a "committee" and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest or entity other than the Ad Hoc Committee of Senior Secured Noteholders. In addition, the Ad Hoc Committee of Senior Secured Noteholders does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. Akin has been advised by the members of the Ad Hoc Committee of Senior Secured Noteholders that each member either holds claims against, or disclosable economic interests in, the Debtors' estates, or that the individual members of the Ad Hoc Committee of Senior Secured Noteholders, or one or more of their respective affiliate managed funds and/or accounts, hold claims against, or disclosable economic interests in, the Debtors' estates. The Ad Hoc Committee Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or represented by AllianceBernstein L.P. and/or its affiliates 66 Hudson Boulevard East New York, NY 10001 * Senior Secured Notes: $15,306,106.00 2. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or represented by Arena Capital Advisors, LLC and/or its affiliates 12121 Wilshire Blvd., Suite 1010 Los Angeles, CA 90025 * Senior Secured Notes: $85,909,243.00 3. Certain funds, investment vehicles and/or accounts managed or advised by Ares Management LLC or its affiliates 1800 Avenue of the Stars, Suite 1400 Los Angeles, CA 90067 * Senior Secured Notes: $77,347,490.00 4. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or represented by Citadel Americas LLC and/or its affiliates 830 Brickell Plaza Miami, FL 33131 * Senior Secured Notes: $166,350,000.00 5. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or represented by Cyrus Capital Partners, L.P. and/or its affiliates 65 East 55th Street, 35th Floor New York, NY 10022 * Senior Secured Notes: $109,974,723.00 6. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, ] controlled or represented by Empyrean Capital Partners, LP and/or its affiliates 10250 Constellation Blvd., Suite 2950 Los Angeles, CA 90067 * Senior Secured Notes: $75,441,731.00 7. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or represented by Pacific Investment Management Company LLC and/or its affiliates 650 Newport Center Drive Newport Beach, CA 92660 * Senior Secured Notes: $62,380,808.00 8. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or represented by Western Asset Management Company, LLC and/or its affiliates 385 East Colorado Boulevard Pasadena, CA 91101 * Senior Secured Notes: $48,241,437.00 The law firm can be reached at: AKIN GUMP STRAUSS HAUER & FELD LLP Michael S. Stamer, Esq. Abid Qureshi, Esq. Jason P. Rubin, Esq. One Bryant Park New York, New York 10036-6745 Telephone: (212) 872-1000 Facsimile: (212) 872-1002 Email: mstamer@akingump.com aqureshi@akingump.com jrubin@akingump.com -and- Rachel Biblo Block, Esq. 2300 N. Field Street, Suite 1800 Dallas, Texas 75201 Telephone: (214) 969-2800 Facsimile: (214) 969-4343 Email: rbibloblock@akingump.com About Spirit Aviation Holdings, Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit Aviation Holdings, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. Marshall Scott Huebner, Esq. at Davis Polk & Wardwell LLP represents the Debtors as counsel. STRAWBERRY HILL: Unsecureds to Get 5 Cents on Dollar in Plan ------------------------------------------------------------ Strawberry Hill Povitica, Inc. filed with the U.S. Bankruptcy Court for the District of Kansas a Combined Plan and Disclosure Statement dated September 22, 2025. The Debtor is a corporation. Since 1995, the Debtor has been in the business of operating a commercial bakery. The Debtor operated a facility in Merriam, Kansas that was closed earlier this year. The Debtor relocated to Olathe, Kansas after their lease expired. The Debtor experienced a substantial increase in the cost of goods sold during the summer of 2022. At the same time, consumers were faced with the same inflationary issues. The Debtor was unable to raise prices quickly enough to offset the difference, and consumers drastically changed their spending habits. With a loss of lease at the current location and zero cash reserves, the debtor was forced into a reorganization. This Plan is filed under chapter 11 of the Bankruptcy Code and proposes to pay creditors of the Debtor from as an infusion of capital, conversion of debt to equity, cash flow from operations, and loan proceeds. This Plan provides for three classes of secured claims, one class of unsecured claims; and one class of equity security holders. Unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately five cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 6 consists of All Unsecured Claims. Total payments of $30,000.00 to be disbursed monthly in the amount of $500.00 from January 2025 to December 2029 to be disbursed pro rata. The Debtor reserves the right to make annual payments to certain creditors if the creditor's pro-rata payments to $15.00 or less annually. No interest to be paid. Class 7 consists of Equity Interests in the Debtor. Equity interests will not receive a distribution. The post-petition obligation with Mike Hurley and Anthony Rock shall be converted upon confirmation to equity. Mike Hurley shall receive an equity position of 13.5% and Anthony Rock shall receive an equity position of 4.5%. Marc O'Leary will have an equity position of 40% and Dennis O'Leary will have an equity position of 42%. Marc O'Leary and Dennis O'Leary will both contribute $10,000 each in 2026 to assist with ongoing cash flow. Payments and distributions under the Plan will be funded by the following by cash flow from operations, infusion of capital, the conversion of $400,000 of debt to equity, and loan proceeds from refinance. The conversion of this debt to equity will improve the cash flow and Debtor's ability to make the other plan payments. A full-text copy of the Combined Plan and Disclosure Statement dated September 22, 2025 is available at https://urlcurt.com/u?l=TDDQav from PacerMonitor.com at no charge. About Strawberry Hill Povitica Strawberry Hill Povitica, Inc., is engaged in the retail sale of bakery products in Merriam, Kansas. Strawberry Hill Povitica filed a petition under Chapter 11 Subchapter V of the Bankruptcy Code (Bankr. D. Kan. Case No. 24-20923) on July 2, 2024, listing $519,520 in assets and $2,847,467 in liabilities. Dennis K. O'Leary, president, signed the petition. Judge Dale L Somers presides over the case. The Debtor is represented by: Colin N. Gotham, Esq. Evans & Mullinix, P.A. Tel: 913-962-8700 Email: cgotham@emlawkc.com SUNSTONE DEVELOPMENT: Dana Point Parcel Sale to Galaxy Holding OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, has permitted Sunstone Development LLC in an amended order to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of four contiguous parcels of vacant land in Dana Point, California. The Dana Point Parcels' are part of the Dana Point Coastal Couplet commercial district, which permits a wide range of commercial uses along the Pacific Coast Highway, and the Coastal Visitor Commercial district, designed for tourist-oriented businesses. The Court has authorized the Debtor to sell the Property to Galaxy Holdings, LLC, a Delaware limited liability company, and/or its designated assignee for the purchase price of $15,000,000. The Court held that the Debtor’s Sale is made in good faith, is an appropriate exercise of Debtor's business judgment, and is in the best interests of creditors and the estate under the circumstances. The Sale shall be free and clear of all claims, liens, and interests. Debtor is authorized to execute all documents reasonably necessary to consummate the Sale and effectuate the terms of the Purchase Agreement without further order of the Court. Should Galaxy not timely complete its purchase of the Dana Point Parcels pursuant to the terms of the Purchase Agreement, its deposit shall be forfeited. The Debtor is authorized to pay from escrow at closing all customary and usual costs of sale including, without limitation: (i) all real property taxes, (ii) escrow fees, title insurance, and other costs of sale as required under the terms of the Purchase Agreement, (iii) the 2% real estate commission approved by the Court in connection its order approving Coldwell's employment entered on August 14, 2024, and (iv) the full amount of Oakhurst's claim, inclusive of attorney fees and costs to which Oakhurst is entitled. In the event a dispute arises between Oakhurst and Debtor regarding the amount needed to pay Oakhurst’s claim in full, all undisputed funds shall be paid in full at closing, and all disputed funds shall be held by Debtor pending further order of the Court. The Debtor further acknowledges and agrees that Oakhurst's fees and costs incurred in litigating such challenges also shall be fully recoverable by Oakhurst against all obligors under the secured Loan. About Sunstone Development, LLC Sunstone Development, LLC filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-11049) on April 22, 2025, listing between $10 million and $50 million in assets and liabilities. Judge Scott C. Clarkson oversees the case. Franklin Soto Leeds, LLP is the Debtor's legal counsel. TAX TIME: Hires Wadsworth Garber Warner Conrardy as Legal Counsel ----------------------------------------------------------------- Tax Time LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm's services include: a. preparation on behalf of the Debtor of all necessary reports, orders and other legal papers required in this Chapter 11 proceeding; b. performance of all legal services for Debtor as debtor-in-possession which may become necessary; c. representation of the Debtor in any litigation which the Debtor determines is in the best interest of the estate whether in state or federal court(s). The firm's current rates are: David V. Wadsworth $500 per hour Aaron A. Garber $500 per hour David J. Warner $425 per hour Aaron J. Conrardy $425 per hour Hallie S. Cooper $225 per hour Law Clerks $125 per hour Paralegals $125 per hour Wadsworth is a "disinterested person" as that term is defined in 11 U.S.C. Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Aaron J. Conrardy, Esq. Hallie S. Cooper, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Tel: (303) 296-1999 Email: aconrardy@wgwc-law.com Email: hcooper@wgwc-law.com About Tax Time LLC Tax Time LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 25-16241) on September 26, 2025. Aaron J. Conrardy, Esq. represents the Debtor as counsel. TJ TRUCKING: Unsecureds to Get 10 Cents on Dollar in Plan --------------------------------------------------------- T.J. Trucking Enterprises, LLC filed with the U.S. Bankruptcy Court for the Northern District of Ohio a Subchapter V Plan dated September 19, 2025. The Debtor is an Ohio Limited Liability Company. The Debtor was founded in September of 2004 by a Mr. Timothy Bennor. Mr. Bennor is the 100% owner of the Debtor and its managing member and handles the day-to-day operations of the Debtor. The Debtor is a trucking company. The Debtor's business operation is conducted from 1109 Bernath Pkwy., Toledo, Ohio. This property is Mr. Bennor's residence. No rent is paid by the Debtor to Mr. Bennor for the use of the property. Besides those creditors holding an interest in the Debtor's vehicles, the Debtor other debts consist of general unsecured debt. The Debtor estimates that its unsecured debt totals $261,214.81. The Debtor does not believe that it has any outstanding priority claims such as taxes and unpaid employee compensation. The Plan Proponent's financial projections show that the Debtor will have total projected disposable for the four-year term of this Plan of $28,078.19. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from its Disposable Income. Non-priority unsecured creditors holding allowed claims will receive estimated distributions over the length of this Plan of $26,079.47. ("Total Disposable Income") which the proponent of this Plan has valued at approximately 10 cents on the dollar. Class 7 consists of General Unsecured Claims. Allowed unsecured claims will be paid pro-rata from the Debtor's Disposable Income, after and subject to the payment of those administrative expenses and costs provides for in Article 3 of this Plan. In no event, however, shall allowed claims in this Class, as a group, receive less than the Liquidation Value of the Debtor's assets. No interest shall accrue on any Claims in this Class. The Debtor's Disposable Income shall be based upon the net income received by the Debtor based upon those cash flow projections. Based upon these projections, the Debtor's total disposable income over the length of this Plan is $26,079.47. The Debtor shall make equal monthly payments of its Disposable Income as follows: Year 1 $182.51 Year 2 $402.48 Year 3 $760.82 Year 4 $827.48 Such monthly payments shall be disbursed, pro-rata, to claimants holding allowed claims. Such payments shall commence by the Reorganized Debtor on the fifth day of the month following the Effective Date of this Plan and shall continue to be made on the first day each month thereafter until completion of the Plan unless such day falls on a Saturday, Sunday or other federal holiday in which case such payment shall be due on the first business day thereafter. Class 8 consists of the outstanding membership interest held by Mr. Bennor in the Debtor. Confirmation of this Plan shall cause all prepetition membership interests issued by the Debtor to be revested in and retained by those entities holding an interest in the outstanding membership interest of the Debtor as of the Petition Date and shall be subject to and based upon the terms and conditions as they existed on the Petition Date including under any Operating Agreements and other duly executed business documents. The Plan will be implemented and funded through the future business operations of the Debtor. A full-text copy of the Subchapter V Plan dated September 19, 2025 is available at https://urlcurt.com/u?l=SfpXC1 from PacerMonitor.com at no charge. The Debtor's Counsel: Eric R. Neuman, Esq. DILLER AND RICE, LLC 1107 Adams St. Toledo, OH 43624 Tel: 419-244-8500 Fax: 419-244-8538 E-mail: eric@drlawllc.com About TJ Trucking Enterprises TJ Trucking Enterprises, LLC is a Toledo, Ohio-based freight trucking company operating a fleet of semi-trucks including Mack Anthems, Volvo VNL860s, and Freightliner Cascadias. TJ Trucking Enterprises sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31433) on July 11, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Judge John P. Gustafson handles the case. Eric R. Neuman, Esq., at Diller & Rice is the Debtor's legal counsel. Transportation Alliance Bank, as secured creditor, is represented by: John P. Murray, Esq. McGlinchey Stafford 3401 Tuttle Road, Suite 200 Cleveland, OH 44122 Phone: (216) 455-5073 Fax: (216) 803-8891 jmurray@mcglinchey.com TLC MEDICAL: Unsecureds to Get Share of Sale Proceeds ----------------------------------------------------- TLC Medical Group, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Plan of Reorganization dated September 23, 2025. The Debtor provides all medical services related to cardiology. Debtor's owner and practicing medical doctor, Anthony Lewis, has been practicing medicine for 39 years. The Debtor pledged its accounts receivable to several Merchant Cash Advance Companies ("MCAs"). Debtor's cash flow cannot sustain the ACH withdrawal rate. The Debtor is in default of the MCA financing agreements which were collecting almost 100% of Debtors receivables directly from the medical insurance companies. The Debtor's cash flow was also depleted due to the loss of hospital privileges at the HCA Florida Lawnwood Hospital. Dr. Lewis believes his privileges were terminated because of positions Dr. Lewis took trying to restore the privileges of "independent" physicians. The Debtor is proposing to sell a Vacant Lot consisting of 1.4 acres, zoned as General Commercial, located on a corner, next to a large amount of development. The Vacant Lot is legally as follows: * Lot 48, St. Lucie West Plat No. 184 St. Lucie Center – Rep lat, according to the map or plat thereof as recorded in Plat Book 57, Page 33, Public Records of Saint Lucie County, Florida. The Debtor filed a motion seeking approval of the contract to sell the real property for the contract price of $1,150,000.00 free and clear of liens and encumbrances with any liens or encumbrance to attach to the proceeds of sale (the "Approval Motion"). The Plan seeks confirmation under Bankruptcy Code Section 1129 prior to the closing of the sale of the Real Property. This Plan will authorize the sale of the Vacant Lot which is integral to the confirmation and payment of creditors. Accordingly, the sale of the Vacant Lot will not be taxed under any law imposing stamp tax or similar tax pursuant to Bankruptcy Code Section 1146(a). Class 2 consists of of General Unsecured Claims. The allowed unsecured claims total $851,289.47. he Debtor will pay the Class 2 general Unsecured Creditors the proceeds of the sale of Debtor's Vacant Lot which remain after paying Administrative Expenses and Priority Claims. Payments will commence on the Effective Date. Class 3 will consist of the Debtor's shareholder who will retain his shares. Payments and distributions under the Plan will be funded by the Debtor's post petition operations. A full-text copy of the Disclosure Statement dated September 23, 2025 is available at https://urlcurt.com/u?l=Peo8qq from PacerMonitor.com at no charge. Counsel to the Debtor: Susan D. Lasky, Esq. 320 S.E. 18th St Ft. Lauderdale, FL 33316 Telephone: (954) 400-7474 Email: Sue@SueLasky.com About TLC Medical Group Inc. TLC Medical Group Inc. provides medical services related to cardiology and primary care. TLC Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fl. CASE NO.: 24â€“21588-MAM) on November 4, 2024. Judge Mindy A. Mora presides over the case. Susan D. Lasky, Esq, represents the Debtor as legal counsel. TOCO WARRANTY: Section 341(a) Meeting of Creditors on October 15 ---------------------------------------------------------------- On September 25, 2025, Toco Warranty Corp. filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports $9,640,745 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 15, 2025 at 09:30 AM, US Trustee Houston Teleconference. About Toco Warranty Corp. Toco Warranty Corp. provides vehicle service contracts in the U.S., offering repair protection, nationwide repair network access, and roadside assistance. The Company pioneered a month-to-month subscription model to lower consumer costs and enhance payment flexibility. It also delivers customer-focused service and offers Toco At Work, enabling employers to provide vehicle breakdown coverage as an employee benefit. Toco Warranty Corp. relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35630) on September 25, 2025. In its petition, the Debtor reports total assets as of August 31, 2025 amounting to $1,242,049 and total liabilities as of August 31, 2025 of $9,640,745. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by T. Josh Judd, Esq. of ANDREWS MYERS, P.C. TODD CREEK: Trustee Taps RubinBrown LLP as Forensic Accountant -------------------------------------------------------------- Kevin S. Neiman, subchapter V trustee of Todd Creek Farms Home Owners Association Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire RubinBrown LLP as his forensic accountant. The firm will assist the Trustee in his duties to investigate and report on the allegations contained in the lawsuit initiated by the Homeowners in the District Court for Adams County, Colorado under Case Number 2023CV30537, and to report any payments or transfers that may result in potential avoidance actions for the estate. The firm's hourly rates are: Stephanie Drew, CPA $550 Other Partners $480 Manager $335 Staff $270 Stephanie Drew, CPA, a partner at RubinBrown, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephanie Drew, CPA RubinBrown, LLP 1900 16th Street, Suite 300 Denver, CO 80202 Tel: (303) 952-1279 Email: stephanie.drew@rubinbrown.com About Todd Creek Farms Home Owners Association Inc. Todd Creek Farms Home Owners Association Inc. is a residential community management organization that oversees common areas, enforces covenants, and provides services to homeowners in the Todd Creek Farms development. Todd Creek Farms Home Owners Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14385) on July 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtors are represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. TOWN & COUNTRY EVENT: Hires The Madison Firm as Bankruptcy Counsel ------------------------------------------------------------------ Town & Country Event Center LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire The Madison Firm as bankruptcy counsel. The firm will assist the Debtor with the necessary amendments to and preparation of its Chapter 11 Petition, preparation of its schedules, to provide it with advice and counseling as to the bankruptcy proceedings, to respond to court documents and pleadings, to prepare a Chapter 11 plan and disclosure statement, to attend court hearings on its behalf, and to prepare a final decree. The attorney's current hourly rate is $525. The firm received a retainer in the amount of $2,500. Jonathan Madison, Esq., a partner at The Madison Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jonathan Madison, Esq. The Madison Firm 345 California Street, Suite 600 San Francisco, CA 94104 Tel: (415) 779-3177 Email: jmadison@themadisonfirm.com About Town & Country Event Center LLC Town & Country Event Center LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24205) on August 11,2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge Christopher D Jaime presides over the case. Jonathan Madison, Esq. at The Madison Firm represents the Debtor as counsel. TRICO MILLWORKS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine granted Trico Millworks, Inc. interim authority to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral according to its budget, with expenditures capped at 110% of the projected amounts. Weekly reporting to the pre-bankruptcy lienholder, the Subchapter V trustee, and the U.S. Trustee is required to compare actual versus projected performance. As adequate protection, the pre-bankruptcy lienholder will be granted liens on all of the Debtor's assets (except avoidance action proceeds) to the extent of any diminution in the value of its collateral, maintaining the same priority as before the petition. The lienholder also retains continuing liens on proceeds, products, and profits acquired post-petition. These liens are fully perfected without additional filings. In case these adequate protection liens do not fully cover any diminution in value, the remaining obligations will constitute administrative claims under 11 U.S.C. Section 507(b). A copy of the court's order and the Debtor's budget is available at https://shorturl.at/fzPoT from PacerMonitor.com. About Trico Millworks Inc. Trico Millworks, Inc. designs, fabricates, and installs custom architectural millwork for commercial construction projects across Maine and New Hampshire. Founded in 2000, the company serves schools, medical facilities, and office buildings, providing cabinetry, doors, stair components, reception and display fixtures, and other interior woodwork, and holds QCP Certification from the Architectural Woodwork Institute. Trico Millwork collaborates with contractors on projects ranging from small fit-ups to large-scale millwork packages. Trico Millworks sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20222) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by Adam Prescott, Esq., at Bernstein, Shur, Sawyer & Nelson, P.A. BCM ADVISORY GROUP is the Debtor's Financial Advisor. TRUPS FINANCIALS 2020-2: Moody's Ups Rating on Cl. B Notes to Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by TruPS Financials Note Securitization 2020-2: US$106,300,000 Class A-1 Senior Secured Fixed/Floating Rate Notes due 2041 (current balance of $69,100,000), Upgraded to Aaa (sf); previously on Dec 16, 2020 Definitive Rating Assigned Aa2 (sf) US$7,100,000 Class A-2 Mezzanine Deferrable Fixed/Floating Rate Notes due 2041, Upgraded to Aa2 (sf); previously on Dec 16, 2020 Definitive Rating Assigned A3 (sf) US$34,600,000 Class B Mezzanine Deferrable Fixed/Floating Rate Notes due 2041, Upgraded to Ba1 (sf); previously on Dec 16, 2020 Definitive Rating Assigned Ba3 (sf) TruPS Financials Note Securitization 2020-2, issued in December 2020, is a collateralized debt obligation (CDO) backed mainly by a portfolio of bank and insurance trust preferred securities (TruPS). RATINGS RATIONALE The rating actions are primarily a result of the deleveraging of the Class A-1 notes, an increase in the transaction's over-collateralization (OC) ratios, and the improvement in the credit quality of the underlying portfolio since September 2024. The Class A-1 notes have paid down by approximately 20% or $17.5 million since September 2024, using principal proceeds from the redemption of the underlying assets. Based on Moody's calculations, the OC ratios for the Class A-1, Class A-2, and Class B notes have improved to 202.7%, 183.8%, and 126.4% respectively, from September 2024 levels of 181.9%, 168.1%, and 122.8%, respectively. The Class A-1 notes will continue to benefit from the use of proceeds from redemptions of any assets in the collateral pool. The deal has also benefited from improvement in the credit quality of the underlying portfolio. According to Moody's calculations, the weighted average rating factor (WARF) improved to 1149 from 1566 in September 2024. The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, and weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions: Performing par: $140,045,000 Weighted average default probability: 8.29% (implying a WARF of 1149) Weighted average recovery rate upon default of 10.0% In addition to base case analysis, Moody's considered additional scenarios where outcomes could diverge from the base case. The additional scenarios include, among others, deteriorating credit quality of the portfolio. Methodology Used for the Rating Action The principal methodology used in these ratings was "TruPS CDOs" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: The performance of the rated notes is subject to uncertainty. The performance of the rated notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The portfolio consists primarily of unrated assets whose default probability Moody's assesses through credit scores derived using RiskCalc(TM) or credit estimates. Because these are not public ratings, they are subject to additional estimation uncertainty. USEFUL TAXI: Taps Binder & Schwartz, New York Legal as Counsels --------------------------------------------------------------- Useful Taxi, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Binder & Schwartz LLP and the New York Legal Assistance Group as pro-bono counsels. The firms will render these services: a. assisting the Debtor in administering this case; b. making such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; c. representing the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as Debtor deems appropriate; d. taking such steps as may be necessary for Debtor to marshal and protect the estate's assets; e. negotiating with Debtor's creditors in formulating a plan of reorganization for Debtor in this case; f. drafting and prosecuting the confirmation of Debtor's plan of reorganization in this case; and g. rendering such additional services as Debtor may require in this case. Eric B. Fisher, Esq., a member of Binder & Schwartz LLP, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Eric B. Fisher, Esq. BINDER & SCHWARTZ LLP 675 Third Avenue, 26th Floor New York, NY 10017 Tel: (212) 933-4656 Email: efisher@binderschwartz.com - and - Rose Marie Cantanno, Esq. NEW YORK LEGAL ASSISTANCE GROUP 100 Pearl Street New York, NY 10004 Tel: (212) 613-5000 Email: rmcantanno@nylag.org About Useful Taxi, LLC Useful Taxi, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40110) on Jan. 13, 2023. At the time of filing, the Debtor estimated $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Nancy Hershey Lord presides over the case. Thomas A Farinella, Esq. at the Law Offices Of Thomas A. Farinella, PC represents the Debtor as counsel. VIVAKOR INC: Owes $7.66M After Default on Convertible Note ---------------------------------------------------------- As previously reported, on March 17, 2025, Vivakor, Inc., issued a junior secured convertible promissory note to J.J. Astor & Co., in the principal amount of $6,625,000, in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender, under which the Company received $5,000,000, before fees; and on July 9, 2025, the Company entered into a Forbearance and Amendment to Loan Agreement and Note and an Additional Junior Secured Convertible Note, all of which amended the terms of the Loan Agreement and the Initial Note. The Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 17, 2025, the Company received a notice of default from the Lender claiming the Company has defaulted on its repayment obligations under the Initial Note and that the Lender was electing to accelerate all amounts and obligations due to the Lender under the Initial Note. As a result of the notice of default, all amounts due under the Initial Note are now due and owing, which totaled approximately $7,660,000 as of the date of the notice of default. On September 17, 2025, the Lender also submitted a Notice of Conversion electing to convert $200,000 due under the Initial Note in exchange for 720,072 shares of the Company's common stock About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of these financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VNS HOTEL: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------- On September 26, 2025, VNS Hotel Inc. filed a voluntary Chapter 11 bankruptcy petition in the Northern District of California. Court filings show that the company estimates its liabilities fall between $1 million and $10 million. In addition, VNS Hotel, Inc. reported having a creditor pool of 1 to 49 parties. About VNS Hotel Inc. VNS Hotel Inc. manages hotel facilities that offer accommodations, lodging, and amenities for travelers. VNS Hotel Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30782) on September 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Ryan C. Wood of Law Offices Of Ryan C. Wood, Inc. WALGREENS BOOTS: Moody's Withdraws Ba3 CFR Following Sycamore Deal ------------------------------------------------------------------ Moody's Ratings withdrew all of Walgreens Boots Alliance, Inc.'s (Walgreens) ratings including its Ba3 corporate family rating, Ba3-PD probability of default rating, and B1 senior unsecured notes ratings and Walgreen Co.'s B1 senior unsecured rating. Previously, the ratings were on review for downgrade. Additionally, Moody's withdrew Walgreens' SGL-2 speculative grade liquidity rating and its NP commercial paper rating. Prior to the withdrawal, the outlook was rating under review for both issuers. These withdrawals follow the closing of the acquisition of Walgreens by Sycamore Partners in a transaction valued at up to $23.7 billion. Upon closing of the transaction, the vast majority of Walgreens' and Walgreen Co.'s senior unsecured notes were repaid. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) because of inadequate information to monitor the rating(s), due to the issuer's decision to cease participation in the rating process. Walgreens Boots Alliance, Inc. is a global retail pharmacy operator. Walgreens together with the companies in which it has equity method investments has a presence in more than 8 countries, and has more than 12,500 locations. The company generated about $154.6 billion in annual revenue and $6.7 billion of EBITDA for the LTM ended May 31, 2025. WALKER EDISON: Hires Gibson Dunn & Crutcher as Litigation Counsel ----------------------------------------------------------------- Walker Edison Holdco LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Gibson, Dunn & Crutcher LLP as special litigation counsel. The firm will represent the Debtors in that certain litigation originally styled as Walker Edison Furniture Company, LLC v. Brad Bonham, et al., Civil No. 230902160, in the Third Judicial District Court for the County of Salt Lake, State of Utah and represent the Debtors, as needed, in that certain litigation originally styled as Blue Owl Capital Corporation v. Brad Bonham, et al. Gibson Dunn's current hourly rates are: Partners $1,840 to $3,050+ Associate Attorneys and Of Counsel $905 to $1,725+ Paralegals $350 to $800 Other Timekeepers $370 to $695 Michael Farhang, Esq., a partner at Gibson, Dunn & Crutcher, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Michael Farhang, Esq. Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 Direct: (213) 229-7005 Fax: (213) 229-6005 Email: MFarhang@gibsondunn.com 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. WALKER EDISON: Seeks to Hire Ordinary Course Professionals ---------------------------------------------------------- Walker Edison Holdco LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: a. Crowe LLP -- Tax Services b. Parsons Behle & Latimer, PC -- Litigation 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. WATERMAN-SMITH I: Amends Secured Lender Claim Details ----------------------------------------------------- Waterman-Smith I, LLC, submitted a First Amended Disclosure Statement describing Fist Amended Plan of Reorganization dated September 23, 2025. The Plan contemplates the reorganization of the Debtor, through the infusion of new capital, and its emergence from Chapter 11 after the resolution of all outstanding Claims against and Partnership Interests in the Debtor. After the emergence from Chapter 11, the Debtor will have a new general partner and will retain a new property manager for the Debtor's multifamily residential apartment buildings. Subject to the specific provisions set forth in the Plan, all of the pre petition obligations owed to the Debtor's unsecured creditors and certain secured creditors will, as a general matter, be paid in full. Class 2 consists of Secured Lender Claims. The total estimate of Allowed Secured Lender Claims is approximately $2,800,000 plus $10,000.00 for legal costs. Class 2 is impaired under the Plan, and the holders of Secured Lender Claims are entitled to vote on the Plan. The Class 2 holders allowed secured claim shall receive monthly payments based upon the following: * A principal amount equal to the outstanding indebtedness as of the Petition Date (exclusive of late fees and forced place insurance) plus interest accruing and unpaid through the Effective Date and actual legal fees incurred by Secured Lender through the Effective Date; * An interest rate of six percent; * An amortization of twenty years; and * A balloon payment equal to the outstanding balance due as of the 5th Anniversary of the Effective Date. The Debtor will post $100,000.00 in a segregated escrow account subject to an account control agreement in favor of the Secured Lender. In addition, the Secured Lender shall possess a security interest in all leases entered into between the Debtor and any tenant of the property after the Petition Date. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 5 consists of General Unsecured Claims. Class 5 is impaired under the Plan, and the holders of Class 5 Claims are entitled to vote on the Plan. The Debtor shall pay each holder of an Allowed Unsecured Claim against the Debtor on account of and in full satisfaction of such Allowed Unsecured Claim, Cash equal to the amount of the Allowed Unsecured Claim, in four equal quarterly payments beginning on the 3rd month anniversary of the Effective Date. Holders of Allowed Class 5 Claims shall not be entitled to interest with respect to their Allowed Class 6 Claims for any period after the Petition Date. The total estimate of the Allowed Class 6 Claims is approximately $10,682.06. This Class will receive a distribution of 100% of their allowed claims. * Class 6 consists of Interest Holders. Class 6 is impaired under the Plan. The interest holders shall make the Equity Contribution to the Debtor to retain their interest in the Debtor. The capital contribution shall be $300,000 paid to the Debtor on the Effective Date of the Plan. The uses of the Equity Contribution shall be: a) $100,000 additional security for the Secured Lender; b) $200,000.00 for a generator for the building to satisfy the outstanding request from the City of Mobile; and c) $50,000.00 for a working capital. Interest in the Debtor is retained. The payments under the Plan will be paid out of two sources. The first is the operating revenue for the building and the second is a capital contribution by the Debtor. The funds for capital contribution will come from the sale of 12 acres in Hammond, Louisiana that is currently under contract. The Debtor adjusting for one time costs incurred at the building has averaged $11,000 per month in net revenue. Due to additional tenants moving in the building, it is expected that the net revenue as of the Effective Date should be around $25,000.00 per month. Any shortfall in plan payments and cost of operation will be covered by the interest reserve of $100,000.00 and the working capital reserve of $50,000.00. The Debtor's pro forma reflects yearly cash available and the MAI appraisal projects $486,000.00 per year. The MAI uses a pre-stabilized NOI of $327,000.00. A full-text copy of the First Amended Disclosure Statement dated September 23, 2025 is available at https://urlcurt.com/u?l=mhYU4x from PacerMonitor.com at no charge. Counsel for the Debtor: Douglas S. Draper, Esq. Leslie A. Collins, Esq. Greta M. Brouphy, Esq. Michael E. Landis, Esq. Heller, Draper & Horn, L.L.C. 650 Poydras Street, Suite 2500 New Orleans, LA 70130 Telephone: (504) 299-3300 Fax: (504) 299-3399 About Waterman-Smith I LLC Waterman-Smith I, LLC is a real estate lessor whose principal assets are located at 61 St. Joseph Street in Mobile, Alabama. Waterman-Smith I sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11190) on June 11, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $50,000 and $100,000. Judge Meredith S. Grabill handles the case. The Debtor is represented by Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC. WESTCHESTER COUNTY HEALTH: Moody's Alters Ratings Outlook to Pos. ----------------------------------------------------------------- Moody's Ratings has revised the outlook for Westchester County Health Care Corporation (WCHCC) (NY) and Charity Health System (CHS) (NY) to positive from negative. The Caa1 revenue bond ratings were affirmed. WCHCC had $1.1 billion and CHS had $193 million of debt at fiscal year end 2024. The outlook revision to positive from negative reflects stabilizing liquidity as new bond proceeds will cover CHS' November bullet payment, vendor obligations, and provide working capital. The outlook also reflects the expected renewal and upsizing of bank lines and improving financial performance. RATINGS RATIONALE The affirmation of the Caa1 rating reflects Westchester County Health Care Corporation's (WCHCC or "System") ongoing challenges related to limited liquidity, continued dependence on short-term bank lines, and elevated capital expenditures necessary to complete a major tower project. The System's balance sheet will remain highly leveraged, with a low 20% cash-to-debt ratio. The pace of improvement is constrained by HealthAlliance's cashflow losses and anticipated reductions in Medicaid funding, which have an outsized impact due to the System's significant reliance on Medicaid. Notwithstanding these pressures, WCHCC benefits from a robust market position as the only tertiary and quaternary care provider between New York City and Albany, and the opening of a new tower next year is expected to drive notable volume growth at the main campus. Ongoing operational enhancements under the guidance of a consultant and system-wide integration efforts are contributing to improved year-to-date and projected performance. Furthermore, several New York State Medicaid and other programs could offer meaningful one-time or recurring financial support, if received. The affirmation of CHS's Caa1 rating is based on WCHCC's legal guarantee to pay debt service on CHS's Series 2015 bonds. RATING OUTLOOK The positive outlook reflects stabilizing liquidity at 30-40 days cash, the renewal and upsizing of bank lines, and improving financial performance. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Liquidity sustained at close to 40 days cash on hand and less reliance on bank lines -- Sustained improvement in system operating cashflow margins -- Demonstrated and significant financial support from Westchester County or New York State, including new Medicaid funding FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Reduction in availability of or inability to renew bank lines of credit in 2026 -- Decline in system cash on hand and cash-to-debt to below 25 days and 15%, resp. -- Increased risk of covenant breach PROFILE The Westchester County Health Care Corporation (WCHCC), a New York Public Benefit Corporation, operates the Westchester Medical Center including operations at the Valhalla campus and the MidHudson Regional Hospital in Poughkeepsie, New York. The system will assume full ownership and operational control (previously 60% owned) of Bon Secours Charity Health System with hospitals in Rockland and Orange Counties, and is the sole member of HealthAlliance's hospitals in Ulster and Delaware Counties. The Valhalla campus is leased from Westchester County, although WCHCC has not been required to pay rent under the conditions of the lease agreement. METHODOLOGY The principal methodology used in rating Westchester County Health Care Corporation, NY was Not-for-profit Healthcare published in October 2024. WINDMILL POINT: To Sell Orlando Property to Shrevin LLC for $12.3MM ------------------------------------------------------------------- Windmill Point Apartments DE LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell substantially all if its Assets, free and clear of liens, claims, interests, and encumbrances. Debtor is a Florida corporation that was formed in December 1984. The Debtor owns real property located at 2501 N. Alafaya Trail. Orlando, FL 32826, which consists of 69 apartment units legally described in Attachment A to the Purchase Agreement that are 95% leased to tenants under one year leases. The Real Property is encumbered by a first position lien in favor of Wilmington Trust, National Association, as Trustee, for the Benefit of the Holders of Corevest American Finance 2021-1, Trust Mortgage Pass-Through Certificates and a second position lien by Javier DelHoyo and Peter Lulaj. The Debtor seeks approval of the proposed sale of substantially all of its assets for $12,300,000.00 in accordance with the terms set forth in the Purchase Agreement. to Shrevin, LLC (Purchaser). The Purchaser is an outside third party and the Purchase Agreement was negotiated in good faith and at arms-length. The Debtor believes that the purchase price for this Property is at market value under the extreme duress raised by the first mortgage holder's foreclosure action. The proposed sale is structured as an 80% financing and 20% cash transaction with a deposit refundability period extended up through December 31, 2025, ensuring that the Debtor's and Purchaser's efforts to close the sale of the Real Property will not be wasted. The proposed sale is an integral component of the Debtors reorganization plan and will maximize value of the estate for the benefit of all creditors and avoid liquidation costs. The Debtor has determined in its business judgment that the sale contemplated in the Purchase Agreement is in the best interest of the Debtor's estate. About Windmill Point Apartments De Windmill Point Apartments De, LLC is a single-asset real estate debtor under U.S. bankruptcy law, as defined in 11 U.S.C. section 101(51B). Windmill sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02855) on May 13, 2025, listing between $10 million and $50 million in both assets and liabilities. Barry Watson, manager of Windmill, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden and Beaudine LLP, represents the Debtor as legal counsel. Wilmington Trust, N.A., as secured creditor, is represented by Ryan C. Reinert, Esq., and Bridget M. Dennis, Esq., at SHUTTS & BOWEN LLP, in Tampa, Florida. WINSTON AND DUKE: Amends Several Secured Claims Pay --------------------------------------------------- Winston and Duke Inc. submitted a Second Amended Chapter 11 Plan of Reorganization for Small Business dated September 22, 2025. The Plan will be implemented through the continued operations of the Debtor's business and through the sale of equipment and machinery. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 11.52% will be paid on account of general unsecured claims pursuant to the Plan. The percentage is subject to change based on the allowance of claims, litigation proceeds, or the proceeds from any sales that may occur. The Debtor has continued to operate its business to further generate revenue and continuing to work with its vendors and customers to achieve favorable payment arrangements that will further foster its restructuring. The Debtor is also continuing to explore various other sales of assets that may generate additional income. The Allowed Secured Claim of Arrow Bank National Association shall be classified as Class 2. Upon confirmation of the Plan or the entry of a Court order authorizing the surrender, whichever occurs first, the automatic stay shall terminate as to Arrow Bank and its Collateral for the limited purpose of effectuating the surrender of the collateral. At such time, the Debtor shall surrender the collateral back to Arrow Bank in full satisfaction of its Claim against the Debtor. If Arrow Bank has not taken possession of its Collateral within thirty days of the appropriate order, the Debtor shall be entitled to incur and recover reasonable expenses from Arrow Bank for its continued storage of the Collateral. The Allowed Secured Claim of the Santander Consumer USA Inc. dba Chrysler Capital, as Servicer for CCAP Auto Lease Ltd shall be classified as Class 3. Upon confirmation of the Plan or the entry of a Court order authorizing the surrender, whichever occurs first, the automatic stay shall terminate as to Chrysler Capital and its Collateral for the limited purpose of effectuating the surrender of the collateral. At such time, the Debtor shall surrender the collateral back to Arrow Bank in full satisfaction of its Claim against the Debtor. If Chrysler Capital has not taken possession of its Collateral within thirty days of the appropriate order, the Debtor shall be entitled to incur and recover reasonable expenses from Chrysler Capital for its continued storage of the Collateral. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors: * Class 7 consists of General Unsecured Claims. The total amount for this Class is approximately $520,797.56, plus any Allowed Unsecured Claim held by an undersecured creditor that is to be determined. The Creditors in this Class will be paid by regular monthly payments made by the Debtor and distributed on a Quarterly basis. Beginning on the Plan Effective Date, the Debtor will pay the Disbursing Agent a fixed monthly payment of $1,000.00. Distributions to this Class will be made on a quarterly basis. Each creditor will receive a pro rata distribution of all funds distributed to the Class. * Class 8 consists of the General Unsecured Claims held by John R. Churchill Jr. that would be allowed subrogation claims. These Claims shall include, but are not limited to, any amounts paid by Churchill to MMG Investments IV, LLC under the guaranty. This Class shall not include any shareholder loans or other monetary claims held by Churchill. This Class will not receive payments from the Debtor during the Plan term. This Class is impaired. The Plan will be implemented through two primary means: (a) the continued business operations; and (b) the sale of assets. Due to the niche nature of the Debtor's business, the Debtor has a steady stream of customers who utilize its services. This leads to a fairly steady stream of income for the Debtor to utilize year-over-year. The Debtor intends to utilize this income to comply with its regular operations and plan obligations. Moreover, the Debtor has various pieces of machinery and equipment, some of which are no longer critical for ongoing business operations. The Debtor intends to liquidate those non-critical machinery and equipment to help generate income. Additional sales may be contemplated by the Debtor on an as-needed basis. A full-text copy of the Second Amended Plan dated September 22, 2025 is available at https://urlcurt.com/u?l=IvLvXv from PacerMonitor.com at no charge. The Debtor's Counsel: Donald R. Calaiaro, Esq. CALAIARO VALENCIK 938 Penn Avenue, 5th Fl., Suite 501 Pittsburgh, PA 15222 Tel: 412-232-0930 Fax: 412-232-3858 E-mail: dcalaiaro@c-vlaw.com About Winston and Duke Inc. Winston and Duke is a provider of manufacturing support, products, and services, specializing in close tolerance processes, complex geometry and super alloy production machining coupled with small to large run production capability. Winston and Duke Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-10535) on Sept. 13, 2024, listing up to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by John R. Chruchill Jr. as president. Donald R. Calaiaro, Esq., at CALAIARO VALENCIK, is the Debtor's counsel. WOODHILL NC: Gets Extension to Access Cash Collateral ----------------------------------------------------- Woodhill NC, LLLC received third interim approval from the U.S. Bankruptcy Court for the Middle District of North Carolina, Durham Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral for essential business expenses as outlined in the budget, with expenditures exceeding 10% of any line item requiring court approval. The Debtor projects total operational expenses of $108,367.57 for the period from September 1 to November 1. The Debtor has several secured creditors with potential claims on its cash collateral, including TowneBank (with a $7.45 million loan secured by real estate and rental income), Angela and Gary Hill (with a $1 million loan), Brian and Moyra Kileff (with loans totaling up to $6.8 million), and the U.S. Small Business Administration (with a $79,000 COVID-19 EIDL loan). As protection for any diminution in value of cash collateral utilized by the Debtor, secured creditors will be granted a continuing post-petition replacement lien and security interest in all property and categories of property of the same extent, validity, and priority as said creditor held pre-petition. As further protection, TowneBank will continue to receive a monthly payment of $16,956.24 from the Debtor. A final hearing is scheduled for November 6. The Debtor owns and operates a fully leased commercial shopping center known as "South Green" in Carrboro, North Carolina. The shopping center generates approximately $75,000 per month in rental income, which is the Debtor's sole source of operating revenue. As of the petition date, the Debtor held approximately $166,740 in cash and intends to continue collecting rental income post-petition to maintain business operations. About Woodhill NC Woodhill NC, LLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-80120) on May 20, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Brian Kileff, manager of Woodhill NC, signed the petition. Judge Lena M. James oversees the case. Joseph Z. Frost, Esq., at Buckmiller & Frost, PLLC, represents the Debtor as legal counsel. WORLDWIDE MACHINERY: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Worldwide Machinery Group, Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. The interim order authorized the Debtors to use cash collateral from September 11 until the final hearing scheduled for October 9 or until it is terminated by the court. Cash collateral must be used in accordance with the interim budget, subject to a 15% variance. The Debtors' financing involves two major facilities: (i) a $132.5 million asset-based revolving loan with Key Equipment Financing as administrative agent, of which about $117.6 million is outstanding and past maturity, secured by first-priority liens on substantially all assets of the Debtors; and (ii) a $50 million term loan with Cantor Fitzgerald Securities, as administrative and collateral agent, with about $70.9 million outstanding, secured by second-priority liens. An intercreditor agreement governs lien priorities between these lenders. To protect secured lenders against any diminution in collateral value, the court granted these lenders (i) continuing liens on collateral, with the same validity and priority as their pre-bankruptcy liens; (ii) replacement liens on post-petition collateral (excluding Chapter 5 avoidance actions and any commercial tort claims against the lenders); and (iii) superpriority administrative claims under Section 507(b) of the Bankruptcy Code. The order specifies that it creates no third-party rights and that its provisions will survive conversion or dismissal of the Chapter 11 cases. A copy of the court's interim order and the Debtor's budget is available at https://shorturl.at/rFsEQ from PacerMonitor.com. A final hearing is scheduled for October 9. As of September 11, the Debtors have approximately $190.2 million of secured debt obligations, which include $188.5 million owed under the credit agreements with Key Equipment Financing and Cantor, and $1.68 million owed to John Deere Financial. Between February and December 2023, John Deere Financial issued nine secured term loans due between June 2027 and December 2028 in the aggregate principal amount of approximately $2.8 million pursuant to certain retail instalment contracts by and among Worldwide Machinery, Ltd. and John Deere Financial. The loans financed the Debtors' acquisition of certain pieces of equipment, with such equipment serving as the sole collateral for the loans. The Debtors do not believe that John Deere Financial has a security interest in cash collateral entitled to adequate protection. Key Equipment Financing is represented by: William A. (Trey) Wood III, Esq. Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. Bracewell, LLP 711 Louisiana Street, Suite 2300 Houston, TX 77002 Telephone: (713) 223-2300 Facsimile: (800) 404-3970 trey.wood@bracewell.com jason.cohen@bracewell.com jonathan.lozano@bracewell.com -and- Frederick D. Hyman, Esq. Crowell & Moring, LLP Two Manhattan West 375 Ninth Avenue New York, NY 10001 Telephone: (212) 803-4028 fhyman@crowell.com -and- Randall Hagen, Esq. Crowell & Moring, LLP 1001 Pennsylvania Avenue, NW Washington, DC 20004 Telephone: (202) 624-2712 rhagen@crowell.com 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. ZAHAV VENTURES: Hires CPS CRE LLC as Real Estate Consultant ----------------------------------------------------------- Zahav Ventures LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ CPS CRE LLC as real estate consultant. The firm will advise the Debtor on restructuring the mortgage debt. The firm will be paid at these rates: Shlomo Chopp $1,000 per hour Senior Analyst $500 per hour Junior Analyst $300 per hour Support Staff $150 per hour The firm received a retainer in the amount of $60,000. CPS is a "disinterested person" as that term is defined by Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Shlomo Chopp CPS CRE LLC New York, NY Telephone: (646) 412-5888 Email: mail@caseps.com About Zahav Ventures LLC Zahav Ventures LLC is involved in real estate-related activities. Its principal asset is located in Baltimore, Maryland. Zahav Ventures sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22536) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP. ZAHAV VENTURES: Hires Goldberg Weprin as Bankruptcy Counsel ----------------------------------------------------------- Zahav Ventures LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Goldberg Weprin Finkel Goldstein LLP as bankruptcy counsel. The firm will provide these services: (a) provide the Debtor with all necessary representation in connection with this Chapter 11 case, as well as the Debtor's responsibilities as debtor-in-possession; (b) represent the Debtor in all proceedings before the U.S. Bankruptcy Court and the Office of the U.S. Trustee; (c) review, prepare and file all necessary legal papers, applications, motions, objections, adversary proceedings, and reports on the Debtor's behalf; and (d) render all other legal services required by the Debtor in addressing the claims of all creditors, and monitoring the sale of the Fort Hill Property. The firm will be paid at these rates: Partners $685 to $785 Associate $275 to $560 The firm received an initial retainer in the amount of $15,000. According to court filings, Goldberg Weprin is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: J. Ted Donovan, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Avenue, 12th Floor New York, NY 10017 Telephone: (212) 221-5700 About Zahav Ventures LLC Zahav Ventures LLC is involved in real estate-related activities. Its principal asset is located in Baltimore, Maryland. Zahav Ventures sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22536) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP. ZAHAV VENTURES: Taps Ephraim Diamond of Arbel Capital as CRO ------------------------------------------------------------ Zahav Ventures LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Ephraim Diamond, a partner at Arbel Capital Advisors, LLC, as its chief restructuring officer. The firm will render services that include: (a) assisting with the administering the Debtor's Chapter 11 case; (b) bridging and maintaining the flow of information between the principals and various constituencies, including the numerous secured lenders; (c) overseeing the preparation of all Chapter 11 reporting, including monthly operating reports and budgets; (d) pursuing negotiations with the lenders and their representative with respect to cash collateral, the sale of the Properties and the amount of their respective claims; (e) working with a broker to prepare the Properties for sale and engaging with prospective buyers; (f) assisting with the formulation and confirmation the Plan; and (g) continuing to operate the property in the post-confirmation period until the plan is consummated. The firm received a retainer in the amount of $30,000. Mr. Diamond disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Mr. Diamond can be reached at: Ephraim Diamond Arbel Capital Partners, LLC 4 Waverly Place Lawrence, NY 11559 Tel: (516) 939-8901 Email: ephraim@arbelcapital.com About Zahav Ventures LLC Zahav Ventures LLC is involved in real estate-related activities. Its principal asset is located in Baltimore, Maryland. Zahav Ventures sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22536) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP. [] SEC Continues Operations on Limited Basis -------------------------------------------- Due to a lapse in appropriations, the U.S. Securities and Exchange Commission said it is currently operating in accordance with the agency's plan for operating during a shutdown. A copy of the plan is available at https://www.sec.gov/files/sec-plan-operations-during-lapse-appropriations.pdf Effective Wed., October 1, 2025 and until further notice, the agency said it will have a very limited number of staff members available. "The SEC has staff available to respond to emergency situations with a focus on the market integrity and investor protection components of our mission. Our plan calls for the continuing operation of certain Commission systems, including EDGAR." "We plan to post any changes in operational status on this page. Additional information is available from the Division of Corporation Finance, the Division of Trading and Markets, the Division of Examinations, and the Division of Investment Management and from a joint statement from the Divisions of Corporation Finance and Investment Management." [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Eraye Realty LLC Bankr. N.D. Ga. 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Case No. 25-10544 Chapter 11 Petition filed September 25, 2025 See https://www.pacermonitor.com/view/GFIWHII/Sabali_Enterprise_LLC__pawbke-25-10544__0001.0.pdf?mcid=tGE4TAMA represented by: Donald R. Calaiaro, Esq. CALAIARO VALENCIK E-mail: dcalaiaro@c-vlaw.com In re Wink Lash Studio, LLC Bankr. W.D. Tenn. Case No. 25-24881 Chapter 11 Petition filed September 25, 2025 See https://www.pacermonitor.com/view/CQXSFIA/Wink_Lash_Studio_LLC__tnwbke-25-24881__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Securecomm Technologies, Inc. Bankr. S.D. Tex. Case No. 25-35638 Chapter 11 Petition filed September 25, 2025 See https://www.pacermonitor.com/view/CCT6NBA/Securecomm_Technologies_Inc__txsbke-25-35638__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew Hoffman, Esq. HOFFMAN & SAWERIS, P.C. E-mail: matthew@mhsawlaw.com In re Dennis Anthony Levy Bankr. N.D. Ill. Case No. 25-14814 Chapter 11 Petition filed September 25, 2025 represented by: Penelope Bach, Esq. In re Sherry R. McGill Bankr. S.D. Miss. Case No. 25-51424 Chapter 11 Petition filed September 25, 2025 represented by: Nicholas Grillo, Esq. GRILLO LAW FIRM In re Corey S. Ribotsky Bankr. S.D.N.Y. Case No. 25-12094 Chapter 11 Petition filed September 25, 2025 represented by: Kevin Su, Esq. In re EAD Holdings II, LLC Bankr. E.D. Tenn. Case No. 25-12532 Chapter 11 Petition filed September 25, 2025 See https://www.pacermonitor.com/view/KXRSURA/EAD_Holdings_II_LLC__tnebke-25-12532__0001.0.pdf?mcid=tGE4TAMA represented by: W. Thomas Bible, Jr., Esq. TOM BIBLE LAW E-mail: tom@tombiblelaw.com In re Chandra Wilson Bankr. W.D. Tenn. Case No. 25-24874 Chapter 11 Petition filed September 25, 2025 In re Javier Montemayor Bankr. E.D. Tex. Case No. 25-42830 Chapter 11 Petition filed September 25, 2025 represented by: Christopher Moser, Esq. In re Nadia Masoudi Bankr. C.D. Cal. Case No. 25-18579 Chapter 11 Petition filed September 26, 2025 represented by: Stella Havkin, Esq. In re Tax Time LLC Bankr. D. Colo. Case No. 25-16241 Chapter 11 Petition filed September 26, 2025 See https://www.pacermonitor.com/view/GCVVWSA/Tax_Time_LLC__cobke-25-16241__0001.0.pdf?mcid=tGE4TAMA represented by: Aaron J. Conrardy, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. E-mail: aconrardy@wgwc-law.com In re Xelero Medical Research, LLC Bankr. M.D. Fla. Case No. 25-07101 Chapter 11 Petition filed September 26, 2025 See https://www.pacermonitor.com/view/XIMFFYY/Xelero_Medical_Research_LLC__flmbke-25-07101__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel R. Fogarty, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. E-mail: dfogarty@srbp.com In re Volke Group Inc. Bankr. N.D. Ill. Case No. 25-14863 Chapter 11 Petition filed September 26, 2025 See https://www.pacermonitor.com/view/GCVOH6Y/Volke_Group_Inc__ilnbke-25-14863__0001.0.pdf?mcid=tGE4TAMA represented by: Alexander Tynkov, Esq. ZALUTSKY & PINSKI, LTD. E-mail: admin@ZAPLawFirm.com In re Ottoman Gonzalez Bankr. D.N.J. Case No. 25-20075 Chapter 11 Petition filed September 26, 2025 represented by: Allen Gorski, Esq. GORSKI & KNOWLTON, PC E-mail: Agorski@gorskiknowlton.com In re Saeid Tehrani Bankr. E.D.N.Y. Case No. 25-73707 Chapter 11 Petition filed September 26, 2025 represented by: Charles Higgs, Esq. In re Habib H. Tawil Bankr. E.D.N.Y. Case No. 25-44674 Chapter 11 Petition filed September 26, 2025 See https://www.pacermonitor.com/view/RBKBR3Q/Habib_H_Tawil__nyebke-25-44674__0001.0.pdf?mcid=tGE4TAMA represented by: Scott Markowitz, Esq. TARTER KRINSKY & DROGIN LLP E-mail: smarkowitz@tarterkrinsky.com In re Lusien Bretgoltz Bankr. E.D.N.Y. Case No. 25-44686 Chapter 11 Petition filed September 26, 2025 represented by: Alla Kachan, Esq. In re Michael Brandon Williams Bankr. M.D. Tenn. Case No. 25-04057 Chapter 11 Petition filed September 26, 2025 In re Laura Delaine Pixler Bankr. N.D. Tex. Case No. 25-43682 Chapter 11 Petition filed September 26, 2025 represented by: Craig Davis, Esq. [^] U.S. Government Seeks Stay of Deadlines Amid Shutdown --------------------------------------------------------- The United States Department of Justice and the Federal Trade Commission are among federal government institutions that have asked the courts to a stay of certain matters in cases they are involved in in light of the lapse of appropriations. In the jointly administered bankruptcy cases of Aviation Safety Resources, Inc., S.E., Inc. d/b/a Strong Enterprises, and Pioneer Aerospace Corporation d/b/a ASR-Pioneer, Elizabeth N. Duncan, Trial Attorney, DOJ Tax Division, asked the U.S. Bankruptcy Court for the Middle District of Florida in Orlando, which is overseeing the case, for a stay of all deadlines, including the deadline to file status reports, in the case "until Congress has restored appropriations to the Department." In the personal Chapter 11 case of Annette Christina Cuza also pending in Orlando bankruptcy court, Jill Ellen Kelso, Trial Attorney, on behalf of Guy Van Baalen, the Acting United States Trustee, Region 21, sought a stay of the trial on the U.S. Trustee's Emergency Motion to Dismiss Case with Prejudice and all related deadlines and other matters scheduled for hearing on Oct. 2. Both DOJ filings recount that at the end of the day on September 30, 2025, the appropriations act that had been funding the DOJ expired and those appropriations to the Department lapsed. The same is true for the majority of other Executive agencies, including the Department of Justice. "The Department does not know when such funding will be restored by Congress," the DOJ filings said. "Absent an appropriation, Department of Justice attorneys and employees of the federal government are prohibited from working, even on a voluntary basis, except in very limited circumstances, including 'emergencies involving the safety of human life or the protection of property.'" "Although we greatly regret any disruption caused to the Court and the other litigants, the Government hereby moves for a stay of the deadline to conduct in-person mediation and submit pretrial filings in this case until Department of Justice attorneys are permitted to resume their usual civil litigation functions." The Federal Trade Commission moved for a temporary stay of all deadlines in Federal Trade Commission et al v. ACIA17 Automotive, Inc. et al., Case No. 1:24-cv-13047 (N.D. Ill.), informing the Hon. Jorge L Alonso of the same predicament. "At the end of the day on September 30, 2025, the continuing resolution that had been funding the FTC expired, and appropriations to the FTC lapsed. The FTC currently lacks appropriated funds to continue operating, and does not know when funding will be restored," the FTC's Rachel F. Granetz said. "Absent an appropriation, FTC attorneys and other employees are prohibited from working, even on a voluntary basis, except in very limited circumstances, including 'emergencies involving the safety of human life or the protection of property,'" citing 31 U.S.C. section 1342. "Therefore, although we greatly regret any disruption caused to the Court and the other litigants, the FTC hereby moves for a stay of deadlines in this case until FTC attorneys are permitted to resume their usual civil litigation functions." ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***